PHOENIX — (BUSINESS WIRE) — October 31, 2022 — onsemi (the “Company”) (Nasdaq: ON) today announced results for the third quarter of 2022 with the following highlights:

• Record revenue of $2,192.6 million, an increase of 26% year-over-year
• GAAP and non-GAAP gross margin of 48.3% and 49.3%, respectively
• GAAP operating margin of 19.4%
• Record non-GAAP operating margin of 35.4% increased approximately 1,100 bps year-over-year
• GAAP diluted earnings per share of $0.70, flat as compared to the quarter a year ago
• Record non-GAAP diluted earnings per share of $1.45 as compared to $0.87 in the quarter a year ago
• Free cash flow of $731 million and record LTM free cash flow margin of 21.0%

“onsemi has delivered another quarter of record results stemming from continued growth in our focus markets of automotive and industrial. We remain confident in our long-term outlook as we continue to win where semiconductor content growth is accelerating for vehicle electrification, energy infrastructure, advanced safety and factory automation. We have taken a proactive and deliberate approach over the last several quarters to make the structural changes required to strengthen our business, and we are in a better position than ever to navigate the current uncertainty in the market,” said Hassane El-Khoury, president and CEO of onsemi.