Analog Devices, Inc. (NASDAQ:ADI) Q2 2024 Results Conference Call May 22, 2024 10:00 AM ET

Company Participants

Michael Lucarelli - VP, IR and FP&A
Vincent Roche - CEO & Chairman
Richard Puccio - CFO

Conference Call Participants

Tore Svanberg - Stifel
Stacy Rasgon - Bernstein Research
Toshiya Hari - Goldman Sachs
Vivek Arya - Bank of America Securities
Christopher Danley - Citigroup
Ross Seymore - Deutsche Bank
Mark Lipacis - Evercore ISI
Harlan Sur - JPMorgan
Joseph Moore - Morgan Stanley

Operator

Good morning, and welcome to the Analog Devices' Second Quarter Fiscal Year 2024 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, Judy. And good morning, everybody. Thanks for joining our second quarter fiscal 2024 conference call. With me on the call today, ADI's CEO and Chair, Vincent Roche; and ADI’s CFO, Richard Puccio. For anyone who missed the release, you can find it in relating financial schedules and investor.analog.com.

Onto the 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 our periodic reports and other materials follow the SEC.

Actual results could differ materially from the forward-looking information, as these statements reflect our expectations only as a date of this call. We undertake no obligation to update the statements except as required by law.

Revenue, adjusted gross margin, operating and non-operating expenses, operating margin, tax rate, EPS and free cash flow in our comment today will be on non-GAAP basis, which excludes special items. When comparing our results to historic performance. Special items are also excluded from prior periods. Reconciliation of these non-GAAP measures to 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, Vince?

Vincent Roche

Thank you very much, Mike. Good morning, and a big welcome to you all.

In the second quarter, a strong focus execution resulted in revenue of $2.16 billion, with profitability and earnings per share finishing above the high-end of our outlook. With 2Q now behind us, we believe, we've passed the low point of this cycle. Notably, global manufacturing PMIs, which are highly correlated with our core business are improving, customer inventories are stabilizing and our bookings have improved for a third consecutive quarter.