Slide 1: STMicroelectronics Q4 & FY 2024 Financial Results
STMicroelectronics Q4 & FY 2024 Financial Results January 30, 2025
Slide 2: Forward looking information
Forward looking information Some of the statements contained in this release that are not historical facts are statements of future expectations and other forward-looking statements (within the meaning of Section 27A of the Securities Act of 1933 or Section 21E of the Securities Exchange Act of 1934
Slide 3: Q4 2024 and FY 2024 Highlights
Q4 2024 and FY 2024 Highlights Q4 Net revenues decreased 22.4% year-over-year and increased 2.2% sequentially at $3.32 billion. Gross margin was 37.7%. Operating margin was 11.1% and net income was $341 million. Q4 2024 Q4 net revenues were in line with the mid-point of our business outlook range dr
Slide 4: Automotive
Automotive Car electrification Car digitalization Arm®-based high- performance, multicore automotive MCUs 4
Slide 5: Industrial
Industrial Power & Energy Embedded processing 5
Slide 6: Personal electronics; Communications equipment & computer peripherals
Personal electronics Communications equipment & computer peripherals 6
Slide 7: ST Silicon Carbide Campus in Catania
ST Silicon Carbide Campus in Catania World’s first fully integrated silicon carbide facility for high-volume 200 mm silicon carbide power devices and modules, as well as test & packaging ST Catania Silicon Carbide Campus integrates existing SiC wafer manufacturing facility for all steps in the produ
Slide 8: Sustainability
Sustainability Commitments Carbon neutral* by 2027 Sourcing 100% renewable energy by 2027 Long-term Power Purchase Agreements for supply of energy from renewable sources New solar farm New solar farm 21-year agreement 10-year agreement for ST operations in Malaysia for ST operations in Italy *on sco
Slide 9: Corporate development
Corporate development Two Product Groups split in four Reportable Segments Reappointment of Jean-Marc Chery as member and Chairman of the Managing Board till end of the 2027 AGM Lorenzo Grandi added responsibilities for Supply Chain, Corporate Development and Integrated External Communication and wa
Slide 10: Q4 2024 Revenues dynamics
Q4 2024 Revenues dynamics % by reportable segments % by end market Digital ICs and RF Communications equipment & Products (D&RF) computer peripherals -22.8%Y/Y + ~ 2%Y/Y +13.0%Q/Q + ~ 13% Q/Q Analog products, 14% MEMS & Sensors 14% (AM&S) Automotive -15.5%Y/Y - ~ 20%Y/Y Personal 36% +1.1% Q/Q electr
Slide 11: Q4 2024 Financial highlights
Q4 2024 Financial highlights Revenues = $3.32B Operating Margin = 11.1% 4.5 30% 3.0 -22.4% 20% Y/Y 1.5 10% 0.0 0% Q423 Q324 Q424 Q423 Q324 Q424 Gross Margin = 37.7% Net Income = $341M 50% 1,200 40% 900 30% 600 20% 10% 300 0% 0 Q423 Q324 Q424 Q423 Q324 Q424 11
Slide 12: Net operating expenses
Net operating expenses* Q424 Net Operating Expenses = $884M 30% 1100 900 700 25% Q424 Combined SG&A and R&D at $943M • 28.4% of revenues. 500 300 20% Q424 Net Operating Expenses at $884M 100 • 26.6% of revenues. -100 15% Q423 Q124 Q224 Q324 Q424 SG&A R&D OIE, net Net OPEX % Net Opex expected to stan
Slide 13: Q4 2024 Reportable segments results
Q4 2024 Reportable segments results Analog products, MEMS and Power and discrete products Digital ICs and RF Products Microcontrollers (MCU) Sensors (AM&S) (P&D) (D&RF) Revenues = $1,198M Revenues = $752M Revenues = $887M Revenues = $481M Operating Margin = 14.7% Operating Margin = 11.9% Operating M
Slide 14: FY 2024 Financial highlights
FY 2024 Financial highlights Revenues = $13.27B Operating Margin = 12.6% 30% 15.0 20% 10.0 10% 5.0 0.0 0% FY23 FY24 FY23 FY24 Gross Margin = 39.3% Net Income = $1.56B 50% 4.0 3.2 25% 2.4 1.6 0.8 0% 0.0 FY23 FY24 FY23 FY24 14
Slide 15: FY 2024 Revenues by end market
FY 2024 Revenues by end market Communications equipment & computer peripherals - ~ 2%Y/Y 13% Personal electronics Automotive 21% 46% - ~ 11%Y/Y - ~ 14%Y/Y 20% Industrial - ~ 49%Y/Y 15
Slide 16: FY 2024 Revenues
FY 2024 Revenues % by reportable segments % by shipment location % by region of origin Americas Americas Asia Asia 16% Pacific Pacific Digital ICs and RF 30% Products (D&RF) 40% 25% Analog products, 59% 14% MEMS & Sensors 30% (AM&S) EMEA 36% EMEA 26% % by customer type Microcontrollers (MCU) 24% 27%
Slide 17: FY 2024 Reportable segments results
FY 2024 Reportable segments results Analog products, MEMS and Power and discrete products Digital ICs and RF Products Microcontrollers (MCU) Sensors (AM&S) (P&D) (D&RF) Revenues = $4.76B Revenues = $3.13B Revenues = $3.47B Revenues = $1.90B Operating Margin = 14.3% Operating Margin = 14.7% Operating
Slide 18: FY 2024 Financial flexibility
FY 2024 Financial flexibility Net Cash From Operating Net Capex* = $2.53B Free Cash Flow* = $0.29B Activities = $2.97B 6.0 4.5 25% 2.0 Capex / sales (%) 4.5 1.5 3.0 20% 3.0 1.0 1.5 15% 1.5 0.5 0.0 0.0 10% 0.0 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 FY20 FY21 FY22 FY23 FY24 Cash dividends p
Slide 19: Solid capital structure
Solid capital structure $6.30B $6.18B $6.08B ST has a track record of maintaining a solid net financial position and a strong liquidity throughout the industry cycle. $3.12B $2.95B $2.93B $3.16B $3.18B $3.23B ST credit rating is currently BBB+ with Stable Outlook from S&P and Baa1 with Stable Outloo
Slide 20: Q1 2025 Outlook
Q1 2025 Outlook Our business environment remains challenging as we continue to face a delayed recovery and inventory correction in Industrial and a slowdown in Automotive, both particularly in Europe. As a result, we ended up 2024 with a Book- to-Bill still below parity. As we indicated during our Q
Slide 21: Net Capex FY 2025
FY 2025 Net Capex* We plan to invest about $2.0 to $2.3B in Net Capex* *Non-U.S. GAAP measure. See Appendix for additional information explaining why the Company believes these measures are important. 21
Slide 22: Conclusion
Conclusion 2024 turned out to be one of the worst years in many decades for the industries we serve, particularly in Industrial and Automotive. It was characterized by unexpectedly weaker end demand and higher level of inventories which significantly impacted ST. Coping with this reality, we had to
Slide 23: Appendix
Appendix
Slide 24: Q4 2024 Revenues
Q4 2024 Revenues % by shipment location % by region of origin % by customer type Americas Americas Distribution Asia Asia Top 10 16% OEMs Pacific Pacific 30% 27% 41% 47% 24% 60% EMEA 29% 26% Other OEMs EMEA 24
Slide 25: FY 2024 Reportable segment revenues by end market
FY 2024 Reportable segment revenues by end market Analog products, MEMS and Sensors (AM&S) Power and discrete products (P&D) 1% 5% 9% 38% 24% 40% 70% 13% Automotive Industrial Personal electronics Communications equipment Microcontrollers (MCU) Digital ICs and RF Products (D&RF) & computer periphera
Slide 26: Historical financial performance
Historical financial performance US$M, except EPS Q123 Q223 Q323 Q423 FY23 Q124 Q224 Q324 Q424 FY24 Net Revenues 4,247 4,326 4,431 4,282 17,286 3,465 3,232 3,251 3,321 13,269 Gross Margin 49.7% 49.0% 47.6% 45.5% 47.9% 41.7% 40.1% 37.8% 37.7% 39.3% Operating Income 1,201 1,146 1,241 1,023 4,611 551 3
Slide 27: Historical Revenues and Operating Margin by Product Groups and Reportable Segments
Historical Revenues and Operating Margin by Product Groups and Reportable Segments US$M Q123 Q223 Q323 Q423 FY23 Q124 Q224 Q324 Q424 FY24 Revenue Analog products, MEMS and 1,400 1,293 1,367 1,418 5,478 1,217 1,165 1,185 1,198 4,764 Sensors (AM&S) Operating Margin 23.9% 20.0% 21.8% 21.1% 21.7% 15.2%
Slide 28: Appendix
Appendix • Net financial position and Adjusted Net Financial Position (non-U.S. GAAP measure): represents the difference between our total liquidity and our total financial debt. Our total liquidity includes cash and cash equivalents, restricted cash, if any, short-term deposits, and marketable secu
Slide 29: © STMicroelectronics - All rights reserved.
© STMicroelectronics - All rights reserved. ST logo is a trademark or a registered trademark of STMicroelectronics International NV or its affiliates in the EU and/or other countries. For additional information about ST trademarks, please refer to www.st.com/trademarks. All other product or service