UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 OR 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May
20, 2014
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Analog Devices, Inc.
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(Exact name of registrant as specified in its charter)
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Massachusetts
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1-7819
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04-2348234
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(State or other jurisdiction
of incorporation
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(Commission File Number)
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(IRS Employer Identification No.)
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One Technology Way, Norwood, MA
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02062
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(Address of principal executive offices)
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(Zip Code)
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Registrant’s telephone number, including area code: (781) 329-4700
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(Former name or former address, if changed since last report)
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Check the
appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any
of the following provisions:
⃞
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
⃞
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
⃞
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
⃞
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition
On May 20, 2014, Analog Devices, Inc. (the “Registrant”) announced its
financial results for its fiscal second quarter ended May 3, 2014. The
full text of the press release issued by the Registrant concerning the
foregoing results is furnished herewith as Exhibit 99.1.
The information contained herein and in the accompanying exhibit shall
not be incorporated by reference into any filing of the Registrant,
whether made before or after the date hereof, regardless of any general
incorporation language in such filing, unless expressly incorporated by
specific reference to such filing. The information in this report,
including the exhibit hereto, shall not be deemed to be “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as
amended, or otherwise subject to the liabilities of that section or
Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits
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Exhibit No.
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Description
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99.1
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Press release dated May 20, 2014
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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Date: May 20, 2014
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ANALOG DEVICES, INC.
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By:
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/s/ David A. Zinsner
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David A. Zinsner
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Vice President, Finance and Chief Financial Officer
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EXHIBIT INDEX
Exhibit No.
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Description
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99.1
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Press release dated May 20, 2014
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Exhibit 99.1
Analog
Devices Reports Second Quarter Fiscal Year 2014 Results
Board
declares $0.37 per share cash dividend
NORWOOD, Mass.--(BUSINESS WIRE)--May 20, 2014--Analog Devices, Inc.
(NASDAQ: ADI), a global leader in high-performance semiconductors for
signal processing applications, today announced financial results for
its second quarter of fiscal year 2014, which ended May 3, 2014.
“We had a very good second quarter, with our performance ahead of
expectations,” said Vincent Roche, President and CEO. “Our growth this
quarter was broad-based, fueled by secular and seasonal strength,
particularly in the industrial, communications infrastructure, and
automotive markets, which accounted for 89% of our sales. We expect
these trends to continue into the third quarter driving sequential
revenue growth of 1% to 5% with strong profitability.”
ADI also announced that the Board of Directors has declared a cash
dividend of $0.37 per outstanding share of common stock. The dividend
will be paid on June 10, 2014 to all shareholders of record at the close
of business on May 30, 2014.
Results for the Second Quarter of Fiscal Year 2014
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Revenue totaled $695 million, up 11% sequentially and 5% year-over-year
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Gross margin was 66.1% of revenue
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Operating margin was 31.7% of revenue
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Diluted EPS was $0.59
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Cash flow from operations was $238 million, or 34% of revenue
Please refer to the schedules provided for a summary of revenue and
earnings, selected balance sheet information, and the cash flow
statement for the second quarter of fiscal year 2014, as well as the
immediately prior and year-ago quarters. Additional information on
revenue by end market and revenue by product type is provided on
Schedules D and E. A more complete table covering prior periods is
available at investor.analog.com.
Outlook for the Third Quarter of Fiscal Year 2014
The following statements are based on current expectations. These
statements are forward- looking 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.
-
Revenue estimated to increase 1% to 5% sequentially
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Gross margin estimated to increase approximately 50 bps
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Operating expenses estimated to be flat to up 3%
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Tax rate estimated to be approximately 13.5%
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Diluted EPS estimated at $0.60 to $0.64
Conference Call Scheduled for 5:00 pm ET
ADI will host a conference call to discuss the second quarter results
and short-term outlook today, beginning at 5:00 pm ET. Investors may
join via webcast, accessible at investor.analog.com, or by telephone
(call 706-634-7193 ten minutes before the call begins and provide the
password "ADI").
A replay will be available two hours after the completion of the call.
The replay may be accessed for up to two weeks by dialing 855-859-2056
(replay only) and providing the conference ID: 16407472, or by visiting
investor.analog.com.
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 and may be different from non-GAAP measures used by other
companies. In addition, these non-GAAP measures are not based on any
comprehensive set of accounting rules or principles.
Schedule F of this press release provides the reconciliation of the
Company’s non-GAAP measures to its GAAP measures.
Manner in Which Management Uses the Non-GAAP Financial Measures
Management uses non-GAAP operating expenses, non-GAAP operating income,
non-GAAP operating margins, and non-GAAP diluted earnings per share 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 understanding
and evaluating the Company’s operating results and trends in the
Company’s business.
Economic Substance Behind Management’s Decision to Use Non-GAAP
Financial Measures
The items excluded from the non-GAAP measures were excluded because they
are of a non-recurring or non-cash nature.
The following items are excluded from our non-GAAP operating
expenses, non-GAAP operating income, non-GAAP operating margin, and
non-GAAP diluted earnings per share:
Restructuring-Related Expenses. These expenses were incurred in
the first quarter of fiscal 2014 in connection with facility closures,
consolidation of manufacturing facilities, and other cost reduction
efforts. Apart from ongoing expense savings as a result of such items,
these expenses and the related tax effects have no direct correlation to
the operation of our business in the future.
Stock-based Compensation Expense. In the second quarter of fiscal
2013, following the death of the Company’s then CEO, the Company
recorded $6.3 million of stock-based compensation expense due to the
accelerated vesting of restricted stock units in accordance with the
terms of his restricted stock agreement. This stock-based compensation
expense and the related tax effect have no direct correlation to the
operation of our business in the future.
The following item is excluded from our non-GAAP diluted earnings per
share:
Tax-Related Item. In the second quarter of fiscal 2013, the
Company recorded a $6.6 million tax benefit as a result of the reversal
of prior period tax liabilities. We excluded this tax-related item from
our non-GAAP earnings per diluted share measure because it is not
associated with the tax expense on our current operating results.
Why Management Believes the Non-GAAP Financial Measures Provide
Useful Information to Investors
Management believes that the presentation of non-GAAP operating
expenses, non-GAAP operating income, non-GAAP operating margins, and
non-GAAP diluted EPS is useful to investors because it provides
investors with the operating results that management uses to manage the
Company.
Material Limitations Associated with Use of the Non-GAAP Financial
Measures
Analog Devices believes that non-GAAP operating expenses, non-GAAP
operating income, non-GAAP operating margins, and non-GAAP diluted EPS
have material limitations in that they do not reflect all of the amounts
associated with our results of operations as determined in accordance
with GAAP and that these measures should only be used to evaluate our
results of operations in conjunction with the corresponding GAAP
measures. In addition, our non-GAAP measures may not be comparable to
the non-GAAP measures reported by other companies. The Company’s use of
non-GAAP measures, and the underlying methodology when 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.
Management’s Compensation for Limitations of Non-GAAP Financial
Measures
Management compensates for these material limitations in non-GAAP
operating expenses, non-GAAP operating income, non-GAAP operating
margins, and non-GAAP diluted EPS by also evaluating our GAAP results
and the reconciliations of our non-GAAP measures to the most directly
comparable GAAP measures. Investors should consider our non-GAAP
financial measures in conjunction with the corresponding GAAP measures.
About Analog Devices
Innovation, performance, and excellence are the cultural pillars on
which Analog Devices has built one of the longest standing, highest
growth companies within the technology sector. Acknowledged
industry-wide as the world leader in data conversion and signal
conditioning technology, Analog Devices serves over 60,000 customers,
representing virtually all types of electronic equipment. Analog Devices
is headquartered in Norwood, Massachusetts, with design and
manufacturing facilities throughout the world. Analog Devices' common
stock is included in the S&P 500 Index.
This release may be deemed to contain forward-looking statements
intended to qualify for the safe harbor from liability established by
the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, among other things, our statements
regarding expected revenue, earnings per share, operating
expenses, gross margin, tax rate, and other financial results, expected
production and inventory levels, expected market trends, and expected
customer demand and order rates for our products, that are based
on our current expectations, beliefs, assumptions, estimates, forecasts,
and projections about our business and the industry and markets in which
Analog Devices operates. The statements contained in this release are
not guarantees of future performance, are inherently uncertain, involve
certain risks, uncertainties, and assumptions that are difficult to
predict, and do not give effect to the potential impact of any mergers,
acquisitions, divestitures, or business combinations that may be
announced or closed after the date hereof. Therefore, actual outcomes
and results may differ materially from what is expressed in such
forward-looking statements, and such statements should not be relied
upon as representing Analog Devices’ expectations or beliefs as of any
date subsequent to the date of this press release. We do not undertake
any obligation to update forward-looking statements made by us.
Important factors that may affect future operating results include: 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, adverse results in litigation matters, and other risk factors
described in our most recent filings with the Securities and Exchange
Commission. Our results of operations for the periods presented
in this release are not necessarily indicative of our operating results
for any future periods. Any projections in this release are based on
limited information currently available to Analog Devices, which is
subject to change. Although any such projections and the factors
influencing them will likely change, we will not necessarily update the
information, as we will only provide guidance at certain points during
the year. Such information speaks only as of the original issuance date
of this release.
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.
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Analog Devices, Second Quarter, Fiscal 2014
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Schedule A
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Revenue and Earnings Summary (GAAP)
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(In thousands, except per-share amounts)
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Three Months Ended
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2Q 14
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1Q 14
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2Q 13
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May 3, 2014
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Feb. 1, 2014
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May 4, 2013
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Revenue
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$
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694,536
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$
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628,238
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$
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659,250
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Year-to-year change
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5
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%
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1
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%
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-2
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%
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Quarter-to-quarter change
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11
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%
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-7
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%
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6
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%
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Cost of sales (1)
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235,793
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219,120
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237,055
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Gross margin
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458,743
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409,118
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422,195
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Gross margin percentage
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66.1
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%
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65.1
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%
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64.0
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%
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Year-to-year change (basis points)
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210
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240
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-120
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Quarter-to-quarter change (basis points)
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100
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-50
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130
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Operating expenses:
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R&D (1)
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136,258
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128,646
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128,110
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Selling, marketing and G&A (1)
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102,085
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98,178
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102,703
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Special charges
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-
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2,685
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-
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Total operating expenses
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238,343
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229,509
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230,813
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Total operating expenses percentage
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34.3
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%
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36.5
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%
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35.0
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%
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Year-to-year change (basis points)
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-70
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-160
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130
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Quarter-to-quarter change (basis points)
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-220
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40
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-310
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Operating income
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220,400
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179,609
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191,382
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Operating income percentage
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31.7
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%
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28.6
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%
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29.0
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%
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Year-to-year change (basis points)
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270
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390
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-250
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Quarter-to-quarter change (basis points)
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310
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-90
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430
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Other expense (income)
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3,032
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3,718
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3,721
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Income before income tax
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217,368
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175,891
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187,661
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Provision for income taxes
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29,935
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23,305
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23,189
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Tax rate percentage
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13.8
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%
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13.2
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%
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12.4
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%
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Net income
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$
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187,433
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$
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152,586
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$
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164,472
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Shares used for EPS - basic
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313,488
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312,286
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307,444
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Shares used for EPS - diluted
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318,347
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318,017
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313,368
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Earnings per share - basic
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$
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0.60
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$
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0.49
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$
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0.53
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Earnings per share - diluted
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$
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0.59
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$
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0.48
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$
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0.52
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Dividends paid per share
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$
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0.37
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$
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0.34
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$
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0.34
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(1) Includes stock-based compensation expense as follows:
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Cost of sales
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$
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1,417
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$
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1,557
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$
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1,517
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R&D
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$
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4,278
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$
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4,859
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$
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5,044
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Selling, marketing and G&A
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$
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4,847
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$
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4,991
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$
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11,395
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Analog Devices, Second Quarter, Fiscal 2014
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Schedule B
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Selected Balance Sheet Information (GAAP)
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(In thousands)
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2Q 14
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1Q 14
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2Q 13
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May 3, 2014
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Feb. 1, 2014
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May 4, 2013
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Cash & short-term investments
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$
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4,807,225
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$
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4,701,109
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$
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4,172,141
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Accounts receivable, net
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360,847
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328,787
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333,924
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Inventories (1)
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298,432
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289,935
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298,967
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Other current assets
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171,528
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151,128
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158,180
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Total current assets
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5,638,032
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5,470,959
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4,963,212
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PP&E, net
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545,485
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|
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529,010
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|
|
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490,047
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Investments
|
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30,080
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|
|
|
|
23,363
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|
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|
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18,678
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Goodwill and intangible assets
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315,783
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311,664
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|
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311,587
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Other
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65,571
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|
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64,472
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|
|
|
|
57,512
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Total assets
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$
|
6,594,951
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|
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$
|
6,399,468
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|
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$
|
5,841,036
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|
|
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|
|
|
|
|
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|
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|
Deferred income on shipments to distributors, net
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$
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267,933
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|
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$
|
245,236
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|
|
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$
|
244,202
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Other current liabilities
|
|
|
|
|
303,269
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|
|
|
|
274,258
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|
|
|
|
264,960
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Long-term debt, non-current
|
|
|
|
|
872,515
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|
|
|
|
872,378
|
|
|
|
|
757,855
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Non-current liabilities
|
|
|
|
|
219,711
|
|
|
|
|
211,961
|
|
|
|
|
113,429
|
Shareholders' equity
|
|
|
|
|
4,931,523
|
|
|
|
|
4,795,635
|
|
|
|
|
4,460,590
|
Total liabilities & equity
|
|
|
|
$
|
6,594,951
|
|
|
|
$
|
6,399,468
|
|
|
|
$
|
5,841,036
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) Includes $1,982, $2,196, and $2,123 related to stock-based
compensation in
|
2Q14, 1Q14, and 2Q13, respectively.
|
|
|
|
|
Analog Devices, Second Quarter, Fiscal 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule C
|
Cash Flow Statement (GAAP)
|
(In thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
2Q 14
|
|
|
|
1Q 14
|
|
|
|
2Q 13
|
|
|
|
|
May 3, 2014
|
|
|
|
Feb. 1, 2014
|
|
|
|
May 4, 2013
|
Cash flows from operating activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Income
|
|
|
|
$
|
187,433
|
|
|
|
|
$
|
152,586
|
|
|
|
|
$
|
164,472
|
|
Adjustments to reconcile net income
|
|
|
|
|
|
|
|
|
|
|
|
|
to net cash provided by operations:
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
|
|
27,459
|
|
|
|
|
|
27,335
|
|
|
|
|
|
27,478
|
|
Amortization of intangibles
|
|
|
|
|
55
|
|
|
|
|
|
55
|
|
|
|
|
|
55
|
|
Stock-based compensation expense
|
|
|
|
|
10,542
|
|
|
|
|
|
11,407
|
|
|
|
|
|
17,956
|
|
Other non-cash activity
|
|
|
|
|
1,400
|
|
|
|
|
|
1,417
|
|
|
|
|
|
(20
|
)
|
Excess tax benefit - stock options
|
|
|
|
|
(4,423
|
)
|
|
|
|
|
(7,604
|
)
|
|
|
|
|
(2,833
|
)
|
Deferred income taxes
|
|
|
|
|
1,068
|
|
|
|
|
|
(2,993
|
)
|
|
|
|
|
(767
|
)
|
Changes in operating assets and liabilities
|
|
|
|
|
14,824
|
|
|
|
|
|
(24,664
|
)
|
|
|
|
|
45,845
|
|
Total adjustments
|
|
|
|
|
50,925
|
|
|
|
|
|
4,953
|
|
|
|
|
|
87,714
|
|
Net cash provided by operating activities
|
|
|
|
|
238,358
|
|
|
|
|
|
157,539
|
|
|
|
|
|
252,186
|
|
Percent of total revenue
|
|
|
|
|
34.3
|
%
|
|
|
|
|
25.1
|
%
|
|
|
|
|
38.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Purchases of short-term available-for-sale investments
|
|
|
|
|
(2,275,241
|
)
|
|
|
|
|
(2,234,996
|
)
|
|
|
|
|
(2,203,316
|
)
|
Maturities of short-term available-for-sale investments
|
|
|
|
|
1,966,158
|
|
|
|
|
|
2,028,917
|
|
|
|
|
|
1,726,488
|
|
Sales of short-term available-for-sale investments
|
|
|
|
|
189,267
|
|
|
|
|
|
212,819
|
|
|
|
|
|
91,351
|
|
Additions to property, plant and equipment
|
|
|
|
|
(44,058
|
)
|
|
|
|
|
(48,123
|
)
|
|
|
|
|
(26,179
|
)
|
Increase in other assets
|
|
|
|
|
(6,076
|
)
|
|
|
|
|
(3,006
|
)
|
|
|
|
|
(478
|
)
|
Net cash used for investing activities
|
|
|
|
|
(169,950
|
)
|
|
|
|
|
(44,389
|
)
|
|
|
|
|
(412,134
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Dividend payments to shareholders
|
|
|
|
|
(115,795
|
)
|
|
|
|
|
(106,024
|
)
|
|
|
|
|
(104,415
|
)
|
Repurchase of common stock
|
|
|
|
|
(22,614
|
)
|
|
|
|
|
(88,963
|
)
|
|
|
|
|
(4,519
|
)
|
Proceeds from employee stock plans
|
|
|
|
|
62,936
|
|
|
|
|
|
79,600
|
|
|
|
|
|
62,255
|
|
Excess tax benefit - stock options
|
|
|
|
|
4,423
|
|
|
|
|
|
7,604
|
|
|
|
|
|
2,833
|
|
Contingent consideration payment
|
|
|
|
|
-
|
|
|
|
|
|
(1,773
|
)
|
|
|
|
|
-
|
|
(Decrease) increase in other financing activities
|
|
|
|
|
(11,284
|
)
|
|
|
|
|
22,248
|
|
|
|
|
|
4,184
|
|
Net cash used for financing activities
|
|
|
|
|
(82,334
|
)
|
|
|
|
|
(87,308
|
)
|
|
|
|
|
(39,662
|
)
|
Effect of exchange rate changes on cash
|
|
|
|
|
(511
|
)
|
|
|
|
|
(704
|
)
|
|
|
|
|
(556
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (decrease) increase in cash and cash equivalents
|
|
|
|
|
(14,437
|
)
|
|
|
|
|
25,138
|
|
|
|
|
|
(200,166
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
|
417,227
|
|
|
|
|
|
392,089
|
|
|
|
|
|
795,797
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
402,790
|
|
|
|
|
$
|
417,227
|
|
|
|
|
$
|
595,631
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analog Devices, Second Quarter, Fiscal 2014
|
|
|
|
Schedule D
|
Revenue Trends by End Market
|
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 evolve and improve, 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 results within, each end market.
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
May 3, 2014
|
|
|
|
Feb. 1, 2014
|
|
|
May 4, 2013
|
|
|
|
Revenue
|
|
|
%
|
|
|
|
Q/Q %
|
|
|
Y/Y %
|
|
|
|
Revenue
|
|
|
Revenue
|
Industrial
|
|
|
$
|
326,530
|
|
|
47
|
%
|
|
|
13
|
%
|
|
|
5
|
%
|
|
|
|
$
|
289,990
|
|
|
$
|
311,128
|
Automotive
|
|
|
|
135,488
|
|
|
20
|
%
|
|
|
9
|
%
|
|
|
10
|
%
|
|
|
|
|
124,285
|
|
|
|
122,715
|
Consumer
|
|
|
|
77,705
|
|
|
11
|
%
|
|
|
5
|
%
|
|
|
-23
|
%
|
|
|
|
|
74,335
|
|
|
|
101,233
|
Communications
|
|
|
|
154,813
|
|
|
22
|
%
|
|
|
11
|
%
|
|
|
25
|
%
|
|
|
|
|
139,628
|
|
|
|
124,174
|
Total Revenue
|
|
|
$
|
694,536
|
|
|
100
|
%
|
|
|
11
|
%
|
|
|
5
|
%
|
|
|
|
$
|
628,238
|
|
|
$
|
659,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Analog Devices, Second Quarter, Fiscal 2014
|
|
|
|
Schedule E
|
Revenue Trends by Product Type
|
The categorization of our products into broad categories is based on
the characteristics of the individual products, the specification of
the products and in some cases the specific uses that certain
products have within applications. The categorization of products
into categories is therefore subject to judgment in some cases and
can vary over time. In instances where products move between product
categories we reclassify the amounts in the product categories for
all prior periods. Such reclassifications typically do not
materially change the sizing of, or the underlying trends of results
within, each product category.
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
May 3, 2014
|
|
|
Feb. 1, 2014
|
|
|
May 4, 2013
|
|
|
|
Revenue
|
|
|
%*
|
|
|
Q/Q %
|
|
|
Y/Y %
|
|
|
Revenue
|
|
|
Revenue
|
Converters
|
|
|
$ 317,915
|
|
|
46%
|
|
|
9%
|
|
|
8%
|
|
|
$ 290,551
|
|
|
$ 295,459
|
Amplifiers / Radio Frequency
|
|
|
186,287
|
|
|
27%
|
|
|
13%
|
|
|
9%
|
|
|
164,714
|
|
|
170,793
|
Other analog
|
|
|
88,103
|
|
|
13%
|
|
|
11%
|
|
|
-5%
|
|
|
79,419
|
|
|
92,441
|
Subtotal Analog Signal Processing
|
|
|
592,305
|
|
|
85%
|
|
|
11%
|
|
|
6%
|
|
|
534,684
|
|
|
558,693
|
Power management & reference
|
|
|
43,138
|
|
|
6%
|
|
|
11%
|
|
|
-1%
|
|
|
38,710
|
|
|
43,701
|
Total Analog Products
|
|
|
$ 635,443
|
|
|
91%
|
|
|
11%
|
|
|
5%
|
|
|
$ 573,394
|
|
|
$ 602,394
|
Digital Signal Processing
|
|
|
59,093
|
|
|
9%
|
|
|
8%
|
|
|
4%
|
|
|
54,844
|
|
|
56,856
|
Total Revenue
|
|
|
$ 694,536
|
|
|
100%
|
|
|
11%
|
|
|
5%
|
|
|
$ 628,238
|
|
|
$ 659,250
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* The sum of the individual percentages does not equal the total due
to rounding.
|
|
|
|
|
Analog Devices, Second Quarter, Fiscal 2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Schedule F
|
Reconciliation from Non-GAAP to GAAP Data (In thousands, except
per-share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
See "Non-GAAP Financial Information" in this press release for a
description of the items excluded from our non-GAAP measures.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended
|
|
|
|
|
2Q 14
|
|
|
|
|
1Q 14
|
|
|
|
|
2Q 13
|
|
|
|
|
May 3, 2014
|
|
|
|
|
Feb. 1, 2014
|
|
|
|
|
May 4, 2013
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Expenses
|
|
|
|
$
|
238,343
|
|
|
|
|
|
$
|
229,509
|
|
|
|
|
|
$
|
230,813
|
|
Percent of Revenue
|
|
|
|
|
34.3
|
%
|
|
|
|
|
|
36.5
|
%
|
|
|
|
|
|
35.0
|
%
|
Restructuring-Related Expense
|
|
|
|
|
-
|
|
|
|
|
|
|
(2,685
|
)
|
|
|
|
|
|
-
|
|
Stock-Based Compensation Expense
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(6,273
|
)
|
Non-GAAP Operating Expenses
|
|
|
|
$
|
238,343
|
|
|
|
|
|
$
|
226,824
|
|
|
|
|
|
$
|
224,540
|
|
Percent of Revenue
|
|
|
|
|
34.3
|
%
|
|
|
|
|
|
36.1
|
%
|
|
|
|
|
|
34.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating Income/Margin
|
|
|
|
$
|
220,400
|
|
|
|
|
|
$
|
179,609
|
|
|
|
|
|
$
|
191,382
|
|
Percent of Revenue
|
|
|
|
|
31.7
|
%
|
|
|
|
|
|
28.6
|
%
|
|
|
|
|
|
29.0
|
%
|
Restructuring-Related Expense
|
|
|
|
|
-
|
|
|
|
|
|
|
2,685
|
|
|
|
|
|
|
-
|
|
Stock-Based Compensation Expense
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
6,273
|
|
Non-GAAP Operating Income/Margin
|
|
|
|
$
|
220,400
|
|
|
|
|
|
$
|
182,294
|
|
|
|
|
|
$
|
197,655
|
|
Percent of Revenue
|
|
|
|
|
31.7
|
%
|
|
|
|
|
|
29.0
|
%
|
|
|
|
|
|
30.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Diluted EPS
|
|
|
|
$
|
0.59
|
|
|
|
|
|
$
|
0.48
|
|
|
|
|
|
$
|
0.52
|
|
Restructuring-Related Expense
|
|
|
|
|
-
|
|
|
|
|
|
|
0.01
|
|
|
|
|
|
|
-
|
|
Impact of the Reversal of Prior Period Tax Liabilities
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
(0.02
|
)
|
Stock-Based Compensation Expense
|
|
|
|
|
-
|
|
|
|
|
|
|
-
|
|
|
|
|
|
|
0.01
|
|
Non-GAAP Diluted EPS (1)
|
|
|
|
$
|
0.59
|
|
|
|
|
|
$
|
0.49
|
|
|
|
|
|
$
|
0.52
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The sum of the individual per share amounts may not equal the
total due to rounding.
|
|
|
CONTACT:
For more information, please contact:
Analog
Devices, Inc.
Mr. Ali Husain, 781-461-3282 (phone);
781-461-3491
(fax);
Director of Investor Relations,
investor.relations@analog.com
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