- Revenue of $2.97 billion with double digit year-over-year
growth across all end markets
- Double digit sequential growth across all B2B end markets
- Increased share repurchases to $776 million and paid $398
million in dividends, returning a total $1.17 billion to
shareholders
- Operating cash flow of $3.65 billion and free cash flow of
$3.20 billion, or 33% of revenue, on a trailing twelve-month
basis
Analog Devices, Inc. (Nasdaq: ADI), a leading global
high-performance analog technology company, today announced
financial results for its second quarter of fiscal 2022, which
ended April 30, 2022.
“ADI delivered its fifth consecutive quarter of record revenue,
illustrating the unprecedented demand for our technologies and our
ability to increase output in a challenging supply backdrop. Top
line strength combined with successful synergy execution enabled
adjusted gross margin, operating margin and EPS to achieve new
highs,” said Vincent Roche, CEO and Chair. “Despite increasing
geopolitical uncertainty and ongoing supply chain disruptions, we
enter the second half from a position of strength with increased
capacity and continued bookings momentum.”
Roche continued, “Market leadership in numerous secular mega
trends such as automation, electrification, and advanced
connectivity is a testament to the depth and breadth of our
performance leading analog, mixed signal, and power portfolio. Our
solutions enable the intelligent edge, accelerating digitalization
across industries. Continued efforts to deepen customer
relationships, enhance operational resiliency, and our unrelenting
focus on innovation, gives me great confidence in our ability to
accelerate long term growth while driving positive societal
impact.”
Performance for the Second Quarter of
Fiscal 2022
Results Summary(1)
(in millions, except per-share amounts and
percentages)
Three Months Ended
Apr. 30, 2022
May 1, 2021
Change
Revenue
$
2,972
$
1,661
79
%
Gross margin
$
1,945
1,137
71
%
Gross margin percentage
65.4
%
68.4
%
(300 bps)
Operating income
$
918
$
520
77
%
Operating margin
30.9
%
31.3
%
(40 bps)
Diluted earnings per share
$
1.49
$
1.14
31
%
Adjusted Results
Adjusted gross margin
$
2,205
$
1,177
87
%
Adjusted gross margin percentage
74.2
%
70.9
%
330 bps
Adjusted operating income
$
1,495
$
694
115
%
Adjusted operating margin
50.3
%
41.7
%
860 bps
Adjusted diluted earnings per share
$
2.40
$
1.54
56
%
Three Months Ended
Trailing Twelve Months
Cash Generation
Apr. 30, 2022
Apr. 30, 2022
Net cash provided by operating
activities
$
1,222
$
3,649
% of revenue
41
%
37
%
Capital expenditures
$
(119
)
$
(447
)
Free cash flow
$
1,103
$
3,202
% of revenue
37
%
33
%
Three Months Ended
Trailing Twelve Months
Cash Return
Apr. 30, 2022
Apr. 30, 2022
Dividend paid
$
(398
)
$
(1,386
)
Stock repurchases
(776
)
(3,612
)
Total cash returned
$
(1,174
)
$
(4,998
)
(1) The sum and/or computation of the
individual amounts may not equal the total due to rounding.
Outlook for the Third Quarter of Fiscal
Year 2022
For the third quarter of fiscal 2022, we are forecasting revenue
of $3.05 billion, +/- $100 million. At the midpoint of this revenue
outlook, we expect reported operating margin of approximately
32.2%, +/-130 bps, and adjusted operating margin of approximately
49.5%, +/-70 bps. We are planning for reported EPS to be $1.55,
+/-$0.10, and adjusted EPS to be $2.42, +/-$0.10.
Our third quarter fiscal 2022 outlook is based on current
expectations and actual results may differ materially, as a result
of, among other things, the important factors discussed at the end
of this release. These statements supersede all prior statements
regarding our business outlook set forth in prior ADI news
releases, and ADI disclaims any obligation to update these
forward-looking statements.
The adjusted results and adjusted anticipated results above are
financial measures presented on a non-GAAP basis. Reconciliations
of these non-GAAP financial measures to their most directly
comparable GAAP financial measures are provided in the financial
tables included in this press release. See also “Non-GAAP Financial
Information” section for additional information.
Dividend Payment
The ADI Board of Directors has declared a quarterly cash
dividend of $0.76 per outstanding share of common stock. The
dividend will be paid on June 9, 2022 to all shareholders of record
at the close of business on May 31, 2022.
Conference Call Scheduled for Today,
Wednesday, May 18, 2022 at 10:00 am ET
ADI will host a conference call to discuss our second quarter
fiscal 2022 results and short-term outlook today, beginning at
10:00 am ET. Investors may join via webcast, accessible at
investor.analog.com, or by telephone. The participant dial-in for
both domestic and international callers will be available ten
minutes before the call begins by calling 833-423-0297.
International participants may provide the passcode 8334230297.
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:
6327355, 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 nonoperating expense (income), adjusted income
before income taxes, adjusted provision for income taxes, adjusted
tax rate, adjusted diluted earnings per share (EPS), free cash
flow, and free cash flow 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 and
special charges, net3, which are described further below. Adjusted
operating expenses percentage represents adjusted operating
expenses divided by revenue.
Adjusted operating income is defined as operating income,
determined in accordance with GAAP, excluding: acquisition related
expenses1, acquisition related transaction costs2 and special
charges, net3, which are described further below. Adjusted
operating margin represents adjusted operating income divided by
revenue.
Adjusted nonoperating expense (income) is defined as
nonoperating expense (income), determined in accordance with GAAP,
excluding: acquisition related expenses1, which is described
further below.
Adjusted income before income taxes is defined as income before
income taxes, determined in accordance with GAAP, excluding:
acquisition related expenses1, acquisition related transaction
costs2, and special charges, net3, which are described further
below.
Adjusted provision for income taxes is defined as provision for
income taxes, determined in accordance with GAAP, excluding tax
related items4 , which are described further below. Adjusted tax
rate represents adjusted provision for income taxes divided by
adjusted income before income taxes.
Adjusted diluted EPS is defined as diluted EPS, determined in
accordance with GAAP, excluding: acquisition related expenses1,
acquisition related transaction costs2, special charges, net3, and
tax related items4, which are described further below.
Free cash flow is defined as net cash provided by operating
activities, determined in accordance with GAAP, less additions to
property, plant and equipment, net. Free cash flow margin
percentage represents free cash flow divided by revenue.
1Acquisition Related Expenses: Expenses
incurred as a result of current and prior period acquisitions and
primarily include expenses associated with the fair value
adjustments to debt, inventory, property, plant and equipment and
amortization of acquisition related intangibles, which include
acquired intangibles such as purchased technology and customer
relationships. Expenses also include fair value adjustments
associated with the replacement of share-based awards related to
the Maxim Integrated Products, Inc. (Maxim) acquisition. We
excluded these costs from our non-GAAP measures because they relate
to specific transactions and are not reflective of our ongoing
financial performance.
2Acquisition Related Transaction Costs: Costs
directly related to the Maxim Integrated Products, Inc.
acquisition, including legal, accounting and other professional
fees as well as integration-related costs. We excluded these costs
from our non-GAAP measures because they relate to a specific
transaction and are not reflective of our ongoing financial
performance.
3Special Charges, net: Expenses, net,
incurred in connection with facility closures, consolidation of
manufacturing facilities, severance, other accelerated stock-based
compensation expense and other cost reduction efforts or
reorganizational initiatives. We excluded these expenses from our
non-GAAP measures because apart from ongoing expense savings as a
result of such items, these expenses have no direct correlation to
the operation of our business in the future.
4Tax Related Items: Income tax effect of the
non-GAAP items discussed above and an income tax benefit from a
discrete tax item related to the consolidation of certain
subsidiaries. We excluded the income tax effect of these tax
related items from our non-GAAP measures because they are not
associated with the tax expense on our current operating
results.
About Analog Devices
Analog Devices, Inc. (Nasdaq: ADI) operates at the center of the
modern digital economy, converting real-world phenomena into
actionable insight with its comprehensive suite of analog and mixed
signal, power management, radio frequency (RF), and digital and
sensor technologies. ADI serves 125,000 customers worldwide with
more than 75,000 products in the industrial, communications,
automotive, and consumer markets. ADI is headquartered in
Wilmington, MA. Visit http://www.analog.com.
Forward-Looking
Statements
This press release contains forward-looking statements, which
address a variety of subjects including, for example, our
statements regarding sustained performance; increasing demand and
supply; expected revenue, operating margin, earnings per share, and
other financial results; expected market trends and acceleration of
those trends, market share gains, operating leverage, production
and inventory levels; capacity investments; expected customer
demand and order rates for our products, expected product offerings
and the importance of our product offerings and technologies to our
customers; and market position. Statements that are not historical
facts, including statements about our beliefs, plans and
expectations, are forward-looking statements. Such statements are
based on our current expectations and are subject to a number of
factors and uncertainties, which could cause actual results to
differ materially from those described in the forward-looking
statements. The following important factors and uncertainties,
among others, could cause actual results to differ materially from
those described in these forward-looking statements: the
uncertainty as to the extent of the duration, scope and impacts of
the COVID-19 pandemic; political and economic uncertainty,
including any faltering in global economic conditions or the
stability of credit and financial markets; erosion of consumer
confidence and declines in customer spending; unavailability of raw
materials, services, supplies or manufacturing capacity; changes in
geographic, product or customer mix; changes in export
classifications, import and export regulations or duties and
tariffs; changes in our estimates of our expected tax rates based
on current tax law; adverse results in litigation matters,
including the potential for litigation related to the Maxim
acquisition; the risk that we will be unable to retain and hire key
personnel, including as a result of labor shortages; changes in
demand for semiconductors; unanticipated difficulties or
expenditures relating to integrating Maxim; uncertainty as to the
long-term value of our common stock; the diversion of management
time on integrating Maxim's business and operations; our ability to
successfully integrate acquired businesses and technologies,
including Maxim; and the risk that expected benefits, synergies and
growth prospects of acquisitions, including our acquisition of
Maxim, may not be fully achieved in a timely manner, or at all. For
additional information about factors that could cause actual
results to differ materially from those described in the
forward-looking statements, please refer to our filings with the
Securities and Exchange Commission (“SEC”), including the risk
factors contained in our most recent Quarterly Report on Form 10-Q
and Annual Report on Form 10-K. Forward-looking statements
represent management’s current expectations and are inherently
uncertain. Except as required by law, we do not undertake any
obligation to update forward-looking statements made by us to
reflect subsequent events or circumstances.
Analog Devices and the Analog Devices logo are registered
trademarks or trademarks of Analog Devices, Inc. All other
trademarks mentioned in this document are the property of their
respective owners.
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
Six Months Ended
Apr. 30, 2022
May 1, 2021
Apr. 30, 2022
May 1, 2021
Revenue
$
2,972,064
$
1,661,407
$
5,656,357
$
3,219,865
Cost of sales
1,027,544
524,770
2,309,840
1,037,857
Gross margin
1,944,520
1,136,637
3,346,517
2,182,008
Operating expenses:
Research and development
420,901
302,238
847,681
590,388
Selling, marketing, general and
administrative
305,308
206,612
602,673
391,887
Amortization of intangibles
253,476
107,786
506,843
215,434
Special charges, net
46,674
311
106,402
749
Total operating expenses
1,026,359
616,947
2,063,599
1,198,458
Operating income
918,161
519,690
1,282,918
983,550
Nonoperating expense (income):
Interest expense
49,548
43,066
101,512
$
85,545
Interest income
(563
)
(290
)
(781
)
$
(499
)
Other, net
(10,069
)
929
(20,613
)
$
(14,099
)
Total nonoperating expense (income)
38,916
43,705
80,118
70,947
Income before income taxes
879,245
475,985
1,202,800
912,603
Provision for income taxes
95,972
53,080
139,450
101,179
Net income
$
783,273
$
422,905
$
1,063,350
$
811,424
Shares used to compute earnings per common
share - basic
522,370
368,823
523,831
369,013
Shares used to compute earnings per common
share - diluted
526,264
372,418
528,203
372,762
Basic earnings per common share
$
1.50
$
1.15
$
2.03
$
2.20
Diluted earnings per common share
$
1.49
$
1.14
$
2.01
$
2.18
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
Apr. 30, 2022
Oct. 30, 2021
Cash & cash equivalents
$
1,737,733
$
1,977,964
Accounts receivable
1,608,254
1,459,056
Inventories
1,075,297
1,200,610
Other current assets
212,905
740,687
Total current assets
4,634,189
5,378,317
Net property, plant and equipment
2,094,148
1,979,051
Goodwill
26,923,756
26,918,470
Intangible assets, net
14,258,728
15,267,170
Deferred tax assets
2,325,317
2,267,269
Other assets
564,514
511,794
Total assets
$
50,800,652
$
52,322,071
Other current liabilities
$
2,326,212
$
2,253,649
Debt, current
—
516,663
Long-term debt
6,253,215
6,253,212
Deferred income taxes
3,873,084
3,938,830
Other non-current liabilities
1,248,359
1,367,175
Shareholders' equity
37,099,782
37,992,542
Total liabilities & equity
$
50,800,652
$
52,322,071
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended
Six Months Ended
Apr. 30, 2022
May 1, 2021
Apr. 30, 2022
May 1, 2021
Cash flows from operating activities:
Net income
$
783,273
$
422,905
$
1,063,350
$
811,424
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation
71,851
52,466
137,016
108,775
Amortization of intangibles
504,255
145,701
1,008,900
290,745
Stock-based compensation expense
70,996
40,358
157,935
76,996
Cost of goods sold for inventory
acquired
—
—
271,396
—
Deferred income taxes
(88,341
)
(21,017
)
(122,992
)
(48,292
)
Non-cash operating lease costs
(35,520
)
—
(27,697
)
8,040
Other
(654
)
2,431
(10,225
)
(12,122
)
Changes in operating assets and
liabilities
(84,054
)
93,517
(399,463
)
(71,263
)
Total adjustments
438,533
313,456
1,014,870
352,879
Net cash provided by operating
activities
1,221,806
736,361
2,078,220
1,164,303
Cash flows from investing activities:
Additions to property, plant and
equipment
(118,779
)
(59,170
)
(229,912
)
(126,558
)
Other
5,186
(1,526
)
13,010
(9,210
)
Net cash used for investing activities
(113,593
)
(60,696
)
(216,902
)
(135,768
)
Cash flows from financing activities:
Early termination of debt
—
—
(519,116
)
—
Dividend payments to shareholders
(397,544
)
(254,429
)
(760,189
)
(483,608
)
Repurchase of common stock
(776,840
)
(188,814
)
(852,860
)
(345,871
)
Proceeds from employee stock plans
11,582
23,752
20,054
43,672
Other
14,617
(94
)
26,657
2,399
Net cash used for financing activities
(1,148,185
)
(419,585
)
(2,085,454
)
(783,408
)
Effect of exchange rate changes on
cash
(12,694
)
1,073
(16,095
)
4,229
Net (decrease) increase in cash and cash
equivalents
(52,666
)
257,153
(240,231
)
249,356
Cash and cash equivalents at beginning of
period
1,790,399
1,048,063
1,977,964
1,055,860
Cash and cash equivalents at end of
period
$
1,737,733
$
1,305,216
$
1,737,733
$
1,305,216
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
April 30, 2022
May 1, 2021
Revenue
% of Revenue1
Y/Y%
Revenue
% of Revenue1
Industrial
$
1,501,111
51
%
54
%
$
975,706
59
%
Automotive
633,926
21
%
145
%
258,943
16
%
Communications
473,074
16
%
70
%
278,650
17
%
Consumer
363,953
12
%
146
%
148,108
9
%
Total revenue
$
2,972,064
100
%
79
%
$
1,661,407
100
%
Six Months Ended
April 30, 2022
May 1, 2021
Revenue
% of revenue1
Y/Y %
Revenue
% of revenue1
Industrial
$
2,847,838
50
%
55
%
$
1,833,198
57
%
Automotive
1,184,927
21
%
134
%
505,748
16
%
Communications
885,450
16
%
58
%
560,904
17
%
Consumer
738,142
13
%
131
%
320,015
10
%
Total revenue
$
5,656,357
100
%
76
%
$
3,219,865
100
%
1) The sum of the individual percentages
may not equal the total due to rounding.
ANALOG DEVICES, INC.
RECONCILIATION OF GAAP TO
NON-GAAP RESULTS
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
Six Months Ended
Apr. 30, 2022
May 1, 2021
Apr. 30, 2022
May 1, 2021
Gross margin
$
1,944,520
$
1,136,637
$
3,346,517
$
2,182,008
Gross margin percentage
65.4
%
68.4
%
59.2
%
67.8
%
Acquisition related expenses
260,748
40,711
789,363
85,709
Adjusted gross margin
$
2,205,268
$
1,177,348
$
4,135,880
$
2,267,717
Adjusted gross margin percentage
74.2
%
70.9
%
73.1
%
70.4
%
Operating expenses
$
1,026,359
$
616,947
$
2,063,599
$
1,198,458
Percent of revenue
34.5
%
37.1
%
36.5
%
37.2
%
Acquisition related expenses
(260,904
)
(109,903
)
(523,104
)
(220,203
)
Acquisition related transaction costs
(8,537
)
(23,008
)
(21,429
)
(38,244
)
Special charges, net
(46,674
)
(311
)
(106,402
)
(749
)
Adjusted operating expenses
$
710,244
$
483,725
$
1,412,664
$
939,262
Adjusted operating expenses percentage
23.9
%
29.1
%
25.0
%
29.2
%
Operating income
$
918,161
$
519,690
$
1,282,918
$
983,550
Operating margin
30.9
%
31.3
%
22.7
%
30.5
%
Acquisition related expenses
521,652
150,614
1,312,467
305,912
Acquisition related transaction costs
8,537
23,008
21,429
38,244
Special charges, net
46,674
311
106,402
749
Adjusted operating income
$
1,495,024
$
693,623
$
2,723,216
$
1,328,455
Adjusted operating margin
50.3
%
41.7
%
48.1
%
41.3
%
Nonoperating expense (income)
38,916
43,705
80,118
70,947
Acquisition related expenses
2,288
—
4,587
—
Adjusted nonoperating expense (income)
$
41,204
$
43,705
$
84,705
$
70,947
Income before income taxes
$
879,245
$
475,985
$
1,202,800
$
912,603
Acquisition related expenses
519,364
150,614
1,307,880
305,912
Acquisition related transaction costs
8,537
23,008
21,429
38,244
Special charges, net
46,674
311
106,402
749
Adjusted income before income taxes
$
1,453,820
$
649,918
$
2,638,511
$
1,257,508
Provision for income taxes
$
95,972
$
53,080
$
139,450
$
101,179
Effective tax rate
10.9
%
11.2
%
11.6
%
11.1
%
Tax related items
95,828
22,983
210,217
45,780
Adjusted provision for income taxes
$
191,800
$
76,063
$
349,667
$
146,959
Adjusted tax rate
13.2
%
11.7
%
13.3
%
11.7
%
Diluted EPS
$
1.49
$
1.14
$
2.01
$
2.18
Acquisition related expenses
0.99
0.40
2.48
0.82
Acquisition related transaction costs
0.02
0.06
0.04
0.10
Special charges, net
0.09
0.00
0.20
0.00
Tax related items
(0.18
)
(0.06
)
(0.40
)
(0.12
)
Adjusted diluted EPS*
$
2.40
$
1.54
$
4.33
$
2.98
* 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
Apr. 30, 2022
Apr. 30, 2022
Jan. 29, 2022
Oct. 30, 2021
Jul. 31, 2021
Revenue
$
9,754,778
$
2,972,064
$
2,684,293
$
2,339,568
$
1,758,853
Net cash provided by operating
activities
$
3,648,986
$
1,221,806
$
856,413
$
940,726
$
630,041
% of Revenue
37
%
41
%
32
%
40
%
36
%
Capital expenditures
$
(447,030
)
$
(118,779
)
$
(111,133
)
$
(130,777
)
$
(86,341
)
Free cash flow
$
3,201,956
$
1,103,027
$
745,280
$
809,949
$
543,700
% of Revenue
33
%
37
%
28
%
35
%
31
%
ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED
GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ending July 30,
2022
Reported
Adjusted
Revenue
$3.05 Billion
$3.05 Billion
(+/- $100 Million)
(+/- $100 Million)
Operating margin
32.2%
49.5% (1)
(+/-130 bps)
(+/-70 bps)
Nonoperating expense
~ $50 Million
~ $50 Million
Tax rate
13%-14%
13%-14% (2)
Earnings per share
$1.55
$2.42 (3)
(+/- $.10)
(+/- $.10)
(1) Includes $520 million of adjustments
related to acquisition related expenses and $6 million of
adjustments related to acquisition related transaction costs as
previously defined in the Non-GAAP Financial Information section of
this press release.
(2) Includes $71 million of tax effects
associated with the adjustments for acquisition related expenses
and acquisition related transaction costs noted above.
(3) Includes $0.87 of adjustments related
to the net impact of acquisition related expenses and acquisition
related transaction costs, as well as the tax effects on those
items.
(ADI-WEB)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220518005247/en/
Investor Contact: Analog Devices, Inc. Mr. Michael Lucarelli
Vice President of Investor Relations and FP&A 781-461-3282
investor.relations@analog.com
Media Contact: Analog Devices, Inc. Mr. Michael Schneider Chief
Communications Officer 973-868-1000 corpcomm@analog.com
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