Sign In  |  Register  |  About Mill Valley  |  Contact Us

Mill Valley, CA
September 01, 2020 1:29pm
7-Day Forecast | Traffic
  • Search Hotels in Mill Valley

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Analog Devices Reports Record Third Quarter Fiscal 2022 Results

  • Revenue of $3.1 billion with double digit year-over-year growth across all end markets
  • Record Industrial, Automotive and Communications revenue
  • Increased share repurchases to $906 million and paid $394 million in dividends, returning a total of $1.3 billion to shareholders during the third quarter
  • Record operating cash flow of $4.3 billion and free cash flow of $3.7 billion, or 34% of revenue, on a trailing twelve-month basis

Analog Devices, Inc. (Nasdaq: ADI), a leading global high-performance analog technology company, today announced financial results for its third quarter of fiscal 2022, which ended July 30, 2022.

“ADI delivered its sixth consecutive quarter of record revenue, fueling adjusted earnings per share to a new all-time high. These results reflect the agility of our hybrid manufacturing model as well as the essential role our high-performance analog, mixed signal, and power portfolio plays across numerous secular growth trends,” said Vincent Roche, CEO and Chair. “While economic uncertainty is beginning to impact bookings, demand continues to outpace supply, resulting in higher backlog, paving the way for a strong finish to a banner year.”

Roche continued, “ADI’s solutions are enabling the rise of the intelligent edge, which is proliferating at the intersection between the physical and digital worlds. With customers increasingly focused on digitalization, appreciation for ADI’s cutting-edge technology is accelerating. This undeniable trend, along with our relentless focus on innovation, gives me great confidence in our ability to drive long-term growth while making a positive societal impact.”

Performance for the Third Quarter of Fiscal 2022

Results Summary(1)

 

 

 

 

 

(in millions, except per-share amounts and percentages)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Jul. 30, 2022

 

Jul. 31, 2021

 

Change

Revenue

$

3,110

 

 

$

1,759

 

 

 

77

%

Gross margin

$

2,043

 

 

 

1,221

 

 

 

67

%

Gross margin percentage

 

65.7

%

 

 

69.4

%

 

(370 bps)

Operating income

$

893

 

 

$

610

 

 

 

47

%

Operating margin

 

28.7

%

 

 

34.7

%

 

(600 bps)

Diluted earnings per share

$

1.44

 

 

$

1.35

 

 

 

7

%

 

 

 

 

 

 

Adjusted Results

 

 

 

 

 

Adjusted gross margin

$

2,304

 

 

$

1,259

 

 

 

83

%

Adjusted gross margin percentage

 

74.1

%

 

 

71.6

%

 

250 bps

Adjusted operating income

$

1,557

 

 

$

766

 

 

 

103

%

Adjusted operating margin

 

50.1

%

 

 

43.6

%

 

650 bps

Adjusted diluted earnings per share

$

2.52

 

 

$

1.72

 

 

 

47

%

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Trailing Twelve Months

Cash Generation

 

 

Jul. 30, 2022

 

Jul. 30, 2022

Net cash provided by operating activities

 

 

$

1,248

 

 

$

4,267

 

% of revenue

 

 

 

40

%

 

 

38

%

Capital expenditures

 

 

$

(165

)

 

$

(526

)

Free cash flow

 

 

$

1,083

 

 

$

3,741

 

% of revenue

 

 

 

35

%

 

 

34

%

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Trailing Twelve Months

Cash Return

 

 

Jul. 30, 2022

 

Jul. 30, 2022

Dividend paid

 

 

$

(394

)

 

$

(1,525

)

Stock repurchases

 

 

 

(906

)

 

 

(4,355

)

Total cash returned

 

 

$

(1,300

)

 

$

(5,880

)

 

 

 

 

 

 

(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.

Outlook for the Fourth Quarter of Fiscal Year 2022

For the fourth quarter of fiscal 2022, we are forecasting revenue of $3.15 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 33.7%, +/-130 bps, and adjusted operating margin of approximately 50.3%, +/-70 bps. We are planning for reported EPS to be $1.69, +/-$0.10, and adjusted EPS to be $2.57, +/-$0.10.

Our fourth quarter fiscal 2022 outlook is based on current expectations and actual results may differ materially, as a result of, among other things, the important factors discussed at the end of this release. These statements supersede all prior statements regarding our business outlook set forth in prior ADI news releases, and ADI disclaims any obligation to update these forward-looking statements.

The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also “Non-GAAP Financial Information” section for additional information.

Dividend Payment

The ADI Board of Directors has declared a quarterly cash dividend of $0.76 per outstanding share of common stock. The dividend will be paid on September 8, 2022 to all shareholders of record at the close of business on August 30, 2022.

Conference Call Scheduled for Today, Wednesday, August 17, 2022 at 10:00 am ET

ADI will host a conference call to discuss our third quarter fiscal 2022 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com, or by telephone as follows:

Participant Dial-In (toll free): 1-833-630-1956

International Participant Dial-In: 1-412-317-1837

Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company’s financial results presented in accordance with GAAP. The Company’s use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.

Management uses non-GAAP measures internally to evaluate the Company’s operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company’s core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as the primary performance measurement when communicating with analysts and investors regarding the Company’s earnings results and outlook and believes that the presentation of these non-GAAP measures is useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company’s core business. Management also believes that the non-GAAP liquidity measure free cash flow is useful both internally and to investors because it provides information about the amount of cash generated after capital expenditures that is then available to repay debt obligations, make investments and fund acquisitions, and for certain other activities.

The non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted nonoperating expense (income), adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow revenue percentage.

Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding certain acquisition related expenses1, which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue.

Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses1, acquisition related transaction costs2 and special charges, net3, which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.

Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2 and special charges, net3, which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue.

Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses1, which is described further below.

Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below.

Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items4 , which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes.

Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, special charges, net3, and tax related items4, which are described further below.

Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow margin percentage represents free cash flow divided by revenue.

1Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, inventory, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. Expenses also include fair value adjustments associated with the replacement of share-based awards related to the Maxim Integrated Products, Inc. (Maxim) acquisition. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.

2Acquisition Related Transaction Costs: Costs directly related to the Maxim Integrated Products, Inc. acquisition, including legal, accounting and other professional fees as well as integration-related costs. We excluded these costs from our non-GAAP measures because they relate to a specific transaction and are not reflective of our ongoing financial performance.

3Special Charges, net: Expenses, net, incurred as part of the integration of the Acquisition, in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.

4Tax Related Items: Income tax effect of the non-GAAP items discussed above and an income tax benefit from a discrete tax item related to the consolidation of certain subsidiaries. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.

About Analog Devices

Analog Devices, Inc. (Nasdaq: ADI) operates at the center of the modern digital economy, converting real-world phenomena into actionable insight with its comprehensive suite of analog and mixed signal, power management, radio frequency (RF), and digital and sensor technologies. ADI serves 125,000 customers worldwide with more than 75,000 products in the industrial, communications, automotive, and consumer markets. ADI is headquartered in Wilmington, MA. Visit http://www.analog.com.

Forward Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding sustained performance; increasing demand and supply; expected revenue, operating margin, earnings per share, and other financial results; expected market trends and acceleration of those trends, market share gains, long-term growth, operating leverage, production and inventory levels; expected customer demand and order rates for our products, expected product offerings and the importance of our product offerings and technologies to our customers; our social impact; and market position. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our 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. 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, product or customer mix; changes in export classifications, import and export regulations or duties and tariffs; changes in our estimates of our expected tax rates based on current tax law; adverse results in litigation matters, including the potential for litigation related to the Maxim acquisition; the risk that we will be unable to retain and hire key personnel, including as a result of labor shortages; changes in demand for semiconductors; unanticipated difficulties or expenditures relating to integrating Maxim; uncertainty as to the long-term value of our common stock; the diversion of management time on integrating Maxim's business and operations; our ability to successfully integrate acquired businesses and technologies, including Maxim; and the risk that expected benefits, synergies and growth prospects of acquisitions, including our acquisition of Maxim, may not be fully achieved in a timely manner, or at all. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission (“SEC”), including the risk factors contained in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.

 

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended

 

Nine Months Ended

 

Jul. 30, 2022

 

Jul. 31, 2021

 

Jul. 30, 2022

 

Jul. 31, 2021

Revenue

$

3,109,880

 

 

$

1,758,853

 

 

$

8,766,237

 

 

$

4,978,718

 

Cost of sales

 

1,066,738

 

 

 

537,669

 

 

 

3,376,578

 

 

 

1,575,526

 

Gross margin

 

2,043,142

 

 

 

1,221,184

 

 

 

5,389,659

 

 

 

3,403,192

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

431,829

 

 

 

306,617

 

 

 

1,279,510

 

 

 

897,005

 

Selling, marketing, general and administrative

 

326,942

 

 

 

206,076

 

 

 

929,615

 

 

 

597,963

 

Amortization of intangibles

 

252,864

 

 

 

107,783

 

 

 

759,707

 

 

 

323,217

 

Special charges, net

 

138,201

 

 

 

(8,938

)

 

 

244,603

 

 

 

(8,189

)

Total operating expenses

 

1,149,836

 

 

 

611,538

 

 

 

3,213,435

 

 

 

1,809,996

 

Operating income

 

893,306

 

 

 

609,646

 

 

 

2,176,224

 

 

 

1,593,196

 

Nonoperating expense (income):

 

 

 

 

 

 

 

Interest expense

 

51,189

 

 

 

44,659

 

 

 

152,701

 

 

$

130,204

 

Interest income

 

(1,797

)

 

 

(300

)

 

 

(2,578

)

 

$

(799

)

Other, net

 

(4,023

)

 

 

(6,991

)

 

 

(24,636

)

 

$

(21,090

)

Total nonoperating expense (income)

 

45,369

 

 

 

37,368

 

 

 

125,487

 

 

 

108,315

 

Income before income taxes

 

847,937

 

 

 

572,278

 

 

 

2,050,737

 

 

 

1,484,881

 

Provision for income taxes

 

98,952

 

 

 

68,967

 

 

 

238,402

 

 

 

170,146

 

Net income

$

748,985

 

 

$

503,311

 

 

$

1,812,335

 

 

$

1,314,735

 

 

 

 

 

 

 

 

 

Shares used to compute earnings per common share - basic

 

517,011

 

 

 

368,476

 

 

 

521,557

 

 

 

368,834

 

Shares used to compute earnings per common share - diluted

 

520,550

 

 

 

371,849

 

 

 

525,652

 

 

 

372,457

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

1.45

 

 

$

1.37

 

 

$

3.47

 

 

$

3.56

 

Diluted earnings per common share

$

1.44

 

 

$

1.35

 

 

$

3.45

 

 

$

3.53

 

 

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

Jul. 30, 2022

 

Oct. 30, 2021

Cash & cash equivalents

$

1,524,960

 

$

1,977,964

Accounts receivable

 

1,742,646

 

 

1,459,056

Inventories

 

1,203,394

 

 

1,200,610

Other current assets

 

218,708

 

 

740,687

Total current assets

 

4,689,708

 

 

5,378,317

Net property, plant and equipment

 

2,180,048

 

 

1,979,051

Goodwill

 

26,920,335

 

 

26,918,470

Intangible assets, net

 

13,764,444

 

 

15,267,170

Deferred tax assets

 

2,297,122

 

 

2,267,269

Other assets

 

494,513

 

 

511,794

Total assets

$

50,346,170

 

$

52,322,071

 

 

 

 

Other current liabilities

$

2,441,201

 

$

2,253,649

Debt, current

 

 

 

516,663

Long-term debt

 

6,252,839

 

 

6,253,212

Deferred income taxes

 

3,764,370

 

 

3,938,830

Other non-current liabilities

 

1,249,169

 

 

1,367,175

Shareholders' equity

 

36,638,591

 

 

37,992,542

Total liabilities & equity

$

50,346,170

 

$

52,322,071

 

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

Three Months Ended

 

Nine Months Ended

 

Jul. 30, 2022

 

Jul. 31, 2021

 

Jul. 30, 2022

 

Jul. 31, 2021

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

748,985

 

 

$

503,311

 

 

$

1,812,335

 

 

$

1,314,735

 

Adjustments to reconcile net income to net cash provided by operations:

 

 

 

 

 

 

 

Depreciation

 

75,619

 

 

 

50,162

 

 

 

212,635

 

 

 

158,937

 

Amortization of intangibles

 

503,350

 

 

 

145,989

 

 

 

1,512,250

 

 

 

436,734

 

Stock-based compensation expense

 

84,874

 

 

 

41,687

 

 

 

242,809

 

 

 

118,683

 

Gain on sale of property, plant, and equipment

 

(4,352

)

 

 

(13,557

)

 

 

(4,352

)

 

 

(13,557

)

Non-cash impairment charge

 

91,953

 

 

 

 

 

 

91,953

 

 

 

 

Cost of goods sold for inventory acquired

 

 

 

 

 

 

 

271,396

 

 

 

 

Deferred income taxes

 

(82,136

)

 

 

(24,286

)

 

 

(205,128

)

 

 

(72,578

)

Non-cash operating lease costs

 

9,739

 

 

 

8,815

 

 

 

(17,958

)

 

 

16,855

 

Other

 

3,164

 

 

 

(2,843

)

 

 

(7,061

)

 

 

(14,965

)

Changes in operating assets and liabilities

 

(183,350

)

 

 

(79,237

)

 

 

(582,813

)

 

 

(150,499

)

Total adjustments

 

498,861

 

 

 

126,730

 

 

 

1,513,731

 

 

 

479,610

 

Net cash provided by operating activities

 

1,247,846

 

 

 

630,041

 

 

 

3,326,066

 

 

 

1,794,345

 

Cash flows from investing activities:

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

(164,884

)

 

 

(86,341

)

 

 

(394,796

)

 

 

(212,899

)

Other

 

30,751

 

 

 

38,829

 

 

 

43,761

 

 

 

29,619

 

Net cash used for investing activities

 

(134,133

)

 

 

(47,512

)

 

 

(351,035

)

 

 

(183,280

)

Cash flows from financing activities:

 

 

 

 

 

 

 

Payments on revolver

 

(400,000

)

 

 

 

 

 

(400,000

)

 

 

 

Proceeds from revolver

 

400,000

 

 

 

 

 

 

400,000

 

 

 

 

Early termination of debt

 

 

 

 

 

 

 

(519,116

)

 

 

 

Dividend payments to shareholders

 

(394,018

)

 

 

(254,506

)

 

 

(1,154,207

)

 

 

(738,114

)

Repurchase of common stock

 

(905,973

)

 

 

(163,281

)

 

 

(1,758,832

)

 

 

(509,152

)

Proceeds from employee stock plans

 

9,960

 

 

 

11,676

 

 

 

30,013

 

 

 

55,348

 

Other

 

(28,376

)

 

 

(447

)

 

 

(1,718

)

 

 

1,952

 

Net cash used for financing activities

 

(1,318,407

)

 

 

(406,558

)

 

 

(3,403,860

)

 

 

(1,189,966

)

Effect of exchange rate changes on cash

 

(8,080

)

 

 

(486

)

 

 

(24,175

)

 

 

3,742

 

Net (decrease) increase in cash and cash equivalents

 

(212,774

)

 

 

175,485

 

 

 

(453,004

)

 

 

424,841

 

Cash and cash equivalents at beginning of period

 

1,737,734

 

 

 

1,305,216

 

 

 

1,977,964

 

 

 

1,055,860

 

Cash and cash equivalents at end of period

$

1,524,960

 

 

$

1,480,701

 

 

$

1,524,960

 

 

$

1,480,701

 

ANALOG DEVICES, INC.

REVENUE TRENDS BY END MARKET

(Unaudited)

(In thousands)

The categorization of revenue by end market is determined using a variety of data points including the technical characteristics of the product, the “sold to” customer information, the "ship to" customer information and the end customer product or application into which our product will be incorporated. As data systems for capturing and tracking this data and our methodology evolves and improves, the categorization of products by end market can vary over time. When this occurs, we reclassify revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of revenue within, each end market.

 

Three Months Ended

 

July 30, 2022

 

July 31, 2021

 

Revenue

 

% of Revenue1

 

Y/Y%

 

Revenue

 

% of Revenue1

Industrial

$

1,555,070

 

50%

 

55%

 

$

1,006,383

 

57%

Automotive

 

659,090

 

21%

 

127%

 

 

290,182

 

16%

Communications

 

490,732

 

16%

 

69%

 

 

290,391

 

17%

Consumer

 

404,988

 

13%

 

136%

 

 

171,897

 

10%

Total revenue

$

3,109,880

 

100%

 

77%

 

$

1,758,853

 

100%

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

July 30, 2022

 

July 31, 2021

 

Revenue

 

% of Revenue1

 

Y/Y %

 

Revenue

 

% of Revenue1

Industrial

$

4,402,912

 

50%

 

55%

 

$

2,841,665

 

57%

Automotive

 

1,844,017

 

21%

 

132%

 

 

794,739

 

16%

Communications

 

1,376,182

 

16%

 

62%

 

 

850,153

 

17%

Consumer

 

1,143,126

 

13%

 

132%

 

 

492,161

 

10%

Total revenue

$

8,766,237

 

100%

 

76%

 

$

4,978,718

 

100%

 

 

 

 

 

 

 

 

 

 

1) The sum of the individual percentages may not equal the total due to rounding.

 

ANALOG DEVICES, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended

 

Nine Months Ended

 

Jul. 30, 2022

 

Jul. 31, 2021

 

Jul. 30, 2022

 

Jul. 31, 2021

Gross margin

$

2,043,142

 

 

$

1,221,184

 

 

$

5,389,659

 

 

$

3,403,192

 

Gross margin percentage

 

65.7

%

 

 

69.4

%

 

 

61.5

%

 

 

68.4

%

Acquisition related expenses

 

260,628

 

 

 

37,945

 

 

 

1,049,991

 

 

 

123,653

 

Adjusted gross margin

$

2,303,770

 

 

$

1,259,129

 

 

$

6,439,650

 

 

$

3,526,845

 

Adjusted gross margin percentage

 

74.1

%

 

 

71.6

%

 

 

73.5

%

 

 

70.8

%

 

 

 

 

 

 

 

 

Operating expenses

$

1,149,836

 

 

$

611,538

 

 

$

3,213,435

 

 

$

1,809,996

 

Percent of revenue

 

37.0

%

 

 

34.8

%

 

 

36.7

%

 

 

36.4

%

Acquisition related expenses

 

(259,648

)

 

 

(109,434

)

 

 

(782,752

)

 

 

(329,637

)

Acquisition related transaction costs

 

(5,417

)

 

 

(18,326

)

 

 

(26,846

)

 

 

(56,570

)

Special charges, net

 

(138,201

)

 

 

8,938

 

 

 

(244,603

)

 

 

8,189

 

Adjusted operating expenses

$

746,570

 

 

$

492,716

 

 

$

2,159,234

 

 

$

1,431,978

 

Adjusted operating expenses percentage

 

24.0

%

 

 

28.0

%

 

 

24.6

%

 

 

28.8

%

 

 

 

 

 

 

 

 

Operating income

$

893,306

 

 

$

609,646

 

 

$

2,176,224

 

 

$

1,593,196

 

Operating margin

 

28.7

%

 

 

34.7

%

 

 

24.8

%

 

 

32.0

%

Acquisition related expenses

 

520,276

 

 

 

147,379

 

 

 

1,832,743

 

 

 

453,290

 

Acquisition related transaction costs

 

5,417

 

 

 

18,326

 

 

 

26,846

 

 

 

56,570

 

Special charges, net

 

138,201

 

 

 

(8,938

)

 

 

244,603

 

 

 

(8,189

)

Adjusted operating income

$

1,557,200

 

 

$

766,413

 

 

$

4,280,416

 

 

$

2,094,867

 

Adjusted operating margin

 

50.1

%

 

 

43.6

%

 

 

48.8

%

 

 

42.1

%

 

 

 

 

 

 

 

 

Nonoperating expense (income)

 

45,369

 

 

 

37,368

 

 

 

125,487

 

 

 

108,315

 

Acquisition related expenses

 

2,288

 

 

 

 

 

 

6,875

 

 

 

 

Adjusted nonoperating expense (income)

$

47,657

 

 

$

37,368

 

 

$

132,362

 

 

$

108,315

 

 

 

 

 

 

 

 

 

Income before income taxes

$

847,937

 

 

$

572,278

 

 

$

2,050,737

 

 

$

1,484,881

 

Acquisition related expenses

 

517,988

 

 

 

147,379

 

 

 

1,825,868

 

 

 

453,290

 

Acquisition related transaction costs

 

5,417

 

 

 

18,326

 

 

 

26,846

 

 

 

56,570

 

Special charges, net

 

138,201

 

 

 

(8,938

)

 

 

244,603

 

 

 

(8,189

)

Adjusted income before income taxes

$

1,509,543

 

 

$

729,045

 

 

$

4,148,054

 

 

$

1,986,552

 

 

 

 

 

 

 

 

 

Provision for income taxes

$

98,952

 

 

$

68,967

 

 

$

238,402

 

 

$

170,146

 

Effective tax rate

 

11.7

%

 

 

12.1

%

 

 

11.6

%

 

 

11.5

%

Tax related items

 

100,685

 

 

 

20,686

 

 

 

310,902

 

 

 

66,466

 

Adjusted provision for income taxes

$

199,637

 

 

$

89,653

 

 

$

549,304

 

 

$

236,612

 

Adjusted tax rate

 

13.2

%

 

 

12.3

%

 

 

13.2

%

 

 

11.9

%

 

 

 

 

 

 

 

 

Diluted EPS

$

1.44

 

 

$

1.35

 

 

$

3.45

 

 

$

3.53

 

Acquisition related expenses

 

1.00

 

 

 

0.40

 

 

 

3.49

 

 

 

1.22

 

Acquisition related transaction costs

 

0.01

 

 

 

0.05

 

 

 

0.05

 

 

 

0.15

 

Special charges, net

 

0.26

 

 

 

(0.02

)

 

 

0.46

 

 

 

(0.02

)

Tax related items

 

(0.19

)

 

 

(0.06

)

 

 

(0.59

)

 

 

(0.18

)

Adjusted diluted EPS*

$

2.52

 

 

$

1.72

 

 

$

6.85

 

 

$

4.70

 

* The sum of the individual per share amounts may not equal the total due to rounding.

 

ANALOG DEVICES, INC.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(Unaudited)

(In thousands)

 

 

Trailing Twelve Months

 

Three Months Ended

 

Jul. 30, 2022

 

Jul. 30, 2022

 

Apr. 30, 2022

 

Jan. 29, 2022

 

Oct. 30, 2021

Revenue

$

11,105,805

 

 

$

3,109,880

 

 

$

2,972,064

 

 

$

2,684,293

 

 

$

2,339,568

 

Net cash provided by operating activities

$

4,266,791

 

 

$

1,247,846

 

 

$

1,221,806

 

 

$

856,413

 

 

$

940,726

 

% of Revenue

 

38

%

 

 

40

%

 

 

41

%

 

 

32

%

 

 

40

%

Capital expenditures

$

(525,573

)

 

$

(164,884

)

 

$

(118,779

)

 

$

(111,133

)

 

$

(130,777

)

Free cash flow

$

3,741,218

 

 

$

1,082,962

 

 

$

1,103,027

 

 

$

745,280

 

 

$

809,949

 

% of Revenue

 

34

%

 

 

35

%

 

 

37

%

 

 

28

%

 

 

35

%

 

 

 

 

 

 

 

 

 

 

 

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

 

 

Three Months Ending October 29, 2022

 

Reported

 

Adjusted

Revenue

$3.15 Billion

 

$3.15 Billion

 

(+/- $100 Million)

 

(+/- $100 Million)

Operating margin

33.7%

 

50.3% (1)

 

(+/-130 bps)

 

(+/-70 bps)

Nonoperating expense

~ $50 Million

 

~ $50 Million

Tax rate

13%-14%

 

13%-14% (2)

Earnings per share

$1.69

 

$2.57 (3)

 

(+/- $.10)

 

(+/- $.10)

(1) Includes $518 million of adjustments related to acquisition related expenses and $5 million of adjustments related to acquisition related transaction costs as previously defined in the Non-GAAP Financial Information section of this press release.

(2) Includes $71 million of tax effects associated with the adjustments for acquisition related expenses and acquisition related transaction costs noted above.

(3) Includes $0.88 of adjustments related to the net impact of acquisition related expenses and acquisition related transaction costs, as well as the tax effects on those items.

(ADI-WEB)

Contacts

For more information:

Investor Contact:

Analog Devices, Inc.

Mr. Michael Lucarelli

Vice President of Investor Relations and FP&A

781-461-3282

investor.relations@analog.com

Media Contact:

Analog Devices, Inc.

Mr. Michael Schneider

Chief Communications Officer

973-868-1000

corpcomm@analog.com

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 MillValley.com & California Media Partners, LLC. All rights reserved.