HighGravityDataOnsemi — May 5, 2025 release
Fiscal 2025 first-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001140361-25-017228
Showing in the filing
Gross Margin (Special Items)
“0.1%”
Period
Q2 FY2025
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 14
Revenue for Q2 FY2025
“$1,400 to $1,500 million”
Revenue (Total onsemi Non-GAAP) for Q2 FY2025
“$1,400 to $1,500 million”
Gross Margin (Total onsemi GAAP) for Q2 FY2025
“36.4% to 38.4%”
Gross Margin (Total onsemi Non-GAAP) for Q2 FY2025
“36.5% to 38.5%”
Operating Expenses (Total onsemi GAAP) for Q2 FY2025
“$300 to $315 million”
Operating Expenses (Special Items) for Q2 FY2025
“$15 million”
Operating Expenses (Total onsemi Non-GAAP) for Q2 FY2025
“$285 to $300 million”
Other Income and Expense (including interest… for Q2 FY2025
“($11 million)”
Diluted Earnings Per Share (Total onsemi GAAP) for Q2 FY2025
“$0.45 to $0.55”
Diluted Earnings Per Share (Special Items) for Q2 FY2025
“$0.03”
Diluted Earnings Per Share (Total onsemi Non… for Q2 FY2025
“$0.48 to $0.58”
Diluted Shares Outstanding (Total onsemi Non… for Q2 FY2025
“419 million”
Gross Margin (Special Items) for Q2 FY2025
“0.1%”
Non-GAAP effective tax rate for FY2025
“16%”
Exhibit 99.1 · the passage around this item
… earlier in the release
4
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except per share data)
Quarters Ended
April 4, 2025
December 31,
2024
March 29,
2024
Revenue
$
1,445.7
$
1,722.5
$
1,862.7
Cost of revenue
1,151.9
943.4
1,009.1
Gross profit
293.8
779.1
853.6
Gross margin
20.3
%
45.2
%
45.8
%
Operating expenses:
Research and development
164.1
155.2
150.0
Selling and marketing
68.3
70.4
69.1
General and administrative
84.4
100.5
95.3
Amortization of acquisition-related intangible assets
11.4
13.5
12.6
Restructuring, asset impairments and other charges, net
539.3
30.9
1.4
Total operating expenses
867.5
370.5
328.4
Operating income (loss)
(573.7
)
408.6
525.2
Other income (expense), net:
Interest expense
(18.0
)
(15.3
)
(15.6
)
Interest income
26.6
27.8
27.6
Other income
4.1
21.4
1.0
Other income (expense), net
12.7
33.9
13.0
Income (loss) before income taxes
(561.0
)
442.5
538.2
Income tax (provision) benefit
75.8
(62.7
)
(84.5
)
Net income (loss)
(485.2
)
379.8
453.7
Less: Net income (loss) attributable to non-controlling interest
(0.9
)
0.1
(0.7
)
Net income (loss) attributable to ON Semiconductor Corporation
$
(486.1
)
$
379.9
$
453.0
Net income (loss) per share of common stock:
Basic
$
(1.15
)
$
0.89
$
1.06
Diluted
$
(1.15
)
$
0.88
$
1.04
Weighted average common shares outstanding:
Basic
421.3
425.4
428.1
Diluted
421.3
429.6
436.5
5
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions)
April 4, 2025
December 31,
2024
March 29,
2024
Assets
Cash and cash equivalents
$
2,762.5
$
2,691.3
$
2,614.4
Short-term investments
250.0
300.0
—
Receivables, net
825.0
1,160.1
873.3
Inventories
2,078.2
2,242.0
2,147.1
Assets held-for-sale
45.7
5.3
3.9
Other current assets
365.1
353.3
510.2
Total current assets
6,326.5
6,752.0
6,148.9
Property, plant and equipment, net
3,840.5
4,361.4
4,384.3
Goodwill
1,641.6
1,587.9
1,577.6
Intangible assets, net
309.2
257.9
289.4
Deferred tax assets
745.5
729.9
648.4
ROU financing lease assets
39.9
40.5
41.8
Other assets
350.7
360.2
392.5
Total assets
$
13,253.9
$
14,089.8
$
13,482.9
Liabilities and Stockholders’ Equity
Accounts payable
$
496.6
$
574.5
$
665.8
Accrued expenses and other current liabilities
781.3
760.0
678.1
Current portion of financing lease liabilities
0.4
0.3
0.3
Current portion of long-term debt
—
—
794.8
Total current liabilities
1,278.3
1,334.8
2,139.0
Long-term debt
3,348.3
3,345.9
2,544.1
Deferred tax liabilities
45.6
37.6
37.3
Long-term financing lease liabilities
21.6
20.7
21.3
Other long-term liabilities
511.2
536.3
598.6
Total liabilities
5,205.0
5,275.3
5,340.3
ON Semiconductor Corporation stockholders’ equity:
Common stock
6.2
6.2
6.2
Additional paid-in capital
5,411.4
5,372.2
5,243.9
Accumulated other comprehensive loss
(56.5
)
(62.4
)
(52.2
)
Accumulated earnings
7,634.8
8,120.9
7,001.1
Less: Treasury stock, at cost
(4,966.0
)
(4,640.5
)
(4,075.1
)
Total ON Semiconductor Corporation stockholders’ equity
8,029.9
8,796.4
8,123.9
Non-controlling interest
19.0
18.1
18.7
Total stockholders’ equity
8,048.9
8,814.5
8,142.6
Total liabilities and stockholders’ equity
$
13,253.9
$
14,089.8
$
13,482.9
6
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Quarters Ended
April 4, 2025
December 31,
2024
March 29,
2024
Cash flows from operating activities:
Net income (loss)
$
(485.2
)
$
379.8
$
453.7
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
168.2
166.6
154.9
Amortization of debt discount and issuance costs
2.9
1.9
2.7
Share-based compensation
33.9
38.1
33.0
Non-cash asset impairment charges
431.5
22.1
—
Change in deferred tax balances
(13.7
)
(7.5
)
(48.6
)
Other
1.8
3.4
1.9
Changes in assets and liabilities
462.9
(24.7
)
(98.9
)
Net cash provided by operating activities
602.3
579.7
498.7
Cash flows from investing activities:
Payments for acquisition of property, plant, and equipment
(147.6
)
(157.3
)
(233.9
)
Purchase of short-term investments
(250.0
)
(300.0
)
—
Proceeds from the maturity of short-term investments
300.0
300.0
—
Purchase of a business, net of cash acquired
(117.5
)
—
—
Other
0.2
5.6
(1.4
)
Net cash used in investing activities
(214.9
)
(151.7
)
(235.3
)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP
5.3
5.6
7.6
Payment of tax withholding for RSUs
(22.4
)
(2.7
)
(37.5
)
Repurchase of common stock
(300.1
)
(204.1
)
(100.0
)
Payment of finance lease obligations
(0.4
)
(0.4
)
(0.9
)
Other
—
(1.7
)
—
Net cash used in financing activities
(317.6
)
(203.3
)
(130.8
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
2.0
(3.7
)
(0.9
)
Net increase in cash, cash equivalents and restricted cash
71.8
221.0
131.7
Beginning cash, cash equivalents and restricted cash
2,693.4
2,472.4
2,485.0
Ending cash, cash equivalents and restricted cash
$
2,765.2
$
2,693.4
$
2,616.7
7
ON SEMICONDUCTOR CORPORATION
RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES (Continued)
(in millions, except per share and percentage data)
Quarters Ended
April 4, 2025
December 31,
2024
March 29,
2024
Reconciliation of GAAP to non-GAAP gross profit:
GAAP gross profit
$
293.8
$
779.1
$
853.6
Special items:
a
)
Restructuring-related inventory and other charges
283.4
—
—
b
)
Amortization of acquisition-related intangible assets
1.3
1.6
1.5
Total special items
284.7
1.6
1.5
Non-GAAP gross profit
$
578.5
$
780.7
$
855.1
Reconciliation of GAAP to non-GAAP gross margin:
GAAP gross margin
20.3
%
45.2
%
45.8
%
Special items:
a
)
Restructuring-related inventory and other charges
19.6
%
—
%
—
%
b
)
Amortization of acquisition-related intangible assets
0.1
%
0.1
%
0.1
%
Total special items
19.7
%
0.1
%
0.1
%
Non-GAAP gross margin
40.0
%
45.3
%
45.9
%
Reconciliation of GAAP to non-GAAP operating expenses:
GAAP operating expenses
$
867.5
$
370.5
$
328.4
Special items:
a
)
Amortization of acquisition-related intangible assets
(11.4
)
(13.5
)
(12.6
)
b
)
Restructuring, asset impairments and other charges, net
(539.3
)
(30.9
)
(1.4
)
c
)
Third-party acquisition and divestiture-related costs
(2.3
)
(4.8
)
(0.1
)
Total special items
(553.0
)
(49.2
)
(14.1
)
Non-GAAP operating expenses
$
314.5
$
321.3
$
314.3
Reconciliatio
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.