onsemi Reports Third Quarter 2024 Results

(in millions)
(Unaudited)

 

Quarters Ended

 

 

Business Segment(1)

Q3 2024

Q2 2024

Q3 2023

Sequential
Change

Year-over-
Year Change

PSG

$

829.4

$

835.2

$

1,076.5

(1)%

(23)%

AMG

 

653.7

 

647.8

 

775.7

1 %

(16)%

ISG

 

278.8

 

252.2

 

328.6

11 %

(15)%

Total

$

1,761.9

$

1,735.2

$

2,180.8

2 %

(19)%

 

(1) During the first quarter of 2024, the Company reorganized certain reporting units and its segment reporting structure. As a result of the reorganization of divisions within PSG and AMG, the prior-period amounts have been reclassified to conform to current-period presentation.

FOURTH QUARTER 2024 OUTLOOK

The following table outlines onsemi’s projected fourth quarter of 2024 GAAP and non-GAAP outlook.

 

Total onsemi
GAAP

 

Special
Items **

 

Total onsemi
Non-GAAP***

Revenue

$1,710 to $1,810 million

 

-

 

$1,710 to $1,810 million

Gross Margin

43.9% to 45.9%

 

0.1%

 

44.0% to 46.0%

Operating Expenses

$313 to $328 million

 

$13 million

 

$300 to $315 million

Other Income and Expense (including interest), net

($12 million)

 

-

 

($12 million)

Diluted Earnings Per Share

$0.88 to $1.00

 

$0.04

 

$0.92 to $1.04

Diluted Shares Outstanding *

431 million

 

4 million

 

427 million

*

Diluted shares outstanding can vary as a result of, among other things, the vesting of restricted stock units, the incremental dilutive shares from the convertible notes, and the repurchase or the issuance of stock or convertible notes or the sale of treasury shares. In periods when the quarterly average stock price per share exceeds $52.97 for the 0% Notes, and $103.87 for the 0.50% Notes, the non-GAAP diluted share count and non-GAAP net income per share include the anti-dilutive impact of the hedge transactions entered concurrently with the 0% Notes, and the 0.50% Notes, respectively. At an average stock price per share between $52.97 and $74.34 for the 0% Notes, and $103.87 and $156.78 for the 0.50% Notes, the hedging activity offsets the potentially dilutive effect of the 0% Notes, and the 0.50% Notes, respectively. In periods when the quarterly average stock price exceeds $74.34 for the 0% Notes, and $156.78 for the 0.50% Notes, the dilutive impact of the warrants issued concurrently with such notes is included in the diluted shares outstanding. GAAP and non-GAAP diluted share counts are based on either the previous quarter's average stock price or the stock price as of the last day of the previous quarter, whichever is higher.

 

**

Special items may include: amortization of acquisition-related intangibles; expensing of appraised inventory fair market value step-up; non-recurring facility costs; in-process research and development expenses; restructuring, asset impairments and other, net; goodwill impairment charges; gains and losses on debt prepayment; actuarial (gains) losses on pension plans and other pension benefits; and certain other special items, as necessary. These special items are out of our control and could change significantly from period to period. As a result, we are not able to reasonably estimate and separately present the individual impact or probable significance of these special items, and we are similarly unable to provide a reconciliation of the non-GAAP measures. The reconciliation that is unavailable would include a forward-looking income statement, balance sheet and statement of cash flows in accordance with GAAP. For this reason, we use a projected range of the aggregate amount of special items in order to calculate our projected non-GAAP operating expense outlook.
 

***

We believe these non-GAAP measures provide important supplemental information to investors. We use these measures, together with GAAP measures, for internal managerial purposes and as a means to evaluate period-to-period comparisons. However, we do not, and you should not, rely on non-GAAP financial measures alone as measures of our performance. We believe that non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when taken together with GAAP results and the reconciliations to corresponding GAAP financial measures that we also provide in our releases, provide a more complete understanding of factors and trends affecting our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures, even if they have similar names.

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