Analog Devices, Inc. (ADI) Q1 2023 Earnings Call Transcript

Analog Devices, Inc. (NASDAQ:ADI) Q1 2023 Earnings Conference Call February 15, 2023 10:00 AM ET

Company Participants

Michael Lucarelli – Vice President-Investor Relations and FP&A

Vincent Roche – Chief Executive Officer and Chair

Prashanth Mahendra-Rajah – Chief Financial Officer

Conference Call Participants

C.J. Muse – Evercore ISI

Vivek Arya – Bank of America Securities

Tore Svanberg – Stifel

Chris Danely – Citi

Stacy Rasgon – Bernstein Research

Ambrish Srivastava – BMO Capital Markets

Harlan Sur – JPMorgan

Operator

Good morning, and welcome to the Analog Devices First Quarter Fiscal Year 2023 Earnings Conference Call, which is being audio webcast via telephone and over the web.

I’d like to now introduce your host for today’s call. Mr. Michael Lucarelli, Vice President of Investor Relations and FP&A. Sir, the floor is yours.

Michael Lucarelli

Thank you, Gigi, and good morning, everybody. Thanks for joining our first quarter fiscal 2023 conference call. With me on the call today are ADI’s CEO and Chair, Vincent Roche; and ADI’s CFO, Prashanth Mahendra-Rajah. For anyone who missed the release, you can find it and relating financial schedules at investor.analog.com.

On to disclosures. Information we’re about to discuss includes forward-looking statements, which are subject to certain risks and uncertainties, as further described in our earnings release and in our periodic reports and other materials filed with the SEC. Actual results could differ materially from the forward-looking information as these statements reflect our expectations only as date of this call. We undertake no obligation to update these statements except as required by law.

Our comments today will also include non-GAAP financial measures, which exclude special items. When comparing our results to our historical performance, special items are also excluded from prior periods. Reconciliations of these non-GAAP measures to their most directly comparable GAAP measures and additional information about our non-GAAP measures are included in today’s release.

And with that, I’ll turn it over to ADI’s CEO and Chair, Vincent Roche. Vince?

Vincent Roche

Thanks very much, Mike, and good morning to everyone. Well, I’m very pleased to share that ADI continued to execute exceptionally well in the first quarter of fiscal 2023, despite continued macroeconomic uncertainty. Revenue was $3.25 billion, up 21% year-over-year, strength was broad based with all B2B markets, up single-digits. Gross and operating margins were 74% and 51% respectively and adjusted EPS achieved another record at $2.75.