onsemi Reports Third Quarter 2024 Results

UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)

 

Quarters Ended

 

Nine Months Ended

 

September 27,
2024

 

June 28, 2024

 

September 29,
2023

 

September 27,
2024

 

September 29,
2023

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net income

$

402.7

 

 

$

338.4

 

 

$

582.9

 

 

$

1,194.8

 

 

$

1,622.2

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

 

Depreciation and amortization

 

161.8

 

 

 

159.6

 

 

 

155.4

 

 

 

476.3

 

 

 

449.2

 

Loss on sale and disposal of fixed assets

 

4.1

 

 

 

0.9

 

 

 

2.5

 

 

 

5.1

 

 

 

7.3

 

Loss on divestiture of businesses

 

 

 

 

 

 

 

0.1

 

 

 

 

 

 

0.7

 

Loss on debt prepayment

 

 

 

 

 

 

 

 

 

 

 

 

 

13.3

 

Amortization of debt discount and issuance costs

 

3.6

 

 

 

2.9

 

 

 

2.9

 

 

 

9.2

 

 

 

8.7

 

Share-based compensation

 

32.7

 

 

 

32.3

 

 

 

31.1

 

 

 

98.0

 

 

 

90.4

 

Non-cash asset impairment charges

 

 

 

 

15.7

 

 

 

 

 

 

15.7

 

 

 

12.7

 

Change in deferred tax balances

 

(45.6

)

 

 

(27.9

)

 

 

(79.4

)

 

 

(122.1

)

 

 

(109.0

)

Other

 

1.7

 

 

 

3.5

 

 

 

10.8

 

 

 

7.0

 

 

 

1.5

 

Changes in assets and liabilities

 

(95.2

)

 

 

(163.2

)

 

 

(139.7

)

 

 

(357.3

)

 

 

(730.7

)

Net cash provided by operating activities

 

465.8

 

 

 

362.2

 

 

 

566.6

 

 

 

1,326.7

 

 

 

1,366.3

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

 

Purchase of Property, Plant and Equipment (“PP&E”)

 

(172.2

)

 

 

(154.5

)

 

 

(433.0

)

 

 

(549.1

)

 

 

(1,185.1

)

Deposits and proceeds from sale of PP&E

 

0.3

 

 

 

0.2

 

 

 

0.2

 

 

 

0.6

 

 

 

2.8

 

Deposits utilized for purchase of PP&E

 

10.5

 

 

 

13.4

 

 

 

12.9

 

 

 

12.4

 

 

 

32.4

 

Purchase of short-term investments

 

(300.0

)

 

 

(450.0

)

 

 

 

 

 

(750.0

)

 

 

 

Proceeds from sale or maturity of short-term investments and available-for-sale securities

 

450.0

 

 

 

 

 

 

12.7

 

 

 

450.0

 

 

 

33.5

 

Purchase of a business, net of cash acquired

 

(20.5

)

 

 

 

 

 

 

 

 

(20.5

)

 

 

 

Payments related to acquisition of business

 

 

 

 

 

 

 

 

 

 

 

 

 

(236.3

)

Other

 

 

 

 

 

 

 

 

 

 

(1.5

)

 

 

 

Net cash used in investing activities

 

(31.9

)

 

 

(590.9

)

 

 

(407.2

)

 

 

(858.1

)

 

 

(1,352.7

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

 

Proceeds for the issuance of common stock under the ESPP

 

6.5

 

 

 

5.5

 

 

 

6.7

 

 

 

19.6

 

 

 

19.9

 

Payment of tax withholding for RSUs

 

(3.1

)

 

 

(7.7

)

 

 

(5.9

)

 

 

(48.3

)

 

 

(62.4

)

Repurchase of common stock

 

(200.0

)

 

 

(150.0

)

 

 

(100.0

)

 

 

(450.0

)

 

 

(264.0

)

Issuance and borrowings under debt agreements

 

 

 

 

 

 

 

 

 

 

 

 

 

1,845.0

 

Reimbursement of debt issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

4.5

 

Payment of debt issuance and other financing costs

 

 

 

 

 

 

 

(0.3

)

 

 

 

 

 

(11.7

)

Repayment of borrowings under debt agreements

 

 

 

 

 

 

 

(0.1

)

 

 

 

 

 

(1,603.8

)

Payment for purchase of bond hedges

 

 

 

 

 

 

 

 

 

 

 

 

 

(414.0

)

Proceeds from issuance of warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

242.5

 

Payment of finance lease obligations

 

(0.4

)

 

 

(0.5

)

 

 

(1.7

)

 

 

(1.8

)

 

 

(10.3

)

Net cash used in financing activities

 

(197.0

)

 

 

(152.7

)

 

 

(101.3

)

 

 

(480.5

)

 

 

(254.3

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

2.4

 

 

 

(2.2

)

 

 

(0.5

)

 

 

(0.7

)

 

 

(1.5

)

Net increase (decrease) in cash, cash equivalents and restricted cash

 

239.3

 

 

 

(383.6

)

 

 

57.6

 

 

 

(12.6

)

 

 

(242.2

)

Beginning cash, cash equivalents and restricted cash

 

2,233.1

 

 

 

2,616.7

 

 

 

2,633.2

 

 

 

2,485.0

 

 

 

2,933.0

 

Ending cash, cash equivalents and restricted cash

$

2,472.4

 

 

$

2,233.1

 

 

$

2,690.8

 

 

$

2,472.4

 

 

$

2,690.8

 

 

ON SEMICONDUCTOR CORPORATION

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