ON Semiconductor(US:ON)2024-04-29 12:07Financial Performance - Revenue for Q1 2024 was $1,862.7 million, a decrease of 8% sequentially from Q4 2023 and a decrease of 5% year-over-year from Q1 2023[2] - Net income attributable to ON Semiconductor Corporation for Q1 2024 was $453.0 million, compared to $562.7 million in Q4 2023 and $461.7 million in Q1 2023[2] - Diluted earnings per share for Q1 2024 was $1.04, down from $1.28 in Q4 2023 and up from $1.03 in Q1 2023[2] - Non-GAAP net income attributable to ON Semiconductor Corporation was $464.5 million for the quarter, compared to $540.9 million in the prior quarter, reflecting a decrease of approximately 14.1%[23] - Revenue for the quarter was $2,094.4 million, compared to $2,180.8 million in the previous quarter, indicating a decline of about 3.9%[27] Margins and Profitability - GAAP gross margin for Q1 2024 was 45.8%, down from 46.7% in Q4 2023 and 46.8% in Q1 2023[2] - Non-GAAP gross profit for Q1 2024 was $855.1 million, slightly down from $916.8 million in Q1 2023, indicating a decline of 6.7%[21] - Non-GAAP operating income for Q1 2024 was $540.8 million, down from $630.8 million in Q1 2023, reflecting a decline of 14.3%[21] - Cash flows from operating activities totaled $498.7 million for Q1 2024, an increase from $408.9 million in Q1 2023, marking a growth of 22.0%[19] Cash Flow and Shareholder Returns - Free cash flow increased approximately 3x year-over-year, with nearly 100% returned to shareholders through stock repurchases[3] - The company repurchased $100.0 million of common stock during the quarter, compared to $104.0 million in the same quarter last year[19] - Free cash flow for the quarter was $276.3 million, an increase from $220.7 million in the prior quarter[27] Future Projections - The company projects Q2 2024 revenue to be between $1,680 million and $1,780 million, with a gross margin forecast of 44.1% to 46.1%[7] - Operating expenses for Q2 2024 are expected to be between $327 million and $342 million[7] Balance Sheet and Assets - Total assets increased to $13,482.9 million as of March 29, 2024, up from $13,215.2 million at December 31, 2023, representing a growth of 2.0%[17] - Total liabilities decreased to $5,340.3 million as of March 29, 2024, down from $5,807.3 million a year earlier, a reduction of 8.1%[17] - Long-term debt remained stable at $2,544.1 million as of March 29, 2024, compared to $2,538.0 million a year earlier[17] Operational Changes - onsemi has reorganized certain reporting units and its segment reporting structure during Q1 2024[5] - The PSG segment reported revenue of $965.5 million in Q1 2024, a 2% increase year-over-year but a 9% decrease sequentially[5] Tax and Depreciation - Cash paid for income taxes was $23.6 million for the quarter, significantly lower than $100.8 million in the previous quarter[27] - Depreciation and amortization for the quarter was $154.9 million, slightly down from $160.3 million in the previous quarter[27]