- 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 |
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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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Twelve Months Ended |
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Oct 29,
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Oct 30,
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Change |
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Oct 29,
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Oct 30,
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Change |
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Revenue |
$ |
3,248 |
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$ |
2,340 |
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39 |
% |
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$ |
12,014 |
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$ |
7,318 |
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64 |
% |
| Gross margin |
$ |
2,143 |
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$ |
1,122 |
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91 |
% |
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$ |
7,532 |
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$ |
4,525 |
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66 |
% |
| Gross margin percentage |
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66.0 |
% |
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47.9 |
% |
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1,810 bps |
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62.7 |
% |
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61.8 |
% |
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90 bps |
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| Operating income |
$ |
1,102 |
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$ |
99 |
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1,013 |
% |
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$ |
3,279 |
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$ |
1,692 |
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94 |
% |
| Operating margin |
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33.9 |
% |
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4.2 |
% |
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2,970 bps |
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27.3 |
% |
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23.1 |
% |
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420 bps |
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| Diluted earnings per share |
$ |
1.82 |
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$ |
0.16 |
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1,038 |
% |
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$ |
5.25 |
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$ |
3.46 |
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52 |
% |
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| Adjusted Results |
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| Adjusted gross margin |
$ |
2,403 |
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$ |
1,660 |
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45 |
% |
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$ |
8,842 |
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$ |
5,186 |
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70 |
% |
| Adjusted gross margin percentage |
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74.0 |
% |
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70.9 |
% |
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310 bps |
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73.6 |
% |
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70.9 |
% |
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270 bps |
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| Adjusted operating income |
$ |
1,659 |
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$ |
1,009 |
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64 |
% |
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$ |
5,939 |
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$ |
3,104 |
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91 |
% |
| Adjusted operating margin |
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51.1 |
% |
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43.1 |
% |
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800 bps |
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49.4 |
% |
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42.4 |
% |
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700 bps |
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| Adjusted diluted earnings per share |
$ |
2.73 |
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$ |
1.73 |
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58 |
% |
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$ |
9.57 |
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$ |
6.46 |
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48 |
% |
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Three Months Ended |
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Trailing Twelve
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| Cash Generation |
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Oct 29, 2022 |
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Oct 29, 2022 |
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| Net cash provided by operating activities |
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$ |
1,149 |
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$ |
4,475 |
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| % of revenue |
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35 |
% |
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37 |
% |
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| Capital expenditures |
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$ |
(305 |
) |
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$ |
(699 |
) |
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| Free cash flow |
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$ |
845 |
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$ |
3,776 |
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| % of revenue |
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26 |
% |
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31 |
% |
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Three Months Ended |
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Trailing Twelve
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| Cash Return |
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Oct 29, 2022 |
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Oct 29, 2022 |
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| Dividend paid |
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$ |
(390 |
) |
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$ |
(1,545 |
) |
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| Stock repurchases |
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(818 |
) |
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(3,077 |
) |
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| Total cash returned |
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$ |
(1,209 |
) |
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$ |
(4,622 |
) |
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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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| (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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