SunEdison Semiconductor Limited (NASDAQ:SEMI) ("SunEdison
Semiconductor" or the “Company”) today reported financial results
for the third quarter ended September 30, 2016.
Results Review
Net sales for the 2016 third quarter were $192.5
million, up 0.8% sequentially compared to $190.9 million in the
prior quarter. The sequential increase was primarily driven
by higher unit volume and stable pricing. Gross profit for
the 2016 third quarter was $16.8 million, or 8.7% of net sales,
compared to $17.5 million, or 9.2% of net sales in the prior
quarter.
Third quarter 2016 operating loss was $15.0
million, compared to an operating loss of $25.9 million in the 2016
second quarter. Third quarter 2016 operating loss included
long-lived asset impairment and restructuring charges of $1.4
million and $0.8 million, respectively, primarily related to the
2015 Ipoh restructuring plan. Second quarter 2016 operating
loss included a $14.7 million long-lived asset impairment charge
related to the previous sale of our polysilicon and chlorosilanes
plant in Merano, Italy and a $1.1 million restructuring charge
related to previously announced restructuring activities.
Third quarter 2016 operating cash flow was $15.6
million compared to $11.1 million in the prior quarter. Third
quarter 2016 cash from financing activities was $11.0 million and
included $11.5 million of advanced payments related to a customer
deposit. Capital spending was $28.0 million during the third
quarter, of which $11.5 million was funded by the customer
deposit. The Company ended the quarter with cash and cash
equivalents of $78.3 million, which does not include the customer
deposit.
Third quarter 2016 Adjusted EBITDA was $17.0
million, or 8.8% of sales, down $3.3 million compared to $20.3
million, or 10.6% of sales for the prior quarter. Third
quarter 2016 and second quarter 2016 Adjusted EBITDA included
foreign exchange losses of $3.8 million and $2.9 million,
respectively, associated with the re-measurement of intra-company
balances and derivative foreign currency forward contracts.
Third quarter 2015 Adjusted EBITDA included a $1.7 million loss
associated with the re-measurement of intra-company balances and
derivative foreign currency forward contracts. Please see the
reconciliation of Adjusted EBITDA to GAAP financial measures and a
description of Adjusted EBITDA in the attached financial
tables.
Conference Call
SunEdison Semiconductor will not be hosting a
conference call related to the third quarter results. The
company expects to file its Form 10-Q for the quarter on November
3, 2016.
About SunEdison
Semiconductor
SunEdison Semiconductor is a global leader in
the manufacture and sale of silicon wafers to the semiconductor
industry. For over 55 years, SunEdison Semiconductor has been
a pioneer in the design and development of silicon wafer
technologies. With R&D and manufacturing facilities in the
U.S., Europe, and Asia, SunEdison Semiconductor enables the next
generation of high performance semiconductor devices. SunEdison
Semiconductor’s common stock is listed on the NASDAQ OMX Global
Select Market under the symbol "SEMI". For more information
about SunEdison Semiconductor, please visit
www.sunedisonsemi.com.
-tables to follow-
SUNEDISON SEMICONDUCTOR LIMITED AND
SUBSIDIARIES |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS |
(In millions, except per share
data) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2016 |
|
June 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
Net sales to
non-affiliates |
|
$ |
192.5 |
|
|
$ |
190.9 |
|
|
$ |
189.0 |
|
|
$ |
565.7 |
|
|
$ |
595.0 |
|
Net sales to
affiliates |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
0.8 |
|
Cost of goods sold |
|
175.7 |
|
|
173.4 |
|
|
167.7 |
|
|
516.4 |
|
|
533.8 |
|
Gross profit |
|
16.8 |
|
|
17.5 |
|
|
21.3 |
|
|
49.3 |
|
|
62.0 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
Marketing and administration |
|
22.9 |
|
|
20.9 |
|
|
21.1 |
|
|
63.5 |
|
|
63.0 |
|
Research and development |
|
6.7 |
|
|
6.7 |
|
|
8.4 |
|
|
20.0 |
|
|
23.8 |
|
Restructuring charges |
|
0.8 |
|
|
1.1 |
|
|
3.9 |
|
|
3.4 |
|
|
3.7 |
|
Long-lived asset impairment
charges |
|
1.4 |
|
|
14.7 |
|
|
56.7 |
|
|
16.1 |
|
|
58.0 |
|
Operating loss |
|
(15.0 |
) |
|
(25.9 |
) |
|
(68.8 |
) |
|
(53.7 |
) |
|
(86.5 |
) |
Non-operating expenses
(income): |
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
3.2 |
|
|
3.4 |
|
|
3.6 |
|
|
10.6 |
|
|
10.7 |
|
Interest income |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.1 |
) |
|
(0.3 |
) |
|
(0.3 |
) |
Other, net |
|
3.9 |
|
|
2.9 |
|
|
0.3 |
|
|
13.6 |
|
|
(8.9 |
) |
Total non-operating
expenses |
|
7.0 |
|
|
6.2 |
|
|
3.8 |
|
|
23.9 |
|
|
1.5 |
|
Loss before income tax expense |
|
(22.0 |
) |
|
(32.1 |
) |
|
(72.6 |
) |
|
(77.6 |
) |
|
(88.0 |
) |
Income tax expense |
|
3.4 |
|
|
5.4 |
|
|
7.8 |
|
|
16.2 |
|
|
16.2 |
|
Loss before equity in loss of
equity method investments |
|
(25.4 |
) |
|
(37.5 |
) |
|
(80.4 |
) |
|
(93.8 |
) |
|
(104.2 |
) |
Equity in loss of
equity method investments, net of tax |
|
— |
|
|
(11.0 |
) |
|
(0.4 |
) |
|
(97.2 |
) |
|
(1.4 |
) |
Net loss |
|
$ |
(25.4 |
) |
|
$ |
(48.5 |
) |
|
$ |
(80.8 |
) |
|
$ |
(191.0 |
) |
|
$ |
(105.6 |
) |
Basic loss per
share |
|
$ |
(0.60 |
) |
|
$ |
(1.15 |
) |
|
$ |
(1.93 |
) |
|
$ |
(4.54 |
) |
|
$ |
(2.53 |
) |
Diluted loss per
share |
|
$ |
(0.60 |
) |
|
$ |
(1.15 |
) |
|
$ |
(1.93 |
) |
|
$ |
(4.54 |
) |
|
$ |
(2.53 |
) |
Weighted-average shares
used in computing basic loss per share |
|
42.4 |
|
|
42.0 |
|
|
41.9 |
|
|
42.1 |
|
|
41.7 |
|
Weighted-average shares
used in computing diluted loss per share |
|
42.4 |
|
|
42.0 |
|
|
41.9 |
|
|
42.1 |
|
|
41.7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUNEDISON
SEMICONDUCTOR LIMITED AND SUBSIDIARIES |
UNAUDITED
CONDENSED CONSOLIDATED BALANCE SHEETS |
(In
millions) |
|
|
|
September 30, 2016 |
|
December 31, 2015 |
Assets |
|
|
|
|
Current assets: |
|
|
|
|
Cash and cash equivalents |
|
$ |
78.3 |
|
|
$ |
83.5 |
|
Accounts receivable, net |
|
89.2 |
|
|
85.8 |
|
Inventories |
|
115.1 |
|
|
109.3 |
|
Prepaid and other current
assets |
|
33.7 |
|
|
31.2 |
|
Total current assets |
|
316.3 |
|
|
309.8 |
|
Property, plant, and
equipment, net |
|
535.9 |
|
|
530.8 |
|
Investments |
|
0.3 |
|
|
121.9 |
|
Other assets |
|
90.5 |
|
|
86.5 |
|
Total assets |
|
$ |
943.0 |
|
|
$ |
1,049.0 |
|
|
|
|
|
|
Liabilities and
Shareholders' Equity |
|
|
|
|
Current liabilities: |
|
|
|
|
Current portion, long-term
debt |
|
$ |
11.7 |
|
|
$ |
6.7 |
|
Short-term borrowings |
|
9.5 |
|
|
6.6 |
|
Accounts payable |
|
125.7 |
|
|
116.5 |
|
Deposit for investment
distribution |
|
— |
|
|
35.0 |
|
Accrued liabilities |
|
41.5 |
|
|
46.4 |
|
Accrued wages and salaries |
|
23.8 |
|
|
21.1 |
|
Restructuring liabilities |
|
6.5 |
|
|
9.1 |
|
Total current liabilities |
|
218.7 |
|
|
241.4 |
|
Long-term debt, less
current portion |
|
194.2 |
|
|
191.9 |
|
Pension and
post-employment liabilities |
|
52.2 |
|
|
51.9 |
|
Restructuring
liabilities |
|
0.2 |
|
|
3.5 |
|
Refundable customer
deposits |
|
41.0 |
|
|
— |
|
Other liabilities |
|
24.4 |
|
|
22.2 |
|
Total liabilities |
|
530.7 |
|
|
510.9 |
|
|
|
|
|
|
Shareholders' equity: |
|
|
|
|
Ordinary shares |
|
968.6 |
|
|
957.2 |
|
Accumulated deficit |
|
(406.4 |
) |
|
(215.4 |
) |
Accumulated other comprehensive
loss |
|
(151.1 |
) |
|
(204.9 |
) |
Total SunEdison Semiconductor
Limited shareholders' equity |
|
411.1 |
|
|
536.9 |
|
Noncontrolling
interests |
|
1.2 |
|
|
1.2 |
|
Total shareholders' equity |
|
412.3 |
|
|
538.1 |
|
Total liabilities and shareholders'
equity |
|
$ |
943.0 |
|
|
$ |
1,049.0 |
|
|
|
|
|
|
|
|
|
|
SUNEDISON
SEMICONDUCTOR LIMITED AND SUBSIDIARIES |
UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
(In
millions) |
|
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September 30, 2016 |
|
June 30, 2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
Cash flows from operating activities: |
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(25.4 |
) |
|
$ |
(48.5 |
) |
|
$ |
(80.8 |
) |
|
$ |
(191.0 |
) |
|
$ |
(105.6 |
) |
Adjustments to reconcile net loss
to net cash provided by operating activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
28.5 |
|
|
|
28.5 |
|
|
|
24.4 |
|
|
|
83.5 |
|
|
|
81.9 |
|
Loss on partial sale of SMP
investment |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
6.1 |
|
|
|
|
— |
|
Long-lived asset impairment
charges |
|
|
1.4 |
|
|
|
14.7 |
|
|
|
56.7 |
|
|
|
16.1 |
|
|
|
58.0 |
|
Stock-based compensation |
|
|
3.7 |
|
|
|
4.1 |
|
|
|
4.1 |
|
|
|
11.7 |
|
|
|
11.1 |
|
(Benefit) provision for deferred
taxes |
|
|
(0.7 |
) |
|
|
2.5 |
|
|
|
1.1 |
|
|
|
2.2 |
|
|
|
5.1 |
|
Equity in loss of equity method
investments |
|
|
|
— |
|
|
|
11.0 |
|
|
|
0.4 |
|
|
|
97.2 |
|
|
|
1.4 |
|
Other |
|
|
0.6 |
|
|
|
0.6 |
|
|
|
(1.6 |
) |
|
|
2.7 |
|
|
|
(2.1 |
) |
Changes in assets and
liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
4.9 |
|
|
|
(2.1 |
) |
|
|
17.9 |
|
|
|
(5.3 |
) |
|
|
8.3 |
|
Inventories |
|
|
0.4 |
|
|
|
(2.6 |
) |
|
|
0.3 |
|
|
|
(1.7 |
) |
|
|
15.1 |
|
Accounts receivable, affiliate |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
(8.0 |
) |
Accounts payable, affiliate |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
12.4 |
|
Prepaid and other current
assets |
|
|
(5.3 |
) |
|
|
(5.0 |
) |
|
|
(1.9 |
) |
|
|
(3.1 |
) |
|
|
(3.3 |
) |
Accounts payable and accrued
liabilities |
|
|
2.7 |
|
|
|
9.4 |
|
|
|
(20.2 |
) |
|
|
6.4 |
|
|
|
(5.4 |
) |
Income taxes payable |
|
|
1.4 |
|
|
|
(5.3 |
) |
|
|
3.0 |
|
|
|
(0.3 |
) |
|
|
3.4 |
|
Pension and post-employment
liabilities |
|
|
0.3 |
|
|
|
(0.3 |
) |
|
|
3.9 |
|
|
|
(0.3 |
) |
|
|
3.4 |
|
Restructuring liabilities |
|
|
(0.9 |
) |
|
|
(0.2 |
) |
|
|
1.4 |
|
|
|
(0.9 |
) |
|
|
(4.9 |
) |
Other |
|
|
4.0 |
|
|
|
4.3 |
|
|
|
(0.3 |
) |
|
|
14.4 |
|
|
|
(14.3 |
) |
Net cash provided by operating
activities |
|
|
15.6 |
|
|
|
11.1 |
|
|
|
8.4 |
|
|
|
37.7 |
|
|
|
56.5 |
|
Cash flows from investing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital expenditures |
|
|
(28.0 |
) |
|
|
(16.9 |
) |
|
|
(29.9 |
) |
|
|
(85.9 |
) |
|
|
(82.8 |
) |
Disbursements made for notes
receivable |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
(9.1 |
) |
Proceeds from deposit for
investment distribution |
|
|
|
— |
|
|
|
|
— |
|
|
|
35.0 |
|
|
|
|
— |
|
|
|
35.0 |
|
Other |
|
|
|
— |
|
|
|
3.9 |
|
|
|
|
— |
|
|
|
6.4 |
|
|
|
|
— |
|
Net cash (used in) provided by
investing activities |
|
|
(28.0 |
) |
|
|
(13.0 |
) |
|
|
5.1 |
|
|
|
(79.5 |
) |
|
|
(56.9 |
) |
Cash flows from financing activities: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal payments on long-term
debt |
|
|
(0.4 |
) |
|
|
(0.4 |
) |
|
|
(0.6 |
) |
|
|
(1.2 |
) |
|
|
(1.6 |
) |
Proceeds from long-term debt |
|
|
|
— |
|
|
|
|
— |
|
|
|
|
— |
|
|
|
4.2 |
|
|
|
|
— |
|
Change in ordinary shares |
|
|
|
— |
|
|
|
(0.3 |
) |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
(1.0 |
) |
Net (payments) proceeds on
short-term borrowings |
|
|
(0.1 |
) |
|
|
1.1 |
|
|
|
(0.6 |
) |
|
|
2.6 |
|
|
|
7.0 |
|
Advanced payments |
|
|
11.5 |
|
|
|
0.9 |
|
|
|
|
— |
|
|
|
30.1 |
|
|
|
|
— |
|
Other |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
|
— |
|
|
|
(0.1 |
) |
|
|
|
— |
|
Net cash provided by (used in)
financing activities |
|
|
11.0 |
|
|
|
1.2 |
|
|
|
(1.3 |
) |
|
|
35.3 |
|
|
|
4.4 |
|
Effect of exchange rate changes on cash and cash
equivalents |
|
|
0.5 |
|
|
|
0.2 |
|
|
|
|
— |
|
|
|
1.3 |
|
|
|
(1.4 |
) |
Net (decrease) increase in cash and
cash equivalents |
|
|
(0.9 |
) |
|
|
(0.5 |
) |
|
|
12.2 |
|
|
|
(5.2 |
) |
|
|
2.6 |
|
Cash and cash equivalents at beginning of
period |
|
|
79.2 |
|
|
|
79.7 |
|
|
|
78.6 |
|
|
|
83.5 |
|
|
|
88.2 |
|
Cash and cash equivalents at end of period |
|
$ |
78.3 |
|
|
$ |
79.2 |
|
|
$ |
90.8 |
|
|
$ |
78.3 |
|
|
$ |
90.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
SUNEDISON
SEMICONDUCTOR LIMITED AND SUBSIDIARIES |
UNAUDITED
SUPPLEMENTAL INFORMATION |
RECONCILIATION OF NON-GAAP FINANCIAL MEASURE |
(In
millions) |
|
ADJUSTED EBITDA CALCULATION
[*] |
|
|
Three Months Ended |
|
Nine Months Ended |
|
|
September
30, 2016 |
|
June 30,
2016 |
|
September 30, 2015 |
|
September 30, 2016 |
|
September 30, 2015 |
Net loss |
|
$ |
(25.4 |
) |
|
$ |
(48.5 |
) |
|
$ |
(80.8 |
) |
|
$ |
(191.0 |
) |
|
$ |
(105.6 |
) |
Interest, net |
|
3.1 |
|
|
3.3 |
|
|
3.5 |
|
|
10.3 |
|
|
10.4 |
|
Income tax expense |
|
3.4 |
|
|
5.4 |
|
|
7.8 |
|
|
16.2 |
|
|
16.2 |
|
Depreciation and amortization |
|
28.0 |
|
|
28.0 |
|
|
23.7 |
|
|
81.9 |
|
|
79.9 |
|
Restructuring charges and other
non-recurring items (1) (2) (3) |
|
2.8 |
|
|
2.3 |
|
|
3.9 |
|
|
9.3 |
|
|
3.7 |
|
Loss on partial sale of SMP
investment |
|
— |
|
|
— |
|
|
— |
|
|
6.1 |
|
|
— |
|
Long-lived asset impairment
charges |
|
1.4 |
|
|
14.7 |
|
|
56.7 |
|
|
16.1 |
|
|
58.0 |
|
Stock compensation expense |
|
3.7 |
|
|
4.1 |
|
|
4.1 |
|
|
11.7 |
|
|
11.1 |
|
Pension settlement charge (4) |
|
— |
|
|
— |
|
|
4.8 |
|
|
— |
|
|
4.8 |
|
Equity in loss of equity method
investments (5) |
|
— |
|
|
11.0 |
|
|
0.4 |
|
|
97.2 |
|
|
1.4 |
|
Adjusted EBITDA [*] |
|
$ |
17.0 |
|
|
$ |
20.3 |
|
|
$ |
24.1 |
|
|
$ |
57.8 |
|
|
$ |
79.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) For the nine months ended September 30, 2016, we
recognized approximately $0.2 million of securities transaction tax
related to the disposition of approximately 30% investment interest
in SMP, Ltd ("SMP") to our subsidiary. This is a non-recurring
expense that is excluded from Adjusted EBITDA as we do not consider
this to be useful in assessing our on-going operating
performance.
(2) For the three months ended June 30, 2016 and nine
months ended September 30, 2016, we reserved approximately $0.3
million and $2.4 million, respectively, in net receivables from
SunEdison, Inc., our former parent, due to the SunEdison, Inc.
Chapter 11 bankruptcy filing on April 21, 2016. This is excluded
from Adjusted EBITDA as we do not consider this to be useful in
assessing our on-going operating performance.
(3) In the current year, we changed our methodology for
reporting Adjusted EBITDA results to exclude expenses related to
our evaluation of strategic alternatives and the Global Wafers
transaction, consisting mainly of legal and administration expenses
related to these activities. For the three months ended
September 30, 2016 and June 30, 2016, and the nine months ended
September 30, 2016, other non-recurring items included $2.0
million, $0.9 million, and $3.3 million, respectively, of these
expenses. These are non-recurring expenses that are excluded from
Adjusted EBITDA as we do not consider this to be useful in
assessing our on-going operating performance.
(4) For the three and nine months ended September 30, 2015,
we recognized approximately $4.8 million in interim lump-sum
pension settlement charges related to our U.S. pension plan.
Pension lump-sum settlement charges is a non-cash expense that is
excluded from Adjusted EBITDA as we do not consider this to be
useful in assessing our on-going operating performance.
(5) For the three months ended June 30, 2016, we recognized
$11.0 million equity in loss of equity method investments, net of
tax, primarily due to the recognition of accumulated currency
translation losses as a result of changing from an equity method to
cost method investment for SMP. For the nine months ended September
30, 2016, we recognized a total of $97.2 million equity in loss of
equity method investments, net of tax, primarily due to an $86.9
million other-than-temporary impairment charge related to SMP and
the aforementioned accumulated currency translation losses of $11.0
million. These charges are non-cash expenses that are excluded from
Adjusted EBITDA as we do not consider this to be useful in
assessing our on-going operating performance.
[*] Adjusted EBITDA is a non-GAAP
financial measure. This measurement should not be viewed as an
alternative to GAAP measures of performance. The presentation of
Adjusted EBITDA should not be construed as an inference that our
future results will be unaffected by unusual or non-recurring items
or items that we do not consider to be useful in assessing our
on-going operational performance.
We define Adjusted EBITDA as earnings before net interest
expense; income tax expense (benefit); depreciation and
amortization; restructuring charges (reversals); non-recurring
items; loss on sale of property, plant, and equipment; long-lived
asset impairment charges; pension settlement charges; stock
compensation expense; and equity in loss of equity method
investments. All of the omitted items are either (i) non-cash items
or (ii) items that we do not consider in assessing our on-going
operating performance. Because it omits non-cash items, we feel
that Adjusted EBITDA is less susceptible to variances in actual
performance resulting from depreciation, amortization and other
non-cash charges and more reflective of other factors that affect
our operating performance. Because it omits the other items, we
believe Adjusted EBITDA is also more reflective of our on-going
operating performance. We believe Adjusted EBITDA is useful to
investors in evaluating our operating performance because:
- 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.
Adjusted EBITDA has limitations as an analytical tool, and it
should not be considered in isolation or as a substitute for
analysis of our results as reported under GAAP. Some of these
limitations include:
- 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.
Investors are encouraged to evaluate each adjustment and the
reasons we consider it appropriate for supplemental analysis.
Investor & Media Contact
Chris Chaney
Director, Investor Relations & Corporate Communications
SunEdison Semiconductor Limited
cchaney@sunedisonsemi.com
+1 636 474 5226
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