Analog Devices Inc. (ADI) Q4 2022 Earnings Call Transcript

Analog Devices Inc. (NASDAQ:ADI) Q4 2022 Earnings Conference Call November 22, 2022 10:00 AM ET

Company Participants

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

Vincent Roche - Chairman & CEO

Prashanth Mahendra-Rajah - CFO

Conference Call Participants

Tore Svanberg - Stifel

C.J. Muse - Evercore ISI

Vivek Arya - Bank of America

Joshua Buchalter - Cowen

Ambrish Srivastava - BMO Capital Markets

Stacy Rasgon - Sanford C. Bernstein

William Stein - Truist Securities

Toshiya Hari - Goldman Sachs

Operator

Good morning, and welcome to the Analog Devices Fourth Quarter and Fiscal Year 2022 Earnings Conference Call, which is being audio webcast via telephone and over the web. As a reminder, this event is being recorded.

I'd now like to 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, Betsy, and good morning, everybody. Thanks for joining our fourth quarter and fiscal 2022 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. The 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 of the 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 earnings release.

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

Vincent Roche

Thank you, Mike, and good morning to you all. Well, I'm really extremely pleased to share that we delivered another record quarter, capping off what was a better year for ADI. Our fourth quarter revenue was $3.25 billion, and adjusted EPS was $2.73, and both at the high end of our outlook. For the fiscal year, revenue was $12 billion, up an impressive 26% year-over-year on a combined basis. Our Industrial, Automotive and Communications markets delivered all-time high revenues, and our Consumer business continued to grow despite industry-wide weakness. Adjusted EPS increased by nearly 50% to $9.57.