Analog Devices, Inc. (ADI) Bernstein 40th Annual Strategic Decisions Conference (Transcript)


Analog Devices, Inc. (NASDAQ:ADI) Bernstein 40th Annual Strategic Decisions Conference May 29, 2024 10:00 AM ET

Company Participants

Michael Lucarelli – VP, IR & FP&A
Richard Puccio – Executive VP & CFO

Conference Call Participants

Stacy Rasgon – Bernstein

Stacy Rasgon

I guess, we’ll get started. Good morning, everyone. Thank you for coming. I’m Stacy Rasgon. I cover the U.S. semiconductor sector here at Bernstein. And it’s my honor today to introduce our guests, Rich Puccio, the CFO of Analog Devices; and Mike Lucarelli, Head of IR.

Before I start, I want to mention, if you have questions that you’d like to ask during the presentation, you should have a link to our Pigeonhole Forum, where you can submit them. We will have time for Q&A at the end. Now all the companies that I cover, ADI, I think, is one of the most respected. It’s got an extremely high-quality franchise in the analog space, particularly as it relates to signal conversion and processing.

Over the last decade or so they’ve embarked on a rationalization program, and they’re sort of enjoying the fruits of that now, but they’ve rationalized their product portfolio, manufacturing footprints. They were smart enough years ago to exit mobile early enough to actually get paid to do it. I think you’re one of the only ones that ever managed to do that.

Increasingly focused product offerings and high-value applications, whatever the end market and focus on new end markets, automotive, health care, many and many others. They’ve not been shy to take advantage of inorganic opportunities to boost the franchising growth potential. And they’ve now embarked on the regime of significantly more aggressive capital return than what we saw in years past.

And to talk about all of this, it gives me a great pleasure to welcome

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