Revenue increases to a record $814 million, non-GAAP diluted
earnings per share increases to $0.69
Analog Devices, Inc. (NASDAQ: ADI), a global leader in
high-performance semiconductors for signal processing applications,
today announced financial results for its fourth quarter and fiscal
year 2014, which ended November 1, 2014.
“During the fourth quarter order rates were stable and ADI
executed very well, resulting in record revenue and earnings growth
that was near the high end of our guidance,” said Vincent Roche,
President and CEO. “Our cash flow and balance sheet remained strong
and we returned $304 million to shareholders through dividends and
increased share repurchases.”
“We are planning for revenue in the first quarter to be in the
range of $745 million to $775 million, which at the mid-point
represents an increase of 21% year-over-year,” said Mr. Roche. “We
are carefully managing factory utilization rates and expenses, and
positioning ADI for better operating leverage, which is likely to
come as early as our second quarter.”
ADI also announced that its Board of Directors has declared a
cash dividend of $0.37 per outstanding share of common stock. The
dividend will be paid on December 16, 2014 to all shareholders of
record at the close of business on December 5, 2014.
Results for the Fourth Quarter of
Fiscal Year 2014
Results for the fourth quarter and fiscal year 2014 include
contributions from Hittite Microwave. The acquisition was announced
on June 9, 2014 and closed on July 22, 2014.
- Revenue totaled $814 million, up 12%
sequentially
- GAAP gross margin of 59.7% of revenue;
Non-GAAP gross margin of 66.4% of revenue
- GAAP operating margin of 18.4% of
revenue; Non-GAAP operating margin of 33.2% of revenue
- GAAP diluted EPS of $0.34; Non-GAAP
diluted EPS of $0.69
Results for Fiscal Year
2014
- Revenue totaled $2.9 billion, up 9%
year-over-year
- GAAP gross margin of 63.9% of revenue;
Non-GAAP gross margin of 66% of revenue
- GAAP operating margin of 26.3% of
revenue; Non-GAAP operating margin of 31.8% of revenue
- GAAP diluted EPS of $1.98 per share;
Non-GAAP diluted EPS of $2.39 per share
- Free cash flow of $694 million, or 24%
of revenue
- Share repurchases and dividend payments
to shareholders totaled $811 million
Please refer to the schedules provided for a summary of revenue
and earnings, selected balance sheet information, and the cash flow
statement for the fourth quarter and fiscal year 2014, as well as
the immediately prior and year-ago quarters. Additional information
on revenue by end market is provided on Schedule D. A more complete
table covering prior periods is available at
investor.analog.com.
Outlook for the First Quarter of Fiscal
Year 2015
The following statements are based on current expectations, and
as indicated, are presented on a GAAP and non-GAAP basis. These
statements are forward-looking and actual results may differ
materially, as a result of, among other things, the important
factors discussed at the end of this release. These statements
supersede all prior statements regarding our business outlook set
forth in prior ADI news releases, and ADI disclaims any obligation
to update these forward-looking statements.
GAAP
Non-GAAP Adjustments
Non-GAAP Revenue
$745 to $775 million
-
$745 to $775 million Gross Margin
approx. 64.7%
$2.6 million (1)
approx. 65.0% Operating Expenses
approx. $288 million
$25 million (2)
approx. $263 million Interest & Other Expense
$5.0 million
-
$5.0 million Tax Rate
approx. 16.5%
$4 million (3)
approx. 14.5%
Earnings per Share
$0.50 to $0.56
$0.08 (4)
$0.58 to $0.64
- Reflects estimated adjustments for
amortization of intangible assets of $1 million and step-up charges
to record Hittite inventory and fixed assets of $1.6 million at
fair value as part of the purchase accounting for the Hittite
acquisition.
- Reflects estimated adjustments for
amortization of intangible assets.
- Represents the tax effect for the items
noted above.
- Represents the expenses and associated
tax impact of the amortization of purchased intangibles and step-up
charges on a per share basis.
Conference Call Scheduled for 5:00 pm ET
ADI will host a conference call to discuss the fourth quarter
and full year 2014 results and short-term outlook today, beginning
at 5:00 pm ET. Investors may join via webcast, accessible at
investor.analog.com, or by telephone (call 706-634-7193 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:
17076906, 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 and may be different from non-GAAP measures
used by other companies. In addition, these non-GAAP measures are
not based on any comprehensive set of accounting rules or
principles.
Schedule E of this press release provides the reconciliation of
the Company’s historical non-GAAP measures to its GAAP
measures.
Management uses non-GAAP revenue, non-GAAP gross margin,
non-GAAP operating expenses, non-GAAP operating income, non-GAAP
operating margins, non-GAAP other expense, and non-GAAP diluted
earnings per share 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 understanding and evaluating the Company’s
operating results and trends in the Company’s business.
The following item is excluded from our Non-GAAP
revenue:
Hittite Operations: The results of operations of Hittite from
July 22, 2014 through August 2, 2014 have been excluded from our
non-GAAP measures in the third quarter of 2014 because they are not
reflective of ongoing operating results.
The following items are excluded from our Non-GAAP gross
margin, non-GAAP operating expenses, non-GAAP operating income,
non-GAAP operating margin, and non-GAAP diluted earnings per
share:
Hittite Operations: The results of operations of Hittite from
July 22, 2014 through August 2, 2014 have been excluded from our
non-GAAP measures in the third quarter of 2014 because they are not
reflective of ongoing operating results.
Acquisition-Related Expenses: Expenses incurred as a result of
the Hittite acquisition in the third and fourth quarter of fiscal
2014 primarily include: severance payments; expense associated with
the fair value adjustments to inventory, property, plant and
equipment, and distributor deferred costs; and amortization of
acquisition related intangibles, which include acquired intangibles
such as purchased technology and customer relationships. We
excluded these costs from our non-GAAP measures because they relate
to a specific transaction and are not reflective of our ongoing
financial performance.
Stock-Based Compensation Expense: In the fourth quarter of 2014,
the Company canceled certain stock awards in conjunction with the
restructuring charge which resulted in the recognition of income
for stock-based compensation expense recorded in prior periods for
these awards. This stock-based compensation income and the related
tax effect have no direct correlation to the operation of our
business in the future.
The following items are excluded from our non-GAAP operating
expenses, non-GAAP operating income, non-GAAP operating margin, and
non-GAAP diluted earnings per share:
The exclusion of these items allows management to evaluate the
Company’s core business and trends across different reporting
periods on a consistent basis. Management presents these
Non-GAAP items to enable investors and analysts to evaluate our
core business.
Acquisition-Related Transaction Costs: Costs incurred as a
result of the Hittite acquisition in the third and fourth quarter
of fiscal 2014 include legal, accounting and other professional
fees directly related to the Hittite acquisition. 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.
Restructuring-Related Expenses: These expenses are incurred in
connection with facility closures, consolidation of manufacturing
facilities, severance, and other cost reduction efforts. Apart from
ongoing expense savings as a result of such items, these expenses
and the related tax effects have no direct correlation to the
operation of our business in the future.
The following items are excluded from our non-GAAP other
expense and non-GAAP diluted earnings per share:
Acquisition-Related Debt Costs: The Company incurred debt
financing costs during the third and fourth quarters of fiscal 2014
on its 90-day term loan facility used to finance the Hittite
acquisition. We excluded these costs from our non-GAAP measures
because they are not reflective of our ongoing financial
performance.
Gain on Sale of Product Line: In the fourth quarter of fiscal
2013, the Company completed the sale of its microphone product line
and recorded a gain of $85.4 million in non-operating income. We
excluded the gain and related tax effect from our non-GAAP measures
as these items have no direct correlation to the operation of our
business in the future.
Debt Extinguishment Costs: In the third quarter of fiscal 2013,
the Company redeemed its outstanding 5.0% senior unsecured notes
due July 1, 2014. The Company recognized a net loss on debt
extinguishment of approximately $10.2 million, which was comprised
of a make-whole premium, the recognition of unamortized proceeds
received on an interest rate swap associated with the debt and the
write off of unamortized debt issuance and discount costs. We
excluded these costs from our non-GAAP measures because they are
one time in nature and have no direct correlation to the operation
of our business in the future.
The following item is excluded from our non-GAAP diluted
earnings per share:
Tax-Related Items: In the first quarter of fiscal 2013, the
Company recorded a $6.3 million tax benefit related to the
reinstatement of the R&D tax credit in January 2013,
retroactive to January 1, 2012. In the second quarter of fiscal
2013, the Company recorded a $6.6 million tax benefit as a result
of the reversal of prior period tax liabilities. In the third
quarter of fiscal 2013, the Company recorded a $1.7 million tax
benefit related to the release of a tax reserve for an expired tax
year. In the fourth quarter of fiscal 2013, as a result of a ruling
by the U.S. Tax Court in a matter not involving the Company, the
Company recorded a potential liability for $36.5 million plus $4.6
million of interest related to its petition with the U.S. Tax Court
regarding the beneficial tax treatment of dividends paid from
foreign owned companies under The American Jobs Creation Act. The
Company also recorded a $2.2 million tax benefit as a result of the
reversal of prior period tax liabilities. Also in the fourth
quarter of 2013, the Company completed the sale of its microphone
product line, resulting in $26.7 million of income tax expense. In
the fourth quarter of 2014, the Company recorded $5.5 million of
tax adjustments related to the Hittite acquisition. We excluded
these tax-related items from our non-GAAP measures because they are
not associated with the tax expense on our current operating
results.
Management believes that the presentation of non-GAAP revenue,
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP
operating income, non-GAAP operating margins, non-GAAP other
expenses and non-GAAP diluted EPS is useful to investors because it
provides investors with the operating results that management uses
to manage the Company.
Analog Devices believes that non-GAAP revenue, non-GAAP gross
margin, non-GAAP operating expenses, non-GAAP operating income,
non-GAAP operating margins, non-GAAP other expenses and non-GAAP
diluted EPS have material limitations in that they do not reflect
all of the amounts associated with our results of operations as
determined in accordance with GAAP and that these measures should
only be used to evaluate our results of operations in conjunction
with the corresponding GAAP measures. In addition, our non-GAAP
measures may not be comparable to the non-GAAP measures reported by
other companies. The Company’s use of non-GAAP measures, and the
underlying methodology when excluding certain items, is not
necessarily an indication of the results of operations that may be
expected in the future, or that the Company will not, in fact,
record such items in future periods.
Investors should consider our non-GAAP financial measures in
conjunction with the corresponding GAAP measures.
About Analog Devices
Innovation, performance, and excellence are the cultural pillars
on which Analog Devices has built one of the longest standing,
highest growth companies within the technology sector. Acknowledged
industry-wide as the world leader in data conversion and signal
conditioning technology, Analog Devices serves over 100,000
customers, representing virtually all types of electronic
equipment. Analog Devices is headquartered in Norwood,
Massachusetts, with design and manufacturing facilities throughout
the world. Analog Devices' common stock is included in the S&P
500 Index.
This release may be deemed to contain forward-looking statements
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, among other things, our
statements regarding expected revenue, earnings per share,
operating expenses, gross margin, tax rate, and other financial
results, including inventories, other current assets and goodwill,
expected operating leverage, production and inventory levels,
objectives, plans and goals, expected market trends, and expected
customer demand and order rates for our products, that are based on
our current expectations, beliefs, assumptions, estimates,
forecasts, and projections about our business and the industry and
markets in which Analog Devices operates. The statements contained
in this release are not guarantees of future performance, are
inherently uncertain, involve certain risks, uncertainties, and
assumptions that are difficult to predict, and do not give effect
to the potential impact of any mergers, acquisitions, divestitures,
or business combinations that may be announced or closed after the
date hereof. Therefore, actual outcomes and results may differ
materially from what is expressed in such forward-looking
statements, and such statements should not be relied upon as
representing Analog Devices’ expectations or beliefs as of any date
subsequent to the date of this press release. We do not undertake
any obligation to update forward-looking statements made by us.
Important factors that may affect future operating results include:
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, our ability to successfully
integrate acquired businesses and technologies, adverse results in
litigation matters, the finalization of our purchase price
accounting relating to our acquisition of Hittite Microwave
Corporation and other risk factors described in our most recent
filings with the Securities and Exchange Commission. Our results of
operations for the periods presented in this release are not
necessarily indicative of our operating results for any future
periods. Any projections in this release are based on limited
information currently available to Analog Devices, which is subject
to change. Although any such projections and the factors
influencing them will likely change, we will not necessarily update
the information, as we will only provide guidance at certain points
during the year. Such information speaks only as of the original
issuance date of this release.
Analog Devices and the Analog Devices logo are registered
trademarks or trademarks of Analog Devices, Inc. All other
trademarks mentioned in this document are the property of their
respective owners.
Analog Devices, Fourth Quarter, Fiscal 2014
Schedule
A
Revenue and Earnings Summary (Unaudited) (In thousands,
except per-share amounts)
Three Months
Ended Twelve Months Ended 4Q 14 3Q 14
4Q 13 FY 14 FY 13 Nov.
1,
2014
Aug. 2,
2014
Nov. 2,2013
Nov. 1,
2014
Nov. 2,
2013
Revenue $ 814,247 $ 727,752 $ 678,133 $ 2,864,773 $ 2,633,689
Year-to-year change 20 % 8 % -2 % 9 % -2 % Quarter-to-quarter
change 12 % 5 % 1 % Cost of sales (1) 328,210
251,462
233,263 1,034,585
941,278 Gross margin 486,037 476,290 444,870
1,830,188 1,692,411 Gross margin percentage 59.7 % 65.4 % 65.6 %
63.9 % 64.3 % Year-to-year change (basis points) -590 90 180 -40
-20 Quarter-to-quarter change (basis points)
-570 -70
110 Operating
expenses: R&D (1) 154,797 140,095 130,979 559,686 513,035
Selling, marketing and G&A (1) 121,424 132,989 98,197 454,676
396,233 Amortization of intangibles 25,250 660 55 26,020 220
Special charges 34,637
- 15,777
37,322 29,848 Total
operating expenses 336,108 273,744 245,008 1,077,704 939,336 Total
operating expenses percentage 41.3 % 37.6 % 36.1 % 37.6 % 35.7 %
Year-to-year change (basis points) 520 400 330 190 180
Quarter-to-quarter change (basis points) 370
330 250
Operating income
149,929 202,546 199,862 752,484 753,075 Operating income percentage
18.4 % 27.8 % 29.5 % 26.3 % 28.6 % Year-to-year change (basis
points) -1,110 -310 -150 -230 -190 Quarter-to-quarter change (basis
points) -940 -390
-140
Other expense 11,231
5,158 (82,650 )
23,139 (62,248 )
Income before income tax 138,698 197,388 282,512 729,345 815,323
Provision for income taxes 30,003 16,782 80,958 100,025 141,836 Tax
rate percentage 21.6 %
8.5 % 28.7 % 13.7 %
17.4 % Net income $ 108,695
$ 180,606 $ 201,554
$ 629,320 $ 673,487
Shares used for EPS - basic 312,815 314,190 311,009
313,195 307,763 Shares used for EPS - diluted 316,868 318,876
317,216 318,027 314,041 Earnings per share - basic $ 0.35 $
0.57 $ 0.65 $ 2.01 $ 2.19 Earnings per share - diluted $ 0.34 $
0.57 $ 0.64 $ 1.98 $ 2.14 Dividends paid per share
$ 0.37 $ 0.37 $
0.34 $ 1.45 $ 1.32
(1) Includes stock-based compensation expense as follows:
Cost of sales $ 2,371 $ 1,724 $ 1,737 $ 7,069 $ 6,593 R&D $
6,155 $ 5,415 $ 5,721 $ 20,707 $ 21,901 Selling, marketing and
G&A $ 6,867 $ 6,331 $ 5,664 $ 23,036 $ 28,392
Analog Devices, Fourth
Quarter, Fiscal 2014
Schedule
B
Selected Balance Sheet Information (Unaudited) (In
thousands) 4Q 14 3Q 14 4Q 13
Nov. 1,
2014
Aug. 2,
2014
Nov. 2,2013
Cash & short-term investments $ 2,866,468 $ 4,932,259 $
4,682,912 Accounts receivable, net 396,605 394,762 325,144
Inventories (1) (2) 367,927 415,098 283,337 Other current assets
(3) 196,402 181,765
181,032 Total current assets 3,827,402
5,923,884 5,472,425 PP&E, net 622,422 609,937 508,171
Investments 34,507 32,022 21,180 Goodwill (3) 1,642,438 1,631,890
284,112 Intangible assets, net 671,402 695,832 28,552 Other (3)
78,586 79,900
67,310 Total assets $ 6,876,757
$ 8,973,465 $ 6,381,750 Deferred income
on shipments to distributors, net $ 278,435 $ 285,832 $ 247,428
Current debt - 1,995,398 - Other current liabilities (3) 433,543
341,296 323,084 Long-term debt, non-current 872,789 872,652 872,241
Non-current liabilities (3) 534,093 471,090 199,421 Shareholders'
equity 4,757,897
5,007,197 4,739,576 Total liabilities &
equity $ 6,876,757 $ 8,973,465
$ 6,381,750
(1) Includes $3,291, $2,094, and $2,273
related to stock-based compensation in 4Q14, 3Q14, and 4Q13,
respectively.
(2) Includes $53,638 and $103,795 of acquired inventory in 4Q14 and
3Q14, respectively.
(3) Deferred tax and goodwill balances are
preliminary pending finalization of the Hittite Acquisition
purchase accounting.
Analog Devices, Fourth Quarter, Fiscal 2014
Schedule
C
Cash Flow Statement (Unaudited)
(In thousands)
Three Months Ended Twelve Months
Ended 4Q 14 3Q 14 4Q 13 FY 14 FY
13 Nov. 1,
2014
Aug. 2,
2014
Nov. 2,
2013
Nov. 1,
2014
Nov. 2,
2013
Cash flows from operating activities: Net Income $ 108,695 $
180,606 $ 201,554 $ 629,320 $ 673,487
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation 30,917 28,353 27,515 114,064 110,196 Amortization of
intangibles 26,186 1,610 55 27,906 220 Stock-based compensation
expense 15,393 13,470 13,122 50,812 56,886 Loss on extinguishment
of debt - - - - 10,205 Gain on sale of product line - - (85,444 ) -
(85,444 ) Other non-cash activity 600 1,006 887 4,423 (185 ) Excess
tax benefit - stock options (882 ) (9,322 ) (1,098 ) (22,231 )
(16,171 ) Deferred income taxes (56,812 ) (6,380 ) (6,558 ) (65,117
) (17,699 ) Changes in operating assets and liabilities
138,166 4,099
132,132 132,425
180,850 Total adjustments
153,568 32,836
80,611 242,282
238,858 Net cash provided by operating activities
262,263 213,442
282,165 871,602
912,345 Percent of total revenue
32.2 % 29.3 % 41.6
% 30.4 % 34.6 % Cash flows from
investing activities: Purchases of short-term available-for-sale
investments (1,946,144 ) (1,028,781 ) (2,559,600 ) (7,485,162 )
(8,540,335 ) Maturities of short-term available-for-sale
investments 1,507,940 1,815,862 2,199,444 7,318,877 6,970,885 Sales
of short-term available-for-sale investments 487,259 1,298,044
59,903 2,187,389 650,730 Additions to property, plant and equipment
(43,417 ) (42,315 ) (48,558 ) (177,913 ) (123,074 ) Payments for
acquisitions, net of cash acquired (2,183 ) (1,943,704 ) -
(1,945,887 ) (2,475 ) Proceeds from sale of product line - -
100,000 - 100,000 Change in other assets
(2,633 ) (340 ) (1,591 )
(12,055 ) (5,657 ) Net cash provided by
(used for) investing activities 822
98,766 (250,402 )
(114,751 ) (949,926 ) Cash flows
from financing activities: Payment of senior unsecured notes - - -
- (392,790 ) Proceeds from debt - 1,995,398 - 1,995,398 493,880
Proceeds from derivative instruments - - - - 10,952 Term loan
repayments (1,995,398 ) - - (1,995,398 ) (60,108 ) Dividend
payments to shareholders (116,308 ) (116,098 ) (105,938 ) (454,225
) (405,955 ) Repurchase of common stock (187,375 ) (57,394 )
(42,809 ) (356,346 ) (60,529 ) Proceeds from employee stock plans
21,533 36,045 44,399 200,114 306,277 Excess tax benefit - stock
options 882 9,322 1,098 22,231 16,171 Contingent consideration
payment - (1,803 ) (1,913 ) (3,576 ) (5,665 ) Change in other
financing activities (1,178 )
5,406 4,696 15,192
(2,790 ) Net cash (used for) provided
by financing activities (2,277,844 )
1,870,876 (100,467 )
(576,610 ) (100,557 ) Effect of
exchange rate changes on cash (1,449 )
(433 ) 725 (3,097
) 1,394 Net (decrease) increase
in cash and cash equivalents (2,016,208 ) 2,182,651 (67,979 )
177,144 (136,744 ) Cash and cash equivalents at beginning of period
2,585,441 402,790
460,068 392,089
528,833 Cash and cash equivalents at
end of period $ 569,233 $
2,585,441 $ 392,089 $ 569,233
$ 392,089
Analog
Devices, Fourth Quarter, Fiscal 2014
Schedule
D
Revenue Trends by
End Market (Unaudited)
The categorization of revenue by end market is determined using a
variety of data points including the technical characteristics of
the product, the “sold to” customer information, the "ship to"
customer information and the end customer product or application
into which our product will be incorporated. As data systems for
capturing and tracking this data evolve and improve, the
categorization of products by end market can vary over time. When
this occurs we reclassify revenue by end market for prior periods.
Such reclassifications typically do not materially change the
sizing of, or the underlying trends of results within, each end
market. The results below are inclusive of the Hittite acquisition
from the acquisition date, July 22, 2014 and the consumer end
market results are reflective of the sale of the Company's
microphone product line in the fourth quarter of fiscal 2013.
Three Months
Ended Nov. 1,
2014
Aug. 2,
2014
Nov. 2,
2013
Revenue % Q/Q
% Y/Y % Revenue Revenue
Industrial $ 369,241 45 % 6 % 19 % $ 349,821 $ 311,526 Automotive
134,493 17 % 3 % 2 % 129,964 131,400 Consumer 92,329 11 % 14 % -3 %
80,915 95,096 Communications 218,184 27 % 31 %
56 % 167,052 140,111
Total Revenue $
814,247 100 % 12 %
20 % $ 727,752 $ 678,133
Twelve Months Ended Nov. 1,
2014
Nov. 2,
2013
Revenue % Y/Y
% Revenue Industrial $ 1,333,694 47 % 10 % $ 1,215,829
Automotive 524,867 18 % 9 % 483,445 Consumer 325,222 11 % -20 %
404,548 Communications 680,990 24 % 29 %
529,867
Total Revenue $ 2,864,773
100 % 9 % $
2,633,689
Analog Devices, Fourth Quarter,
Fiscal 2014
Schedule
E
Reconciliation from GAAP to Non-GAAP Data (In thousands, except
per-share amounts) (Unaudited) See "Non-GAAP
Financial Information" in this press release for a description of
the items excluded from our non-GAAP measures.
Three Months
Ended Twelve Months Ended 4Q 14 3Q 14
4Q 13 FY 14 FY 13 Nov. 1,
2014
Aug. 2,
2014
Nov. 2, 2013 Nov. 1,
2014
Nov. 2,
2013
GAAP Revenue $ 814,247 $
727,752 $ 678,133 $ 2,864,773
$ 2,633,689 Y/Y Revenue growth % 9
% -2 % Q/Q Revenue growth % 12
% 5 % 1 % Hittite Operations
- (5,392 ) - (5,392 )
-
Non-GAAP Revenue $ 814,247
$ 722,360 $ 678,133
$ 2,859,381 $ 2,633,689
Y/Y Revenue growth % 9 % -2
% Q/Q Revenue growth % 13 % 4
% 1 % GAAP Gross Margin $
486,037 $ 476,290 $ 444,870
$ 1,830,188 $ 1,692,411
Gross Margin Percentage
59.7 % 65.4 % 65.6 %
63.9 % 64.3 % Hittite Operations -
(3,015 ) - (3,015 ) -
Acquisition-Related Expenses
54,388 6,837 - 61,225 - Stock-Based Compensation Expense
(113 ) - - (113 ) -
Non-GAAP Gross Margin $ 540,312
$ 480,112 $ 444,870
$ 1,888,285 $ 1,692,411
Gross Margin Percentage 66.4 % 66.5
% 65.6 % 66.0 % 64.3
% GAAP Operating Expenses $
336,108 $ 273,744 $ 245,008
$ 1,077,704 $ 939,336 Percent of
Revenue 41.3 % 37.6 % 36.1
% 37.6 % 35.7 % Hittite
Operations - (2,033 ) - (2,033 ) -
Acquisition-Related Expenses
(27,166 ) (5,284 ) - (32,450 ) -
Acquisition-Related Transaction Costs
(5,987 ) (21,123 ) - (27,110 ) - Restructuring-Related Expense
(34,637 ) - (15,777 ) (37,322 ) (29,848 ) Stock-Based Compensation
Expense 1,302 - -
1,302 (6,273 )
Non-GAAP Operating Expenses
$ 269,620 $ 245,304
$ 229,231 $ 980,091
$ 903,215 Percent of Revenue
33.1 % 34.0 % 33.8 %
34.3 % 34.3 % GAAP Operating
Income/Margin $ 149,929 $ 202,546
$ 199,862 $ 752,484 $
753,075 Percent of Revenue 18.4 %
27.8 % 29.5 % 26.3 %
28.6 % Hittite Operations - (982 ) - (982 ) -
Acquisition-Related Expenses
81,554 12,121 - 93,675 -
Acquisition-Related Transaction Costs
5,987 21,123 - 27,110 - Restructuring-Related Expense 34,637 -
15,777 37,322 29,848 Stock-Based Compensation Expense (1,415
) - - (1,415 ) 6,273
Non-GAAP Operating Income/Margin $
270,692 $ 234,808 $
215,639 $ 908,194 $
789,196 Percent of Revenue 33.2
% 32.5 % 31.8 % 31.8
% 30.0 % GAAP Other Expense
(Income) $ 11,231 $ 5,158 $
(82,650 ) $ 23,139 $
(62,248 ) Percent of Revenue 1.4
% 0.7 % -12.2 % 0.8
% -2.4 %
Acquisition-Related Debt Costs
(4,823 ) (1,513 ) - (6,336 ) - Gain on Sale of Product Line - -
85,444 - 85,444 Loss on Extinguishment of Debt -
- - - (10,205 )
Non-GAAP Other Expense $ 6,408 $
3,645 $ 2,794 $
16,803 $ 12,991 Percent of
Revenue 0.8 % 0.5 % 0.4
% 0.6 % 0.5 % GAAP
Diluted EPS $ 0.34 $ 0.57 $
0.64 $ 1.98 $ 2.14 Impact of
Loss on Extinguishment of Debt - - - - 0.02 Hittite Operations - -
- - -
Acquisition-Related Expenses
0.25 0.02 - 0.27 -
Acquisition-Related Transaction Costs
0.01 0.04 - 0.05 -
Acquisition-Related Debt Costs
0.01 - - 0.01 -
Acquisition-Related Tax Impact
(0.02 ) - - (0.02 ) - Impact of Gain on Sale of Product Line - -
(0.19 ) - (0.19 ) Restructuring-Related Expense 0.09 - 0.05 0.10
0.08 Impact of the Reversal of Prior Period Tax Liabilities - -
(0.01 ) - (0.03 ) Stock-Based Compensation Expense - - - - 0.01
Impact of Tax Reserve - - 0.13 - 0.13 Impact of the Reinstatement
of the R&D Tax Credit - - - - (0.02 ) Impact of Expired Tax
Statute - - - -
(0.01 )
Non-GAAP Diluted EPS (1) $
0.69 $ 0.63 $ 0.62
$ 2.39 $ 2.15
(1) The sum of the individual per share amounts may not
equal the total due to rounding
Analog Devices, Inc.Mr. Ali Husain, 781-461-3282781-461-3491
(fax)investor.relations@analog.com
Analog Devices (NASDAQ:ADI)
Gráfico Histórico do Ativo
De Jun 2024 até Jul 2024
Analog Devices (NASDAQ:ADI)
Gráfico Histórico do Ativo
De Jul 2023 até Jul 2024