- Fourth quarter revenue of $2.34 billion, exceeded the midpoint of guidance, and fiscal 2021 revenue of $7.32 billion was led by strength in the Industrial and Automotive markets
- Operating cash flow of $2.7 billion and free cash flow of $2.4 billion in fiscal 2021
- Returned a record $3.7 billion to shareholders in fiscal 2021 through dividends and buybacks, including $2.0 billion of our $2.5 billion accelerated share repurchase program
- Completed the acquisition of Maxim Integrated, further strengthening ADI’s position as a high-performance semiconductor leader
WILMINGTON, Mass. — (BUSINESS WIRE) — November 23, 2021 — Analog Devices, Inc. (Nasdaq: ADI), a leading global high-performance semiconductor company, today announced financial results for its fourth quarter and full year fiscal 2021, which ended October 30, 2021.
“ADI delivered another quarter of record revenue and profits, marking a strong end to the fiscal year. Our Industrial and Automotive markets reached all-time highs and our Consumer business returned to solid growth in fiscal 2021,” said Vincent Roche, President and CEO, “As we enter fiscal 2022, our backlog and bookings remain robust, and we continue to invest in capacity, setting us up for continued growth in the years ahead.”
Roche continued, “The past year truly demonstrated the vital importance of semiconductors to the modern digital age and we’re now better positioned than ever to capture value with our acquisition of Maxim Integrated. This combination has expanded our global team of talented employees and best-in-class technologies, and together, we will develop even more complete, high-performance solutions that define the edge of possible. I’m confident in our ability to drive the next waves of analog semiconductor innovation, while delivering strong returns for shareholders.”
Performance for the Fourth Quarter and Fiscal 2021
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 30, 2021 |
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Oct 31, 2020 |
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Change |
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Oct 30, 2021 |
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Oct 31, 2020 |
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Change |
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Revenue |
$ |
2,340 |
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$ |
1,526 |
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53 |
% |
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$ |
7,318 |
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$ |
5,603 |
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31 |
% |
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Gross margin |
$ |
1,122 |
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$ |
1,023 |
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10 |
% |
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$ |
4,525 |
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$ |
3,690 |
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23 |
% |
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| Gross margin percentage |
47.9 |
% |
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67.0 |
% |
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(1,910 bps) |
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61.8 |
% |
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65.9 |
% |
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(410 bps) |
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| Operating income |
$ |
99 |
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$ |
462 |
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(79) |
% |
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$ |
1,692 |
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$ |
1,498 |
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13 |
% |
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| Operating margin |
4.2 |
% |
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30.2 |
% |
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(2,600 bps) |
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23.1 |
% |
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26.7 |
% |
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(360 bps) |
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| Diluted earnings per share |
$ |
0.16 |
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$ |
1.04 |
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(85) |
% |
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$ |
3.46 |
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$ |
3.28 |
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5 |
% |
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| Adjusted Results |
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| Adjusted gross margin |
$ |
1,660 |
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$ |
1,068 |
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55 |
% |
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$ |
5,186 |
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$ |
3,870 |
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34 |
% |
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| Adjusted gross margin percentage |
70.9 |
% |
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70.0 |
% |
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90 bps |
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70.9 |
% |
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69.1 |
% |
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180 bps |
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| Adjusted operating income |
$ |
1,009 |
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$ |
636 |
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59 |
% |
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$ |
3,104 |
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$ |
2,234 |
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39 |
% |
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| Adjusted operating margin |
43.1 |
% |
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41.7 |
% |
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140 bps |
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42.4 |
% |
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39.9 |
% |
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250 bps |
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| Adjusted diluted earnings per share |
$ |
1.73 |
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$ |
1.44 |
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20 |
% |
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$ |
6.46 |
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$ |
4.91 |
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32 |
% |
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Three Months Ended |
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Trailing Twelve Months |
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| Cash Generation |
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Oct 30, 2021 |
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Oct 30, 2021 |
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| Net cash provided by operating activities |
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$ |
941 |
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$ |
2,735 |
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| % of revenue |
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40 |
% |
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37 |
% |
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| Capital expenditures |
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$ |
(131) |
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$ |
(344) |
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| Free cash flow |
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$ |
810 |
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$ |
2,391 |
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| % of revenue |
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35 |
% |
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33 |
% |
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Three Months Ended |
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Trailing Twelve Months |
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| Cash Return |
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Oct 30, 2021 |
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Oct 30, 2021 |
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| Dividend paid |
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$ |
(371) |
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$ |
(1,109) |
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| Stock repurchases |
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(2,096) |
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(2,605) |
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| Total cash returned |
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$ |
(2,467) |
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$ |
(3,714) |
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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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