On Semiconductor Corp (ON) 10-Q Quarterly Report May 2020

PHOENIX, Ariz. – May 9, 2020 – ON Semiconductor Corporation (Nasdaq: ON) today announced that 2020 first quarter revenue was $1,277.9 million, down approximately 8 percent compared to 2019 first quarter revenue. 2020 first quarter revenue was down approximately 9 percent as compared to 2019 fourth quarter revenue.

“Our first quarter revenue and margins were significantly impacted by the slowdown in global macroeconomic activity, supply constraints and resulting underutilization due to government mandated lockdowns in many parts of the world aimed at containing spread of COVID-19. Despite disruptions from the pandemic, our teams around the globe showed exemplary dedication in support of first responders and critical customers,” said Keith Jackson, President and CEO of ON Semiconductor. “While current conditions are causing short-term dislocations, our long-term goals and strategy remain unchanged. Key secular megatrends driving our business remain intact, and we are making both structural and tactical changes to align our business with current conditions and to drive long-term growth in profitability and free cash flow.”

“We are optimistic that the global community should be able to overcome current crisis. Our customers are placing orders in expectation of recovery in the second half of current year, and we are well positioned to show accelerated progress towards our target financial model as global macroeconomic environment recovers.”

First Quarter Results (GAAP)


(in millions, except per share data)	1Q 2020			1Q 2019		Year-Over- Year Change			4Q 2019		Sequential Change
Revenue	$	1,277.9		$	1,386.6		(8	)%	$	1,401.8		(9	)%
Gross Profit	$	402.7		$	513.7		(22	)%	$	485.7		(17	)%
Operating Income	$	18.6		$	179.4		(90	)%	$	138.9		(87	)%
Net Income (Loss) Attributable to ON Semiconductor Corporation	($	14.0	)	$	114.1		(112	)%	$	56.5		(125	)%
Diluted Earnings (Loss) Per Share	($	0.03	)	$	0.27		(111	)%	$	0.14		(121	)%
Diluted Share Count		410.6			417.7		(2	)%		418.2		(2	)%

The following information was filed by On Semiconductor Corp (ON) on Monday, May 11, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside On Semiconductor Corp's 10-Q Quarterly Report:

Financial - Earnings Highlight
The decrease in gross profit and gross margin were due to multiple reasons such as a significant decline in sales volume, a decline in average selling prices and under absorbed fixed overhead in some of our manufacturing locations due to lower utilization.

Legal - Other Highlight
We face risk of exposure to warranty and product liability claims in the event that our products fail to perform as expected or such failure of our products results, or is alleged to result, in economic damage, bodily injury or property damage.
Other - Other Highlight
We believe that the key factors that could affect our internal and external sources of cash include: Geopolitical and macroeconomic factors caused by the COVID-19 pandemic which has had, and is expected to continue to have, negative impacts on the economies of the majority of countries and industries.
Other - Other Highlight
As a result, we experienced a decline in demand for certain of our products, and we expect that demand for our products could continue to be adversely affected, possibly significantly, in the short-term.
Legal - Other Highlight
Some of the agreements entered into by us require us to indemnify the other party against losses due to IP infringement, environmental contamination and other property damage, personal injury, our failure to comply with applicable laws, our negligence or willful misconduct or our breach of representations, warranties or covenants related to such matters as title to sold assets.
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Selling and marketing expenses were...Read more
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The significant increase in our...Read more
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On March 24, 2020, we...Read more
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On Semiconductor Corp provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32: Section 1350 Certification

Ticker: ON
CIK: 1097864
Form Type: 10-Q Quarterly Report
Accession Number: 0001628280-20-007369
Submitted to the SEC: Mon May 11 2020 12:19:34 PM EST
Accepted by the SEC: Mon May 11 2020
Period: Friday, April 3, 2020
Industry: Semiconductors And Related Devices

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