Cash Flow Statement
Quarterly Data

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

ON Semiconductor Corp., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Mar 29, 2024	Dec 31, 2023	Sep 29, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jul 1, 2022	Apr 1, 2022	Dec 31, 2021	Oct 1, 2021	Jul 2, 2021	Apr 2, 2021	Dec 31, 2020	Oct 2, 2020	Jul 3, 2020	Apr 3, 2020	Dec 31, 2019	Sep 27, 2019	Jun 28, 2019	Mar 29, 2019
Net income (loss)	453,700)	563,400)	582,900)	577,100)	462,200)	604,300)	311,900)	456,600)	531,000)	426,400)	310,400)	184,100)	90,300)	89,800)	161,200)	(900)	(13,700)	56,900)	(60,000)	102,900)	114,100)
Depreciation and amortization	154,900)	160,300)	155,400)	148,800)	145,000)	133,200)	139,600)	138,400)	140,600)	140,300)	149,900)	153,100)	153,400)	153,800)	156,200)	153,900)	161,200)	162,000)	151,300)	144,000)	135,800)
(Gain) loss on sale or disposal of fixed assets	100)	4,300)	2,500)	3,600)	1,200)	500)	(16,500)	—)	(16,600)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
(Gain) loss on divestiture of business	—)	—)	100)	(500)	1,100)	(64,900)	(200)	(1,900)	—)	—)	(10,200)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Loss on debt prepayment	—)	—)	—)	—)	13,300)	(200)	—)	7,300)	—)	2,800)	—)	26,200)	—)	—)	—)	—)	—)	—)	5,800)	400)	—)
Amortization of debt discount and issuance costs	2,700)	2,600)	2,900)	2,900)	2,900)	2,400)	2,600)	2,800)	3,200)	2,700)	2,900)	2,700)	2,400)	3,000)	3,100)	3,000)	3,000)	3,100)	3,300)	3,400)	3,200)
Share-based compensation	33,000)	30,700)	31,100)	31,600)	27,700)	24,300)	26,900)	27,100)	22,500)	27,200)	22,700)	29,100)	22,300)	16,500)	17,500)	18,000)	15,700)	17,700)	14,700)	27,300)	19,700)
Non-cash interest on convertible notes	—)	—)	—)	—)	—)	—)	—)	—)	—)	7,100)	7,000)	6,000)	4,600)	8,800)	10,100)	9,800)	9,500)	9,900)	9,500)	9,300)	9,100)
Non-cash asset impairment charges	—)	6,800)	—)	—)	12,700)	—)	11,900)	—)	6,700)	—)	3,300)	1,400)	6,100)	3,300)	7,000)	7,100)	1,400)	500)	2,900)	400)	1,200)
Goodwill and intangible asset impairment charges	—)	—)	—)	—)	—)	—)	271,800)	115,000)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Change in deferred tax balances	(48,600)	(18,700)	(79,400)	(28,100)	(1,500)	67,700)	(71,300)	(31,600)	38,300)	22,900)	44,200)	18,500)	(23,200)	26,500)	(136,800)	6,700)	(19,000)	400)	(21,500)	3,300)	29,000)
Other	1,800)	(6,200)	10,800)	(2,300)	(7,000)	(500)	(700)	800)	500)	1,800)	2,200)	2,000)	(1,700)	3,800)	4,600)	(1,300)	200)	2,800)	(2,900)	5,800)	(3,900)
Receivables	55,000)	24,600)	(31,400)	(68,300)	(37,700)	19,400)	277,200)	(237,200)	(107,200)	(98,200)	(42,400)	14,200)	(9,900)	52,900)	(59,300)	(14,900)	52,700)	11,000)	(2,600)	13,700)	(17,400)
Inventories	(35,700)	(26,900)	(120,500)	(149,700)	(198,100)	(38,300)	(12,400)	(67,800)	(116,700)	(51,300)	(18,000)	(11,500)	(42,000)	25,800)	(600)	(32,000)	(19,500)	8,200)	29,900)	(3,500)	—)
Other assets	(88,200)	(12,900)	43,200)	(84,400)	54,800)	(61,900)	2,900)	(50,700)	(800)	9,100)	(35,500)	(6,400)	9,900)	(32,800)	(30,700)	(2,400)	5,900)	(5,100)	(21,100)	(8,000)	(400)
Accounts payable	3,000)	(64,100)	(2,000)	(79,100)	53,500)	(30,600)	10,700)	22,400)	35,700)	45,100)	(6,400)	23,100)	8,900)	30,800)	1,100)	14,700)	(12,400)	(1,900)	11,900)	(31,100)	(58,800)
Accrued expenses and other current liabilities	(5,900)	4,600)	(7,900)	(20,700)	(154,600)	91,700)	(4,400)	92,400)	(83,200)	68,300)	(5,800)	48,600)	12,800)	(5,500)	10,000)	(5,400)	(17,600)	(196,000)	128,100)	(35,400)	(98,400)
Other long-term liabilities	(27,100)	(57,300)	(21,100)	59,900)	33,400)	(15,800)	52,400)	(52,800)	24,600)	22,400)	24,600)	(3,100)	(15,400)	23,700)	20,000)	(1,800)	(1,400)	22,200)	(7,100)	(9,900)	5,000)
Changes in assets and liabilities	(98,900)	(132,000)	(139,700)	(342,300)	(248,700)	(35,500)	326,400)	(293,700)	(247,600)	(4,600)	(83,500)	64,900)	(35,700)	94,900)	(59,500)	(41,800)	7,700)	(161,600)	139,100)	(74,200)	(170,000)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	45,000)	47,800)	(16,300)	(186,300)	(53,300)	127,000)	690,500)	(35,800)	(52,400)	200,200)	138,500)	303,900)	128,200)	310,600)	2,200)	155,400)	179,700)	34,800)	302,200)	119,700)	24,100)
Net cash provided by operating activities	498,700)	611,200)	566,600)	390,800)	408,900)	731,300)	1,002,400)	420,800)	478,600)	626,600)	448,900)	488,000)	218,500)	400,400)	163,400)	154,500)	166,000)	91,700)	242,200)	222,600)	138,200)
Purchase of property, plant and equipment	(222,400)	(390,500)	(433,000)	(430,600)	(321,500)	(342,000)	(271,100)	(218,100)	(173,800)	(169,600)	(93,200)	(104,800)	(77,000)	(116,400)	(61,600)	(73,300)	(132,300)	(112,400)	(111,700)	(153,500)	(157,000)
Proceeds from sale of property, plant and equipment	100)	1,200)	200)	900)	1,700)	100)	20,800)	1,500)	36,700)	7,400)	—)	6,400)	200)	4,800)	600)	900)	—)	400)	100)	1,400)	—)
Deposits (made) utilized for purchases of property, plant and equipment	(11,500)	4,100)	12,900)	36,200)	(16,700)	22,700)	(22,300)	(33,000)	1,600)	(25,900)	(18,700)	(2,400)	(400)	(100)	1,800)	(1,700)	2,200)	4,800)	100)	9,800)	(10,100)
Divestiture of business, net of cash transferred	—)	—)	—)	—)	—)	172,600)	—)	77,600)	12,900)	3,600)	3,400)	—)	—)	—)	—)	—)	—)	200)	—)	5,000)	—)
Purchase of available-for-sale securities	—)	—)	—)	—)	—)	—)	(1,700)	(8,500)	(7,800)	(5,100)	(43,800)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from sale or maturity of available-for-sale securities	—)	—)	12,700)	10,000)	10,800)	4,800)	10,200)	10,400)	3,400)	1,400)	2,800)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Payments related to acquisition of business	—)	—)	—)	—)	(236,300)	—)	—)	—)	(2,400)	(399,400)	—)	—)	—)	—)	—)	—)	(4,500)	—)	(21,000)	(867,000)	—)
Settlement of purchase price from previous acquisition	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	26,000)	—)	—)	—)	—)
Purchase of license and deposit made for manufacturing facility	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(100,000)	—)	—)	—)	—)	—)	(100,000)	—)
Other	(1,500)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash used in investing activities	(235,300)	(385,200)	(407,200)	(383,500)	(562,000)	(141,800)	(264,100)	(170,100)	(129,400)	(587,600)	(149,500)	(100,800)	(77,200)	(211,700)	(59,200)	(74,100)	(108,600)	(107,000)	(132,500)	(1,104,300)	(167,100)
Proceeds for the issuance of common stock under the ESPP	7,600)	5,900)	6,700)	5,900)	7,300)	4,700)	5,700)	4,700)	7,800)	5,000)	6,200)	5,700)	6,600)	5,800)	6,400)	3,900)	7,500)	6,600)	5,800)	6,400)	7,400)
Proceeds from exercise of stock options	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	400)	400)	400)	500)
Payment of tax withholding for RSUs	(37,500)	(4,400)	(5,900)	(8,900)	(47,600)	(10,700)	(4,100)	(4,500)	(58,800)	(4,700)	(2,200)	(3,500)	(28,500)	(2,900)	(500)	(600)	(16,000)	(1,900)	(4,400)	(1,100)	(26,100)
Repurchase of common stock	(100,000)	(300,200)	(99,900)	(60,100)	(104,000)	(92,900)	(77,200)	(89,700)	—)	—)	—)	—)	—)	—)	—)	—)	(65,400)	—)	(13,200)	(50,800)	(75,000)
Issuance and borrowings under debt agreements	—)	—)	—)	375,000)	1,470,000)	—)	—)	500,000)	—)	—)	—)	787,300)	—)	—)	693,000)	—)	1,165,000)	—)	500,500)	899,800)	4,500)
Reimbursement of debt issuance and other financing costs	—)	—)	—)	—)	4,500)	—)	—)	—)	—)	—)	—)	2,700)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Payment of debt issuance and other financing costs	—)	(700)	(400)	(6,500)	(4,800)	—)	—)	—)	—)	—)	(300)	(3,500)	—)	(200)	(2,200)	—)	—)	(2,100)	(17,200)	(4,700)	—)
Repayment of borrowings under debt agreements	—)	(119,600)	(100)	(390,000)	(1,213,700)	(20,500)	(2,700)	(502,700)	(4,100)	(51,700)	(4,100)	(1,060,600)	(154,100)	(759,300)	(1,204,300)	(4,300)	(56,000)	(14,300)	(541,500)	(26,400)	(12,200)
Release of escrow related to prior acquisition	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(10,400)	—)	—)
Payment for purchase of bond hedges	—)	—)	—)	—)	(414,000)	—)	—)	—)	—)	—)	—)	(160,300)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from issuance of warrants	—)	—)	—)	—)	242,500)	—)	—)	—)	—)	—)	—)	93,800)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Payments related to prior acquisition	—)	(5,800)	—)	—)	—)	(9,200)	—)	—)	—)	(200)	(700)	(200)	(2,100)	(600)	(2,800)	(600)	(4,900)	(5,200)	—)	—)	—)
Payment of financing lease obligations	(900)	(5,000)	(1,700)	(5,000)	(3,600)	1,000)	(1,600)	(10,900)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(200)	(200)	(200)	(200)
Dividend to non-controlling shareholder	—)	(2,400)	—)	—)	—)	(2,100)	—)	—)	(2,200)	—)	—)	—)	—)	(5,000)	—)	—)	—)	(2,300)	—)	—)	—)
Net cash provided by (used in) financing activities	(130,800)	(432,200)	(101,300)	(89,600)	(63,400)	(129,700)	(79,900)	(103,100)	(57,300)	(51,600)	(1,100)	(338,600)	(178,100)	(762,200)	(510,400)	(1,600)	1,030,200)	(19,000)	(80,200)	823,400)	(101,100)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(900)	400)	(500)	(1,100)	100)	800)	(600)	(1,900)	(700)	(300)	(200)	—)	(800)	200)	300)	(100)	200)	(200)	100)	300)	—)
Net increase (decrease) in cash, cash equivalents and restricted cash	131,700)	(205,800)	57,600)	(83,400)	(216,400)	460,600)	657,800)	145,700)	291,200)	(12,900)	298,100)	48,600)	(37,600)	(573,300)	(405,900)	78,700)	1,087,800)	(34,500)	29,600)	(58,000)	(130,000)

Net Income Trends: Net income exhibited significant volatility over the examined periods, with both negative and positive swings. The company experienced losses around late 2019 and early 2020 followed by a strong recovery and substantial gains through 2021 and into early 2024. The peaks in net income notably occurred in late 2021 and the end of 2022, with some moderation but sustained profitability thereafter.
Depreciation and Amortization: Depreciation and amortization expenses remained relatively stable over time, fluctuating moderately around 140,000 to 160,000 thousand US dollars per quarter, showing a slight decline towards the later periods.
Non-Cash Adjustments and Impairments: Non-cash asset impairment charges increased significantly in occasional quarters, especially in mid-2022, with a notable goodwill and intangible asset impairment charge appearing in 2022. Non-cash interest on convertible notes, while generally present, decreased substantially after 2020.
Changes in Deferred Tax Balances: Deferred tax balances showed large fluctuations with several quarters experiencing substantial negative adjustments, particularly in 2019, 2020, and intermittently thereafter. These swings contributed to volatility in tax-related financial metrics.
Working Capital Components: Receivables and inventories exhibited considerable volatility without a clear consistent trend, at times significantly positive or negative. Accounts payable and accrued expenses also showed large and irregular movements, suggesting dynamic operational activity and possible working capital management adjustments throughout the periods.
Cash Flows from Operating Activities: Operating cash flows grew markedly over the periods, with a sharp increase from 2019 levels and reaching a peak in late 2022. Despite fluctuations, positive cash flow generation was consistent indicating strong operational cash conversion.
Investing Activities: Significant capital expenditures related to property, plant, and equipment were consistent and increased notably towards the later quarters, particularly from 2021 onwards. Proceeds from asset sales were generally minor in comparison. The company also engaged in multiple acquisitions with substantial cash outflows involved.
Financing Activities: Financing cash flows reflected frequent debt issuances and repayments with substantial variation in magnitude. The company issued and repaid large volumes of debt at various points, including major borrowings in mid-2020 and again in early 2023. Additionally, common stock repurchases were sizable during later years, indicating returning value to shareholders. Proceeds from equity issuances provided consistent but smaller inflows.
Overall Liquidity Movement: Cash and cash equivalents fluctuated heavily, with some quarters experiencing large inflows notably linked to financing and operational cash activities, particularly in early 2020 and late 2022. Periods of net cash decreases in late 2020 and 2023 reflect the impact of investing and financing outflows exceeding inflows during those quarters.
Additional Observations: Several one-time expenses and gains related to debt prepayment, divestitures, and purchase price settlements were recognized sporadically and influenced quarterly profitability and cash flow patterns. Share-based compensation costs increased steadily over the periods, contributing to non-cash expenses. Exchange rate effects on cash were minor relative to overall cash movements.

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ON Semiconductor Corp. (NASDAQ:ON)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data