- Revenue of $3.25 billion with double-digit year-over-year growth across all B2B markets and record Industrial and Automotive revenue
- Operating cash flow of $5.0 billion and free cash flow of $4.3 billion on a trailing twelve-month basis
- Returned over $1 billion to shareholders through dividends and repurchases in the first quarter
- Raised quarterly dividend by 13%, marking our fifth consecutive double-digit increase
WILMINGTON, Mass. — (BUSINESS WIRE) — February 15, 2023 — Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its first quarter fiscal year 2023, which ended January 28, 2023.
“ADI continues to execute exceptionally well with revenue growth of 21% year-over-year and record earnings per share,” said Vincent Roche, CEO and Chair. “Encouragingly, despite the macro uncertainty, demand remains resilient in our Industrial and Automotive markets, driven by continued momentum across secular growth areas, such as automation and electrification.”
Roche continued, “Looking ahead, pervasive sensing, AI-driven edge computing, and ubiquitous connectivity are enabling new capabilities, applications, and markets at the Intelligent Edge. ADI, the bridge between the physical and digital worlds, is well-positioned to deliver breakthrough innovations that positively impact society and unlock long-term value for all stakeholders.”
Performance for the First Quarter of Fiscal 2023 |
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Results Summary(1) |
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(in millions, except per-share amounts and percentages) |
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Three Months Ended |
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Jan. 28, 2023 |
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Jan. 29, 2022 |
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Change |
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Revenue |
$ |
3,250 |
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|
$ |
2,684 |
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|
|
21 |
% |
Gross margin |
$ |
2,124 |
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|
$ |
1,402 |
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|
51 |
% |
Gross margin percentage |
|
65.4 |
% |
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|
52.2 |
% |
|
1,320 bps |
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Operating income |
$ |
1,131 |
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|
$ |
365 |
|
|
|
210 |
% |
| Operating margin |
|
34.8 |
% |
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|
13.6 |
% |
|
2,120 bps |
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| Diluted earnings per share |
$ |
1.88 |
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$ |
0.53 |
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|
255 |
% |
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| Adjusted Results |
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| Adjusted gross margin |
$ |
2,392 |
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$ |
1,931 |
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24 |
% |
| Adjusted gross margin percentage |
|
73.6 |
% |
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|
71.9 |
% |
|
170 bps |
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| Adjusted operating income |
$ |
1,659 |
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|
$ |
1,228 |
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|
35 |
% |
| Adjusted operating margin |
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51.1 |
% |
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45.8 |
% |
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530 bps |
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| Adjusted diluted earnings per share |
$ |
2.75 |
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$ |
1.94 |
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42 |
% |
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Three Months
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Trailing Twelve
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| Cash Generation |
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|
Jan. 28, 2023 |
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Jan. 28, 2023 |
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| Net cash provided by operating activities |
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$ |
1,406 |
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$ |
5,025 |
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| % of revenue |
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|
43 |
% |
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|
40 |
% |
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| Capital expenditures |
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$ |
(176 |
) |
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$ |
(764 |
) |
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| Free cash flow |
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$ |
1,230 |
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$ |
4,261 |
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| % of revenue |
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|
38 |
% |
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34 |
% |
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Three Months
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Trailing Twelve
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| Cash Return |
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|
Jan. 28, 2023 |
|
Jan. 28, 2023 |
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| Dividend paid |
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$ |
(385 |
) |
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$ |
(1,567 |
) |
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| Stock repurchases |
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(655 |
) |
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(3,156 |
) |
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| Total cash returned |
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$ |
(1,040 |
) |
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$ |
(4,723 |
) |
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| (1) The sum and/or computation of the individual amounts may not equal the total due to rounding. |
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