For the fourth quarter of 2018, highlights include:



  • Revenue of $1,503.1 million


  • Gross margin of 37.9 percent


  • GAAP operating margin of 14.8 percent and non-GAAP operating margin of
    16.8 percent


  • Operating cash flow of $421.0 million and free cash flow of $289.0
    million


  • GAAP earnings per share of $0.39 and non-GAAP earnings per share of
    $0.53

For 2018, highlights include:



  • Revenue of $5,878.3 million


  • Gross margin of 38.1 percent


  • GAAP operating margin of 14.4 percent and non-GAAP operating margin of
    16.7 percent


  • Operating cash flow of $1,274.2 million and free cash flow of $759.4
    million


  • GAAP earnings per share of $1.44 and non-GAAP earnings per share of
    $1.96

PHOENIX--(BUSINESS WIRE)--ON Semiconductor Corporation (Nasdaq: ON)

today announced that total revenue in the fourth quarter of 2018 was

$1,503.1 million, up approximately nine percent compared to the same

quarter last year. Fourth quarter revenue was down approximately three

percent as compared to revenue in the third quarter of 2018.

“We once again delivered strong performance in the fourth quarter

despite slowdown in macroeconomic conditions. Key secular trends driving

growth in our content in automotive, industrial, and cloud-power

end-markets remain intact, and we remain upbeat about our medium to long

term outlook. Our design-win pipeline in our strategic markets is

growing at a strong pace, our customer engagements are strengthening,

and our competitive position is improving significantly,” said Keith

Jackson, president and CEO of ON Semiconductor. “Despite confidence in

our medium to long term outlook, we remain cognizant of slowing

macroeconomic conditions, and we are managing our business prudently to

adjust to changing demand environment."

“Along with strong revenue performance, we intend to continue to deliver

solid margin and free cash flow performance through strong execution on

operational front.”



 


 

 


 

 


 

 


 

 



Fourth Quarter Results (GAAP)































 

(in millions, except per share data)


4Q 2018

 

 

4Q 2017*



Year-Over-


Year Change





3Q 2018



Sequential


Change



Revenue


$

1,503.1



$

1,377.5



9

%



$

1,541.7



(3

)%

Gross Profit


$

569.7



$

516.5



10

%



$

596.6



(5

)%

Operating Income


$

222.7



$

167.5



33

%



$

241.6



(8

)%

Net Income Attributable to ON Semiconductor Corporation


$

165.6



$

529.9



(69

)%



$

166.9



(1

)%

Diluted Earnings Per Share


$

0.39



$

1.22



(68

)%



$

0.38



3

%

Diluted Share Count



420.0




433.3



(3

)%




435.3



(4

)%

















 



 


 

 


 

 


 

 


 

 



Fourth Quarter Results (Non-GAAP)































 

(in millions, except per share data)


4Q 2018

 

 

4Q 2017*



Year-Over-
Year Change



3Q 2018



Sequential


Change



Revenue


$

1,503.1



$

1,377.5



9

%



$

1,541.7



(3

)%

Gross Profit


$

570.3



$

516.5



10

%



$

596.8



(4

)%

Operating Income


$

253.0



$

211.1



20

%



$

275.1



(8

)%

Net Income Attributable to ON Semiconductor Corporation


$

222.0



$

167.3



33

%



$

244.9



(9

)%

Diluted Earnings Per Share


$

0.53



$

0.39



36

%



$

0.57



(7

)%

Diluted Share Count



420.0




429.9



(2

)%




429.4



(2

)%




















 



 


 

 


 

 


 

 


 

 




Fourth Quarter Key Cash Flow Items

































 

(in millions)


4Q 2018

 

 

4Q 2017*



Year-Over-
Year Change



3Q 2018



Sequential


Change




Cash Taxes


$

8.2



$

18.9



(57

)%



$

12.6



(35

)%


Operating Cash Flow


$

421.0



$

224.3



88

%



$

358.2



18

%


Free Cash Flow


$

289.0



$

48.6



495

%



$

227.8



27

%






















 

* Prior period amounts have been adjusted for the retrospective adoption

of ASU 2017-07 - “Improving the presentation of Net Periodic Pension

Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”).

Under ASU 2017-07, service cost is included in operating income, while

the other components are reported outside of operating income. The

adoption of the standard did not have a material impact on the current

or prior period financial statements.

FIRST QUARTER 2019 OUTLOOK

Based on product booking trends, backlog levels, and estimated turns

levels, the Company anticipates that total revenue in first quarter of

2019 will be approximately $1,365 to $1,415 million. First quarter 2019

gross margin outlook includes negative impact of 50 basis points from

manufacturing services provided by ON Semiconductor Aizu Co., Ltd.

The outlook for the first quarter of 2019 includes anticipated

stock-based compensation expense of approximately $19 million to $21

million. Net cash paid for income taxes is expected to be $16 million to

$20 million.

The following table outlines ON Semiconductor's projected first quarter

of 2019 GAAP and non-GAAP outlook.



 


 


 




Total ON Semiconductor


GAAP



 

Special


Items ***



 

Total ON Semiconductor


Non-GAAP****



Revenue


$1,365 to $1,415 million




$1,365 to $1,415 million

Gross Margin


36.4% to 37.4%




36.4% to 37.4%

Operating Expenses


$330 to $348 million


$30 to $34 million*


$300 to $314 million

Other Income and Expense (including interest expense), net


$31 to $34 million


$9 to 10 million


$22 to $24 million

Diluted Share Count **


420 million





420 million







 


*

 

 

 

 

Convertible Notes, Non-cash Interest Expense is calculated pursuant
to FASB’s Accounting Standards Codification Topic 470: Debt.


**

 

 

 

Diluted share count can vary as a result of, among other things, the
actual exercise of options or vesting of restricted stock units, the
incremental dilutive shares from the Company's convertible senior
subordinated notes, and the repurchase or the issuance of stock or
convertible notes or the sale of treasury shares. In periods in
which the quarterly average stock price per share exceeds $18.50,
the non-GAAP diluted share count and non-GAAP net income per share
includes the impact of the Company’s hedge transactions issued
concurrently with our 1.00% convertible notes. As such, at an
average stock price per share between $18.50 and $25.96, the hedging
activity offsets the potentially dilutive effect of the 1.00%
convertible notes. In periods when the quarterly average stock price
per share exceeds $20.72, the non-GAAP diluted share count and
non-GAAP net income per share includes the anti-dilutive impact of
the Company’s hedge transactions issued concurrently with the 1.625%
convertible notes. As such, at an average stock price per share
between $20.72 and $30.70, the hedging activity offsets the
potentially dilutive effect of the 1.625% convertible notes. Both
GAAP and non-GAAP diluted share counts are based on the Company’s
stock price as of December 31, 2018.


***

 

 

Special items may include: amortization of acquisition-related
intangibles; expensing of appraised inventory fair market value
step-up; purchased in-process research and development expenses;
restructuring, asset impairments and other, net; goodwill impairment
charges; gains and losses on debt prepayment; non-cash interest
expense; actuarial (gains) losses on pension plans and other pension
benefits; and certain other special items, as necessary. These
special items are out of our control and could change significantly
from period to period. As a result, we are not able to reasonably
estimate and separately present the individual impact of these
special items, and we are similarly unable to provide a
reconciliation of the non-GAAP measures. The reconciliation that is
unavailable would include a forward looking income statement,
balance sheet and statement of cash flows in accordance with GAAP.
For this reason, we use a projected range of the aggregate amount of
special items in order to calculate our projected non-GAAP operating
expense outlook.


****

 

We believe these non-GAAP measures provide important supplemental
information to investors. We use these measures, together with GAAP
measures, for internal managerial purposes and as a means to
evaluate period-to-period comparisons. However, we do not, and you
should not, rely on non-GAAP financial measures alone as measures of
our performance. We believe that non-GAAP financial measures reflect
an additional way of viewing aspects of our operations that, when
taken together with GAAP results and the reconciliations to
corresponding GAAP financial measures that we also provide in our
releases, provide a more complete understanding of factors and
trends affecting our business. Because non-GAAP financial measures
are not standardized, it may not be possible to compare these
financial measures with other companies' non-GAAP financial
measures, even if they have similar names.



 

TELECONFERENCE

ON Semiconductor will host a conference call for the financial community

at 9 a.m. Eastern Time (EST) on Feb. 4, 2019 to discuss this

announcement and ON Semiconductor’s results for the fourth quarter of

2018 and year then ended. The Company will also provide a real-time

audio webcast of the teleconference on the Investor Relations page of

its website at http://www.onsemi.com.

The webcast replay will be available at this site approximately one hour

following the live broadcast and will continue to be available for

approximately 30 days following the conference call. Investors and

interested parties can also access the conference call through a

telephone call by dialing (877) 356-3762 (U.S./Canada) or (262) 558-6155

(International). In order to join this conference call, you will be

required to provide the Conference ID Number, which is 9592878.

About ON Semiconductor

ON Semiconductor (Nasdaq: ON)

is driving energy efficient innovations, empowering customers to reduce

global energy use. The Company is a leading supplier of

semiconductor-based solutions, offering a comprehensive portfolio of

energy efficient power management, analog, sensors, logic, timing,

connectivity, discrete, SoC and custom devices. The Company’s products

help engineers solve their unique design challenges in automotive,

communications, computing, consumer, industrial, medical, aerospace and

defense applications. ON Semiconductor operates a responsive, reliable,

world-class supply chain and quality program, a robust compliance and

ethics program and a network of manufacturing facilities, sales offices

and design centers in key markets throughout North America, Europe and

the Asia Pacific regions. For more information, visit http://www.onsemi.com.

ON Semiconductor and the ON Semiconductor logo are registered

trademarks of Semiconductor Components Industries, LLC. All other

brand and product names appearing in this document are registered

trademarks or trademarks of their respective holders. Although

the Company references its website in this news release, information on

the website is not to be incorporated herein.

This document contains “forward-looking statements,” as that term is

defined in Section 27A of the Securities Act of 1933, as amended, and

Section 21E of the Securities Exchange Act of 1934, as amended. All

statements, other than statements of historical facts, included or

incorporated in this document could be deemed forward-looking

statements, particularly statements about the future financial

performance of ON Semiconductor, including financial guidance for the

year ending December 31, 2019. Forward-looking statements are often

characterized by the use of words such as “believes,” “estimates,”

“expects,” “projects,” “may,” “will,” “intends,” “plans,” or

“anticipates” or by discussions of strategy, plans, or intentions. All

forward-looking statements in this document are made based on our

current expectations, forecasts, estimates, and assumptions and involve

risks, uncertainties, and other factors that could cause results or

events to differ materially from those expressed in the forward-looking

statements. These factors include, among other things: our revenue and

operating performance; economic conditions and markets (including

current financial conditions); risks related to our ability to meet our

assumptions regarding outlook for revenue and gross margin as a

percentage of revenue; effects of exchange rate fluctuations; the

cyclical nature of the semiconductor industry; changes in demand for our

products; changes in inventories at our customers and distributors;

technological and product development risks; enforcement and protection

of our intellectual property rights and related risks; risks related to

the security of our information systems and secured network;

availability of raw materials, electricity, gas, water, and other supply

chain uncertainties; our ability to effectively shift production to

other facilities when required in order to maintain supply continuity

for our customers; variable demand and the aggressive pricing

environment for semiconductor products; our ability to successfully

manufacture in increasing volumes on a cost-effective basis and with

acceptable quality for our current products; risks associated with our

acquisition of Fairchild Semiconductor International, Inc. and with

other acquisitions and dispositions, including our ability to realize

the anticipated benefits of our acquisitions and dispositions; risks

that acquisitions or dispositions may disrupt our current plans and

operations, the risk of unexpected costs, charges, or expenses resulting

from acquisitions or dispositions and difficulties arising from

integrating and consolidating acquired businesses, our timely filing of

financial information with the Securities and Exchange Commission

(“SEC”) for acquired businesses, and our ability to accurately predict

the future financial performance of acquired businesses); competitor

actions, including the adverse impact of competitor product

announcements; pricing and gross profit pressures; loss of key customers

or distributors; order cancellations or reduced bookings; changes in

manufacturing yields; control of costs and expenses and realization of

cost savings and synergies from restructurings; significant litigation;

risks associated with decisions to expend cash reserves for various uses

in accordance with our capital allocation policy such as debt

prepayment, stock repurchases, or acquisitions rather than to retain

such cash for future needs; risks associated with our substantial

leverage and restrictive covenants in our debt agreements that may be in

place from time to time; risks associated with our worldwide operations,

including changes in trade policies, foreign employment and labor

matters associated with unions and collective bargaining arrangements,

as well as man-made and/or natural disasters affecting our operations or

financial results; the threat or occurrence of international armed

conflict and terrorist activities both in the United States and

internationally; risks of changes in U.S. or international tax rates or

legislation, including the impact of the recent U.S. tax legislation;

risks and costs associated with increased and new regulation of

corporate governance and disclosure standards; risks related to new

legal requirements; and risks involving environmental or other

governmental regulation. Additional factors that could affect our future

results or events are described under Part I, Item 1A “Risk Factors” in

our 2017 Annual Report on Form 10-K filed with the SEC on February 21,

2018 (our "2017 Form 10-K"), Part II, Item IA "Risk Factors" in our Form

10-Q for the quarter ended March 30, 2018 (our "First Quarter 10-Q"),

our Form 10-Q for the quarter ended June 29, 2018 (our "Second Quarter

10-Q"), and our Form 10-Q for the quarter ended September 28, 2018 (our

"Third Quarter 10-Q"), and from time-to-time in our other SEC reports.

Readers are cautioned not to place undue reliance on forward-looking

statements. We assume no obligation to update such information, except

as may be required by law. You should carefully consider the trends,

risks, and uncertainties described in this document, our 2017 Form 10-K,

our First Quarter 10-Q, our Second Quarter 10-Q, our Third Quarter 10-Q,

and other reports filed with or furnished to the SEC before making any

investment decision with respect to our securities. If any of these

trends, risks, or uncertainties actually occurs or continues, our

business, financial condition, or operating results could be materially

adversely affected, the trading prices of our securities could decline,

and you could lose all or part of your investment. All forward-looking

statements attributable to us or persons acting on our behalf are

expressly qualified in their entirety by this cautionary statement.



 


 



ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES



UNAUDITED CONSOLIDATED STATEMENT OF OPERATIONS



(in millions, except per share data)







 



Quarter Ended


Year Ended




December 31,
2018



 


September 28,
2018



 


December 31,
2017





December 31,
2018



 


December 31,
2017



Revenue


$

1,503.1



$

1,541.7



$

1,377.5



$

5,878.3



$

5,543.1


Cost of revenue (exclusive of amortization shown below)


933.4

 


945.1

 


861.0

 


3,639.6

 


3,507.5

 

Gross profit


569.7



596.6



516.5



2,238.7



2,035.6


Gross margin


37.9

%


38.7

%


37.5

%


38.1

%


36.7

%

Operating expenses:











Research and development


162.2



166.2



158.0



650.7



594.7


Selling and marketing


82.1



83.1



81.0



324.7



316.6


General and administrative


74.5



73.3



71.1



293.3



285.0


Amortization of acquisition-related intangible assets


28.4



28.0



28.8



111.7



123.8


Restructuring, asset impairments and other, net


(3.7

)


4.4



4.7



4.3



20.8


Goodwill and intangible asset impairment


3.5

 




 


5.4

 


6.8

 


13.1

 


Total operating expenses




347.0

 


355.0

 


349.0

 


1,391.5

 


1,354.0

 

Operating income


222.7

 


241.6

 


167.5

 


847.2

 


681.6

 

Other income (expense), net:











Interest expense


(32.9

)


(31.2

)


(33.2

)


(128.2

)


(141.2

)

Interest income


2.8



1.3



1.2



6.1



3.0


Loss on debt refinancing and prepayment






(0.6

)


(14.3

)


(4.6

)


(47.2

)

Gain on divestiture of business






0.4







5.0



12.5


Licensing income


3.7



1.0



2.2



36.6



47.6


Other income (expense)


(7.6

)


3.5

 


(2.4

)


(7.1

)


(8.8

)

Other income (expense), net


(34.0

)


(25.6

)


(46.5

)


(92.2

)


(134.1

)

Income before income taxes


188.7



216.0



121.0



755.0



547.5


Income tax benefit (provision)


(22.7

)


(48.9

)


410.0

 


(125.1

)


265.5

 

Net income


166.0



167.1



531.0



629.9



813.0


Less: Net income attributable to non-controlling interest


(0.4

)


(0.2

)


(1.1

)


(2.5

)


(2.3

)

Net income attributable to ON Semiconductor Corporation


$

165.6

 


$

166.9

 


$

529.9

 


$

627.4

 


$

810.7

 

Net income per common share attributable to ON Semiconductor
Corporation:











Basic


$

0.40

 


$

0.39

 


$

1.25

 


$

1.48

 


$

1.92

 

Diluted


$

0.39

 


$

0.38

 


$

1.22

 


$

1.44

 


$

1.89

 

Weighted average common shares outstanding:











Basic


416.9

 


425.5

 


424.3

 


423.8

 


421.9

 

Diluted


420.0

 


435.3

 


433.3

 


435.9

 


428.3

 
















 



 


 


 



ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES



UNAUDITED CONSOLIDATED BALANCE SHEETS



(in millions)









 




December 31,
2018





September 28,
2018





December 31,
2017



Assets







Cash and cash equivalents


$

1,069.6



$

951.0



$

949.2


Receivables, net


686.0



733.0



701.5


Inventories


1,225.2



1,200.6



1,089.5


Other current assets


187.0

 


212.4

 


193.0

 

Total current assets


3,167.8



3,097.0



2,933.2


Property, plant and equipment, net


2,549.6



2,401.1



2,279.1


Goodwill


932.5



932.5



916.9


Intangible assets, net


566.4



595.9



628.3


Deferred tax assets


266.2



259.6



339.1


Other assets


105.1

 


123.7

 


98.5

 

Total assets


$

7,587.6

 


$

7,409.8

 


$

7,195.1

 

Liabilities, Non-Controlling Interest and Stockholders’ Equity







Accounts payable


$

671.7



$

588.3



$

548.0


Accrued expenses


659.1



627.2



612.8


Current portion of long-term debt


138.5

 


99.2

 


248.1

 

Total current liabilities


1,469.3



1,314.7



1,408.9


Long-term debt


2,627.6



2,615.7



2,703.7


Deferred tax liabilities


54.8



60.7



55.1


Other long-term liabilities


241.8

 


215.3

 


226.4

 

Total liabilities


4,393.5

 


4,206.4

 


4,394.1

 

ON Semiconductor Corporation stockholders’ equity:







Common stock


5.6



5.6



5.5


Additional paid-in capital


3,702.3



3,670.3



3,593.5


Accumulated other comprehensive loss


(37.9

)


(35.5

)


(40.6

)

Accumulated earnings


979.6



814.0



351.5


Less: Treasury stock, at cost


(1,478.0

)


(1,275.3

)


(1,131.1

)

Total ON Semiconductor Corporation stockholders’ equity


3,171.6



3,179.1



2,778.8


Non-controlling interest in consolidated subsidiary


22.5

 


24.3

 


22.2

 

Total stockholders' equity


3,194.1

 


3,203.4

 


2,801.0

 

Total liabilities and equity


$

7,587.6

 


$

7,409.8

 


$

7,195.1

 













 



 


 



ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES



UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA AND



NET CASH PROVIDED BY OPERATING ACTIVITIES



(in millions)







 



Quarter Ended


Year Ended




December 31,
2018



 


September 28,
2018



 


December 31,
2017





December 31,
2018



 


December 31,
2017



Net income


$

166.0



$

167.1



$

531.0



$

629.9


 

$

813.0


Adjusted for:











Licensing income


(3.7

)


(1.0

)


(2.2

)


(36.6

)


(47.6

)

R&D costs related to licensing income






0.5



3.7



7.0



10.0


Restructuring, asset impairments and other, net


(3.7

)


4.4



4.7



4.3



20.8


Goodwill and intangible asset impairment


3.5







5.4



6.8



13.1


Interest expense


32.9



31.2



33.2



128.2



141.2


Interest income


(2.8

)


(1.3

)


(1.2

)


(6.1

)


(3.0

)

Loss on debt refinancing and prepayment






0.6



14.3



4.6



47.2


Income tax provision (benefit)


22.7



48.9



(410.0

)


125.1



(265.5

)

Net income attributable to non-controlling interest


(0.4

)


(0.2

)


(1.1

)


(2.5

)


(2.3

)

Depreciation and amortization


136.2



127.1



123.4



508.7



481.9


Amortization of fair market value step-up of inventory


0.6



0.2







1.0



13.6


Sell-through to sell-in adjustment


















(59.0

)

Gain on divestiture of business






(0.4

)






(5.0

)


(12.5

)

Adjustment to contingent consideration










(0.2

)


(2.1

)


1.8


Actuarial losses on pension plans and other pension benefits


5.8







1.9



5.8



1.9


Third party acquisition and divestiture related costs


1.5

 


0.4

 


1.0

 


4.4

 


3.2

 

Adjusted EBITDA


358.6



377.5



303.9



1,373.5



1,157.8


Increase (decrease):











Licensing income


3.7



1.0



2.2



36.6



47.6


R&D costs related to licensing income






(0.5

)


(3.7

)


(7.0

)


(10.0

)

Restructuring, asset impairments and other, net


3.7



(4.4

)


(4.7

)


(4.3

)


(20.8

)

Interest expense


(32.9

)


(31.2

)


(33.2

)


(128.2

)


(141.2

)

Interest income


2.8



1.3



1.2



6.1



3.0


Income tax benefit (provision)


(22.7

)


(48.9

)


410.0



(125.1

)


265.5


Net income attributable to non-controlling interest


0.4



0.2



1.1



2.5



2.3


Amortization of fair market value step-up of inventory


(0.6

)


(0.2

)






(1.0

)


(13.6

)

Sell-through to sell-in adjustment


















59.0


Adjustment to contingent consideration










0.2



2.1



(1.8

)

Actuarial losses on pension plans and other pension benefits


(5.8

)






(1.9

)


(5.8

)


(1.9

)

Third party acquisition and divestiture related costs


(1.5

)


(0.4

)


(1.0

)


(4.4

)


(3.2

)

Loss (gain) on sale or disposal of fixed assets


(1.2

)


1.2



1.1



2.4



3.9


Amortization of debt discount and issuance costs


3.4



3.1



3.8



13.2



16.0


Payments for term debt modification










(1.4

)


(1.1

)


(3.8

)

Write-down of excess inventories


20.6



11.3



10.2



55.7



67.0


Share-based compensation expense


18.9



17.9



17.1



78.3



69.8


Non-cash interest on convertible notes


9.5



9.0



8.9



36.1



30.8


Non-cash asset impairment charges






2.6



0.6



2.4



7.9


Change in deferred taxes


(10.7

)


36.7



(444.4

)


69.2



(348.3

)

Other


2.0



(2.8

)


(0.4

)


(1.6

)


2.2


Changes in operating assets and liabilities


72.8

 


(15.2

)


(45.3

)


(125.4

)


(94.0

)

Net cash provided by operating activities


$

421.0

 


$

358.2

 


$

224.3

 


1,274.2

 


1,094.2

 

Cash flows from investing activities:











Purchase of property, plant and equipment


$

(132.0

)


$

(130.4

)


$

(175.7

)


$

(514.8

)


$

(387.5

)

Proceeds from sales of property, plant and equipment


30.2



0.3



12.2



36.5



14.3


Deposits utilized (made) for purchases of property, plant and
equipment


9.7



8.1



(6.1

)


4.1



(8.2

)

Purchase of business, net of cash acquired






(0.2

)






(70.9

)


(0.8

)

Purchase of equity interest and assets, net of cash acquired


(4.8

)










(24.6

)





Proceeds from divestiture of business, net of cash transferred


1.1



1.7







8.4



20.0


Proceeds from repayment of note receivable














10.2






Purchases of held-to-maturity securities


















(1.6

)

Other


2.2

 




 


(1.0

)


2.2

 


(1.0

)

Net cash used in investing activities


$

(93.6

)


$

(120.5

)


$

(170.6

)


$

(548.9

)


$

(364.8

)

Cash flows from financing activities:











Proceeds for the issuance of common stock under the ESPP


$

6.3



$

11.8



$

12.2



$

25.0



$

23.6


Proceeds from exercise of stock options


1.3



0.1



7.1



5.7



18.0


Payment of tax withholding for restricted shares


(2.4

)


(9.3

)


(3.1

)


(31.6

)


(28.1

)

Repurchase of common stock


(200.3

)


(75.0

)






(315.3

)


(25.0

)

Proceeds from debt issuance


7.1



0.7



405.0



15.3



1,106.2


Repayment of long-term debt


(18.5

)


(64.5

)


(419.8

)


(298.4

)


(1,831.4

)

Purchase of convertible note hedges


















(144.7

)

Proceeds from issuance of warrants


















85.2


Payment of capital lease obligations


(0.3

)


(0.1

)


(1.2

)


(3.6

)


(8.9

)

Payment of contingent consideration










(3.9

)






(3.9

)

Dividend to non-controlling shareholder of consolidated subsidiary


(2.2

)




 


(1.9

)


(2.2

)


(1.9

)

Net cash used in financing activities


$

(209.0

)


$

(136.3

)


$

(5.6

)


$

(605.1

)


$

(810.9

)

Effect of exchange rate changes on cash and cash equivalents


$

0.2

 


$

(0.6

)


$

(0.1

)


$

0.3

 


$

2.3

 

Net increase (decrease) in cash and cash equivalents


$

118.6



$

100.8



$

48.0



$

120.5



$

(79.2

)

Cash, cash equivalents and restricted cash, beginning of period


$

968.5

 


$

867.7

 


$

918.6

 


$

966.6

 


$

1,045.8

 

Cash, cash equivalents and restricted cash, end of period


$

1,087.1

 


$

968.5

 


$

966.6

 


$

1,087.1

 


$

966.6

 





















 

Contacts

Kris Pugsley

Corporate/Media Communications

ON Semiconductor

(312)

909-0661

Parag Agarwal

Vice President - Investor Relations & Corporate

Development

ON Semiconductor

(602) 244-3437