- Revenue of $1.56 billion with double digit year-over-year growth across all B2B markets
- Operating cash flow of $2.1 billion and free cash flow of $1.9 billion, or 33% of revenue, on a trailing twelve months basis
- Returned over $380 million to shareholders in the first quarter through dividends and share repurchases
- Increased quarterly dividend by 11%, marking the Company's 18th increase over the last 17 years
WILMINGTON, Mass. — (BUSINESS WIRE) — February 17, 2021 — Analog Devices, Inc. (Nasdaq: ADI), a leading global high-performance semiconductor company, today announced financial results for its first quarter of fiscal 2021, which ended January 30, 2021.
“ADI delivered strong first quarter results at the high end of our outlook, reflecting the diversity of our business and our alignment to the most important secular growth trends,” said Vincent Roche, President and CEO. “Revenue increased 20% year-over-year with growth across all market segments, including a record quarter for our Industrial business. While the economic backdrop remains uncertain, we are confident that a broad-based recovery is underway given continued momentum in ADI’s bookings and lean inventories across the industry.”
Roche continued, “ADI remains focused on addressing our customers’ toughest challenges and providing breakthrough solutions, pushing the edge of what is possible. At the same time, we are passionately driven to deliver a positive impact on the world around us, enabling a more connected, safer and sustainable future, while creating value for all stakeholders.”
Performance for the First Quarter of Fiscal 2021
Results Summary(1) |
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|
|
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(in millions, except per-share amounts and percentages) |
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|
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|
Three Months Ended |
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|
Jan. 30, 2021 |
|
Feb. 1, 2020 |
|
Change |
||||||
Revenue |
$ |
1,558 |
|
|
$ |
1,304 |
|
|
20 |
% |
|
Gross margin |
$ |
1,045 |
|
|
$ |
848 |
|
|
23 |
% |
|
Gross margin percentage |
67.1 |
% |
|
65.1 |
% |
|
200 bps |
||||
Operating income |
$ |
464 |
|
|
$ |
273 |
|
|
70 |
% |
|
Operating margin |
29.8 |
% |
|
21.0 |
% |
|
880 bps |
||||
| Diluted earnings per share |
$ |
1.04 |
|
|
$ |
0.55 |
|
|
89 |
% |
|
|
|
|
|
|
|
|
||||||
| Adjusted Results |
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|
|
|
|
||||||
| Adjusted gross margin |
$ |
1,090 |
|
|
$ |
893 |
|
|
22 |
% |
|
| Adjusted gross margin percentage |
70.0 |
% |
|
68.5 |
% |
|
150 bps |
||||
| Adjusted operating income |
$ |
635 |
|
|
$ |
481 |
|
|
32 |
% |
|
| Adjusted operating margin |
40.7 |
% |
|
36.9 |
% |
|
380 bps |
||||
| Adjusted diluted earnings per share |
$ |
1.44 |
|
|
$ |
1.03 |
|
|
40 |
% |
|
|
|
|
|
|
|
|
||||||
|
|
|
|
Three Months Ended |
|
Trailing Twelve Months |
||||||
| Cash Generation |
|
|
Jan. 30, 2021 |
|
Jan. 30, 2021 |
||||||
| Net cash provided by operating activities |
|
|
$ |
428 |
|
|
$ |
2,087 |
|
||
| % of revenue |
|
|
27 |
% |
|
36 |
% |
||||
| Capital expenditures |
|
|
$ |
(67 |
) |
|
$ |
(178 |
) |
||
| Free cash flow |
|
|
$ |
361 |
|
|
$ |
1,909 |
|
||
| % of revenue |
|
|
23 |
% |
|
33 |
% |
||||
|
|
|
|
|
|
|
||||||
|
|
|
|
Three Months Ended |
|
Trailing Twelve Months |
||||||
| Cash Return |
|
|
Jan. 30, 2021 |
|
Jan. 30, 2021 |
||||||
| Dividend paid |
|
|
$ |
(229 |
) |
|
$ |
(916 |
) |
||
| Stock repurchases |
|
|
(157 |
) |
|
(296 |
) |
||||
| Total cash returned |
|
|
$ |
(386 |
) |
|
$ |
(1,212 |
) |
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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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