PHOENIX — (BUSINESS WIRE) — May 2, 2022 — onsemi (the “Company”) (Nasdaq: ON) today announced results for the first quarter of 2022 with the following highlights:

• Record revenue of $1,945.0 million, an increase of 31% year-over-year
• GAAP diluted earnings per share of $1.18 as compared to $0.20 in the quarter a year ago
• Record non-GAAP diluted earnings per share of $1.22 as compared to $0.35 in the quarter a year ago
• Record GAAP and non-GAAP gross margin of 49.4 percent increased 1,420 basis points year-over-year
• Record GAAP operating margin of 33.3% increased 730 basis points quarter-over-quarter and 2,480 basis point year-over-year
• Record non-GAAP operating margin of 33.9% increased 530 basis points quarter-over-quarter and 2,060 basis points year-over-year
• LTM free cash flow margin of 20.8%

“Our focused strategy has delivered sustainable results in onsemi’s margin and growth profile with the automotive and industrial end-markets now representing 65% of our revenue. Our record quarterly results with year-over-year growth of 31% in our first quarter revenue, and gross margin expansion of 1,420 bps to a record of 49.4% highlight the strength of our business and the value of our products as we continue our transformation. With a highly differentiated portfolio of intelligent power and sensing products, strong visibility driven by long-term supply agreements, and exposure to secular megatrends of vehicle electrification, ADAS, energy infrastructure, and factory automation, we are well positioned to sustain our momentum,” said Hassane El-Khoury, president and CEO of onsemi.

Selected financial results for the quarter are shown below with comparable periods: