ON Semiconductor Corporation (ON) KeyBanc Technology Leadership Forum Conference (Transcript)

ON Semiconductor Corporation (NASDAQ:ON) KeyBanc Technology Leadership Forum Conference Call August 11, 2025 12:00 PM ET

Company Participants

Hassane S. El-Khoury – President, CEO & Director
Thad Trent – Executive VP, CFO, Treasurer & Principal Accounting Officer

Conference Call Participants

John Nguyen Vinh – KeyBanc Capital Markets Inc., Research Division

John Nguyen Vinh

Okay. Good morning, everybody. I’m John Vinh. I cover semis here at KeyBanc Capital Markets. We’re pleased to have the onsemi team with us today. We have Hassane El-Khoury, who is the CEO and Thad Trent, CFO. Welcome, guys.

Hassane S. El-Khoury

Thank you.

Thad Trent

Thanks, John.

Question-and-Answer Session

John Nguyen Vinh

So Hassane, maybe we just start with just kind of the big picture kind of cycle question. I think in previous quarters, you basically message is, “Hey, I’m not going to call it until I see it.” You clearly are signaling that you’re seeing clear levels of stabilization. Obviously, the next part of the cycle would be the recovery stage. Maybe just walk us through what you’re seeing given your confidence to call stabilization in the business? And then how are you seeing kind of the recovery play out for you at this point in time?

Hassane S. El-Khoury

Yes. So look, there’s not a one KPI that we look at that will say, okay, this is why I call it stabilization, or this is when I would call or start talking about a recovery. It’s a multitude of signs. You can think about it from the fill rate for the current quarter versus the same fill rate at the same time last quarter, turns needed. You look at changes in ordering patterns. So there’s a lot of data we look at, both Thad and I look at it along with our operations team to make sure that we’re not one, getting kind of a false