Analog Devices Increases Share Repurchase Authorization by $8.5 Billion to Approximately $10 Billion
26 August 2021 - 6:00AM
Business Wire
Analog Devices, Inc. (Nasdaq: ADI) today announced that the
Board of Directors authorized the company to repurchase an
additional $8.5 billion of its common stock. This brings the total
remaining authorization to approximately $10 billion. ADI expects
to fund the repurchases through cash generation from operations as
well as cash from the closing of the Maxim Integrated
acquisition.
“Today’s announcement to significantly expand our share
repurchase program reflects the strength of our balance sheet and
our ability to generate robust cash flow,” said Vincent Roche,
President and CEO. “The diversity of ADI’s business and our
alignment to secular growth drivers give us confidence that we are
well-positioned to return 100% of free cash flow to shareholders,
while continuing to invest in disruptive innovation.”
ADI commenced its common stock repurchase program in fiscal year
2004, and since then the company has repurchased a total of
approximately $6.7 billion of its common stock. Under the program,
the company may repurchase outstanding shares of its common stock
from time to time on the open market or through privately
negotiated transactions. ADI management will determine the timing
and number of shares to be repurchased.
About Analog Devices
Analog Devices (Nasdaq: ADI) is a leading global semiconductor
company dedicated to solving the toughest engineering challenges.
We enable our customers to interpret the world around us by
intelligently bridging the physical and digital with unmatched
technologies that sense, measure, power, connect and interpret.
Visit http://www.analog.com.
Forward-Looking
Statements
This communication contains “forward-looking statements” within
the meaning of the federal securities laws. Forward-looking
statements address a variety of subjects, including, for example,
statements as to the anticipated benefits of the transaction, the
anticipated impact of the transaction on the combined
organization’s business and future financial and operating results,
and the expected amount and timing of synergies from the
transaction. Statements that are not historical facts, including
statements about ADI’s beliefs, plans and expectations, are
forward-looking statements. Such statements are based on ADI’s
current expectations and are subject to a number of factors and
uncertainties, which could cause actual results to differ
materially from those described in the forward-looking statements.
Forward-looking statements often contain words such as “expect,”
“anticipate,” “intend,” “plan,” “believe,” “will,” “estimate,”
“would,” “target” and similar expressions, as well as variations or
negatives of these words. The following important factors and
uncertainties, among others, could cause actual results to differ
materially from those described in these forward-looking
statements: the uncertainty as to the extent of the duration, scope
and impacts of the COVID-19 pandemic; political and economic
uncertainty, including any faltering in global economic conditions
or the stability of credit and financial markets; erosion of
consumer confidence and declines in customer spending;
unavailability of raw materials, services, supplies or
manufacturing capacity; changes in geographic scope or product or
customer mix; changes in export classifications, import and export
regulations or duties and tariffs; changes in ADI’s estimate of its
expected tax rate based on current tax law; ADI’s ability to
successfully integrate Maxim’s businesses and technologies; the
risk that the expected benefits and synergies of the transaction
and growth prospects of the combined company may not be fully
achieved in a timely manner, or at all; adverse results in
litigation matters, including the potential for litigation related
to the transaction; the risk that ADI will be unable to retain and
hire key personnel; unanticipated difficulties or expenditures
relating to the transaction, the response of business partners and
retention as a result of the transaction; uncertainty as to the
long-term value of ADI’s common stock; and the diversion of
management time on transaction-related matters. For additional
information about other factors that could cause actual results to
differ materially from those described in the forward-looking
statements, please refer to ADI’s periodic reports and other
filings with the Securities and Exchange Commission, including the
risk factors contained in ADI’s most recent Quarterly Reports on
Form 10-Q and Annual Reports on Form 10-K. Forward-looking
statements represent management’s current expectations and are
inherently uncertain and are made only as of the date hereof.
Except as required by law, ADI does not undertake or assume any
obligation to update any forward-looking statements, whether as a
result of new information or to reflect subsequent events or
circumstances or otherwise.
(ADI-WEB)
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Contacts for ADI
Investor Contact:
Mr. Michael Lucarelli 781-461-3282
investor.relations@analog.com
Media Contact:
Ms. Brittany Stone 917-935-1456 Brittany.Stone@teneo.com
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