Skip to content
AnalystLens

ON · On Semiconductor

50 filings

10-Q

ON 10-Q Quarterly Reports

On Semiconductor - 50 quarterly reports

Filing record · 2016–202610-K1110-Q338-K162

ON filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 162 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Oct ’18Oct ’18
  2. Leadership change8-K · Oct ’20Oct ’20
  3. Impairment8-K · Sep ’22Sep ’22
  4. Impairment8-K · Nov ’25Nov ’25
  1. 2026-Q3

    On Semiconductor Quarterly Report for Q3 Ended Oct 2, 2026

    onsemi reported third-quarter 2026 revenue of $1,722.3 million, up from $1,550.9 million a year earlier, an increase of $171.4 million or approximately 11%, driven by industrial, AI data center and other end-markets. Gross margin rose to 41.4% from 37.9%, and operating income increased to $378.3 million from $264.4 million. Net income attributable to ON Semiconductor Corporation was $313.9 million, or $0.79 per diluted share, compared with $0.63 per diluted share a year earlier. For the nine months, revenue was $4,839.1 million and net income attributable to the company was $507.3 million, compared with a net loss of $60.8 million in the prior-year period, which included $608.1 million of restructuring, asset impairments and other charges. The company's most significant development is its amended agreement to acquire Synaptics Incorporated for $123.00 per share in cash, with a targeted close in mid-2027. The company has commitments for up to $2,450.0 million of senior secured term loans to help fund the merger consideration. The filing discloses a $235.0 million termination fee payable by Synaptics in certain circumstances and a $320.0 million regulatory termination fee payable by onsemi in certain circumstances. The FTC granted early termination of the HSR waiting period on August 12, 2026. General and administrative expenses rose to $107.8 million, primarily reflecting third-party acquisition costs for the proposed Synaptics transaction. Balance sheet activity was significant during the period. The company issued $1.5 billion of 0% Convertible Senior Notes due 2031 in May 2026, and cash and cash equivalents rose to $4,157.7 million at October 2, 2026. Gross long-term debt totaled $4,504.7 million, and the $804.7 million of 0% Notes due 2027 are classified as current, with holders able to convert during the fourth quarter of 2026 because the stock price condition was met. The company repurchased $703.2 million of common stock in the nine months and had approximately $5.3 billion remaining under its $6.0 billion repurchase program. Operating cash flow was $1,215.2 million for the nine months, compared with $1,205.3 million a year earlier.

    Nov 2, 2026
  2. 2026-Q3

    On Semiconductor Quarterly Report for Q3 Ended Jul 3, 2026

    ON Semiconductor Corporation (onsemi) reported second-quarter 2026 revenue of $1,603.5 million, up from $1,468.7 million a year earlier, an increase the filing attributes to increased demand across all end-markets. Gross margin rose to 38.4% from 37.6%, and net income attributable to the company was $226.8 million, or $0.56 per diluted share, compared with $170.3 million in the prior-year quarter. For the six months, revenue was $3,116.8 million and operating income was $205.2 million, compared with an operating loss of $380.3 million in the prior-year period, which included large inventory and restructuring charges. Restructuring, asset impairments and other charges remained significant at $370.5 million for the six months under the 2026 Manufacturing Realignment Program. Balance sheet and capital allocation changed meaningfully. The company issued $1.5 billion of 0% Convertible Senior Notes due 2031 in May 2026, used $331.9 million of proceeds to repurchase 3.1 million shares, and reported cash, cash equivalents and short-term investments of approximately $3.9 billion. Operating cash flow was $698.8 million for the six months, down from $786.6 million, which the filing attributes mainly to unfavorable working capital changes. Total long-term debt, including current maturities, was $4,459.4 million. The pending all-stock acquisition of Synaptics Incorporated is the most significant event in the filing. Synaptics stockholders would receive 1.350 onsemi shares per Synaptics share and own approximately 12% of the combined company, with closing expected in mid-2027. The HSR waiting period is scheduled to expire on August 17, 2026, unless extended or terminated earlier. Termination fees of $235.0 million and $320.0 million are specified in the merger agreement.

    Aug 3, 2026
  3. 2026-Q2

    On Semiconductor Quarterly Report for Q2 Ended Apr 3, 2026

    ON Semiconductor Corporation (onsemi) reported revenue of $1,513.3 million for the quarter ended April 3, 2026, up $67.6 million, or approximately 5%, from $1,445.7 million a year earlier, with growth in automotive and industrial end-markets. Gross profit rose to $583.1 million, a 38.5% gross margin versus 20.3% in the prior-year quarter, mainly because the prior year absorbed $237.7 million of excess and obsolete inventory charges and a $43.9 million consumables write-off that did not recur. The company still reported a net loss attributable to ON Semiconductor of $33.4 million, or $(0.08) per share, compared with a loss of $486.1 million, or $(1.15) per share, a year earlier. Operating results remained affected by $329.3 million of restructuring, asset impairment and other charges under the 2026 Manufacturing Realignment Program, including $147.0 million of impairments on manufacturing equipment held for sale and $162.1 million of other charges, mainly accelerated depreciation and ROU asset amortization. Cash generation weakened. Operating cash flow was $239.1 million versus $602.3 million, which the company attributed to unfavorable working capital timing. Cash, cash equivalents and short-term investments totaled approximately $2.4 billion at quarter end, and the Revolving Credit Facility had approximately $1.5 billion available. The company repurchased 5.7 million shares for $348.6 million in total under its New Share Repurchase Program, leaving approximately $5.7 billion authorized through December 31, 2028. Gross debt was unchanged at $3,004.9 million, including $804.9 million of 0% Notes maturing May 1, 2027. Management expects capital expenditures of approximately 5% of revenue for 2026, compared with approximately 1% of revenue in the quarter. The company reported remaining performance obligations of approximately $6.5 billion under Long-term Supply Agreements, with approximately 35% expected to be recognized as revenue over the next 12 months. A securities class action concerning the SiC business remains pending, and the company says it will vigorously defend itself.

    May 4, 2026
  4. 2025-Q3

    On Semiconductor Quarterly Report for Q3 Ended Oct 3, 2025

    onsemi (ON Semiconductor Corporation) reported a difficult third quarter of 2025, with revenue of $1,550.9 million, down $211.0 million, or approximately 12%, from $1,761.9 million a year earlier. Gross profit fell $212.2 million to $587.2 million, and the gross margin was 37.9% versus 45.4%. Net income attributable to the company was $255.0 million, or $0.63 per diluted share, compared with $401.7 million, or $0.93, in the prior-year quarter. The filing attributes the declines to lower demand in the automotive and industrial end-markets, with the Power Solutions Group (PSG) and Intelligent Sensing Group (ISG) most affected. For the nine months ended October 3, 2025, revenue was $4,465.3 million, down approximately 17% from $5,359.8 million, and the company reported a net loss attributable to ON Semiconductor Corporation of $(60.8) million. Results were weighed down by $608.1 million of restructuring, asset impairments and other charges, including $487.9 million of non-cash asset impairments and $235.8 million of excess and obsolete inventory charges, tied to the 2025 Manufacturing Realignment Program. That program involves reducing the global workforce by approximately 2,400 employees, with total expected severance of about $67 million. On the balance sheet, cash and cash equivalents were $2,472.5 million, and cash and short-term investments totaled approximately $2.9 billion. Gross long-term debt was $3,379.9 million, with approximately $1.1 billion available under the revolving credit facility. The company repurchased $933.8 million of stock in the nine months, including $328.2 million in the quarter, leaving approximately $861.0 million authorized under the program. Operating cash flow was $1,205.3 million for the nine months. Subsequent to quarter-end, the company repurchased 3.0 million shares for $150.0 million and completed the Vcore power technology rights acquisition, with total consideration of up to $144.0 million.

    Nov 3, 2025
  5. 2025-Q3

    On Semiconductor Quarterly Report for Q3 Ended Jul 4, 2025

    ON Semiconductor Corporation (onsemi) reported a sharply weaker second quarter 2025, with revenue of $1,468.7 million for the quarter ended July 4, 2025, down from $1,735.2 million a year earlier, and a decline of $266.5 million, or approximately 15%. Gross profit fell to $551.9 million from $784.0 million, and operating income dropped to $193.4 million from $388.5 million. Net income attributable to ON Semiconductor Corporation was $170.3 million, or $0.41 per diluted share, compared with $338.2 million, or $0.78 per diluted share, in the prior-year quarter. Revenue declines were attributed to continued lower demand in the automotive and industrial end-markets across all three segments: PSG, AMG and ISG. For the six months ended July 4, 2025, the company reported a net loss attributable to ON Semiconductor Corporation of $315.8 million, or $(0.76) per share, versus net income of $791.2 million a year earlier. Results were driven by the 2025 Manufacturing Realignment Program, which included restructuring, asset impairments and other charges of $588.5 million for the six months, $472.1 million of non-cash asset impairments, and $235.8 million of excess and obsolete inventory charges recorded in cost of revenue. Operating cash flow was $786.6 million for the six months, compared with $860.9 million a year earlier, and cash and short-term investments totaled approximately $2.8 billion. Capital returns continued during the period, with 6.9 million shares repurchased for $303.0 million in the quarter and $605.6 million for the six months, leaving approximately $1,186.0 million authorized under the Share Repurchase Program through December 31, 2025. The company stated it was in compliance with its debt covenants and does not have meaningful debt maturing in the next 12 months. Management expects capital expenditures of approximately 5% of revenue for 2025.

    Aug 4, 2025
  6. 2025-Q2

    On Semiconductor Quarterly Report for Q2 Ended Apr 4, 2025

    ON Semiconductor Corporation's first-quarter 2025 Form 10-Q (quarter ended April 4, 2025) shows a sharp deterioration in profitability. Revenue was $1,445.7 million, down $417.0 million, or approximately 22%, from $1,862.7 million in the prior-year quarter. The company reported a net loss attributable to ON Semiconductor Corporation of $486.1 million, or $(1.15) per share, compared with net income of $453.0 million, or $1.04 per diluted share, a year earlier. The decline was driven by $539.3 million of restructuring, asset impairment and other charges tied to the 2025 Manufacturing Realignment Program, including a $431.5 million non-cash impairment on manufacturing equipment, plus $237.7 million of excess and obsolete inventory charges recorded in cost of revenue. Gross margin fell to 20.3% from 45.8%, and the ISG segment posted a gross loss of $130.3 million. Cash generation remained relatively resilient. Operating cash flow was $602.3 million, up from $498.7 million, helped by working capital timing, with receivables and inventories releasing cash. Cash, cash equivalents and short-term investments totaled approximately $3.0 billion, and the Revolving Credit Facility had approximately $1.1 billion available. Capital expenditures were $147.6 million, and management expects capex to be about 5% of revenue for the remainder of 2025. The company repurchased 6.1 million shares for $302.6 million in the quarter and had $1,486.0 million remaining under its Share Repurchase Program, which runs through December 31, 2025. The filing also highlights a $10.6 billion remaining performance obligation under long-term supply agreements, of which approximately 31% is expected to be recognized over the next 12 months. The company is restructuring its global workforce by approximately 2,400 employees, with expected severance of about $63 million, and it acquired the SiC JFET technology business from Qorvo for $118.8 million in cash.

    May 5, 2025
  7. 2024-Q3

    On Semiconductor Quarterly Report for Q3 Ended Sep 27, 2024

    onsemi (ON Semiconductor Corporation) reported third-quarter 2024 revenue of $1,761.9 million, down from $2,180.8 million a year earlier, a decrease of $418.9 million, or approximately 19%. Gross margin fell to 45.4% from 47.3%, and operating income dropped to $445.4 million from $687.0 million. Net income attributable to the company was $401.7 million, or $0.93 per diluted share, compared with $582.7 million, or $1.29 per diluted share, in the prior-year quarter. The filing attributes the decline mainly to lower demand in the automotive and industrial end-markets, which reduced sales volume across all three segments: PSG, AMG and ISG. For the nine months ended September 27, 2024, revenue was $5,359.8 million, down approximately 14% year over year, and net cash provided by operating activities was $1,326.7 million. The company began a 2024 business realignment in the second quarter under its "Fab Right" manufacturing strategy. Approximately 1,100 employees were notified of termination and about 200 were relocated, with expected total severance and related charges of approximately $72 million, of which about $70 million was recognized through the first nine months. Liquidity remained substantial, with cash, cash equivalents and short-term investments of approximately $2.8 billion and approximately $1.1 billion available under the Revolving Credit Facility. The 0% Notes, with $796.4 million outstanding, are classified as a current liability because of a share-price trigger that allows conversion during the fourth quarter of 2024. The company repurchased 2.8 million shares for $200.4 million in the quarter, leaving approximately $2.0 billion authorized under its Share Repurchase Program. Legal matters include a securities class action and related derivative suits concerning the company's SiC business, which the company says it will vigorously defend.

    Oct 28, 2024
  8. 2024-Q2

    On Semiconductor Quarterly Report for Q2 Ended Jun 28, 2024

    onsemi (filed as ON Semiconductor Corporation) reported a sharp year-over-year decline in second-quarter 2024 results. Revenue was $1,735.2 million, down $359.2 million, or approximately 17%, from $2,094.4 million in the second quarter of 2023. Gross profit fell to $784.0 million, and gross margin declined to 45.2% from 47.4%, which the company attributed mainly to lower volume. Operating income dropped to $388.5 million from $674.7 million, and diluted earnings per share were $0.78 compared with $1.29. Restructuring, asset impairments and other charges rose to $72.5 million, reflecting the 2024 Business Realignment, under which approximately 1,000 employees were notified of termination and around 300 were reassigned or asked to relocate. The company expects total related costs of approximately $75 million, of which about $53 million was recognized in the quarter and six months. For the six months ended June 28, 2024, revenue was $3,597.9 million, down approximately 11%, and net cash provided by operating activities was $860.9 million, compared with $799.7 million a year earlier. Capital expenditures were $376.9 million, and the company expects capital expenditures of 9% to 11% of revenue for the remainder of 2024. Cash, cash equivalents and short-term investments totaled approximately $2.7 billion, and the Revolving Credit Facility had approximately $1.1 billion available. The company repurchased 2.1 million shares for $150.1 million in the quarter and has approximately $2.2 billion remaining under its $3.0 billion program. The $795.6 million of 0% Notes is classified as a current liability because a share-price conversion trigger was met, giving holders the right to convert during the quarter ending September 30, 2024. Segment results show Power Solutions Group revenue of $835.2 million (48.1% of total), Analog and Mixed-Signal Group revenue of $647.8 million (37.3%), and Intelligent Sensing Group revenue of $252.2 million (14.5%). Remaining performance obligations under long-term supply agreements were approximately $14.7 billion, with about 30% expected to be recognized over the next twelve months. A securities class action related to the company's SiC business remains pending, and the company plans to file a motion to dismiss the amended complaint by July 30, 2024.

    Jul 29, 2024
  9. 2024-Q1

    On Semiconductor Quarterly Report for Q1 Ended Mar 29, 2024

    ON Semiconductor Corporation reported revenue of $1,862.7 million for the quarter ended March 29, 2024, down $97.0 million, or approximately 5%, from $1,959.7 million a year earlier. Gross profit fell to $853.6 million from $917.5 million, and gross margin was 45.8% compared with 46.8%. Operating income declined to $525.2 million from $564.9 million. Net income attributable to the company was $453.0 million, and diluted earnings per share were $1.04 versus $1.03. Interest income rose to $27.6 million, and interest expense fell to $15.6 million from $26.4 million. Segment results were mixed: Power Solutions Group revenue increased approximately 2%, driven by its Automotive Power Division, while Analog & Mixed-Signal Group revenue fell approximately 6% and Intelligent Sensing Group revenue fell approximately 18%. The company reorganized its segments during the quarter and renamed the Advanced Solutions Group segment to Analog & Mixed-Signal Group. Cash flow and liquidity were stronger than the earnings decline suggests. Net cash provided by operating activities was $498.7 million, up from $408.9 million, which the company attributed primarily to improved working capital management. Capital expenditures were approximately 12% of revenue, and the company expects 10% to 12% of revenue for the rest of 2024. Cash and cash equivalents totaled approximately $2.6 billion, and about $1.1 billion was available under the Revolving Credit Facility. The company repurchased approximately 1.3 million shares for $100.0 million and had approximately $2.3 billion remaining under its share repurchase program. Its 0% Notes due 2027, with $794.8 million outstanding, are classified as a current liability because the share price trigger was met. The filing also discloses a securities class action and related derivative suits concerning the company's SiC business. The company states it believes it has strong legal defenses and will vigorously defend the claims. Long-term supply agreements carry remaining performance obligations of approximately $15.6 billion, and the company expects to recognize approximately 30% of that amount as revenue over the next twelve months.

    Apr 29, 2024
  10. 2023-Q3

    On Semiconductor Quarterly Report for Q3 Ended Sep 29, 2023

    ON Semiconductor Corporation's 10-Q for the quarter ended September 29, 2023 shows revenue essentially flat at $2,180.8 million versus $2,192.6 million a year earlier, while operating income rose to $687.0 million from $424.5 million, largely because the prior-year quarter included $271.8 million of goodwill and intangible impairment charges that did not recur. Gross profit fell to $1,030.7 million from $1,058.3 million, with the filing citing lower existing-product revenue, higher manufacturing costs at the EFK location, and foundry-related costs, partly offset by new product sales. Net income attributable to the company was $582.7 million for the quarter, compared with $311.9 million a year earlier. Diluted EPS was $1.29 versus $0.70. The balance sheet and cash flows show increased investment and leverage. Cash and cash equivalents were $2,679.2 million at quarter end, and operating cash flow for the nine months fell to $1,366.3 million from $1,901.8 million, primarily due to working capital needs tied to SiC investments and LTSA commitments. Capital expenditures for the nine months were $1,185.1 million, and the company expects capital expenditures to remain at approximately 19% of revenue for the rest of 2023. Gross long-term debt rose to $3,499.5 million, mainly from the $1.5 billion 0.50% convertible notes issued in February 2023. The 0% Notes of $793.3 million and the 1.625% Notes of $119.6 million are classified as current, and the company reported that it repaid the 1.625% Notes on October 16, 2023. The company also completed workforce reductions, with severance and related charges of $54.5 million tied to 2023 realignment actions, and restructuring, asset impairments and other charges of $63.5 million for the nine months. Management stated that cash on hand, operating cash flow and the revolving credit facility, with about $1.1 billion available, are adequate for at least the next 12 months.

    Oct 30, 2023
  11. 2023-Q2

    On Semiconductor Quarterly Report for Q2 Ended Jun 30, 2023

    ON Semiconductor Corporation (onsemi) reported second-quarter 2023 revenue of $2,094.4 million, essentially flat compared with $2,085.0 million in the second quarter of 2022. Gross profit fell $43.7 million to $993.4 million, with gross margin declining to 47.4% from 49.7%, which the company attributed primarily to start-up and ramp-up costs at its EFK location and new products. Operating income rose to $674.7 million from $584.0 million, helped by the absence of the $115.0 million goodwill and intangible impairment recorded in the prior-year quarter. Net income attributable to the company was $576.6 million, or $1.29 per diluted share, compared with $455.8 million, or $1.02 per diluted share, a year earlier. The balance sheet and cash flow profile shifted during the first half of 2023. The company issued $1.5 billion of 0.50% convertible senior notes due 2029 and used the proceeds to repay the $1,086.0 million Term Loan B. Total debt, including current maturities, was $3,499.6 million gross, with $912.1 million classified as current, largely due to the 1.625% Notes and 0% Notes becoming convertible in the third quarter of 2023. Cash and cash equivalents were $2,622.2 million at June 30, 2023. Operating cash flow was $799.7 million for the six months, down from $899.4 million, reflecting higher working capital, while capital expenditures were $752.1 million, and management expects capital expenditures to remain at approximately 19% of revenue for the rest of 2023. Other notable items include a 2023 business realignment in ASG and Corporate IT that eliminated roughly 460 positions with $44.5 million of related charges, and a share repurchase program of up to $3.0 billion through December 31, 2025, of which approximately $2.8 billion remained authorized at quarter end. Remaining performance obligations were approximately $20.0 billion, with about 32% expected to be recognized as revenue over the next 12 months.

    Jul 31, 2023
  12. 2023-Q1

    On Semiconductor Quarterly Report for Q1 Ended Mar 31, 2023

    ON Semiconductor Corporation (onsemi) reported first-quarter 2023 revenue of $1,959.7 million, up $14.7 million, or approximately 1%, from $1,945.0 million in the prior-year quarter. Gross profit fell to $917.5 million from $961.3 million, and gross margin was 46.8% versus 49.4%, which the company attributed primarily to start-up and ramp-up costs at its EFK facility and new products. Operating income declined to $564.9 million from $647.2 million, weighed down by $51.5 million of restructuring, asset impairment and other charges tied mainly to a 2023 business realignment that eliminated about 400 jobs. Net income attributable to the company was $461.7 million, or $1.03 per diluted share, compared with $530.2 million, or $1.18 per diluted share, a year earlier. Segment performance was mixed. Intelligent Sensing Group (ISG) revenue rose $85.1 million, or approximately 32%, driven by its Automotive Sensing Division, while Power Solutions Group (PSG) revenue increased about 3% and Advanced Solutions Group (ASG) revenue fell about 14%, reflecting lower demand and the exit of the Quantenna business in Mobile, Computing and Cloud products. On the balance sheet, the company issued $1.5 billion of 0.50% convertible senior notes due 2029 and used proceeds to repay $1,086.0 million of its Term Loan B facility, leaving cash and cash equivalents of $2,702.4 million at March 31, 2023. Capital expenditures reached $321.5 million, about 16% of revenue, and the company expects 2023 capital expenditures of approximately 18% to 20% of revenue. Management stated that cash on hand, operating cash flow and the revolving credit facility are adequate for at least the next 12 months.

    May 1, 2023
  13. 2022-Q3

    On Semiconductor Quarterly Report for Q3 Ended Sep 30, 2022

    ON Semiconductor Corporation (operating as onsemi) reported third-quarter 2022 revenue of $2,192.6 million, up $450.5 million, or approximately 26%, from $1,742.1 million a year earlier. Gross margin rose to 48.3% from 41.4%, and operating income increased to $424.5 million from $399.2 million. Net income attributable to the company was $311.9 million, roughly flat with $309.7 million, and diluted EPS was $0.70 in both periods. The quarter included $271.8 million of goodwill and intangible asset impairment charges and $40.3 million of restructuring, asset impairments and other, net, mainly tied to the approved exit plan to wind down the QCS division within the Advanced Solutions Group. For the nine months ended September 30, 2022, revenue was $6,222.6 million, up approximately 27%, and net income attributable to the company was $1,297.9 million, compared with $583.7 million a year earlier. Diluted EPS was $2.90 versus $1.32. Cash flow from operations was $1,901.8 million, compared with $1,155.4 million, while purchases of property, plant and equipment rose to $663.0 million from $275.0 million. Cash and cash equivalents were $2,450.2 million at quarter end, and gross long-term debt was $3,248.8 million. The company repurchased $169.8 million of stock in the nine months and had $1,126.1 million remaining under its repurchase program. Management said it is shifting toward a lighter internal fabrication model. It divested the Belgium and South Portland, Maine wafer fabs and the Pocatello, Idaho facility (closed October 14, 2022), and signed an agreement to sell the Niigata, Japan facility, which had not yet closed. The filing also notes $14.1 billion of remaining performance obligations under long-term supply agreements, of which approximately 31% is expected to be recognized as revenue over the next twelve months.

    Oct 31, 2022
  14. 2022-Q3

    On Semiconductor Quarterly Report for Q3 Ended Jul 1, 2022

    ON Semiconductor Corporation (onsemi) reported second-quarter 2022 revenue of $2,085.0 million, up from $1,669.9 million in the prior-year quarter, with gross profit of $1,037.1 million (gross margin of 49.7%, versus 38.3% a year earlier) and operating income of $584.0 million versus $282.2 million. Net income attributable to ON Semiconductor Corporation was $455.8 million, or $1.02 per diluted share, compared with $184.1 million and $0.42 per diluted share in the prior-year quarter. Results were helped by higher revenue from the automotive and industrial end-markets, a favorable product mix and manufacturing efficiencies, while the quarter also included a $115.0 million goodwill impairment related to a reporting unit within the ASG segment. The company is pursuing a strategy focused on gross and operating margin expansion, portfolio rationalization away from non-differentiated products, and a lighter internal fabrication model. During the first half of 2022 it divested a Belgium wafer facility for approximately $19.9 million and a South Portland, Maine facility for approximately $80.0 million, and it has signed wafer supply agreements with the buyers. The filing also notes it is exploring the sale of other manufacturing facilities and that it expects capital expenditures in the range of 12% to 14% of revenue in 2022. Six-month operating cash flow was $899.4 million, against cash and cash equivalents of $1,791.6 million at July 1, 2022 and approximately $1.5 billion available under its Revolving Credit Facility. Balance sheet debt was reduced through a $500.0 million prepayment of Term Loan "B" borrowings funded by the Revolving Credit Facility, and gross long-term debt stood at $3,251.5 million. The 1.625% Notes due 2023 remain classified as current because the holders may convert them during the third quarter of 2022. The company repurchased 1.5 million shares for approximately $89.7 million in the quarter, leaving $1,206.2 million authorized under its share repurchase program.

    Aug 1, 2022
  15. 2022-Q2

    On Semiconductor Quarterly Report for Q2 Ended Apr 1, 2022

    ON Semiconductor Corporation (now onsemi) reported first-quarter 2022 results for the quarter ended April 1, 2022, with revenue of $1,945.0 million, up from $1,481.7 million in the prior-year quarter, an increase of $463.3 million. Gross profit rose to $961.3 million from $521.2 million, and gross margin reached 49.4% versus 35.2% a year earlier, driven by higher average selling prices, a favorable product mix and improved manufacturing efficiencies. Operating income was $647.2 million compared with $125.9 million, and net income attributable to the company was $530.2 million, or $1.18 per diluted share, versus $89.9 million, or $0.20, in the prior-year quarter. Cash flow and balance sheet items strengthened. Net cash provided by operating activities was $478.6 million compared with $218.5 million, and cash and cash equivalents rose to $1,645.1 million from $1,352.6 million at December 31, 2021. Capital expenditures were $173.8 million for the quarter, and the company expects 2022 capital expenditures of 12% to 14% of revenue. Gross long-term debt was $3,254.2 million, and the Revolving Credit Facility had approximately $1.97 billion available for borrowing. Management stated that its focus remains on gross margin and operating margin expansion and on moving toward a lighter internal fabrication model. The company divested its Oudenaarde, Belgium facility in February 2022 and agreed to sell its South Portland, Maine fab to Diodes Incorporated, with closing expected in the second quarter of 2022. It also adopted ASU 2020-06 effective January 1, 2022, which reduced additional paid-in capital by $129.1 million, and it noted that the 1.625% Notes due 2023 became convertible during the quarter ending June 30, 2022.

    May 2, 2022
  16. 2021-Q3

    On Semiconductor Quarterly Report for Q3 Ended Oct 1, 2021

    ON Semiconductor Corporation's Form 10-Q for the quarter ended October 1, 2021 reports third-quarter revenue of $1,742.1 million, up from $1,317.3 million a year earlier, with gross profit of $720.8 million and operating income of $399.2 million. Net income attributable to the company was $309.7 million, or $0.70 per diluted share, compared with $160.6 million, or $0.38 per diluted share, in the prior-year quarter. For the nine months, revenue was $4,893.7 million and net income attributable to the company was $583.7 million, or $1.32 per diluted share. Revenue growth was broad across the Power Solutions Group, Advanced Solutions Group and Intelligent Sensing Group, which the filing attributes to improving economic conditions, higher demand, and higher average selling prices. The balance sheet and capital structure changed during the period. In May 2021 the company issued $805.0 million of 0% Convertible Senior Notes due 2027 and used the proceeds to repurchase or exchange a portion of its 1.625% Notes, repay the revolving credit facility, and fund related hedge and warrant transactions. Gross long-term debt totaled $3,309.9 million at October 1, 2021, and cash and cash equivalents were $1,389.2 million. Operating cash flow for the nine months was $1,155.4 million, against $1,155.4 million of capital expenditures? No: capital expenditures were $275.0 million for the nine months, and the company expects estimated purchases of property, plant and equipment of 6% to 7% of revenue for 2021. Subsequent to quarter-end, the company closed its acquisition of GT Advanced Technologies Inc. on October 28, 2021 for approximately $425 million in cash, and the filing notes that the initial accounting for the business combination is incomplete. The company also implemented an involuntary separation program in 2021 affecting approximately 725 employees, with severance and related costs of $55.1 million for the nine months.

    Nov 1, 2021
  17. 2021-Q3

    On Semiconductor Quarterly Report for Q3 Ended Jul 2, 2021

    ON Semiconductor Corporation's Form 10-Q for the quarter ended July 2, 2021 shows a strong rebound in operating results. Revenue was $1,669.9 million for the quarter, up $456.4 million from $1,213.5 million a year earlier, and gross profit rose to $640.1 million from $374.3 million. Net income attributable to ON Semiconductor was $184.1 million for the quarter, compared with a net loss of $1.4 million in the prior-year quarter. For the six months, revenue was $3,151.6 million and net income attributable to the company was $274.0 million. Operating cash flow for the six months was $706.5 million, compared with $320.5 million a year earlier. The balance sheet and capital structure were reshaped during the quarter. The company issued $805.0 million of 0% Convertible Senior Notes due 2027, used the proceeds to repurchase or exchange $372.4 million of its 1.625% Notes for $506.5 million in cash and 5.4 million shares, and repaid the entire $550.0 million balance on its Revolving Credit Facility. Current portion of long-term debt fell to $201.3 million from $531.6 million at December 31, 2020. Cash and cash equivalents were $1,091.1 million at quarter end, and about $1.97 billion was available under the Revolving Credit Facility. Management stated that its primary focus is gross margin expansion, supported by portfolio rationalization and a shift toward a lighter internal fabrication model. The company also implemented an involuntary separation program that affected approximately 720 employees in the first half of 2021, with about $55.0 million of severance and related charges. Capital expenditures for the six months were $181.8 million, and management expects 10% to 11% of second-half revenue to be spent on capital expenditures.

    Aug 2, 2021
  18. 2021-Q2

    On Semiconductor Quarterly Report for Q2 Ended Apr 2, 2021

    ON Semiconductor Corporation reported revenue of $1,481.7 million for the quarter ended April 2, 2021, up from $1,277.9 million a year earlier, an increase the filing describes as approximately 16%. Gross profit rose to $521.2 million from $402.7 million, and gross margin improved to 35.2% from 31.5%, which the company attributes to higher sales volume, increased utilization and a better product mix. Net income attributable to ON Semiconductor Corporation was $89.9 million, or $0.20 per diluted share, compared with a net loss of $14.0 million in the prior-year quarter. The company cited increased demand from automotive component manufacturers and the automotive industry, along with improving economic conditions. The company is also restructuring. On March 4, 2021 it announced an involuntary separation program (ISP) expected to affect about 740 employees, with severance and related costs estimated at $58 million to $62 million, of which $33.0 million was recorded in the quarter. Management said it is also evaluating its product portfolio, moving away from non-differentiated products, and rationalizing its manufacturing footprint to reduce gross margin volatility. Liquidity remained solid. Cash and cash equivalents were $1,042.5 million, operating cash flow was $218.5 million, and capital expenditures were $77.0 million. Gross long-term debt was $3,435.4 million, including $520.6 million of 1.625% convertible notes classified as current because the conversion trigger was met. About $1,419.0 million was available under the Revolving Credit Facility, and the company was in compliance with its debt covenants. The company also said it expects to pay a significant portion of the ISP severance during the second quarter of 2021.

    May 3, 2021
  19. 2020-Q3

    On Semiconductor Quarterly Report for Q3 Ended Oct 2, 2020

    ON Semiconductor Corporation's Form 10-Q for the quarter ended October 2, 2020 shows third-quarter revenue of $1,317.3 million, down from $1,381.8 million a year earlier, with net income attributable to ON Semiconductor Corporation of $160.6 million, or $0.38 diluted per share, compared with a net loss of $60.7 million in the prior-year quarter. The improvement was driven largely by the absence of the $169.5 million Power Integrations litigation settlement recorded in the prior-year quarter and an $83.1 million income tax benefit, which included $60.4 million from the domestication of certain foreign subsidiaries and $49.9 million from the release of valuation allowances on U.S. state deferred tax assets. Gross margin held at about 34%, consistent with the prior-year quarter. For the nine months, revenue was $3,808.7 million, down $307.4 million, or 7.5%, and gross profit fell to $1,218.2 million, with management citing COVID-19-related demand declines, reduced factory utilization in the first half, and under-absorbed fixed overhead. The balance sheet and liquidity position changed meaningfully. Cash and cash equivalents rose to $1,654.0 million from $894.2 million at December 31, 2019, while long-term debt increased to $3,537.6 million, reflecting the $700.0 million 3.875% Notes due 2028 issued in August 2020, the proceeds of which were used to repay $1,200 million of revolving credit borrowings. Management states that about $1,200 million remained available under the Revolving Credit Facility as of the filing date. Operating cash flow for the nine months was $483.9 million, compared with $603.0 million a year earlier, and capital expenditures were $267.2 million versus $422.2 million. The company also disclosed a pending purchase of GLOBALFOUNDRIES' East Fishkill, New York facilities for $400.0 million in total consideration, with a $100.0 million additional deposit paid on October 5, 2020 and the remaining $230.0 million due around December 31, 2022. Restructuring charges for the nine months totaled $58.0 million, including the voluntary separation and involuntary separation programs, and the company adopted a stockholders' rights plan in June 2020.

    Nov 2, 2020
  20. 2020-Q3

    On Semiconductor Quarterly Report for Q3 Ended Jul 3, 2020

    ON Semiconductor Corporation's 10-Q for the quarter ended July 3, 2020 shows revenue of $1,213.5 million for the quarter, down from $1,347.7 million a year earlier, and a quarterly net loss attributable to the company of $1.4 million versus net income of $101.8 million in the prior-year quarter. For the six months, revenue was $2,491.4 million (down from $2,734.3 million) and the net loss attributable to the company was $15.4 million. The filing attributes the decline to reduced demand and factory capacity constraints in the Philippines and Malaysia linked to the COVID-19 pandemic, and it cites approximately $13 million of under-absorbed fixed overhead charged to cost of revenue in the quarter. Gross profit fell to $374.3 million from $499.0 million, and operating income dropped to $43.1 million from $158.3 million. The balance sheet changed materially during the period. Cash and cash equivalents rose to $2,060.4 million from $894.2 million, largely because the company borrowed $1,165.0 million under its Revolving Credit Facility on March 24, 2020 as a precautionary measure. Long-term debt increased to $4,044.8 million from $2,876.5 million, and gross long-term debt including the current portion was $4,853.2 million. The company repurchased $65.4 million of stock in the six months ended July 3, 2020, with $1,295.8 million remaining under its share repurchase authorization. Operating cash flow was $320.5 million for the six months, compared with $360.8 million a year earlier. Restructuring charges rose to $49.0 million for the six months, driven by a voluntary separation program and an involuntary separation program. The filing also discloses a planned domestication of certain foreign subsidiaries completed on July 6, 2020, which the company expects to generate a deferred tax benefit of $50 million to $80 million, plus an additional discrete benefit of about $50 million from releasing a valuation allowance, both to be recorded in the third quarter of 2020. The company also disclosed that it is exploring the sale of its six-inch fabs in Belgium and Niigata, Japan.

    Aug 10, 2020
  21. 2020-Q2

    On Semiconductor Quarterly Report for Q2 Ended Apr 3, 2020

    ON Semiconductor Corporation reported a first-quarter 2020 net loss attributable to the company of $14.0 million, or $0.03 per basic and diluted share, on revenue of $1,277.9 million, down from $1,386.6 million in the prior-year quarter. Gross profit fell to $402.7 million from $513.7 million, and gross margin declined to 31.5% from 37.0%. The filing attributes the decline to lower sales volume, lower average selling prices, under-absorbed fixed overhead, and COVID-19-related factory shutdowns and reduced capacity in China, Malaysia and the Philippines, with approximately $20.0 million of under-absorbed overhead charged directly to cost of revenue. Operating income dropped to $18.6 million from $179.4 million, reflecting higher restructuring charges of $32.8 million, largely tied to a voluntary separation program. Balance sheet and liquidity changed significantly during the quarter. Cash and cash equivalents rose to $1,982.0 million from $894.2 million, driven mainly by a $1,165.0 million precautionary draw on the Revolving Credit Facility on March 24, 2020. Long-term debt increased to $4,043.0 million from $2,876.5 million, and gross long-term debt including current maturities reached $4,857.5 million. The company stated that only $4.0 million remained available under the revolver, and that existing cash and operating cash flow should be adequate for at least the next 12 months. Operating cash flow was $166.0 million, compared with $138.2 million a year earlier. Management stated that the long-term impact of COVID-19 is unclear and cannot be estimated, and it expects interest expense to remain significant. It also noted that it is considering repatriating intellectual property rights to the United States in the second half of 2020, which could produce a one-time discrete tax benefit of $50.0 million to $100.0 million.

    May 11, 2020
  22. 2019-Q3

    On Semiconductor Quarterly Report for Q3 Ended Sep 27, 2019

    ON Semiconductor Corporation's third-quarter 2019 10-Q reports revenue of $1,381.8 million for the quarter ended September 27, 2019, down from $1,541.7 million a year earlier, and a net loss attributable to the company of $60.7 million, or $0.15 per diluted share, compared with net income of $166.9 million in the prior-year quarter. Operating results were hit by a $169.5 million litigation settlement expense, and gross profit fell to $475.2 million from $596.6 million, with gross margin at 34.4% versus 38.7%. For the nine months, revenue was $4,116.1 million and net income attributable to the company was $155.2 million. The balance sheet shows cash and cash equivalents of $928.7 million, total debt including current maturities of $3,764.6 million, and goodwill that rose to $1,659.2 million from $932.5 million following the June 2019 acquisition of Quantenna Communications, Inc., which was funded partly by a $900.0 million draw on the Revolving Credit Facility. Nine-month operating cash flow was $603.0 million, down from $853.2 million, and capital expenditures were $422.2 million. The company also agreed to pay $400.0 million for a East Fishkill, New York facility from GLOBALFOUNDRIES, with a $70.0 million deposit paid in April 2019. Subsequent to quarter-end, on October 19, 2019, the company entered into a settlement agreement with Power Integrations, Inc. and paid $175.0 million in cash on October 22, 2019, resolving all outstanding legal and administrative disputes. Management stated that the company was in compliance with its debt covenants as of September 27, 2019 and expects cash flows and existing liquidity to be adequate for at least the next 12 months.

    Oct 28, 2019
  23. 2019-Q2

    On Semiconductor Quarterly Report for Q2 Ended Jun 28, 2019

    ON Semiconductor Corporation reported lower second-quarter 2019 results. Revenue was $1,347.7 million, down $108.2 million, or approximately 7%, from $1,455.9 million a year earlier. Gross margin was 37.0%, compared with 38.1% in the prior-year quarter. Operating income fell to $158.3 million from $197.2 million, and net income attributable to ON Semiconductor Corporation was $101.8 million, or $0.24 per diluted share, versus $155.3 million, or $0.35 per diluted share. The filing attributes the margin decline mainly to lower sales volume and product mix, and notes that geopolitical and macroeconomic factors adversely affected product demand during the quarter. The balance sheet changed significantly because of the June 19, 2019 acquisition of Quantenna Communications, Inc., for a purchase price of $1,039.3 million. The acquisition was funded by a $900.0 million draw on the Revolving Credit Facility and cash on hand. Goodwill rose to $1,552.5 million from $932.5 million at year-end 2018, and gross long-term debt, including current maturities, reached $3,805.8 million. Cash and cash equivalents were $885.2 million. Restructuring charges of $18.1 million in the quarter were largely tied to post-Quantenna restructuring, and the Fifth Amendment to the credit agreement raised the Revolving Credit Facility to $1.9 billion. Cash flow from operations was $360.8 million for the six months ended June 28, 2019, compared with $495.0 million a year earlier. Capital expenditures were $310.5 million for the six months. The company repurchased $50.0 million of common stock in the quarter and had $1,374.3 million remaining under its Share Repurchase Program. The filing also discloses ongoing patent litigation with Power Integrations, Inc., including a judgment of approximately $32.0 million in one case after post-trial rulings on July 22, 2019, and an estimated range of possible losses of approximately $4.0 million to $20.0 million in the aggregate for all PI cases. The company also agreed to acquire a manufacturing facility from GLOBALFOUNDRIES for $400.0 million in cash, with closing expected around December 31, 2022.

    Aug 5, 2019
  24. 2019-Q1

    On Semiconductor Quarterly Report for Q1 Ended Mar 29, 2019

    ON Semiconductor Corporation's first-quarter 2019 Form 10-Q, filed April 29, 2019, reports revenue of $1,386.6 million, up $9.0 million from $1,377.6 million a year earlier, with gross profit of $513.7 million and a gross margin of 37.0% versus 37.6% in the prior-year quarter. Operating income was $179.4 million compared with $185.7 million, and net income attributable to the company was $114.1 million, or $0.27 per diluted share, versus $139.6 million and $0.31 per diluted share a year earlier. The income tax provision rose to $38.2 million from $16.4 million, and operating cash flow declined to $138.2 million from $226.5 million, which the company attributed mainly to changes in working capital. The company has a pending acquisition of Quantenna Communications, Inc. under a March 27, 2019 merger agreement at $24.50 per share in cash, an equity value of about $1.07 billion, which it expects to close in the second half of 2019 and fund with cash on hand and its Revolving Credit Facility. On April 22, 2019, it also agreed to buy GlobalFoundries' East Fishkill, New York fab for $400.0 million in cash, with a $70.0 million deposit paid at signing, the balance due around the closing expected on or around December 31, 2022. Cash and cash equivalents were $939.6 million at March 29, 2019, and total long-term debt including current maturities was $2,931.1 million. The company repurchased 4.4 million shares for $75.7 million under its $1.5 billion Share Repurchase Program, leaving $1,424.3 million authorized. The filing also discloses ongoing patent litigation with Power Integrations, Inc., for which the company estimates a range of possible losses of approximately $4.0 million to $20.0 million in the aggregate, and a first-quarter restructuring charge of $5.5 million tied to a workforce reduction.

    Apr 29, 2019
  25. 2018-Q3

    On Semiconductor Quarterly Report for Q3 Ended Sep 28, 2018

    ON Semiconductor Corporation's third-quarter 2018 Form 10-Q, filed October 29, 2018, reports revenue of $1,541.7 million for the quarter ended September 28, 2018, up $150.8 million, or approximately 11%, from $1,390.9 million a year earlier. Gross margin was 38.7% versus 37.7% in the prior-year quarter, and operating income rose to $241.6 million from $177.0 million. Net income attributable to ON Semiconductor was $166.9 million, or $0.38 per diluted share, compared with $0.25 a year earlier. For the nine months, revenue was $4,375.2 million and net income attributable to the company was $461.8 million, or $1.05 per diluted share. Balance sheet and cash flow items were steady. Cash and cash equivalents were $951.0 million at quarter end, and total long-term debt, including current maturities, was $2,900.1 million. Net cash provided by operating activities for the nine months was $853.2 million, compared with $869.9 million a year earlier, and capital expenditures rose to $382.8 million from $211.8 million. The company repurchased $115.0 million of common stock during the nine months and reported $488.2 million remaining under its share repurchase program. During the quarter, the company completed the SensL acquisition for $71.6 million and raised its ownership of AFSM to 60% on October 1, 2018, with consolidation starting in future periods. The filing also notes that tariffs on certain Chinese-sourced products could raise costs, and that the company is a defendant in multiple patent suits with Power Integrations, Inc., with a possible loss range of approximately $4.0 million to $20.0 million in the aggregate for those PI cases.

    Oct 29, 2018
  26. 2018-Q2

    On Semiconductor Quarterly Report for Q2 Ended Jun 29, 2018

    ON Semiconductor Corporation's 10-Q for the quarter ended June 29, 2018 reports revenues of $1,455.9 million for the quarter, up $117.9 million from $1,338.0 million a year earlier, with net income attributable to the company of $155.3 million, or $0.35 per diluted share, compared with $93.9 million and $0.22 per diluted share in the prior-year quarter. Gross margin was 38.1% versus 36.8% a year earlier, which the filing attributes primarily to higher factory utilization and product mix. Operating income rose to $197.2 million from $154.0 million, and the Power Solutions Group and Analog Solutions Group drove most of the gross profit growth, while the Intelligent Sensing Group declined on the exit of the Mobile CIS business. For the six months, revenues were $2,833.5 million and net cash provided by operating activities was $495.0 million, down from $541.7 million. Cash and cash equivalents stood at $850.2 million at quarter end. Total long-term debt including current maturities was $2,964.1 million, and the company reclassified the outstanding balance of its 1.00% Notes, $630.7 million net of discount, to current portion of long-term debt because the share-price conversion trigger was met, with holders able to convert during the quarter ending September 30, 2018. During the quarter the company acquired SensL Technologies for $71.4 million in cash, divested a transient voltage suppressor diodes business for $5.6 million, and completed a Fourth Amendment to its credit agreement. The filing also flags tariff risk: the U.S. imposed a 25% tariff on transistors from China on July 6, 2018, and further tariffs on diodes and integrated circuits were proposed. Management states that tariffs could raise the company's costs and hurt profitability unless it can pass them on to customers. Ongoing patent litigation with Power Integrations, Inc. is described, with the company estimating a possible loss range of approximately $4.0 million to $20.0 million in aggregate for the PI cases.

    Jul 30, 2018
  27. 2018-Q1

    On Semiconductor Quarterly Report for Q1 Ended Mar 30, 2018

    ON Semiconductor Corporation's Form 10-Q for the quarter ended March 30, 2018 reports revenues of $1,377.6 million, down from $1,436.7 million in the prior-year quarter, a decrease of $59.1 million, or approximately 4%. The prior-year quarter included a one-time $155.1 million revenue benefit from a change in how distributor sales were recognized. Excluding that item, revenue increased by $96.0 million, or approximately 7%. Gross margin rose to 37.6% from 35.0%, and net income attributable to ON Semiconductor was $139.6 million, or $0.31 per diluted share, compared with $78.2 million and $0.18 per diluted share a year earlier. Operating income was $185.7 million versus $183.1 million. The balance sheet shows cash and cash equivalents of $924.9 million, while total debt including current maturities was $3,043.5 million. Current portion of long-term debt rose to $747.2 million, driven mainly by reclassifying the $625.0 million net balance of the 1.00% Notes due 2020 to current because the conversion price trigger was met. Operating cash flow was $226.5 million, and capital expenditures were $99.5 million. Inventories increased to $1,160.0 million from $1,089.5 million at year-end 2017. The filing also highlights tariff risk. The U.S. Trade Representative proposed an additional 25% tariff on specified products from China, and the company states that some of its imports from China could be affected, which may materially increase product costs.

    Apr 30, 2018
  28. 2017-Q3

    On Semiconductor Quarterly Report for Q3 Ended Sep 29, 2017

    ON Semiconductor Corporation's Form 10-Q for the quarter ended September 29, 2017 reports revenues of $1,390.9 million for the quarter, up from $950.9 million a year earlier, with the filing attributing the increase primarily to contributions from the Fairchild acquisition completed September 19, 2016. Gross profit was $524.2 million, operating income was $177.3 million, and net income attributable to ON Semiconductor Corporation was $108.7 million, or $0.25 per diluted share. For the nine months, revenues were $4,165.6 million and net income attributable to the company was $280.8 million, with the filing noting that the change in revenue recognition on distributor sales contributed $155.1 million of revenue in the first quarter of 2017. The balance sheet shows cash and cash equivalents of $901.2 million and gross long-term debt of $3,191.1 million as of September 29, 2017, down from $3,806.8 million at December 31, 2016. During the period the company refinanced and prepaid debt, issuing $575.0 million of 1.625% convertible notes due 2023 and prepaying $200.0 million of its Term Loan "B" Facility. Operating cash flow for the nine months was $869.9 million, compared with $351.8 million a year earlier. The company also reported a $25.0 million share repurchase in connection with the convertible note offering, and $603.2 million remained available under its 2014 share repurchase program. Investors should note the ongoing patent litigation with Power Integrations, Inc., for which the company estimates a range of possible losses of approximately $4 million to $20 million across all PI cases, and interest expense that the filing expects to remain material as the company services debt incurred in the Fairchild transaction. The company also guided fourth-quarter 2017 revenues of approximately $1,325 to $1,375 million, with gross margin of approximately 36.3% to 38.3%.

    Nov 6, 2017
  29. 2017-Q2

    On Semiconductor Quarterly Report for Q2 Ended Jun 30, 2017

    ON Semiconductor Corporation's Form 10-Q for the quarter ended June 30, 2017 reports second-quarter revenues of $1,338.0 million, up from $877.8 million in the year-earlier quarter, with net income attributable to ON Semiconductor Corporation of $93.9 million, or $0.22 per diluted share, compared with $25.1 million, or $0.06 per diluted share, a year earlier. The filing attributes the revenue increase primarily to contributions from the Fairchild acquisition, which closed on September 19, 2016 for a purchase price of $2,532.2 million. Six-month revenues were $2,774.7 million, which includes $155.1 million recognized in the first quarter of 2017 from a change in revenue recognition on distributor sales. The Company guided third-quarter 2017 revenue to approximately $1,340 million to $1,390 million and gross margin to approximately 36.0% to 38.0%. The balance sheet shows total debt-related activity of note: during the first half of 2017 the Company issued $575.0 million of 1.625% Convertible Senior Notes due 2023, used to prepay Term Loan "B" borrowings, and repaid $1,191.3 million of long-term debt in total. Gross long-term debt including current maturities was $3,407.3 million at June 30, 2017, versus $3,806.8 million at December 31, 2016. Cash and cash equivalents were $871.6 million at June 30, 2017, and the Company reported a loss on debt refinancing and prepayment of $26.2 million for the six months. Interest expense was $34.7 million in the quarter and $73.1 million for the six months. The filing also details ongoing patent litigation with Power Integrations, Inc., including a jury award of $139.8 million (December 2015) that the Company is appealing, and an Acbel Polytech lawsuit seeking damages of not less than $30 million, for which the Company states it believes it has strong defenses.

    Aug 7, 2017
  30. 2017-Q1

    On Semiconductor Quarterly Report for Q1 Ended Mar 31, 2017

    ON Semiconductor Corporation's Form 10-Q for the quarter ended March 31, 2017 shows revenues of $1,436.7 million, up from $817.2 million in the prior-year quarter, with the filing attributing the increase primarily to the Fairchild acquisition and $155.1 million of revenue from a change in how distributor sales are recognized. Gross profit rose to $503.3 million (35.0% of revenues), operating income was $183.4 million versus $58.4 million, and net income attributable to the company was $78.2 million, or $0.18 per diluted share. Net cash provided by operating activities was $208.5 million. The balance sheet remains heavily leveraged. Total debt, including current maturities, was $3,538.4 million at March 31, 2017, and the quarter included a $26.2 million loss on debt refinancing and prepayment. Interest expense rose to $38.4 million from $15.6 million, which the filing ties to the debt used to acquire Fairchild. In March 2017 the company issued $575.0 million of 1.625% convertible notes due 2023 and used the proceeds to prepay $575 million of its Term Loan "B" Facility, and it amended its credit agreement to reduce interest rates. Cash and cash equivalents were $728.9 million. The filing also highlights ongoing patent litigation with Power Integrations, Inc., for which the company estimates a possible loss range of approximately $4 million to $20 million across all PI cases. For the second quarter of 2017, the company estimates revenues of $1,285 to $1,335 million and gross margin of 34.5% to 36.4%.

    May 8, 2017
  31. 2016-Q3

    On Semiconductor Quarterly Report for Q3 Ended Sep 30, 2016

    ON Semiconductor Corporation's third-quarter 2016 Form 10-Q, filed November 7, 2016, reports results that were dominated by the September 19, 2016 completion of its acquisition of Fairchild Semiconductor International, Inc. for $2,532.2 million in cash. For the quarter ended September 30, 2016, revenues were $950.9 million, up from $904.2 million a year earlier, with gross profit of $329.0 million and operating income of $46.7 million (versus $69.4 million). Net income attributable to ON Semiconductor was $10.1 million, or $0.02 per diluted share, compared with $46.3 million, or $0.11, in the prior-year quarter. Results were helped by a $92.2 million gain on the divestiture of the ignition IGBT and Thyristor businesses and were held back by $46.7 million of interest expense, $21.8 million of restructuring charges, and an income tax provision of $76.7 million that included a discrete $310.8 million expense from reversing the indefinite reinvestment assertion, partly offset by a $267.4 million valuation allowance release. The balance sheet changed substantially. Total assets rose to $6,790.9 million from $3,869.6 million at December 31, 2015, and long-term debt rose to $3,095.7 million from $850.5 million, driven by a $2,400.0 million Term Loan "B" Facility due 2023 bearing interest at 3.78%. Cash and cash equivalents ended the quarter at $880.5 million. For the nine months, net cash provided by operating activities was $351.8 million, and capital expenditures were $160.8 million. The company's guidance for fourth-quarter 2016 revenues is $1,190 to $1,240 million, with gross margin of 27.4% to 29.5%. Investors should weigh the higher leverage and interest burden against the expanded product portfolio and the integration work still ahead. The company says it expects to complete integration of Fairchild's systems and controls by the fourth quarter of 2017. Patent litigation with Power Integrations remains active, with several proceedings pending, including a November 1, 2016 complaint by PI seeking a permanent injunction and damages.

    Nov 7, 2016
  32. 2016-Q3

    On Semiconductor Quarterly Report for Q3 Ended Jul 1, 2016

    ON Semiconductor Corporation's Form 10-Q for the quarter ended July 1, 2016 shows revenues of $877.8 million for the quarter, essentially flat versus $880.5 million a year earlier, with gross profit of $307.9 million and a gross margin of approximately 35.1%. Operating income was $75.3 million, but net income attributable to ON Semiconductor fell to $25.1 million, or $0.06 per diluted share, from $50.7 million, primarily because interest expense rose to $42.1 million from $10.7 million. Six-month revenues declined to $1,695.0 million from $1,751.3 million, with management citing a decline in average selling prices of approximately 8%. The balance sheet changed significantly as the company prepared to acquire Fairchild Semiconductor International, Inc. for an estimated $2.4 billion in cash. The company borrowed $2.2 billion under a Term Loan "B" Facility due 2023, bearing interest at 5.25% as of July 1, 2016, and deposited the proceeds into escrow, which is recorded as restricted cash of $2,235.8 million. Long-term debt rose to $2,935.1 million from $850.5 million at year-end 2015, and total assets reached $6,097.8 million. The company stated it expects the Fairchild transaction to close in the third quarter of 2016, and it did not repurchase any stock during the quarter. For the third quarter of 2016, management estimates revenues of approximately $885 to $925 million and gross margin of approximately 34.6% to 36.6%, excluding any contribution from Fairchild. The filing notes that the higher debt will materially affect results through interest expense, and that cash held outside the United States, with approximately $117.3 million available within the United States, may need to be repatriated if domestic requirements cannot be met otherwise.

    Aug 8, 2016
  33. 2016-Q2

    On Semiconductor Quarterly Report for Q2 Ended Apr 1, 2016

    ON Semiconductor Corporation's Form 10-Q for the quarter ended April 1, 2016 reports revenues of $817.2 million, down from $870.8 million in the prior-year quarter, a decrease the company attributes to a weakened demand environment and a decline in average selling prices of approximately 7%. Gross profit was $275.5 million (gross margin of approximately 33.7%) versus $300.4 million a year earlier, and net income attributable to ON Semiconductor was $36.0 million, or $0.09 per diluted share, compared with $55.1 million, or $0.13 per diluted share, in the prior-year quarter. Operating income fell to $58.4 million from $68.4 million, and interest expense rose to $15.6 million from $9.2 million. The balance sheet shows cash and cash equivalents of $619.5 million and gross long-term debt including current maturities of $1,475.2 million as of April 1, 2016. Operating cash flow was $114.9 million, up from $83.5 million, while the company made no share repurchases in the quarter as it focused on building cash ahead of the pending Fairchild Transaction. The company guided second-quarter 2016 revenues of approximately $835 to $875 million and gross margin of approximately 33.3% to 35.3%, excluding any contribution from Fairchild. The most significant development is the pending acquisition of Fairchild Semiconductor International, Inc. for an estimated $2.4 billion in cash consideration. Subsequent to quarter end, on April 15, 2016, the company borrowed $2.2 billion under a Term Loan "B" facility and entered into a $600 million senior revolving credit facility, with the loan proceeds held in escrow pending closing. The company expects the transaction to close late in the second quarter of 2016, and the filing notes that the new debt is expected to materially increase interest expense before closing and raise floating-rate exposure.

    May 9, 2016
  34. 2015-Q3

    On Semiconductor Quarterly Report for Q3 Ended Oct 2, 2015

    ON Semiconductor Corporation's Form 10-Q for the quarter ended October 2, 2015 reports revenues of $904.2 million for the quarter, up from $833.5 million a year earlier, with the filing attributing the increase primarily to a full period of Aptina operations in the Image Sensor Group and improved demand in the Application Products Group. Gross profit rose to $308.5 million (approximately 34.1% of revenues), and net income attributable to ON Semiconductor Corporation was $46.3 million, or $0.11 per diluted share, compared with $40.5 million a year earlier. For the nine months, revenues were $2,655.5 million and net income attributable to the company was $152.1 million, or $0.35 per diluted share. The balance sheet shows a meaningful shift in capital structure. In June 2015 the company issued $690.0 million of 1.00% Convertible Senior Notes due 2020, used part of the proceeds to repay $350.0 million of revolver borrowings and to repurchase $70.0 million of common stock, and increased its senior revolving credit facility capacity to $1.0 billion. Total long-term debt including current maturities was $1,407.7 million at October 2, 2015, versus $1,192.6 million at December 31, 2014. Cash, cash equivalents and short-term investments totaled $557.6 million, and the company repurchased 28.4 million shares for approximately $327.8 million in the nine months, leaving $648.2 million available under its 2014 Share Repurchase Program. Management guided fourth-quarter 2015 revenues of approximately $830 to $870 million, with gross margin of approximately 32.6% to 34.6%. The company also announced additional restructuring, with 90-100 further positions identified for termination and expected charges of approximately $4.0 million to $5.0 million in the fourth quarter. Rising interest expense, which increased to $14.9 million in the quarter from $8.6 million, is a key item for investors to weigh against these results.

    Oct 30, 2015
  35. 2015-Q3

    On Semiconductor Quarterly Report for Q3 Ended Jul 3, 2015

    ON Semiconductor Corporation's Form 10-Q for the quarter ended July 3, 2015 reports revenues of $880.5 million for the quarter, up from $757.6 million a year earlier, with net income attributable to the company of $50.7 million, or $0.12 per diluted share, compared with $94.1 million, or $0.21 per diluted share, in the prior-year quarter. Gross profit rose to $304.4 million, and the filing attributes the increase primarily to the Aptina and Truesense acquisitions, which contributed about $149.3 million of Image Sensor Group revenue in the quarter. Operating income fell to $67.8 million from $86.8 million, reflecting higher amortization of acquisition-related intangibles ($33.6 million versus $10.4 million) and higher R&D expense ($100.4 million versus $84.2 million). The balance sheet and financing activity changed substantially during the quarter. The company issued $690.0 million of 1.00% Convertible Senior Notes due 2020, used proceeds to repay $350.0 million of revolver borrowings and repurchase $70.0 million of common stock, and amended its senior revolving credit facility to $1.0 billion. Long-term debt including current maturities rose to $1,378.2 million from $1,192.6 million at December 31, 2014. Cash, cash equivalents and short-term investments totaled $577.9 million at July 3, 2015, and the company repurchased 10.4 million shares for $131.1 million during the quarter, leaving $748.2 million available under its repurchase program. For the six months, revenues were $1,751.3 million and net income attributable to the company was $105.8 million, or $0.24 per diluted share. The filing guides third-quarter 2015 revenues to approximately $890 million to $930 million, with gross margin of approximately 34% to 36%. The filing also discloses a pending Collabo Innovations patent lawsuit against the company and three Aptina subsidiaries, for which the company cannot estimate a possible loss.

    Aug 3, 2015
  36. 2015-Q2

    On Semiconductor Quarterly Report for Q2 Ended Apr 3, 2015

    ON Semiconductor Corporation's Form 10-Q for the quarter ended April 3, 2015 reports revenues of $870.8 million, up from $706.5 million in the prior-year quarter, with the filing attributing the increase primarily to about $154.8 million of additional Image Sensor Group revenue from the Aptina and Truesense acquisitions, plus higher Standard Products Group revenue. Gross profit rose to $300.4 million (34.5% of revenues versus 35.1% a year earlier), while operating income was $68.4 million compared with $70.7 million, as acquisition-related amortization rose to $33.9 million from $8.2 million. Net income attributable to ON Semiconductor was $55.1 million, or $0.13 per diluted share, compared with $55.7 million a year earlier, with the prior-year figures reflected after revisions for errors. Balance sheet and cash flow data show cash and cash equivalents of $428.1 million and total long-term debt including current maturities of $1,162.8 million at April 3, 2015. Operating cash flow was $83.5 million, while capital expenditures were $64.8 million and share repurchases totaled $95.0 million in cash, with $879.2 million remaining under the 2014 Share Repurchase Program. Management's second-quarter 2015 outlook estimates revenues of approximately $876 million to $916 million and gross margin of approximately 34% to 36%. The filing also discloses a new $1.0 billion five-year senior revolving credit facility entered into May 1, 2015, and a pending lawsuit by Collabo Innovations alleging patent infringement related to CMOS image sensor products.

    May 4, 2015
  37. 2014-Q3

    On Semiconductor Quarterly Report for Q3 Ended Sep 26, 2014

    ON Semiconductor Corporation's Form 10-Q for the quarter ended September 26, 2014 reports revenues of $833.5 million for the third quarter, up from $715.4 million a year earlier, and net income attributable to ON Semiconductor Corporation of $41.6 million, compared with $51.8 million. For the nine months, revenues were $2,297.6 million and net income attributable to the company was $188.0 million. Gross profit for the quarter was $284.1 million, and operating income was $57.6 million versus $67.3 million a year earlier. The filing attributes revenue growth mainly to the acquisitions of Aptina ($71.6 million of revenue since August 15, 2014) and Truesense ($21.6 million in the quarter), along with improved demand in some segments, partly offset by softness in the System Solutions Group and a 4.7% decline in average selling prices. The company completed two image sensor acquisitions in 2014: Truesense for approximately $95.7 million in April and Aptina for approximately $402.5 million in cash in August. Aptina's purchase price was funded partly by about $230.0 million drawn on the senior revolving credit facility, which had a $350.0 million balance at quarter end. Total long-term debt including current maturities was $1,183.6 million, up from $942.2 million at December 31, 2013. Cash and cash equivalents were $492.1 million, and cash, cash equivalents and short-term investments totaled $494.9 million. Management's fourth-quarter 2014 outlook estimates revenues of approximately $835 million to $875 million and gross margin of approximately 31.8% to 33.6%. The company cited a slowdown in orders from certain geographies and end-markets in the third quarter, while noting a recovery in orders in the first weeks of the fourth quarter. The filing also discloses a lawsuit filed August 22, 2014 by Collabo Innovations, Inc. alleging certain image sensor products infringe three U.S. patents, which the company believes is without merit.

    Oct 31, 2014
  38. 2014-Q2

    On Semiconductor Quarterly Report for Q2 Ended Jun 27, 2014

    ON Semiconductor Corporation's second-quarter 2014 Form 10-Q (quarter ended June 27, 2014) reports revenues of $757.6 million, up from $688.3 million in the prior-year quarter, with gross profit of $273.0 million and operating income of $81.7 million versus $50.9 million a year earlier. Net income attributable to ON Semiconductor Corporation was $88.0 million, or $0.20 per diluted share, compared with $47.7 million in the second quarter of 2013. The income tax benefit of $16.2 million included a $21.5 million reversal of a U.S. deferred tax asset valuation allowance tied to the Truesense acquisition. The filing states the company's effective tax rate for the quarter was a benefit of 22.3%. The company completed the acquisition of Truesense Imaging, Inc. on April 30, 2014 for approximately $95.1 million in cash, and on June 9, 2014 entered into a merger agreement to acquire Aptina, Inc. for an estimated purchase price of approximately $400.0 million in cash, subject to closing conditions and regulatory approvals. The company may use its existing revolving credit facility to help fund the Aptina acquisition. Cash, cash equivalents and short-term investments totaled $601.2 million at June 27, 2014, and total long-term debt including current maturities was $904.9 million. For the third quarter of 2014, management estimates revenues of approximately $765 million to $795 million and gross margin of approximately 35.6% to 37.6%. The company continued restructuring activity, including a voluntary retirement program in Japan and the closure of its KSS facility, and reported restructuring, asset impairments and other charges of $9.9 million for the six months ended June 27, 2014.

    Aug 1, 2014
  39. 2014-Q1

    On Semiconductor Quarterly Report for Q1 Ended Mar 28, 2014

    ON Semiconductor Corporation reported first-quarter 2014 results for the quarter ended March 28, 2014, with revenues of $706.5 million, up from $661.0 million in the prior-year quarter, and net income attributable to ON Semiconductor Corporation of $58.4 million, or $0.13 per diluted share, compared with $22.6 million in the first quarter of 2013. Gross profit rose to $250.8 million from $204.5 million, and operating income increased to $73.3 million from $37.7 million. The filing attributes the revenue increase to the Application Products Group and Standard Products Group on improved demand, partly offset by lower revenue from the System Solutions Group. Gross margin was approximately 35.5%, and the company noted that average selling prices declined about 5% year over year. Cash, cash equivalents and short-term investments totaled $617.0 million at March 28, 2014, against long-term debt including current maturities of $920.2 million. Operating cash flow was $74.9 million and capital expenditures were $47.7 million. During the quarter the company repurchased about 2.2 million shares for $20.1 million, leaving $123.3 million available under its share repurchase program. Restructuring charges of $5.8 million related to a Japanese voluntary retirement program and the planned closure of the KSS facility. Subsequent to quarter end, ON Semiconductor completed the acquisition of Truesense Imaging, Inc. on April 30, 2014 for a total purchase price of approximately $95.0 million. For the second quarter of 2014, the company guided revenue of approximately $738 million to $768 million and gross margin of approximately 34.7% to 36.6%, with guidance including the Truesense contribution.

    May 2, 2014
  40. 2013-Q3

    On Semiconductor Quarterly Report for Q3 Ended Sep 27, 2013

    ON Semiconductor Corporation's Form 10-Q for the quarter ended September 27, 2013 shows revenues of $715.4 million for the quarter, down from $725.5 million a year earlier, while net income attributable to ON Semiconductor Corporation rose to $51.8 million from $12.5 million, and diluted earnings per share were $0.11 versus $0.03. Gross margin was 34.8 percent for the quarter. The decline in revenue was isolated to the SANYO Semiconductor Products Group, which fell to $156.8 million from $193.0 million amid a softer Japanese consumer market and a weaker yen, while the Application Products Group and Standard Products Group grew. For the nine months, revenues were $2,064.7 million and operating income was $155.9 million, compared with $115.1 million a year earlier, with restructuring charges falling to $11.1 million from $57.3 million. The balance sheet shows cash, cash equivalents and short-term investments of $553.6 million, and long-term debt including current maturities of $908.4 million. The company repurchased about 4.1 million shares in the quarter for approximately $30.2 million, leaving about $202.4 million under its share repurchase program. Management expects fourth-quarter 2013 revenues of approximately $675 million to $705 million and gross margin of 33.8% to 34.8%. Subsequent to the quarter, ON Semiconductor announced the closure of its KSS facility in Hanyu, Japan, expected to be completed by the end of the second quarter of 2014, and an additional voluntary retirement program for SANYO Semiconductor subsidiaries with estimated cash charges of $40 million to $48 million. It also entered an $800.0 million five-year senior revolving credit facility on October 10, 2013, of which $120.0 million was borrowed and for which the company has not identified a specific use.

    Nov 1, 2013
  41. 2013-Q2

    On Semiconductor Quarterly Report for Q2 Ended Jun 28, 2013

    ON Semiconductor Corporation's 10-Q for the quarter ended June 28, 2013 reports revenues of $688.3 million for the quarter, down from $744.8 million a year earlier, with gross profit of $231.8 million and net income attributable to the company of $47.7 million, or $0.11 per diluted share. For the six months, revenues were $1,349.3 million and net income attributable to the company was $70.3 million, or $0.16 per diluted share. The decline was most pronounced in the SANYO Semiconductor Products Group, which the filing attributes to a softening Japanese consumer market, a weaker yen, and political tensions between Japan and China. The Application Products Group and Standard Products Group also saw revenue declines amid weaker global demand. Quarterly operating income rose to $50.9 million from $26.9 million, largely because restructuring charges fell to $6.1 million from $34.6 million. The balance sheet shows cash, cash equivalents and short-term investments of $579.0 million, and long-term debt including current maturities of $917.6 million at June 28, 2013. During the period the company retired its 1.875% Notes with about $77.5 million in cash, exchanged $60.0 million principal of 2.625% Notes for $58.5 million of 2.625% Notes, Series B (extending the first put date to December 2016), and repurchased about 1.5 million shares for approximately $12.1 million. The company also released $21.0 million of cumulative translation gains tied to the closure of its Aizu facility, which was recorded as a benefit within restructuring, asset impairments and other, net. For the third quarter of 2013, the company estimates revenues of approximately $700 million to $730 million and gross margin of approximately 33.8% to 35.8%. Management states that cash from operations, together with existing cash and short-term investments, will be adequate to fund operating and capital needs for at least the next 12 months.

    Aug 2, 2013
  42. 2013-Q1

    On Semiconductor Quarterly Report for Q1 Ended Mar 29, 2013

    ON Semiconductor Corporation's quarterly report for the quarter ended March 29, 2013 shows revenues of $661.0 million, down from $744.4 million a year earlier, with the filing attributing the decline mainly to the SANYO Semiconductor Products Group, where revenue fell from $205.9 million to $150.8 million. Gross profit was $204.5 million (a 30.9 percent gross margin), operating income was $37.7 million versus $43.6 million, and net income attributable to ON Semiconductor was $22.6 million, or $0.05 per diluted share, compared with $28.2 million, or $0.06, a year earlier. Results were helped by a $21.0 million release of cumulative translation gains tied to the closure and sale of the Aizu facility, and by a $9.0 million pension curtailment gain from the SANYO Voluntary Retirement Program, which was partly offset by a $13.6 million actuarial loss. Restructuring, asset impairments and other, net was a net gain of $6.0 million. The balance sheet shows cash, cash equivalents and short-term investments of $614.3 million, and total long-term debt including current maturities of $949.6 million. During the quarter the company retired its 1.875% Notes, paying about $77.5 million in cash on conversion, and exchanged $60.0 million in principal of 2.625% Notes for $58.5 million of 2.625% Notes, Series B, extending the earliest put date for that amount from December 2013 to December 2016. Operating cash flow was $85.2 million, and capital expenditures were $38.9 million. For the second quarter of 2013, the company estimates revenue of $675 million to $715 million and gross margin of 32.5% to 34.5%.

    May 3, 2013
  43. 2012-Q3

    On Semiconductor Quarterly Report for Q3 Ended Sep 28, 2012

    ON Semiconductor Corporation's Form 10-Q for the quarter ended September 28, 2012 reports revenues of $725.5 million for the third quarter, down from $898.0 million a year earlier, with a net income attributable to ON Semiconductor of $12.5 million, or $0.03 per diluted share, compared with a net loss of $49.4 million in the prior-year quarter. Gross profit was $238.0 million, a gross margin of 32.8 percent versus 29.1 percent a year earlier. The filing attributes the revenue decline mainly to reduced demand across all segments amid the current industry downturn, plus lost demand for products made in Thailand facilities affected by the October 2011 flood. Restructuring, asset impairments and other charges fell to $11.2 million from $65.4 million, and the company initiated a global workforce reduction in the third quarter and a voluntary retirement program at SANYO Semiconductor earlier in 2012. For the nine months, revenues were $2,214.7 million versus $2,674.4 million, and net income attributable to ON Semiconductor was $47.6 million versus $20.4 million, helped by lower operating costs and a $24.3 million gain on the SANYO Semiconductor acquisition in the prior year period was not repeated. Cash and cash equivalents were $421.4 million and short-term investments were $221.6 million at September 28, 2012, against long-term debt including current maturities of $1,063.4 million. Management expects fourth-quarter 2012 revenues of approximately $650 million to $690 million and gross margin of approximately 30% to 32%. Capital structure and capital return activity were also notable during the quarter. The company exchanged $99.9 million of its 2.625% Convertible Senior Subordinated Notes due 2026 for Series B notes due 2026 with a maturity extended to December 2016, and it repurchased about 4.1 million shares for approximately $27.0 million under a new program authorizing up to $300.0 million over three years, leaving $273.1 million available.

    Nov 2, 2012
  44. 2012-Q2

    On Semiconductor Quarterly Report for Q2 Ended Jun 29, 2012

    ON Semiconductor Corporation's second-quarter 2012 Form 10-Q reports revenues of $744.8 million for the quarter ended June 29, 2012, down from $905.8 million in the quarter ended July 1, 2011. Gross profit was $258.3 million, a gross margin of 34.7 percent, compared with 29.4 percent a year earlier. Operating income fell to $26.9 million from $56.9 million, reflecting $34.6 million of restructuring, asset impairments and other charges, largely tied to a voluntary retirement program at SANYO Semiconductor. Net income attributable to ON Semiconductor Corporation was $6.9 million, or $0.02 per diluted share, versus $34.3 million a year earlier. The company attributes the revenue decline to reduced demand across all segments due to the current industry downturn. The balance sheet remained solid, with cash and cash equivalents of $517.8 million and short-term investments of $238.6 million at June 29, 2012. Total long-term debt including current maturities was $1,070.3 million, down from $1,207.0 million at December 31, 2011, after the company repaid $96.2 million of Zero Coupon Convertible Senior Subordinated Notes due 2024 in April 2012. Net cash provided by operating activities for the six months was $127.5 million, compared with $261.6 million in the prior-year period, and capital expenditures were $114.7 million. After the quarter ended, the Board conditionally authorized, and a Special Committee approved on August 1, 2012, a share repurchase program of up to $300.0 million over three years. The company also guided third-quarter 2012 revenues of $725.0 million to $765.0 million and gross margin of 33.5 percent to 34.5 percent.

    Aug 3, 2012
  45. 2012-Q1

    On Semiconductor Quarterly Report for Q1 Ended Mar 30, 2012

    ON Semiconductor Corporation's first-quarter 2012 Form 10-Q (quarter ended March 30, 2012) reports revenues of $744.4 million, down from $870.6 million in the first quarter of 2011, primarily due to a $72.2 million decline in revenue from the SANYO Semiconductor products group. Gross profit rose to $245.2 million from $242.4 million, and gross margin was 32.9 percent versus 27.8 percent a year earlier, largely reflecting the absence of prior-year SANYO inventory step-up and non-cash manufacturing expenses. Net income attributable to ON Semiconductor was $28.2 million, or $0.06 per diluted share, compared with $35.5 million in the prior-year quarter (as revised), which included a $24.3 million gain on the SANYO Semiconductor acquisition. The balance sheet shows cash and cash equivalents of $580.1 million and short-term investments of $312.2 million at March 30, 2012, against total long-term debt including current maturities of $1,189.0 million. Management states that cash flows from operations, together with existing cash and short-term investments, should be adequate to fund operating and capital needs for at least the next 12 months. Operating cash flow was $68.4 million, and capital expenditures were $50.4 million. Looking ahead, the company estimates second-quarter 2012 revenues of $745.0 million to $785.0 million and gross margin of approximately 34% to 35%. It also initiated a voluntary retirement program at certain SANYO Semiconductor subsidiaries, which it expects to produce a second-quarter charge of $40.0 million to $50.0 million, and it retired its Zero Coupon Convertible Senior Subordinated Notes due 2024 on April 16, 2012 for approximately $96.2 million.

    May 4, 2012
  46. 2011-Q3

    On Semiconductor Quarterly Report for Q3 Ended Sep 30, 2011

    ON Semiconductor Corporation's Form 10-Q for the quarter ended September 30, 2011 shows revenues of $898.0 million for the quarter, up from $600.7 million a year earlier, driven largely by the SANYO Semiconductor acquisition completed January 1, 2011 (SANYO Semiconductor products contributed $294.8 million). However, the company swung to a net loss attributable to ON Semiconductor of $49.4 million for the quarter, compared with net income of $87.8 million in the prior-year quarter. The quarterly loss was driven by $65.4 million of restructuring, asset impairments and other charges, including a $61.2 million impairment tied to the planned closure of the Aizu, Japan wafer facility, and by a gross margin that fell to 29.1% from 41.0%. Nine-month results were also pressured: net income attributable to the company was $54.1 million versus $229.5 million a year earlier, and operating income fell to $82.9 million from $293.4 million. The filing also reports an $80.4 million non-cash manufacturing expense tied to a SANYO supply arrangement and a $58.0 million bargain purchase gain on the SANYO acquisition. Cash, cash equivalents and short-term investments totaled $837.7 million at quarter-end, and total debt was $1,237.0 million, with $288.2 million classified as current. The most significant forward-looking item is the flooding in Thailand, which severely damaged the SANYO Semiconductor Rojana Industrial Park facility and suspended operations there. The company estimates the Rojana operations produced approximately 10% to 12% of its output, expects an impairment of $50.0 million to $65.0 million in the fourth quarter, and projects fourth-quarter revenue of $740.0 million to $780.0 million, including an estimated $60.0 million revenue reduction from the flood. Management also warns that the flood may affect its financial records and reporting for the fourth quarter and full year 2011.

    Nov 3, 2011
  47. 2011-Q3

    On Semiconductor Quarterly Report for Q3 Ended Jul 1, 2011

    ON Semiconductor Corporation's Form 10-Q for the quarter ended July 1, 2011 reports record total revenues of approximately $905.8 million for the quarter, up from $583.3 million a year earlier, driven primarily by the January 1, 2011 acquisition of SANYO Semiconductor and the February 27, 2011 acquisition of the CMOS Image Sensor Business Unit from Cypress Semiconductor. Quarterly net income attributable to ON Semiconductor fell to $41.0 million, or $0.09 per diluted share, from $78.7 million, or $0.18, in the prior-year quarter. Gross profit was $266.1 million (29.4% of revenues versus 41.6% a year earlier), reflecting $22.1 million of inventory step-up write-offs and $30.4 million of non-cash manufacturing expenses tied to the SANYO Semiconductor acquisition, plus roughly $10.0 million of earthquake and tsunami disruption in Japan. For the six months, net income attributable to the company was $123.6 million, which includes a $69.1 million bargain purchase gain on the SANYO Semiconductor acquisition. Total debt, including capital leases, rose to $1,285.4 million at July 1, 2011 from $888.8 million at December 31, 2010, largely from the $377.5 million SANYO Electric acquisition note. Cash, cash equivalents and short-term investments reached $868.8 million. The company guided third-quarter 2011 revenue to $895.0 million to $925.0 million, a gross margin of 33.0% to 35.0%, and stated that end-market conditions deteriorated during July. Investors should weigh the revenue growth from acquisitions against lower margins, higher operating expenses, rising leverage, and the ongoing integration and planned consolidation of SANYO Semiconductor's Japanese manufacturing sites.

    Aug 8, 2011
  48. 2011-Q2

    On Semiconductor Quarterly Report for Q2 Ended Apr 1, 2011

    ON Semiconductor Corporation's first-quarter 2011 Form 10-Q (quarter ended April 1, 2011) reports revenues of $870.6 million, up from $550.2 million a year earlier, driven by the January 1, 2011 acquisition of SANYO Semiconductor and the February 27, 2011 acquisition of Cypress Semiconductor's CMOS Image Sensor Business Unit (ISBU). Revenue growth was partly from a volume and mix increase of 7% and acquisitions contributing $299.9 million, or 54%. Gross profit was $242.4 million, or 27.8% of revenues, versus 41.5% a year earlier, reflecting a $50.0 million non-cash manufacturing expense tied to the SANYO acquisition and about $20.3 million of inventory step-up expense. Net income attributable to ON Semiconductor was $74.8 million, or $0.16 per diluted share, compared with $63.0 million, or $0.14, in the prior-year quarter. That result includes a $61.3 million bargain purchase gain on the SANYO Semiconductor acquisition, which the filing describes as preliminary. The balance sheet expanded significantly. Total assets rose to $4,016.8 million from $2,919.2 million at December 31, 2010, and long-term debt, including current maturities, totaled $1,272.0 million at April 1, 2011. Much of the new debt is a $377.5 million note payable to SANYO Electric, with a principal balance of $368.1 million at quarter end. Cash and cash equivalents were $766.0 million. Management stated that operating cash flow and existing cash should be adequate to fund operating and capital needs, and to maintain compliance with debt agreements, for at least the next twelve months. For the second quarter of 2011, the company guided total revenues of approximately $860.0 million to $900.0 million and a gross margin of approximately 31.0% to 33.0%. It attributed a possible negative impact of about $50.0 million on sales and more than $30.0 million on earnings to the Japan earthquake and tsunami. The company also disclosed an 8 in SANYO-related restructuring activity, including 280 employee terminations and $8.4 million of separation charges, with further consolidation of Japanese factories expected over 12 to 18 months.

    May 6, 2011
  49. 2010-Q3

    On Semiconductor Quarterly Report for Q3 Ended Oct 1, 2010

    ON Semiconductor Corporation's Form 10-Q for the quarter ended October 1, 2010 reports record quarterly revenues of $600.7 million, up from $472.9 million in the third quarter of 2009, with GAAP gross profit of $246.5 million (41.0% of revenues) and net income attributable to the company of $87.8 million, or $0.20 per diluted share. For the nine months, revenues were $1,734.2 million and net income attributable to the company was $229.5 million, compared with a net loss of $7.0 million a year earlier. The company attributes the revenue increase primarily to higher volume and mix, with average selling prices down about 3% in the quarter. The balance sheet strengthened over the period. Cash and cash equivalents rose to $562.9 million from $525.7 million at December 31, 2009, and total debt including current maturities fell to $786.0 million from $933.5 million. Management describes net debt as at a record low of approximately $223 million. Operating cash flow for the nine months was $392.0 million, against capital expenditures of $145.9 million. Business acquisitions during 2010 included California Micro Devices (CMD) and Sound Design Technologies (SDT). The most significant pending event is the SANYO Semiconductor acquisition, with a purchase price of approximately ¥33.0 billion ($366.0 million at the announcement exchange rate). The company now expects closing in early 2011 rather than in the fourth quarter of 2010, and states it does not expect to need to access capital markets or issue new shares to finance it. The filing also warns that yen-denominated pricing creates currency risk: at the October 1, 2010 exchange rate the consideration would have been about $394.0 million. For the fourth quarter of 2010, the company guides revenues of $565.0 million to $585.0 million and gross margin of 40.0% to 41.0%.

    Nov 4, 2010
  50. 2010-Q3

    On Semiconductor Quarterly Report for Q3 Ended Jul 2, 2010

    ON Semiconductor Corporation's second-quarter 2010 Form 10-Q shows revenues of $583.3 million for the quarter ended July 2, 2010, up from $419.8 million a year earlier, with operating income of $101.5 million versus $13.7 million and net income attributable to the company of $78.7 million, or $0.18 per diluted share, compared with a net loss of $3.0 million in the prior-year quarter. The filing describes a record GAAP gross margin of 41.8% and cites growth in volume and mix of 40% as the primary driver of the revenue increase, partly offset by roughly 5% lower average selling prices. For the six months, revenues were $1,133.5 million and net income attributable to the company was $141.7 million. Balance sheet and cash flow developments were mixed. Cash and cash equivalents declined to $467.1 million from $525.7 million at year-end 2009, largely because of $139.1 million used in investing activities, including $93.5 million of capital expenditures and $90.2 million for business purchases, and $188.0 million used in financing, including the prepayment of approximately $169.8 million of senior bank facilities. Operating cash flow was $268.4 million for the six months. Total long-term debt including current maturities was $753.4 million, down from $933.5 million at December 31, 2009. The company completed the acquisitions of California Micro Devices Corporation (January 2010) and Sound Design Technologies, Ltd. (June 2010). The filing also discloses a pending acquisition of SANYO Semiconductor Co., Ltd. announced July 14, 2010, with a purchase price of approximately ¥33.0 billion ($366.0 million), consisting of ¥11.6 billion ($129.0 million) in cash and about ¥21.4 billion ($238.0 million) in common stock, which would result in roughly 35.3 million shares issued at $6.78 per share. The company expects to close the transaction in the fourth quarter of 2010, subject to regulatory approvals and closing conditions. For the third quarter of 2010, the company guided to revenues of approximately $585.0 million to $610.0 million.

    Aug 5, 2010