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ON ON Semiconductor® ON Semiconductor Reports First Quarter 2021 Results PHOENIX , Ariz . – May 3 , 2021 - ON Semiconductor Corporation ( Nasdaq : ON ) today announced results for the first quarter of 2021 with following highlights : • Revenue of $ 1,481.7 million increased 16 percent year - over - year GAAP diluted earnings per share of $ 0.20 as compared to $ ( 0.03 ) in the quarter a year ago • • • Non - GAAP diluted earnings per share of $ 0.35 as compared to $ 0.10 in the quarter a year ago GAAP and non - GAAP gross margin of 35.2 percent increased 80 basis points quarter - over - quarter and 370 basis points year - over - year Cash provided by operating activities of $ 218.5 million as compared to $ 166.0 million in the quarter a year ago • Free cash flow of $ 141.5 million , as compared to $ 33.7 million in the quarter a year ago • Record automotive revenue of $ 515 million increased 5 percent quarter - over - quarter " We delivered strong results driven by disciplined execution in a strong demand environment across our focus end - markets . Our gross margin initiatives are beginning to show early results with first quarter gross margin expanding by 80 basis points quarter - over - quarter . We remain confident in our ability to further expand our margins as we continue to make structural changes to the business , " said Hassane El - Khoury , president and CEO of ON Semiconductor . " The momentum in our strategic automotive and industrial end - markets is accelerating . During the first quarter , we secured key platform design wins for our Silicon Carbide and Silicon based power products , further solidifying our market leadership in vehicle electrification . " Selected financial results for the quarter are shown below with comparable periods : ( in millions , except per share data ) Q1 2021 Revenue $ 1,481.7 Gross Margin 35.2 % GAAP Q4 2020 $ 1,446.3 34.4 % Non - GAAP Q1 2020 $ 1,277.9 31.5 % Q1 2021 $ 1,481.7 35.2 % Q4 2020 $ 1,446.3 Q1 2020 $ 1,277.9 34.4 % 31.5 % Operating Margin 8.5 % 11.6 % 1.5 % 13.3 % 14.2 % 6.6 % Net Income ( Loss ) Attributable to ON Semiconductor Corporation $ 89.9 $ 89.0 ( $ 14.0 ) $ 151.3 $ 147.1 $ 42.8 Diluted Earnings ( Loss ) Per Share $ 0.20 $ 0.21 ( $ 0.03 ) $ 0.35 $ 0.35 $ 0.10 1