ONON FY 2023 Earnings Report — On Holding AG Revenue & Financial Results | Market Cap Arena

On Holding AGONON

FY 2023 Earnings

Reported March 12, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2023	Prior Q	FY 2022	QoQ Change	YoY Change
Revenue	$2.3B	—	$1.6B	—	46.6%
Op. Income	$229M	—	$108M	—	111.8%
Gross Margin	59.6%	—	56.0%	—	3.5pp
Net Margin	4.4%	—	4.7%	—	-0.3pp
EPS (Diluted)	$0.32	—	$0.23	—	38.9%
Free Cash Flow	$235M	—	-$395M	—	159.6%

Revenue Flow

Item	Amount
REVENUE	$2.3B
Cost of Revenue	$922M
GROSS PROFIT	$1.4B
R&D Expenses	$11M
Selling & Marketing	$724M
General & Administrative	$365M
SG&A Expenses	$1.1B
Other Expenses	$29M
Operating Expenses	$1.1B
Cost & Expenses	$2.1B
OPERATING INCOME	$229M
Interest Income	$14M
Interest Expense	$14M
Other Income/Expenses	-$141M
INCOME BEFORE TAX	$88M
Income Tax Expense	-$13M
Net Income from Continuing Ops	$101M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$101M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$101M
D&A	$34M
EBIT	$229M
EBITDA	$263M
EPS	$0
EPS Diluted	$0

Income Statement

Item	Amount
REVENUE	$2.3B
Cost of Revenue	$922M
GROSS PROFIT	$1.4B
R&D Expenses	$11M
Selling & Marketing	$724M
General & Administrative	$365M
SG&A Expenses	$1.1B
Other Expenses	$29M
Operating Expenses	$1.1B
Cost & Expenses	$2.1B
OPERATING INCOME	$229M
Interest Income	$14M
Interest Expense	$14M
Other Income/Expenses	-$141M
INCOME BEFORE TAX	$88M
Income Tax Expense	-$13M
Net Income from Continuing Ops	$101M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$101M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$101M
D&A	$34M
EBIT	$229M
EBITDA	$263M
EPS	$0
EPS Diluted	$0

Cash Flow Statement

Item	Amount
Net Income	$101M
Depreciation & Amortization	$83M
Stock-Based Compensation	$35M
Deferred Income Tax	-$13M
Other Non-Cash Items	$100M
Change in Working Capital	-$10M
OPERATING CASH FLOW	$295M
Capital Expenditure	-$60M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	-$5M
NET CASH FROM INVESTING	-$60M
Net Debt Issuance	-$32M
Common Stock Repurchased	$0
Common Dividends Paid	$0
Other Financing Activities	$5M
NET CASH FROM FINANCING	-$28M
FREE CASH FLOW	$235M
Net Change in Cash	$157M

Balance Sheet

Item	Amount
Cash & Equivalents	$630M
Short-Term Investments	$23M
Net Receivables	$261M
Inventory	$454M
Other Current Assets	$64M
TOTAL CURRENT ASSETS	$1.5B
PP&E (Net)	$391M
Goodwill	$2M
Intangible Assets	$80M
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$89M
TOTAL NON-CURRENT ASSETS	$562M
TOTAL ASSETS	$2.0B
Account Payables	$83M
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$80M
TOTAL CURRENT LIABILITIES	$389M
Long-Term Debt	$0
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$29M
TOTAL NON-CURRENT LIABILITIES	$271M
TOTAL LIABILITIES	$660M
Common Stock	$43M
Additional Paid-In Capital	$963M
Retained Earnings	-$27M
Treasury Stock	-$34M
Accum. Other Comp. Income	$422M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$1.4B
Minority Interest	$0
TOTAL EQUITY	$1.4B
TOTAL LIABILITIES & EQUITY	$2.0B
Total Debt	$291M
Net Debt	-$338M