Q2 2022 Analog Devices Inc Earnings Call

May 18, 2022

Good morning, and welcome to the analog devices second quarter fiscal year 2022 earnings conference call.

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, Sir the floor is yours.

Thank you Katrina and good morning, everybody.

For joining our second quarter of fiscal 2022 call.

They called their 80, Ico Chair Vincent Roche Adi's CFO for shop by shop.

Anyone who missed the release you can find it and related financial schedules at Investor analog com.

The disclosures the information we're about to discuss includes forward looking statements, which are subject to certain risks and uncertainties as.

As further described in our earnings release, and our periodic reports and other materials filed with SEC.

After results could differ materially from the forward looking information as they stand with reflect our expectations 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.

Conciliation of these non-GAAP measures to the most directly comparable GAAP measures and additional information about our non-GAAP measures are also included in today's earnings release.

And with that I'll turn it over to Adi's, CEO and chair visit Rose Lynn.

Thank you, Mike and a very good morning to you all what I'm very pleased to report that Adi delivered another quarter of record revenue profitability and earnings driven by continued insatiable demand for our products.

Strong operational execution.

And accelerated synergy capture.

Moreover, amidst a dynamic macro environment, we're operating from a position of remarkable strength supported by our record backlog robust bookings.

And the ongoing capacity expansions, which position us favorably as we enter the second half.

Now moving to a summary of our results revenue was $2 97 billion above the high end of our outlook and up 28% year over year on a pro forma basis.

Strength was broad based with all segments up double digits year over year.

Impressively adjusted gross margin expanded to 74% and operating margin to 50%.

Adjusted EPS was $2 40 exceeding the high end of outlook and increasing over 50% from the year ago period.

Overall, I'm very excited with our performance and our team's outstanding execution.

Today I'd like to reinforce what was shared at our Investor day around how our markets are evolving.

And how were investing to solve more of our customers' problems. While also improving on our business model that is both rich with growth opportunities and indeed resiliency.

The next wave in the evolution of the ICT sector is the nascent intelligent edge resolution.

It will be characterized by ubiquitous sensing hyperscale computing and pervasive connectivity.

<unk> processing and intelligence closer to the edge semiconductors are the bedrock, enabling this next wave and Adi where data is born is at the center of this resolution.

And our core we are an innovation driven enterprise over the last decade through both robust organic investments and strategic M&A.

We've built the industry's broadest and highest performance analog mixed signal and power portfolio.

Our offerings span from microwave to bits, none of what's the kilowatts sensor to cloud and increasingly from components to sub systems.

Our vast arsenal of technologies, along with the deep level of engagement and support we provide our customers has earned us the number one positions in analog mixed signal RF and high performance power.

This coupled with our focus on customer success awards Adi with an innovation premium that is reflected in our asps.

That are more than three times the industry average and also industry, leading gross margins.

Okay.

The growing scope of our customers' products is dramatically expanding and complexity and pressuring their product development teams innovation cycles.

To meet these challenges and deliver the next wave of disruptive innovations, we're investing over $1 6 billion.

R&D annually.

These investments strengthen our broad market franchise and to enable us to expand our vertical applications for more complete solutions are necessary.

We achieved this by integrating our core analog technologies with increasing levels of digital algorithms and software now.

Now, let's look at how our technology is intersecting with our markets.

Industries like transportation energy Telecom manufacturing and healthcare are prioritizing digitalization.

This is driving new generations of applications and fueling a host of concurrent secular growth trends and I'd like to touch on just a few no.

Starting with automotive.

Here is the market leader in battery management systems for example for Evs.

Our battery management systems, our BMS solutions offer customers, the highest levels of accuracy reliability safety and security.

Our wireless BMS solution offers all the benefits of wired, but also enables record the battery pack configure ability and cost effective scaling of our customers' EV fleets.

This innovative solution continues to gain traction in the market and adds to our content per system by up to two times.

Moving to the communications were.

As the market leader in radio signal chains for five G with a majority share across the ecosystem.

Our latest generation transceiver includes a fully integrated digital front end and grows our <unk> by <unk>.

This innovative radio architecture, reducing system cost and waste and improved power efficiency further the flexibility of the software defined solution allows them to use the call across traditional <unk> networks.

As well as an emerging open ran and Leo satellite networks Lastly, healthcare.

We have a number one position with dominant share in medical imaging for example.

Sub systems like our photons to bits module are used by the top CET players in the world our solution delivers the highest fidelity images oil decreasing radiation dosage.

And then the process that allows us to capture four times and the sun compared to offering just components alone.

In addition to expanding our innovation edge across these secular trends to amplify growth.

The Mexican combination creates a $1 billion revenue synergy opportunity for us over the next five years.

The first opportunity arises from customer cross selling.

Leveraging our complementary relationships to pull through our extended portfolio.

Second is fusing together the new product Roadmaps of these two premier analog portfolios to push the boundaries of what's possible.

And third is power management shared the combination with Maxim increases our breath power capabilities.

Creates a more cost competitive portfolio.

Adds to our engineering talent pool.

As a result, we unlocked $4 billion of additional power Sutton and look to double our power revenue in the years ahead.

The proliferation of the intelligent edge and our revenue synergy opportunity. It gives me great confidence that we can bend the growth curve upwards.

Moving from our historical mid single digit growth rate to a new model of 7% to 10%.

Now I'd like to speak a little to the unique resiliency of our business.

The diversity of our portfolio as a source of great strength, we shipped 75000 product skus.

Which support thousands of applications to over 125000 customers.

Notably 80% of our revenue is derived from products that individually contribute no more than 1% of total revenue.

And the longevity of our products is unmatched.

Bridge.

Our products have lifespans of a decade or more effectively delivering recurring revenue streams for decades.

It's these characteristics that create a high barrier to entry.

And an enduring business model.

Finally, we utilize a geographically diverse hybrid manufacturing strategy contained the complexity and fragmentation of the analog market.

This strategy provides us with a broad array of technology and packaging necessary.

To create innovative solutions from seven nanometers to seven micrometers at the same time. This model creates a diverse network of internal and external partners.

Best manage our operations through economic cycles.

As we mentioned at our Investor day.

We're investing in our internal manufacturing operations to build a more robust and cost effective model.

To that end.

We're doubling the capacity of our internal factories, and adding significant capital to our product test operations.

These investments will grow our output this year and into 2023.

And increase our swing capacity.

Cross our network to over 70% of revenue.

So in closing ATI is the leader in innovation at the edge and I believe that our best days are still ahead of us as we drive increased value for our customers shareholders and society.

And with that Im going to pass it over to <unk> to take you through the financial detail.

Thank you Vince let.

Let me add my welcome to our second quarter earnings call.

It was great to see and hear from so many of you at our Investor Day last month.

And it was also exciting to welcome so many of our customers to demonstrate our technologies inaction.

As usual my comments today with the exception of revenue will be on an adjusted basis, which excludes special items outlined in today's press release.

We printed another very impressive quarter with record revenue profitability and earnings.

These strong results reflect increasing demand for our highly differentiated products aligned to multiple secular trends as well as our ability to leverage our hybrid manufacturing model offset inflation and accelerate synergy capture.

Second quarter revenue of $2 97 billion finished above the high end of our outlook with every b to b end market exceeding initial expectations.

This marks our fifth consecutive quarter of record revenue and our ninth straight sequential growth period.

So let's look at the performance by end market.

Industrial our most diverse and profitable end market represented 51% of revenue and hit another all time high.

We experienced broad based growth with digital health care automation instrumentation and test leading the way.

Underscoring increasing content and our strong position in the secular markets.

Industrial has now grown more than 20% year over year for six straight quarters.

Automotive, which represented 21% of revenue also achieved another record with all applications growing double digits year over year.

In BMS, where we hold the number one position our quarterly revenue eclipsed 100 million for the first time.

We expect strong growth to persist given the momentum in the market and our continued design wins.

Additionally, our <unk> and <unk> solutions, which together make up roughly 20% of automotive continued on their secular growth path fueled by the digitalization of the automobile.

Communications represented 16% of revenue.

With robust broad based growth in wireless we experienced growing demand across our RF portfolio as fiber deployments, particularly in North America gained momentum.

Adi is latest generation transceiver, which Vince spoke to is ideally positioned to capitalize on the virtualization trend.

In wireline demand for our optical and power products remained strong as carriers and hyper scaler invest to meet the ever growing demand for bandwidth.

And lastly, consumer represented 12% of revenue and has now grown year over year for six straight quarters. This consistent growth is a function of our product and customer breadth, which better insulates us from the typical fluctuations associated with Pcs and portable devices.

Now onto the P&L gross margin was a record 74, 2%, increasing 230 basis points sequentially and 330 basis points year over year.

Favorable product mix high utilization and revenue growth and synergy fall through were key drivers of the increase.

Opex in the quarter with $710 million.

Better than anticipated owing to faster synergy execution.

Record operating margins of 53%.

Grew 450 basis points sequentially, and 860 basis points year over year.

Yeah.

At the end of the second quarter, we've realized over $250 million of cost synergies.

We look to quickly achieve the remaining synergies and hit our recently increased target of $400 million in savings exiting fiscal 'twenty three.

Non op expenses were $41 million and the tax rate for the quarter was 13, 2%.

All told adjusted EPS came in at a record $2 40.

More than 50% versus the second quarter 2021.

And now onto the balance sheet, we ended the quarter with approximately $1 7 billion of cash and equivalents.

As of inventory increased sequentially to 122.

And channel inventory remains below the low end of our seven to eight week target.

If we look at cash flow capex for the quarter was $119 million and $447 million over the trailing 12 months or 5% of revenue.

To support our accelerated 7% to 10% long term revenue growth outlook, we are strategically investing to expand internal capacity, while enhancing the resiliency of our hybrid model.

To that end as we stated at Investor Day, we expect Capex as a percentage of revenue to be in the high single digits during fiscal 'twenty, two 'twenty three before reverting back to 4% to 6% over the long term.

And over the trailing 12 months, we generated $3 2 billion of free cash flow or 33% of revenue.

Included in our free cash flow or one time transaction related costs amounting to about 3% of revenue.

Given the recent market weakness, we accelerated our repo activity to $776 million during the second quarter.

This brings our total share repurchase to approximately $3 5 billion since the close of Maxim.

And we look to maintain this accelerated buyback pace this quarter and achieve our $5 billion commitment by the end of our fiscal year.

As a reminder, we target 100% free cash flow return.

We will allocate 40% to 60% of our free cash flow to support a 10% dividend CAGR throughout the cycle with the remaining cash used for buybacks to reduce share count annually.

And now onto the outlook for third quarter.

Revenue is expected to be $3, <unk> 5 billion, plus or minus $100 million.

We expect all end markets to grow sequentially.

Given our higher than normal annual Merit increase operating margin is expected to be 49, 5% plus or minus 70 bps.

And our tax rate is expected to be between 13 and 14%.

Based on these inputs adjusted EPS is expected to be $2 42.

Plus or minus 10%.

While we are very mindful of the current economic trends, our demand indicators remain very strong and our customer conversations remain upbeat.

Giving us confidence for continued growth for the remainder of 2022 and likely into 2023.

Importantly, as a result of our best diversification leadership and numerous secular growth markets additional synergies and a resilient hybrid manufacturing model. We believe Adi has never been better positioned to transcend cyclical downturns and accelerate long term growth.

Let me now give it back to Mike to start the Q&A. Thanks.

Thanks, Sean.

Let's get to our Q&A session. We ask that you limit yourself to one question in order to allow for additional participants on the call. This morning.

Follow up question. Please re queue and we'll take your questions. Your time allow with that Katrina can we have our first question. Please.

For those participating by telephone dial in.

A question. Please press Star and then the number one on your phone and your question has been answered or you wish to be removed from the queue. Please press the pound key.

On a speaker phone please pick up the handset when asking your question.

Just a moment to compile the Q&A roster.

Our first question comes from <unk> Van break with Stifel. Your line is open.

Yes. Thank you congratulations on all the record results, especially on that 60% operating margin.

My question is for Vince Vince towards the end of your remarks, you talked about.

Growing output to increase swing capacity to 70% of revenues could you, perhaps elaborate a little bit on that and what is sort of the timeline exactly for when you would hit that number.

Yes, so as you know authority, we've been investing in our internal semiconductor manufacturing operations from.

Wondering if micron upwards, we are doubling the output there over the next over the next year or thereabouts year or 15 months.

And of course, we cross license technologies with some of our.

Foundry partners.

So when we talk about 70% swing it means.

Because we will across qualified so many process technologies between ADR internal clubs in the external fabs.

Sold by our funding partners, we got the ability to move.

Utilization if you like from one place to another depending on what part of the cycle. We're in.

In terms of.

Yes.

Managing utilization inside Adi being able to meet the demand.

Is it.

Surgeons are the plug ins.

Great perspective, thank you.

Thanks Tara.

Yeah.

And your next question is from Steve you Rahsaan.

<unk> with Bernstein Research your line is open.

Hi, guys. Thanks for taking my questions.

I wanted to ask about the gross margins.

You mentioned, a bunch of drivers, but you actually didn't mentioned pricing at all.

In your.

And your outlook there for the drivers what impact has pricing had either to offset inflation or to potentially re price. The maxim portfolio. After the closure and I guess, how do we think about the forward gross margin trajectory at least at these current revenue levels.

Is there room for it to even go up from here, assuming the revenue levels kind of stay on the current trajectory.

Good morning, Thank you for the question.

So as you know, we along with the rest of the industry.

Been passing along the higher cost.

We have been very very focused on not using <unk> environment to take advantage of our customers, but to really maintain our gross margin.

So in 'twenty one.

Headwinds from the timing of inflation versus when we were able to pull back the pricing looks like.

This is really abated in 'twenty, two so really the gross margin percentage on the growth in gross margin percentage that you see is really being driven as I mentioned by the synergies greatly utilization at the internal fabs.

Some mixed benefits I think in my prepared remarks, I talked about industrial hitting 51% of the overall revenue mix.

Was that for the forward look.

We updated our model.

A couple of weeks back and we feel very comfortable basket.

Typical cyclical cycle trough, we're going to be able to maintain a 70% floor.

Beyond that we will continue to make the right tradeoffs with with opportunities to expand the topline.

And.

At some trade off on gross margins, so really the focus for the team is deliver the revenue growth unless that leverage drive all the way down through cash flow. So I wouldn't I wouldn't encourage folks to look for significant margin expansion. These are already pretty incredible numbers.

If the revenues kind of stay at this trajectory can at least the gross margin stay where they are will be just fluctuate around get with like mix would be the biggest driver from here.

Yes.

The way to think about it.

Yes, that's exactly right. If you look at our gross margins at this point going forward its mix utilization and then we also have the $125 million of synergies some of that will be on the Costco sell side as pushout laid out we'll balance.

Both gross margins really to drive operating margin and free cash flow.

Got it that's helpful. Thank you guys.

Thanks, David.

And your next question is from Vivek Arya with Bank of America Securities.

Thanks for taking my question.

I think you mentioned that industrial sands have grown over I believe it's over 25% for the last six quarters and seem like they could be strong for another two or three quarters.

Curious how do you think about the normalized growth rate and what macro indicators do you look at to say this is what adi's industrial growth should be like what are the early signals that youll get to give you a sense of whether you are over or under shipping.

And demand because from the outside we look at all the turmoil in China. If you look at all the turmoil in Europe , but then we look at this very strong industrial growth number and it gets harder to kind of reconcile these two not at it so give us a sense for.

How do you feel about specifically our industrial business right now.

Yeah. Thanks, Vivek, so first and foremost it's a highly diversified industrial business, what we have.

Been diligently investing in from an R&D perspective from a customer engagement perspective.

Over the last.

Over the last decade, or 12 years with a renewed focus.

We've been gaining share very very clearly I think our portfolio, particularly combined with the power activity as well as from from VLCC in Maxim.

Acquisitions puts us even better sense to capture more.

<unk> essentially.

Your question on growth I would say that.

During the Investor Day, we said that the new model of 7% to 10%. So I think industrial is going to be right in there somewhere overtime.

We feel more confident now think about.

Our industrial growth.

Overdone, just given the strength of the portfolio of our customer engagements and so on.

In terms of the the signals we watch obviously, we have a lot of conversations with our customers.

Recently of hardware.

Dreamworks conversations with <unk>.

Many of our largest industrial customers over the last quarter.

I think what they're all trying to convey to US is that things are different we're moving into a new industrial cycle.

Industry 4050.

Iot I.

I beg your pardon it and Ot, if you'd like to lighting and a new partnership for the future driving a lot of new technology. So the last one obviously one stream of input we get the other signals. We look at obviously, our <unk> the machine tool builders indexes and so on and support so well.

I think the greatest source of insight for us is our own knowledge of the end applications.

We will give our customers insights.

Thank you Matt.

Maybe I'll just add.

I think I said in my remarks, let's be clear that once our growth in industrial was broad all applications hit record results in 'twenty, one and are on track to hit another record in 2002.

Okay very helpful. Thanks for your time.

Thanks Vivek.

Your next question is from C. J Muse with Evercore. Your line is open.

Yes. Good morning. Thank you for taking the question and I guess the comment on my side with these results I'm surprised you didn't have a big poppy and Tom Brady.

Your analyst day.

So next time.

So my question.

Your results much better than your peers your <unk> business, I think up 11% versus your peers at mid single digits.

Do you think about the outperformance there is a part of that your ability to source incremental supply market share gains right mix would love to hear your thoughts there and then.

As you think about the future going into the second half of this year and next.

How does that inform your vision for continued outperformance. Thank you.

Yes.

Could you, maybe maybe I'll start and then Hans.

200 of them. So on the tactical side, we are working on getting additional capacity both from our external partners as well as the investments, we're making internally so youll see that.

Continuing to play out over the course of the year, which is why I mentioned in the prepared remarks look for us to continue to grow sequentially through this year.

Likely at least until the early part of next year.

We've talked about we've talked about pricing.

That has been.

Incremental to the revenue growth, so thats certainly a piece of it.

And the demand has just been very broad based and again I've said it in our remarks, but to be clear we are.

We are seeing demand across all end markets and all geographies. It is very its very evenly spread.

Length across all the applications so.

To Vince's remarks are we do feel very well positioned and our technology is really starting to hit the sweet spot across all of our all of our customers and then maybe.

I'll pass sort of dumps to add some more well, maybe just a little bit of color on the markets.

To answer your question so.

We have so many vectors of growth for example in industrial where they are.

Execute playing at all of the high end applications.

I said, we've been tuning the R&D continuously with customer engagements.

Sure.

If I just pick out.

Healthcare as an example, that's beginning to get onto a billion dollar run rate, it's been growing consistently for the last seven or eight years.

The double digit level.

Aerospace and defense, we see that actually no matter what the cycle will be over the next few years. This is going to be an area of great strength.

In the communications grip positioning <unk> GE, but interestingly, our wireline and data center business now is on a par with the wireless sector in terms of revenue contribution so it's kind of half and half so.

We see that again as a source of strength.

What's your installed so by a lot of the technologies that maximal green wireline area.

Automotive.

We have a great story of the income and experience.

To be ruled most cancellation premium phone systems to be more and more deployed electrification.

Sure.

100, a quarter run rate model revenue run rate.

We have design wins.

Virtually all of the all the electric car companies at this point in time, so we see that on a trajectory to $1 billion plus.

In the foreseeable future.

So that's just some of the examples to two.

Complement what <unk> has in the regions as well in terms of the year.

The objectives of growth.

Cross border will be for the company.

Very helpful. Thank you.

Thanks P J.

Your next question is from Empress Service Java.

BMO Your line is open.

Hi, Good morning. Thank you very much I had a question on the cost synergies for Sean how should we be modeling. These on a go forward basis, you said exiting fiscal 'twenty key, but what's the breakout and then kind of related to that.

So when we're talking about gross margin I was a little bit surprised that you set the inflationary pressure.

Be abating as we go into as we continue through this year.

Cash said right because inflation.

The headline numbers seem to be.

They haven't maybe they have peaked but definitely higher than where they were last year. So would help some color on that comment as well.

Yeah. Thanks, Thanks, Andreas two good questions.

Given me the opportunity to clarify so first on synergies.

We had talked when we when we did the Maxim close that we had great. We had some great learnings from LTC.

How to get the synergies and that was to move fast and hard and you're seeing us execute against that strategy. So we captured basically the entire $275 million that we originally committed to.

As we exited our second quarter on that at Investor Day, We said, we're raising that target to 400, and we will hit that number coming out of whereas as we exit 2023.

First $2 75 was a little more tilted towards cost of goods and following piece will sort of be balanced between cost of goods and opex. So as you look forward. That's how to think about the balance of that to your question on.

The comments I made thank you for giving me a chance to clarify we have used our pricing.

Opportunities to maintain gross margin so to be clear, we're not looking at pricing as an opportunity to expand gross margins, but really as a way to offset so when I said, a bake inflation I meant versus the historical inflation, what we had experienced in 2021, it took us a little bit longer to get those pricing actions in <unk>.

So now we have neutralize them and you see that benefit in the current year and of course, we.

We do continue to see price increases cost increases.

In the coming in the coming quarters expect us like the rest of the industry to respond by pushing those through.

So theres no artifact in the 74% that you reported this quarter from pricing, we should expect kind of that level on a go forward basis, maybe bounce around based on mix and.

And also the utilization rate.

Yes, San Francis Mike talked about earlier going forward that 74% of them will bounce around but he said mixed utilization are the two drivers and then pushed out outlined at 125000 of our Cogs element in it that will also help gross margins, but if you would go forward, 74% plus minus I feel pretty good about that.

Okay great.

The caveat again.

It makes it clear for everyone with the caveat that we are focused on growth, so where it makes sense for us to be a little more flexible.

To drive top line, we will do that so I wouldn't want to us I wouldn't want folks getting to laser focused on modeling in mid 70% gross margins with giving you a floor and we will give the management team the flexibility they need to drive the topline.

Alright, you have been very consistent about that thank you.

Thanks.

Your next question is from.

Chris Danley with Citigroup Your line is open.

Hey, Thanks, guys.

So with all this talk on on revenue growth.

<unk> forecasted sequential revenue growth for July is the is the.

The slowest in a couple of years.

Can you talk about why that's happening and is that because of COVID-19 shutdowns or something else and then as part of that with all this.

Focus on increasing capacity or the.

Assume your capacity is growing faster than the two or 3% sequential revenue growth. So can we assume that the lead times are coming in this quarter as well.

Yes, so so Chris.

The sequential.

Growth is.

Strained by capacity, but we have we've indicated that.

But we will see sequential growth through the year, so look for more meaningful change.

As we get past the third quarter, which we've been saying for a while so if you look back to prior comments, we've been very clear that we've ordered the tools and the equipment, we know what position in the Q. We know when those are coming in and they go to revenue generation fairly quickly. So we are maintaining our outlook that we have.

We'll exit the year at a much higher run rates are meaningfully higher run rate than where we are now.

And that is all driven by our ability to produce.

And what was perfect clarification.

The one thing you are right the sequential growth.

Call. It decelerate now what happened in the first half year, we talked about we added pricing and that added to the growth we had volume and pricing in the first half that's driving sequential pricing really in the model now now that the growth in the back half on a sequential basis is really driven by capacity and volume and zoom Allen delegate sequentially. If I look at year over year regarding our <unk> business in our fiscal third quarter.

20% year over year again, so it's a fantastic result, I've taken it shows the strength of this franchise.

Yes, I think I think we can give everyone. The data point that on a sequential basis think of it as 50 50, the growth is coming from pricing versus units. So that falls into the baseline sequentially as we go forward the pricing falls into those funds.

Thanks, Craig.

Your next question is from William Stein with tourists Securities. Your line is open.

Great. Thanks for taking my question and I'll add my congratulations to the very strong.

Revenue and profitability and the outlook as well that was great.

Despite all that good stuff.

Few factors that investors are certainly concerned about potentially disrupting bookings in and potentially revenue performance of course, the warrant Ukraine, the COVID-19 shutdowns in China.

Raising rates.

But there's also a concern maybe not as prominent but we picked up on which is customers adjusting orders potentially canceling or pushing out.

They are very challenged from a kitting perspective.

You highlighted yourself that you're capacity constrained can you help us understand how those factors are affecting you.

Your business today, and how you anticipate them playing out in your business over the next few quarters.

So I think first and foremost cancellations on Adi are very very low the very unique.

Our customers we have.

<unk> been pretty equitable in terms of how we have moved our supply.

Across the markets across the geographies across the customer sizes.

And I think Thats stood us in very very good stead. So my sense is we have because of the the equitable distribution of our goods. So to speak we've got a buffer.

Q2 2022 Analog Devices Inc Earnings Call

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