Revenue (USD, millions)

Cost of revenue (USD, millions)

Gross profit (USD, millions)

Research and development (USD, millions)

Selling and marketing (USD, millions)

General and administrative (USD, millions)

Amortization of acquisition-related intangible assets (USD, millions)

Restructuring, asset impairments and other charges, net (USD, millions)

Total operating expenses (USD, millions)

Operating income (USD, millions)

Interest expense (USD, millions)

Interest income (USD, millions)

Other income (expense) (USD, millions)

Other income (expense), net (USD, millions)

Income before income taxes (USD, millions)

Income tax provision (USD, millions)

Net income (USD, millions)

Less: Net income attributable to non-controlling interest (USD, millions)

Net income attributable to ON Semiconductor Corporation (USD, millions)

e13be238c6ab551b1cdf765236684010f5d222decb2879938da75abc9b4c3579

Depreciation and amortization (USD, millions)

Amortization of debt discount and issuance costs (USD, millions)

Share-based compensation (USD, millions)

Non-cash asset impairment charges (USD, millions)

Change in deferred tax balances (USD, millions)

Other adjustments to net income (USD, millions)

Receivables, changes in assets and liabilities (USD, millions)

Inventories, changes in assets and liabilities (USD, millions)

Other assets, changes in assets and liabilities (USD, millions)

Accounts payable, changes in assets and liabilities (USD, millions)

Accrued expenses and other current liabilities, changes in assets and liabilities (USD, millions)

Other long-term liabilities, changes in assets and liabilities (USD, millions)

Net cash provided by operating activities (USD, millions)

Purchase of property, plant and equipment (USD, millions)

Purchase of short-term investments (USD, millions)

Proceeds from sale or maturity of short-term investments and available-for-sale securities (USD, millions)

Purchase of a business, net of cash acquired (USD, millions)

Other investing activities (USD, millions)

Net cash used in investing activities (USD, millions)

Proceeds for the issuance of common stock under the ESPP (USD, millions)

Payment of tax withholding for RSUs (USD, millions)

Repurchase of common stock (USD, millions)

Payment of financing lease obligations (USD, millions)

Net cash used in financing activities (USD, millions)

Effect of exchange rate changes on cash, cash equivalents and restricted cash (USD, millions)

Net decrease/increase in cash, cash equivalents and restricted cash (USD, millions)

Cash, cash equivalents and restricted cash, beginning of period (USD, millions)

Cash, cash equivalents and restricted cash, end of period (USD, millions)

c72faa38387ce0793037b3a273cdd0e1428a6d94407c7c72bbe9a0d9b9937432

The drop in **Cash and cash equivalents** in Q2 2024 was primarily driven by a combination of factors. First, the cash generated from operating activities decreased from **$498.7 million** in the previous quarter to **$362.2 million** in Q2 2024. Additionally, the company used **$590.9 million** for investing activities, mainly due to significant capital expenditures and the purchase of short-term investments, and **$152.7 million** was used in financing activities, including share repurchases and other costs. Finally, a negative impact of **$2.2 million** from exchange rate changes also contributed to the decline. These factors together led to a net decrease of **$383.6 million** during the quarter.  **[0001193125-24-186735_d858048dex991.htm:5]** 

Why did Cash and cash equivalents drop in Q2 2024?

The documents indicate that **net receivables increased from $935.4 million as of December 31, 2023, to $1,070.6 million as of September 27, 2024**. However, they do not provide specific reasons for what drove this increase.  **[0001193125-24-244677_d901571dex991.htm:4]** **[0001628280-24-043880_on-20240927.htm:2]** 

What drove the increase in Receivables, net in Q3 2024?

Accrued expenses and other current liabilities were higher in Q3 2024 primarily due to a significant accrued restructuring balance related to the company’s 2024 Business Realignment. This restructuring led to severance costs, related benefit expenses, and other charges approximating **$70 million** during the nine months ended September 27, 2024, with **$63 million** remaining accrued for employees who have not yet been terminated or relocated. This change contributed to an increase from **$663.2 million** as of December 31, 2023, to **$734.3 million** as of September 27, 2024.  **[0001628280-24-043880_on-20240927.htm:2]** **[0001193125-24-244677_d901571dex991.htm:4]** **[0001628280-24-043880_on-20240927.htm:13]** 

Why are Accrued expenses and other current liabilities higher in Q3 2024?

Based on the documents, **Other current assets** declined from **532.2 million USD in Q2 2024**  **[0001628280-24-033229_on-20240628.htm:2]**  to **461.1 million USD in Q3 2024**.  **[0001628280-24-043880_on-20240927.htm:2]**  However, the documents do not provide any specific reasons for this decline.  **[0001628280-24-043880_on-20240927.htm:2]** 

What caused the decline in Other current assets in Q3 2024?

38daea0977b3bb786e178a766ee45d583e72389997ff5713e43948f72f47839d

Cash and cash equivalents (USD, millions)

Short-term investments (USD, millions)

Receivables, net (USD, millions)

Inventories (USD, millions)

Other current assets (USD, millions)

Total current assets (USD, millions)

Property, plant and equipment, net (USD, millions)

Goodwill (USD, millions)

Intangible assets, net (USD, millions)

Deferred tax assets (USD, millions)

ROU financing lease assets (USD, millions)

Other assets (USD, millions)

Total assets (USD, millions)

Accounts payable (USD, millions)

Accrued expenses and other current liabilities (USD, millions)

Current portion of financing lease liabilities (USD, millions)

Total current liabilities (USD, millions)

Long-term debt (USD, millions)

Deferred tax liabilities (USD, millions)

Long-term financing lease liabilities (USD, millions)

Other long-term liabilities (USD, millions)

Total liabilities (USD, millions)

Common stock (USD, millions)

Additional paid-in capital (USD, millions)

Accumulated other comprehensive loss (USD, millions)

Accumulated earnings (USD, millions)

Less: Treasury stock, at cost (USD, millions)

Total ON Semiconductor Corporation stockholders’ equity (USD, millions)

Non-controlling interest (USD, millions)

Total stockholders’ equity (USD, millions)

Total liabilities and stockholders’ equity (USD, millions)

1dacc834c5ed94a57d8744f42427291989d93ef140c5e780f80075f36d58f30d

Adjustments for Non-Cash Items [USD, Millions]

Stock-Based Compensation [USD, Millions]

Changes in Working Capital [USD, Millions]

Capital Expenditures (CapEx) [USD, Millions]

Proceeds from / Repayments of Debt [USD, Millions]

Share Repurchases [USD, Millions]

Dividend Payments [USD, Millions]

Net Change in Cash [USD, Millions]

141fb1f2fb7ed7bce63b94a13f3365bbceade4502f5d901f36fc26a661413c48

6975f1287b21e1e14309fb3253ff29388ac247053f1d326f6a0ff981a04bffaf

Total Revenue [USD, Millions]

Cost of Goods Sold (COGS) [USD, Millions]

SG&A [USD, Millions]

R&D [USD, Millions]

D&A [USD, Millions]

Interest Expense [USD, Millions]

Operating Income (EBIT) [USD, Millions]

Net Income [USD, Millions]

EPS - Basic [USD, Per Share]

EPS - Diluted [USD, Per Share]

d76ea04509484cbb9b227e84c7522598ed2ed265b39167ce18c0082d5a0d8eac

Total Remaining Performance Obligations for Long-term Supply Agreements (USD billions)

Percentage of Remaining Performance Obligations for Long-term Supply Agreements Recognized in Next 12 Months (percentage)

3a7527730eff42e0e0316e91b14c726884417c4ad3d668c137970d29e90117a3

61a1be85f8c2485b4f85e99635b0429c988e91325895744e2ca65ec0cf28c1e2

Hong Kong

Singapore

United Kingdom

United States

China

Japan

Other

Total Revenue

835a7e3dab10463050301086f4a5e9ce9af6275bea8b3cb8570f105b8aa6eb21

ON SEMICONDUCTOR (ON)

Financials