Analog Devices Reports Record Fourth Quarter and Fiscal 2022 Results

  • Fourth quarter revenue of $3.25 billion with all markets growing sequentially
  • Fiscal 2022 revenue of $12 billion; B2B markets of Industrial, Automotive, and Communications each achieved records
  • Fiscal 2022 operating cash flow of $4.5 billion and free cash flow of $3.8 billion, or 31% of revenue, after investing a record $699 million in capital expenditures
  • Returned $4.6 billion to shareholders through $3.1 billion of share repurchases and $1.5 billion of dividends in fiscal 2022

WILMINGTON, Mass. — (BUSINESS WIRE) — November 22, 2022 — Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fourth quarter and fiscal year 2022, which ended October 29, 2022.

“ADI delivered its seventh consecutive quarter of record revenue, bringing 2022 to a strong close. Our B2B markets of Industrial, Automotive and Communications reached all-time highs, while our Consumer business delivered another year of strong growth. Our team’s execution, combined with strong operating leverage, enabled the most profitable year in ADI’s history,” said Vincent Roche, CEO and Chair. “While the economic backdrop continues to cause demand uncertainty, we are well-positioned in the near-term with stabilizing orders, a strong backlog, and continued design win momentum.”

Roche continued, “ADI has successfully navigated many business cycles over our nearly six-decade history, and today, our business is more resilient than ever. We have increased our scale and diversification, added more manufacturing agility, and fortified our customer brand. These strengths enable ADI to maintain our unwavering commitment to innovation and develop breakthrough solutions at the intelligent edge, while delivering long-term value for all stakeholders.”

Performance for the Fourth Quarter and Fiscal 2022

Results Summary(1)

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Twelve Months Ended

 

Oct 29,
2022

 

Oct 30,
2021

 

Change

 

Oct 29,
2022

 

Oct 30,
2021

 

Change

Revenue

$

3,248

 

 

$

2,340

 

 

39

%

 

$

12,014

 

 

$

7,318

 

 

 

64

%

Gross margin

$

2,143

 

 

$

1,122

 

 

91

%

 

$

7,532

 

 

$

4,525

 

 

 

66

%

Gross margin percentage

 

66.0

%

 

 

47.9

%

 

1,810 bps

 

 

62.7

%

 

 

61.8

%

 

90 bps

Operating income

$

1,102

 

 

$

99

 

 

1,013

%

 

$

3,279

 

 

$

1,692

 

 

 

94

%

Operating margin

 

33.9

%

 

 

4.2

%

 

2,970 bps

 

 

27.3

%

 

 

23.1

%

 

420 bps

Diluted earnings per share

$

1.82

 

 

$

0.16

 

 

1,038

%

 

$

5.25

 

 

$

3.46

 

 

 

52

%

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted Results

 

 

 

 

 

 

 

 

 

 

 

Adjusted gross margin

$

2,403

 

 

$

1,660

 

 

45

%

 

$

8,842

 

 

$

5,186

 

 

 

70

%

Adjusted gross margin percentage

 

74.0

%

 

 

70.9

%

 

310 bps

 

 

73.6

%

 

 

70.9

%

 

270 bps

Adjusted operating income

$

1,659

 

 

$

1,009

 

 

64

%

 

$

5,939

 

 

$

3,104

 

 

 

91

%

Adjusted operating margin

 

51.1

%

 

 

43.1

%

 

800 bps

 

 

49.4

%

 

 

42.4

%

 

700 bps

Adjusted diluted earnings per share

$

2.73

 

 

$

1.73

 

 

58

%

 

$

9.57

 

 

$

6.46

 

 

 

48

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Trailing Twelve
Months

Cash Generation

 

 

 

 

Oct 29, 2022

 

Oct 29, 2022

Net cash provided by operating activities

 

 

 

 

$

1,149

 

 

$

4,475

 

% of revenue

 

 

 

 

 

35

%

 

 

37

%

Capital expenditures

 

 

 

 

$

(305

)

 

$

(699

)

Free cash flow

 

 

 

 

$

845

 

 

$

3,776

 

% of revenue

 

 

 

 

 

26

%

 

 

31

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Trailing Twelve
Months (2)

Cash Return

 

 

 

 

Oct 29, 2022

 

Oct 29, 2022

Dividend paid

 

 

 

 

$

(390

)

 

$

(1,545

)

Stock repurchases

 

 

 

 

 

(818

)

 

 

(3,077

)

Total cash returned

 

 

 

 

$

(1,209

)

 

$

(4,622

)

 

 

 

 

 

 

 

 

 

 

 

 

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

(2) Includes $500 million of stock repurchases, which were prepaid in the fourth quarter of fiscal 2021 as part of our accelerated share repurchase program.


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