Analog Devices, Inc. (NASDAQ:ADI) Q4 2024 Earnings Conference Call November 26, 2024 10:00 AM ET

Company Participants

Michael Lucarelli - Vice President of Investor Relations and FP&A
Vincent Roche - CEO and Chairman
Richard Puccio - CFO

Conference Call Participants

Chris Danely - Citi
CJ Muse - Cantor Fitzgerald.
Vivek Arya - Bank of America Securities
Tore Svanberg - Stifel
Stacy Rasgon - Bernstein.
Timothy Arcuri - UBS
Ross Seymore - Deutsche Bank
William Stein - Truist Securities
Joshua Buchalter - TD Cowen

Operator

Good morning, and welcome to the Analog Devices' Fourth Quarter Fiscal Year 2024 Earnings Conference Call, which is being audio webcast via telephone and over the web. After the speakers’ presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

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, Glenn. And good morning, everybody. Thanks for joining our fourth quarter fiscal 2024 conference call.

With me on the call today, ADI's CEO and Chair, Vincent Roche; 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.

Reference to 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 earnings release. Please note, references to EPS are on a fully diluted basis.

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

Vincent Roche

Thanks very much, Mike, and a very good morning to you all. So our fourth quarter results reflected the continued steady recovery from our second quarter cyclical bottom with revenue operating margin and earnings per share all finishing above the midpoint of our outlook. For the full fiscal year '24 revenue finished at $9.4 billion with earnings per share of $6.38. The headwinds we faced in fiscal '24, most notably pronounced post-pandemic inventory digestion and the challenging macro backdrop muted demand recovery.