ON Semiconductor Earnings 2019-06-28

ON 10Q Quarterly Report

Balance Sheet	Income Statement	Cash Flow

10-Q

Table of Contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

(Mark One)



☒	QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 28, 2019



☐	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

(Commission File Number) 000-30419

ON SEMICONDUCTOR CORPORATION

(Exact name of registrant as specified in its charter)



Delaware		36-3840979
(State or other jurisdiction of incorporation or organization)		(I.R.S. Employer Identification No.)

5005 E. McDowell Road

Phoenix, AZ 85008

(602) 244-6600

(Address, zip code and telephone number, including area code, of principal executive offices)

Securities registered pursuant to Section 12(b) of the Act:



Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	ON	The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes x No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes x No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act



Large Accelerated Filer	☒	Accelerated filer	☐
Non-accelerated filer	☐	Smaller reporting company	☐
		Emerging growth company	☐

If emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised

financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No x

The number of shares outstanding of the issuer's class of common stock as of the close of business on July 31, 2019:



Title of Each Class		Number of Shares
Common Stock, par value $0.01 per share		410,479,398

Table of Contents

ON SEMICONDUCTOR CORPORATION FORM 10-Q

TABLE OF CONTENTS



Part I: Financial Information
	Item 1. Financial Statements (unaudited)	4
	Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations	34
	Item 3. Quantitative and Qualitative Disclosures About Market Risk	48
	Item 4. Controls and Procedures	49
Part II: Other Information
	Item 1. Legal Proceedings	50
	Item 1A. Risk Factors	50
	Item 2. Unregistered Sales of Equity Securities and Use of Proceeds	51
	Item 3. Defaults Upon Senior Securities	51
	Item 4. Mine Safety Disclosures	51
	Item 5. Other Information	51
	Item 6. Exhibits	52
	Signatures	53

(See the glossary of selected terms immediately following this table of contents for definitions of certain abbreviated terms)

Table of Contents

ON SEMICONDUCTOR CORPORATION

FORM 10-Q

GLOSSARY OF SELECTED ABBREVIATED TERMS*



Abbreviated Term		Defined Term
1.00% Notes		1.00% Convertible Senior Notes due 2020
1.625% Notes		1.625% Convertible Senior Notes due 2023
Amended Credit Agreement		Credit Agreement, dated as of April 15, 2016, as subsequently amended, by and among the Company, as borrower, the several lenders party thereto, Deutsche Bank AG, New York Branch, as administrative agent and collateral agent, and certain other parties, providing for the Revolving Credit Facility and the Term Loan “B” Facility
Amended and Restated SIP		ON Semiconductor Corporation Amended and Restated Stock Incentive Plan, as amended
AMIS		AMIS Holdings, Inc.
Aptina		Aptina, Inc.
ASU		Accounting Standards Update
ASC		Accounting Standards Codification
ASIC		Application specific integrated circuit
CMOS		Complementary metal oxide semiconductor
DSP		Digital signal processing
ESPP		ON Semiconductor Corporation 2000 Employee Stock Purchase Plan, as amended
Exchange Act		Securities Exchange Act of 1934, as amended
Fairchild		Fairchild Semiconductor International, Inc.
FASB		Financial Accounting Standards Board
Freescale		Freescale Semiconductor, Inc.
IC		Integrated circuit
IoT		Internet-of-Things
IP		Intellectual property
IPRD		In-process research and development
LED		Light-emitting diode
LIBOR		A base rate per annum equal to the London Interbank Offered Rate as administered by the International Exchange Benchmark Administration
LiDAR		Light detection and ranging
MCU		Microcontroller unit
MOSFET		Metal oxide semiconductor field effect transistor
Motorola		Motorola Inc.
OEM		Original equipment manufacturers
Revolving Credit Facility		A $1.9 billion revolving credit facility created pursuant to the Amended Credit Agreement
RSU		Restricted stock unit
SCI LLC		Semiconductor Components Industries, LLC, a wholly-owned subsidiary of ON Semiconductor Corporation
SEC		Securities and Exchange Commission
SoC		System on chip
Securities Act		Securities Act of 1933, as amended
Term Loan “B” Facility		A $2.4 billion term loan “B” facility created pursuant to the Amended Credit Agreement
Wi-Fi		Wireless radio technologies compliant with Institute of Electrical and Electronics Engineers Standard 802.11b and commonly used in wireless local area networking devices
WSTS		World Semiconductor Trade Statistics

* Terms used, but not defined, within the body of the Form 10-Q are defined in this Glossary.

Table of Contents

PART I: FINANCIAL INFORMATION

Item 1. Financial Statements (unaudited)

ON SEMICONDUCTOR CORPORATION

CONSOLIDATED BALANCE SHEET

(in millions, except share and per share data)

(unaudited)



	June 28, 2019			December 31, 2018
Assets
Cash and cash equivalents	$	885.2		$	1,069.6
Receivables, net	713.2			686.0
Inventories	1,273.8			1,225.2
Other current assets	192.0			187.0
Total current assets	3,064.2			3,167.8
Property, plant and equipment, net	2,620.0			2,549.6
Goodwill	1,552.5			932.5
Intangible assets, net	778.0			566.4
Deferred tax assets	242.0			266.2
Other assets	267.8			105.1
Total assets	$	8,524.5		$	7,587.6
Liabilities, Non-Controlling Interest and Stockholders’ Equity
Accounts payable	$	542.9		$	671.7
Accrued expenses and other current liabilities	618.2			659.1
Current portion of long-term debt	105.7			138.5
Total current liabilities	1,266.8			1,469.3
Long-term debt	3,550.8			2,627.6
Deferred tax liabilities	58.9			54.8
Other long-term liabilities	350.1			241.8
Total liabilities	5,226.6			4,393.5
Commitments and contingencies (Note 11)
ON Semiconductor Corporation stockholders’ equity:
Common stock ($0.01 par value, 1,250,000,000 shares authorized, 563,192,019 and 558,701,620 issued, 410,050,898 and 413,834,227 outstanding, respectively)	5.6			5.6
Additional paid-in capital	3,757.6			3,702.3
Accumulated other comprehensive loss	(53.4		)	(37.9		)
Accumulated earnings	1,195.5			979.6
Less: Treasury stock, at cost: 153,141,121 and 144,867,393 shares, respectively	(1,631.0		)	(1,478.0		)
Total ON Semiconductor Corporation stockholders’ equity	3,274.3			3,171.6
Non-controlling interest	23.6			22.5
Total stockholders' equity	3,297.9			3,194.1
Total liabilities and stockholders' equity	$	8,524.5		$	7,587.6

See accompanying notes to consolidated financial statements

Table of Contents

ON SEMICONDUCTOR CORPORATION

CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME

(in millions, except per share data)

(unaudited)



	Quarters Ended						Six Months Ended
	June 28, 2019			June 29, 2018			June 28, 2019			June 29, 2018
Revenue	$	1,347.7		$	1,455.9		$	2,734.3		$	2,833.5
Cost of revenue (exclusive of amortization shown below)	848.7			900.9			1,721.6			1,761.1
Gross profit	499.0			555.0			1,012.7			1,072.4
Operating expenses:
Research and development	147.0			167.1			298.8			322.3
Selling and marketing	73.6			81.7			150.7			159.5
General and administrative	74.1			74.6			147.0			145.5
Amortization of acquisition-related intangible assets	27.5			27.9			53.2			55.3
Restructuring, asset impairments and other, net	18.1			3.2			23.7			3.6
Goodwill and intangible asset impairment	0.4			3.3			1.6			3.3
Total operating expenses	340.7			357.8			675.0			689.5
Operating income	158.3			197.2			337.7			382.9
Other income (expense), net:
Interest expense	(33.7		)	(32.6		)	(65.4		)	(64.1		)
Interest income	3.0			1.1			5.5			2.0
Loss on debt refinancing and prepayment	(0.4		)	(4.0		)	(0.4		)	(4.0		)
Gain on divestiture of business	—			4.6			—			4.6
Licensing income	—			28.1			—			31.9
Other income (expense)	(1.0		)	(1.0		)	1.1			(3.0		)
Other income (expense), net	(32.1		)	(3.8		)	(59.2		)	(32.6		)
Income before income taxes	126.2			193.4			278.5			350.3
Income tax provision	(23.3		)	(37.1		)	(61.5		)	(53.5		)
Net income	102.9			156.3			217.0			296.8
Less: Net income attributable to non-controlling interest	(1.1		)	(1.0		)	(1.1		)	(1.9		)
Net income attributable to ON Semiconductor Corporation	$	101.8		$	155.3		$	215.9		$	294.9
Comprehensive income, net of tax:
Net income	$	102.9		$	156.3		$	217.0		$	296.8
Foreign currency translation adjustments	0.5			(1.5		)	0.6			0.9
Effects of cash flow hedges	(10.2		)	1.0			(16.1		)	4.8
Other comprehensive income (loss), net of tax	(9.7		)	(0.5		)	(15.5		)	5.7
Comprehensive income	93.2			155.8			201.5			302.5
Comprehensive income attributable to non-controlling interest	(1.1		)	(1.0		)	(1.1		)	(1.9		)
Comprehensive income attributable to ON Semiconductor Corporation	$	92.1		$	154.8		$	200.4		$	300.6
Net income per common share attributable to ON Semiconductor Corporation:
Basic	$	0.25		$	0.36		$	0.52		$	0.69
Diluted	$	0.24		$	0.35		$	0.52		$	0.66
Weighted-average common shares outstanding:
Basic	411.9			427.0			411.3			426.5
Diluted	417.7			444.3			417.8			444.4

See accompanying notes to consolidated financial statements

Table of Contents

ON SEMICONDUCTOR CORPORATION

CONSOLIDATED STATEMENT OF STOCKHOLDERS' EQUITY

(in millions, except share data)

(unaudited)



	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss					Treasury Stock					Non-Controlling Interest
	Number of shares	At Par Value							Accumulated Earnings		Number of shares		At Cost					Total Equity
	Number of shares	At Par Value							Accumulated Earnings		Number of shares		At Cost					Total Equity
Balance at March 29, 2019	562,317,091	$	5.6	$	3,722.5	$	(43.7	)	$	1,093.7	(150,502,511	)	$	(1,579.9	)	$	22.5	$	3,220.7
Stock option exercises	86,480	—		0.4		—			—		—		—			—		0.4
Shares issued pursuant to the ESPP	527,489	—		7.4		—			—		—		—			—		7.4
RSUs and stock grant awards issued	260,959	—		—		—			—		—		—			—		—
Shares withheld for employee taxes on RSUs	—	—		—		—			—		(50,720	)	(1.1		)	—		(1.1		)
Share-based compensation expense	—	—		27.3		—			—		—		—			—		27.3
Repurchase of common stock	—	—		—		—			—		(2,587,890	)	(50.0		)	—		(50.0		)
Comprehensive (loss) income	—	—		—		(9.7		)	101.8		—		—			1.1		93.2
Balance at June 28, 2019	563,192,019	$	5.6	$	3,757.6	$	(53.4	)	$	1,195.5	(153,141,121	)	$	(1,631.0	)	$	23.6	$	3,297.9

Balance at December 31, 2018	558,701,620	$	5.6	$	3,702.3	$	(37.9	)	$	979.6	(144,867,393	)	$	(1,478.0	)	$	22.5	$	3,194.1
Stock option exercises	157,197	—		0.9		—			—		—		—			—		0.9
Shares issued pursuant to the ESPP	527,489	—		7.4		—			—		—		—			—		7.4
RSUs and stock grant awards issued	3,805,713	—		—		—			—		—		—			—		—
Shares withheld for employee taxes on RSUs	—	—		—		—			—		(1,275,649	)	(27.2		)	—		(27.2		)
Share-based compensation expense	—	—		47.0		—			—		—		—			—		47.0
Repurchase of common stock	—	—		—		—			—		(6,998,079	)	(125.8		)	—		(125.8		)
Comprehensive (loss) income	—	—		—		(15.5		)	215.9		—		—			1.1		201.5
Balance at June 28, 2019	563,192,019	$	5.6	$	3,757.6	$	(53.4	)	$	1,195.5	(153,141,121	)	$	(1,631.0	)	$	23.6	$	3,297.9



Balance at March 30, 2018	554,961,297	$	5.5	$	3,615.5	$	(34.4	)	$	491.7		(127,502,042	)	$	(1,149.9	)	$	23.1	$	2,951.5
Stock option exercises	69,975	—		0.7		—			—			—		—			—		0.7
Shares issued pursuant to the ESPP	384,047	—		6.8		—			—			—		—			—		6.8
RSUs and stock grant awards issued	204,585	0.1		—		—			—			—		—			—		0.1
Shares withheld for employee taxes on RSUs	—	—		—		—			—			(44,744	)	(1.1		)	—		(1.1		)
Share-based compensation expense	—	—		23.1		—			—			—		—			—		23.1
Repurchase of common stock	—	—		—		—			—			(1,713,130	)	(40.0		)	—		(40.0		)
Other	—	—		—		—			(0.1		)	—		—			—		(0.1		)
Comprehensive (loss) income	—	—		—		(0.5		)	155.3			—		—			1.0		155.8
Balance at June 29, 2018	555,619,904	$	5.6	$	3,646.1	$	(34.9	)	$	646.9		(129,259,916	)	$	(1,191.0	)	$	24.1	$	3,096.8

Balance at December 31, 2017	551,873,115	$	5.5	$	3,593.5	$	(40.6	)	$	351.5		(126,754,921	)	$	(1,131.1	)	$	22.2	$	2,801.0
Impact of the adoption of ASU 2016-16	—	—		—		—			(1.4		)	—		—			—		(1.4		)
Impact of the adoption of ASC 606	—	—		—		—			2.1			—		—			—		2.1
Stock option exercises	614,676	—		4.3		—			—			—		—			—		4.3
Shares issued pursuant to the ESPP	384,047	—		6.8		—			—			—		—			—		6.8
RSUs and stock grant awards issued	2,748,066	0.1		—		—			—			—		—			—		0.1
Shares withheld for employee taxes on RSUs	—	—		—		—			—			(791,865	)	(19.9		)	—		(19.9		)
Share-based compensation expense	—	—		41.5		—			—			—		—			—		41.5
Repurchase of common stock	—	—		—		—			—			(1,713,130	)	(40.0		)	—		(40.0		)
Other	—	—		—		—			(0.2		)	—		—			—		(0.2		)
Comprehensive income	—	—		—		5.7			294.9			—		—			1.9		302.5
Balance at June 29, 2018	555,619,904	$	5.6	$	3,646.1	$	(34.9	)	$	646.9		(129,259,916	)	$	(1,191.0	)	$	24.1	$	3,096.8

See accompanying notes to consolidated financial statements

Table of Contents

ON SEMICONDUCTOR CORPORATION

CONSOLIDATED STATEMENT OF CASH FLOWS

(in millions)

(unaudited)



	Six Months Ended
	June 28, 2019			June 29, 2018
Cash flows from operating activities:
Net income	$	217.0		$	296.8
Adjustments to reconcile net income to net cash provided by operating activities and other adjustments:
Depreciation and amortization	279.8			245.4
Loss on sale or disposal of fixed assets	0.4			2.4
Gain on divestiture of business	—			(4.6		)
Loss on debt refinancing and prepayment	0.4			4.0
Amortization of debt discount and issuance costs	6.6			6.7
Payments for term debt modification	—			(1.1		)
Share-based compensation expense	47.0			41.5
Non-cash interest on convertible notes	18.4			17.6
Goodwill and intangible asset impairment charges	1.6			3.3
Change in deferred taxes	32.3			43.2
Other	1.5			(1.0		)
Changes in assets and liabilities (exclusive of the impact of acquisition and divestiture):
Receivables	(3.7		)	(28.8		)
Inventories	(3.5		)	(106.3		)
Other assets	(8.4		)	(4.9		)
Accounts payable	(89.9		)	21.3
Accrued expenses and other current liabilities	(133.8		)	(29.8		)
Other long-term liabilities	(4.9		)	(10.7		)
Net cash provided by operating activities	360.8			495.0
Cash flows from investing activities:
Purchase of property, plant and equipment	(310.5		)	(252.4		)
Proceeds from sales of property, plant and equipment	1.4			6.0
Deposits made for purchase of property, plant and equipment	(0.3		)	(13.7		)
Purchase of business, net of cash acquired	(867.0		)	(70.7		)
Purchase of license and deposit made for manufacturing facility	(100.0		)	—
Proceeds from divestiture of business and release of escrow	5.0			5.6
Proceeds from repayment of note receivable	—			10.2
Equity method investment	—			(19.8		)
Net cash used in investing activities	(1,271.4		)	(334.8		)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP	13.8			6.9
Proceeds from exercise of stock options	0.9			4.3
Payment of tax withholding for RSUs	(27.2		)	(19.9		)
Repurchase of common stock	(125.8		)	(40.0		)
Borrowings under debt agreements	904.3			7.5
Payment of debt issuance and other financing costs	(4.7		)	—
Repayment of long-term debt	(38.6		)	(215.4		)
Payment of finance lease obligations	(0.4		)	(3.2		)
Net cash provided by (used in) financing activities	722.3			(259.8		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	0.3			0.7
Net decrease in cash, cash equivalents and restricted cash	(188.0		)	(98.9		)
Cash, cash equivalents and restricted cash, beginning of period (Note 16)	1,087.1			966.6
Cash, cash equivalents and restricted cash, end of period (Note 16)	$	899.1		$	867.7

See accompanying notes to consolidated financial statements

Table of Contents

ON SEMICONDUCTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(unaudited)

Note 1: Background and Basis of Presentation

ON Semiconductor Corporation, together with its wholly and majority-owned subsidiaries ("ON Semiconductor," "we," “us,” “our,” or the "Company"), uses a thirteen-week fiscal quarter accounting period for the first three fiscal quarters of each year, with the second quarter of 2019 having ended on June 28, 2019 and each fiscal year ending on December 31. The quarters ended June 28, 2019 and June 29, 2018 each contained 91 days. The six months ended June 28, 2019 and June 29, 2018 contained 179 and 180 days, respectively. As of June 28, 2019, the Company was organized into the following three operating and reporting segments: the Power Solutions Group ("PSG"), the Analog Solutions Group ("ASG") and the Intelligent Sensing Group ("ISG"). Additional details on the Company’s operating and reporting segments are included in Note 2: ''Revenue and Segment Information.''

The accompanying unaudited financial statements as of and for the quarter and six months ended June 28, 2019 have been prepared in accordance with generally accepted accounting principles in the United States of America ("GAAP") for unaudited interim financial information. Accordingly, the unaudited financial statements do not include all of the information and footnotes required by GAAP for audited financial statements. The balance sheet as of December 31, 2018 was derived from the Company's audited financial statements but does not include all disclosures required by GAAP for audited financial statements. In the opinion of the Company's management, the interim information includes all adjustments, which includes normal recurring adjustments, necessary for a fair statement of the results for the interim periods. The footnote disclosures related to the interim financial information included herein are also unaudited. Such financial information should be read in conjunction with the consolidated financial statements and related notes thereto for the year ended December 31, 2018 included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was filed with the SEC on February 20, 2019 (the “2018 Form 10-K”). Financial results for interim periods are not necessarily indicative of the results of operations that may be expected for a full fiscal year.

Use of Estimates

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 of financial instruments; (iv) assumptions used in business combinations; and (v) measurement of valuation allowances against deferred tax assets and evaluations of unrecognized tax benefits. 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 goodwill, indefinite-lived intangible assets and long-lived assets. Actual results may differ from the estimates and assumptions used in the consolidated financial statements and related notes.

Note 2: Revenue and Segment Information

The Company is organized into three operating and reporting segments consisting of PSG, ASG and ISG. Because many products are sold into different end-markets, the total revenue reported for a segment is not indicative of actual sales in the end-market associated with that segment, but rather is the sum of the revenue from the product lines assigned to that segment. These segments represent the Company’s view of the business and as such are used to evaluate progress of major initiatives and allocation of resources.

Revenue and gross profit for the Company’s operating and reporting segments were as follows (in millions):

Table of Contents

ON SEMICONDUCTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued

(unaudited)



	PSG		ASG		ISG		Total
For the quarter ended June 28, 2019:
Revenue from external customers	$	700.9	$	462.0	$	184.8	$	1,347.7
Gross profit	$	255.7	$	184.7	$	65.9	$	506.3
For the quarter ended June 29, 2018:
Revenue from external customers	$	748.2	$	513.2	$	194.5	$	1,455.9
Gross profit	$	267.1	$	219.3	$	82.6	$	569.0
For the six months ended June 28, 2019:
Revenue from external customers	$	1,405.1	$	956.1	$	373.1	$	2,734.3
Gross profit	$	504.7	$	384.8	$	140.8	$	1,030.3
For the six months ended June 29, 2018:
Revenue from external customers	$	1,440.8	$	1,009.4	$	383.3	$	2,833.5
Gross profit	$	506.3	$	426.1	$	164.3	$	1,096.7

Gross profit is exclusive of the amortization of acquisition-related intangible assets. Depreciation expense is included in segment gross profit. Reconciliations of segment gross profit to consolidated gross profit are as follows (in millions):



	Quarters Ended						Six Months Ended
	June 28, 2019			June 29, 2018			June 28, 2019			June 29, 2018
Gross profit for reporting segments	$	506.3		$	569.0		$	1,030.3		$	1,096.7
Less: Unallocated manufacturing costs	(7.3		)	(14.0		)	(17.6		)	(24.3		)
Consolidated gross profit	$	499.0		$	555.0		$	1,012.7		$	1,072.4

Revenue for the Company's operating and reporting segments disaggregated into geographic locations and sales channels were as follows (in millions):

Table of Contents

ON SEMICONDUCTOR CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS - Continued

(unaudited)



	Quarter Ended June 28, 2019
	PSG		ASG		ISG		Total
Geographic Location
Singapore	$	213.3	$	130.5	$	36.1	$	379.9
Hong Kong	206.2		108.3		33.9		348.4
United Kingdom	118.0		76.4		35.0		229.4
United States	99.6		93.0		30.9		223.5
Other	63.8		53.8		48.9		166.5
Total	$	700.9	$	462.0	$	184.8	$	1,347.7

Sales Channel
Distributors	$	433.5	$	230.1	$	116.8	$	780.4
OEM	223.3		197.7		58.7		479.7
Electronic Manufacturing Service Providers	44.1		34.2		9.3		87.6
Total	$	700.9	$	462.0	$	184.8	$	1,347.7

	Six Months Ended June 28, 2019
	PSG		ASG		ISG		Total
Geographic Location
Singapore

Closing Price ($)	Shares Out (MM)	Market Cap ($MM)
$21.15	412	$8,720

10-Q	2019-06-28	Quarter: 2019-06-28
10-Q	2019-03-29	Quarter: 2019-03-29
10-K	2018-12-31	Annual: 2018-12-31
10-Q	2018-09-28	Quarter: 2018-09-28
10-Q	2018-06-29	Quarter: 2018-06-29
10-Q	2018-03-30	Quarter: 2018-03-30
10-K	2017-12-31	Annual: 2017-12-31
10-Q	2017-09-29	Quarter: 2017-09-29
10-Q	2017-06-30	Quarter: 2017-06-30
10-Q	2017-03-31	Quarter: 2017-03-31
10-K	2016-12-31	Annual: 2016-12-31
10-Q	2016-09-30	Quarter: 2016-09-30
10-Q	2016-07-01	Quarter: 2016-07-01
10-Q	2016-04-01	Quarter: 2016-04-01
10-K	2015-12-31	Annual: 2015-12-31
10-Q	2015-10-02	Quarter: 2015-10-02
10-Q	2015-07-03	Quarter: 2015-07-03
10-Q	2015-04-03	Quarter: 2015-04-03
10-K	2014-12-31	Annual: 2014-12-31
10-Q	2014-09-26	Quarter: 2014-09-26
10-Q	2014-06-27	Quarter: 2014-06-27
10-Q	2014-03-28	Quarter: 2014-03-28
10-K	2013-12-31	Annual: 2013-12-31

8-K	2019-08-04	Earnings, Exhibits
8-K	2019-06-19	Other Events, Exhibits
8-K	2019-06-12	Enter Agreement, Off-BS Arrangement, Exhibits
8-K	2019-05-08	Shareholder Vote
8-K	2019-04-27	Earnings, Exhibits
8-K	2019-04-22	Enter Agreement, Regulation FD, Exhibits
8-K	2019-02-14	Officers, Exhibits
8-K	2019-02-01	Earnings, Exhibits
8-K	2018-11-14	Other Events, Exhibits
8-K	2018-10-28	Earnings, Exhibits
8-K	2018-10-17	Officers
8-K	2018-09-26	Officers, Exhibits
8-K	2018-07-29	Earnings, Exhibits
8-K	2018-05-16	Shareholder Vote
8-K	2018-02-14	Officers
8-K	2018-02-02	Earnings, Exhibits

MA	Mastercard	250,560
QRVO	Qorvo	9,230
INDB	Independent Bank	2,740
TSLX	TPG Specialty Lending	1,310
SELB	Selecta Biosciences	107
HAIR	Restoration Robotics	23
PTLF	Petlife Pharmaceuticals	0
NYLD	NRG Yield	0
VIST	Vist Financial	0
FNAM	Evolutionary Genomics	0

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EX-31.1	d781739dex311.htm
EX-31.2	d781739dex312.htm
EX-32	d781739dex32.htm