Saviynt Accelerates Global Expansion in Asia, Europe and the Middle East
El Segundo-headquartered Saviynt, a provider of cloud-native AI identity and governance platform solutions, has announced major global expansion initiatives, including the opening of new regional offices in Singapore and London, the launch of dedicated customer support operations in Europe, and plans for a significantly expanded office in India. These investments mark a new phase in Saviynt's rapid global growth and reinforce its position as the identity authority for enterprises worldwide.
Building on a record-breaking 2024 and continued demand for its AI-based Identity Cloud platform, Saviynt is deepening its presence in key markets across Asia-Pacific (APJ) and Europe, the Middle East and Africa (EMEA) regions. As identity security becomes the foundation of digital transformation and security, Saviynt's scalable, intelligent and converged platform is increasingly being chosen by enterprises to modernize and secure their identity infrastructure.
'This is an exciting time for Saviynt as we continue building on global momentum and investing in the regions where our customers and partners need us most,' said Paul Zolfaghari, president at Saviynt. 'Our new hubs across APJ, including India and Singapore, and our expanded presence across EMEA, are more than just geographic footprints. They are strategic growth engines enabling us to support millions of identities, deliver exceptional customer experiences and accelerate the global adoption of modern identity security.'
Saviynt's expanded Singapore office will serve as a regional hub for APJ, providing a base for customer success, solution delivery and partner enablement. With accelerating digital adoption in the region and increasing regulatory focus on identity governance, this expansion will ensure customers receive tailored, high-impact support.
'Asia Pacific is at the forefront of identity security transformation,' said Dan Mountstephen, senior vice president, APJ at Saviynt. 'India, Japan, Southeast Asia, and Australia-New Zealand are vastly different markets with unique cultural nuances and varying levels of identity maturity. Yet one unifying reality stands out: Identity remains the #1 attack surface in cyber breaches. Across the region, enterprises and governments are prioritizing cloud-first identity security platforms that are simple to adopt, deliver rapid time to value and solve a broad spectrum of use cases at scale. That's exactly where Saviynt leads – bringing smarter identity security to the heart of APJ.'
In Europe and the Middle East, Saviynt has significantly expanded its regional footprint to five core hubs, serving customers in over 15 countries. Along with a newly launched customer operations center in Poland, a regional office in London and new leadership in Amsterdam and Germany, the company has expanded across Iberia and is actively hiring leadership in Dubai to support its growing Middle East customer base. These hubs are designed to enhance regional delivery, strengthen partner collaboration and offer deeper identity expertise across diverse regulatory and business environments.
'From London to Warsaw, Amsterdam to Dubai and across the region, EMEA is a cornerstone of our global growth strategy,' said Brooks Wallace, senior vice president, EMEA at Saviynt. 'As demand accelerates across our enterprise account base, we're focused on delivering modern, scalable identity solutions that align with the strategic priorities of today's leading organizations – enabling them to strengthen security postures, meet complex compliance requirements and drive long-term digital transformation.'
In India, Saviynt is preparing to unveil a new office location to support its growing presence in the region, not only through engineering, product and support functions but also by expanding its go-to-market teams. With India playing a critical role in both global operations and regional growth, this move reflects Saviynt's long-term commitment to investing in world-class talent, customer engagement and market development.
Information sourced from Saviynt. To learn more, contact jacklyn.kellick@saviynt.com.
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onsemi Reports Second Quarter 2025 Results
Returned over 100% of free cash flow year-to-date through share repurchases SCOTTSDALE, Ariz., Aug. 04, 2025 (GLOBE NEWSWIRE) -- onsemi (the 'Company') (Nasdaq: ON) today announced its second quarter 2025 results with the following highlights: Revenue of $1,468.7 million GAAP gross margin and non-GAAP gross margin of 37.6% GAAP operating margin and non-GAAP operating margin of 13.2% and 17.3%, respectively GAAP diluted earnings per share and non-GAAP diluted earnings per share of $0.41 and $0.53, respectively Cash from operations of $184.3 million and free cash flow of $106.1 million 'Our ongoing transformation is resulting in a more predictable business model, reflecting the strength of our strategy and our commitment to long-term value creation. We are beginning to see signs of stabilization across our end markets, and we remain well-positioned to benefit from a market recovery,' said Hassane El-Khoury, president and CEO, onsemi. 'As we execute near-term priorities, we are positioning the company for long-term growth through investments in next-generation technologies to accelerate our market leadership.' Selected financial results for the quarter are shown below with comparable periods (unaudited): GAAP Non-GAAP (Revenue and Net Income (Loss) in millions) Q2 2025 Q1 2025 Q2 2024 Q2 2025 Q1 2025 Q2 2024 Revenue $1,468.7 $1,445.7 $1,735.2 $1,468.7 $1,445.7 $1,735.2 Gross Margin 37.6% 20.3% 45.2% 37.6% 40.0% 45.3% Operating Margin 13.2% (39.7)% 22.4% 17.3% 18.3% 27.5% Net Income (Loss) attributable to ON Semiconductor Corporation $170.3 ($486.1) $338.2 $221.3 $231.6 $412.1 Diluted Earnings (Loss) Per Share $0.41 ($1.15) $0.78 $0.53 $0.55 $0.96 Revenue Summary(in millions) (Unaudited) Quarters Ended Business Segment Q2 2025 Q1 2025 Q2 2024 Sequential Change Year-over-Year Change PSG $ 698.2 $ 645.1 $ 835.2 8% (16)% AMG 555.9 566.4 647.8 (2)% (14)% ISG 214.6 234.2 252.2 (8)% (15)% Total $ 1,468.7 $ 1,445.7 $ 1,735.2 2% (15)% THIRD QUARTER 2025 OUTLOOK The following table outlines onsemi's projected third quarter of 2025 GAAP and non-GAAP outlook. Total onsemiGAAP SpecialItems ** Total onsemiNon-GAAP*** Revenue $1,465 to $1,565 million - $1,465 to $1,565 million Gross Margin 36.4% to 38.4% 0.1% 36.5% to 38.5% Operating Expenses $294 to $309 million $14 million $280 to $295 million Other Income and Expense (including interest), net ($8 million) - ($8 million) Diluted Earnings Per Share $0.51 to $0.61 $0.03 $0.54 to $0.64 Diluted Shares Outstanding * 410 million - 410 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; restructuring-related cost of revenue charges; 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. TELECONFERENCE onsemi will host a conference call for the financial community at 9 a.m. Eastern Time (ET) on August 4, 2025 to discuss this announcement and onsemi's second quarter 2025 results. The Company will also provide a real-time audio webcast of the teleconference on the Investor Relations page of its website at The webcast replay will be available at this site approximately one hour following the live broadcast and will continue to be available for approximately 30 days following the conference call. Investors and interested parties can also access the conference call by pre-registering here. About onsemi onsemi (Nasdaq: ON) is driving disruptive innovations to help build a better future. With a focus on automotive and industrial end-markets, the company is accelerating change in megatrends such as vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure. onsemi offers a highly differentiated and innovative product portfolio, delivering intelligent power and sensing technologies that solve the world's most complex challenges and leads the way to creating a safer, cleaner, and smarter world. onsemi is included in the Nasdaq-100 Index® and S&P 500® index. Learn more about onsemi at onsemi and the onsemi logo are trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. Although the Company references its website in this news release, information on the website is not to be incorporated herein. Krystal Heaton Parag Agarwal Director, Head of Public Relations Vice President - Investor Relations & Corporate Development onsemi onsemi (480) 242-6943 (602) 244-3437 investor@ This document includes 'forward-looking statements,' as that term is defined in Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of historical facts, included or incorporated in this document could be deemed forward-looking statements, particularly statements about the future financial performance of onsemi, including financial guidance for the third quarter of 2025. Forward-looking statements are often characterized by the use of words such as 'believes,' 'estimates,' 'expects,' 'projects,' 'may,' 'will,' 'intends,' 'plans,' 'anticipates,' 'should' or similar expressions or by discussions of strategy, plans or intentions. All forward-looking statements in this document are made based on our current expectations, forecasts, estimates and assumptions and involve risks, uncertainties and other factors that could cause results or events to differ materially from those expressed in the forward-looking statements. Certain factors that could affect our future results or events are described under Part I, Item 1A 'Risk Factors' in the 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission ('SEC') on February 10, 2025 (the '2024 Form 10-K') and from time to time in our other SEC reports. Readers are cautioned not to place undue reliance on forward-looking statements. We assume no obligation to update such information, which speaks only as of the date made, except as may be required by law. Investing in our securities involves a high degree of risk and uncertainty, and you should carefully consider the trends, risks and uncertainties described in this document, our 2024 Form 10-K and other reports filed with or furnished to the SEC before making any investment decision with respect to our securities. If any of these trends, risks or uncertainties actually occurs or continues, our business, financial condition or operating results could be materially adversely affected, the trading prices of our securities could decline, and you could lose all or part of your investment. All forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by this cautionary statement. ON SEMICONDUCTOR CORPORATION UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS (in millions, except per share data) Quarters Ended Six Months Ended July 4, 2025 April 4, 2025 June 28, 2024 July 4, 2025 June 28, 2024 Revenue $ 1,468.7 $ 1,445.7 $ 1,735.2 $ 2,914.4 $ 3,597.9 Cost of revenue 916.8 1,151.9 951.2 2,068.7 1,960.3 Gross profit 551.9 293.8 784.0 845.7 1,637.6 Gross margin 37.6 % 20.3 % 45.2 % 29.0 % 45.5 % Operating expenses: Research and development 143.8 164.1 156.5 307.9 306.5 Selling and marketing 63.3 68.3 68.6 131.6 137.7 General and administrative 91.2 84.4 85.0 175.6 180.3 Amortization of acquisition-related intangible assets 11.0 11.4 12.9 22.4 25.5 Restructuring, asset impairments and other, net 49.2 539.3 72.5 588.5 73.9 Total operating expenses 358.5 867.5 395.5 1,226.0 723.9 Operating income (loss) 193.4 (573.7 ) 388.5 (380.3 ) 913.7 Other income (expense), net: Interest expense (17.9 ) (18.0 ) (15.7 ) (35.9 ) (31.3 ) Interest income 25.2 26.6 27.4 51.8 55.0 Other income 1.5 4.1 1.9 5.6 2.9 Other income (expense), net 8.8 12.7 13.6 21.5 26.6 Income (loss) before income taxes 202.2 (561.0 ) 402.1 (358.8 ) 940.3 Income tax (provision) benefit (30.5 ) 75.8 (63.7 ) 45.3 (148.2 ) Net income (loss) 171.7 (485.2 ) 338.4 (313.5 ) 792.1 Less: Net income attributable to non-controlling interest (1.4 ) (0.9 ) (0.2 ) (2.3 ) (0.9 ) Net income (loss) attributable to ON Semiconductor Corporation $ 170.3 $ (486.1 ) $ 338.2 $ (315.8 ) $ 791.2 Net income (loss) per share of common stock: Basic $ 0.41 $ (1.15 ) $ 0.79 $ (0.76 ) $ 1.85 Diluted $ 0.41 $ (1.15 ) $ 0.78 $ (0.76 ) $ 1.82 Weighted average common shares outstanding: Basic 414.6 421.3 429.1 418.0 428.6 Diluted 414.9 421.3 433.2 418.0 434.9 ON SEMICONDUCTOR CORPORATION UNAUDITED CONSOLIDATED BALANCE SHEETS (in millions) July 4, 2025 April 4, 2025 December 31, 2024 Assets Cash and cash equivalents $ 2,526.7 $ 2,762.5 $ 2,691.3 Short-term investments 300.0 250.0 300.0 Receivables, net 927.0 825.0 1,160.1 Inventories 2,087.1 2,078.2 2,242.0 Assets held-for-sale 63.5 45.7 5.3 Other current assets 447.1 365.1 353.3 Total current assets 6,351.4 6,326.5 6,752.0 Property, plant and equipment, net 3,714.9 3,840.5 4,361.4 Goodwill 1,641.6 1,641.6 1,587.9 Intangible assets, net 296.9 309.2 257.9 Deferred tax assets 754.8 745.5 729.9 ROU financing lease assets 39.3 39.9 40.5 Other assets 327.3 350.7 360.2 Total assets $ 13,126.2 $ 13,253.9 $ 14,089.8 Liabilities and Stockholders' Equity Accounts payable $ 474.3 $ 496.6 $ 574.5 Accrued expenses and other current liabilities 790.0 781.3 760.0 Current portion of financing lease liabilities 0.4 0.4 0.3 Total current liabilities 1,264.7 1,278.3 1,334.8 Long-term debt 3,350.7 3,348.3 3,345.9 Deferred tax liabilities 39.9 45.6 37.6 Long-term financing lease liabilities 23.7 21.6 20.7 Other long-term liabilities 486.0 511.2 536.3 Total liabilities 5,165.0 5,205.0 5,275.3 ON Semiconductor Corporation stockholders' equity: Common stock 6.2 6.2 6.2 Additional paid-in capital 5,451.1 5,411.4 5,372.2 Accumulated other comprehensive loss (50.4 ) (56.5 ) (62.4 ) Accumulated earnings 7,805.1 7,634.8 8,120.9 Less: Treasury stock, at cost (5,271.2 ) (4,966.0 ) (4,640.5 ) Total ON Semiconductor Corporation stockholders' equity 7,940.8 8,029.9 8,796.4 Non-controlling interest 20.4 19.0 18.1 Total stockholders' equity 7,961.2 8,048.9 8,814.5 Total liabilities and stockholders' equity $ 13,126.2 $ 13,253.9 $ 14,089.8 ON SEMICONDUCTOR CORPORATIONUNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (in millions) Quarters Ended Six Months Ended July 4, 2025 April 4, 2025 June 28, 2024 July 4,2025 June 28,2024 Cash flows from operating activities: Net income (loss) $ 171.7 $ (485.2 ) $ 338.4 $ (313.5 ) $ 792.1 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Depreciation and amortization 156.4 168.2 159.6 324.6 314.5 (Gain) loss on sale and disposal of fixed assets (5.8 ) — 0.9 (5.8 ) 1.0 Amortization of debt discount and issuance costs 2.8 2.9 2.9 5.7 5.6 Share-based compensation 34.4 33.9 32.3 68.3 65.3 Non-cash asset impairment charges 40.6 431.5 15.7 472.1 15.7 Change in deferred tax balances (18.5 ) (13.7 ) (27.9 ) (32.2 ) (76.5 ) Other 2.5 1.8 3.5 4.3 5.3 Changes in assets and liabilities (199.8 ) 462.9 (163.2 ) 263.1 (262.1 ) Net cash provided by operating activities 184.3 602.3 362.2 786.6 860.9 Cash flows from investing activities: Payments for acquisition of property, plant, and equipment (78.2 ) (147.6 ) (141.1 ) (225.8 ) (375.0 ) Proceeds from sale of property, plant and equipment 6.5 0.2 0.2 6.7 0.3 Purchase of short-term investments (300.0 ) (250.0 ) (450.0 ) (550.0 ) (450.0 ) Proceeds from the maturity of short-term investments 250.0 300.0 — 550.0 — Purchase of a business, net of cash acquired — (117.5 ) — (117.5 ) — Other — — — — (1.5 ) Net cash used in investing activities (121.7 ) (214.9 ) (590.9 ) (336.6 ) (826.2 ) Cash flows from financing activities: Proceeds for the issuance of common stock under the ESPP 5.3 5.3 5.5 10.6 13.1 Payment of tax withholding for RSUs (2.7 ) (22.4 ) (7.7 ) (25.1 ) (45.2 ) Repurchase of common stock (302.3 ) (300.1 ) (150.0 ) (602.4 ) (250.0 ) Payment of finance lease obligations (0.4 ) (0.4 ) (0.5 ) (0.8 ) (1.4 ) Net cash used in financing activities (300.1 ) (317.6 ) (152.7 ) (617.7 ) (283.5 ) Effect of exchange rate changes on cash, cash equivalents and restricted cash 1.9 2.0 (2.2 ) 3.9 (3.1 ) Net increase (decrease) in cash, cash equivalents and restricted cash (235.6 ) 71.8 (383.6 ) (163.8 ) (251.9 ) Beginning cash, cash equivalents and restricted cash 2,765.2 2,693.4 2,616.7 2,693.4 2,485.0 Ending cash, cash equivalents and restricted cash $ 2,529.6 $ 2,765.2 $ 2,233.1 $ 2,529.6 $ 2,233.1 ON SEMICONDUCTOR CORPORATIONRECONCILIATION OF GAAP VERSUS NON-GAAP DISCLOSURES(in millions, except per share and percentage data) Quarters Ended Six Months Ended July 4, 2025 April 4, 2025 June 28, 2024 July 4, 2025 June 28, 2024 Reconciliation of GAAP to non-GAAP gross profit: GAAP gross profit $ 551.9 $ 293.8 $ 784.0 $ 845.7 $ 1,637.6 Special items: a) Restructuring-related inventory and other charges (1.9 ) 283.4 — 281.5 — b) Amortization of acquisition-related intangible assets 1.3 1.3 1.6 2.6 3.1 c) Amortization of fair market value step-up of inventory 1.2 — — 1.2 — Total special items 0.6 284.7 1.6 285.3 3.1 Non-GAAP gross profit $ 552.5 $ 578.5 $ 785.6 $ 1,131.0 $ 1,640.7 Reconciliation of GAAP to non-GAAP gross margin: GAAP gross margin 37.6 % 20.3 % 45.2 % 29.0 % 45.5 % Special items: a) Restructuring-related inventory and other charges (0.1)% 19.6 % — % 9.7 % — % b) Amortization of acquisition-related intangible assets 0.1 % 0.1 % 0.1 % 0.1 % 0.1 % c) Amortization of fair market value step-up of inventory 0.1 % — % — % — % — % Total special items 0.1 % 19.7 % 0.1 % 9.8 % 0.1 % Non-GAAP gross margin 37.6 % 40.0 % 45.3 % 38.8 % 45.6 % Reconciliation of GAAP to non-GAAP operating expenses: GAAP operating expenses $ 358.5 $ 867.5 $ 395.5 $ 1,226.0 $ 723.9 Special items: a) Amortization of acquisition-related intangible assets (11.0 ) (11.4 ) (12.9 ) (22.4 ) (25.5 ) b) Restructuring, asset impairments and other charges, net (49.2 ) (539.3 ) (72.5 ) (588.5 ) (73.9 ) c) Third-party acquisition and divestiture-related costs (0.6 ) (2.3 ) (1.7 ) (2.9 ) (1.8 ) Total special items (60.8 ) (553.0 ) (87.1 ) (613.8 ) (101.2 ) Non-GAAP operating expenses $ 297.7 $ 314.5 $ 308.4 $ 612.2 $ 622.7 Reconciliation of GAAP to non-GAAP operating income: GAAP operating income (loss) $ 193.4 $ (573.7 ) $ 388.5 $ (380.3 ) $ 913.7 Special items: a) Restructuring-related inventory and other charges (1.9 ) 283.4 — 281.5 — b) Amortization of acquisition-related intangible assets 12.3 12.7 14.5 25.0 28.6 c) Restructuring, asset impairments and other charges, net 49.2 539.3 72.5 588.5 73.9 d) Third-party acquisition and divestiture-related costs 0.6 2.3 1.7 2.9 1.8 e) Amortization of fair market value step-up of inventory 1.2 — — 1.2 — Total special items 61.4 837.7 88.7 899.1 104.3 Non-GAAP operating income $ 254.8 $ 264.0 $ 477.2 $ 518.8 $ 1,018.0 Reconciliation of GAAP to non-GAAP operating margin: GAAP operating margin 13.2 % (39.7)% 22.4 % (13.0)% 25.4 % Special items: a) Restructuring related inventory and other charges (0.1)% 19.6 % — % 9.7 % — % b) Amortization of acquisition-related intangible assets 0.8 % 0.9 % 0.8 % 0.9 % 0.8 % c) Restructuring, asset impairments and other charges, net 3.3 % 37.3 % 4.2 % 20.2 % 2.1 % d) Third-party acquisition and divestiture-related costs — % 0.2 % 0.1 % 0.1 % 0.1 % e) Amortization of fair market value step-up of inventory 0.1 % — % — % — % — % Total special items 4.1 % 58.0 % 5.1 % 30.9 % 3.0 % Non-GAAP operating margin 17.3 % 18.3 % 27.5 % 17.8 % 28.3 % Reconciliation of GAAP to non-GAAP income before income taxes: GAAP income (loss) before income taxes $ 202.2 $ (561.0 ) $ 402.1 $ (358.8 ) $ 940.3 Special items: a) Restructuring-related inventory and other charges (1.9 ) 283.4 — 281.5 — b) Amortization of acquisition-related intangible assets 12.3 12.7 14.5 25.0 28.6 c) Restructuring, asset impairments and other charges, net 49.2 539.3 72.5 588.5 73.9 d) Third-party acquisition and divestiture-related costs 0.6 2.3 1.7 2.9 1.8 e) Amortization of fair market value step-up of inventory 1.2 — — 1.2 — Total special items 61.4 837.7 88.7 899.1 104.3 Non-GAAP income before income taxes $ 263.6 $ 276.7 $ 490.8 $ 540.3 $ 1,044.6 Reconciliation of GAAP to non-GAAP net income attributable to ON Semiconductor Corporation: GAAP net income (loss) attributable to ON Semiconductor Corporation $ 170.3 $ (486.1 ) $ 338.2 $ (315.8 ) $ 791.2 Special items: a) Restructuring-related inventory and other charges (1.9 ) 283.4 — 281.5 — b) Amortization of acquisition-related intangible assets 12.3 12.7 14.5 25.0 28.6 c) Restructuring, asset impairments and other charges, net 49.2 539.3 72.5 588.5 73.9 d) Third-party acquisition and divestiture-related costs 0.6 2.3 1.7 2.9 1.8 e) Amortization of fair market value step-up of inventory 1.2 — — 1.2 — f) Adjustment to Income taxes (10.4 ) (120.0 ) (14.8 ) (130.4 ) (18.9 ) Total special items 51.0 717.7 73.9 768.7 85.4 Non-GAAP net income attributable to ON Semiconductor Corporation $ 221.3 $ 231.6 $ 412.1 $ 452.9 $ 876.6 GAAP net income (loss) for diluted earnings per share $ 170.3 $ (486.1 ) $ 338.2 $ (315.8 ) $ 791.2 Non-GAAP net income for diluted earnings per share $ 221.3 $ 231.6 $ 412.1 $ 452.9 $ 876.6 Reconciliation of GAAP to non-GAAP diluted shares outstanding: GAAP diluted shares outstanding 414.9 421.3 433.2 418.0 434.9 Special items: a) Less: dilutive shares attributable to convertible notes — — (3.7 ) — (4.2 ) b) Add: dilutive shares attributable to share-based awards — 0.4 — 0.4 — Total special items — 0.4 (3.7 ) 0.4 (4.2 ) Non-GAAP diluted shares outstanding 414.9 421.7 429.5 418.4 430.7 Non-GAAP diluted earnings per share: Non-GAAP net income for diluted earnings per share $ 221.3 $ 231.6 $ 412.1 $ 452.9 $ 876.6 Non-GAAP diluted shares outstanding 414.9 421.7 429.5 418.4 430.7 Non-GAAP diluted earnings per share $ 0.53 $ 0.55 $ 0.96 $ 1.08 $ 2.04 Reconciliation of net cash provided by operating activities to free cash flow: Net cash provided by operating activities $ 184.3 $ 602.3 $ 362.2 $ 786.6 $ 860.9 Special items: a) Payments for acquisition of property, plant and equipment (78.2 ) (147.6 ) (141.1 ) (225.8 ) (375.0 ) Total special items (78.2 ) (147.6 ) (141.1 ) (225.8 ) (375.0 ) Free cash flow $ 106.1 $ 454.7 $ 221.1 $ 560.8 $ 485.9 Certain of the amounts in the above tables may not total due to rounding of individual amounts. FREE CASH FLOW Quarters Ended September 27, 2024 December 31, 2024 April 4, 2025 July 4, 2025 Last Twelve Months Net cash provided by operating activities $ 465.8 $ 579.7 $ 602.3 $ 184.3 $ 1,832.1 Payments for acquisition of property, plant and equipment (161.7 ) (157.3 ) (147.6 ) (78.2 ) (544.8 ) Free cash flow $ 304.1 $ 422.4 $ 454.7 $ 106.1 $ 1,287.3 Revenue $ 1,761.9 $ 1,722.5 $ 1,445.7 $ 1,468.7 $ 6,398.8 SHARE-BASED COMPENSATION Total share-based compensation related to restricted stock units, stock grant awards and the employee stock purchase plan was as follows: Quarters Ended Six Months Ended July 4, 2025 April 4, 2025 June 28, 2024 July 4, 2025 June 28, 2024 Cost of revenue $ 6.1 $ 6.0 $ 6.5 $ 12.1 $ 11.9 Research and development 6.3 6.3 6.4 12.6 12.1 Selling and marketing 4.9 4.7 5.4 9.6 10.6 General and administrative 17.1 16.9 14.0 34.0 30.7 Total share-based compensation $ 34.4 $ 33.9 $ 32.3 $ 68.3 $ 65.3 SUPPLEMENTAL FINANCIAL DATA Quarters Ended Six Months Ended July 4, 2025 April 4, 2025 June 28, 2024 July 4, 2025 June 28, 2024 Net cash provided by operating activities $ 184.3 $ 602.3 $ 362.2 $ 786.6 $ 860.9 Free cash flow $ 106.1 $ 454.7 $ 221.1 $ 560.8 $ 485.9 Cash paid for income taxes 65.0 $ 21.5 $ 221.3 $ 86.5 $ 244.9 Depreciation and amortization $ 156.4 $ 168.2 $ 159.6 $ 324.6 $ 314.5 Less: Amortization of acquisition-related intangible assets 12.3 12.7 14.5 25.0 28.6 Depreciation and amortization (excl. amortization of acquisition-related intangible assets) $ 144.1 $ 155.5 $ 145.1 $ 299.6 $ 285.9 To supplement the consolidated financial results prepared in accordance with GAAP, onsemi uses certain non-GAAP measures, which are adjusted from the most directly comparable GAAP measures to exclude items related to the amortization of acquisition-related intangibles, restructuring related cost of revenue charges, expensing of appraised inventory fair market value step-up, inventory valuation adjustments, in-process research and development expenses, restructuring, asset impairments and other, net, goodwill impairment charges, gains and losses on debt prepayment, non-cash interest expense, actuarial (gains) losses on pension plans and other pension benefits, third party acquisition and divestiture-related costs, tax impact of these items and certain other non-recurring items, as necessary. Management does not consider the effects of these items in evaluating the core operational activities of onsemi. Management uses these non-GAAP measures internally to make strategic decisions, forecast future results and evaluate onsemi's current performance. In addition, the Company believes that most analysts covering onsemi use the non-GAAP measures to evaluate onsemi's performance. Given management's and other relevant parties' use of these non-GAAP measures, onsemi believes these measures are important to investors in understanding onsemi's current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in onsemi's core business across different time periods. These non-GAAP measures are not prepared in accordance with, and should not be considered alternatives or necessarily superior to, GAAP financial data and may be different from non-GAAP measures used by other companies. 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. Non-GAAP Revenue The use of non-GAAP revenue allows management to evaluate, among other things, the revenue from the Company's core businesses and trends across different reporting periods on a consistent basis, independent of special items. In addition, non- GAAP revenue is an important component of management's internal performance measurement and incentive and reward process as it is used to assess the current and historical financial results of the business and for strategic decision making, preparing budgets, obtaining targets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate the Company's revenue generation performance relative to the direct costs of operations of onsemi's core businesses. Non-GAAP Gross Profit and Gross Margin The use of non-GAAP gross profit and gross margin allows management to evaluate, among other things, the gross profit and gross margin of the Company's core businesses and trends across different reporting periods on a consistent basis, independent of non-cash and non-recurring items including, generally speaking, restructuring related cost of revenue charges, expensing of appraised inventory fair market value step-up, impact of business wind down and non-recurring facility costs. In addition, it is an important component of management's internal performance measurement and incentive and reward process as it is used to assess the current and historical financial results of the business and for strategic decision making, preparing budgets, obtaining targets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate our operating performance independent of certain non-cash items and the effects of certain variables unrelated to our overall operating performance. Non-GAAP Operating Income and Operating Margin The use of non-GAAP operating income and operating margin allows management to evaluate, among other things, the operating income and operating margin of the Company's core businesses and trends across different reporting periods on a consistent basis, independent of non-cash and non-recurring items including, generally speaking, restructuring related cost of revenue charges, expensing of appraised inventory fair market value step-up, impact of business wind down, non-recurring facility costs, amortization and impairments of intangible assets, third party acquisition and divestiture-related costs, restructuring charges, asset impairments and certain other special items as necessary. In addition, it is an important component of management's internal performance measurement and incentive and reward process as it is used to assess the current and historical financial results of the business and for strategic decision making, preparing budgets, obtaining targets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate our operating performance independent of certain non-cash items and the effects of certain variables unrelated to our overall operating performance. Non-GAAP Net Income Attributable to ON Semiconductor Corporation and Non-GAAP Diluted Earnings Per Share The use of non-GAAP net income attributable to onsemi and non-GAAP diluted earnings per share allows management to evaluate the operating results of onsemi's core businesses and trends across different reporting periods on a consistent basis, independent of non-cash and non-recurring items including, generally, the restructuring related cost of revenue charges, amortization and impairments of intangible assets, expensing of appraised inventory fair market value step-up, impact of business wind down, non-recurring facility costs, restructuring, asset impairments, gains and losses on debt prepayment, actuarial (gains) losses on pension plans and other pension benefits, third party acquisition and divestiture-related costs, discrete tax items and other non-GAAP tax adjustments and certain other special items, as necessary. In addition, these measures are important components of management's internal performance measurement and incentive and reward process, as they are used to assess the current and historical financial results of the business and for strategic decision making, preparing budgets, setting targets and forecasting future results. For our non-GAAP reporting, we are utilizing a projected and normalized non-GAAP effective tax rate of 16%. We calculate this non-GAAP effective tax rate on an annual basis. We expect to use this normalized non-GAAP effective tax rate of 16% through 2025, however, we may update this non-GAAP effective tax rate at any time for a variety of reasons, including, but not limited to, the rapidly evolving global tax environment, significant changes in our geographic earnings mix or changes to our strategy or business operations. Management presents these non-GAAP financial measures to enable investors and analysts to understand the results of operations of onsemi's core businesses and, to the extent comparable, to compare our results of operations on a more consistent basis against those of other companies in our industry. Free Cash Flow The use of free cash flow allows management to evaluate, among other things, the ability of the Company to make interest or principal payments on its debt. Free cash flow is defined as the difference between cash flow from operating activities and capital expenditures disclosed under investing activities in the consolidated statement of cash flows. Free cash flow is not an alternative to cash flow from operating activities as a measure of liquidity. It is an important component of management's internal performance measurement and incentive and reward process as it is used to assess the current and historical financial results of the business and for strategic decision making, preparing budgets, obtaining targets and forecasting future results. Management presents this non-GAAP financial measure to enable investors and analysts to evaluate our financial performance independent of the cash capital expenditures. Non-GAAP Diluted Share Count The use of non-GAAP diluted share count allows management to evaluate, among other things, the potential dilution due to the outstanding restricted stock units excluding the dilution from the convertible notes that is covered by hedging activity up to a certain threshold. 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 includes the anti-dilutive impact of the Company's hedge transactions issued 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 are included in the diluted shares in to access your portfolio
USA Today
2 days ago
- USA Today
Ghosts of retailers' past: See what dead stores Spirit Halloween is reviving
Shoppers may find it spooky when they see their favorite Joann Fabrics, Big Lots or Forever 21 store is now a Spirit Halloween. According to Spirit Halloween's website, the Egg Harbor Township, New Jersey-headquartered company has "more than 1,500 seasonal locations in strip centers and malls across North America." Hundreds of these incoming stores will occupy spaces previously used by retailers that have since gone bankrupt, including Big Lots, Forever 21, Joann Fabrics, Party City, Circuit City, K-Mart and Rite Aid. Spirit's stores open at the end of the summer, while its online store is available year-round, according to the company. USA TODAY contacted Spirit Halloween on Saturday, Aug. 2, but has not received a response. Here are the bankrupt retailers whose spaces are being revived by Spirit Halloween. What bankrupt retailers will have spaces revived by Spirit Halloween? According to Spirit Halloween's location map, which shows incoming stores slated to open either in August or beyond, these are some notable bankrupt companies that will have their former spaces occupied by "the largest Halloween retailer in the country." How to check for upcoming Spirit Halloween locations Those looking to check whether a Spirit Halloween is opening in their area can visit the retailer's map, enter their city or postal code, and see where the nearest location is. The company announced in June that it is seeking 50,000 seasonal employees to support more than 1,500 retail locations it expects to open this year. Contributing: Mike Snider and Gabe Hauari, USA TODAY
Newsweek
2 days ago
- Newsweek
Legal Storm Hits America's Most Popular Real Estate Website
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. America's most popular real estate website, Zillow, has been hit by a new lawsuit this week as rival platform CoStar Group claims it has illegally used tens of thousands of its watermarked images. It is the second legal battle facing Zillow this summer, after New York-headquartered real estate brokerage Compass filed an antitrust lawsuit against it in late June alleging that Zillow's new listing policy restricts competition and harms consumers. While the two cases are very different, Ladah Law Firm's trial attorney Ramzy Ladah told Newsweek that the two lawsuits converge on the same question: "How much power a dominant digital portal may wield over the lifeblood of residential real estate, which is timely, accurate listing data, and the media that sells it?" One lawsuit essentially asks whether a platform can police distribution rules in a way that disadvantages rivals; the other asks whether that same platform can lawfully display content it did not license. "Together, they test the outer limits of platform control in housing," Ladah said. Newsweek contacted Zillow for comment by email on Wednesday but did not receive a response. What Are the Lawsuits About? CoStar Group, which owns the website LoopNet, and filed its lawsuit against Zillow on Wednesday, accusing the company of posting 46,979 of their copyrighted real estate listing photos without their permission. According to the lawsuit, filed in a federal court in Manhattan, Zillow's use of CoStar Group's images undermined its ability to stand out against competitors, particularly for rental units. "Zillow's theft of tens of thousands of CoStar Group's copyrighted photographs is nothing short of outrageous," Andy Florance, CoStar Group's founder and CEO, said in a press release on Wednesday. "Zillow is profiting from decades of CoStar Group work and the billions of dollars we have invested. Even worse, Zillow is magnifying its infringement on Redfin and he added. "If these other sites do not immediately remove our images, we will have no choice but to sue them as well. We are committed to stopping this systematic infringement and holding the wrongdoers to account." Compass filed its antitrust lawsuit in June after months of back-and-forth between the two companies over Zillow's policy to ban private home listings. Essentially, the policy means that if a home seller or their agent markets a property off Zillow for more than one day, then that home cannot be listed on its platforms. The lawsuit, filed in the U.S. District Court for the Southern District of New York, alleges that "Zillow has sought to rely on anticompetitive tactics to protect its monopoly and revenues in violation of the antitrust laws." Zillow has denied having engaged in anticompetitive tactics, saying that the company has always stood for "transparency and equal access to information" while "Compass has been waging a campaign against market transparency to the detriment of consumers and agents." The practice of taking a home off Zillow and test prices elsewhere, Zillow said, makes the housing market less transparent. "Zillow's 'Zillow Ban' policy can force agents to play by their rules if they want visibility. This puts pressure on independent firms that use private listings or want to test pricing before going public," Keely Smith, the lead interior designer at JD Elite Interiors, told Newsweek. "It might seem like an agent problem, but when listings get funneled through a single pipeline, it narrows options for everyone. I've seen sellers struggle with fewer marketing avenues and buyers miss out on homes that don't show up on the first few pages of a Zillow search," she added. "It chips away at the flexibility and local knowledge that smaller brokerages bring to the table." While CoStar is asking for a permanent injunctive relief and "a substantial award of damages" that could reach up to $1 billion, Compass is asking for an injunction that would prohibit Zillow from implementing and enforcing its ban or similar policies. "The antitrust case asks whether platform rules have crossed the line from hard bargaining into unlawful maintenance of dominance," Ladah told Newsweek. "The copyright case asks whether the race to comprehensive inventory has led to sloppy or overbroad content ingestion." Legal Storm Hits America's Most Popular Real Estate Website Legal Storm Hits America's Most Popular Real Estate Website Newsweek Illustration/Canva/Getty What Does This Mean for the US Real Estate Market? If Compass prevails in its case, Zillow and other similar portals "may need to relax rules that penalize off-platform or delayed marketing," Ladah said. That, in turn, could increase the diversity of channels through which consumers find homes and reduce the gravitational pull of any single portal—chipping away at the power that Zillow has gained in the past couple of decades. A Compass' victory might also "erode the incentive for aggregators to invest in data quality and consumer tools if they cannot require prompt, comprehensive inclusion," Ladah added. "Courts often weigh those tradeoffs under the rule of reason, and remedies can be tailored, so a likely outcome is not a free-for-all but a narrowing of permanent exclusion coupled with clearer, less punitive compliance paths." If CoStar wins its case and establishes widespread, unlicensed use of its material by Zillow, "the result will be tighter provenance controls, more robust license audits, and possibly a re-pricing of photo rights across the ecosystem," Ladah said. "That would push portals and MLSs to adopt stronger hash-matching, metadata preservation, and takedown workflows, and it would push brokerages to obtain clean, written licenses from photographers that explicitly cover syndication to every endpoint where a listing may appear." While this is all very technical, these lawsuits could have a direct impact on homebuyers as well. A check on Zillow's dominance on the real estate market, Ladah said, "could surface more listings across a wider set of sites, which feels pro-consumer at first glance," but "the countervailing risk is fragmentation." "If agents feel freer to run staggered or private campaigns, or if portals reduce cross-syndication to mitigate copyright exposure, some homes may be harder to discover in one place," Ladah said. "The net outcome will depend on whether courts and the industry can maintain broad, near-real-time sharing while curbing exclusionary rules and tightening IP compliance." Home sellers, on the other hand, are currently often limited by policies that force immediate publication to a single platform. "If those policies soften, sellers and listing agents may regain leverage to calibrate visibility without risking permanent banishment from high-traffic sites," Ladah said. The outcomes of these two legal battles, Ladah explained, are likely to influence not only how Zillow operates, but also how the entire digital architecture of U.S. homebuying and renting is organized. "A win for Compass or CoStar would likely democratize access and strengthen IP compliance, with some risk of short-term fragmentation," he said. "A clean sweep for Zillow would entrench the current gatekeeper model and reward strict distribution discipline, which could preserve consistency and consumer familiarity at the possible expense of competition at the margins." Either way, Ladah said, the message for the market is the same. "Treat access rules and content rights as core legal infrastructure, not housekeeping. The next phase of real estate's digital era will be built on whichever of those two pillars the courts reinforce," he said.
