onsemi Reports Fourth Quarter and 2021 Financial Results

FIRST QUARTER 2022 OUTLOOK

The following table outlines onsemi's projected first quarter of 2022 GAAP and non-GAAP outlook.

 

 

 

 

 

Total onsemi
GAAP

Special
Items **

Total onsemi
Non-GAAP***

Revenue

$1,850 to $1,950 million

-

$1,850 to $1,950 million

Gross Margin

45.5 % to 47.5 %

-

45.5 % to 47.5 %

Operating Expenses

$332 to $347 million

$34 million

$298 to $313 million

Other Income and Expense (including interest expense), net

$18 to $22 million

$3 million

$21 to $25 million

Diluted Earnings Per Share

$0.90 to $1.02

$0.08

$0.98 to $1.10

Diluted Shares Outstanding *

450 million

9 million

441 million

*

Convertible Notes, Non-cash Interest Expense is calculated pursuant to FASB’s Accounting Standards Codification Topic 470: Debt.

*

Diluted shares outstanding can vary as a result of, among other things, the vesting of restricted stock units, the incremental dilutive shares from the Company's convertible senior subordinated notes, and the repurchase or the issuance of stock or convertible notes or the sale of treasury shares. With the adoption of the new accounting standard, the GAAP diluted shares outstanding assumes settling the principal and excess over par value in shares of the Company’s common stock for the 1.625% Notes and only the excess over par value in shares of the Company’s common stock for the 0% Notes, according to the terms of such notes. The non-GAAP diluted shares outstanding includes the shares that are not covered by the Company’s hedge transaction issued concurrently with such notes. In periods when the quarterly average stock price exceeds $30.70 for the 1.625% Notes and $74.34 for the 0% Notes, the dilutive impact of the warrants issued concurrently with such notes are included in the GAAP and non-GAAP diluted shares outstanding. Calculations are based on the Company’s stock price as of December 31, 2021.

**

Special items may include: amortization of acquisition-related intangibles; expensing of appraised inventory fair market value step-up; purchased in-process research and development expenses; restructuring, asset impairments and other, net; goodwill impairment charges; gains and losses on debt prepayment; non-cash interest expense; actuarial (gains) losses on pension plans and other pension benefits; and certain other special items, as necessary. These special items are out of our control and could change significantly from period to period. As a result, we are not able to reasonably estimate and separately present the individual impact or probable significance of these special items, and we are similarly unable to provide a reconciliation of the non-GAAP measures. The reconciliation that is unavailable would include a forward-looking income statement, balance sheet and statement of cash flows in accordance with GAAP. For this reason, we use a projected range of the aggregate amount of special items in order to calculate our projected non-GAAP operating expense outlook.

***

We believe these non-GAAP measures provide important supplemental information to investors. We use these measures, together with GAAP measures, for internal managerial purposes and as a means to evaluate period-to-period comparisons. However, we do not, and you should not, rely on non-GAAP financial measures alone as measures of our performance. We believe that non-GAAP financial measures reflect an additional way of viewing aspects of our operations that, when taken together with GAAP results and the reconciliations to corresponding GAAP financial measures that we also provide in our releases, provide a more complete understanding of factors and trends affecting our business. Because non-GAAP financial measures are not standardized, it may not be possible to compare these financial measures with other companies' non-GAAP financial measures, even if they have similar names.

TELECONFERENCE

onsemi will host a conference call for the financial community at 9 a.m. Eastern Time (EST) on Feb. 7, 2022 to discuss this announcement and onsemi’s results for the fourth quarter of 2021 and fiscal year 2021. The Company will also provide a real-time audio webcast of the teleconference on the Investor Relations page of its website at http://www.onsemi.com. The webcast replay will be available at this site approximately one hour following the live broadcast and will continue to be available for approximately 30 days following the conference call. Investors and interested parties can also access the conference call via telephone by dialing (888) 414-4458 (U.S./Canada) or (646) 960-0166 (International). In order to join this conference call, you will be required to provide the Conference ID Number, which is 8631312.

About onsemi

onsemi (Nasdaq: ON) is driving disruptive innovations to help build a better future. With a focus on automotive and industrial end-markets, the company is accelerating change in megatrends such as vehicle electrification and safety, sustainable energy grids, industrial automation, and 5G and cloud infrastructure. With a highly differentiated and innovative product portfolio, onsemi creates intelligent power and sensing technologies that solve the world’s most complex challenges and leads the way in creating a safer, cleaner, and smarter world.

onsemi, and the onsemi logo are trademarks of Semiconductor Components Industries, LLC. All other brand and product names appearing in this document are registered trademarks or trademarks of their respective holders. Although the Company references its website in this news release, information on the website is not to be incorporated herein.


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