Company Quick10K Filing
ON Semiconductor
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 418 $8,519
10-Q 2019-10-28 Quarter: 2019-09-27
10-Q 2019-08-05 Quarter: 2019-06-28
10-Q 2019-04-29 Quarter: 2019-03-29
10-K 2019-02-20 Annual: 2018-12-31
10-Q 2018-10-29 Quarter: 2018-09-28
10-Q 2018-07-30 Quarter: 2018-06-29
10-Q 2018-04-30 Quarter: 2018-03-30
10-K 2018-02-21 Annual: 2017-12-31
10-Q 2017-11-06 Quarter: 2017-09-29
10-Q 2017-08-07 Quarter: 2017-06-30
10-Q 2017-05-08 Quarter: 2017-03-31
10-K 2017-02-28 Annual: 2016-12-31
10-Q 2016-11-07 Quarter: 2016-09-30
10-Q 2016-08-08 Quarter: 2016-07-01
10-Q 2016-05-09 Quarter: 2016-04-01
10-K 2016-02-24 Annual: 2015-12-31
10-Q 2015-10-30 Quarter: 2015-10-02
10-Q 2015-08-03 Quarter: 2015-07-03
10-Q 2015-05-04 Quarter: 2015-04-03
10-K 2015-02-27 Annual: 2014-12-31
10-Q 2014-10-31 Quarter: 2014-09-26
10-Q 2014-08-01 Quarter: 2014-06-27
10-Q 2014-05-02 Quarter: 2014-03-28
10-K 2014-02-21 Annual: 2013-12-31
10-Q 2013-11-01 Quarter: 2013-09-27
10-Q 2013-08-02 Quarter: 2013-06-28
10-Q 2013-05-03 Quarter: 2013-03-29
10-K 2013-02-26 Annual: 2012-12-31
10-Q 2012-11-02 Quarter: 2012-09-28
10-Q 2012-08-03 Quarter: 2012-06-29
10-Q 2012-05-04 Quarter: 2012-03-30
10-K 2012-02-22 Annual: 2011-12-31
10-Q 2011-11-03 Quarter: 2011-09-30
10-Q 2011-08-08 Quarter: 2011-07-01
10-Q 2011-05-06 Quarter: 2011-04-01
10-K 2011-02-24 Annual: 2010-12-31
10-Q 2010-11-04 Quarter: 2010-10-01
10-Q 2010-08-05 Quarter: 2010-07-02
10-Q 2010-05-06 Quarter: 2010-04-02
10-K 2010-02-25 Annual: 2009-12-31
8-K 2019-10-27 Earnings, Exhibits
8-K 2019-10-14
8-K 2019-10-04 Enter Agreement
8-K 2019-09-19 Enter Agreement, Off-BS Arrangement, Exhibits
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 2019-03-27 Enter Agreement, Regulation FD, Exhibits
8-K 2019-03-08 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 2018-04-29 Earnings, Exhibits
8-K 2018-02-14 Officers
8-K 2018-02-02 Earnings, Exhibits
ON 2019-09-27
Part I: Financial Information
Item 1. Financial Statements (Unaudited)
Note 1: Background and Basis of Presentation
Note 2: Revenue and Segment Information
Note 3: Recent Accounting Pronouncements
Note 4: Acquisitions
Note 5: Goodwill and Intangible Assets
Note 6: Restructuring, Asset Impairments and Other, Net
Note 7: Balance Sheet Information
Note 8: Long-Term Debt
Note 9: Earnings per Share and Equity
Note 10: Share-Based Compensation
Note 11: Commitments and Contingencies
Note 12: Fair Value Measurements
Note 13: Financial Instruments
Note 14: Income Taxes
Note 15: Changes in Accumulated Other Comprehensive Loss
Note 16: Supplemental Disclosures
Note 17: Subsequent Event
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii: Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-10.1 d820042dex101.htm
EX-31.1 d820042dex311.htm
EX-31.2 d820042dex312.htm
EX-32 d820042dex32.htm

ON Semiconductor Earnings 2019-09-27

ON 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ON 8,519 8,524 5,227 5,779 2,179 550 1,341 11,426 38% 8.5 6%
CY 8,378 3,648 1,539 2,349 661 325 321 8,914 28% 27.8 9%
DQ 7,786 855 330 0 0 0 0 7,828 0%
QRVO 7,686 5,926 1,589 3,173 1,253 203 849 8,075 39% 9.5 3%
IPGP 7,138 2,737 370 1,365 691 304 516 6,648 51% 12.9 11%
FSLR 6,900 7,138 2,003 2,484 305 24 66 6,059 12% 92.1 0%
IDTI 6,645 1,378 706 929 557 109 171 6,358 60% 37.2 8%
MLNX 6,377 1,822 359 1,185 771 0 112 5,768 65% 51.7 0%
MPWR 6,041 868 164 606 335 106 130 5,844 55% 45.0 12%
CREE 5,877 2,817 776 1,347 453 -375 -219 4,826 34% -22.1 -13%

10-Q
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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 September 27, 2019
Or
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
(602244-6600

(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 October 23, 2019:
Title of Each Class Number of Shares
Common Stock, par value $0.01 per share 410,722,135   





Table of Contents
ON SEMICONDUCTOR CORPORATION FORM 10-Q

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

(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.
ODM Original device manufacturers
OEM Original equipment manufacturers
Revolving Credit Facility A $1.97 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




Table of Contents
* 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)

September 27,
2019
December 31,
2018
Assets
Cash and cash equivalents $ 928.7    $ 1,069.6   
Receivables, net 716.6    686.0   
Inventories 1,240.7    1,225.2   
Other current assets 187.0    187.0   
Total current assets 3,073.0    3,167.8   
Property, plant and equipment, net 2,602.1    2,549.6   
Goodwill 1,659.2    932.5   
Intangible assets, net 622.6    566.4   
Deferred tax assets 291.5    266.2   
Other assets 273.9    105.1   
Total assets $ 8,522.3    $ 7,587.6   
Liabilities, Non-Controlling Interest and Stockholders’ Equity
Accounts payable $ 534.1    $ 671.7   
Accrued expenses and other current liabilities 730.9    659.1   
Current portion of long-term debt 736.6    138.5   
Total current liabilities 2,001.6    1,469.3   
Long-term debt 2,878.8    2,627.6   
Deferred tax liabilities 59.8    54.8   
Other long-term liabilities 342.5    241.8   
Total liabilities 5,282.7    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, 564,323,095 and 558,701,620 issued, 410,171,176 and 413,834,227 outstanding, respectively)
5.6    5.6   
Additional paid-in capital 3,779.1    3,702.3   
Accumulated other comprehensive loss (55.6)   (37.9)  
Accumulated earnings 1,134.8    979.6   
Less: Treasury stock, at cost: 154,151,919 and 144,867,393 shares, respectively
(1,648.6)   (1,478.0)  
Total ON Semiconductor Corporation stockholders’ equity 3,215.3    3,171.6   
Non-controlling interest 24.3    22.5   
Total stockholders' equity 3,239.6    3,194.1   
Total liabilities and stockholders' equity $ 8,522.3    $ 7,587.6   

See accompanying notes to consolidated financial statements
5


Table of Contents
ON SEMICONDUCTOR CORPORATION
CONSOLIDATED STATEMENT OF OPERATIONS AND COMPREHENSIVE INCOME
(in millions, except per share data)
(unaudited)
  Quarters Ended Nine Months Ended
  September 27,
2019
September 28,
2018
September 27,
2019
September 28,
2018
Revenue $ 1,381.8    $ 1,541.7    $ 4,116.1    $ 4,375.2   
Cost of revenue (exclusive of amortization shown below) 906.6    945.1    2,628.2    2,706.2   
Gross profit 475.2    596.6    1,487.9    1,669.0   
Operating expenses:
Research and development 172.8    166.2    471.6    488.5   
Selling and marketing 74.7    83.1    225.4    242.6   
General and administrative 67.8    73.3    214.8    218.8   
Litigation settlement (Note 11) 169.5        169.5       
Amortization of acquisition-related intangible assets 29.9    28.0    83.1    83.3   
Restructuring, asset impairments and other, net 4.4    4.4    28.1    8.0   
Goodwill and intangible asset impairment         1.6    3.3   
Total operating expenses 519.1    355.0    1,194.1    1,044.5   
Operating income (loss) (43.9)   241.6    293.8    624.5   
Other income (expense), net:
Interest expense (40.7)   (31.2)   (106.1)   (95.3)  
Interest income 2.3    1.3    7.8    3.3   
Loss on debt refinancing and prepayment (5.8)   (0.6)   (6.2)   (4.6)  
Gain on divestiture of business     0.4        5.0   
Licensing income     1.0        32.9   
Other income (expense) 3.5    3.5    4.6    0.5   
Other income (expense), net (40.7)   (25.6)   (99.9)   (58.2)  
Income (loss) before income taxes (84.6)   216.0    193.9    566.3   
Income tax (provision) benefit 24.6    (48.9)   (36.9)   (102.4)  
Net income (loss) (60.0)   167.1    157.0    463.9   
Less: Net income attributable to non-controlling interest (0.7)   (0.2)   (1.8)   (2.1)  
Net income (loss) attributable to ON Semiconductor Corporation $ (60.7)   $ 166.9    $ 155.2    $ 461.8   
Comprehensive income (loss), net of tax:
Net income (loss) $ (60.0)   $ 167.1    $ 157.0    $ 463.9   
Foreign currency translation adjustments (0.1)   (0.7)   0.5    0.2   
Effects of cash flow hedges (2.1)   0.1    (18.2)   4.9   
Other comprehensive income (loss), net of tax (2.2)   (0.6)   (17.7)   5.1   
Comprehensive income (loss) (62.2)   166.5    139.3    469.0   
Comprehensive income attributable to non-controlling interest (0.7)   (0.2)   (1.8)   (2.1)  
Comprehensive income (loss) attributable to ON Semiconductor Corporation $ (62.9)   $ 166.3    $ 137.5    $ 466.9   
Net income (loss) per common share attributable to ON Semiconductor Corporation:
Basic $ (0.15)   $ 0.39    $ 0.38    $ 1.08   
Diluted $ (0.15)   $ 0.38    $ 0.37    $ 1.05   
Weighted-average common shares outstanding:
Basic 410.4    425.5    411.0    426.1   
Diluted 410.4    435.3    415.3    441.2   

See accompanying notes to consolidated financial statements
6


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
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   
Stock option exercises 50,900    —    0.4    —    —    —    —    —    0.4   
Shares issued pursuant to the ESPP 370,910    —    6.4    —    —    —    —    —    6.4   
RSUs and stock grant awards issued 709,266    —    —    —    —    —    —    —       
Shares withheld for employee taxes on RSUs —    —    —    —    —    (246,870)   (4.4)   —    (4.4)  
Share-based compensation expense —    —    14.7    —    —    —    —    —    14.7   
Repurchase of common stock —    —    —    —    —    (763,928)   (13.2)   —    (13.2)  
Comprehensive (loss) income —    —    —    (2.2)   (60.7)   —    —    0.7    (62.2)  
Balance at September 27, 2019 564,323,095    $ 5.6    $ 3,779.1    $ (55.6)   $ 1,134.8    (154,151,919)   $ (1,648.6)   $ 24.3    $ 3,239.6   
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 208,097    —    1.3    —    —    —    —    —    1.3   
Shares issued pursuant to the ESPP 898,399    —    13.8    —    —    —    —    —    13.8   
RSUs and stock grant awards issued 4,514,979    —    —    —    —    —    —    —       
Shares withheld for employee taxes on RSUs —    —    —    —    —    (1,522,519)   (31.6)   —    (31.6)  
Share-based compensation expense —    —    61.7    —    —    —    —    —    61.7   
Repurchase of common stock —    —    —    —    —    (7,762,007)   (139.0)   —    (139.0)  
Comprehensive (loss) income —    —    —    (17.7)   155.2    —    —    1.8    139.3   
Balance at September 27, 2019 564,323,095    $ 5.6    $ 3,779.1    $ (55.6)   $ 1,134.8    (154,151,919)   $ (1,648.6)   $ 24.3    $ 3,239.6   

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   
Stock option exercises 15,605    —    0.1    —    —    —    —    —    0.1   
Shares issued pursuant to the ESPP 326,090    —    6.2    —    —    —    —    —    6.2   
RSUs and stock grant awards issued 1,182,642        —    —    —    —    —    —       
Shares withheld for employee taxes on RSUs —    —    —    —    —    (415,576)   (9.3)   —    (9.3)  
Share-based compensation expense —    —    17.9    —    —    —    —    —    17.9   
Repurchase of common stock —    —    —    —    —    (3,583,884)   (75.0)   —    (75.0)  
Other —    —    —    —    0.2    —    —    —    0.2   
Comprehensive (loss) income —    —    —    (0.6)   166.9    —    —    0.2    166.5   
Balance at September 28, 2018 557,144,241    $ 5.6    $ 3,670.3    $ (35.5)   $ 814.0    (133,259,376)   $ (1,275.3)   $ 24.3    $ 3,203.4   
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 630,281    —    4.4    —    —    —    —    —    4.4   
Shares issued pursuant to the ESPP 710,137    —    13.0    —    —    —    —    —    13.0   
RSUs and stock grant awards issued 3,930,708    0.1    —    —    —    —    —    —    0.1   
Shares withheld for employee taxes on RSUs —    —    —    —    —    (1,207,441)   (29.2)   —    (29.2)  
Share-based compensation expense —    —    59.4    —    —    —    —    —    59.4   
Repurchase of common stock —    —    —    —    —    (5,297,014)   (115.0)   —    (115.0)  
Comprehensive income —    —    —    5.1    461.8    —    —    2.1    469.0   
Balance at September 28, 2018 557,144,241    $ 5.6    $ 3,670.3    $ (35.5)   $ 814.0    (133,259,376)   $ (1,275.3)   $ 24.3