HighGravityDataOnsemi — Feb 10, 2025 release
Fiscal 2024 fourth-quarter results · 8-K Item 2.02 · Exhibit 99.1 · 0001193125-25-023201
Showing in the filing
Gross Margin (Special Items)
“0.1%”
Period
Q1 FY2025
Measure
GAAP-tied
Source
Guidance table
All guidance in this release · 18
Revenue for Q1 FY2025
“$1,350 to $1,450 million”
Revenue (Total onsemi Non-GAAP) for Q1 FY2025
“$1,350 to $1,450 million”
Gross Margin for Q1 FY2025
“38.9% to 40.9%”
Gross Margin (Total onsemi GAAP) for Q1 FY2025
“38.9% to 40.9%”
Gross Margin (Total onsemi Non-GAAP) for Q1 FY2025
“39.0% to 41.0%”
Operating Expenses for Q1 FY2025
“$329 to $344 million”
Operating Expenses (Total onsemi GAAP) for Q1 FY2025
“$329 to $344 million”
Operating Expenses (Special Items) for Q1 FY2025
“$16 million”
Operating Expenses (Total onsemi Non-GAAP) for Q1 FY2025
“$313 to $328 million”
Other Income and Expense (including interest… for Q1 FY2025
“($14 million)”
Diluted Earnings Per Share (Total onsemi GAAP) for Q1 FY2025
“$0.42 to $0.52”
Diluted Earnings Per Share (Special Items) for Q1 FY2025
“$0.03”
Diluted Earnings Per Share (Total onsemi Non… for Q1 FY2025
“$0.45 to $0.55”
Diluted Shares Outstanding (Total onsemi GAAP) for Q1 FY2025
“426 million”
Diluted Shares Outstanding (Special Items) for Q1 FY2025
“1 million”
Diluted Shares Outstanding for Q1 FY2025
“425 million”
Diluted Shares Outstanding (Total onsemi Non… for Q1 FY2025
“425 million”
Gross Margin (Special Items) for Q1 FY2025
“0.1%”
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 and percentage data)
Quarter Ended
Year Ended
December 31, 2024
September 27, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Revenue
$
1,722.5
$
1,761.9
$
2,018.1
$
7,082.3
$
8,253.0
Cost of revenue
943.4
962.5
1,076.2
3,866.2
4,369.5
Gross profit
779.1
799.4
941.9
3,216.1
3,883.5
Gross margin
45.2
%
45.4
%
46.7
%
45.4
%
47.1
%
Operating expenses:
Research and development
155.2
151.0
150.2
612.7
577.3
Selling and marketing
70.4
65.4
67.5
273.5
279.1
General and administrative
100.5
95.5
88.6
376.3
362.4
Amortization of acquisition-related intangible assets
13.5
13.0
12.1
52.0
51.1
Restructuring, asset impairments and other charges, net
30.9
29.1
11.4
133.9
74.9
Total operating expenses
370.5
354.0
329.8
1,448.4
1,344.8
Operating income
408.6
445.4
612.1
1,767.7
2,538.7
Other income (expense), net:
Interest expense
(15.3
)
(15.7
)
(15.8
)
(62.3
)
(74.8
)
Interest income
27.8
28.6
26.3
111.4
93.1
Loss on debt refinancing and prepayment
—
—
—
—
(13.3
)
Loss on divestiture of business
—
—
—
—
(0.7
)
Other income (expense)
21.4
(3.7
)
(11.7
)
20.6
(7.2
)
Other income (expense), net
33.9
9.2
(1.2
)
69.7
(2.9)
Income before income taxes
442.5
454.6
610.9
1,837.4
2,535.8
Income tax provision
(62.7
)
(51.9
)
(47.5
)
(262.8
)
(350.2
)
Net income
379.8
402.7
563.4
1,574.6
2,185.6
Less: Net (income) loss attributable to non-controlling interest
0.1
(1.0
)
(0.7
)
(1.8
)
(1.9
)
Net income attributable to ON Semiconductor Corporation
$
379.9
$
401.7
$
562.7
$
1,572.8
$
2,183.7
Net income for diluted earnings per share of common stock
$
379.9
$
401.7
$
562.8
$
1,572.8
$
2,185.0
Net income per share of common stock attributable to ON Semiconductor Corporation:
Basic
$
0.89
$
0.94
$
1.31
$
3.68
$
5.07
Diluted
$
0.88
$
0.93
$
1.28
$
3.63
$
4.89
Weighted average common shares outstanding:
Basic
425.4
427.0
428.1
427.4
430.7
Diluted
429.6
431.7
439.5
432.7
446.8
5
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED BALANCE SHEETS
(in millions)
December 31, 2024
September 27, 2024
December 31, 2023
Assets
Cash and cash equivalents
$
2,691.3
$
2,470.2
$
2,483.0
Short-term investments
300.0
300.0
—
Receivables, net
1,160.1
1,070.6
935.4
Inventories
2,242.0
2,242.8
2,111.8
Other current assets
358.6
461.1
382.1
Total current assets
6,752.0
6,544.7
5,912.3
Property, plant and equipment, net
4,361.4
4,383.7
4,401.5
Goodwill
1,587.9
1,587.9
1,577.6
Intangible assets, net
257.9
273.1
299.3
Deferred tax assets
729.9
725.8
600.8
ROU financing lease assets
40.5
41.1
42.4
Other assets
360.2
367.3
381.3
Total assets
$
14,089.8
$
13,923.6
$
13,215.2
Liabilities, Non-Controlling Interest and
Stockholders’ Equity
Accounts payable
$
574.5
$
597.5
$
725.6
Accrued expenses and other current liabilities
760.0
734.3
663.2
Current portion of financing lease liabilities
0.3
0.4
0.8
Current portion of long-term debt
—
796.4
794.0
Total current liabilities
1,334.8
2,128.6
2,183.6
Long-term debt
3,345.9
2,547.2
2,542.6
Deferred tax liabilities
37.6
42.8
38.7
Long-term financing lease liabilities
20.7
22.4
22.4
Other long-term liabilities
536.3
578.6
627.3
Total liabilities
5,275.3
5,319.6
5,414.6
ON Semiconductor Corporation stockholders’ equity:
Common stock
6.2
6.2
6.2
Additional paid-in capital
5,372.2
5,321.9
5,210.9
Accumulated other comprehensive loss
(62.4
)
(49.1
)
(45.2
)
Accumulated earnings
8,120.9
7,741.0
6,548.1
Less: Treasury stock, at cost
(4,640.5
)
(4,435.9
)
(3,937.4
)
Total ON Semiconductor Corporation stockholders’ equity
8,796.4
8,584.1
7,782.6
Non-controlling interest
18.1
19.9
18.0
Total stockholders’ equity
8,814.5
8,604.0
7,800.6
Total liabilities and stockholders’ equity
$
14,089.8
$
13,923.6
$
13,215.2
6
ON SEMICONDUCTOR CORPORATION
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
Quarter Ended
Year Ended
December 31, 2024
September 27, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Cash flows from operating activities:
Net income
$
379.8
$
402.7
$
563.4
$
1,574.6
$
2,185.6
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
166.6
161.8
160.3
642.9
609.5
Loss on sale or disposal of fixed assets
0.4
4.1
4.3
5.5
11.6
Loss on divestiture of businesses
—
—
—
—
0.7
Loss on debt refinancing and prepayment
—
—
—
—
13.3
Amortization of debt discount and issuance costs
1.9
3.6
2.6
11.1
11.3
Share-based compensation
38.1
32.7
30.7
136.1
121.1
Non-cash asset impairment
charges
22.1
—
6.8
37.8
19.5
Change in deferred tax balances
(7.5)
(45.6)
(18.7)
(129.6)
(127.7)
Other
3.0
1.7
(6.2)
10.0
(4.7)
Changes in assets and liabilities
(24.7)
(95.2)
(132.0)
(382.0)
(862.7)
Net cash provided by operating activities
579.7
465.8
611.2
1,906.4
1,977.5
Cash flows from investing activities:
Payments for acquisition of property, plant and equipment
(157.3)
(161.7)
(386.4)
(694.0)
(1,539.1)
Proceeds from sale of property, plant and equipment
5.6
0.3
1.2
6.2
4.0
Payments related to acquisition of business
—
(20.5)
—
(20.5)
(236.3)
Purchase of short-term investments
(300.0)
(300.0)
—
(1,050.0)
—
Proceeds from maturity of short-term investments and available-for-sale securities
300.0
450.0
—
750.0
33.5
Other
—
—
—
(1.5)
—
Net cash used in investing activities
(151.7)
(31.9)
(385.2)
(1,009.8)
(1,737.9)
Cash flows from financing activities:
Proceeds for the issuance of common stock under the ESPP
5.6
6.5
5.9
25.2
25.8
Payment of tax withholding for RSUs
(2.7)
(3.1)
(4.4)
(51.0)
(66.8)
Repurchase of common stock
(204.1)
(200.0)
(300.2)
(654.1)
(564.2)
Issuance and borrowings under debt agreements
—
—
—
—
1,845.0
Repayment of borrowings under debt agreements
—
—
(119.6)
—
(1,723.4)
Payment on principal portion of finance lease obligations
(0.4)
(0.4)
(5.0)
(2.2)
(15.3)
Payment for purchase of bond hedges
—
—
—
—
(414.0)
Proceeds from issuance of warrants
—
—
—
—
242.5
Other
(1.7)
—
(8.9)
(1.7)
(16.1)
Net cash used in financing activities
(203.3)
(197.0)
(432.2)
(683.8)
(686.5)
Effect of exchange rate changes on cash, cash equivalents and
restricted cash
(3.7)
2.4
0.4
(4.4)
(1.1)
Net increase (decrease) in cash, cash equivalents and restricted
cash
221.0
239.3
(205.8)
208.4
(448.0)
Beginning cash, cash equivalents and restricted cash
2,472.4
2,233.1
2,690.8
2,485.0
2,933.0
Ending cash, cash equivalents and restricted cash
$
2,693.4
$
2,472.4
$
2,485.0
$
2,693.4
$
2,485.0
7
ON SEMICONDUCTOR CORPORATION
RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES
(in millions, except per share and percentage data)
Quarter Ended
Year Ended
December 31, 2024
September 27, 2024
December 31, 2023
December 31, 2024
December 31, 2023
Reconciliation of GAAP to
non-GAAP gross profit:
GAAP gross profit
$
779.1
$
799.4
$
941.9
$
3,216.1
$
3,883.5
Special items:
a) Impact of business wind down
—
—
—
—
(3.9)
b) Amortization of acquisition-related intangible
assets
1.6
1.6
1.5
6.3
5.7
Total special items
1.6
1.6
1.5
6.3
1.8
Non-GAAP gross profit
$
780.7
$
801.0
$
943.4
$
3,222.4
$
3,885.3
Reconciliation of GAAP to
non-GAAP gross margin:
GAAP gross margin
45.2 %
45.4 %
46.7 %
45.4 %
47.1 %
Special items:
a) Impact of business wind down
— %
— %
— %
— %
— %
b) Amortization of acquisition-related intangible
assets
0.1 %
0.1 %
0.1 %
0.1 %
0.1 %
Total special items
0.1 %
0.1 %
0.1 %
0.1 %
— %
Non-GAAP gross margin
45.3 %
45.5 %
46.7 %
45.5 %
47.1 %
Reconciliation of GAAP to
non-GAAP operating expenses:
GAAP operating expenses
$
370.5
$
354.0
$
329.8
$
1,448.4
$
1,344.8
Special items:
a) Amortization of acquisition-related intangible
assets
(13.5)
(13.0)
(12.1)
(52.0)
(51.1)
b) Restructuring, asset impairments and other,
net
(30.9)
(29.1)
(11.4)
(133.
later in the release …
the item shown at left
other guidance in this release
Text is the filed exhibit, verbatim.