Summary by Moomoo AI
ON Semiconductor (onsemi) reported a slight decrease in annual revenue from $8,326.2 million in 2022 to $8,253.0 million in 2023. The company's net income, however, increased to $2,183.7 million in 2023 from $1,902.2 million in the previous year. Gross profit saw a decrease from $4,077.2 million in 2022 to $3,883.5 million in 2023. The company's operating income rose to $2,538.7 million in 2023, up from $2,360.0 million in 2022. The decrease in revenue was attributed to a 12.4% drop in revenue from the Advanced Solutions Group (ASG), partially offset by increases in the Power Solutions Group (PSG) and Intelligent Sensing Group (ISG). The company also reported restructuring and asset impairment charges related to business realignment efforts. onsemi's cash and cash equivalents stood at $2,483.0 million at the end of 2023. The company's long-term debt, including current maturities, totaled $3,379.9 million, with significant repayments and refinancing activities occurring throughout the year. onsemi also approved a new share repurchase program in February 2023, allowing for the repurchase of up to $3.0 billion of its common stock through December 31, 2025.