Analog Devices Inc (NASDAQ:ADI) Q2 2020 Earnings Conference Call - Final Transcript

May 20, 2020 • 08:00 am ET

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Analog Devices Inc (NASDAQ:ADI) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Good morning and welcome to the Analog Devices Second Quarter 2020 [Phonetic] Earnings Conference Call, which is being audio webcast via telephone and over the web.

I'd now like to introduce your host for today's call, Mr. Michael Lucarelli, Director of Investor Relations. Sir, the floor is yours.

Executive
Michael Lucarelli

Thank you, Cheryl, and good morning everybody. Thanks for joining our second quarter fiscal 2020 conference call. With me on the call today are ADI's CEO, Vincent Roche; and ADI's CFO, Prashanth Mahendra-Rajah. For anyone who missed the release, you can find it and related financial schedules at investor.analog.com.

Now onto the disclosures; information we're about to discuss includes forward-looking statements, that involve risks and uncertainties. Actual results may differ materially from these forward-looking statements as a result of various factors, including the uncertainty regarding the duration of COVID-19 pandemic, and its impact on our business, our customers and suppliers and the global economy, and also those discussed in earnings release and our most recent 10-Q. These forward-looking statements reflect our opinion as the date of this call. We undertake no obligation to update these forward-looking statements in light of new information or future events. Our comments today will also include non-GAAP financial measures, which excludes special items. When comparing our results to our historical performance, special items are also excluded from prior periods. Reconciliation of these non-GAAP measures to the most directly comparable GAAP measures, and additional information about our non-GAAP measures are included in today's earnings release.

And with that, I'll turn it over to ADI's CEO, Vincent Roche. Vince?

Executive
Vincent Roche

Thank you, Mike and good morning to you all from Boston. I hope that you and your families are all staying safe and healthy during this period. First, we want to express our gratitude to the healthcare workers and the many other heroes on the front-lines who protecting the health and the well-being of our communities. Thank you all so very, very much. When we had our last earnings call in mid-February, we were just beginning to understand the depth of the COVID-19 impact in China, and since then the pandemic has had a profound impact on the world, putting tremendous stress on society and of course, the global economy. To counterbalance this, we've seen an unprecedented response from governments, with the deployment of fiscal and monetary policies to soften the downturn and restart economic activity, whenever that may be.

While our sector is not immune to the turbulent operating environment, it's my belief that technology will be what modifies the current weakness and drives new demand and business models post pandemic. That's not to say that we're standing still, we've taken actions to curtail spending and reinforce our cash position, and we are learning from this challenging period and deducting quickly, while still investing to ensure that we are well positioned in the recovery and for the long term.

Our team has embraced the challenges, with many of our employees working from home. But obviously, not everyone can work remotely,