"ADI's revenue, profitability, and earnings per share all finished above our guided midpoint, underscoring continued business momentum and solid execution," said Vincent Roche, CEO and Chair. "While unprecedented customer inventory headwinds drove a historic revenue decline during fiscal 2024, we maintained operating margins north of 40%, which is a testament to our business model's resilience. We also continued to make strategic, long-term investments across engineering, manufacturing, and the end-to-end customer experience. As such, we enter 2025 as an even stronger enterprise, giving me the utmost confidence in our ability to drive increased value for customers and shareholders over the long term."
"After a brief decline in overall bookings during our third quarter, orders picked up steadily throughout the fourth quarter, particularly in the Automotive end market. While macro uncertainty continues to limit the pace of our recovery, we remain cautiously optimistic for a strong growth year in fiscal 2025," said Richard Puccio, CFO.
Performance for the Fourth Quarter and Fiscal Year 2024
Results Summary(1) |
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(in millions, except per-share amounts and percentages) |
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| Three Months Ended |
| Twelve Months Ended | ||||||||
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| Nov. 2,
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| Oct. 28,
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| Change |
| Nov. 2,
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| Oct. 28,
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| Change |
Revenue | $ 2,443 |
| $ 2,716 |
| (10) % |
| $ 9,427 |
| $ 12,306 |
| (23) % |
Gross margin | $ 1,416 |
| $ 1,647 |
| (14) % |
| $ 5,381 |
| $ 7,877 |
| (32) % |
| Gross margin percentage | 58.0 % |
| 60.6 % |
| (260 bps) |
| 57.1 % |
| 64.0 % |
| (690 bps) |
| Operating income | $ 569 |
| $ 634 |
| (10) % |
| $ 2,033 |
| $ 3,823 |
| (47) % |
| Operating margin | 23.3 % |
| 23.4 % |
| (10 bps) |
| 21.6 % |
| 31.1 % |
| (950 bps) |
| Diluted earnings per share | $ 0.96 |
| $ 1.00 |
| (4) % |
| $ 3.28 |
| $ 6.55 |
| (50) % |
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| Adjusted Results (2) |
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| Adjusted gross margin | $ 1,660 |
| $ 1,907 |
| (13) % |
| $ 6,404 |
| $ 8,925 |
| (28) % |
| Adjusted gross margin percentage | 67.9 % |
| 70.2 % |
| (230 bps) |
| 67.9 % |
| 72.5 % |
| (460 bps) |
| Adjusted operating income | $ 1,005 |
| $ 1,215 |
| (17) % |
| $ 3,853 |
| $ 6,014 |
| (36) % |
| Adjusted operating margin | 41.1 % |
| 44.7 % |
| (360 bps) |
| 40.9 % |
| 48.9 % |
| (800 bps) |
| Adjusted diluted earnings per share | $ 1.67 |
| $ 2.01 |
| (17) % |
| $ 6.38 |
| $ 10.09 |
| (37) % |
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| Three Months Ended |
| Trailing Twelve
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| Cash Generation |
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| Nov. 2, 2024 |
| Nov. 2, 2024 | ||||
| Net cash provided by operating activities |
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| $ 1,051 |
| $ 3,853 | ||||
| % of revenue |
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| 43 % |
| 41 % | ||||
| Capital expenditures |
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| $ (165) |
| $ (730) | ||||
| Free cash flow (2) |
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| $ 885 |
| $ 3,122 | ||||
| % of revenue |
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| 36 % |
| 33 % | ||||
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| Cash Return |
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| Nov. 2, 2024 |
| Nov. 2, 2024 | ||||
| Dividend paid |
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| $ (457) |
| $ (1,795) | ||||
| Stock repurchases |
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| (95) |
| (616) | ||||
| Total cash returned |
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| $ (552) |
| $ (2,411) | ||||
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| (1) The sum and/or computation of the individual amounts may not equal the total due to rounding. | |||||||||||
| (2) Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also the "Non-GAAP Financial Information" section for additional information. | |||||||||||
