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ON Semiconductor(ON) - 2024 Q4 - Annual Results
ONON Semiconductor(ON)2025-02-10 13:05

Revenue Performance - Fourth quarter revenue was 1,722.5million,adecreaseof151,722.5 million, a decrease of 15% year-over-year from 2,018.1 million in Q4 2023[2] - Full year 2024 revenue totaled 7,082.3million,down147,082.3 million, down 14% from 8,253.0 million in 2023[3] - Revenue for the quarter ended December 31, 2024, was 1,722.5million,adecreaseof16.41,722.5 million, a decrease of 16.4% compared to 2,018.1 million for the same quarter in 2023[18] - Total revenue for the quarter was 1,862.7million,showingaslightincreasefrom1,862.7 million, showing a slight increase from 1,735.2 million in the previous quarter[28] Profitability Metrics - Fourth quarter GAAP gross margin was 45.2%, compared to 46.7% in Q4 2023, while non-GAAP gross margin was 45.3%[4] - Fourth quarter net income attributable to onsemi was 379.9million,downfrom379.9 million, down from 562.7 million in Q4 2023[2] - The company reported a diluted earnings per share of 0.88forQ42024,downfrom0.88 for Q4 2024, down from 1.28 in Q4 2023[2] - Operating income decreased to 408.6millionforthequarter,comparedto408.6 million for the quarter, compared to 612.1 million in the same quarter of 2023, reflecting a decline of 33.2%[18] - Net income attributable to ON Semiconductor Corporation for the quarter was 379.9million,downfrom379.9 million, down from 562.7 million in the same quarter of 2023, representing a decrease of 32.5%[18] - Non-GAAP operating income for the year ended December 31, 2024, was 1,973.9million,comparedto1,973.9 million, compared to 2,665.2 million for the previous year, indicating a decline of 26.0%[24] - Non-GAAP diluted earnings per share for the quarter was 0.95,downfrom0.95, down from 0.99 in the previous quarter, reflecting a decrease of approximately 4.0%[26] Cash Flow and Financial Discipline - Full year 2024 free cash flow reached 1.2billion,representinga3001.2 billion, representing a 300% increase year-over-year[4] - The company returned 54% of its 2024 free cash flow through share repurchases[1] - Net cash provided by operating activities for the quarter was 579.7 million, an increase from 465.8millioninthepreviousquarter[22]−Freecashflowforthequarterwas465.8 million in the previous quarter[22] - Free cash flow for the quarter was 422.4 million, compared to 304.1millioninthepriorquarter,representingasignificantincreaseofapproximately38.9304.1 million in the prior quarter, representing a significant increase of approximately 38.9%[30] - The company plans to maintain financial discipline and streamline operations amid market volatility[1] Balance Sheet Highlights - Total current assets increased to 6,752.0 million as of December 31, 2024, compared to 5,912.3millionayearearlier,markingagrowthof14.25,912.3 million a year earlier, marking a growth of 14.2%[20] - Cash and cash equivalents rose to 2,691.3 million, up from 2,483.0millioninthepreviousyear,indicatinganincreaseof8.42,483.0 million in the previous year, indicating an increase of 8.4%[20] - Total liabilities decreased to 5,275.3 million from 5,414.6millionyear−over−year,areductionof2.65,414.6 million year-over-year, a reduction of 2.6%[20] - ON Semiconductor Corporation's total stockholders' equity increased to 8,814.5 million as of December 31, 2024, compared to 7,800.6millionayearearlier,representingagrowthof12.97,800.6 million a year earlier, representing a growth of 12.9%[20] Research and Development - Research and development expenses increased to 155.2 million for the quarter, compared to $150.2 million in the same quarter last year, reflecting a rise of 3.3%[18] Market Focus - The automotive and industrial markets remain a focus for onsemi, driving innovations in vehicle electrification and sustainable energy[11]