- Revenue of $1.53 billion for the fourth quarter and $5.60
billion for fiscal 2020
- B2B revenue for the fourth quarter increased 4% sequentially
and 10% year-over-year
- Operating cash flow of $2.0 billion and free cash flow of $1.8
billion for fiscal 2020
- Returned over $1.1 billion to shareholders in fiscal 2020 and
recently reinstated our buyback program
Analog Devices, Inc. (Nasdaq: ADI), a leading global
high-performance semiconductor company, today announced financial
results for its fourth quarter and full year fiscal 2020, which
ended October 31, 2020.
“ADI delivered fourth quarter results above the high-end of our
outlook. We grew revenue across all of our B2B markets, expanded
operating margins and increased EPS by double-digits
year-over-year,” said Vincent Roche, President and CEO of Analog
Devices. “Fiscal 2020 represented a year of strategic progress
against an unprecedented backdrop, and our results continue to
highlight the insatiable demand for our high-performance analog and
mixed signal solutions. Overall, I’m proud of how our global team
embraced and learned from this challenging time and continued to
execute at a high level to generate and capture value for all
stakeholders.”
Roche continued, “Looking ahead, our pending acquisition of
Maxim Integrated is an opportunity to increase our scale and scope
to deliver disruptive innovation for our customers while driving
further profitable growth. The combination strengthens our industry
leadership position, further diversifying our business across
markets and applications and solidifying ADI as the destination for
the world’s best analog talent. While the macroenvironment remains
fluid, we are cautiously optimistic that a broad-based recovery is
underway and expect to build on this momentum in fiscal 2021.”
Performance for the Fourth Quarter of
Fiscal 2020
Results Summary(1)
(in millions, except per-share amounts and
percentages)
Three Months Ended
Oct 31, 2020
Nov 2, 2019
Change
Revenue
$
1,526
$
1,443
6
%
Gross margin
$
1,023
$
942
9
%
Gross margin percentage
67.0
%
65.3
%
(2)
170 bps
Operating income
$
462
$
338
36
%
Operating margin
30.2
%
23.4
%
680 bps
Diluted earnings per share
$
1.04
$
0.74
41
%
Adjusted Results
Adjusted gross margin
$
1,068
$
987
8
%
Adjusted gross margin percentage
70.0
%
68.4
%
(2)
160 bps
Adjusted operating income
$
636
$
560
14
%
Adjusted operating margin
41.7
%
38.8
%
290 bps
Adjusted diluted earnings per share
$
1.44
$
1.19
21
%
Three Months Ended
Trailing Twelve Months
Cash Generation
Oct 31, 2020
Oct 31, 2020
Net cash provided by operating
activities
$
673
$
2,008
% of revenue
44.1
%
35.8
%
Capital expenditures
$
(30)
$
(166)
Free cash flow
$
643
$
1,843
% of revenue
42.1
%
32.9
%
Three Months Ended
Trailing Twelve Months
Cash Return
Oct 31, 2020
Oct 31, 2020
Dividend paid
$
(230)
$
(886)
Stock repurchases
(7)
(244)
Total cash returned
$
(237)
$
(1,131)
(1) The sum and/or computation of the
individual amounts may not equal the total due to rounding.
(2) Includes approximately 140 basis
points of impact from a write-down of inventory associated with a
customer within our Communications end market.
Outlook for the First Quarter of Fiscal
Year 2021
For the first quarter of fiscal 2021, we are forecasting revenue
of $1.50 billion, +/- $70 million. At the midpoint of this revenue
outlook, we expect reported operating margin of approximately
29.1%, +/- 150 bps, and adjusted operating margin of approximately
40.0%, +/- 100 bps. We are planning for reported EPS to be $0.92,
+/- $0.10, and adjusted EPS to be $1.30, +/- $0.10.
Our first quarter fiscal 2021 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 $0.62 per outstanding share of common stock. The
dividend will be paid on December 15, 2020 to all shareholders of
record at the close of business on December 4, 2020.
Conference Call Scheduled for Today,
Tuesday, November 24, 2020 at 10:00 am ET
ADI will host a conference call to discuss our fourth quarter
fiscal 2020 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 800-859-9560, or
706-634-7193 for international calls, 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:
5297321, 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 (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 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 margin
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;
restructuring related expense3; and charitable foundation
contribution4 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; restructuring
related expense3; and charitable foundation contribution4 which are
described further below. Adjusted operating margin represents
adjusted operating income divided by revenue.
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; restructuring related expense3; and charitable foundation
contribution4 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 items5 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; restructuring related
expense3; charitable foundation contribution4; and tax related
items5 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 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 severance payments, equity
award accelerations, and the fair value adjustment associated with
the replacement of share-based awards related to the Linear
Technology Corporation (Linear) 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 proposed 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.
3Restructuring Related Expense: Expenses
incurred 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.
4Charitable Foundation Contribution: Expenses
incurred in connection with a one time contribution of registered
shares of common stock to the Analog Devices Foundation. We
excluded this expense from our non-GAAP measures because this
expense has no direct correlation to the operation of our business
in the future.
5Tax Related Items: Income tax effect of the
non-GAAP items discussed above and income tax from certain discrete
tax items primarily related to the resolution of prior period tax
audits, income tax from certain uncertain tax positions, income tax
from state valuation allowance adjustments, income tax on certain
inventory intra-entity transfers, the impact of a voluntary
accounting policy change and other income tax adjustments related
to prior periods. We excluded the income tax benefit / provision
effect of these tax related items from our non-GAAP measures
because they are not associated with the tax expense on our ongoing
operating results.
About Analog Devices
Analog Devices (Nasdaq: ADI) is a leading global
high-performance analog technology company dedicated to solving the
toughest engineering challenges. We enable our customers to
interpret the world around us by intelligently bridging the
physical and digital with unmatched technologies that sense,
measure, power, connect and interpret. 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 our proposed acquisition of Maxim Integrated
Products, Inc. (“Maxim”); the impact of the COVID-19 pandemic on
our business, financial condition and results of operations;
expected revenue, operating margin, tax rate, earnings per share,
and other financial results; expected market trends, market share
gains, operating leverage, production and inventory levels;
expected customer demand and order rates for our products and
expected product offerings; product development; and marketing
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 or Maxim’s
estimates of our respective expected tax rates based on current tax
law; our ability to successfully integrate Maxim’s businesses and
technologies; the risk that the expected benefits and synergies of
the proposed transaction and growth prospects of the combined
company may not be fully achieved in a timely manner, or at all;
adverse results in litigation matters, including the potential for
litigation related to the proposed transaction; the risk that we or
Maxim will be unable to retain and hire key personnel; the risk
associated with the timing of the closing of the proposed
transaction, including the risk that the conditions to the
transaction are not satisfied on a timely basis or at all or the
failure of the transaction to close for any other reason or to
close on the anticipated terms, including the anticipated tax
treatment; the risk that any regulatory approval, consent or
authorization that may be required for the proposed transaction is
not obtained or is obtained subject to conditions that are not
anticipated; unanticipated difficulties or expenditures relating to
the transaction, the response of business partners and retention as
a result of the announcement and pendency of the transaction;
uncertainty as to the long-term value of our common stock; the
diversion of management time on transaction-related matters; our
ability to successfully integrate acquired businesses and
technologies; and the risk that expected benefits, synergies and
growth prospects of acquisitions 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
Twelve Months Ended
Oct 31, 2020
Nov 2, 2019
Oct 31, 2020
Nov 2, 2019
Revenue
$
1,526,295
$
1,443,219
$
5,603,056
$
5,991,065
Cost of sales
503,211
501,028
1,912,578
1,977,315
Gross margin
1,023,084
942,191
3,690,478
4,013,750
Operating expenses:
Research and development
280,239
277,018
1,050,519
1,130,348
Selling, marketing, general and
administrative
165,115
154,799
659,923
648,094
Amortization of intangibles
108,007
107,225
429,455
429,041
Special charges
8,051
64,788
52,337
95,659
Total operating expenses
561,412
603,830
2,192,234
2,303,142
Operating income
461,672
338,361
1,498,244
1,710,608
Nonoperating expense (income):
Interest expense
48,593
50,775
193,305
229,075
Interest income
(527)
(1,988)
(4,305)
(10,229)
Other, net
(3,704)
1,747
(2,373)
6,034
44,362
50,534
186,627
224,880
Income before income taxes
417,310
287,827
1,311,617
1,485,728
Provision for income taxes
30,784
10,133
90,856
122,717
Net income
$
386,526
$
277,694
$
1,220,761
$
1,363,011
Shares used to compute earnings per share
- basic
369,284
369,051
368,633
369,133
Shares used to compute earnings per share
- diluted
372,322
372,584
371,973
372,871
Basic earnings per common share
$
1.05
$
0.75
$
3.31
$
3.68
Diluted earnings per common share
$
1.04
$
0.74
$
3.28
$
3.65
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
October 31, 2020
November 2, 2019
Cash & cash equivalents
$
1,055,860
$
648,322
Accounts receivable
737,536
635,136
Inventories
608,260
609,886
Other current assets
116,032
91,782
Total current assets
2,517,688
1,985,126
Net property, plant and equipment
1,120,561
1,219,989
Other investments
86,729
77,324
Goodwill
12,278,425
12,256,880
Intangible assets, net
3,650,280
4,217,224
Deferred tax assets
1,503,064
1,582,382
Other assets
311,856
53,716
Total assets
$
21,468,603
$
21,392,641
Other current liabilities
$
1,364,986
$
1,208,965
Debt, current
—
299,667
Long-term debt
5,145,102
5,192,252
Deferred income taxes
1,919,595
2,088,212
Other non-current liabilities
1,040,975
894,357
Shareholders' equity
11,997,945
11,709,188
Total liabilities & equity
$
21,468,603
$
21,392,641
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended
Twelve Months Ended
Oct 31, 2020
Nov 2, 2019
Oct 31, 2020
Nov 2, 2019
Cash flows from operating activities:
Net income
$
386,526
$
277,694
$
1,220,761
$
1,363,011
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation
57,053
61,636
233,775
240,677
Amortization of intangibles
145,163
143,528
577,148
570,574
Stock-based compensation expense
36,557
37,580
149,518
150,300
Non-cash impairment included in special
charges
—
9,800
—
14,167
Deferred income taxes
(71,146)
(35,809)
(113,948)
(91,253)
Non-cash contribution to charitable
foundation
—
—
40,000
—
Other non-cash activity
(257)
14,206
5,418
40,907
Changes in operating assets and
liabilities
118,702
149,270
(104,185)
(35,283)
Total adjustments
286,072
380,211
787,726
890,089
Net cash provided by operating
activities
672,598
657,905
2,008,487
2,253,100
Percent of revenue
44.1
%
45.6
%
35.8
%
37.6
%
Cash flows from investing activities:
Additions to property, plant and
equipment
(29,888)
(51,076)
(165,692)
(275,372)
Payments for acquisitions, net of cash
acquired
(1,433)
(11,170)
(14,196)
(11,170)
Change in other assets
579
(1,512)
(635)
(6,644)
Net cash used for investing activities
(30,742)
(63,758)
(180,523)
(293,186)
Cash flows from financing activities:
Proceeds from debt
—
—
395,646
1,250,000
Early termination of debt
—
—
—
(1,250,000)
Proceeds from revolver
—
—
350,000
75,000
Payments on revolver
—
—
(350,000)
(75,000)
Debt repayments
(450,000)
(200,000)
(750,000)
(850,000)
Dividend payments to shareholders
(229,597)
(200,196)
(886,155)
(777,481)
Repurchase of common stock
(7,222)
(172,389)
(244,487)
(613,005)
Proceeds from employee stock plans
10,653
10,388
68,403
116,523
Change in other financing activities
—
5,087
(4,015)
(2,831)
Net cash used for financing activities
(676,166)
(557,110)
(1,420,608)
(2,126,794)
Effect of exchange rate changes on
cash
(94)
(879)
182
(1,389)
Net (decrease) increase in cash and cash
equivalents
(34,404)
36,158
407,538
(168,269)
Cash and cash equivalents at beginning of
period
1,090,264
612,164
648,322
816,591
Cash and cash equivalents at end of
period
$
1,055,860
$
648,322
$
1,055,860
$
648,322
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
results within, each end market.
Three Months Ended
Oct 31, 2020
Nov 2, 2019
Revenue
% of revenue*
Y/Y %
Revenue
% of revenue*
Industrial
$
811,226
53%
9%
$
745,672
52%
Communications
312,649
20%
19%
262,808
18%
Automotive
229,781
15%
2%
226,057
16%
Consumer
172,639
11%
(17)%
208,682
14%
Total revenue
$
1,526,295
100%
6%
$
1,443,219
100%
Twelve Months Ended
Oct 31, 2020
Nov 2, 2019
Revenue
% of revenue*
Y/Y %
Revenue
% of revenue*
Industrial
$
2,987,542
53%
(1)%
$
3,011,411
50%
Communications
1,195,946
21%
(8)%
1,294,960
22%
Automotive
779,276
14%
(16)%
930,613
16%
Consumer
640,292
11%
(15)%
754,081
13%
Total revenue
$
5,603,056
100%
(6)%
$
5,991,065
100%
*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
Twelve Months Ended
Oct 31, 2020
Nov 2, 2019
Oct 31, 2020
Nov 2, 2019
Gross margin
$
1,023,084
$
942,191
$
3,690,478
$
4,013,750
Gross margin percentage
67.0
%
65.3
%
65.9
%
67.0
%
Acquisition related expenses
44,741
44,822
179,374
175,266
Adjusted gross margin
$
1,067,825
$
987,013
$
3,869,852
$
4,189,016
Adjusted gross margin percentage
70.0
%
68.4
%
69.1
%
69.9
%
Operating expenses
$
561,412
$
603,830
$
2,192,234
$
2,303,142
Percent of revenue
36.8
%
41.8
%
39.1
%
38.4
%
Acquisition related expenses
(110,963)
(112,219)
(444,261)
(451,511)
Acquisition related transaction costs
(10,977)
—
(20,098)
—
Charitable foundation contribution
—
—
(40,000)
—
Restructuring related expense
(8,050)
(64,788)
(52,337)
(95,659)
Adjusted operating expenses
$
431,422
$
426,823
$
1,635,538
$
1,755,972
Adjusted operating expenses percentage
28.3
%
29.6
%
29.2
%
29.3
%
Operating income
$
461,672
$
338,361
$
1,498,244
$
1,710,608
Operating margin
30.2
%
23.4
%
26.7
%
28.6
%
Acquisition related expenses
155,704
157,041
623,635
626,777
Acquisition related transaction costs
10,977
—
20,098
—
Charitable foundation contribution
—
—
40,000
—
Restructuring related expense
8,050
64,788
52,337
95,659
Adjusted operating income
$
636,403
$
560,190
$
2,234,314
$
2,433,044
Adjusted operating margin
41.7
%
38.8
%
39.9
%
40.6
%
Provision for income taxes
$
30,784
$
10,133
$
90,856
$
122,717
Income tax effect of adjustments above
26,878
35,903
106,291
104,470
Income tax from certain discrete tax
items
—
20,302
25,951
61,227
Adjusted provision for income taxes
$
57,662
$
66,338
$
223,098
$
288,414
Income before income taxes
$
417,310
$
287,827
$
1,311,617
$
1,485,728
Effective tax rate
7.4
%
3.5
%
6.9
%
8.3
%
Acquisition related expenses
155,704
157,041
623,635
626,777
Acquisition related transaction costs
10,977
—
20,098
—
Charitable foundation contribution
—
—
40,000
—
Restructuring related expense
8,050
64,788
52,337
95,659
Adjusted income before income taxes
$
592,041
$
509,656
$
2,047,687
$
2,208,164
Adjusted tax rate
9.7
%
13.0
%
10.9
%
13.1
%
Diluted EPS
$
1.04
$
0.74
$
3.28
$
3.65
Acquisition related expenses
0.42
0.42
1.68
1.68
Acquisition related transaction costs
0.03
—
0.05
—
Charitable foundation contribution
—
—
0.11
—
Restructuring related expense
0.02
0.17
0.14
0.26
Income tax effect of adjustments above
(0.07)
(0.10)
(0.29)
(0.28)
Income tax from certain discrete tax
items
—
(0.05)
(0.07)
(0.16)
Adjusted diluted EPS*
$
1.44
$
1.19
$
4.91
$
5.15
* 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
Oct 31, 2020
Oct 31, 2020
Aug 1, 2020
May 2, 2020
Feb 1, 2020
Revenue
$
5,603,056
$
1,526,295
$
1,456,136
$
1,317,060
$
1,303,565
Net cash provided by operating
activities
$
2,008,487
$
672,598
$
557,200
$
429,041
$
349,648
% of Revenue
36
%
44
%
38
%
33
%
27
%
Capital expenditures
$
(165,692)
$
(29,888)
$
(20,804)
$
(60,161)
$
(54,839)
Free cash flow
$
1,842,795
$
642,710
$
536,396
$
368,880
$
294,809
% of Revenue
33
%
42
%
37
%
28
%
23
%
ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED
GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ending January
30, 2021
Reported
Adjusted
Revenue
$1.50 Billion
$1.50 Billion
(+/- $70 Million)
(+/- $70 Million)
Operating margin
29.1%
40.0% (1)
(+/-150 bps)
(+/-100 bps)
Nonoperating expenses
~ $43 Million
~ $43 Million
Tax rate
12% to 14%
12% to 14% (2)
Earnings per share
$0.92
$1.30 (3)
(+/- $0.10)
(+/- $0.10)
(1) Includes $163 million of adjustments related to acquisition
related expenses and acquisition related transaction costs as
previously defined in the Non-GAAP Financial Information section of
this press release. (2) Includes $23 million of tax effects
associated with the adjustment for acquisition related expenses and
acquisition related transaction costs noted above. (3) Includes
$0.38 of adjustments related to the net impact of $0.44 of
acquisition related expenses and acquisition related transaction
costs, as well as $0.06 of tax effects on those items.
(ADI WEB)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20201124005320/en/
Investor Contact: Analog Devices, Inc. Mr. Michael Lucarelli Sr.
Director of Investor Relations 781-461-3282
investor.relations@analog.com Media Contacts: Teneo Ms. Andrea
Calise 917-826-3804 andrea.calise@teneo.com Teneo Ms. Megan Fenton
917-860-0356 megan.fenton@teneo.com
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