Aug 25 2021 -Wilmington, MA
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.