ON Semiconductor Corporation (NASDAQ:ON) Deutsche Bank 2024 Technology Conference August 29, 2024 1:00 PM ET
Company Participants
Hassane El-Khoury - CEO
Thad Trent - CFO
Conference Call Participants
Ross Seymore - Deutsche Bank
Ross Seymore
We're very pleased to have ON Semi up on stage. We have both the CEO, Hassane El-Khoury, as well as the CFO, Thad Trent. I'll be asking questions of them. I don't know if we're doing the raising your hand if you have questions. If you do, feel free to raise your hand. So why don't we start by saying first, thank you for coming. I know it's been a busy week for you. Let's start on the cyclical side of things. Hassane, you've talked about an L-shape recovery pretty much all year. In my view, in the first half of the year, people were disappointed with that. In the second half of the year, it's looking to be more correct than not. Give us any update. Are you still seeing the same sort of muted recovery or muted [congestion]…
Hassane El-Khoury
I don't think since our last earnings, we haven't seen any signs that will give us a different outlook. And people ask what am I looking for? First, what did we see to call the L-shape and what I would see in order to change that outlook. And what we need to see is a demand and demand recovery. And what I mean by that, it's not -- you're not going to see me react to, oh, our backlog is getting better or we're getting more orders in end and end, because remember we’re going through an inventory digestion. When that happens you do expect back to start -- if you’re under-demand, you will click back up naturally when you start shipping to demand until you see the end demand. Meaning consumers buying items out of inventory, whether it’s a car
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