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Analog Devices, Inc. (ADI) JPMorgan 15th Annual U.S. All Stars Conference (Transcript)

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Analog Devices, Inc. ( NASDAQ: ADI ) JPMorgan 15th Annual U.S. All Stars Conference September 17, 2024 5:00 AM ET

Company Participants

Michael Lucarelli - VP, IR and FP&A Richard Puccio - EVP and CFO

Conference Call Participants

Harlan Sur - JPMorgan

Harlan Sur

Okay, great. Good morning, and welcome to JPMorgan's 15th Annual U.S. All Stars Conference held here in London. My name is Harlan Sur, I'm the semiconductors and semiconductor capital equipment analyst for the firm. Very pleased to have the team from Analog Devices here with us today; Rich Puccio, Executive Vice President and Chief Financial Officer. We also have Mike Lucarelli, Vice President of Investor Relations and FP&A here with us as well.

So for those of you that don't know the Analog Devices team, leader in high-performance mixed-signal RF analog semiconductor solutions, strong position in power management and signal chain processing, both digital and analog with -- which as we know is a technology that bridges the real-world to the physical world, best-in-class gross operating free cash flow margin, strong capital return program, very diversified business, right? Industrial, automotive, comms infrastructure. 85% of total revenue.

Rich and Mike, thanks for joining us this morning.

Richard Puccio

Good morning, everybody. Thanks for having us, Harlan.

Question-and-Answer Session

Q - Harlan Sur

Great. So if we rewind back the same time last year, second half of your fiscal '23, the team was already in the midst of the semiconductor industry cyclical downturn. You were driving about 9% year-over-year declines in the second half of last year. From there, the business continued to drive lower. You troughed in the April quarter of this year with peak-to-trough and year-over-year revenue decline of about 34% since then, right? The team has driven positive inflection in quarter-over-quarter revenue growth. Your year-over-year compares are improving as well. Take us through the dynamics over the past year, and more importantly, your view