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Analog Devices Reports Fiscal Second Quarter 2024 Financial Results

  • Revenue of $2.16 billion, above the midpoint of our outlook

  • Operating cash flow of $4.3 billion and free cash flow of $3.1 billion on a trailing twelve-month basis

  • Returned over $675 million to shareholders through dividends and repurchases in the second quarter

WILMINGTON, Mass., May 22, 2024 /PRNewswire/ -- Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal second quarter 2024, which ended May 4, 2024.

Analog Devices, Inc. (PRNewsfoto/Analog Devices, Inc.)
Analog Devices, Inc. (PRNewsfoto/Analog Devices, Inc.)

"ADI delivered second quarter revenue above the midpoint of our outlook, despite continued macro and inventory headwinds. Further, the strength and resiliency of our business model, coupled with disciplined cost control, enabled us to achieve profitability and earnings per share above the high-end of our outlook," said Vincent Roche, CEO and Chair. "We believe inventory rationalization across our broad customer base is stabilizing, clearing a path for us to return to sequential growth in the third quarter. This, coupled with improving new orders, gives us optimism that we are at the beginning of a cyclical recovery."

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Roche continued, "The continued proliferation of the Intelligent Edge presents ADI with numerous concurrent secular growth vectors. AI, where we have been increasing our investments, is expected to accelerate these trends as it increasingly extends from centralized applications in data centers to a myriad of applications at the physical edge. As a leader of real-world data creation, processing, and connectivity, our solutions are becoming increasingly important to customers in the AI-driven era. As such, my confidence in ADI's ability to drive long term value for all stakeholders remains resolute."

 Performance for the Second Quarter of Fiscal 2024

Results Summary(1)






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













Three Months Ended


May 4, 2024


Apr. 29, 2023


Change

Revenue

$                    2,159


$                   3,263


(34) %

Gross margin

$                    1,180


$                   2,145


(45) %

Gross margin percentage

54.7 %


65.7 %


(1,100 bps)

Operating income

$                       386


$                   1,128


(66) %

Operating margin

17.9 %


34.6 %


(1,670 bps)

Diluted earnings per share

$                      0.61


$                     1.92


(68) %







Adjusted Results(2)






Adjusted gross margin

$                    1,440


$                   2,404


(40) %

Adjusted gross margin percentage

66.7 %


73.7 %


(700 bps)

Adjusted operating income

$                       842


$                   1,671


(50) %

Adjusted operating margin

39.0 %


51.2 %


(1,220 bps)

Adjusted diluted earnings per share

$                      1.40


$                     2.83


(51) %










Three Months
Ended


Trailing Twelve
Months

Cash Generation



May 4, 2024


May 4, 2024

Net cash provided by operating activities



$                       808


$                   4,276

% of revenue



37 %


41 %

Capital expenditures



$                      (188)


$                  (1,212)

Free cash flow(2)



$                       620


$                   3,064

% of revenue



29 %


29 %










Three Months
Ended


Trailing Twelve
Months

Cash Return



May 4, 2024


May 4, 2024

Dividend paid



$                     (456)


$                 (1,741)

Stock repurchases



(222)


(1,559)

Total cash returned



$                     (678)


$                 (3,300)







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

(2) Reconciliations of 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 the "Non-GAAP Financial Information" section for additional information.

 

Outlook for the Third Quarter of Fiscal Year 2024

For the third quarter of fiscal 2024, we are forecasting revenue of $2.27 billion, +/- $100 million.  At the midpoint of this revenue outlook, we expect reported operating margin of approximately 20.1%, +/-200 bps, and adjusted operating margin of approximately 40.0%, +/-100 bps. We are planning for reported EPS to be $0.71, +/-$0.10, and adjusted EPS to be $1.50, +/-$0.10.

Our third quarter fiscal 2024 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 release. See also the "Non-GAAP Financial Information" section for additional information.

Dividend Payment

The ADI Board of Directors has declared a quarterly cash dividend of $0.92 per outstanding share of common stock. The dividend will be paid on June 17, 2024 to all shareholders of record at the close of business on June 4, 2024.

Conference Call Scheduled for Today, Wednesday, May 22, 2024 at 10:00 am ET

ADI will host a conference call to discuss our second quarter fiscal 2024 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com.

Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. 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 financial measures to their most directly comparable GAAP financial measures 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 primary performance measurements 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 free cash flow, a non-GAAP liquidity measure, is useful both internally and to investors because it provides information about the amount of cash generated after capital expenditures that is then available to repay debt obligations, make investments and fund acquisitions, and for certain other activities.

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

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

Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses1, acquisition related transaction costs2and special charges, net3, which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.

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

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

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

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

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

Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow revenue 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 acquisition, including legal, accounting and other professional fees as well as integration-related costs. We excluded these costs from our non-GAAP measures because they relate to a specific transaction and are not reflective of our ongoing financial performance.

3Special Charges, net: Expenses, net, incurred as part of the integration of Maxim, 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 certain other income tax benefits associated with prior periods. 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, Inc.
Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, and software technologies into solutions that help drive advancements in digitized factories, mobility, and digital healthcare, combat climate change, and reliably connect humans and the world. With revenue of more than $12 billion in FY23 and approximately 26,000 people globally working alongside 125,000 global customers, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and Twitter (X).

Forward Looking Statements
This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding financial performance; customer inventory rationalization; economic uncertainty, demand, business cycles, and supply chains; capital expenditures and investments; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; expected market and technology trends and acceleration of those trends; market size, market share gains, market position, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications, including those that may incorporate, or be based upon, software or artificial intelligence technology; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers, including product solutions, offerings, and technologies that may incorporate, or be based upon, software or artificial intelligence technology; future dividends and share repurchases; and other future events. 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: economic, political, legal and regulatory uncertainty or conflicts; changes in demand for semiconductor products; manufacturing delays, product and raw materials availability and supply chain disruptions; products that may be diverted from our authorized distribution channels; changes in export classifications, import and export regulations or duties and tariffs; our development of technologies and research and development investments; our future liquidity, capital needs and capital expenditures; our ability to compete successfully in the markets in which we operate; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; unanticipated difficulties or expenditures related to integrating Maxim Integrated Products, Inc.; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. 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, including the risk factors contained in our most recent 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


May 4, 2024


Apr. 29, 2023


May 4, 2024


Apr. 29, 2023

Revenue

$         2,159,039


$         3,262,930


$         4,671,743


$         6,512,560

Cost of sales

979,004


1,118,384


2,017,767


2,243,673

Gross margin

1,180,035


2,144,546


2,653,976


4,268,887

Operating expenses:








   Research and development

354,862


415,754


746,289


829,849

   Selling, marketing, general and administrative

244,129


324,251


534,207


650,535

   Amortization of intangibles

188,944


253,021


379,276


506,163

   Special charges, net

5,977


23,136


22,117


23,136

Total operating expenses

793,912


1,016,162


1,681,889


2,009,683

Operating income

386,123


1,128,384


972,087


2,259,204

Nonoperating expense (income):








   Interest expense

77,103


63,252


154,244


123,705

   Interest income

(15,269)


(12,575)


(24,438)


(23,404)

   Other, net

(314)


(10,216)


4,260


(2,493)

Total nonoperating expense (income)

61,520


40,461


134,066


97,808

Income before income taxes

324,603


1,087,923


838,021


2,161,396

Provision for income taxes

22,361


110,267


73,052


222,266

Net income

$            302,242


$            977,656


$            764,969


$         1,939,130









Shares used to compute earnings per common share - basic

496,130


504,715


495,947


505,918

Shares used to compute earnings per common share - diluted

498,533


508,725


498,637


509,955









Basic earnings per common share

$                   0.61


$                   1.94


$                   1.54


$                   3.83

Diluted earnings per common share

$                   0.61


$                   1.92


$                   1.53


$                   3.80

 

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)



May 4, 2024


Oct. 28, 2023

Cash, cash equivalents and short-term investments

$                     2,363,812


$                         958,061

Accounts receivable

1,004,628


1,469,734

Inventories

1,479,081


1,642,214

Other current assets

346,100


314,013

  Total current assets

5,193,621


4,384,022

Net property, plant and equipment

3,415,220


3,219,157

Goodwill

26,909,775


26,913,134

Intangible assets, net

10,434,776


11,311,957

Deferred tax assets

2,146,321


2,223,272

Other assets

762,153


742,936

Total assets

$                   48,861,866


$                   48,794,478





Other current liabilities

$                     1,850,311


$                     2,154,695

Debt, current

898,776


499,052

Commercial paper notes

548,235


547,224

Long-term debt

6,611,681


5,902,457

Deferred income taxes

2,887,952


3,127,852

Other non-current liabilities

816,122


998,076

Shareholders' equity

35,248,789


35,565,122

Total liabilities & shareholders' equity

$                   48,861,866


$                   48,794,478

 

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)



Three Months Ended


Six Months Ended


May 4, 2024


Apr. 29, 2023


May 4, 2024



Apr. 29, 2023

Cash flows from operating activities:









  Net income

$           302,242


$           977,656


$           764,969



$        1,939,130

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









       Depreciation

88,824


80,260


173,172



165,581

       Amortization of intangibles

439,473


501,536


880,376



1,003,713

       Stock-based compensation expense

58,396


69,102


128,211



144,143

       Deferred income taxes

(62,199)


(133,756)


(164,348)



(280,110)

       Other

8,687


(6,964)


13,370



2,768

       Changes in operating assets and liabilities

(27,570)


(406,253)


150,935



(487,339)

   Total adjustments

505,611


103,925


1,181,716



548,756

Net cash provided by operating activities

807,853


1,081,581


1,946,685



2,487,886

Cash flows from investing activities:









  Purchases of short-term available-for-sale investments

(424,117)



(424,117)



  Additions to property, plant and equipment, net

(188,189)


(284,338)


(411,167)



(460,496)

  Other

10,229


(183)


14,106



(81)

Net cash used for investing activities

(602,077)


(284,521)


(821,178)



(460,577)

Cash flows from financing activities:









  Proceeds from debt

1,087,856



1,087,856



  Early termination of debt


(65,688)




(65,688)

  Proceeds from commercial paper notes

2,603,907


253,635


5,383,401



253,635

  Payments of commercial paper notes

(2,600,116)



(5,382,390)



  Repurchase of common stock

(222,381)


(1,152,951)


(402,732)



(1,807,508)

  Dividend payments to shareholders

(456,142)


(435,213)


(882,218)



(820,665)

  Proceeds from employee stock plans

14,517


25,774


64,336



67,012

  Other

2,718


84,530


(12,126)



52,942

Net cash provided by (used for) financing activities

430,359


(1,289,913)


(143,873)



(2,320,272)

Net increase (decrease) in cash and cash equivalents

636,135


(492,853)


981,634



(292,963)

Cash and cash equivalents at beginning of period

1,303,560


1,670,462


958,061



1,470,572

Cash and cash equivalents at end of period

$        1,939,695


$        1,177,609


$        1,939,695



$        1,177,609

 

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


May 4, 2024


April 29, 2023


Revenue


% of Revenue1


Y/Y%


Revenue


% of Revenue1

Industrial

$        1,014,847


47 %


(44) %


$        1,823,831


56 %

Automotive

658,238


30 %


(10) %


732,869


22 %

Communications

240,776


11 %


(45) %


436,542


13 %

Consumer

245,178


11 %


(9) %


269,688


8 %

Total revenue

$        2,159,039


100 %


(34) %


$        3,262,930


100 %












Six Months Ended


May 4, 2024


April 29, 2023


Revenue


%  of Revenue1


Y/Y %


Revenue


% of Revenue1

Industrial

$        2,210,226


47 %


(38) %


$        3,573,211


55 %

Automotive

1,395,923


30 %


(1) %


1,411,430


22 %

Communications

543,791


12 %


(41) %


914,794


14 %

Consumer

521,803


11 %


(15) %


613,125


9 %

Total revenue

$        4,671,743


100 %


(28) %


$        6,512,560


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


May 4, 2024


Apr. 29, 2023


May 4, 2024


Apr. 29, 2023

Gross margin

$         1,180,035


$         2,144,546


$         2,653,976


$         4,268,887

  Gross margin percentage

54.7 %


65.7 %


56.8 %


65.5 %

      Acquisition related expenses

259,641


259,312


519,525


526,826

Adjusted gross margin

$         1,439,676


$         2,403,858


$         3,173,501


$         4,795,713

  Adjusted gross margin percentage

66.7 %


73.7 %


67.9 %


73.6 %









Operating expenses

$            793,912


$         1,016,162


$         1,681,889


$         2,009,683

  Percent of revenue

36.8 %


31.1 %


36.0 %


30.9 %

      Acquisition related expenses

(190,200)


(257,293)


(382,622)


(515,352)

      Acquisition related transaction costs


(2,668)



(5,232)

      Special charges, net

(5,977)


(23,136)


(22,117)


(23,136)

Adjusted operating expenses

$            597,735


$            733,065


$         1,277,150


$         1,465,963

  Adjusted operating expenses percentage

27.7 %


22.5 %


27.3 %


22.5 %









Operating income

$            386,123


$         1,128,384


$            972,087


$         2,259,204

  Operating margin

17.9 %


34.6 %


20.8 %


34.7 %

      Acquisition related expenses

449,841


516,605


902,147


1,042,178

      Acquisition related transaction costs


2,668



5,232

      Special charges, net

5,977


23,136


22,117


23,136

Adjusted operating income

$            841,941


$         1,670,793


$         1,896,351


$         3,329,750

  Adjusted operating margin

39.0 %


51.2 %


40.6 %


51.1 %









Nonoperating expense (income)

$              61,520


$              40,461


$            134,066


$              97,808

      Acquisition related expenses

2,150


7,155


$4,300


9,443

Adjusted nonoperating expense (income)

$              63,670


$              47,616


$            138,366


$            107,251









Income before income taxes

$            324,603


$         1,087,923


$            838,021


$         2,161,396

     Acquisition related expenses

447,691


509,450


897,847


1,032,735

     Acquisition related transaction costs 


2,668



5,232

     Special charges, net

5,977


23,136


22,117


23,136

Adjusted income before income taxes

$            778,271


$         1,623,177


$         1,757,985


$         3,222,499









Provision for income taxes

$              22,361


$            110,267


$              73,052


$            222,266

Effective income tax rate

6.9 %


10.1 %


8.7 %


10.3 %

     Tax related items

59,929


75,248


124,959


157,091

Adjusted provision for income taxes

$              82,290


$            185,515


$            198,011


$            379,357

Adjusted tax rate

10.6 %


11.4 %


11.3 %


11.8 %









Diluted EPS

$                   0.61


$                   1.92


$                   1.53


$                   3.80

      Acquisition related expenses

0.90


1.00


1.80


2.03

      Acquisition related transaction costs


0.01


0.01


0.01

      Special charges, net

0.01


0.05


0.04


0.05

      Tax related items

(0.12)


(0.15)


(0.25)


(0.31)

Adjusted diluted EPS*

$                   1.40


$                   2.83


$                   3.13


$                   5.58


* 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


May 4, 2024


May 4, 2024


Feb. 3, 2024


Oct. 28, 2023


Jul. 29, 2023

Revenue

$  10,464,722


$ 2,159,039


$ 2,512,704


$ 2,716,484


$ 3,076,495

Net cash provided by operating activities

$  4,276,433


$     807,853


$ 1,138,832


$ 1,187,294


$ 1,142,454

% of Revenue

41 %


37 %


45 %


44 %


37 %

Capital expenditures

$ (1,212,134)


$   (188,189)


$   (222,978)


$   (476,393)


$   (324,574)

Free cash flow

$  3,064,299


$    619,664


$    915,854


$    710,901


$    817,880

% of Revenue

29 %


29 %


36 %


26 %


27 %











 

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)



Three Months Ending August 3, 2024


Reported


Adjusted

Revenue

$2.27 Billion


$2.27 Billion


(+/- $100 Million)


(+/- $100 Million)

Operating margin

20.1 %


40.0 %(1)


(+/-200 bps)


(+/-100 bps)

Nonoperating expenses

~ $60 Million


~ $60 Million

Tax rate

9% - 11%


11% - 13% (2)

Earnings per share

$0.71


$1.50 (3)


(+/- $0.10)


(+/- $0.10)


(1) Includes $450 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release. 

(2) Includes $59 million of tax effects associated with the adjustment for acquisition related expenses noted above.

(3) Includes $0.79 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items.

 

For more information, please contact:

Investor Contact:
Analog Devices, Inc.
Mr. Michael Lucarelli
Vice President, Investor Relations and FP&A
781-461-3282
investor.relations@analog.com

Media Contact:
Analog Devices, Inc.
Ms. Ferda Millan
Global PR & External Communications
Ferda.Millan@analog.com

 

Cision
Cision

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SOURCE Analog Devices, Inc.