Fairchild Reports Results for the First Quarter of 2016
Fairchild Semiconductor International, Inc. |
Reconciliation of Gross Margin To Adjusted Gross Margin |
(In millions) |
(Unaudited) |
| | | | | | |
| |
Three Months Ended |
| |
March 27, | |
December 27, | |
March 29, |
| |
2016 | |
2015 | |
2015 |
| | | | | | |
Gross margin | | $ | 100.1 | | | $ | 105.0 | | | $ | 108.0 | |
Adjustments to reconcile gross margin to adjusted gross margin: | | | | | | | | | | | | |
Accelerated depreciation on assets related to factory closures | | — | | | (0.1 | ) | | 4.5 | |
Inventory write-offs associated with factory closures | | — | | | (0.1 | ) | | — | |
Acquisition-related costs | | 1.5 | | | — | | | — | |
Adjusted gross margin | | $ | 101.6 | | | $ | 104.8 | | | $ | 112.5 | |
| | | | | | | | | | | | |
Adjusted gross margin % | | 31.1 | % | | 33.0 | % | | 31.6 | % |
Fairchild Semiconductor International, Inc. |
Reconciliation of R&D and SG&A To Adjusted R&D and SG&A |
(In millions) |
(Unaudited) |
| |
Three Months Ended |
| |
March 27, | |
December 27, | |
March 29, |
| |
2016 | |
2015 | |
2015 |
| | | | | | |
R&D and SG&A | | $ | 88.7 | | | $ | 92.1 | | | $ | 94.4 | |
Adjustments to reconcile R&D and SG&A to adjusted R&D and SG&A: | | | | | | |
Acquisition-related costs | | (4.0 | ) | | (6.5 | ) | | — | |
Adjusted R&D and SG&A | | $ | 84.7 | | | $ | 85.6 | | | $ | 94.4 | |
Fairchild Semiconductor International, Inc. |
Consolidated Balance Sheets |
(In millions) |
(Unaudited) |
| | | | |
| |
March 27, | |
December 27, |
| |
2016 | |
2015 |
| | | | |
ASSETS | | | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 272.0 | | | $ | 279.4 | |
Short-term marketable securities | | 0.1 | | | 0.2 | |
Receivables, net | | 152.1 | | | 132.6 | |
Inventories | | 284.0 | | | 304.2 | |
Other current assets | | 36.2 | | | 50.5 | |
Total current assets | | 744.4 | | | 766.9 | |
| | | | |
Property, plant and equipment, net | | 537.1 | | | 550.4 | |
Intangible assets, net | | 25.8 | | | 27.5 | |
Goodwill | | 205.3 | | | 204.5 | |
Long-term securities | | 1.9 | | | 2.0 | |
Other assets | | 35.1 | | | 34.6 | |
Total assets | | $ | 1,549.6 | | | $ | 1,585.9 | |
| | | | |
LIABILITIES, TEMPORARY EQUITY AND STOCKHOLDERS' EQUITY | | | | |
Current liabilities: | | | | |
Accounts payable | | $ | 93.3 | | | $ | 110.6 | |
Accrued expenses and other current liabilities | | 79.9 | | | 115.6 | |
Total current liabilities | | 173.2 | | | 226.2 | |
| | | | |
Long-term debt | | 198.7 | | | 198.4 | |
Other liabilities | | 59.9 | | | 58.8 | |
Total liabilities | | 431.8 | | | 483.4 | |
| | | | |
Temporary equity - deferred stock units | | 6.4 | | | 6.3 | |
Total stockholders' equity | | 1,111.4 | | | 1,096.2 | |
Total liabilities, temporary equity and stockholders' equity | | $ | 1,549.6 | | | $ | 1,585.9 | |