onsemi Third Quarter 2023 Results Exceed Expectations

 

ON SEMICONDUCTOR CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS

(in millions, except per share data)

 

 

Quarters Ended

 

Nine Months Ended

 

September 29, 2023

 

June 30, 2023

 

September 30, 2022

 

September 29, 2023

 

September 30, 2022

Revenue

$

2,180.8

 

 

$

2,094.4

 

 

$

2,192.6

 

 

$

6,234.9

 

 

$

6,222.6

 

Cost of revenue

 

1,150.1

 

 

 

1,101.0

 

 

 

1,134.3

 

 

 

3,293.3

 

 

 

3,165.9

 

Gross profit

 

1,030.7

 

 

 

993.4

 

 

 

1,058.3

 

 

 

2,941.6

 

 

 

3,056.7

 

Gross margin

 

47.3

%

 

 

47.4

%

 

 

48.3

%

 

 

47.2

%

 

 

49.1

%

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

143.4

 

 

 

145.3

 

 

 

145.4

 

 

 

427.1

 

 

 

463.8

 

Selling and marketing

 

68.2

 

 

 

71.6

 

 

 

69.5

 

 

 

211.6

 

 

 

213.7

 

General and administrative

 

110.7

 

 

 

87.2

 

 

 

84.9

 

 

 

273.8

 

 

 

246.0

 

Amortization of acquisition-related intangible assets

 

12.0

 

 

 

12.0

 

 

 

21.9

 

 

 

39.0

 

 

 

65.1

 

Restructuring, asset impairments and other charges, net

 

9.4

 

 

 

2.6

 

 

 

40.3

 

 

 

63.5

 

 

 

25.6

 

Goodwill and intangible asset impairment charges

 

 

 

 

 

 

 

271.8

 

 

 

 

 

 

386.8

 

Total operating expenses

 

343.7

 

 

 

318.7

 

 

 

633.8

 

 

 

1,015.0

 

 

 

1,401.0

 

Operating income

 

687.0

 

 

 

674.7

 

 

 

424.5

 

 

 

1,926.6

 

 

 

1,655.7

 

Other income (expense), net:

 

 

 

 

 

 

 

 

 

Interest expense

 

(16.2

)

 

 

(16.4

)

 

 

(23.7

)

 

 

(59.0

)

 

 

(67.4

)

Interest income

 

25.7

 

 

 

24.0

 

 

 

4.9

 

 

 

66.8

 

 

 

6.4

 

Loss on debt prepayment

 

 

 

 

 

 

 

 

 

 

(13.3

)

 

 

(7.3

)

Gain (loss) on divestiture of business

 

(0.1

)

 

 

0.5

 

 

 

0.2

 

 

 

(0.7

)

 

 

2.1

 

Other income (expense)

 

1.1

 

 

 

(1.3

)

 

 

0.9

 

 

 

4.5

 

 

 

9.4

 

Other income (expense), net

 

10.5

 

 

 

6.8

 

 

 

(17.7

)

 

 

(1.7

)

 

 

(56.8

)

Income before income taxes

 

697.5

 

 

 

681.5

 

 

 

406.8

 

 

 

1,924.9

 

 

 

1,598.9

 

Income tax provision

 

(114.6

)

 

 

(104.4

)

 

 

(94.9

)

 

 

(302.7

)

 

 

(299.4

)

Net income

 

582.9

 

 

 

577.1

 

 

 

311.9

 

 

 

1,622.2

 

 

 

1,299.5

 

Less: Net income attributable to non-controlling interest

 

(0.2

)

 

 

(0.5

)

 

 

 

 

 

(1.2

)

 

 

(1.6

)

Net income attributable to ON Semiconductor Corporation

$

582.7

 

 

$

576.6

 

 

$

311.9

 

 

$

1,621.0

 

 

$

1,297.9

 

 

 

 

 

 

 

 

 

 

 

Net income for diluted earnings per share of common stock

$

583.1

 

 

$

577.0

 

 

$

312.4

 

 

$

1,622.2

 

 

$

1,299.4

 

Net income per share of common stock:

 

 

 

 

 

 

 

 

 

Basic

$

1.35

 

 

$

1.34

 

 

$

0.72

 

 

$

3.76

 

 

$

2.99

 

Diluted

$

1.29

 

 

$

1.29

 

 

$

0.70

 

 

$

3.61

 

 

$

2.90

 

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

 

Basic

 

431.2

 

 

 

431.7

 

 

 

432.9

 

 

 

431.6

 

 

 

433.5

 

Diluted

 

450.7

 

 

 

448.7

 

 

 

448.7

 

 

 

449.3

 

 

 

448.3

 

 

ON SEMICONDUCTOR CORPORATION

UNAUDITED CONSOLIDATED BALANCE SHEETS

(in millions)

 

 

September 29, 2023

 

June 30, 2023

 

December 31, 2022

Assets

 

 

 

 

 

Cash and cash equivalents

$

2,679.2

 

 

$

2,622.2

 

 

$

2,919.0

 

Receivables, net

 

958.2

 

 

 

944.4

 

 

 

842.3

 

Inventories

 

2,084.8

 

 

 

1,964.4

 

 

 

1,616.8

 

Other current assets

 

363.2

 

 

 

399.2

 

 

 

351.3

 

Total current assets

 

6,085.4

 

 

 

5,930.2

 

 

 

5,729.4

 

Property, plant and equipment, net

 

4,314.5

 

 

 

3,991.4

 

 

 

3,450.7

 

Goodwill

 

1,577.6

 

 

 

1,577.6

 

 

 

1,577.6

 

Intangible assets, net

 

312.8

 

 

 

326.3

 

 

 

359.7

 

Deferred tax assets

 

579.3

 

 

 

502.4

 

 

 

376.7

 

ROU financing lease assets

 

43.0

 

 

 

44.6

 

 

 

45.8

 

Other assets

 

368.7

 

 

 

390.2

 

 

 

438.6

 

Total assets

$

13,281.3

 

 

$

12,762.7

 

 

$

11,978.5

 

Liabilities and Stockholders’ Equity

 

 

 

 

 

Accounts payable

$

911.3

 

 

$

907.5

 

 

$

852.1

 

Accrued expenses and other current liabilities

 

665.4

 

 

 

654.1

 

 

 

1,047.3

 

Current portion of financing lease liabilities

 

5.2

 

 

 

7.0

 

 

 

14.2

 

Current portion of long-term debt

 

912.9

 

 

 

912.1

 

 

 

147.8

 

Total current liabilities

 

2,494.8

 

 

 

2,480.7

 

 

 

2,061.4

 

Long-term debt

 

2,541.1

 

 

 

2,539.6

 

 

 

3,045.7

 

Deferred tax liabilities

 

35.1

 

 

 

37.7

 

 

 

34.1

 

Long-term financing lease liabilities

 

21.6

 

 

 

24.1

 

 

 

23.0

 

Other long-term liabilities

 

684.7

 

 

 

677.0

 

 

 

607.3

 

Total liabilities

 

5,777.3

 

 

 

5,759.1

 

 

 

5,771.5

 

ON Semiconductor Corporation stockholders’ equity:

 

 

 

 

 

Common stock

 

6.1

 

 

 

6.1

 

 

 

6.1

 

Additional paid-in capital

 

4,745.8

 

 

 

4,714.6

 

 

 

4,670.9

 

Accumulated other comprehensive loss

 

(44.9

)

 

 

(37.4

)

 

 

(23.2

)

Accumulated earnings

 

5,985.4

 

 

 

5,402.7

 

 

 

4,364.4

 

Less: Treasury stock, at cost

 

(3,208.1

)

 

 

(3,101.9

)

 

 

(2,829.7

)

Total ON Semiconductor Corporation stockholders’ equity

 

7,484.3

 

 

 

6,984.1

 

 

 

6,188.5

 

Non-controlling interest

 

19.7

 

 

 

19.5

 

 

 

18.5

 

Total stockholders’ equity

 

7,504.0

 

 

 

7,003.6

 

 

 

6,207.0

 

Total liabilities and stockholders’ equity

$

13,281.3

 

 

$

12,762.7

 

 

$

11,978.5

 

 

ON SEMICONDUCTOR CORPORATION

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS

(in millions)

 

 

Quarters Ended

 

Nine Months Ended

 

September 29, 2023

 

June 30, 2023

 

September 30, 2022

 

September 29,
2023

 

September 30,
2022

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net income

$

582.9

 

 

$

577.1

 

 

$

311.9

 

 

$

1,622.2

 

 

$

1,299.5

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

155.4

 

 

 

148.8

 

 

 

139.6

 

 

 

449.2

 

 

 

418.6

 

(Gain) loss on sale and disposal of fixed assets

 

2.5

 

 

 

3.6

 

 

 

(16.5

)

 

 

7.3

 

 

 

(33.1

)

(Gain) loss on divestiture of businesses

 

0.1

 

 

 

(0.5

)

 

 

(0.2

)

 

 

0.7

 

 

 

(2.1

)

Loss on debt prepayment

 

 

 

 

 

 

 

 

 

 

13.3

 

 

 

7.3

 

Amortization of debt discount and issuance costs

 

2.9

 

 

 

2.9

 

 

 

2.6

 

 

 

8.7

 

 

 

8.6

 

Share-based compensation

 

31.1

 

 

 

31.6

 

 

 

26.9

 

 

 

90.4

 

 

 

76.5

 

Non-cash asset impairment charges

 

 

 

 

 

 

 

11.9

 

 

 

12.7

 

 

 

18.6

 

Goodwill and intangible asset impairment charges

 

 

 

 

 

 

 

271.8

 

 

 

 

 

 

386.8

 

Change in deferred tax balances

 

(79.4

)

 

 

(28.1

)

 

 

(71.3

)

 

 

(109.0

)

 

 

(64.6

)

Other

 

10.8

 

 

 

(2.3

)

 

 

(0.7

)

 

 

1.5

 

 

 

0.6

 

Changes in assets and liabilities

 

(139.7

)

 

 

(342.3

)

 

 

326.4

 

 

 

(730.7

)

 

 

(214.9

)

Net cash provided by operating activities

$

566.6

 

 

$

390.8

 

 

$

1,002.4

 

 

$

1,366.3

 

 

$

1,901.8

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Purchase of Property, Plant and Equipment (“PP&E”)

$

(433.0

)

 

$

(430.6

)

 

$

(271.1

)

 

$

(1,185.1

)

 

$

(663.0

)

Deposits and proceeds from sale of PP&E

 

0.2

 

 

 

0.9

 

 

 

20.8

 

 

 

2.8

 

 

 

59.0

 

Deposits utilized (made) for purchase of PP&E

 

12.9

 

 

 

36.2

 

 

 

(22.3

)

 

 

32.4

 

 

 

(53.7

)

Divestiture of business, net of cash transferred

 

 

 

 

 

 

 

 

 

 

 

 

 

90.5

 

Purchase of available-for-sale securities

 

 

 

 

 

 

 

(1.7

)

 

 

 

 

 

(18.0

)

Proceeds from sale or maturity of available-for-sale securities

 

12.7

 

 

 

10.0

 

 

 

10.2

 

 

 

33.5

 

 

 

24.0

 

Payments related to acquisition of business

 

 

 

 

 

 

 

 

 

 

(236.3

)

 

$

(2.4

)

Net cash used in investing activities

$

(407.2

)

 

$

(383.5

)

 

$

(264.1

)

 

$

(1,352.7

)

 

$

(563.6

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Proceeds for the issuance of common stock under the ESPP

$

6.7

 

 

$

5.9

 

 

$

5.7

 

 

$

19.9

 

 

$

18.2

 

Payment of tax withholding for RSUs

 

(5.9

)

 

 

(8.9

)

 

 

(4.1

)

 

 

(62.4

)

 

 

(67.4

)

Repurchase of common stock

 

(100.0

)

 

 

(60.1

)

 

 

(77.2

)

 

 

(264.0

)

 

 

(166.9

)

Issuance and borrowings under debt agreements

 

 

 

 

375.0

 

 

 

 

 

 

1,845.0

 

 

 

500.0

 

Reimbursement of debt issuance costs

 

 

 

 

 

 

 

 

 

 

4.5

 

 

 

 

Payment of debt issuance and other financing costs

 

(0.3

)

 

 

(6.5

)

 

 

 

 

 

(11.7

)

 

 

 

Repayment of borrowings under debt agreements

 

(0.1

)

 

 

(390.0

)

 

 

(2.7

)

 

 

(1,603.8

)

 

 

(509.5

)

Payment for purchase of bond hedges

 

 

 

 

 

 

 

 

 

 

(414.0

)

 

 

 

Proceeds from issuance of warrants

 

 

 

 

 

 

 

 

 

 

242.5

 

 

 

 

Payment of finance lease obligations

 

(1.7

)

 

 

(5.0

)

 

 

(1.6

)

 

 

(10.3

)

 

 

(12.5

)

Dividend to non-controlling shareholder

 

 

 

 

 

 

 

 

 

 

 

 

 

(2.2

)

Net cash used in financing activities

$

(101.3

)

 

$

(89.6

)

 

$

(79.9

)

 

$

(254.3

)

 

$

(240.3

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(0.5

)

 

 

(1.1

)

 

 

(0.6

)

 

 

(1.5

)

 

 

(3.2

)

Net (decrease) increase in cash, cash equivalents and restricted cash

 

57.6

 

 

 

(83.4

)

 

 

657.8

 

 

 

(242.2

)

 

 

1,094.7

 

Beginning cash, cash equivalents and restricted cash

 

2,633.2

 

 

 

2,716.6

 

 

 

1,814.6

 

 

 

2,933.0

 

 

 

1,377.7

 

Ending cash, cash equivalents and restricted cash

$

2,690.8

 

 

$

2,633.2

 

 

$

2,472.4

 

 

$

2,690.8

 

 

$

2,472.4

 

 

ON SEMICONDUCTOR CORPORATION

RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES

(in millions, except per share and percentage data)

 

 

 

 

Quarters Ended

 

Nine Months Ended

 

 

 

September 29, 2023

 

June 30, 2023

 

September 30, 2022

 

September 29, 2023

 

September 30, 2022

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to non-GAAP gross profit:

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

1,030.7

 

 

$

993.4

 

 

$

1,058.3

 

 

$

2,941.6

 

 

$

3,056.7

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Impact of business wind down

 

 

 

 

(1.8

)

 

 

23.1

 

 

 

(3.9

)

 

 

23.1

 

 

b)

Amortization of acquisition-related intangible assets

 

1.4

 

 

 

1.4

 

 

 

 

 

 

4.2

 

 

 

 

 

 

Total special items

 

1.4

 

 

 

(0.4

)

 

 

23.1

 

 

 

0.3

 

 

 

23.1

 

Non-GAAP gross profit

$

1,032.1

 

 

$

993.0

 

 

$

1,081.4

 

 

$

2,941.9

 

 

$

3,079.8

 

Reconciliation of GAAP to non-GAAP gross margin:

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

47.3

%

 

 

47.4

%

 

 

48.3

%

 

 

47.2

%

 

 

49.1

%

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Impact of business wind down

 

%

 

 

(0.1

)%

 

 

1.1

%

 

 

(0.1

)%

 

 

0.4

%

 

b)

Amortization of acquisition-related intangible assets

 

0.1

%

 

 

0.1

%

 

 

%

 

 

0.1

%

 

 

%

 

 

Total special items

 

0.1

%

 

 

%

 

 

1.1

%

 

 

%

 

 

0.4

%

Non-GAAP gross margin

 

47.3

%

 

 

47.4

%

 

 

49.3

%

 

 

47.2

%

 

 

49.5

%

Reconciliation of GAAP to non-GAAP operating expenses:

 

 

 

 

 

 

 

 

 

GAAP operating expenses

$

343.7

 

 

$

318.7

 

 

$

633.8

 

 

$

1,015.0

 

 

$

1,401.0

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Amortization of acquisition-related intangible assets

 

(12.0

)

 

 

(12.0

)

 

 

(21.9

)

 

 

(39.0

)

 

 

(65.1

)

 

b)

Restructuring, asset impairments and other, net

 

(9.4

)

 

 

(2.6

)

 

 

(40.3

)

 

 

(63.5

)

 

 

(25.6

)

 

c)

Goodwill and intangible asset impairment charges

 

 

 

 

 

 

 

(271.8

)

 

 

 

 

 

(386.8

)

 

d)

Third party acquisition and divestiture-related costs

 

(0.1

)

 

 

1.4

 

 

 

(2.3

)

 

 

1.2

 

 

 

(5.5

)

 

e)

Impact of business wind down

 

 

 

 

 

 

 

6.8

 

 

 

 

 

 

6.8

 

 

 

Total special items

 

(21.5

)

 

 

(13.2

)

 

 

(329.5

)

 

 

(101.3

)

 

 

(476.2

)

Non-GAAP operating expenses

$

322.2

 

 

$

305.5

 

 

$

304.3

 

 

$

913.7

 

 

$

924.8

 

Reconciliation of GAAP to non-GAAP operating income:

 

 

 

 

 

 

 

 

 

GAAP operating income

$

687.0

 

 

$

674.7

 

 

$

424.5

 

 

$

1,926.6

 

 

$

1,655.7

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Impact of business wind down

 

 

 

 

(1.8

)

 

 

16.3

 

 

 

(3.9

)

 

 

16.3

 

 

b)

Amortization of acquisition-related intangible assets

 

13.4

 

 

 

13.4

 

 

 

21.9

 

 

 

43.2

 

 

 

65.1

 

 

c)

Restructuring, asset impairments and other, net

 

9.4

 

 

 

2.6

 

 

 

40.3

 

 

 

63.5

 

 

 

25.6

 

 

d)

Goodwill and intangible asset impairment charges

 

 

 

 

 

 

 

271.8

 

 

 

 

 

 

386.8

 

 

e)

Third party acquisition and divestiture-related costs

 

0.1

 

 

 

(1.4

)

 

 

2.3

 

 

 

(1.2

)

 

 

5.5

 

 

 

Total special items

 

22.9

 

 

 

12.8

 

 

 

352.6

 

 

 

101.6

 

 

 

499.3

 

Non-GAAP operating income

$

709.9

 

 

$

687.5

 

 

$

777.1

 

 

$

2,028.2

 

 

$

2,155.0

 

Reconciliation of GAAP to non-GAAP operating margin (operating income / revenue) :

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

31.5

%

 

 

32.2

%

 

 

19.4

%

 

 

30.9

%

 

 

26.6

%

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Impact of business wind down

 

%

 

 

(0.1

)%

 

 

0.7

%

 

 

(0.1

)%

 

 

0.3

%

 

b)

Amortization of acquisition-related intangible assets

 

0.6

%

 

 

0.6

%

 

 

1.0

%

 

 

0.7

%

 

 

1.0

%

 

c)

Restructuring, asset impairments and other, net

 

0.4

%

 

 

0.1

%

 

 

1.8

%

 

 

1.0

%

 

 

0.4

%

 

d)

Goodwill and intangible asset impairment charges

 

%

 

 

%

 

 

12.4

%

 

 

%

 

 

6.2

%

 

e)

Third party acquisition and divestiture-related costs

 

%

 

 

(0.1

)%

 

 

0.1

%

 

 

%

 

 

0.1

%

 

 

Total special items

 

1.1

%

 

 

0.6

%

 

 

16.0

%

 

 

1.6

%

 

 

8.0

%

Non-GAAP operating margin

 

32.6

%

 

 

32.8

%

 

 

35.4

%

 

 

32.5

%

 

 

34.6

%

Reconciliation of GAAP to non-GAAP income before income taxes:

 

 

 

 

 

 

 

 

 

GAAP income before income taxes

$

697.5

 

 

$

681.5

 

 

$

406.8

 

 

$

1,924.9

 

 

$

1,598.9

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Impact of business wind down

 

 

 

 

(1.8

)

 

 

16.3

 

 

 

(3.9

)

 

 

16.3

 

 

b)

Amortization of acquisition-related intangible assets

 

13.4

 

 

 

13.4

 

 

 

21.9

 

 

 

43.2

 

 

 

65.1

 

 

c)

Restructuring, asset impairments and other, net

 

9.4

 

 

 

2.6

 

 

 

40.3

 

 

 

63.5

 

 

 

25.6

 

 

d)

Goodwill and intangible asset impairment charges

 

 

 

 

 

 

 

271.8

 

 

 

 

 

 

386.8

 

 

e)

Third party acquisition and divestiture-related costs

 

0.1

 

 

 

(1.4

)

 

 

2.3

 

 

 

(1.2

)

 

 

5.5

 

 

f)

Loss on debt prepayment

 

 

 

 

 

 

 

 

 

 

13.3

 

 

 

7.3

 

 

g)

(Gain) loss on divestiture of business

 

0.1

 

 

 

(0.5

)

 

 

(0.2

)

 

 

0.7

 

 

 

(2.1

)

 

 

Total special items

 

23.0

 

 

 

12.3

 

 

 

352.4

 

 

 

115.6

 

 

 

504.5

 

Non-GAAP income before income taxes

$

720.5

 

 

$

693.8

 

 

$

759.2

 

 

$

2,040.5

 

 

$

2,103.4

 

Reconciliation of GAAP to non-GAAP net income attributable to ON Semiconductor Corporation:

 

 

 

 

 

 

 

 

 

GAAP net income attributable to ON Semiconductor Corporation

$

582.7

 

 

$

576.6

 

 

$

311.9

 

 

$

1,621.0

 

 

$

1,297.9

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Impact of business wind down

 

 

 

 

(1.8

)

 

 

16.3

 

 

 

(3.9

)

 

 

16.3

 

 

b)

Amortization of acquisition-related intangible assets

 

13.4

 

 

 

13.4

 

 

 

21.9

 

 

 

43.2

 

 

 

65.1

 

 

c)

Restructuring, asset impairments and other, net

 

9.4

 

 

 

2.6

 

 

 

40.3

 

 

 

63.5

 

 

 

25.6

 

 

d)

Goodwill and intangible asset impairment charges

 

 

 

 

 

 

 

271.8

 

 

 

 

 

 

386.8

 

 

e)

Third party acquisition and divestiture-related costs

 

0.1

 

 

 

(1.4

)

 

 

2.3

 

 

 

(1.2

)

 

 

5.5

 

 

f)

Loss on debt prepayment

 

 

 

 

 

 

 

 

 

 

13.3

 

 

 

7.3

 

 

g)

(Gain) loss on divestiture of a business

 

0.1

 

 

 

(0.5

)

 

 

(0.2

)

 

 

0.7

 

 

 

(2.1

)

 

h)

Income taxes

 

2.7

 

 

 

(5.6

)

 

 

(24.9

)

 

 

(21.2

)

 

 

(35.1

)

 

 

Total special items

 

25.7

 

 

 

6.7

 

 

 

327.5

 

 

 

94.4

 

 

 

469.4

 

Non-GAAP net income attributable to ON Semiconductor Corporation

$

608.4

 

 

$

583.3

 

 

$

639.4

 

 

$

1,715.4

 

 

$

1,767.3

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income for diluted earnings per share

$

583.1

 

 

$

577.0

 

 

$

312.4

 

 

$

1,622.2

 

 

$

1,299.4

 

Non-GAAP net income for diluted earnings per share

$

608.8

 

 

$

583.7

 

 

$

639.9

 

 

$

1,716.6

 

 

$

1,768.8

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to non-GAAP diluted shares outstanding:

 

 

 

 

 

 

 

 

 

GAAP diluted shares outstanding

 

450.7

 

 

 

448.7

 

 

 

448.7

 

 

 

449.3

 

 

 

448.3

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Less: dilutive shares attributable to convertible notes

 

(11.4

)

 

 

(10.0

)

 

 

(7.9

)

 

 

(10.2

)

 

 

(6.7

)

 

 

Total special items

 

(11.4

)

 

 

(10.0

)

 

 

(7.9

)

 

 

(10.2

)

 

 

(6.7

)

Non-GAAP diluted shares outstanding

 

439.3

 

 

 

438.7

 

 

 

440.8

 

 

 

439.1

 

 

 

441.6

 

Non-GAAP diluted earnings per share:

 

 

 

 

 

 

 

 

 

Non-GAAP net income for diluted earnings per share

$

608.8

 

 

$

583.7

 

 

$

639.9

 

 

$

1,716.6

 

 

$

1,768.8

 

Non-GAAP diluted shares outstanding

 

439.3

 

 

 

438.7

 

 

 

440.8

 

 

 

439.1

 

 

 

441.6

 

Non-GAAP diluted earnings per share

$

1.39

 

 

$

1.33

 

 

$

1.45

 

 

$

3.91

 

 

$

4.01

 

Reconciliation of net cash provided by operating activities to free cash flow:

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

$

566.6

 

 

$

390.8

 

 

$

1,002.4

 

 

$

1,366.3

 

 

$

1,901.8

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Purchase of property, plant and equipment

 

(433.0

)

 

 

(430.6

)

 

 

(271.1

)

 

 

(1,185.1

)

 

 

(663.0

)

 

 

Total special items

 

(433.0

)

 

 

(430.6

)

 

 

(271.1

)

 

 

(1,185.1

)

 

 

(663.0

)

Free cash flow

$

133.6

 

 

$

(39.8

)

 

$

731.3

 

 

$

181.2

 

 

$

1,238.8

 

 

ON SEMICONDUCTOR CORPORATION

RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES (Continued)

(in millions, except per share and percentage data)

 

 

Quarters Ended

 

 

 

December 31, 2022

 

March 31, 2023

 

June 30, 2023

 

September 29, 2023

 

Last Twelve Months

Net cash provided by operating activities

$

731.3

 

 

$

408.9

 

 

$

390.8

 

 

$

566.6

 

 

$

2,097.6

 

Purchase of property, plant and equipment

 

(342.0

)

 

 

(321.5

)

 

 

(430.6

)

 

 

(433.0

)

 

 

(1,527.1

)

Free cash flow

$

389.3

 

 

$

87.4

 

 

$

(39.8

)

 

$

133.6

 

 

$

570.5

 

 

 

 

 

 

 

 

 

 

 

Revenue

$

2,103.6

 

 

$

1,959.7

 

 

$

2,094.4

 

 

$

2,180.8

 

 

$

8,338.5

 


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