PHOENIX – Feb. 7, 2022 – onsemi (the “Company”) (Nasdaq: ON) today announced its fourth quarter and fiscal year 2021 results with the following highlights:
- Record fiscal year revenue of $6.74 billion representing 28.3% year-over-year growth
- Record quarterly revenue of $1,846.1 million, and record GAAP and non-GAAP gross margins of 45.1% and 45.2%, respectively
- Record quarterly GAAP and non-GAAP operating margins of 26.0% and 28.6%, respectively
- Fourth quarter GAAP and non-GAAP diluted earnings per share of $0.96 and $1.09, respectively 2021 free cash flow increased 167% year-over-year, with fourth quarter at $457.0 million or 25% of revenue
“Our disciplined execution on transformation initiatives in 2021 resulted in record financial performance and achievement of our financial targets ahead of stated timeline. Revenue for 2021 grew 28.3%. Operating income and free cash flow increased 6 times faster than the revenue as we focus our portfolio on secular megatrends of electric vehicles, ADAS, alternative energy and industrial automation. We continue to expand gross margins as we shift our mix into these high-value strategic markets while ramping new products, rationalizing our manufacturing footprint, and improving our overall cost structure. Outlook for our business remains robust as evidenced by over 60% year-over-year growth in our design win
