(2)Amounts have been revised; for additional information about the revisions to prior periods, see our 2014 Form 10-K and our first quarter 2015 Form 10-Q to be filed on or around May 4, 2015.
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ON SEMICONDUCTOR CORPORATION AND SUBSIDIARIES |
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UNAUDITED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA* AND |
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NET CASH PROVIDED BY OPERATING ACTIVITIES |
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(in millions) |
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| Quarter Ended | ||||||||||||||
| April 3, 2015 | December 31, 2014 | March 28, 2014(1) | ||||||||||||
| Net income | $ | 55.8 | $ | 0.2 | $ | 55.9 | ||||||||
| Adjusted for: | ||||||||||||||
| Restructuring, asset impairments and other, net | (2.3 | ) | 10.5 | 5.8 | ||||||||||
| Goodwill and intangible asset impairment | — | 9.6 | — | |||||||||||
| Interest expense | 9.2 | 9.5 | 8.1 | |||||||||||
| Interest income | (0.3 | ) | (0.9 | ) | (0.2 | ) | ||||||||
| Gain on sale of available-for-sale securities | (3.4 | ) | — | — | ||||||||||
| Income tax provision | 7.4 | 3.5 | 6.2 | |||||||||||
| Net income attributable to non-controlling interest | (0.7 | ) | (0.8 | ) | (0.2 | ) | ||||||||
| Depreciation and amortization | 90.2 | 86.4 | 52.4 | |||||||||||
| Actuarial losses on pension plans and other pension benefits | — | 12.3 | — | |||||||||||
| Expensing of appraised inventory at fair market value | — | 12.8 | — | |||||||||||
| Third party acquisition related costs | — | 0.1 | 0.3 | |||||||||||
| Adjusted EBITDA* | 155.9 | 143.2 | 128.3 | |||||||||||
| Increase (decrease): | ||||||||||||||
| Restructuring, asset impairments and other, net | 2.3 | (10.5 | ) | (5.8 | ) | |||||||||
| Interest expense | (9.2 | ) | (9.5 | ) | (8.1 | ) | ||||||||
| Interest income | 0.3 | 0.9 | 0.2 | |||||||||||
| Gain on sale of available-for-sale securities | 3.4 | — | — | |||||||||||
| Income tax provision | (7.4 | ) | (3.5 | ) | (6.2 | ) | ||||||||
| Net income attributable to non-controlling interest | 0.7 | 0.8 | 0.2 | |||||||||||
| Actuarial losses on pension plans and other pension benefits | — | (12.3 | ) | — | ||||||||||
| Expensing of appraised inventory at fair market value | — | (12.8 | ) | — | ||||||||||
| Third party acquisition related costs | — | (0.1 | ) | (0.3 | ) | |||||||||
| Gain on sale or disposal of fixed assets | (4.0 | ) | (0.8 | ) | (0.3 | ) | ||||||||
| Amortization of debt issuance costs | 0.3 | 0.4 | 0.3 | |||||||||||
| Write-down of excess inventories | 17.7 | 19.5 | 6.8 | |||||||||||
| Non-cash asset impairment charges | — | 4.7 | — | |||||||||||
| Non-cash share-based compensation expense | 11.3 | 12.8 | 8.5 | |||||||||||
| Non-cash interest | 1.8 | 1.9 | 1.6 | |||||||||||
| Change in deferred taxes | (0.4 | ) | (3.9 | ) | 1.9 | |||||||||
| Other | (3.0 | ) | 3.0 | — | ||||||||||
| Changes in operating assets and liabilities | (86.2 | ) | 28.7 | (52.2 | ) | |||||||||
| Net cash provided by operating activities | $ | 83.5 | $ | 162.5 | $ | 74.9 | ||||||||
