Analog Devices Reports Record Fourth Quarter and Fiscal 2021 Results

  • Fourth quarter revenue of $2.34 billion, exceeded the midpoint of guidance, and fiscal 2021 revenue of $7.32 billion was led by strength in the Industrial and Automotive markets
  • Operating cash flow of $2.7 billion and free cash flow of $2.4 billion in fiscal 2021
  • Returned a record $3.7 billion to shareholders in fiscal 2021 through dividends and buybacks, including $2.0 billion of our $2.5 billion accelerated share repurchase program
  • Completed the acquisition of Maxim Integrated, further strengthening ADI’s position as a high-performance semiconductor leader

WILMINGTON, Mass. — (BUSINESS WIRE) — November 23, 2021 — Analog Devices, Inc. (Nasdaq: ADI), a leading global high-performance semiconductor company, today announced financial results for its fourth quarter and full year fiscal 2021, which ended October 30, 2021.

“ADI delivered another quarter of record revenue and profits, marking a strong end to the fiscal year. Our Industrial and Automotive markets reached all-time highs and our Consumer business returned to solid growth in fiscal 2021,” said Vincent Roche, President and CEO, “As we enter fiscal 2022, our backlog and bookings remain robust, and we continue to invest in capacity, setting us up for continued growth in the years ahead.”

Roche continued, “The past year truly demonstrated the vital importance of semiconductors to the modern digital age and we’re now better positioned than ever to capture value with our acquisition of Maxim Integrated. This combination has expanded our global team of talented employees and best-in-class technologies, and together, we will develop even more complete, high-performance solutions that define the edge of possible. I’m confident in our ability to drive the next waves of analog semiconductor innovation, while delivering strong returns for shareholders.”

Performance for the Fourth Quarter and Fiscal 2021

Results Summary(1)

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

Oct 30, 2021

 

Oct 31, 2020

 

Change

 

Oct 30, 2021

 

Oct 31, 2020

 

Change

Revenue

$

2,340

 

 

$

1,526

 

 

53

%

 

$

7,318

 

 

$

5,603

 

 

31

%

Gross margin

$

1,122

 

 

$

1,023

 

 

10

%

 

$

4,525

 

 

$

3,690

 

 

23

%

Gross margin percentage

47.9

%

 

67.0

%

 

(1,910 bps)

 

61.8

%

 

65.9

%

 

(410 bps)

Operating income

$

99

 

 

$

462

 

 

(79)

%

 

$

1,692

 

 

$

1,498

 

 

13

%

Operating margin

4.2

%

 

30.2

%

 

(2,600 bps)

 

23.1

%

 

26.7

%

 

(360 bps)

Diluted earnings per share

$

0.16

 

 

$

1.04

 

 

(85)

%

 

$

3.46

 

 

$

3.28

 

 

5

%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Results

 

 

 

 

 

 

 

 

 

 

 

Adjusted gross margin

$

1,660

 

 

$

1,068

 

 

55

%

 

$

5,186

 

 

$

3,870

 

 

34

%

Adjusted gross margin percentage

70.9

%

 

70.0

%

 

90 bps

 

70.9

%

 

69.1

%

 

180 bps

Adjusted operating income

$

1,009

 

 

$

636

 

 

59

%

 

$

3,104

 

 

$

2,234

 

 

39

%

Adjusted operating margin

43.1

%

 

41.7

%

 

140 bps

 

42.4

%

 

39.9

%

 

250 bps

Adjusted diluted earnings per share

$

1.73

 

 

$

1.44

 

 

20

%

 

$

6.46

 

 

$

4.91

 

 

32

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Trailing Twelve Months

Cash Generation

 

 

 

 

Oct 30, 2021

 

Oct 30, 2021

Net cash provided by operating activities

 

 

 

 

$

941

 

 

$

2,735

 

% of revenue

 

 

 

 

40

%

 

37

%

Capital expenditures

 

 

 

 

$

(131)

 

 

$

(344)

 

Free cash flow

 

 

 

 

$

810

 

 

$

2,391

 

% of revenue

 

 

 

 

35

%

 

33

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Trailing Twelve Months

Cash Return

 

 

 

 

Oct 30, 2021

 

Oct 30, 2021

Dividend paid

 

 

 

 

$

(371)

 

 

$

(1,109)

 

Stock repurchases

 

 

 

 

(2,096)

 

 

(2,605)

 

Total cash returned

 

 

 

 

$

(2,467)

 

 

$

(3,714)

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

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