PHOENIX — (BUSINESS WIRE) — August 1, 2022 — onsemi (the “Company”) (Nasdaq: ON) today announced results for the second quarter of 2022 with the following highlights:

• Record revenue of $2,085.0 million, an increase of 25% year-over-year
• Record GAAP and non-GAAP gross margin of 49.7%
• GAAP operating margin of 28.0% increased 1,110 basis points year-over-year
• Record non-GAAP operating margin of 34.5% increased 1,490 basis points year-over-year
• GAAP diluted earnings per share of $1.02 as compared to $0.42 in the quarter a year ago
• Non-GAAP diluted earnings per share more than doubled year-over-year to $1.34 from $0.63 on 25% increase in revenue
• LTM free cash flow margin of 17%

“Our ability to execute on our business transformation continues to deliver record revenue performance with 25% year-over-year growth and non-GAAP gross margin expansion of 1,130 basis points to 49.7% in the second quarter. These financial results validate our momentum in the market and the differentiation of our intelligent power and sensing solutions. Our leadership in the accelerating megatrends of vehicle electrification, ADAS, energy infrastructure and factory automation have enabled us to extend long term supply agreements and increase demand visibility. While we are optimistic about our outlook, we remain sensitive to dynamic market conditions. The structural changes we implemented over the past 18 months have reduced the volatility in our financials, and we have positioned the company to be more resilient in all business environments,” said Hassane El-Khoury, president and CEO of onsemi.

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