Amphenol Corporation Q4 FY2021 Earnings Call

· Earnings call transcript and AI-powered summary

Overall Financial Performance

  • Q4 2021 sales reached a record $3.027B, the first time exceeding the $3B quarterly mark. This represents +25% YoY in both USD and local currencies, and +18% organic growth compared to Q4 2020.
  • Sequential sales increased 7% in USD and organically.
  • Full-year 2021 sales were a record $10.876B, up 26% YoY in USD and +18% organically.
  • Q4 orders were $3.278B, up 30% YoY, with a book‑to‑bill of 1.08.
  • GAAP diluted EPS: $0.72 (+26% YoY); adjusted diluted EPS: $0.70 (+23% YoY).
  • Full-year GAAP EPS was $2.51 (+28% YoY); adjusted EPS was $2.48 (+33% YoY).

Margins and Profitability

  • Q4 GAAP operating margin: 19.6%, down 50 bps YoY; adjusted operating margin: 20.1%, down 50 bps YoY.
  • Margin pressure primarily due to commodity and supply chain cost increases and acquisition dilution.
  • Full-year adjusted operating margin was 20%, up 80 bps from 2020.

Cash Flow & Balance Sheet

  • Q4 operating cash flow: record $464M (106% of adjusted net income).
  • Q4 free cash flow: record $379M.
  • Full-year free cash flow: $1.167B (75% of adjusted net income).
  • Share repurchases totaled $662M in 2021; total capital returned exceeded $1B.
  • Net leverage ratio at YE 2021: 1.4x.

Key Business Updates

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Operator: Hello, and welcome to the Fourth Quarter Earnings Conference Call for Amphenol Corporation. [Operator Instructions]. At the request of the company, today's conference is being recorded, if anyone has any objection, you may disconnect at this time. I would now like to introduce today's conference host, Mr. Craig Lampo. Sir, you may begin. Craig Lampo: Thank you very much. Good afternoon, everyone. This is Craig Lampo, Amphenol's CFO, and I'm here together with Adam Norwitt, our CEO. We would like to welcome you to our fourth quarter 2021 conference call. Our fourth quarter and full year results were released this morning. I will provide some financial commentary, and then Adam will give you an overview of the business as well as current trends. Then we will take questions. As a reminder, during the call, we may refer to certain non-GAAP financial measures and may make certain forward-looking statements. So please refer to the relevant disclosures in our press release for further information. In addition, all data discussed during this call will be on a continuing operations basis unless otherwise noted. The company closed the fourth quarter with record sales of $3.027 billion and GAAP and adjusted diluted EPS of $0.72 and $0.70, respectively. We are very proud that the fourth quarter represents the first time in Amphenol's history that we achieved quarterly sales in excess of $3 billion. Fourth quarter sales were up 25% in U.S. dollars and in local currencies and up

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