onsemi Reports Third Quarter 2024 Results

RECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES (Continued)
(in millions, except per share and percentage data)

 

 

 

Quarters Ended

 

Nine Months Ended

 

 

 

September 27,
2024

 

June 28, 2024

 

September 29,
2023

 

September 27,
2024

 

September 29,
2023

Reconciliation of GAAP to non-GAAP gross profit:

 

 

 

 

 

 

 

 

 

GAAP gross profit

$

799.4

 

 

$

784.0

 

 

$

1,030.7

 

 

$

2,437.0

 

 

$

2,941.6

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Impact of business wind down

 

 

 

 

 

 

 

 

 

 

 

 

 

(3.9

)

 

b)

Amortization of acquisition-related intangible assets

 

1.6

 

 

 

1.6

 

 

 

1.4

 

 

 

4.7

 

 

 

4.2

 

 

 

Total special items

 

1.6

 

 

 

1.6

 

 

 

1.4

 

 

 

4.7

 

 

 

0.3

 

Non-GAAP gross profit

$

801.0

 

 

$

785.6

 

 

$

1,032.1

 

 

$

2,441.7

 

 

$

2,941.9

 

Reconciliation of GAAP to non-GAAP gross margin:

 

 

 

 

 

 

 

 

 

GAAP gross margin

 

45.4

%

 

 

45.2

%

 

 

47.3

%

 

 

45.5

%

 

 

47.2

%

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Impact of business wind down

 

%

 

 

%

 

 

%

 

 

%

 

 

(0.1

)%

 

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

 

45.5

%

 

 

45.3

%

 

 

47.3

%

 

 

45.6

%

 

 

47.2

%

Reconciliation of GAAP to non-GAAP operating expenses:

 

 

 

 

 

 

 

 

 

GAAP operating expenses

$

354.0

 

 

$

395.5

 

 

$

343.7

 

 

$

1,077.9

 

 

$

1,015.0

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Amortization of acquisition-related intangible assets

 

(13.0

)

 

 

(12.9

)

 

 

(12.0

)

 

 

(38.5

)

 

 

(39.0

)

 

b)

Restructuring, asset impairments and other, net

 

(29.1

)

 

 

(72.5

)

 

 

(9.4

)

 

 

(103.0

)

 

 

(63.5

)

 

c)

Third party acquisition and divestiture-related costs

 

(7.4

)

 

 

(1.7

)

 

 

(0.1

)

 

 

(9.2

)

 

 

1.2

 

 

 

Total special items

 

(49.5

)

 

 

(87.1

)

 

 

(21.5

)

 

 

(150.7

)

 

 

(101.3

)

Non-GAAP operating expenses

$

304.5

 

 

$

308.4

 

 

$

322.2

 

 

$

927.2

 

 

$

913.7

 

Reconciliation of GAAP to non-GAAP operating income:

 

 

 

 

 

 

 

 

 

GAAP operating income

$

445.4

 

 

$

388.5

 

 

$

687.0

 

 

$

1,359.1

 

 

$

1,926.6

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Impact of business wind down

 

 

 

 

 

 

 

 

 

 

 

 

 

(3.9

)

 

b)

Amortization of acquisition-related intangible assets

 

14.6

 

 

 

14.5

 

 

 

13.4

 

 

 

43.2

 

 

 

43.2

 

 

c)

Restructuring, asset impairments and other, net

 

29.1

 

 

 

72.5

 

 

 

9.4

 

 

 

103.0

 

 

 

63.5

 

 

d)

Third party acquisition and divestiture-related costs

 

7.4

 

 

 

1.7

 

 

 

0.1

 

 

 

9.2

 

 

 

(1.2

)

 

 

Total special items

 

51.1

 

 

 

88.7

 

 

 

22.9

 

 

 

155.4

 

 

 

101.6

 

Non-GAAP operating income

$

496.5

 

 

$

477.2

 

 

$

709.9

 

 

$

1,514.5

 

 

$

2,028.2

 

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

 

 

 

 

 

 

 

 

 

GAAP operating margin

 

25.3

%

 

 

22.4

%

 

 

31.5

%

 

 

25.4

%

 

 

30.9

%

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Impact of business wind down

 

%

 

 

%

 

 

%

 

 

%

 

 

(0.1

)%

 

b)

Amortization of acquisition-related intangible assets

 

0.8

%

 

 

0.8

%

 

 

0.6

%

 

 

0.8

%

 

 

0.7

%

 

c)

Restructuring, asset impairments and other, net

 

1.7

%

 

 

4.2

%

 

 

0.4

%

 

 

1.9

%

 

 

1.0

%

 

d)

Third party acquisition and divestiture-related costs

 

0.4

%

 

 

0.1

%

 

 

%

 

 

0.2

%

 

 

%

 

 

Total special items

 

2.9

%

 

 

5.1

%

 

 

1.1

%

 

 

2.9

%

 

 

1.6

%

Non-GAAP operating margin

 

28.2

%

 

 

27.5

%

 

 

32.6

%

 

 

28.3

%

 

 

32.5

%

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

 

 

 

 

 

 

 

 

 

GAAP income before income taxes

$

454.6

 

 

$

402.1

 

 

$

697.5

 

 

$

1,394.9

 

 

$

1,924.9

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Impact of business wind down

 

 

 

 

 

 

 

 

 

 

 

 

 

(3.9

)

 

b)

Amortization of acquisition-related intangible assets

 

14.6

 

 

 

14.5

 

 

 

13.4

 

 

 

43.2

 

 

 

43.2

 

 

c)

Restructuring, asset impairments and other, net

 

29.1

 

 

 

72.5

 

 

 

9.4

 

 

 

103.0

 

 

 

63.5

 

 

d)

Third party acquisition and divestiture-related costs

 

7.4

 

 

 

1.7

 

 

 

0.1

 

 

 

9.2

 

 

 

(1.2

)

 

e)

Loss on debt prepayment

 

 

 

 

 

 

 

 

 

 

 

 

 

13.3

 

 

f)

Loss on divestiture of business

 

 

 

 

 

 

 

0.1

 

 

 

 

 

 

0.7

 

 

 

Total special items

 

51.1

 

 

 

88.7

 

 

 

23.0

 

 

 

155.4

 

 

 

115.6

 

Non-GAAP income before income taxes

$

505.7

 

 

$

490.8

 

 

$

720.5

 

 

$

1,550.3

 

 

$

2,040.5

 

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

 

 

 

 

 

 

 

 

 

GAAP net income attributable to ON Semiconductor Corporation

$

401.7

 

 

$

338.2

 

 

$

582.7

 

 

$

1,192.9

 

 

$

1,621.0

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Impact of business wind down

 

 

 

 

 

 

 

 

 

 

 

 

 

(3.9

)

 

b)

Amortization of acquisition-related intangible assets

 

14.6

 

 

 

14.5

 

 

 

13.4

 

 

 

43.2

 

 

 

43.2

 

 

c)

Restructuring, asset impairments and other, net

 

29.1

 

 

 

72.5

 

 

 

9.4

 

 

 

103.0

 

 

 

63.5

 

 

d)

Third party acquisition and divestiture-related costs

 

7.4

 

 

 

1.7

 

 

 

0.1

 

 

 

9.2

 

 

 

(1.2

)

 

e)

Loss on debt prepayment

 

 

 

 

 

 

 

 

 

 

 

 

 

13.3

 

 

f)

Loss on divestiture of a business

 

 

 

 

 

 

 

0.1

 

 

 

 

 

 

0.7

 

 

g)

Income taxes

 

(29.0

)

 

 

(14.8

)

 

 

2.7

 

 

 

(47.9

)

 

 

(21.2

)

 

 

Total special items

 

22.1

 

 

 

73.9

 

 

 

25.7

 

 

 

107.5

 

 

 

94.4

 

Non-GAAP net income attributable to ON Semiconductor Corporation

$

423.8

 

 

$

412.1

 

 

$

608.4

 

 

$

1,300.4

 

 

$

1,715.4

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP net income for diluted earnings per share

$

401.7

 

 

$

338.2

 

 

$

583.1

 

 

$

1,192.9

 

 

$

1,622.2

 

Non-GAAP net income for diluted earnings per share

$

423.8

 

 

$

412.1

 

 

$

608.8

 

 

$

1,300.4

 

 

$

1,716.6

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of GAAP to non-GAAP diluted shares outstanding:

 

 

 

 

 

 

 

 

 

GAAP diluted shares outstanding

 

431.7

 

 

 

433.2

 

 

 

450.7

 

 

 

433.8

 

 

 

449.3

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Less: dilutive shares attributable to convertible notes

 

(4.1

)

 

 

(3.7

)

 

 

(11.4

)

 

 

(4.2

)

 

 

(10.2

)

 

 

Total special items

 

(4.1

)

 

 

(3.7

)

 

 

(11.4

)

 

 

(4.2

)

 

 

(10.2

)

Non-GAAP diluted shares outstanding

 

427.6

 

 

 

429.5

 

 

 

439.3

 

 

 

429.6

 

 

 

439.1

 

Non-GAAP diluted earnings per share:

 

 

 

 

 

 

 

 

 

Non-GAAP net income for diluted earnings per share

$

423.8

 

 

$

412.1

 

 

$

608.8

 

 

$

1,300.4

 

 

$

1,716.6

 

Non-GAAP diluted shares outstanding

 

427.6

 

 

 

429.5

 

 

 

439.3

 

 

 

429.6

 

 

 

439.1

 

Non-GAAP diluted earnings per share

$

0.99

 

 

$

0.96

 

 

$

1.39

 

 

$

3.03

 

 

$

3.91

 

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

 

 

 

 

 

 

 

 

 

Net cash provided by operating activities

$

465.8

 

 

$

362.2

 

 

$

566.6

 

 

$

1,326.7

 

 

$

1,366.3

 

 

Special items:

 

 

 

 

 

 

 

 

 

 

a)

Purchase of property, plant and equipment

 

(172.2

)

 

 

(154.5

)

 

 

(433.0

)

 

 

(549.1

)

 

 

(1,185.1

)

 

 

Total special items

 

(172.2

)

 

 

(154.5

)

 

 

(433.0

)

 

 

(549.1

)

 

 

(1,185.1

)

Free cash flow

$

293.6

 

 

$

207.7

 

 

$

133.6

 

 

$

777.6

 

 

$

181.2

 


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