- Fourth quarter revenue of $2.7 billion with continued
double-digit year-over-year growth in Automotive
- Fiscal 2023 revenue of $12.3 billion driven by new records in
Industrial & Automotive
- Fiscal 2023 operating cash flow of $4.8 billion and free cash
flow of $3.6 billion
- Returned more than $4.6 billion to shareholders in fiscal 2023,
including $3.0 billion of share repurchases and $1.7 billion of
dividends
Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor
leader, today announced financial results for its fourth quarter
and fiscal year 2023, which ended October 28, 2023.
“For the fourth quarter, ADI delivered revenue and profitability
above the midpoint of our outlook, despite the difficult
macroeconomic environment. For the year, 2023 was our third
consecutive year of record revenue, led by the strength of our
Industrial and Automotive businesses,” said Vincent Roche, CEO and
Chair. “As outlined last quarter, we expect customer inventory
digestion to persist into the first half of the year, a reflection
of our return to normal lead times and the challenging macro
landscape. Despite that backdrop, the robustness of our business
model and our continued focus on execution excellence will buttress
our operating margins and free cash flow through the cycle.”
Roche continued, “Long-term, the opportunities ahead for ADI
remain strongly positive. Our product portfolio is designed to take
advantage of numerous secular trends, our opportunity pipeline is
robust and expanding, and our commitment to strategic investment in
innovation, customer engagement, and supply resiliency remains
undeterred. Altogether, I am extremely confident in our ability to
leverage these strengths to drive shareholder value for years to
come.”
Performance for
the Fourth Quarter and Fiscal 2023
Results
Summary(1)
(in millions, except per-share amounts and
percentages)
Three Months Ended
Twelve Months Ended
Oct. 28, 2023
Oct. 29, 2022
Change
Oct. 28, 2023
Oct. 29, 2022
Change
Revenue
$
2,716
$
3,248
(16) %
$
12,306
$
12,014
2 %
Gross margin
$
1,647
$
2,143
(23) %
$
7,877
$
7,532
5 %
Gross margin percentage
60.6 %
66.0 %
(540 bps)
64.0 %
62.7 %
130 bps
Operating income
$
634
$
1,102
(42) %
$
3,823
$
3,279
17 %
Operating margin
23.4 %
33.9 %
(1,050 bps)
31.1 %
27.3 %
380 bps
Diluted earnings per share
$
1.00
$
1.82
(45) %
$
6.55
$
5.25
25 %
Adjusted Results(2)
Adjusted gross margin
$
1,907
$
2,403
(21) %
$
8,925
$
8,842
1 %
Adjusted gross margin percentage
70.2 %
74.0 %
(380 bps)
72.5 %
73.6 %
(110 bps)
Adjusted operating income
$
1,215
$
1,659
(27) %
$
6,014
$
5,939
1 %
Adjusted operating margin
44.7 %
51.1 %
(640 bps)
48.9 %
49.4 %
(50 bps)
Adjusted diluted earnings per share
$
2.01
$
2.73
(26) %
$
10.09
$
9.57
5 %
Three Months Ended
Trailing Twelve Months
Cash
Generation
Oct. 28, 2023
Oct. 28, 2023
Net cash provided by operating
activities
$
1,187
$
4,818
% of revenue
44 %
39 %
Capital expenditures
$
(476)
$
(1,261)
Free cash flow(2)
$
711
$
3,556
% of revenue
26 %
29 %
Three Months Ended
Trailing Twelve Months
Cash
Return
Oct. 28, 2023
Oct. 28, 2023
Dividend paid
$
(428)
$
(1,679)
Stock repurchases
(470)
(2,964)
Total cash returned
$
(898)
$
(4,643)
(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 14-week First Quarter
of Fiscal Year 2024
For the first quarter of fiscal 2024, we are forecasting revenue
of $2.5 billion, +/- $100 million, which includes the benefit of a
14th week in the quarter. At the midpoint of this revenue outlook,
we expect reported operating margin of approximately 23.1%, +/- 130
bps, and adjusted operating margin of approximately 41.5%, +/- 70
bps. We are planning for reported EPS to be $0.91, +/- $0.10, and
adjusted EPS to be $1.70, +/- $0.10.
Our first 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 $0.86 per outstanding share of common stock. The
dividend will be paid on December 14, 2023 to all shareholders of
record at the close of business on December 4, 2023.
Conference Call Scheduled for Today,
Tuesday, November 21, 2023 at 10:00 am ET
ADI will host a conference call to discuss our fourth quarter
and fiscal 2023 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 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: 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, an income tax benefit from a
discrete tax item related to a federal corporate income tax relief
claim, certain other income tax benefits associated with prior
periods 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) 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 release contains forward-looking statements, which address
a variety of subjects including, for example, our statements
regarding our 2024 performance, momentum, and business resilience;
expected revenue, operating margin, nonoperating expenses, tax
rate, earnings per share and other financial results; industry,
market and investment trends, including growth projections;
long-term value and growth, operating leverage, production and
inventory levels; expected customer demand for our products,
including the effects of any customer inventory adjustments; future
strategic investments; expected product offerings and future
innovations and solutions; our opportunity pipeline; macroeconomic
conditions and related impacts; market position; 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: the effects of
business, economic, political, legal and regulatory uncertainty or
conflicts upon our global operations; changes in demand for
semiconductors and the related changes in demand and supply for our
products; manufacturing delays, product availability and supply
chain disruptions; our future liquidity, capital needs and capital
expenditures; our development of technologies and research and
development investments; our ability to compete successfully in the
markets in which we operate; changes in our estimates of our
expected tax rates based on current tax law; adverse results in
litigation matters; the risk that we will be unable to retain and
hire key personnel; security breaches or other cyber incidents;
unanticipated difficulties or expenditures relating to integrating
Maxim; uncertainty as to the long-term value of our common stock;
and the risk that expected benefits, synergies and growth prospects
of acquisitions, including those from 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, 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.
CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In
thousands, except per share amounts)
Three Months Ended
Twelve Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Revenue
$
2,716,484
$
3,247,716
$
12,305,539
$
12,013,953
Cost of sales
1,069,768
1,104,901
4,428,321
4,481,479
Gross margin
1,646,716
2,142,815
7,877,218
7,532,474
Operating expenses:
Research and development
406,594
421,008
1,660,194
1,700,518
Selling, marketing, general and
administrative
288,936
336,560
1,273,584
1,266,175
Amortization of intangibles
202,736
252,865
959,618
1,012,572
Special charges, net
114,035
29,906
160,710
274,509
Total operating expenses
1,012,301
1,040,339
4,054,106
4,253,774
Operating income
634,415
1,102,476
3,823,112
3,278,700
Nonoperating expense (income):
Interest expense
71,590
47,707
264,641
200,408
Interest income
(9,089
)
(4,328
)
(41,287
)
(6,906
)
Other, net
128
11,085
(8,245
)
(13,551
)
Total nonoperating expense (income)
62,629
54,464
215,109
179,951
Income before income taxes
571,786
1,048,012
3,608,003
3,098,749
Provision for income taxes
73,356
111,786
293,424
350,188
Net income
$
498,430
$
936,226
$
3,314,579
$
2,748,561
Shares used to compute earnings per share
- basic
497,073
512,231
502,232
519,226
Shares used to compute earnings per share
- diluted
500,424
515,757
505,959
523,178
Basic earnings per common share
$
1.00
$
1.83
$
6.60
$
5.29
Diluted earnings per common share
$
1.00
$
1.82
$
6.55
$
5.25
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(In thousands)
Oct. 28, 2023
Oct. 29, 2022
Cash & cash equivalents
$
958,061
$
1,470,572
Accounts receivable
1,469,734
1,800,462
Inventories
1,642,214
1,399,914
Other current assets
314,013
267,044
Total current assets
4,384,022
4,937,992
Net property, plant and equipment
3,219,157
2,401,304
Goodwill
26,913,134
26,913,134
Intangible assets, net
11,311,957
13,265,406
Deferred tax assets
2,223,272
2,264,888
Other assets
742,936
519,626
Total assets
$
48,794,478
$
50,302,350
Other current liabilities
$
2,154,695
$
2,442,655
Debt, current
1,046,276
—
Long-term debt
5,902,457
6,548,625
Deferred income taxes
3,127,852
3,622,538
Other non-current liabilities
998,076
1,223,209
Shareholders' equity
35,565,122
36,465,323
Total liabilities & shareholders'
equity
$
48,794,478
$
50,302,350
ANALOG DEVICES, INC. CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In
thousands)
Three Months Ended
Twelve Months Ended
Oct. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Cash flows from operating activities:
Net income
$
498,430
$
936,226
$
3,314,579
$
2,748,561
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation
82,919
70,703
334,704
283,338
Amortization of intangibles
453,198
501,911
1,958,399
2,014,161
Cost of goods sold for inventory
acquired
—
—
—
271,396
Stock-based compensation expense
72,710
80,678
299,823
323,487
Non-cash impairment charge
—
—
—
91,953
Deferred income taxes
(21,553)
(121,627)
(452,946)
(326,755)
Other
(10,465)
(17,703)
8,665
(47,074)
Changes in operating assets and
liabilities
112,055
(300,852)
(645,590)
(883,665)
Total adjustments
688,864
213,110
1,503,055
1,726,841
Net cash provided by operating
activities
1,187,294
1,149,336
4,817,634
4,475,402
Percent of revenue
44 %
35 %
39 %
37 %
Cash flows from investing activities:
Additions to property, plant and
equipment, net
(476,393)
(304,512)
(1,261,463)
(699,308)
Other
(2,668)
(1,821)
(4,922)
41,940
Net cash used for investing activities
(479,061)
(306,333)
(1,266,385)
(657,368)
Cash flows from financing activities:
Proceeds from debt
—
296,130
—
296,130
Early termination of debt
—
—
(65,688)
(519,116)
Payments on revolver
—
—
—
(400,000)
Proceeds from revolver
—
—
—
400,000
Proceeds from commercial paper notes
2,640,615
—
5,287,124
—
Payments of commercial paper notes
(2,638,101)
—
(4,739,900)
—
Dividend payments to shareholders
(427,974)
(390,345)
(1,679,106)
(1,544,552)
Repurchase of common stock
(469,937)
(818,182)
(2,963,955)
(2,577,015)
Proceeds from employee stock plans
5,606
3,873
118,608
33,887
Other
(9,627)
21,664
(20,843)
19,946
Net cash used for financing activities
(899,418)
(886,860)
(4,063,760)
(4,290,720)
Effect of exchange rate changes on
cash
—
(10,531)
—
(34,706)
Net decrease in cash and cash
equivalents
(191,185)
(54,388)
(512,511)
(507,392)
Cash and cash equivalents at beginning of
period
1,149,246
1,524,960
$
1,470,572
$
1,977,964
Cash and cash equivalents at end of
period
$
958,061
$
1,470,572
$
958,061
$
1,470,572
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. 28, 2023
Oct. 29, 2022
Revenue
% of revenue*
Y/Y %
Revenue
% of revenue*
Industrial
$
1,353,525
50%
(20)%
$
1,699,937
52%
Automotive
731,403
27%
14%
642,523
20%
Communications
340,169
13%
(32)%
499,918
15%
Consumer
291,387
11%
(28)%
405,338
12%
Total revenue
$
2,716,484
100%
(16)%
$
3,247,716
100%
Twelve Months Ended
Oct. 28, 2023
Oct. 29, 2022
Revenue
% of revenue*
Y/Y %
Revenue
% of revenue*
Industrial
$
6,555,222
53%
6%
$
6,186,114
51%
Automotive
2,915,199
24%
19%
2,442,705
20%
Communications
1,619,517
13%
(13)%
1,863,156
16%
Consumer
1,215,601
10%
(20)%
1,521,978
13%
Total revenue
$
12,305,539
100%
2%
$
12,013,953
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. 28, 2023
Oct. 29, 2022
Oct. 28, 2023
Oct. 29, 2022
Gross margin
$
1,646,716
$
2,142,815
$
7,877,218
$
7,532,474
Gross margin percentage
60.6
%
66.0
%
64.0
%
62.7
%
Acquisition related expenses
259,925
259,696
1,047,309
1,309,687
Adjusted gross margin
$
1,906,641
$
2,402,511
$
8,924,527
$
8,842,161
Adjusted gross margin percentage
70.2
%
74.0
%
72.5
%
73.6
%
Operating expenses
$
1,012,301
$
1,040,339
$
4,054,106
$
4,253,774
Percent of revenue
37.3
%
32.0
%
32.9
%
35.4
%
Acquisition related expenses
(206,151
)
(259,565
)
(976,223
)
(1,042,317
)
Acquisition related transaction costs
—
(7,120
)
(7,069
)
(33,966
)
Special charges, net
(114,035
)
(29,906
)
(160,710
)
(274,509
)
Adjusted operating expenses
$
692,115
$
743,748
$
2,910,104
$
2,902,982
Adjusted operating expenses percentage
25.5
%
22.9
%
23.6
%
24.2
%
Operating income
$
634,415
$
1,102,476
$
3,823,112
$
3,278,700
Operating margin
23.4
%
33.9
%
31.1
%
27.3
%
Acquisition related expenses
466,076
519,261
2,023,532
2,352,004
Acquisition related transaction costs
—
7,120
7,069
33,966
Special charges, net
114,035
29,906
160,710
274,509
Adjusted operating income
$
1,214,526
$
1,658,763
$
6,014,423
$
5,939,179
Adjusted operating margin
44.7
%
51.1
%
48.9
%
49.4
%
Nonoperating expense (income)
$
62,629
$
54,464
$
215,109
$
179,951
Acquisition related expenses
2,150
2,288
13,743
9,163
Adjusted nonoperating expense (income)
$
64,779
$
56,752
228,852
$
189,114
Income before income taxes
$
571,786
$
1,048,012
$
3,608,003
$
3,098,749
Acquisition related expenses
463,926
516,973
2,009,789
2,342,841
Acquisition related transaction costs
—
7,120
7,069
33,966
Special charges, net
114,035
29,906
160,710
274,509
Adjusted income before income taxes
$
1,149,747
$
1,602,011
$
5,785,571
$
5,750,065
Provision for income taxes
$
73,356
$
111,786
$
293,424
$
350,188
Effective tax rate
12.8
%
10.7
%
8.1
%
11.3
%
Tax related items
70,503
83,853
388,093
394,755
Adjusted provision for income taxes
$
143,859
$
195,639
$
681,517
$
744,943
Adjusted tax rate
12.5
%
12.2
%
11.8
%
13.0
%
Diluted EPS
$
1.00
$
1.82
$
6.55
$
5.25
Acquisition related expenses
0.93
1.01
3.97
4.50
Acquisition related transaction costs
—
0.01
0.01
0.06
Special charges, net
0.23
0.06
0.32
0.52
Tax related items
(0.14
)
(0.16
)
(0.77
)
(0.75
)
Adjusted diluted EPS*
$
2.01
$
2.73
$
10.09
$
9.57
* 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. 28, 2023
Oct. 28, 2023
Jul. 29, 2023
Apr. 29, 2023
Jan. 28, 2023
Revenue
$
12,305,539
$
2,716,484
$
3,076,495
$
3,262,930
$
3,249,630
Net cash provided by operating
activities
$
4,817,634
$
1,187,294
$
1,142,454
$
1,081,581
$
1,406,305
% of Revenue
39
%
44
%
37
%
33
%
43
%
Capital expenditures
$
(1,261,463
)
$
(476,393
)
$
(324,574
)
$
(284,338
)
$
(176,158
)
Free cash flow
$
3,556,171
$
710,901
$
817,880
$
797,243
$
1,230,147
% of Revenue
29
%
26
%
27
%
24
%
38
%
ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ending February
3, 2024 (14-week quarter)
Reported
Adjusted
Revenue
$2.5 Billion
$2.5 Billion
(+/- $100 Million)
(+/- $100 Million)
Operating margin
23.1%
41.5% (1)
(+/-130 bps)
(+/-70 bps)
Nonoperating expenses
~ $70 Million
~ $70 Million
Tax rate
11% - 13%
11% - 13% (2)
Earnings per share
$0.91
$1.70 (3)
(+/- $0.10)
(+/- $0.10)
(1) Includes $460 million of adjustments
related to acquisition related expenses and special charges, net as
previously defined in the Non-GAAP Financial Information section of
this press release.
(2) Includes $61 million of tax effects
associated with the adjustments for acquisition related expenses
and special charges, net noted above.
(3) Includes $0.79 of adjustments related
to the net impact of acquisition related expenses, special charges,
net and the tax effects on those items.
(ADI-WEB)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231121407458/en/
For more information: Investors: Analog Devices, Inc. Mr.
Michael Lucarelli Vice President, Investor Relations and FP&A
781-461-3282 investor.relations@analog.com Media: Analog Devices,
Inc. Ms. Ferda Millan Global PR & External Communications
Ferda.Millan@analog.com
Analog Devices (NASDAQ:ADI)
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