onsemi Reports Record Revenue, Margins, and non-GAAP Earnings per Share for First Quarter 2022

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
Change

Year over
Year Change

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

%


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