Analog Devices Reports Record Revenue for the Second Quarter Fiscal 2023

  • Revenue of $3.26 billion increased 10% year-over-year, led by another quarter of record results in Industrial and Automotive
  • Operating cash flow of $4.9 billion and free cash flow of $4.0 billion on a trailing twelve-month basis
  • Returned $1.5 billion to shareholders through $1.1 billion of share repurchases and $0.4 billion of dividends during the second quarter

WILMINGTON, Mass. — (BUSINESS WIRE) — May 24, 2023 — Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its second quarter fiscal year 2023, which ended April 29, 2023.

“ADI continued to execute well in the second quarter with revenue growth for the thirteenth consecutive quarter and record earnings per share,” said Vincent Roche, CEO and Chair. “Looking to the second half, we expect revenue to moderate given the continued economic uncertainty and normalizing supply chains. However, I am confident in ADI’s ability to navigate short-term business cycles due to the strength and diversity of our franchise, our hybrid manufacturing model, and alignment to secular growth trends.”

Roche continued, “Longer term, the center of gravity for data processing is shifting from the cloud to the edge, thanks to emerging applications that include Industry 4.0, Smart Energy Systems, Electric Vehicles, Advanced Connectivity, and Immersive Consumer. ADI’s alignment with these applications, where semiconductor content per dollar of capex is increasing, presents tremendous growth opportunities. I am excited for what our future holds as we continue to deliver breakthrough solutions at the Intelligent Edge for our customers.”

Performance for the Second Quarter of Fiscal 2023

Results Summary(1)

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Apr. 29, 2023

 

Apr. 30, 2022

 

Change

Revenue

$

3,263

 

 

$

2,972

 

 

 

10

%

Gross margin

$

2,145

 

 

$

1,945

 

 

 

10

%

Gross margin percentage

 

65.7

%

 

 

65.4

%

 

 

30 bps

 

Operating income

$

1,128

 

 

$

918

 

 

 

23

%

Operating margin

 

34.6

%

 

 

30.9

%

 

 

370 bps

 

Diluted earnings per share

$

1.92

 

 

$

1.49

 

 

 

29

%

 

 

 

 

 

 

Adjusted Results

 

 

 

 

 

Adjusted gross margin

$

2,404

 

 

$

2,205

 

 

 

9

%

Adjusted gross margin percentage

 

73.7

%

 

 

74.2

%

 

(50 bps

)

Adjusted operating income

$

1,671

 

 

$

1,495

 

 

 

12

%

Adjusted operating margin

 

51.2

%

 

 

50.3

%

 

 

90 bps

 

Adjusted diluted earnings per share

$

2.83

 

 

$

2.40

 

 

 

18

%

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Trailing Twelve Months

Cash Generation

 

 

Apr. 29, 2023

 

Apr. 29, 2023

Net cash provided by operating activities

 

 

$

1,082

 

 

$

4,885

 

% of revenue

 

 

 

33

%

 

 

38

%

Capital expenditures

 

 

$

(284

)

 

$

(930

)

Free cash flow

 

 

$

797

 

 

$

3,955

 

% of revenue

 

 

 

24

%

 

 

31

%

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Trailing Twelve Months

Cash Return

 

 

Apr. 29, 2023

 

Apr. 29, 2023

Dividend paid

 

 

$

(435

)

 

$

(1,605

)

Stock repurchases

 

 

 

(1,153

)

 

 

(3,532

)

Total cash returned

 

 

$

(1,588

)

 

$

(5,137

)

 

 

 

 

 

 

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


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