• Revenue of $1,377.6 million
• Gross margin of 37.6 percent
• GAAP operating margin of 13.5 percent and non-GAAP operating margin of 15.7 percent
• Operating cash flow of $226.5 million and free cash flow of $127.0 million
• GAAP earnings per share of $0.31 and non-GAAP earnings per share of $0.40

PHOENIX — (BUSINESS WIRE) — April 29, 2018 — ON Semiconductor Corporation (Nasdaq: ON) today announced that total revenue in the first quarter of 2018 was $1,377.6 million, down approximately 4 percent compared to GAAP revenue in the first quarter of last year. First quarter 2018 revenue was up approximately 7 percent compared to non-GAAP revenue in the first quarter of last year, which excluded the one-time impact from a change in revenue recognition to the "sell-in" method from the "sell-through" method. First quarter 2018 revenue was approximately flat as compared to revenue in fourth quarter of 2017.

"We delivered strong revenue and margin performance in the first quarter. We are seeing an upwards inflection in long-term demand for our products, driven by strengthening engagement with our customers on their long-term strategic projects and broad-based acceptance of our products for automotive and industrial markets," said Keith Jackson, president and CEO of ON Semiconductor. "Along with robust revenue performance, we continue to deliver impressive margin performance driven by solid execution, improving mix, and operating leverage. We continue to make strong progress towards our target financial model."

"Sustained demand has put pressure on the semiconductor industry's supply chain. We are pro-actively investing in our operations to further strengthen our industry leading cost structure and to ensure supply for our customers."

First Quarter Results (GAAP)
(in millions, except per share data)			1Q 2018				1Q 2017*				Year-Over- Year Change				4Q 2017*				Sequential Change
Revenues			$	1,377.6			$	1,436.7			(4	)%			$	1,377.5			—	%
Gross Profit			$	517.4			$	503.1			3	%			$	516.5			—	%
Operating Income			$	185.7			$	183.1			1	%			$	167.5			11	%
Net Income Attributable to ON Semiconductor Corporation			$	139.6			$	78.2			79	%			$	529.9			(74	)%
Diluted Earnings Per Share			$	0.31			$	0.18			72	%			$	1.22			(75	)%
Diluted Share Count				444.2				425.8			4	%				433.3			3	%

First Quarter Results (Non-GAAP)
(in millions, except per share data)			1Q 2018				1Q 2017*				Year-Over- Year Change				4Q 2017*				Sequential Change
Revenues			$	1,377.6			$	1,281.6			7	%			$	1,377.5			—	%
Gross Profit			$	517.4			$	453.9			14	%			$	516.5			—	%
Operating Income			$	216.7			$	168.9			28	%			$	211.1			3	%
Net Income Attributable to ON Semiconductor Corporation			$	170.7			$	114.3			49	%			$	167.3			2	%
Diluted Earnings Per Share			$	0.40			$	0.27			48	%			$	0.39			3	%
Diluted Share Count				431.6				425.8			1	%				429.9			—	%

First Quarter Key Cash Flow Items
(in millions)			1Q 2018				1Q 2017*				Year-Over- Year Change				4Q 2017*				Sequential Change
Cash Taxes			$	19.1			$	18.4			4	%			$	18.9			1	%
Operating Cash Flow			$	226.5			$	208.5			9	%			$	224.3			1	%
Free Cash Flow			$	127.0			$	155.8			(18	)%			$	48.6			161	%

*		Prior period amounts have been adjusted for the retrospective adoption of ASU 2017-07 - “Improving the presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost” (“ASU 2017-07”). Under ASU 2017-07, service cost is included in operating income, while the other components are reported outside of operating income. The adoption of the standard did not have a material impact on the current or prior period financial statements.

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