- Record quarterly revenue of $1
billion, up 3% year-over-year and up 15% sequentially
- Record quarterly operating cash flow
margin of 49%, record quarterly free cash flow margin of
44%
- Revenue and earnings per share
exceed high end of guidance range
Analog Devices, Inc. (NASDAQ: ADI), today announced financial
results for its fourth quarter and fiscal year 2016, which ended
October 29, 2016.
“ADI had another excellent quarter, with both revenue and
earnings per share exceeding the high end of our guidance range,”
said Vincent Roche, President and CEO. “Revenue increased to a
record $1 billion on broad strength across all of our markets, and
our focus on sustainable and differentiated innovation, combined
with strong operational execution, helped drive profitability and
cash flow generation to record levels.”
“In addition, we are pleased with the progress we are making to
close the acquisition of Linear Technology, a combination that, we
believe, will create an analog industry powerhouse, capable of
creating significant value for our customers, employees, and
shareholders.”
“Looking ahead, order rates are stable entering the seasonally
slower first quarter. As a result, we are planning for revenue to
decrease sequentially, but to increase 9% to 17% over the prior
year, which would represent the third consecutive quarter of
year-over-year revenue growth for ADI.”
ADI also announced that the Board of Directors has declared a
cash dividend of $0.42 per outstanding share of common
stock. The dividend will be paid on December 13, 2016 to all
shareholders of record at the close of business on December 2,
2016.
Results for the Fourth Quarter of
Fiscal Year 2016
- Revenue totaled $1.0 billion, up 15%
sequentially, and up 3% year-over-year
- Revenue in ADI’s B2B markets of
industrial, automotive, and communications infrastructure totaled
$710 million, up 4% sequentially, and up 7% year-over-year
- GAAP gross margin of 66.4% of revenue;
Non-GAAP gross margin of 66.6% of revenue
- GAAP operating margin of 35.6% of
revenue; Non-GAAP operating margin of 38.1% of revenue
- GAAP diluted EPS of $0.95; Non-GAAP
diluted EPS of $1.05
- Operating Cash Flow of $487 million, or
48.5% of revenue; Free Cash Flow of $446 million, or 44.4% of
revenue
Results for Fiscal Year
2016
- Revenue totaled $3.4 billion, stable
year-over-year
- GAAP gross margin of 65.1% of revenue;
Non-GAAP gross margin of 65.3% of revenue
- GAAP operating margin of 30.0% of
revenue; Non-GAAP operating margin of 33.1% of revenue
- GAAP diluted EPS of $2.76 per share;
Non-GAAP diluted EPS of $3.07 per share
- Operating Cash Flow of $1.3 billion, or
37.4% of revenue; Free Cash Flow of $1.2 billion, or 33.7% of
revenue
- Share repurchases and dividend payments
to shareholders totaled $883 million
Please refer to the schedules provided for a summary of revenue
and earnings, selected balance sheet information, and the cash flow
statement for the fourth quarter and fiscal year 2016, as well as
the immediately prior and year-ago quarters. Additional information
on revenue by end market is provided on Schedule D.
Outlook for the First Quarter of Fiscal
Year 2017The following statements are based on current
expectations, and as indicated, and further explained below, are
presented on a non-GAAP basis where the Company is unable without
unreasonable efforts to forecast items that will be included in
reported GAAP results. 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 be in the range of
$840 million to $900 million
- Non-GAAP gross margin expected to be
between 65.5% and 66.0%
- Non-GAAP operating expenses expected to
be slightly up sequentially
- Non-GAAP interest and other expense
expected to be between $20 million and $25 million
- Non-GAAP tax rate expected to be
approximately 11%
- Non-GAAP diluted EPS estimated to be
$0.68 to $0.78 per share
With respect to the forward-looking information presented on a
non-GAAP basis, the Company is unable to provide a quantitative
reconciliation to GAAP because the items that would be included or
excluded, other than those described below, are difficult to
predict and estimate and are primarily dependent on future events,
including costs relating to the consummation and planned
integration of the Company’s pending acquisition of Linear
Technology Corporation, which is expected to close by the end of
the Company’s second fiscal 2017 quarter. Known reconciling items
are:
- Non-GAAP gross margin
excludes $2.5 million of amortization of purchased
intangible assets and depreciation of step up value on purchased
fixed assets;
- Non-GAAP operating expenses
exclude $17.5 million of amortization of purchased
intangible assets and depreciation of step up value on purchased
fixed assets;
- Non-GAAP tax rate excludes $1.0
million provision for income taxes which represents the tax
effects of the reconciling items noted in the two bullets above;
and
- Non-GAAP earnings per share excludes
$0.06, which represents the estimated impact of the amortization of
purchased intangible assets and depreciation of step up value on
purchased fixed assets, net of tax, associated with the non-GAAP
adjustments noted above on a per share basis.
Conference Call Scheduled for Today, Tuesday, November 22,
2016 at 10:00 am ET
ADI will host a conference call to discuss fourth quarter and
fiscal 2016 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 (call 706-634-7193, or toll
free at 800-859-9560, 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:
69737833, or by visiting investor.analog.com.
Non-GAAP Financial
InformationThis 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.
Schedules E and F of this press release provides the
reconciliation of the Company’s historical non-GAAP measures to
their most comparable GAAP measures.
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 following items are excluded from our non-GAAP gross
margin, non-GAAP operating expenses, non-GAAP operating income,
non-GAAP operating margin, and non-GAAP diluted earnings per
share:
Acquisition-Related Expenses: Expenses incurred as a result of
prior period acquisitions primarily include expenses associated
with the fair value adjustments to property, plant and equipment
and amortization of acquisition related intangibles, which include
acquired intangibles such as purchased technology and customer
relationships. 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.
Stock-Based Compensation Expense: In fiscal 2015, the Company
recorded $3.0 million of stock-based compensation expense for one
of its former executive officers due to the accelerated vesting of
restricted stock units and a reduction in the requisite service
period for stock options in accordance with the terms of the
applicable agreements. In addition, in fiscal 2015, the Company
recorded $1.3 million of stock-based compensation expense due to
the accelerated vesting of restricted stock units and stock options
in conjunction with the restructuring charge recorded in the fourth
quarter of fiscal 2014.
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:
Other Operating Expense: Costs incurred in the fourth quarter of
fiscal 2015 as a result of the conversion of the benefits provided
to participants in the Company’s Irish defined benefit pension plan
to benefits provided under the Company’s Irish defined contribution
plan including settlement charges, legal, accounting and other
professional fees. 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.
Acquisition-Related Transaction Costs: Costs incurred as a
result of the Hittite acquisition and the proposed Linear
Technology acquisition, including legal, accounting and other
professional fees directly related to these acquisitions. We
excluded these costs from our non-GAAP measures because they relate
to specific transactions and are not reflective of our ongoing
financial performance.
Restructuring-Related Expenses: These expenses are incurred in
connection with facility closures, consolidation of manufacturing
facilities, severance, and other cost reduction efforts. We
excluded these expenses from our non-GAAP measures because 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.
The following items are excluded from our non-GAAP other
expense and non-GAAP diluted earnings per share:
Loss on Extinguishment of Debt: In fiscal 2016, the Company
redeemed its outstanding 3.0% senior unsecured notes due April 15,
2016. The Company recognized a net loss on debt extinguishment of
approximately $3.3 million, which was comprised of a make-whole
premium and the write off of unamortized debt issuance and discount
costs. We excluded these costs from our non-GAAP measures because
they are not reflective of our ongoing financial performance.
Amortization of Deferred Financing Costs: In the third quarter
of fiscal 2016, in connection with the proposed Linear Technology
acquisition, the Company obtained bridge financing commitments and
incurred financing fees which will be amortized into interest
expense over the term of the bridge financing commitments. In the
fourth quarter of fiscal 2016, the Company replaced a portion of
the bridge financing commitments with a 3-year and 5-year unsecured
term loan facility. As a result, the Company accelerated $13.7
million of the unamortized bridge financing commitment fees into
interest expense. We excluded these costs from our non-GAAP
measures because they are not reflective of our ongoing financial
performance.
The following items are excluded from our non-GAAP diluted
earnings per share:
Tax-Related Items: Tax adjustments associated with the non-GAAP
items discussed above. In addition, in the fourth quarter of 2015,
the Company recorded a $13.0 million tax benefit as a result of the
reversal of prior period tax liabilities. Also, in the first
quarter of 2015, the Company recorded a $7.0 million tax benefit
related to the reinstatement of the R&D tax credit in December
2014, retroactive to January 1, 2014. We excluded these
tax-related items from our non-GAAP measures because they are not
associated with the tax expense on our current operating
results.
The following items are excluded from our calculation of
Non-GAAP free cash flow:
Pension Conversion Payments: In the fourth quarter of fiscal
2015, the Company made payments as a result of the conversion of
the benefits provided to participants in the Company’s Irish
defined benefit pension plan to benefits provided under the
Company’s Irish defined contribution plan including settlement
charges, legal, accounting and other professional fees. We excluded
these payments from our non-GAAP free cash flow measure because
they relate to a specific transaction and are not reflective of our
ongoing financial performance.
Analog Devices believes that these non-GAAP measures 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.
Investors should consider our non-GAAP financial measures in
conjunction with the corresponding GAAP measures.
About Analog DevicesAnalog Devices designs and
manufactures semiconductor products and solutions. We enable our
customers to interpret the world around us by intelligently
bridging the physical and digital with unmatched technologies that
sense, measure and connect. Visit http://www.analog.com.
Forward Looking StatementsThis press release contains
forward-looking statements, which address a variety of subjects
including, for example, our statements regarding expected revenue,
earnings per share, gross margin, operating expenses, interest and
other expense, tax rate, and other financial results, expected
operating leverage, production and inventory levels, expected
market trends, and expected customer demand and order rates for our
products, the proposed acquisition of Linear Technology Corporation
(“Linear Technology”), the expected timing to close the
transaction, expected benefits and synergies of the transaction,
expected growth rates of the combined companies, Analog Devices’
expected product offerings, product development, marketing position
and technical advances resulting from the transaction. 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: 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, the ability to satisfy the
conditions to closing of the proposed transaction with Linear
Technology, on the expected timing or at all; the ability to obtain
required regulatory approvals for the proposed transaction, on the
expected timing or at all, including the potential for regulatory
authorities to require divestitures in connection with the proposed
transaction; the occurrence of any event that could give rise to
the termination of the merger agreement with Linear Technology; the
risk of stockholder litigation relating to the proposed
transaction, including resulting expense or delay; higher than
expected or unexpected costs associated with or relating to the
transaction; the risk that expected benefits, synergies and growth
prospects of the transaction may not be achieved in a timely
manner, or at all; the risk that Linear Technology’s business may
not be successfully integrated with Analog Devices’ following the
closing; the risk that Analog Devices and Linear Technology will be
unable to retain and hire key personnel; and the risk that
disruption from the transaction may adversely affect Linear
Technology’s or Analog Devices’ business and relationships with
their customers, suppliers or employees. For additional information
about factors that could cause actual results to differ materially
from those described in the forward-looking statements, please
refer to both Analog Devices’ and Linear Technology’s filings with
the Securities and Exchange Commission (“SEC”), including the risk
factors contained in each of Analog Devices’ and Linear
Technology’s most recent Quarterly Reports 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.
Important Additional Information Will Be Filed With The
SECIn connection with the proposed transaction, Analog Devices
and Linear Technology have filed and will file relevant information
with the SEC, including a registration statement of Analog
Devices on Form S-4 (the “registration statement”) that
includes a prospectus of Analog Devices and a proxy statement of
Linear Technology (the “proxy statement/prospectus”). INVESTORS AND
SECURITY HOLDERS OF LINEAR TECHNOLOGY ARE URGED TO CAREFULLY READ
THE ENTIRE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS
AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY
CONTAIN IMPORTANT INFORMATION ABOUT ANALOG DEVICES, LINEAR
TECHNOLOGY AND THE PROPOSED TRANSACTION. A definitive proxy
statement/prospectus has been sent to Linear Technology’s
shareholders. The registration statement, proxy
statement/prospectus and other documents filed by Analog Devices
with the SEC may be obtained free of charge at Analog Devices’
website at www.analog.com or at the SEC’s website at www.sec.gov.
These documents may also be obtained free of charge from Analog
Devices by requesting them by mail at Analog Devices, Inc., One
Technology Way, P.O. Box 9106, Norwood, MA 02062-9106, Attention:
Investor Relations, or by telephone at (781) 461-3282. The
documents filed by Linear Technology with the SEC may be obtained
free of charge at Linear Technology’s website at www.linear.com or
at the SEC’s website at www.sec.gov. These documents may also be
obtained free of charge from Linear Technology by requesting them
by mail at Linear Technology Corporation, 1630 McCarthy Blvd.,
Milpitas, CA, 95035-7417, Attention: Investor Relations, or by
telephone at (408) 432-2407.
Non-SolicitationThis communication shall not constitute
an offer to sell or the solicitation of an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
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, Fourth Quarter, Fiscal
2016
Schedule
A
Revenue and Earnings Summary
(Unaudited)
(In thousands, except per-share
amounts)
Three Months Ended Twelve Months Ended
4Q 16 3Q 16 4Q 15
FY 16 FY 15
Oct. 29,2016 July 30,2016
Oct. 31,2015 Oct. 29,2016
Oct. 31,2015 Revenue $ 1,003,623 $
869,591 $ 978,722 $ 3,421,409 $ 3,435,092 Year-to-year change 3 % 1
% 20 % — % 20 % Quarter-to-quarter change 15 % 12 % 13 % Cost of
sales (1) 336,936 297,301
336,926 1,194,236
1,175,830 Gross margin 666,687 572,290 641,796 2,227,173
2,259,262 Gross margin percentage 66.4 % 65.8 % 65.6 % 65.1 % 65.8
% Year-to-year change (basis points) 80 (10 ) 590 (70 ) 190
Quarter-to-quarter change (basis points) 60
20 (30 )
Operating expenses: R&D (1) 172,926 163,227 170,736
653,816 637,459 Selling, marketing and G&A (1) 118,881 122,909
121,400 461,438 478,972 Amortization of intangibles 17,899 17,447
17,358 70,123 88,318 Special charges — — — 13,684 — Other operating
expense — —
223,672 — 223,672 Total
operating expenses 309,706 303,583 533,166 1,199,061 1,428,421
Total operating expenses percentage 30.9 % 34.9 % 54.5 % 35.0 %
41.6 % Year-to-year change (basis points) (2,360 ) (30 ) 1,320 (660
) 400 Quarter-to-quarter change (basis points) (400 )
(410 ) 1,930
Operating income 356,981 268,707 108,630 1,028,112
830,841 Operating income percentage 35.6 % 30.9 % 11.1 % 30.0 %
24.2 % Year-to-year change (basis points) 2,450 20 (730 ) 580 (210
) Quarter-to-quarter change (basis points) 470
430 (1,960 )
Other expense 33,547
12,307 3,953 71,191
20,727 Income before income tax 323,434
256,400 104,677 956,921 810,114 Provision for income taxes 27,277
25,970 8,372 95,257 113,236 Tax rate percentage 8.4 %
10.1 % 8.0 % 10.0 % 14.0
% Net income $ 296,157 $ 230,430
$ 96,305 $ 861,664
$ 696,878 Shares used for EPS - basic 307,854 307,135
312,829 308,736 312,660 Shares used for EPS - diluted 311,633
310,558 316,571 312,308 316,872 Earnings per share - basic $
0.96 $ 0.75 $ 0.31 $ 2.79 $ 2.23 Earnings per share - diluted $
0.95 $ 0.74 $ 0.30 $ 2.76 $ 2.20 Dividends paid per share
$ 0.42 $ 0.42
$ 0.40 $ 1.66 $ 1.57
(1) Includes stock-based compensation expense as follows:
Cost of sales $ 1,886 $ 1,844 $ 2,188 $ 7,808 $ 8,983 R&D $
7,007 $ 6,682 $ 6,487 $ 27,039 $ 26,617 Selling, marketing and
G&A $ 6,341 $ 8,093 $ 7,408 $ 28,574 $ 33,319
Analog Devices, Fourth Quarter, Fiscal
2016
Schedule
B
Selected Balance Sheet Information
(Unaudited)
(In thousands)
4Q 16 3Q 16 4Q 15
Oct. 29,2016 July 30,2016
Oct. 31,2015 Cash & short-term
investments $ 4,055,793 $ 3,803,434 $ 3,028,928 Accounts
receivable, net 477,609 452,944 466,527 Inventories (1) 376,555
392,303 412,314 Other current assets 64,906
79,207 171,779 Total current
assets 4,974,863 4,727,888 4,079,548 PP&E, net 636,116 629,094
644,110 Investments 48,089 54,077 41,235 Goodwill 1,679,116
1,639,033 1,636,526 Intangible assets, net 549,368 529,035 583,517
Other 82,726 105,926
73,841 Total assets $ 7,970,278
$ 7,685,053 $ 7,058,777
Deferred income on shipments to distributors, net $ 351,538 $
327,444 $ 300,087 Other current liabilities 431,396 351,249 438,904
Debt, current — — 374,594 Long-term debt 1,732,177 1,731,758
495,341 Non-current liabilities 289,549 291,269 376,892
Shareholders' equity 5,165,618
4,983,333 5,072,959 Total liabilities &
equity $ 7,970,278 $ 7,685,053
$ 7,058,777
(1) Includes $2,486, $2,554, and $2,923 related to stock-based
compensation in 4Q16, 3Q16, and 4Q15, respectively.
Analog Devices, Fourth Quarter, Fiscal
2016
Schedule
C
Cash Flow Statement (Unaudited)
(In thousands)
Three Months Ended Twelve Months Ended
4Q 16 3Q 16 4Q 15
FY 16 FY 15 Oct. 29,2016
July 30,2016 Oct.
31,2015 Oct. 29,2016 Oct.
31,2015 Cash flows from operating activities: Net Income
$ 296,157 $ 230,430 $ 96,305 $ 861,664 $ 696,878 Adjustments to
reconcile net income to net cash provided by operations:
Depreciation 34,116 33,732 32,688 134,540 130,147 Amortization of
intangibles 19,547 18,916 18,302 75,250 92,093 Stock-based
compensation expense 15,234 16,619 16,083 63,421 68,919 Loss on
extinguishment of debt — — — 3,290 — Other non-cash activity 22,199
1,127 (2,428 ) 24,570 6,974 Excess tax benefit - equity based
awards (3,273 ) (2,982 ) (2,895 ) (10,453 ) (25,045 ) Deferred
income taxes (12,941 ) 12,250 (25,650 ) 8,124 (52,214 ) Changes in
operating assets and liabilities 115,945
(56,089 ) 65,570 120,489
(9,954 ) Total adjustments 190,827
23,573 101,670
419,231 210,920 Net cash provided by
operating activities 486,984
254,003 197,975 1,280,895
907,798 Percent of revenue 48.5 %
29.2 % 20.2 % 37.4 % 26.4
% Cash flows from investing activities: Purchases of
short-term available-for-sale investments (1,841,330 ) (2,284,166 )
(1,808,202 ) (7,697,260 ) (6,083,999 ) Maturities of short-term
available-for-sale investments 1,364,419 2,078,716 2,045,945
6,375,361 4,984,980 Sales of short-term available-for-sale
investments 42,645 139,805 159,546 332,716 1,251,194 Additions to
property, plant and equipment (41,224 ) (37,528 ) (45,807 )
(127,397 ) (153,960 ) Payments for acquisitions, net of cash
acquired (80,967 ) — — (83,170 ) (7,065 ) Change in other assets
(472 ) (8,591 ) 1,102
(18,520 ) (8,275 ) Net cash (used for)
provided by investing activities (556,929 )
(111,764 ) 352,584 (1,218,270 )
(17,125 ) Cash flows from financing activities: Early
Termination of debt — — — (378,156 ) — Payments of derivative
instruments — — — (33,430 ) — Proceeds from debt — — — 1,235,331 —
Payments of deferred financing fees (4,375 ) (22,208 ) — (26,583 )
— Dividend payments to shareholders (129,643 ) (128,954 ) (125,582
) (513,180 ) (491,059 ) Repurchase of common stock (1,412 ) (23,022
) (111,702 ) (370,061 ) (226,953 ) Proceeds from employee stock
plans 22,154 16,633 7,760 61,496 122,631 Excess tax benefit -
equity based awards 3,273 2,982 2,895 10,453 25,045 Contingent
consideration payment (1,409 ) — — (1,409 ) (1,767 ) Change in
other financing activities 45
(2,093 ) 3,724 (7,378 ) 500
Net cash used for financing activities
(111,367 ) (156,662 ) (222,905 )
(22,917 ) (571,603 ) Effect of exchange rate changes
on cash (1,226 ) (1,569 )
(798 ) (2,929 ) (3,950 ) Net (decrease)
increase in cash and cash equivalents (182,538 ) (15,992 ) 326,856
36,779 315,120 Cash and cash equivalents at beginning of period
1,103,670 1,119,662
557,497 884,353 569,233
Cash and cash equivalents at end of period $
921,132 $ 1,103,670 $
884,353 $ 921,132 $ 884,353
Analog Devices, Fourth Quarter, Fiscal
2016
Schedule
DRevenue 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 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 Oct.
29,2016 July 30,2016 Oct.
31,2015 Revenue % * Q/Q
% Y/Y % Revenue Revenue Industrial
$ 396,351 39 % 6 % 8 % $ 373,717 $ 367,412
Automotive 141,535 14 % 5 % 7 % 134,605 132,250 Consumer 294,040 29
% 58 % (7 )% 186,575 317,690 Communications 171,697
17 % (2 )% 6 % 174,694 161,370
Total Revenue $
1,003,623 100 % 15
% 3 % $ 869,591 $
978,722
* The sum of the individual percentages
does not equal the total due to rounding.
Twelve Months Ended
Oct. 29,2016 Oct. 31,2015
Revenue % Y/Y %
Revenue Industrial $ 1,502,019 44 % — % $ 1,494,898
Automotive 540,940 16 % 3 % 525,893 Consumer 688,289 20 % (6 )%
729,860 Communications 690,161 20 % 1 % 684,441
Total Revenue $ 3,421,409
100 % — % $ 3,435,092
Analog Devices, Fourth Quarter, Fiscal
2016
Schedule
EReconciliation from GAAP to Non-GAAP Revenue and
Earnings Measures (In thousands, except per-share amounts)
(Unaudited)See "Non-GAAP Financial Information" in this
press release for a description of the items excluded from our
non-GAAP measures.
Three Months Ended
Twelve Months Ended 4Q 16 3Q 16
4Q 15 FY 16 FY 15 Oct.
29,2016 July 30,2016 Oct.
31,2015 Oct. 29,2016 Oct.
31,2015 GAAP Gross Margin $
666,687 $ 572,290 $ 641,796
$ 2,227,173 $ 2,259,262 Gross Margin
Percentage 66.4 % 65.8 %
65.6 % 65.1 % 65.8 %
Acquisition-Related Expenses 2,040 1,888 1,399 6,849 7,199
Stock-Based Compensation Expense — —
— — 113
Non-GAAP Gross Margin $ 668,727
$ 574,178 $ 643,195
$ 2,234,022 $ 2,266,574
Gross Margin Percentage 66.6 %
66.0 % 65.7 % 65.3 %
66.0 % GAAP Operating Expenses $
309,706 $ 303,583 $ 533,166
$ 1,199,061 $ 1,428,421 Percent of
Revenue 30.9 % 34.9 % 54.5
% 35.0 % 41.6 % Other Operating
Expense — — (223,672 ) — (223,672 ) Acquisition-Related Expenses
(17,999 ) (17,582 ) (17,682 ) (70,555 ) (89,738 )
Acquisition-Related Transaction Costs (5,210 ) (8,310 ) — (13,519 )
(10,016 ) Restructuring-Related Expense — — — (13,684 ) —
Stock-Based Compensation Expense — —
— — (4,164 )
Non-GAAP Operating Expenses $ 286,497
$ 277,691 $
291,812 $ 1,101,303 $
1,100,831 Percent of Revenue 28.5
% 31.9 % 29.8 % 32.2
% 32.0 % GAAP Operating
Income/Margin $ 356,981 $ 268,707
$ 108,630 $ 1,028,112 $
830,841 Percent of Revenue 35.6 %
30.9 % 11.1 % 30.0 %
24.2 % Other Operating Expense
—
— 223,672
—
223,672 Acquisition-Related Expenses 20,039 19,470 19,081 77,404
96,937 Acquisition-Related Transaction Costs 5,210 8,310 — 13,519
10,016 Restructuring-Related Expense — — — 13,684 — Stock-Based
Compensation Expense — —
— — 4,277
Non-GAAP
Operating Income/Margin $ 382,230
$ 296,487 $ 351,383
$ 1,132,719 $ 1,165,743
Percent of Revenue 38.1 % 34.1
% 35.9 % 33.1 % 33.9
% GAAP Other Expense $ 33,547
$ 12,307 $ 3,953 $ 71,191
$ 20,727 Percent of Revenue 3.3
% 1.4 % 0.4 % 2.1
% 0.6 % Loss on Extinguishment of Debt — — —
(3,290 ) — Amortization of Deferred Financing Costs (13,665
) — — (13,665 )
—
Non-GAAP Other Expense $
19,882 $ 12,307
$ 3,953 $ 54,236 $
20,727
Percent of Revenue
2.0
%
1.4
%
0.4
%
1.6
%
0.6
%
GAAP Diluted EPS
$
0.95
$
0.74
$
0.30
$
2.76
$
2.20
Impact of Loss on Extinguishment of Debt — — — 0.01 — Other
Operating Expense — — 0.71 — 0.71 Acquisition-Related Expenses 0.06
0.06 0.06 0.25 0.31 Acquisition-Related Transaction Costs 0.02 0.03
— 0.04 0.03 Amortization of Deferred Financing Costs 0.04 — — 0.04
— Restructuring-Related Expense — — — 0.04 — Stock-Based
Compensation Expense — — — — 0.01 Income Tax Effect of Above Items
(0.02
)
(0.01
)
— (0.06 ) (0.02 ) Acquisition-Related Tax Impact — — — — (0.01 )
Impact of Reversal of Prior Period Tax Liabilities — —
(0.04
)
— (0.04 ) Impact of the Reinstatement of the R&D Tax Credit
— — —
(0.02 ) (0.02 )
Non-GAAP Diluted EPS (1)
$ 1.05 $ 0.82
$ 1.03 $ 3.07
$ 3.17
(1) The sum of the individual per share amounts may not equal
the total due to rounding.
Analog Devices, Fourth Quarter, Fiscal
2016
Schedule
F
Reconciliation of Net Cash Flows
Provided by Operating Activities to Free Cash Flows
(In thousands)
(Unaudited)
Three Months Ended Twelve Months
Ended 4Q 16 3Q 16
4Q 15 FY 16 FY 15 Oct.
29,2016 July 30,2016
Oct. 31,2015 Oct. 29,2016
Oct. 31,2015 Net cash provided by operating
activities $ 486,984 $ 254,003 $ 197,975 $ 1,280,895 $ 907,798 % of
revenue 48.5 % 29.2 % 20.2 % 37.4 % 26.4 % Non-GAAP adjustments:
Pension conversion payments — —
223,672 — 223,672
Adjusted cash flows from operations $ 486,984 $ 254,003 $ 421,647 $
1,280,895 $ 1,131,470 Capital expenditures (41,224 )
(37,528 ) (45,807 ) (127,397 ) (153,960
) Adjusted free cash flow $ 445,760 $ 216,475
$ 375,840 $ 1,153,498
$ 977,510 % of revenue 44.4 % 24.9 % 38.4 % 33.7 %
28.5 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20161122005324/en/
Analog Devices, Inc.Mr. Ali Husain, 781-461-3282781-461-3491
(fax)Treasurer and Director of Investor
Relationsinvestor.relations@analog.com
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