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:
|
GAAP |
Non-GAAP |
||||||||||
(in millions, except per share data) |
Q1 2022 |
Q4 2021 |
Q1 2021 |
Q1 2022 |
Q4 2021 |
Q1 2021 |
||||||
Revenue |
$1,945.0 |
$1,846.1 |
$1,481.7 |
$1,945.0 |
$1,846.1 |
$1,481.7 |
||||||
Gross Margin |
49.4 % |
45.1 % |
35.2 % |
49.4 % |
45.2 % |
35.2 % |
||||||
Operating Margin |
33.3 % |
26.0 % |
8.5 % |
33.9 % |
28.6 % |
13.3 % |
||||||
Net Income attributable to onsemi |
$530.2 |
$425.9 |
$89.9 |
$538.5 |
$478.0 |
$151.3 |
||||||
Diluted Earnings Per Share |
$1.18 |
$0.96 |
$0.20 |
$1.22 |
$1.09 |
$0.35 |
Revenue Summary |
|||||||||||||||
($ in millions) |
|||||||||||||||
(Unaudited) |
|||||||||||||||
|
Three Months Ended |
|
|
||||||||||||
Business Segment |
Q1 2022 |
Q4 2021 |
Q1 2021 |
Sequential
|
Year over
|
||||||||||
PSG |
$ |
986.7 |
$ |
953.4 |
$ |
747.0 |
3 |
% |
32 |
% |
|||||
ASG |
|
689.3 |
|
647.3 |
|
531.5 |
6 |
% |
30 |
% |
|||||
ISG |
|
269.0 |
|
245.4 |
|
203.2 |
10 |
% |
32 |
% |
|||||
Total |
$ |
1,945.0 |
$ |
1,846.1 |
$ |
1,481.7 |
5 |
% |
31 |
% |