This document includes “forward-looking statements,” as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included or incorporated in this document could be deemed forward-looking statements, particularly statements about the future financial performance of onsemi, including financial guidance for the second quarter of 2023. Forward-looking statements are often characterized by the use of words such as “believes,” “estimates,” “expects,” “projects,” “may,” “will,” “intends,” “plans,” “anticipates,” “should” or similar expressions or by discussions of strategy, plans or intentions. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. Certain factors that could affect our future results or events are described under Part I, Item 1A “Risk Factors” in the 2022 Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on February 6, 2023 (the “2022 Form 10-K”) and from time to time in our other SEC reports. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information, which speaks only as of the date made, except as may be required by law. Investing in our securities involves a high degree of risk and uncertainty, and you should carefully consider the trends, risks and uncertainties described in this document, our 2022 Form 10-K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially adversely affected, the trading prices of our securities could decline, and you could lose all or part of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement.
ON SEMICONDUCTOR CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) |
|||||||||||
|
Quarters Ended |
||||||||||
|
March 31, 2023 |
|
December 31, 2022 |
|
April 1, 2022 |
||||||
Revenue |
$ |
1,959.7 |
|
|
$ |
2,103.6 |
|
|
$ |
1,945.0 |
|
Cost of revenue |
|
1,042.2 |
|
|
|
1,083.1 |
|
|
|
983.7 |
|
Gross profit |
|
917.5 |
|
|
|
1,020.5 |
|
|
|
961.3 |
|
Gross margin |
|
46.8 |
% |
|
|
48.5 |
% |
|
|
49.4 |
% |
Operating expenses: |
|
|
|
|
|
||||||
Research and development |
|
138.4 |
|
|
|
136.4 |
|
|
|
156.8 |
|
Selling and marketing |
|
71.8 |
|
|
|
74.2 |
|
|
|
71.1 |
|
| General and administrative |
|
75.9 |
|
|
|
97.2 |
|
|
|
77.9 |
|
| Amortization of acquisition-related intangible assets |
|
15.0 |
|
|
|
16.1 |
|
|
|
21.3 |
|
| Restructuring, asset impairments and other charges, net |
|
51.5 |
|
|
|
(7.7 |
) |
|
|
(13.0 |
) |
| Total operating expenses |
|
352.6 |
|
|
|
316.2 |
|
|
|
314.1 |
|
| Operating income |
|
564.9 |
|
|
|
704.3 |
|
|
|
647.2 |
|
| Other income (expense), net: |
|
|
|
|
|
||||||
| Interest expense |
|
(26.4 |
) |
|
|
(27.5 |
) |
|
|
(21.6 |
) |
| Interest income |
|
17.1 |
|
|
|
9.1 |
|
|
|
0.4 |
|
| (Loss) gain on debt prepayment |
|
(13.3 |
) |
|
|
0.2 |
|
|
|
— |
|
| (Loss) gain on divestiture of business |
|
(1.1 |
) |
|
|
64.9 |
|
|
|
— |
|
| Other income |
|
4.7 |
|
|
|
12.3 |
|
|
|
2.1 |
|
| Other income (expense), net |
|
(19.0 |
) |
|
|
59.0 |
|
|
|
(19.1 |
) |
| Income before income taxes |
|
545.9 |
|
|
|
763.3 |
|
|
|
628.1 |
|
| Income tax provision |
|
(83.7 |
) |
|
|
(159.0 |
) |
|
|
(97.1 |
) |
| Net income |
|
462.2 |
|
|
|
604.3 |
|
|
|
531.0 |
|
| Less: Net income attributable to non-controlling interest |
|
(0.5 |
) |
|
|
— |
|
|
|
(0.8 |
) |
| Net income attributable to ON Semiconductor Corporation |
$ |
461.7 |
|
|
$ |
604.3 |
|
|
$ |
530.2 |
|
|
|
|
|
|
|
|
||||||
| Net income for diluted earnings per share of common stock |
$ |
462.1 |
|
|
$ |
604.7 |
|
|
$ |
530.7 |
|
| Net income per share of common stock: |
|
|
|
|
|
||||||
| Basic |
$ |
1.07 |
|
|
$ |
1.40 |
|
|
$ |
1.22 |
|
| Diluted |
$ |
1.03 |
|
|
$ |
1.35 |
|
|
$ |
1.18 |
|
| Weighted average common shares outstanding: |
|
|
|
|
|
||||||
| Basic |
|
431.9 |
|
|
|
432.2 |
|
|
|
433.3 |
|
| Diluted |
|
448.5 |
|
|
|
447.9 |
|
|
|
448.9 |
|
| ON SEMICONDUCTOR CORPORATION UNAUDITED CONSOLIDATED BALANCE SHEETS (in millions) |
|||||||||||
|
|
March 31, 2023 |
|
December 31, 2022 |
|
April 1, 2022 |
||||||
| Assets |
|
|
|
|
|
||||||
| Cash and cash equivalents |
$ |
2,702.4 |
|
|
$ |
2,919.0 |
|
|
$ |
1,645.1 |
|
| Receivables, net |
|
880.9 |
|
|
|
842.3 |
|
|
|
910.7 |
|
| Inventories |
|
1,814.9 |
|
|
|
1,616.8 |
|
|
|
1,496.0 |
|
| Other current assets |
|
318.1 |
|
|
|
351.3 |
|
|
|
315.6 |
|
| Total current assets |
|
5,716.3 |
|
|
|
5,729.4 |
|
|
|
4,367.4 |
|
| Property, plant and equipment, net |
|
3,692.9 |
|
|
|
3,450.7 |
|
|
|
2,559.4 |
|
| Goodwill |
|
1,577.6 |
|
|
|
1,577.6 |
|
|
|
1,936.7 |
|
| Intangible assets, net |
|
339.8 |
|
|
|
359.7 |
|
|
|
474.5 |
|
| Deferred tax assets |
|
473.1 |
|
|
|
376.7 |
|
|
|
349.3 |
|
| Right-of-use financing lease |
|
45.2 |
|
|
|
45.8 |
|
|
|
21.9 |
|
| Other assets |
|
429.4 |
|
|
|
438.6 |
|
|
|
503.2 |
|
| Total assets |
$ |
12,274.3 |
|
|
$ |
11,978.5 |
|
|
$ |
10,212.4 |
|
| Liabilities and Stockholders’ Equity |
|
|
|
|
|
||||||
| Accounts payable |
$ |
976.2 |
|
|
$ |
852.1 |
|
|
$ |
725.3 |
|
| Accrued expenses and other current liabilities |
|
666.0 |
|
|
|
1,047.3 |
|
|
|
657.7 |
|
| Current portion of financing lease liabilities |
|
11.6 |
|
|
|
14.2 |
|
|
|
12.7 |
|
| Current portion of long-term debt |
|
926.2 |
|
|
|
147.8 |
|
|
|
170.4 |
|
| Total current liabilities |
|
2,580.0 |
|
|
|
2,061.4 |
|
|
|
1,566.1 |
|
| Long-term debt |
|
2,538.0 |
|
|
|
3,045.7 |
|
|
|
3,035.4 |
|
| Deferred tax liabilities |
|
36.6 |
|
|
|
34.1 |
|
|
|
40.9 |
|
| Long-term financing lease liabilities |
|
24.0 |
|
|
|
23.0 |
|
|
|
10.2 |
|
| Other long-term liabilities |
|
628.7 |
|
|
|
607.3 |
|
|
|
541.8 |
|
| Total liabilities |
|
5,807.3 |
|
|
|
5,771.5 |
|
|
|
5,194.4 |
|
| ON Semiconductor Corporation stockholders’ equity: |
|
|
|
|
|
||||||
| Common stock |
|
6.1 |
|
|
|
6.1 |
|
|
|
6.1 |
|
| Additional paid-in capital |
|
4,633.6 |
|
|
|
4,670.9 |
|
|
|
4,533.3 |
|
| Accumulated other comprehensive loss |
|
(29.6 |
) |
|
|
(23.2 |
) |
|
|
(26.4 |
) |
| Accumulated earnings |
|
4,826.1 |
|
|
|
4,364.4 |
|
|
|
2,992.4 |
|
| Less: Treasury stock, at cost |
|
(2,988.2 |
) |
|
|
(2,829.7 |
) |
|
|
(2,507.2 |
) |
| Total ON Semiconductor Corporation stockholders’ equity |
|
6,448.0 |
|
|
|
6,188.5 |
|
|
|
4,998.2 |
|
| Non-controlling interest |
|
19.0 |
|
|
|
18.5 |
|
|
|
19.8 |
|
| Total stockholders’ equity |
|
6,467.0 |
|
|
|
6,207.0 |
|
|
|
5,018.0 |
|
| Total liabilities and stockholders’ equity |
$ |
12,274.3 |
|
|
$ |
11,978.5 |
|
|
$ |
10,212.4 |
|
| ON SEMICONDUCTOR CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) |
|||||||||||
|
|
Quarters Ended |
||||||||||
|
|
March 31, 2023 |
|
December 31, 2022 |
|
April 1, 2022 |
||||||
| Cash flows from operating activities: |
|
|
|
|
|
||||||
| Net income |
$ |
462.2 |
|
|
$ |
604.3 |
|
|
$ |
531.0 |
|
| Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
||||||
| Depreciation and amortization |
|
145.0 |
|
|
|
133.2 |
|
|
|
140.6 |
|
| Loss (Gain) on sale and disposal of fixed assets |
|
1.2 |
|
|
|
0.5 |
|
|
|
(16.6 |
) |
| Loss (gain) on divestiture of businesses |
|
1.1 |
|
|
|
(64.9 |
) |
|
|
— |
|
| Loss (gain) on debt prepayment |
|
13.3 |
|
|
|
(0.2 |
) |
|
|
— |
|
| Amortization of debt discount and issuance costs |
|
2.9 |
|
|
|
2.4 |
|
|
|
3.2 |
|
| Share-based compensation |
|
27.7 |
|
|
|
24.3 |
|
|
|
22.5 |
|
| Non-cash asset impairment charges |
|
12.7 |
|
|
|
— |
|
|
|
6.7 |
|
| Change in deferred tax balances |
|
(1.5 |
) |
|
|
67.7 |
|
|
|
38.3 |
|
| Other |
|
(7.0 |
) |
|
|
(0.5 |
) |
|
|
0.5 |
|
| Changes in assets and liabilities |
|
(248.7 |
) |
|
|
(35.5 |
) |
|
|
(247.6 |
) |
| Net cash provided by operating activities |
$ |
408.9 |
|
|
$ |
731.3 |
|
|
$ |
478.6 |
|
| Cash flows from investing activities: |
|
|
|
|
|
||||||
| Purchase of Property, Plant and Equipment (“PP&E”) |
$ |
(321.5 |
) |
|
$ |
(342.0 |
) |
|
$ |
(173.8 |
) |
| Deposits and proceeds from sale of PP&E |
|
1.7 |
|
|
|
0.1 |
|
|
|
36.7 |
|
| Deposits utilized (made) for purchase of PP&E |
|
(16.7 |
) |
|
|
22.7 |
|
|
|
1.6 |
|
| Divestiture of business, net of cash transferred |
|
— |
|
|
|
172.6 |
|
|
|
12.9 |
|
| Purchase of available-for-sale securities |
|
— |
|
|
|
— |
|
|
|
(7.8 |
) |
| Proceeds from sale or maturity of available-for-sale securities |
|
10.8 |
|
|
|
4.8 |
|
|
|
3.4 |
|
| Payments related to acquisition of business, net of cash acquired |
|
(236.3 |
) |
|
|
— |
|
|
|
(2.4 |
) |
| Net cash used in investing activities |
$ |
(562.0 |
) |
|
$ |
(141.8 |
) |
|
$ |
(129.4 |
) |
| Cash flows from financing activities: |
|
|
|
|
|
||||||
| Proceeds for the issuance of common stock under the ESPP |
$ |
7.3 |
|
|
$ |
4.7 |
|
|
$ |
7.8 |
|
| Payment of tax withholding for RSUs |
|
(47.6 |
) |
|
|
(10.7 |
) |
|
|
(58.8 |
) |
| Repurchase of common stock |
|
(104.0 |
) |
|
|
(92.9 |
) |
|
|
— |
|
| Issuance and borrowings under debt agreements |
|
1,470.0 |
|
|
|
— |
|
|
|
— |
|
| Reimbursement of debt issuance costs |
|
4.5 |
|
|
|
— |
|
|
|
— |
|
| Payment of debt issuance and other financing costs |
|
(4.8 |
) |
|
|
— |
|
|
|
— |
|
| Repayment of borrowings under debt agreements |
|
(1,213.7 |
) |
|
|
(20.5 |
) |
|
|
(4.1 |
) |
| Payment for purchase of bond hedges |
|
(414.0 |
) |
|
|
— |
|
|
|
— |
|
| Proceeds from issuance of warrants |
|
242.5 |
|
|
|
— |
|
|
|
— |
|
| Payments related to prior acquisition |
|
— |
|
|
|
(9.2 |
) |
|
|
— |
|
| Payment of finance lease obligations |
|
(3.6 |
) |
|
|
1.0 |
|
|
|
— |
|
| Dividend to non-controlling shareholder |
|
— |
|
|
|
(2.1 |
) |
|
|
(2.2 |
) |
| Net cash used in financing activities |
$ |
(63.4 |
) |
|
$ |
(129.7 |
) |
|
$ |
(57.3 |
) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
0.1 |
|
|
|
0.8 |
|
|
|
(0.7 |
) |
| Net (decrease) increase in cash, cash equivalents and restricted cash |
|
(216.4 |
) |
|
|
460.6 |
|
|
|
291.2 |
|
| Beginning cash, cash equivalents and restricted cash |
|
2,933.0 |
|
|
|
2,472.4 |
|
|
|
1,377.7 |
|
| Ending cash, cash equivalents and restricted cash |
$ |
2,716.6 |
|
|
$ |
2,933.0 |
|
|
$ |
1,668.9 |
|
| ON SEMICONDUCTOR CORPORATION RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES (in millions, except per share and percentage data) |
||||||||||||
|
|
|
Quarters Ended |
||||||||||
|
|
|
March 31, 2023 |
|
December 31, 2022 |
|
April 1, 2022 |
||||||
| Reconciliation of GAAP to non-GAAP gross profit: |
|
|
|
|
|
|||||||
| GAAP gross profit |
$ |
917.5 |
|
|
$ |
1,020.5 |
|
|
$ |
961.3 |
|
|
| Special items: |
|
|
|
|
|
|||||||
| a) |
Impact of business wind down |
|
(2.1 |
) |
|
|
(3.6 |
) |
|
|
— |
|
| b) |
Amortization of acquisition-related intangible assets |
|
1.4 |
|
|
|
1.6 |
|
|
|
— |
|
|
|
Total special items |
|
(0.7 |
) |
|
|
(2.0 |
) |
|
|
— |
|
| Non-GAAP gross profit |
$ |
916.8 |
|
|
$ |
1,018.5 |
|
|
$ |
961.3 |
|
|
| Reconciliation of GAAP to non-GAAP gross margin: |
|
|
|
|
|
|||||||
| GAAP gross margin |
|
46.8 |
% |
|
|
48.5 |
% |
|
|
49.4 |
% |
|
| Special items: |
|
|
|
|
|
|||||||
| a) |
Impact of business wind down |
|
(0.1 |
) % |
|
|
(0.2 |
) % |
|
|
— |
% |
| b) |
Amortization of acquisition-related intangible assets |
|
0.1 |
% |
|
|
0.1 |
% |
|
|
— |
% |
|
|
Total special items |
|
— |
% |
|
|
(0.1 |
) % |
|
|
— |
% |
| Non-GAAP gross margin |
|
46.8 |
% |
|
|
48.4 |
% |
|
|
49.4 |
% |
|
| Reconciliation of GAAP to non-GAAP operating expenses: |
|
|
|
|
|
|||||||
| GAAP operating expenses |
$ |
352.6 |
|
|
$ |
316.2 |
|
|
$ |
314.1 |
|
|
| Special items: |
|
|
|
|
|
|||||||
| a) |
Amortization of acquisition-related intangible assets |
|
(15.0 |
) |
|
|
(16.1 |
) |
|
|
(21.3 |
) |
| b) |
Restructuring, asset impairments and other, net |
|
(51.5 |
) |
|
|
7.7 |
|
|
|
13.0 |
|
| c) |
Third party acquisition and divestiture-related costs |
|
(0.1 |
) |
|
|
(7.4 |
) |
|
|
(3.0 |
) |
|
|
Total special items |
|
(66.6 |
) |
|
|
(15.8 |
) |
|
|
(11.3 |
) |
| Non-GAAP operating expenses |
$ |
286.0 |
|
|
$ |
300.4 |
|
|
$ |
302.8 |
|
|
| Reconciliation of GAAP to non-GAAP operating income: |
|
|
|
|
|
|||||||
| GAAP operating income |
$ |
564.9 |
|
|
$ |
704.3 |
|
|
$ |
647.2 |
|
|
| Special items: |
|
|
|
|
|
|||||||
| a) |
Impact of business wind down |
|
(2.1 |
) |
|
|
(3.6 |
) |
|
|
— |
|
| b) |
Amortization of acquisition-related intangible assets |
|
16.4 |
|
|
|
17.7 |
|
|
|
21.3 |
|
| c) |
Restructuring, asset impairments and other, net |
|
51.5 |
|
|
|
(7.7 |
) |
|
|
(13.0 |
) |
| d) |
Third party acquisition and divestiture-related costs |
|
0.1 |
|
|
|
7.4 |
|
|
|
3.0 |
|
|
|
Total special items |
|
65.9 |
|
|
|
13.8 |
|
|
|
11.3 |
|
| Non-GAAP operating income |
$ |
630.8 |
|
|
$ |
718.1 |
|
|
$ |
658.5 |
|
|
| Reconciliation of GAAP to non-GAAP operating margin (operating income / revenue) : |
|
|
|
|
|
|||||||
| GAAP operating margin |
|
28.8 |
% |
|
|
33.5 |
% |
|
|
33.3 |
% |
|
| Special items: |
|
|
|
|
|
|||||||
| a) |
Impact of business wind down |
|
(0.1 |
) % |
|
|
(0.2 |
) % |
|
|
— |
% |
| b) |
Amortization of acquisition-related intangible assets |
|
0.8 |
% |
|
|
0.8 |
% |
|
|
1.1 |
% |
| c) |
Restructuring, asset impairments and other, net |
|
2.6 |
% |
|
|
(0.4 |
) % |
|
|
(0.7 |
) % |
| d) |
Third party acquisition and divestiture-related costs |
|
— |
% |
|
|
0.4 |
% |
|
|
0.2 |
% |
|
|
Total special items |
|
3.4 |
% |
|
|
0.7 |
% |
|
|
0.6 |
% |
| Non-GAAP operating margin |
|
32.2 |
% |
|
|
34.1 |
% |
|
|
33.9 |
% |
|
| Reconciliation of GAAP to non-GAAP income before income taxes: |
|
|
|
|
|
|||||||
| GAAP income before income taxes |
$ |
545.9 |
|
|
$ |
763.3 |
|
|
$ |
628.1 |
|
|
| Special items: |
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
||||||
| a) |
Impact of business wind down |
|
(2.1 |
) |
|
|
(3.6 |
) |
|
|
— |
|
| b) |
Amortization of acquisition-related intangible assets |
|
16.4 |
|
|
|
17.7 |
|
|
|
21.3 |
|
| c) |
Restructuring, asset impairments and other, net |
|
51.5 |
|
|
|
(7.7 |
) |
|
|
(13.0 |
) |
| d) |
Third party acquisition and divestiture-related costs |
|
0.1 |
|
|
|
7.4 |
|
|
|
3.0 |
|
| e) |
Loss (gain) on debt repurchase or exchange |
|
13.3 |
|
|
|
(0.2 |
) |
|
|
— |
|
| f) |
Actuarial gains on pension plans and other pension benefits |
|
— |
|
|
|
(22.0 |
) |
|
|
— |
|
| g) |
Loss (gain) on divestiture of business |
|
1.1 |
|
|
|
(64.9 |
) |
|
|
— |
|
|
|
Total special items |
|
80.3 |
|
|
|
(73.3 |
) |
|
|
11.3 |
|
| Non-GAAP income before income taxes |
$ |
626.2 |
|
|
$ |
690.0 |
|
|
$ |
639.4 |
|
|
| Reconciliation of GAAP to non-GAAP net income attributable to ON Semiconductor Corporation: |
|
|
|
|
|
|||||||
| GAAP net income attributable to ON Semiconductor Corporation |
$ |
461.7 |
|
|
$ |
604.3 |
|
|
$ |
530.2 |
|
|
| Special items: |
|
|
|
|
|
|||||||
| a) |
Impact of business wind down |
|
(2.1 |
) |
|
|
(3.6 |
) |
|
|
— |
|
| b) |
Amortization of acquisition-related intangible assets |
|
16.4 |
|
|
|
17.7 |
|
|
|
21.3 |
|
| c) |
Restructuring, asset impairments and other, net |
|
51.5 |
|
|
|
(7.7 |
) |
|
|
(13.0 |
) |
| d) |
Third party acquisition and divestiture-related costs |
|
0.1 |
|
|
|
7.4 |
|
|
|
3.0 |
|
| e) |
Actuarial gains on pension plans and other pension benefits |
|
— |
|
|
|
(22.0 |
) |
|
|
— |
|
| f) |
Loss (gain) on debt repurchase or exchange |
|
13.3 |
|
|
|
(0.2 |
) |
|
|
— |
|
| g) |
Loss (gain) on divestiture of a business |
|
1.1 |
|
|
|
(64.9 |
) |
|
|
— |
|
| h) |
Income taxes |
|
(18.3 |
) |
|
|
49.4 |
|
|
|
(3.0 |
) |
|
|
Total special items |
|
62.0 |
|
|
|
(23.9 |
) |
|
|
8.3 |
|
| Non-GAAP net income attributable to ON Semiconductor Corporation |
$ |
523.7 |
|
|
$ |
580.4 |
|
|
$ |
538.5 |
|
|
|
|
|
|
|
|
|
|
||||||
| GAAP net income for diluted earnings per share |
$ |
462.1 |
|
|
$ |
604.7 |
|
|
$ |
530.7 |
|
|
| Non-GAAP net income for diluted earnings per share |
$ |
524.1 |
|
|
$ |
580.8 |
|
|
$ |
539.0 |
|
|
|
|
|
|
|
|
|
|
||||||
| Reconciliation of GAAP to non-GAAP diluted shares outstanding: |
|
|
|
|
|
|||||||
| GAAP diluted shares outstanding |
|
448.5 |
|
|
|
447.9 |
|
|
|
448.9 |
|
|
| Special items: |
|
|
|
|
|
|||||||
| a) |
Less: dilutive shares attributable to convertible notes |
|
(9.4 |
) |
|
|
(8.0 |
) |
|
|
(6.9 |
) |
|
|
Total special items |
|
(9.4 |
) |
|
|
(8.0 |
) |
|
|
(6.9 |
) |
| Non-GAAP diluted shares outstanding |
|
439.1 |
|
|
|
439.9 |
|
|
|
442.0 |
|
|
| Non-GAAP diluted earnings per share: |
|
|
|
|
|
|||||||
| Non-GAAP net income for diluted earnings per share |
$ |
524.1 |
|
|
$ |
580.8 |
|
|
$ |
539.0 |
|
|
| Non-GAAP diluted shares outstanding |
|
439.1 |
|
|
|
439.9 |
|
|
|
442.0 |
|
|
| Non-GAAP diluted earnings per share |
$ |
1.19 |
|
|
$ |
1.32 |
|
|
$ |
1.22 |
|
|
| Reconciliation of net cash provided by operating activities to free cash flow: |
|
|
|
|
|
|||||||
| Net cash provided by operating activities |
$ |
408.9 |
|
|
$ |
731.3 |
|
|
$ |
478.6 |
|
|
| Special items: |
|
|
|
|
|
|||||||
| a) |
Purchase of property, plant and equipment |
|
(321.5 |
) |
|
|
(342.0 |
) |
|
|
(173.8 |
) |
|
|
Total special items |
|
(321.5 |
) |
|
|
(342.0 |
) |
|
|
(173.8 |
) |
| Free cash flow |
$ |
87.4 |
|
|
$ |
389.3 |
|
|
$ |
304.8 |
|
|
|
|
Quarters Ended |
|
|
||||||||||||||||
|
|
July 1, 2022 |
|
September 30, 2022 |
|
December 31, 2022 |
|
March 31, 2023 |
|
LTM |
||||||||||
| Net cash provided by operating activities |
$ |
420.8 |
|
|
$ |
1,002.4 |
|
|
$ |
731.3 |
|
|
$ |
408.9 |
|
|
$ |
2,563.4 |
|
| Purchase of property, plant and equipment |
|
(218.1 |
) |
|
|
(271.1 |
) |
|
|
(342.0 |
) |
|
|
(321.5 |
) |
|
|
(1,152.7 |
) |
| Free cash flow |
$ |
202.7 |
|
|
$ |
731.3 |
|
|
$ |
389.3 |
|
|
$ |
87.4 |
|
|
$ |
1,410.7 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
| Revenue |
$ |
2,085.0 |
|
|
$ |
2,192.6 |
|
|
$ |
2,103.6 |
|
|
$ |
1,959.7 |
|
|
$ |
8,340.9 |
|
