STMicroelectronics Reports Q4 and FY 2021 Financial Results
STMicroelectronics Reports Q4 and FY 2021
Financial Results
- Q4 net revenues $3.56
billion; gross margin 45.2%; operating margin 24.9%; net income
$750 million
- FY net revenues $12.76
billion; gross margin 41.7%; operating margin 19.0%; net income
$2.0 billion
- Business outlook at
mid-point: Q1 net revenues of $3.50 billion and gross margin of
45.0%
Geneva, January 27, 2022 -
STMicroelectronics (NYSE: STM), a global semiconductor
leader serving customers across the spectrum of electronics
applications, reported U.S. GAAP financial results for the fourth
quarter ended December 31, 2021. This press release also contains
non-U.S. GAAP measures (see Appendix for additional
information).
ST reported fourth quarter net revenues of $3.56
billion, gross margin of 45.2%, operating margin of 24.9%, and net
income of $750 million or $0.82 diluted earnings per share.
Jean-Marc Chery, STMicroelectronics President
& CEO, commented:
- “As we announced on January
7, 2022, our Q421 net revenues and gross margin came in better than
expected primarily due to better than anticipated
operations in an ongoing dynamic market.
- “Q421 net revenues were
9.9% higher year-over-year, with a further increase in
profitability: operating margin of 24.9% improved from 20.3% and
net income was up 28.9%.
- “Full year 2021 net
revenues increased 24.9% to $12.76 billion, reflecting a strong
performance across all the end markets we address and our engaged
customer programs throughout the year. Operating margin increased
to 19.0% from 12.9% in FY20 and net income was up
80.8%.
- “ST’s first quarter
outlook, at the mid-point, is for net revenues of $3.50 billion,
increasing year-over-year by 16.1% and decreasing sequentially by
1.6%; gross margin is expected to be about 45.0%.
- “For 2022, we plan to
invest about $3.4 billion to $3.6 billion in CAPEX to further
increase our production capacity and to support our strategic
initiatives including the first industrialization line of our new
300mm wafer fab in Agrate, Italy.
- “Based on our strong
customer demand and increased capacity, we will drive the Company
based on a plan for FY22 revenues in the range of $14.8 billion to
$15.3 billion.”
Quarterly Financial Summary (U.S. GAAP)
(US$ m, except per share data) |
Q4 2021 |
Q3 2021 |
Q4 2020 |
Q/Q |
Y/Y |
Net Revenues |
$3,556 |
$3,197 |
$3,235 |
11.2% |
9.9% |
Gross Profit |
$1,609 |
$1,330 |
$1,254 |
20.9% |
28.3% |
Gross Margin |
45.2% |
41.6% |
38.8% |
360 bps |
640 bps |
Operating Income |
$885 |
$605 |
$657 |
46.2% |
34.8% |
Operating Margin |
24.9% |
18.9% |
20.3% |
600 bps |
460 bps |
Net Income |
$750 |
$474 |
$582 |
58.1% |
28.9% |
Diluted Earnings Per Share |
$0.82 |
$0.51 |
$0.63 |
60.8% |
30.2% |
Annual Financial Summary (U.S. GAAP)
(US$ m, except earnings per share data) |
FY2021 |
FY2020 |
Y/Y |
Net Revenues |
$12,761 |
$10,219 |
24.9% |
Gross Profit |
$5,326 |
$3,789 |
40.6% |
Gross Margin |
41.7% |
37.1% |
460 bps |
Operating Income |
$2,419 |
$1,323 |
82.8% |
Operating Margin |
19.0% |
12.9% |
610 bps |
Net Income |
$2,000 |
$1,106 |
80.8% |
Diluted Earnings Per Share |
$2.16 |
$1.20 |
80.0% |
Fourth Quarter 2021 Summary Review
Net Revenues By Product Group (US$ m) |
Q4 2021 |
Q3 2021 |
Q4 2020 |
Q/Q |
Y/Y |
Automotive and Discrete Group (ADG) |
1,226 |
1,005 |
953 |
22.0% |
28.6% |
Analog, MEMS and Sensors Group (AMS) |
1,260 |
1,268 |
1,419 |
-0.6% |
-11.2% |
Microcontrollers and Digital ICs Group (MDG) |
1,062 |
920 |
859 |
15.4% |
23.7% |
Others |
8 |
4 |
4 |
- |
- |
Total Net Revenues |
3,556 |
3,197 |
3,235 |
11.2% |
9.9% |
Net revenues totaled $3.56
billion, representing a year-over-year increase of 9.9%. On a
year-over-year basis, the Company recorded higher net sales in all
product groups except the Imaging sub-group, as expected.
Year-over-year net sales to OEMs were substantially unchanged in
total while Distribution increased 38.7%. On a sequential basis,
net revenues increased 11.2%, 140 basis points above the high-end
of the Company’s guidance. ADG and MDG reported increases in net
revenues on a sequential basis, with AMS essentially flat.
Gross profit totaled $1.61
billion, representing a year-over-year increase of 28.3%.
Gross margin of 45.2% increased 640 basis points
year-over-year, 20 basis points above the high-end of the Company’s
guidance, principally driven by improved product mix, favorable
pricing, and manufacturing efficiencies.
Operating income increased
34.8% to $885 million, compared to $657 million in the year-ago
quarter. The Company’s operating margin increased
460 basis points on a year-over-year basis to 24.9% of net
revenues, compared to 20.3% in the 2020 fourth quarter.
By product group, compared with
the year-ago quarter:
Automotive and Discrete Group (ADG):
- Revenue increased in both
Automotive and in Power Discrete.
- Operating profit increased by
129.5% to $216 million. Operating margin was 17.6% compared to
9.9%.
Analog, MEMS and Sensors Group (AMS):
- Revenue increased in both Analog
and MEMS and decreased in Imaging.
- Operating profit decreased by 16.6%
to $335 million. Operating margin was 26.6% compared to 28.3%.
Microcontrollers and Digital ICs Group
(MDG):
- Revenue increased in both
Microcontrollers and in RF Communications.
- Operating profit increased by 82.9%
to $318 million. Operating margin was 29.9% compared to 20.3%.
Net income and diluted
earnings per share increased to $750 million and $0.82,
respectively, compared to $582 million and $0.63, respectively, in
the year-ago quarter.
Cash Flow and Balance Sheet
Highlights
|
|
|
|
Trailing 12 Months |
(US$ m) |
Q4 2021 |
Q3 2021 |
Q4 2020 |
Q4 2021 |
Q4 2020 |
TTM Change |
Net cash from operating activities |
881 |
895 |
922 |
3,060 |
2,093 |
46.2% |
Free cash flow (non-U.S. GAAP) |
314 |
420 |
512 |
1,120 |
627 |
78.6% |
Capital expenditure payments, net of proceeds
from sales, were $548 million in the fourth quarter and $1.83
billion for the full year 2021. In the year-ago quarter, capital
expenditures, net, were $381 million.
Inventory at the end of the fourth quarter was
$1.97 billion, up from $1.84 billion in the year-ago quarter. Day
sales of inventory at quarter-end was 91 days compared to 85 days
in the year-ago quarter.
Free cash flow (non-U.S. GAAP) was $314 million
in the fourth quarter, compared to $512 million in the year-ago
quarter.
In the fourth quarter, the Company paid cash
dividends to its stockholders totaling $60 million and executed a
$86 million share buy-back as part of its share repurchase program
launched on July 1, 2021.
ST’s net financial position (non-U.S. GAAP) was
$977 million at December 31, 2021 compared to $798 million at
October 2, 2021 and reflected total liquidity of $3.52 billion and
total financial debt of $2.54 billion.
Business Outlook
The Company’s guidance, at the mid-point, for
the 2022 first quarter is:
- Net revenues are expected to be
$3.50 billion, a decrease of 1.6% sequentially, plus or minus 350
basis points;
- Gross margin of about 45.0%, plus
or minus 200 basis points;
- This outlook is based on an assumed
effective currency exchange rate of approximately $1.15 = €1.00 for
the 2022 first quarter and includes the impact of existing hedging
contracts.
- The first quarter will close on
April 2, 2022.
Conference Call and Webcast Information
STMicroelectronics will conduct a conference
call with analysts, investors and reporters to discuss its fourth
quarter 2021 financial results and current business outlook today
at 9:30 a.m. Central European Time (CET) / 3:30 a.m. U.S. Eastern
Time (ET). A live webcast (listen-only mode) of the conference call
will be accessible at ST’s website, http://investors.st.com, and
will be available for replay until February 11, 2022.
Use of Supplemental Non-U.S. GAAP Financial
Information
This press release contains supplemental
non-U.S. GAAP financial information.
Readers are cautioned that these measures are
unaudited and not prepared in accordance with U.S. GAAP and should
not be considered as a substitute for U.S. GAAP financial measures.
In addition, such non-U.S. GAAP financial measures may not be
comparable to similarly titled information from other companies. To
compensate for these limitations, the supplemental non-U.S. GAAP
financial information should not be read in isolation, but only in
conjunction with the Company’s consolidated financial statements
prepared in accordance with U.S. GAAP.
See the Appendix of this press release for a
reconciliation of the Company’s non-U.S. GAAP financial measures to
their corresponding U.S. GAAP financial measures.
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, each as amended) that are based on
management’s current views and assumptions, and are conditioned
upon and also involve known and unknown risks and uncertainties
that could cause actual results, performance, or events to differ
materially from those anticipated by such statements, due to, among
other factors:
- changes in global trade policies,
including the adoption and expansion of tariffs and trade barriers,
that could affect the macro-economic environment and adversely
impact the demand for our products;
- uncertain macro-economic and
industry trends (such as inflation and fluctuations in supply
chains), which may impact end-market demand for our products;
- customer demand that differs from
projections;
- the ability to design, manufacture
and sell innovative products in a rapidly changing technological
environment;
- changes in economic, social, public
health, labor, political, or infrastructure conditions in the
locations where we, our customers, or our suppliers operate,
including as a result of macroeconomic or regional events, military
conflicts, social unrest, labor actions, or terrorist
activities;
- unanticipated events or
circumstances, which may impact our ability to execute our plans
and/or meet the objectives of our R&D and manufacturing
programs, which benefit from public funding;
- legal, political and economic
uncertainty surrounding Brexit may be a continued source of
instability in international markets and currency exchange rate
volatility and may adversely affect business activity, political
stability and economic conditions and while we do not have material
operations in the U.K. and have not experienced any material impact
from Brexit on our underlying business to date, we cannot predict
its future implications;
- financial difficulties with any of
our major distributors or significant curtailment of purchases by
key customers;
- the loading, product mix, and
manufacturing performance of our production facilities and/or our
required volume to fulfill capacity reserved with suppliers or
third party manufacturing providers;
- availability and costs of
equipment, raw materials, utilities, third-party manufacturing
services and technology, or other supplies required by our
operations (including increasing costs resulting from
inflation);
- the functionalities and performance
of our IT systems, which are subject to cybersecurity threats and
which support our critical operational activities including
manufacturing, finance and sales, and any breaches of our IT
systems or those of our customers or suppliers;
- theft, loss, or misuse of personal
data about our employees, customers, or other third parties, and
breaches of global and local privacy legislation, including the
EU’s General Data Protection Regulation (“GDPR”);
- the impact of intellectual property
(“IP”) claims by our competitors or other third parties, and our
ability to obtain required licenses on reasonable terms and
conditions;
- changes in our overall tax position
as a result of changes in tax rules, new or revised legislation,
the outcome of tax audits or changes in international tax treaties
which may impact our results of operations as well as our ability
to accurately estimate tax credits, benefits, deductions and
provisions and to realize deferred tax assets;
- variations in the foreign exchange
markets and, more particularly, the U.S. dollar exchange rate as
compared to the Euro and the other major currencies we use for our
operations;
- the outcome of ongoing litigation
as well as the impact of any new litigation to which we may become
a defendant;
- product liability or warranty
claims, claims based on epidemic or delivery failure, or other
claims relating to our products, or recalls by our customers for
products containing our parts;
- natural events such as severe
weather, earthquakes, tsunamis, volcano eruptions or other acts of
nature, the effects of climate change, health risks and epidemics
such as the COVID-19 in locations where we, our customers or our
suppliers operate;
- the duration and the severity of
the global outbreak of COVID-19 may continue to negatively impact
the global economy in a significant manner for an extended period
of time, and also could materially adversely affect our business
and operating results;
- industry changes resulting from
vertical and horizontal consolidation among our suppliers,
competitors, and customers; and
- the ability to successfully ramp up
new programs that could be impacted by factors beyond our control,
including the availability of critical third party components and
performance of subcontractors in line with our expectations.
Such forward-looking statements are subject to
various risks and uncertainties, which may cause actual results and
performance of our business to differ materially and adversely from
the forward-looking statements. Certain forward-looking statements
can be identified by the use of forward looking terminology, such
as “believes,” “expects,” “may,” “are expected to,” “should,”
“would be,” “seeks” or “anticipates” or similar expressions or the
negative thereof or other variations thereof or comparable
terminology, or by discussions of strategy, plans or
intentions.
Some of these risk factors are set forth and are
discussed in more detail in “Item 3. Key Information — Risk
Factors” included in our Annual Report on Form 20-F for the year
ended December 31, 2020, as filed with the SEC on February 24,
2021. Should one or more of these risks or uncertainties
materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those described in this
release as anticipated, believed, or expected. We do not intend,
and do not assume any obligation, to update any industry
information or forward-looking statements set forth in this release
to reflect subsequent events or circumstances.
About STMicroelectronics
At ST, we are 48,000 creators and makers of
semiconductor technologies mastering the semiconductor supply chain
with state-of-the-art manufacturing facilities. An independent
device manufacturer, we work with more than 200,000 customers and
thousands of partners to design and build products, solutions, and
ecosystems that address their challenges and opportunities, and the
need to support a more sustainable world. Our technologies enable
smarter mobility, more efficient power and energy management, and
the wide-scale deployment of the Internet of Things and 5G
technology. ST is committed to becoming carbon neutral by 2027.
Further information can be found at www.st.com.
For further information, please contact:
INVESTOR RELATIONS:Céline BerthierGroup VP,
Investor RelationsTel: +41 22 929 58
12celine.berthier@st.com
MEDIA RELATIONS:Alexis BretonCorporate External
CommunicationsTel: + 33 6 59 16 79 08alexis.breton@st.com
STMicroelectronics N.V. |
|
|
|
CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
(in millions of U.S. dollars, except per share data
($)) |
|
|
|
|
|
|
|
|
Three months ended |
|
|
December 31, |
December 31, |
|
|
2021 |
2020 |
|
|
(Unaudited) |
(Unaudited) |
|
|
|
|
|
Net sales |
3,542 |
3,206 |
|
Other revenues |
14 |
29 |
|
NET REVENUES |
3,556 |
3,235 |
|
Cost of sales |
(1,947) |
(1,981) |
|
GROSS PROFIT |
1,609 |
1,254 |
|
Selling, general and administrative |
(350) |
(308) |
|
Research and development |
(402) |
(421) |
|
Other income and expenses, net |
32 |
131 |
|
Impairment, restructuring charges and other related closure
costs |
(4) |
1 |
|
Total operating expenses |
(724) |
(597) |
|
OPERATING INCOME |
885 |
657 |
|
Interest expense, net |
(5) |
(8) |
|
Other components of pension benefit costs |
(2) |
(3) |
|
INCOME BEFORE INCOME TAXES AND NONCONTROLLING
INTEREST |
878 |
646 |
|
Income tax expense |
(127) |
(63) |
|
NET INCOME |
751 |
583 |
|
Net income attributable to noncontrolling interest |
(1) |
(1) |
|
NET INCOME ATTRIBUTABLE TO PARENT COMPANY
STOCKHOLDERS |
750 |
582 |
|
|
|
|
|
EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY
STOCKHOLDERS |
0.83 |
0.64 |
|
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY
STOCKHOLDERS |
0.82 |
0.63 |
|
|
|
|
|
NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING
DILUTED EPS |
917.7 |
929.1 |
|
|
|
|
|
STMicroelectronics N.V. |
|
|
|
CONSOLIDATED STATEMENTS OF INCOME |
|
|
|
(in millions of U.S. dollars, except per share data
($)) |
|
|
|
|
|
|
|
|
Twelve months ended |
|
|
December 31, |
December 31, |
|
|
2021 |
2020 |
|
|
(Unaudited) |
(Audited) |
|
|
|
|
|
Net sales |
12,729 |
10,181 |
|
Other revenues |
32 |
38 |
|
NET REVENUES |
12,761 |
10,219 |
|
Cost of sales |
(7,435) |
(6,430) |
|
GROSS PROFIT |
5,326 |
3,789 |
|
Selling, general and administrative |
(1,323) |
(1,109) |
|
Research and development |
(1,723) |
(1,548) |
|
Other income and expenses, net |
141 |
202 |
|
Impairment, restructuring charges and other related closure
costs |
(2) |
(11) |
|
Total operating expenses |
(2,907) |
(2,466) |
|
OPERATING INCOME |
2,419 |
1,323 |
|
Interest expense, net |
(29) |
(20) |
|
Other components of pension benefit costs |
(10) |
(12) |
|
Income (loss) on equity-method investments |
- |
2 |
|
Loss on financial instruments, net |
(43) |
(26) |
|
INCOME BEFORE INCOME TAXES AND NONCONTROLLING
INTEREST |
2,337 |
1,267 |
|
Income tax expense |
(331) |
(159) |
|
NET INCOME |
2,006 |
1,108 |
|
Net income attributable to noncontrolling interest |
(6) |
(2) |
|
NET INCOME ATTRIBUTABLE TO PARENT COMPANY
STOCKHOLDERS |
2,000 |
1,106 |
|
|
|
|
|
EARNINGS PER SHARE (BASIC) ATTRIBUTABLE TO PARENT COMPANY
STOCKHOLDERS |
2.21 |
1.24 |
|
EARNINGS PER SHARE (DILUTED) ATTRIBUTABLE TO PARENT COMPANY
STOCKHOLDERS |
2.16 |
1.20 |
|
|
|
|
|
NUMBER OF WEIGHTED AVERAGE SHARES USED IN CALCULATING
DILUTED EPS |
924.8 |
919.7 |
|
|
|
|
|
|
|
|
|
STMicroelectronics N.V. |
|
|
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CONSOLIDATED BALANCE SHEETS |
|
|
|
As at |
December 31, |
October 2, |
December 31, |
In millions of U.S. dollars |
2021 |
2021 |
2020 |
|
(Unaudited) |
(Unaudited) |
(Audited) |
ASSETS |
|
|
|
Current assets: |
|
|
|
Cash and cash equivalents |
3,225 |
3,112 |
3,006 |
Short-term deposits |
291 |
350 |
581 |
Marketable securities |
- |
- |
133 |
Trade accounts receivable, net |
1,759 |
1,611 |
1,465 |
Inventories |
1,972 |
1,969 |
1,841 |
Other current assets |
581 |
573 |
584 |
Total current assets |
7,828 |
7,615 |
7,610 |
Goodwill |
313 |
318 |
330 |
Other intangible assets, net |
438 |
447 |
445 |
Property, plant and equipment, net |
5,660 |
5,172 |
4,596 |
Non-current deferred tax assets |
652 |
681 |
739 |
Long-term investments |
10 |
10 |
10 |
Other non-current assets |
639 |
627 |
724 |
|
7,712 |
7,255 |
6,844 |
Total assets |
15,540 |
14,870 |
14,454 |
|
|
|
|
LIABILITIES AND EQUITY |
|
|
|
Current liabilities: |
|
|
|
Short-term debt |
143 |
205 |
795 |
Trade accounts payable |
1,582 |
1,352 |
1,166 |
Other payables and accrued liabilities |
1,101 |
1,032 |
966 |
Dividends payable to stockholders |
55 |
115 |
42 |
Accrued income tax |
68 |
147 |
84 |
Total current liabilities |
2,949 |
2,851 |
3,053 |
Long-term debt |
2,396 |
2,459 |
1,826 |
Post-employment benefit obligations |
442 |
493 |
506 |
Long-term deferred tax liabilities |
64 |
61 |
75 |
Other long-term liabilities |
416 |
436 |
488 |
|
3,318 |
3,449 |
2,895 |
Total liabilities |
6,267 |
6,300 |
5,948 |
Commitment and contingencies |
|
|
|
Equity |
|
|
|
Parent company stockholders' equity |
|
|
|
Common stock (preferred stock: 540,000,000 shares authorized, not
issued; common stock: Euro 1.04 par value, 1,200,000,000 shares
authorized, 911,276,920 shares issued, 906,518,057 shares
outstanding) |
1,157 |
1,157 |
1,157 |
Additional Paid-in Capital |
2,533 |
2,478 |
3,062 |
Retained earnings |
5,223 |
4,476 |
3,599 |
Accumulated other comprehensive income |
496 |
513 |
723 |
Treasury stock |
(200) |
(116) |
(93) |
Total parent company stockholders' equity |
9,209 |
8,508 |
8,448 |
Noncontrolling interest |
64 |
62 |
58 |
Total equity |
9,273 |
8,570 |
8,506 |
Total liabilities and equity |
15,540 |
14,870 |
14,454 |
|
|
|
|
|
|
|
|
|
|
|
|
STMicroelectronics N.V. |
|
|
|
|
|
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SELECTED CASH FLOW DATA |
|
|
|
|
|
|
|
Cash Flow Data (in US$ millions) |
Q4 2021 |
Q3 2021 |
Q4 2020 |
|
|
|
|
Net Cash from operating activities |
881 |
895 |
922 |
Net Cash used in investing activities |
(508) |
(325) |
(312) |
Net Cash used in financing activities |
(256) |
(1,205) |
(321) |
Net Cash increase (decrease) |
113 |
(637) |
292 |
|
|
|
|
Selected Cash Flow Data (in US$ millions) |
Q4 2021 |
Q3 2021 |
Q4 2020 |
|
|
|
|
Depreciation & amortization |
267 |
264 |
255 |
Net payment for Capital expenditures |
(548) |
(437) |
(381) |
Dividends paid to stockholders |
(60) |
(55) |
(40) |
Change in inventories, net |
(20) |
(13) |
127 |
|
|
|
|
AppendixSTMicroelectronicsSupplemental
Financial Information
|
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
FY 2021 |
FY 2020 |
Net Revenues By Market Channel
(%) |
|
|
|
|
|
|
|
Total OEM |
67% |
68% |
64% |
67% |
74% |
66% |
73% |
Distribution |
33% |
32% |
36% |
33% |
26% |
34% |
27% |
|
|
|
|
|
|
|
|
€/$ Effective Rate |
1.17 |
1.19 |
1.19 |
1.19 |
1.16 |
1.18 |
1.13 |
|
|
|
|
|
|
|
|
Product Group Data (US$ m) |
|
|
|
|
|
|
|
Automotive & Discrete Group (ADG) |
|
|
|
|
|
|
|
- Net Revenues |
1,226 |
1,005 |
1,077 |
1,043 |
953 |
4,350 |
3,284 |
- Operating Income |
216 |
108 |
102 |
85 |
94 |
512 |
182 |
Analog, MEMS & Sensors Group (AMS) |
|
|
|
|
|
|
|
- Net Revenues |
1,260 |
1,268 |
1,013 |
1,083 |
1,419 |
4,623 |
3,892 |
- Operating Income |
335 |
304 |
189 |
187 |
402 |
1,015 |
810 |
Microcontrollers & Digital ICs Group
(MDG) |
|
|
|
|
|
|
|
- Net Revenues |
1,062 |
920 |
897 |
886 |
859 |
3,766 |
3,030 |
- Operating Income |
318 |
220 |
206 |
172 |
174 |
915 |
504 |
Others (a) |
|
|
|
|
|
|
|
- Net Revenues |
8 |
4 |
5 |
4 |
4 |
22 |
13 |
- Operating Income (Loss) |
16 |
(27) |
(8) |
(4) |
(13) |
(23) |
(173) |
Total |
|
|
|
|
|
|
|
- Net Revenues |
3,556 |
3,197 |
2,992 |
3,016 |
3,235 |
12,761 |
10,219 |
- Operating Income |
885 |
605 |
489 |
440 |
657 |
2,419 |
1,323 |
(a) Net revenues of Others include
revenues from sales assembly services and other revenues. Operating
income (loss) of Others includes items such as unused capacity
charges, including reduced manufacturing activity due to COVID-19,
impairment, restructuring charges and other related closure costs,
management reorganization costs, phase out and start-up costs of
certain manufacturing facilities, and other unallocated expenses
such as: strategic or special research and development programs,
certain corporate-level operating expenses, patent claims and
litigations, and other costs that are not allocated to product
groups, as well as operating earnings of other products. Others
includes:
(US$ m) |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
FY 2021 |
FY 2020 |
Unused Capacity Charges |
- |
14 |
- |
2 |
17 |
16 |
153 |
Impairment & Restructuring Charges |
4 |
1 |
(2) |
- |
(1) |
2 |
11 |
(Appendix –
continued)STMicroelectronicsSupplemental
Non-U.S. GAAP Financial InformationU. S. GAAP –
Non-U.S. GAAP Reconciliation
The supplemental non-U.S. GAAP information
presented in this press release is unaudited and subject to
inherent limitations. Such non-U.S. GAAP information is not based
on any comprehensive set of accounting rules or principles and
should not be considered as a substitute for U.S. GAAP
measurements. Also, our supplemental non-U.S. GAAP financial
information may not be comparable to similarly titled non-U.S. GAAP
measures used by other companies. Further, specific limitations for
individual non-U.S. GAAP measures, and the reasons for presenting
non-U.S. GAAP financial information, are set forth in the
paragraphs below. To compensate for these limitations, the
supplemental non-U.S. GAAP financial information should not be read
in isolation, but only in conjunction with our consolidated
financial statements prepared in accordance with U.S. GAAP.
The Company believes that these non-U.S. GAAP
financial measures provide useful information for investors and
management because they offer, when read in conjunction with the
Company’s U.S. GAAP financials, (i) the ability to make more
meaningful period-to-period comparisons of the Company’s on-going
operating results, (ii) the ability to better identify trends
in the Company’s business and perform related trend analysis, and
(iii) to facilitate a comparison of the Company’s results of
operations against investor and analyst financial models and
valuations, which may exclude these items.
Net Financial Position (non-U.S. GAAP
measure)
Net Financial Position, a 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, short-term deposits, and marketable
securities, and our total financial debt includes short-term debt
and long-term debt, as reported in our Consolidated Balance
Sheets.
We believe our Net Financial Position provides
useful information for investors and management because it gives
evidence of our global position either in terms of net indebtedness
or net cash by measuring our capital resources based on cash and
cash equivalents, restricted cash, short-term deposits and
marketable securities and the total level of our financial debt.
Our definition of Net Financial Position may differ from
definitions used by other companies and therefore comparability may
be limited.
(US$ m) |
Dec 31 2021 |
Oct 2 2021 |
Jul 3 2021 |
Apr 3 2021 |
Dec 31 2020 |
Cash and cash equivalents |
3,225 |
3,112 |
3,749 |
3,454 |
3,006 |
Short term deposits |
291 |
350 |
500 |
573 |
581 |
Marketable securities |
- |
- |
- |
132 |
133 |
Total liquidity |
3,516 |
3,462 |
4,249 |
4,159 |
3,720 |
Short-term debt |
(143) |
(205) |
(872) |
(837) |
(795) |
Long-term debt(1) |
(2,396) |
(2,459) |
(2,296) |
(2,137) |
(1,826) |
Total financial debt |
(2,539) |
(2,664) |
(3,168) |
(2,974) |
(2,621) |
Net Financial Position |
977 |
798 |
1,081 |
1,185 |
1,099 |
(1) Long-term debt contains standard conditions but
does not impose minimum financial ratios. Also, committed credit
facilities for $0.9 billion equivalent, are currently undrawn.
(Appendix –
continued)STMicroelectronics
Free Cash Flow (non-U.S. GAAP
measure)
Free Cash Flow, which is a non-U.S. GAAP
measure, is defined as (i) net cash from operating activities plus
(ii) net cash used in investing activities, excluding payment for
purchases of (and proceeds from matured) marketable securities and
net investment in short-term deposits, which are considered as
temporary financial investments. The result of this definition is
ultimately net cash from operating activities plus payment for
purchase (and proceeds from sale) of tangible, intangible and
financial assets and net cash paid for business acquisitions.
We believe Free Cash Flow provides useful
information for investors and management because it measures our
capacity to generate cash from our operating and investing
activities to sustain our operations. Free Cash Flow does not
represent total cash flow since it does not include the cash flows
generated by or used in financing activities.
Free Cash Flow reconciles with the total cash
flow and the net cash increase (decrease) by including the payment
for purchases of (and proceeds from matured) marketable securities
and net investment in (and proceeds from) short-term deposits, the
net cash from (used in) financing activities and the effect of
changes in exchange rates. Our definition of Free Cash Flow may
differ from definitions used by other companies.
(US$ m) |
Q4 2021 |
Q3 2021 |
Q2 2021 |
Q1 2021 |
Q4 2020 |
FY 2021 |
FY 2020 |
Net cash from operating activities |
881 |
895 |
602 |
682 |
922 |
3,060 |
2,093 |
Net cash used in investing activities |
(508) |
(325) |
(272) |
(413) |
(312) |
(1,518) |
(2,043) |
Payment for purchase of (and proceeds from matured) marketable
securities and net investment in (and proceeds from) short-term
deposits |
(59) |
(150) |
(205) |
(8) |
(98) |
(422) |
577 |
Free Cash Flow |
314 |
420 |
125 |
261 |
512 |
1,120 |
627 |
- C3066C - Q4 & FY21 Earnings
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