Achieved record annual and quarterly revenue, gross margin, profit, and cash flow
PHOENIX — (BUSINESS WIRE) — February 7, 2022 — onsemi (the “Company”) (Nasdaq: ON) today announced its fourth quarter and fiscal year 2021 results with the following highlights:
- Record fiscal year revenue of $6.74 billion representing 28.3% year-over-year growth
- Record quarterly revenue of $1,846.1 million, and record GAAP and non-GAAP gross margins of 45.1% and 45.2%, respectively
- Record quarterly GAAP and non-GAAP operating margins of 26.0% and 28.6%, respectively
- Fourth quarter GAAP and non-GAAP diluted earnings per share of $0.96 and $1.09, respectively
- 2021 free cash flow increased 167% year-over-year, with fourth quarter at $457.0 million or 25% of revenue
“Our disciplined execution on transformation initiatives in 2021 resulted in record financial performance and achievement of our financial targets ahead of stated timeline. Revenue for 2021 grew 28.3%. Operating income and free cash flow increased 6 times faster than the revenue as we focus our portfolio on secular megatrends of electric vehicles, ADAS, alternative energy and industrial automation. We continue to expand gross margins as we shift our mix into these high-value strategic markets while ramping new products, rationalizing our manufacturing footprint, and improving our overall cost structure. Outlook for our business remains robust as evidenced by over 60% year-over-year growth in our design win funnel driven by our highly differentiated intelligent power and sensing portfolio,” said Hassane El-Khoury, president and CEO of onsemi.
Selected financial results for the quarter are shown below with comparable periods:
|
GAAP |
Non-GAAP |
||||||||||
|
Three Months Ended |
Three Months Ended |
||||||||||
(Revenue and Net Income in millions) |
Q4 2021 |
Q3 2021 |
Q4 2020 |
Q4 2021 |
Q3 2021 |
Q4 2020 |
||||||
Revenue |
$1,846.1 |
$1,742.1 |
$1,446.3 |
$1,846.1 |
$1,742.1 |
$1,446.3 |
||||||
Gross Margin |
45.1 % |
41.4 % |
34.4 % |
45.2 % |
41.5 % |
34.4 % |
||||||
Operating Margin |
26.0 % |
22.9 % |
11.6 % |
28.6 % |
24.5 % |
14.2 % |
||||||
Net Income attributable to onsemi |
$425.9 |
$309.7 |
$89.0 |
$478.0 |
$380.3 |
$147.1 |
||||||
Diluted Earnings Per Share |
$0.96 |
$0.70 |
$0.21 |
$1.09 |
$0.87 |
$0.35 |
||||||
Selected financial results for 2021 and 2020 are shown below:
|
GAAP |
|
Non-GAAP |
|||
|
|
Year Ended |
|
Year Ended |
|||
| (Revenue and Net Income in millions) |
December 31,
|
December 31,
|
|
December 31,
|
December 31,
|
|
| Revenue |
$6,739.8 |
$5,255.0 |
|
$6,739.8 |
$5,255.0 |
|
| Gross Margin |
40.3 % |
32.7 % |
|
40.4 % |
32.7 % |
|
| Operating Margin |
19.1 % |
6.6 % |
|
21.9 % |
10.2 % |
|
| Net Income attributable to onsemi |
$1,009.6 |
$234.2 |
|
$1,285.5 |
$351.9 |
|
| Diluted Earnings Per Share |
$2.27 |
$0.56 |
|
$2.95 |
$0.85 |
|
| Revenue Summary ($ in millions) (Unaudited) |
|||||||||||
|
|
Three Months Ended |
|
|
|
|||||||
| Business Segment |
Q4 2021 |
Q3 2021 |
Q4 2020 |
|
Sequential
|
Year over Year
|
|||||
| PSG |
$ |
953.4 |
$ |
892.1 |
$ |
716.4 |
|
7% |
33% |
||
| ASG |
|
647.3 |
|
613.5 |
|
522.0 |
|
6% |
24% |
||
| ISG |
|
245.4 |
|
236.5 |
|
207.9 |
|
4% |
18% |
||
| Total |
$ |
1,846.1 |
$ |
1,742.1 |
$ |
1,446.3 |
|
6% |
28% |
||
|
|
Year Ended |
|
|
||||
| Business Segment |
December 31,
|
December 31,
|
|
Year over Year
|
|||
| PSG |
$ |
3,439.1 |
$ |
2,606.1 |
|
32% |
|
| ASG |
|
2,399.9 |
|
1,910.4 |
|
26% |
|
| ISG |
|
900.8 |
|
738.5 |
|
22% |
|
| Total |
$ |
6,739.8 |
$ |
5,255.0 |
|
28% |
|
