$ON
ON Semiconductor Corp

2020 Q2 Form 10-Q Financial Statement

#000162828020007369 Filed on May 11, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q1
Revenue $1.278B $1.387B
YoY Change -5.18% 0.65%
Cost Of Revenue $875.2M $872.9M
YoY Change 3.12% 1.48%
Gross Profit $402.7M $513.7M
YoY Change -19.3% -0.72%
Gross Profit Margin 31.51% 37.05%
Selling, General & Admin $148.0M $150.0M
YoY Change 0.2% 0.87%
% of Gross Profit 36.75% 29.2%
Research & Development $171.0M $151.8M
YoY Change 16.33% -2.19%
% of Gross Profit 42.46% 29.55%
Depreciation & Amortization $161.2M $135.8M
YoY Change 11.94% 13.26%
% of Gross Profit 40.03% 26.44%
Operating Expenses $384.1M $334.3M
YoY Change 12.74% 0.78%
Operating Profit $18.60M $179.4M
YoY Change -88.25% -3.39%
Interest Expense $42.50M $31.70M
YoY Change 26.11% 0.63%
% of Operating Profit 228.49% 17.67%
Other Income/Expense, Net -$40.50M -$27.10M
YoY Change 26.17% -5.9%
Pretax Income -$21.90M $152.3M
YoY Change -117.35% -2.93%
Income Tax -$8.200M $38.20M
% Of Pretax Income 25.08%
Net Earnings -$14.00M $114.1M
YoY Change -113.75% -18.27%
Net Earnings / Revenue -1.1% 8.23%
Basic Earnings Per Share -$0.03 $0.28
Diluted Earnings Per Share -$0.03 $0.27
COMMON SHARES
Basic Shares Outstanding 410.6M shares 410.6M shares
Diluted Shares Outstanding 410.6M shares 417.7M shares

Balance Sheet

Concept 2020 Q2 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.982B $939.6M
YoY Change 123.9% 1.59%
Cash & Equivalents $1.982B $939.6M
Short-Term Investments
Other Short-Term Assets $146.4M $177.9M
YoY Change -23.75% -3.94%
Inventory $1.252B $1.225B
Prepaid Expenses
Receivables $652.0M $704.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $4.032B $3.047B
YoY Change 31.59% 2.69%
LONG-TERM ASSETS
Property, Plant & Equipment $2.580B $2.585B
YoY Change -1.53% 10.64%
Goodwill $1.663B $932.5M
YoY Change 7.14% 1.7%
Intangibles $558.2M $539.5M
YoY Change -28.25% -10.22%
Long-Term Investments
YoY Change
Other Assets $256.0M $222.4M
YoY Change -4.41% 104.79%
Total Long-Term Assets $5.389B $4.518B
YoY Change -1.31% 5.16%
TOTAL ASSETS
Total Short-Term Assets $4.032B $3.047B
Total Long-Term Assets $5.389B $4.518B
Total Assets $9.421B $7.564B
YoY Change 10.51% 4.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $503.9M $583.3M
YoY Change -7.18% -4.69%
Accrued Expenses $542.6M $603.4M
YoY Change -12.23% 3.0%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $689.6M $130.8M
YoY Change 552.41% -82.49%
Total Short-Term Liabilities $1.736B $1.318B
YoY Change 37.05% -32.26%
LONG-TERM LIABILITIES
Long-Term Debt $4.043B $2.639B
YoY Change 13.86% 26.61%
Other Long-Term Liabilities $343.3M $333.0M
YoY Change -1.94% 47.93%
Total Long-Term Liabilities $4.386B $2.972B
YoY Change 12.44% 28.69%
TOTAL LIABILITIES
Total Short-Term Liabilities $1.736B $1.318B
Total Long-Term Liabilities $4.386B $2.972B
Total Liabilities $6.183B $4.344B
YoY Change 18.3% 0.74%
SHAREHOLDERS EQUITY
Retained Earnings $1.177B $1.094B
YoY Change -1.52% 122.43%
Common Stock $5.700M $5.600M
YoY Change 1.79% 1.82%
Preferred Stock
YoY Change
Treasury Stock (at cost) $1.732B $1.580B
YoY Change 6.19% 37.39%
Treasury Stock Shares 158.8M shares 150.5M shares
Shareholders Equity $3.215B $3.198B
YoY Change
Total Liabilities & Shareholders Equity $9.421B $7.564B
YoY Change 10.51% 4.15%

Cashflow Statement

Concept 2020 Q2 2019 Q1
OPERATING ACTIVITIES
Net Income -$14.00M $114.1M
YoY Change -113.75% -18.27%
Depreciation, Depletion And Amortization $161.2M $135.8M
YoY Change 11.94% 13.26%
Cash From Operating Activities $166.0M $138.2M
YoY Change -25.43% -38.98%
INVESTING ACTIVITIES
Capital Expenditures $132.3M $157.0M
YoY Change -152.19% 57.79%
Acquisitions
YoY Change
Other Investing Activities $23.70M -$10.10M
YoY Change -102.79% 68.33%
Cash From Investing Activities -$108.6M -$167.1M
YoY Change -90.17% 58.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $65.40M $75.00M
YoY Change
Debt Paid & Issued, Net $56.00M $12.20M
YoY Change -91.02%
Cash From Financing Activities $1.030B -$101.1M
YoY Change 25.12% -31.18%
NET CHANGE
Cash From Operating Activities $166.0M $138.2M
Cash From Investing Activities -$108.6M -$167.1M
Cash From Financing Activities $1.030B -$101.1M
Net Change In Cash $1.088B -$130.0M
YoY Change -1965.87% 434.98%
FREE CASH FLOW
Cash From Operating Activities $166.0M $138.2M
Capital Expenditures $132.3M $157.0M
Free Cash Flow $33.70M -$18.80M
YoY Change -92.92% -114.8%

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1200000 USD
CY2020Q2 on Reversalof Income Tax Valuation Allowance
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19000000.0 USD
CY2019Q1 on Reversalof Income Tax Valuation Allowance
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CY2020Q2 us-gaap Other Noncash Income Expense
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0 USD
CY2019Q1 us-gaap Other Noncash Income Expense
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4300000 USD
CY2020Q2 us-gaap Increase Decrease In Accounts Receivable
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CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
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17400000 USD
CY2020Q2 us-gaap Increase Decrease In Inventories
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19500000 USD
CY2019Q1 us-gaap Increase Decrease In Inventories
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0 USD
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400000 USD
CY2020Q2 us-gaap Increase Decrease In Accounts Payable
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CY2019Q1 us-gaap Increase Decrease In Accounts Payable
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CY2020Q2 us-gaap Increase Decrease In Accrued Liabilities
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CY2019Q1 us-gaap Increase Decrease In Other Operating Liabilities
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5000000.0 USD
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166000000.0 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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138200000 USD
CY2020Q2 us-gaap Payments To Acquire Property Plant And Equipment
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132300000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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157000000.0 USD
CY2020Q2 us-gaap Increase Decrease In Earnest Money Deposits Outstanding
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CY2019Q1 us-gaap Increase Decrease In Earnest Money Deposits Outstanding
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10100000 USD
CY2020Q2 us-gaap Payments To Acquire Assets Investing Activities
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4500000 USD
CY2019Q1 us-gaap Payments To Acquire Assets Investing Activities
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0 USD
CY2020Q2 us-gaap Proceeds From Previous Acquisition
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26000000.0 USD
CY2019Q1 us-gaap Proceeds From Previous Acquisition
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0 USD
CY2020Q2 us-gaap Net Cash Provided By Used In Investing Activities
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CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2020Q2 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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7500000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
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7400000 USD
CY2020Q2 us-gaap Proceeds From Stock Options Exercised
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0 USD
CY2019Q1 us-gaap Proceeds From Stock Options Exercised
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500000 USD
CY2020Q2 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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16000000.0 USD
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26100000 USD
CY2020Q2 us-gaap Payments For Repurchase Of Common Stock
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65400000 USD
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75000000.0 USD
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CY2019Q1 us-gaap Proceeds From Issuance Of Debt
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4500000 USD
CY2020Q2 us-gaap Repayments Of Long Term Debt
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56000000.0 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
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12200000 USD
CY2020Q2 on Payments Related To Acquisition
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4900000 USD
CY2019Q1 on Payments Related To Acquisition
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0 USD
CY2020Q2 us-gaap Repayments Of Long Term Capital Lease Obligations
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0 USD
CY2019Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
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200000 USD
CY2020Q2 us-gaap Net Cash Provided By Used In Financing Activities
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1030200000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2020Q2 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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200000 USD
CY2019Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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0 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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1087800000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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-130000000.0 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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894200000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1087100000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
1982000000.0 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
957100000 USD
CY2020Q2 us-gaap Fiscal Period Duration
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P94D
CY2019Q1 us-gaap Fiscal Period Duration
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P88D
CY2020Q2 us-gaap Number Of Reportable Segments
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3 segment
CY2020Q2 us-gaap Number Of Operating Segments
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3 segment
CY2020Q2 us-gaap Use Of Estimates
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<div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%;">Use of Estimates</span></div><div style="text-indent:27pt;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The preparation of financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amount of revenue and expenses during the reporting period. Management evaluates these estimates and judgments on an ongoing basis and bases its estimates on experience, current and expected future conditions, third-party evaluations and various other assumptions that management believes are reasonable under the circumstances. Significant estimates have been used by management in conjunction with the following: (i) future payouts for customer incentives and amounts subject to allowances, returns and warranties; (ii) measurement of valuation allowances relating to inventories; (iii) fair values of share-based compensation; and (iv) measurement of valuation allowances against deferred tax assets and evaluations of unrecognized tax benefits. Even though the novel coronavirus disease 2019 (“COVID-19”) pandemic impacted the demand for the Company's products and gross margin, it did not have a significant impact on these estimates. Additionally, during periods where it becomes applicable, significant estimates will be used by management in determining the future cash flows used to assess and test for impairment of indefinite-lived intangible assets, long-lived assets and goodwill and in assumptions used in connection with business combinations. Actual results may differ from the estimates and assumptions used in the consolidated financial statements and related notes.</span></div><div style="text-align:justify;"><span><br/></span></div><div style="text-align:justify;"><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">The Company assessed certain accounting matters that generally require consideration of forecasted financial information in the context of the information reasonably available and the unknown future impact of the COVID-19 pandemic as of April 3, 2020, and through the date of this Form 10-Q. The accounting matters assessed included, but were not limited to, the allowance for doubtful accounts, share based compensation, inventory valuation and corresponding reserves, carrying value of indefinite-lived assets, other long-lived assets and goodwill, valuation allowance for tax assets, contingencies and revenue recognition. While there was not a material impact to the consolidated financial statements as of and for the quarter ended April 3, 2020, resulting from these assessments, future assessment of the current expectations, including of the magnitude and duration of the COVID-19 pandemic, as well as other factors, could result in a material adverse impact to the consolidated financial statements in future reporting periods.</span></div>
CY2020Q2 us-gaap Number Of Reportable Segments
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CY2020Q2 us-gaap Number Of Operating Segments
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524000000.0 USD
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CY2020Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2020Q2 us-gaap Restructuring Costs
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31300000 USD
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CY2020Q2 us-gaap Restructuring Costs And Asset Impairment Charges
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32800000 USD
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CY2019Q4 us-gaap Goodwill
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CY2020Q2 us-gaap Goodwill Acquired During Period
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CY2020Q2 us-gaap Goodwill
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CY2020Q2 us-gaap Defined Benefit Pension Plan Current And Noncurrent Liabilities
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CY2020Q2 us-gaap Pension And Other Postretirement Defined Benefit Plans Current Liabilities
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300000 USD
CY2019Q4 us-gaap Defined Benefit Pension Plan Current And Noncurrent Liabilities
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CY2020Q2 us-gaap Defined Benefit Plan Service Cost
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CY2020Q2 us-gaap Defined Benefit Plan Interest Cost
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CY2020Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
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1500000 USD
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1500000 USD
CY2020Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
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2300000 USD
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CY2020Q2 us-gaap Operating Lease Cost
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CY2020Q2 us-gaap Variable Lease Cost
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CY2020Q2 us-gaap Short Term Lease Cost
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CY2020Q2 us-gaap Lease Cost
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CY2019Q1 us-gaap Lease Cost
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CY2020Q2 us-gaap Operating Lease Liability Noncurrent
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CY2020Q2 us-gaap Operating Lease Liability
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CY2019Q4 us-gaap Operating Lease Liability
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CY2020Q2 us-gaap Operating Lease Right Of Use Asset
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CY2019Q4 us-gaap Operating Lease Right Of Use Asset
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CY2020Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2020Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2020Q2 us-gaap Business Combination Consideration Transferred Liabilities Incurred
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CY2020Q2 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2020Q2 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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CY2020Q2 us-gaap Proceeds From Interest Received
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CY2019Q1 us-gaap Proceeds From Interest Received
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CY2020Q2 us-gaap Interest Paid Net
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CY2019Q1 us-gaap Interest Paid Net
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CY2020Q2 us-gaap Income Taxes Paid Net
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CY2019Q1 us-gaap Income Taxes Paid Net
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CY2020Q2 us-gaap Operating Lease Payments
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CY2019Q1 us-gaap Operating Lease Payments
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CY2020Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2019Q1 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2020Q2 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2019Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2019Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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1982000000.0 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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894200000 USD
CY2019Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2020Q2 us-gaap Debt Instrument Carrying Amount
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CY2019Q4 us-gaap Debt Instrument Carrying Amount
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CY2020Q2 us-gaap Debt Instrument Unamortized Discount
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CY2019Q4 us-gaap Debt Instrument Unamortized Discount
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CY2020Q2 us-gaap Deferred Finance Costs Net
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CY2020Q2 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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CY2020Q2 us-gaap Long Term Debt Current
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CY2019Q4 us-gaap Long Term Debt Current
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CY2020Q2 us-gaap Long Term Debt Noncurrent
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CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
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CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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16300000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
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16300000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
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CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
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1981400000 USD
CY2020Q2 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
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1549100000 USD
CY2020Q2 us-gaap Long Term Debt
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CY2020Q2 us-gaap Net Income Loss
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CY2019Q1 us-gaap Net Income Loss
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CY2020Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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410600000 shares
CY2020Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2020Q2 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2019Q1 us-gaap Incremental Common Shares Attributable To Conversion Of Debt Securities
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CY2020Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2020Q2 us-gaap Earnings Per Share Basic
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CY2019Q1 us-gaap Earnings Per Share Basic
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CY2020Q2 us-gaap Earnings Per Share Diluted
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CY2019Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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CY2020Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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2600000 shares
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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600000 shares
CY2020Q2 on Treasury Stock Fees Commissions And Other Expenses
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100000 USD
CY2019Q1 on Treasury Stock Fees Commissions And Other Expenses
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100000 USD
CY2020Q2 on Accrued Stock Repurchases Value Amount
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0 USD
CY2019Q1 on Accrued Stock Repurchases Value Amount
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800000 USD
CY2020Q2 on Treasury Stock Value Acquired Cost Method Net Of Fees
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65400000 USD
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75000000.0 USD
CY2020Q2 on Treasury Stock Shares Reissued Or Retired During Period
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0 shares
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16000000.0 USD
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26100000 USD
CY2020Q2 on Common Stock Withheld Underlying Restricted Stock Units
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900000 shares
CY2019Q1 on Common Stock Withheld Underlying Restricted Stock Units
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1200000 shares
CY2020Q2 on Treasury Stock Shares Reissued Or Retired During Period
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0 shares
CY2019Q4 us-gaap Minority Interest
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22400000 USD
CY2020Q2 us-gaap Minority Interest
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22700000 USD
CY2020Q2 us-gaap Allocated Share Based Compensation Expense
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15700000 USD
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CY2020Q2 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2019Q1 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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CY2020Q2 us-gaap Allocated Share Based Compensation Expense Net Of Tax
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CY2019Q1 us-gaap Allocated Share Based Compensation Expense Net Of Tax
AllocatedShareBasedCompensationExpenseNetOfTax
15600000 USD
CY2020Q2 on Outstanding Guarantees And Letters Of Credit
OutstandingGuaranteesAndLettersOfCredit
11500000 USD
CY2020Q2 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
1600000 USD
CY2020Q2 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-200000 USD
CY2019Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-3100000 USD
CY2020Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
5200000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
UnrecognizedTaxBenefitsIncomeTaxPenaltiesAndInterestAccrued
5800000 USD
CY2020Q2 us-gaap Decrease In Unrecognized Tax Benefits Is Reasonably Possible
DecreaseInUnrecognizedTaxBenefitsIsReasonablyPossible
1500000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Before Reclassifications Before Tax
OtherComprehensiveIncomeLossBeforeReclassificationsBeforeTax
-10300000 USD
CY2020Q2 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
1900000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-12200000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification Tax
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationTax
-3400000 USD

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