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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Sunedison Semiconductor Limited - Ordinary Shares | NASDAQ:SEMI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.95 | 12.03 | 9.58 | 0 | 01:00:00 |
Singapore (State or other jurisdiction of Incorporation) | 001-36460 (Commission File Number) | N/A (I.R.S. Employer Identification Number) |
11 Lorong 3 Toa Payoh Singapore (Address of principal executive offices) | 319579 (Zip Code) |
(65) 6681-9300 (Registrant's telephone number, including area code) |
Not Applicable (Former name or former address, if changed since last report) |
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
• | securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and |
• | it is used by our management for internal planning purposes, including aspects of our operating budget and capital expenditures. |
• | it does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments, |
• | it does not reflect changes in, or cash requirements for, working capital, |
• | it does not reflect interest expense or the cash requirements necessary to service interest or principal payments on our outstanding debt, |
• | it does not reflect payments made or future requirements for income taxes, |
• | it adjusts for restructuring charges (reversals), non-recurring items, loss on sale of property, plant, and equipment, long-lived asset impairments, and pension settlement charges which are factors that we do not consider indicative of future performance, |
• | it adjusts for non-cash stock compensation expense and equity in loss of equity method investments to more clearly reflect comparable period-over-period cash operating performance, |
• | although it reflects adjustments for factors that we do not consider indicative of future performance, we may, in the future, incur expenses similar to the adjustments reflected in our calculation of Adjusted EBITDA, and |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect cash requirements for such replacements. |
99.1 | Press release dated November 9, 2015 furnished with this Report. |
SunEdison Semiconductor Limited | ||||
Date: | November 9, 2015 | By: | /s/ Jeffrey L. Hall | |
Name: Jeffrey L. Hall Title: Executive Vice President Finance & Administration and Chief Financial Officer (Principal Financial Officer) |
Number | Item | |
99.1 | Press release dated November 9, 2015 furnished with this Report. |
• | Gross margin percentage remained flat sequentially despite lower revenue |
• | Cash position grew $12.2 million sequentially |
• | Silicon-on-insulator (SOI) revenue grew for the 4th consecutive quarter |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2015 | June 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||||||
Net sales to non-affiliates | $ | 189.0 | $ | 207.0 | $ | 212.4 | $ | 595.0 | $ | 632.8 | |||||||||
Net sales to affiliates | — | 0.4 | 0.8 | 0.8 | 1.4 | ||||||||||||||
Cost of goods sold | 167.7 | 183.9 | 186.4 | 533.8 | 578.7 | ||||||||||||||
Gross profit | 21.3 | 23.5 | 26.8 | 62.0 | 55.5 | ||||||||||||||
Operating expenses (income): | |||||||||||||||||||
Marketing and administration | 21.1 | 21.4 | 22.3 | 63.0 | 63.7 | ||||||||||||||
Research and development | 8.4 | 7.3 | 8.1 | 23.8 | 26.4 | ||||||||||||||
Restructuring charges (reversals) | 3.9 | (1.4 | ) | 0.9 | 3.7 | (14.5 | ) | ||||||||||||
Long-lived asset impairment charges | 56.7 | 1.2 | 58.0 | 58.0 | 58.0 | ||||||||||||||
Operating loss | (68.8 | ) | (5.0 | ) | (62.5 | ) | (86.5 | ) | (78.1 | ) | |||||||||
Non-operating expenses (income): | |||||||||||||||||||
Interest expense | 3.6 | 3.6 | 3.8 | 10.7 | 5.5 | ||||||||||||||
Interest income | (0.1 | ) | (0.1 | ) | (0.2 | ) | (0.3 | ) | (0.4 | ) | |||||||||
Interest, net - affiliates | — | — | — | — | (0.1 | ) | |||||||||||||
Other, net | 0.3 | 1.2 | 2.7 | (8.9 | ) | (0.6 | ) | ||||||||||||
Total non-operating expense | 3.8 | 4.7 | 6.3 | 1.5 | 4.4 | ||||||||||||||
Loss before income tax expense (benefit) | (72.6 | ) | (9.7 | ) | (68.8 | ) | (88.0 | ) | (82.5 | ) | |||||||||
Income tax expense (benefit) | 7.8 | 5.1 | 10.4 | 16.2 | (2.3 | ) | |||||||||||||
Loss before equity in loss of equity method investments | (80.4 | ) | (14.8 | ) | (79.2 | ) | (104.2 | ) | (80.2 | ) | |||||||||
Equity in loss of equity method investments, net of tax | (0.4 | ) | (0.7 | ) | (0.2 | ) | (1.4 | ) | (0.3 | ) | |||||||||
Net loss | (80.8 | ) | (15.5 | ) | (79.4 | ) | (105.6 | ) | (80.5 | ) | |||||||||
Net loss attributable to noncontrolling interests | — | — | — | — | 0.8 | ||||||||||||||
Net loss attributable to SunEdison Semiconductor Limited shareholders | $ | (80.8 | ) | $ | (15.5 | ) | $ | (79.4 | ) | $ | (105.6 | ) | $ | (79.7 | ) | ||||
Basic loss per share | $ | (1.93 | ) | $ | (0.37 | ) | $ | (1.91 | ) | $ | (2.53 | ) | $ | (1.92 | ) | ||||
Diluted loss per share | $ | (1.93 | ) | $ | (0.37 | ) | $ | (1.91 | ) | $ | (2.53 | ) | $ | (1.92 | ) | ||||
Weighted-average shares used in computing basic loss per share | 41.9 | 41.6 | 41.5 | 41.7 | 41.5 | ||||||||||||||
Weighted-average shares used in computing diluted loss per share | 41.9 | 41.6 | 41.5 | 41.7 | 41.5 |
September 30, 2015 | December 31, 2014 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 90.8 | $ | 88.2 | |||
Accounts receivable, affiliate | — | 4.3 | |||||
Accounts receivable, net | 100.6 | 98.6 | |||||
Inventories | 103.1 | 122.1 | |||||
Deferred tax asset | 27.3 | 27.3 | |||||
Prepaid and other current assets | 31.2 | 28.3 | |||||
Total current assets | 353.0 | 368.8 | |||||
Property, plant, and equipment, net | 537.7 | 598.8 | |||||
Investments | 118.7 | 130.3 | |||||
Other assets | 73.1 | 86.3 | |||||
Total assets | $ | 1,082.5 | $ | 1,184.2 | |||
Liabilities and Shareholders' Equity | |||||||
Current liabilities: | |||||||
Current portion, long-term debt | $ | 2.1 | $ | 2.1 | |||
Short-term borrowings | 6.7 | — | |||||
Accounts payable, affiliate | — | 9.4 | |||||
Accounts payable | 104.8 | 94.6 | |||||
Deposit for investment distribution | 35.0 | — | |||||
Accrued liabilities | 49.7 | 57.6 | |||||
Accrued wages and salaries | 30.7 | 23.6 | |||||
Restructuring liabilities | 8.4 | 14.0 | |||||
Total current liabilities | 237.4 | 201.3 | |||||
Long-term debt, less current portion | 203.7 | 205.0 | |||||
Pension and post-employment liabilities | 52.3 | 54.7 | |||||
Restructuring liabilities | 3.6 | 3.9 | |||||
Other liabilities | 23.2 | 27.8 | |||||
Total liabilities | 520.2 | 492.7 | |||||
Shareholders' equity: | |||||||
Ordinary shares | 953.2 | 943.1 | |||||
Accumulated deficit | (184.3 | ) | (78.7 | ) | |||
Accumulated other comprehensive loss | (207.8 | ) | (174.1 | ) | |||
Total SunEdison Semiconductor Limited shareholders' equity | 561.1 | 690.3 | |||||
Noncontrolling interests | 1.2 | 1.2 | |||||
Total shareholders' equity | 562.3 | 691.5 | |||||
Total liabilities and shareholders' equity | $ | 1,082.5 | $ | 1,184.2 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2015 | June 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||
Net loss | $ | (80.8 | ) | $ | (15.5 | ) | $ | (79.4 | ) | $ | (105.6 | ) | $ | (80.5 | ) | ||||
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||||||||||||||||||
Depreciation and amortization | 24.4 | 27.8 | 29.3 | 81.9 | 87.4 | ||||||||||||||
Long lived asset impairment charges | 56.7 | 1.2 | 58.0 | 58.0 | 58.0 | ||||||||||||||
Stock-based compensation | 4.1 | 3.4 | 3.3 | 11.1 | 7.3 | ||||||||||||||
Provision (benefit) for deferred taxes | 1.1 | 0.5 | (0.6 | ) | 5.1 | (31.9 | ) | ||||||||||||
Other | (1.2 | ) | 0.7 | (2.1 | ) | (0.7 | ) | (2.5 | ) | ||||||||||
Changes in assets and liabilities: | |||||||||||||||||||
Accounts receivable | 17.9 | (5.7 | ) | 1.4 | 8.3 | (6.7 | ) | ||||||||||||
Inventories | 0.3 | 9.1 | (10.3 | ) | 15.1 | (7.5 | ) | ||||||||||||
Accounts receivable, affiliate | — | (2.9 | ) | 14.2 | (8.0 | ) | (6.1 | ) | |||||||||||
Accounts payable, affiliate | — | (1.0 | ) | (2.2 | ) | 12.4 | (52.9 | ) | |||||||||||
Prepaid and other current assets | (1.9 | ) | (1.0 | ) | 0.1 | (3.3 | ) | (5.6 | ) | ||||||||||
Accounts payable and accrued liabilities | (20.2 | ) | 7.0 | 6.9 | (5.4 | ) | 12.4 | ||||||||||||
Income taxes payable | 3.0 | (2.7 | ) | 7.9 | 3.4 | 9.6 | |||||||||||||
Pension and post-employment liabilities | 3.9 | (0.4 | ) | (1.9 | ) | 3.4 | (4.2 | ) | |||||||||||
Restructuring liabilities | 1.4 | (5.7 | ) | (1.9 | ) | (4.9 | ) | (21.9 | ) | ||||||||||
Other | (0.3 | ) | (1.3 | ) | (1.0 | ) | (14.3 | ) | (14.1 | ) | |||||||||
Net cash provided by (used in) operating activities | 8.4 | 13.5 | 21.7 | 56.5 | (59.2 | ) | |||||||||||||
Cash flows from investing activities: | |||||||||||||||||||
Capital expenditures | (29.9 | ) | (24.1 | ) | (29.4 | ) | (82.8 | ) | (71.3 | ) | |||||||||
Notes receivable from affiliates | — | — | — | — | 3.0 | ||||||||||||||
Disbursements made for notes receivable | — | — | — | (9.1 | ) | — | |||||||||||||
Proceeds from deposit for investment distribution | 35.0 | — | — | 35.0 | — | ||||||||||||||
Other | — | — | (2.9 | ) | — | (2.9 | ) | ||||||||||||
Net cash provided by (used in) investing activities | 5.1 | (24.1 | ) | (32.3 | ) | (56.9 | ) | (71.2 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||||||
Principal payments on long-term debt | (0.6 | ) | (0.5 | ) | (0.5 | ) | (1.6 | ) | (11.1 | ) | |||||||||
Proceeds from long-term debt | — | — | — | — | 210.0 | ||||||||||||||
Change in ordinary shares | (0.1 | ) | (0.9 | ) | — | (1.0 | ) | — | |||||||||||
Net principal payments on short-term borrowings | (0.6 | ) | — | — | (0.6 | ) | — | ||||||||||||
Proceeds from short-term borrowings | — | — | — | 7.6 | — | ||||||||||||||
Deferred financing costs and original issuance discount | — | — | — | — | (11.9 | ) | |||||||||||||
Net Parent investment | — | — | — | — | (179.4 | ) | |||||||||||||
Proceeds from issuance of ordinary shares | — | — | — | — | 186.3 | ||||||||||||||
Other | — | (0.1 | ) | — | — | — | |||||||||||||
Net cash (used in) provided by financing activities | (1.3 | ) | (1.5 | ) | (0.5 | ) | 4.4 | 193.9 | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | — | 0.1 | (1.2 | ) | (1.4 | ) | (1.2 | ) | |||||||||||
Net increase (decrease) in cash and cash equivalents | 12.2 | (12.0 | ) | (12.3 | ) | 2.6 | 62.3 | ||||||||||||
Cash and cash equivalents at beginning of period | 78.6 | 90.6 | 115.4 | 88.2 | 40.8 | ||||||||||||||
Cash and cash equivalents at end of period | $ | 90.8 | $ | 78.6 | $ | 103.1 | $ | 90.8 | $ | 103.1 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||
September 30, 2015 | June 30, 2015 | September 30, 2014 | September 30, 2015 | September 30, 2014 | |||||||||||||||
Net loss attributable to SunEdison Semiconductor Limited shareholders | $ | (80.8 | ) | $ | (15.5 | ) | $ | (79.4 | ) | $ | (105.6 | ) | $ | (79.7 | ) | ||||
Interest, net | 3.5 | 3.5 | 3.6 | 10.4 | 5.0 | ||||||||||||||
Income tax expense (benefit) | 7.8 | 5.1 | 10.4 | 16.2 | (2.3 | ) | |||||||||||||
Depreciation and amortization | 23.7 | 27.2 | 28.7 | 79.9 | 86.8 | ||||||||||||||
Restructuring charges (reversals) and other non-recurring items (1) | 3.9 | (1.4 | ) | 1.2 | 3.7 | (14.2 | ) | ||||||||||||
Long-lived asset impairment charges | 56.7 | 1.2 | 58.0 | 58.0 | 58.0 | ||||||||||||||
Stock compensation expense | 4.1 | 3.4 | 3.3 | 11.1 | 7.3 | ||||||||||||||
Pension settlement charge (2) | 4.8 | — | — | 4.8 | — | ||||||||||||||
Equity in loss of equity method investments | 0.4 | 0.7 | 0.2 | 1.4 | 0.3 | ||||||||||||||
Adjusted EBITDA [*] | $ | 24.1 | $ | 24.2 | $ | 26.0 | $ | 79.9 | $ | 61.2 |
• | securities analysts and other interested parties use such calculations as a measure of financial performance and debt service capabilities, and |
• | it is used by our management for internal planning purposes, including aspects of our operating budget and capital expenditures. |
• | it does not reflect our cash expenditures or future requirements for capital expenditures or contractual commitments, |
• | it does not reflect changes in, or cash requirements for, working capital, |
• | it does not reflect interest expense or the cash requirements necessary to service interest or principal payments on our outstanding debt, |
• | it does not reflect payments made or future requirements for income taxes, |
• | it adjusts for restructuring charges (reversals), non-recurring items, loss on sale of property, plant, and equipment, long-lived asset impairments, and pension settlement charges which are factors that we do not consider indicative of future performance, |
• | it adjusts for non-cash stock compensation expense and equity in loss of equity method investments to more clearly reflect comparable period-over-period cash operating performance, |
• | although it reflects adjustments for factors that we do not consider indicative of future performance, we may, in the future, incur expenses similar to the adjustments reflected in our calculation of Adjusted EBITDA, and |
• | although depreciation and amortization are non-cash charges, the assets being depreciated and amortized will often have to be replaced in the future and Adjusted EBITDA does not reflect cash requirements for such replacements. |
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