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On Semiconductor 8-K Report, Financial Results (Feb 10, 2025)

Reports
Earnings & Results·Exhibits & Filings
Filing Date
Filed February 10, 2025
Period End
February 10, 2025
Security
ON
In the record · 2016–202610-K1110-Q338-K162

ON filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 162 current reports (8-K) between 2016 and 2026.

  1. Leadership change8-K · Oct ’18Oct ’18
  2. Leadership change8-K · Oct ’20Oct ’20
  3. Impairment8-K · Sep ’22Sep ’22
  4. Material agreement8-K · Nov ’26Nov ’26

01—Abstract

Summary

Summary of the 8-K filed February 10, 2025. Cited figures are marked; the original filing is the authoritative source.

onsemi (Nasdaq: ON) reported results for the fourth quarter and fiscal year ended December 31, 2024 in a news release furnished as Exhibit 99.1 to this Form 8-K, dated February 10, 2025.

Fourth-quarter revenue was $1,722.5 milliona, down from $1,761.9 million in Q3 2024 and $2,018.1 million in Q4 2023. Fourth-quarter GAAP diluted earnings per share were $0.88 and non-GAAP diluted EPS were $0.95, compared with $0.93 GAAP and $0.99 non-GAAP in the prior quarter. GAAP gross margin was 45.2% and non-GAAP gross margin was 45.3%.

For full year 2024, revenue was $7,082.3 millionb versus $8,253.0 million in 2023, and GAAP diluted EPS was $3.63 versus $4.89 a year earlier. The company said it returned 54% of 2024 free cash flow through share repurchases, and full-year 2024 free cash flow was $1.2 billion, a 3X increase year-over-year. CEO Hassane El-Khoury said the company continues to navigate a market downturn and that 2025 remains uncertain, while the company remains committed to its long-term strategy, maintaining financial discipline, streamlining operations and delivering intelligent power and sensing solutions.

Full-year 2024 repurchases of common stock totaled $654.1 millionc in the cash flow statement. Balance sheet cash and cash equivalents were $2,691.3 million at December 31, 2024, and long-term debt rose to $3,345.9 million from $2,547.2 million at September 27, 2024, while current portion of long-term debt went to zero from $796.4 million. For the first quarter of 2025, onsemi guided to revenue of $1,350 million to $1,450 million, non-GAAP gross margin of 39.0% to 41.0%, and non-GAAP diluted EPS of $0.45 to $0.55, with GAAP diluted EPS of $0.42 to $0.52.

The company also disclosed that it expects 2025 to remain uncertain and will hold a conference call at 9 a.m. Eastern Time on February 10, 2025.

02—Key points

Key Highlights

  1. Q4 2024 revenue of $1,722.5 million, down from $1,761.9 million in Q3 2024 and $2,018.1 million in Q4 2023
  2. Q4 2024 GAAP diluted EPS of $0.88 and non-GAAP diluted EPS of $0.95, versus $1.28 GAAP and $1.25 non-GAAP in Q4 2023
  3. Full-year 2024 revenue of $7,082.3 million, compared with $8,253.0 million in 2023, and GAAP diluted EPS of $3.63 versus $4.89
  4. Full-year 2024 free cash flow of $1.2 billion, a 3X increase year-over-year, with 54% returned to shareholders through share repurchases
  5. Q1 2025 guidance: revenue of $1,350 million to $1,450 million and non-GAAP diluted EPS of $0.45 to $0.55
  6. Segment revenue for Q4 2024: PSG $809.4 million, AMG $610.6 million, ISG $302.5 million; ISG was the only segment up sequentially, at 9%
  7. Long-term debt increased to $3,345.9 million at December 31, 2024 from $2,547.2 million at September 27, 2024, while current debt was repaid to zero

03—Questions

Frequently Asked Questions

  1. How did onsemi perform in the fourth quarter of 2024?

    Revenue was $1,722.5 million, down 2% sequentially from $1,761.9 million and down 15% year-over-year from $2,018.1 million. GAAP gross margin was 45.2% and GAAP operating margin was 23.7%. GAAP diluted EPS was $0.88, and non-GAAP diluted EPS was $0.95.

  2. What is the company's first-quarter 2025 outlook?

    onsemi projects first-quarter 2025 revenue of $1,350 million to $1,450 million, GAAP gross margin of 38.9% to 40.9% and non-GAAP gross margin of 39.0% to 41.0%, and GAAP diluted EPS of $0.42 to $0.52 versus non-GAAP diluted EPS of $0.45 to $0.55.

  3. How much cash did onsemi generate and return to shareholders in 2024?

    Full-year 2024 free cash flow was $1.2 billion, a 3X increase year-over-year, and the company stated it returned 54% of that free cash flow through share repurchases. The cash flow statement shows $654.1 million of common stock repurchases for the year.

  4. What did management say about the outlook for 2025?

    CEO Hassane El-Khoury said the company continues to navigate a market downturn, that 2025 remains uncertain, and that onsemi remains committed to its long-term strategy, financial discipline, streamlining operations, and delivering intelligent power and sensing solutions.

  5. How did the balance sheet change during the quarter?

    Cash and cash equivalents rose to $2,691.3 million at December 31, 2024 from $2,470.2 million at September 27, 2024. Long-term debt increased to $3,345.9 million from $2,547.2 million, and the current portion of long-term debt was $0 compared with $796.4 million in the prior quarter.

04—Continue

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