other material
confidence high
sentiment negative
materiality 0.60
ON Semi approves exit plan for Quantenna division; expects $215M goodwill and $58M intangible impairment
ON SEMICONDUCTOR CORP
- Exit plan approved Sept 16, 2022 to wind down division within Advanced Solutions Group (legacy Quantenna).
- Division revenue < 3% of 2021 consolidated revenue.
- Goodwill balance ~$215M; unamortized intangible assets ~$58M; substantially all expected to be impaired.
- Previously recorded $115M goodwill impairment on this unit in Q2 2022.
- Associated exit costs (severance, contract termination) not expected to be significant.