Analog Devices Reports Record Revenue and Earnings for the Third Quarter Fiscal 2021

  • Revenue of $1.76 billion, a new all-time high, with 21% year over year growth
  • All end markets grew sequentially, underscored by record revenue in Industrial and Automotive
  • Operating cash flow of $2.5 billion and free cash flow of $2.2 billion, or 34% of revenue, on a trailing twelve months basis
  • Returned more than $400 million to shareholders in the third quarter through dividends and share repurchases
  • Not included in the original third quarter outlook was $24 million of Automotive revenue and $0.05 of EPS, resulting from an IP licensing agreement

WILMINGTON, Mass. — (BUSINESS WIRE) — August 18, 2021 — Analog Devices, Inc. (Nasdaq: ADI), a leading global high-performance semiconductor company, today announced financial results for its third quarter of fiscal 2021, which ended July 31, 2021.

“ADI delivered record revenue and earnings for the second consecutive quarter with continued gross and operating margin expansion. All markets increased sequentially with our Industrial and Automotive segments once again achieving records,” said Vincent Roche, President and CEO. “Robust bookings across all end markets, combined with lean inventories and ongoing capacity additions will enable us to close this year on a high note and continue to grow into fiscal 2022.”

Roche continued, “The economic recovery continues to take shape with demand still far exceeding supply, underscoring the importance of semiconductors across all industries. We continue to execute soundly, and I have never been more confident about the future of ADI’s franchise as our solutions become more vital in the modern digital age. Our ethos of innovation, deep customer engagements, and alignment with favorable secular growth drivers position us to deliver strong returns in the years to come.”

Performance for the Third Quarter of Fiscal 2021

Results Summary(1)

(in millions, except per-share amounts and percentages)

 

 

 

 

 

 

 

Three Months Ended

 

Jul. 31, 2021

 

Aug. 1, 2020

 

Change

Revenue

$

1,759

 

 

$

1,456

 

 

21

%

Gross margin

$

1,221

 

 

973

 

 

25

%

Gross margin percentage

69.4

%

 

66.8

%

 

260 bps

Operating income

$

610

 

 

$

419

 

 

46

%

Operating margin

34.7

%

 

28.8

%

 

590 bps

Diluted earnings per share

$

1.35

 

 

$

0.97

 

 

39

%

 

 

 

 

 

 

Adjusted Results

 

 

 

 

 

Adjusted gross margin

$

1,259

 

 

$

1,018

 

 

24

%

Adjusted gross margin percentage

71.6

%

 

69.9

%

 

170 bps

Adjusted operating income

$

766

 

 

$

616

 

 

24

%

Adjusted operating margin

43.6

%

 

42.3

%

 

130 bps

Adjusted diluted earnings per share

$

1.72

 

 

$

1.36

 

 

26

%

 

 

 

 

 

 

 

 

 

Three Months
Ended

 

Trailing Twelve
Months

Cash Generation

 

 

Jul. 31, 2021

 

Jul. 31, 2021

Net cash provided by operating activities

 

 

$

630

 

 

$

2,467

 

% of revenue

 

 

36

%

 

38

%

Capital expenditures

 

 

$

(86

)

 

$

(243

)

Free cash flow

 

 

$

544

 

 

$

2,224

 

% of revenue

 

 

31

%

 

34

%

 

 

 

 

 

 

 

 

 

Three Months
Ended

 

Trailing Twelve
Months

Cash Return

 

 

Jul. 31, 2021

 

Jul. 31, 2021

Dividend paid

 

 

$

(255

)

 

$

(968

)

Stock repurchases

 

 

(163

)

 

(516

)

Total cash returned

 

 

$

(418

)

 

$

(1,484

)

 

 

 

 

 

 

(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.


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