Cash Flow Statement

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

US$ in thousands

12 months ended:	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Net income	2,185,600)	1,903,800)	1,011,200)	236,400)	213,900)
Depreciation and amortization	609,500)	551,800)	596,700)	625,100)	593,100)
(Gain) loss on sale or disposal of fixed assets	11,600)	(32,600)	—)	—)	—)
(Gain) loss on divestiture of businesses	700)	(67,000)	(10,200)	—)	—)
Loss on debt refinancing and prepayment	13,300)	7,100)	29,000)	—)	6,200)
Amortization of debt discount and issuance costs	11,300)	11,000)	10,700)	12,100)	13,000)
Share-based compensation	121,100)	100,800)	101,300)	67,700)	79,400)
Non-cash interest on convertible notes	—)	—)	24,700)	38,200)	37,800)
Non-cash asset impairment charges	19,500)	18,600)	10,800)	18,800)	5,000)
Goodwill and Intangible asset impairment charges	—)	386,800)	—)	—)	—)
Change in deferred tax balances	(127,700)	3,100)	62,400)	(122,600)	11,200)
Other	(4,700)	100)	4,300)	7,300)	1,800)
Receivables	(112,800)	(47,800)	(136,300)	31,400)	4,700)
Inventories	(495,200)	(235,200)	(122,800)	(26,300)	34,600)
Other assets	700)	(110,500)	(22,900)	(60,000)	(34,600)
Accounts payable	(91,700)	38,200)	70,700)	34,200)	(79,900)
Accrued expenses and other current liabilities	(178,600)	96,500)	123,900)	(18,500)	(201,700)
Other long-term liabilities	14,900)	8,400)	28,500)	40,500)	10,200)
Changes in assets and liabilities, exclusive of acquisitions and divestitures	(862,700)	(250,400)	(58,900)	1,300)	(266,700)
Adjustments to reconcile net income to net cash provided by operating activities	(208,100)	729,300)	770,800)	647,900)	480,800)
Net cash provided by operating activities	1,977,500)	2,633,100)	1,782,000)	884,300)	694,700)
Purchase of property, plant and equipment	(1,575,600)	(1,005,000)	(444,600)	(383,600)	(534,600)
Proceeds from sale of property, plant and equipment	4,000)	59,100)	14,000)	6,300)	1,900)
Deposits (made) utilized for purchases of property, plant and equipment	36,500)	(31,000)	(47,400)	2,200)	4,600)
Payments related to acquisition of business, net of cash acquired	(236,300)	(2,400)	(399,400)	(4,500)	(888,000)
Divestiture of business, net of cash transferred and proceeds from escrow	—)	263,100)	7,000)	—)	5,200)
Purchase of available-for-sale securities	—)	(18,000)	(48,900)	—)	—)
Proceeds from sale or maturity of available-for-sale securities	33,500)	28,800)	4,200)	—)	—)
Settlement of purchase price from previous acquisition	—)	—)	—)	26,000)	—)
Purchase of license and deposit made for manufacturing facility	—)	—)	—)	(100,000)	(100,000)
Net cash used in investing activities	(1,737,900)	(705,400)	(915,100)	(453,600)	(1,510,900)
Proceeds for the issuance of common stock under the ESPP	25,800)	22,900)	23,500)	23,600)	26,200)
Proceeds from exercise of stock options	—)	—)	—)	—)	1,700)
Payment of tax withholding for RSUs	(66,800)	(78,100)	(38,900)	(20,000)	(33,500)
Repurchase of common stock	(564,200)	(259,800)	—)	(65,400)	(139,000)
Issuance and borrowings under debt agreements	1,845,000)	500,000)	787,300)	1,858,000)	1,404,800)
Reimbursement of debt issuance and other financing costs	4,500)	—)	2,700)	—)	—)
Payment of debt issuance and other financing costs	(12,400)	—)	(3,800)	(2,400)	(24,000)
Repayment of borrowings under debt agreements	(1,723,400)	(530,000)	(1,270,500)	(2,023,900)	(594,400)
Release of escrow related to prior acquisition	—)	—)	—)	—)	(10,400)
Payment of finance lease obligations	(15,300)	(11,500)	—)	—)	(800)
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)	(3,200)	(8,900)	(5,200)
Dividend to non-controlling shareholder	(2,400)	(4,300)	—)	(5,000)	(2,300)
Net cash provided by (used in) financing activities	(686,500)	(370,000)	(569,400)	(244,000)	623,100)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,100)	(2,400)	(1,300)	600)	200)
Net increase (decrease) in cash, cash equivalents and restricted cash	(448,000)	1,555,300)	296,200)	187,300)	(192,900)
Cash, cash equivalents and restricted cash, beginning of period	2,933,000)	1,377,700)	1,081,500)	894,200)	1,087,100)
Cash, cash equivalents and restricted cash, end of period	2,485,000)	2,933,000)	1,377,700)	1,081,500)	894,200)

Based on: 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31).

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Cash flow statement item	Description	The company
Net cash provided by operating activities	Amount of cash inflow (outflow) from operating activities, excluding discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.	ON Semiconductor Corp. net cash provided by operating activities increased from 2021 to 2022 but then slightly decreased from 2022 to 2023 not reaching 2021 level.
Net cash used in investing activities	Amount of cash inflow (outflow) of investing activities, excluding discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.	ON Semiconductor Corp. net cash used in investing activities increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.
Net cash provided by (used in) financing activities	Amount of cash inflow (outflow) of financing activities, excluding discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.	ON Semiconductor Corp. net cash provided by (used in) financing activities increased from 2021 to 2022 but then decreased significantly from 2022 to 2023.

ON Semiconductor Corp. (NASDAQ:ON)

Cash Flow Statement