Small scale compared to semiconductor peers Cyclical and competitive industry dynamics leading to pricing pressures Below-average profitability compared with the semiconductor industry Market leadership in multiple memory product segments and important player in the microcontroller space Growth driven by low-energy Bluetooth and Wi-Fi connectivity segments, following the IoT acquisition in 2016 Good execution on the integration of the Spansion and IoT acquisitions Current S&P adjusted leverage in the mid 4x area S&P adjusted leverage projected to be under 4x area by fiscal year end 2017, primarily through EBITDA growth and also some debt pay down Discretionary cash flow (free cash flow less dividends) of around $30 million over the next 12 months Annual dividends of around $145 million Company is
