ON Semi is designing products in highly-differentiated markets focused on customer needs while optimizing and right-sizing our manufacturing footprint to support growth and maintain gross margins through efficiencies and new product development.

The company initiated the 2024 business realignment efforts during the second quarter of 2024. Under this business realignment, approximately 1,000 employees were notified of their employment termination and around 300 additional employees were reassigned or asked to relocate to another site.

The Company expects to recognize approximately 30% of this amount as revenue during the next twelve months upon shipment of products under these contracts. Total revenue estimates are based on negotiated contract prices and demand quantities, and could be influenced by risks and uncertainties, including manufacturing or supply chain constraints, modifications to customer agreements and regulatory changes, among other factors.

Restructuring, asset impairments and other, net was $72.5 million for the quarter ended June 28, 2024, as compared to $2.6 million for the quarter ended June 30, 2023. Charges incurred for quarter ended June 28, 2024 primarily relate to restructuring actions during the period.

During the quarter ended June 28, 2024, the company repurchased approximately 2.1 million shares of common stock for an aggregate purchase price of $150.1 million. As of June 28, 2024, the authorized amount remaining under the Share Repurchase Program was approximately $2.2 billion.

The company believes that its cash on hand, cash generated from operations, and amounts available under the Revolving Credit Facility are adequate to meet working capital requirements and other business needs for at least the next 12 months.

The filing states that there have been no material changes from the risk factors disclosed in Part I, Item 1A of the 2023 Form 10-K.

In the ordinary course of business, the Company receives letters asserting that the Company's products or components breach another party's rights. Such letters may request royalty payments from the Company, that the Company cease and desist using certain IP, and/or request other remedies.

Based on information currently available, the Company is not involved in any pending or threatened legal proceedings that it believes could reasonably be expected to have a material adverse effect on its financial condition, results of operations or liquidity.

Key factors that could adversely affect internal and external sources of cash include, among other considerations, competitive pricing pressures.

Our primary focus continues to be on profitable revenue with stable gross margin and operating income by capturing high-growth megatrends in our focused end-markets of automotive and industrial infrastructure.

We are focused on achieving efficiencies in our operating and capital expenditures, capital allocation on research and development investments and resources to accelerate growth in high-margin products.

We design products in highly-differentiated markets focused on customer needs while optimizing and right-sizing our manufacturing footprint to support growth and maintain gross margins through efficiencies and new product development.

In an effort to streamline resources, drive organizational efficiencies, consolidate our global corporate footprint, and align with our "Fab Right" manufacturing strategy, we initiated the 2024 business realignment efforts during the second quarter of 2024.

Our capital expenditures as a percent of revenue were approximately 10%, and we expect capital expenditures to be in the range of 9% - 11% of revenue for the remainder of 2024.

We design products in highly-differentiated markets focused on customer needs while optimizing and right-sizing our manufacturing footprint to support growth and maintain gross margins through efficiencies and new product development.

We are focused on achieving efficiencies in our operating and capital expenditures, capital allocation on research and development investments and resources to accelerate growth in high-margin products.

Key factors that could adversely affect internal and external sources of cash include, among other considerations, our ability to make the research and development expenditures required to remain competitive in our business.

During the quarter ended June 28, 2024, the company repurchased approximately 2.1 million shares of common stock for an aggregate purchase price of $150.1 million. As of June 28, 2024, the authorized amount remaining under the Share Repurchase Program was approximately $2.2 billion.

Our capital expenditures as a percent of revenue were approximately 10%, and we expect capital expenditures to be in the range of 9% - 11% of revenue for the remainder of 2024.

We are focused on achieving efficiencies in our operating and capital expenditures, capital allocation on research and development investments and resources to accelerate growth in high-margin products.

Key factors that could adversely affect internal and external sources of cash include, among other considerations, our ability to make progress on the achievement of our business strategy and sustainability goals.

Key factors that could adversely affect internal and external sources of cash include, among other considerations, changes in demand for our products.

Key factors that could adversely affect internal and external sources of cash include, among other considerations, competitive pricing pressures.

Key factors that could adversely affect internal and external sources of cash include, among other considerations, supply chain constraints.