• GAAP revenue of $1,436.7 million and non-GAAP revenue of $1,281.6 million
• GAAP gross margin of 35.0 percent and non-GAAP gross margin of 35.4 percent
• GAAP operating margin of 12.8 percent and non-GAAP operating margin of 13.2 percent
• Operating cash flow of $208.5 million and free cash flow of $155.8 million

PHOENIX — (BUSINESS WIRE) — May 7, 2017 — ON Semiconductor Corporation (Nasdaq: ON) (the “Company”) today announced financial results for the first quarter of 2017. Total GAAP revenue in the first quarter of 2017 was $1,436.7 million, up approximately 76 percent compared to the same quarter last year, and up approximately 14 percent as compared to revenue in the prior quarter. Non-GAAP revenue, which excludes the one-time impact from a change in revenue recognition to the “sell-in” method from the “sell-through” method, was $1,281.6 million, up approximately 57 percent as compared to the same quarter last year, and up approximately two percent as compared to revenue in the prior quarter.

“We continue to demonstrate strong growth in our revenue and profitability, and our free cash flow generation has improved significantly year over year,” said Keith Jackson, president and CEO of ON Semiconductor. “With a broad portfolio of analog, power and sensor products, operating leverage, and synergies from our acquisition of Fairchild, we believe that we are well positioned to benefit from improving industry demand environment.”

Mr. Jackson continued, “Business conditions continue to improve across most end-markets and geographies. Our momentum in key end-markets, including industrial, automotive and communications remains strong. Commentary from our global customers in industrial, automotive and communications end-markets and macro-economic data point to improving business trends in 2017.”

First Quarter Results (GAAP)
(in millions, except per share data)				1Q 2017				1Q 2016				Year-Over- Year Change				4Q 2016				Sequential Change
Revenues				$	1,436.7			$	817.2			76	%			$	1,261.0			14	%
Gross Profit					503.3				275.5			83	%				384.5			31	%
Operating Income					183.4				58.4			214	%				55.7			229	%
Income Before Income Taxes					115.0				41.7			176	%				18.2			532	%
Net Income					78.2				36.0			117	%				110.9			(29	)%
Diluted Earnings Per Share					0.18				0.09			100	%				0.26			(31	)%
Diluted Share Count					425.8				415.5			2	%				426.9			—	%

First Quarter Results (Non-GAAP)
(in millions)				1Q 2017				1Q 2016				Year-Over- Year Change				4Q 2016				Sequential Change
Revenues				$	1,281.6			$	817.2			57	%			$	1,261.0			2	%
Gross Profit					454.1				275.5			65	%				443.3			2	%
Operating Income					169.2				86.3			96	%				162.2			4	%
Income Before Income Taxes					133.2				76.1			75	%				132.0			1	%
Diluted Share Count					425.8				415.5			2	%				426.9			—	%

First Quarter Key Cash Flow Items
(in millions)				1Q 2017				1Q 2016				Year-Over- Year Change			4Q 2016			Sequential Change
Cash Taxes				$	18.4			$	5.4			241	%		$	8.2		124	%
Operating Cash Flow					208.5				114.9			81	%			229.4		(9	)%
Free Cash Flow					155.8				42.0			271	%			179.5		(13	)%

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