- Revenues of $1.57 billion; B2B sales
increased double digits year-over-year
- Operating Cash Flow of $2.4 billion and
Free Cash Flow of $2.2 billion on a trailing twelve months
basis
- 2x target leverage achieved ahead of
plan, reinstates share buyback program and increases share
repurchase authorization by $2 billion
- B2B sales projected to increase low
double digits year-over-year in the fourth quarter
Analog Devices, Inc. (Nasdaq: ADI), the leading global
high-performance analog technology company, today announced
financial results for its third fiscal quarter, which ended August
4, 2018.
“We delivered outstanding financial results for the third
quarter, reflecting the strong execution of our strategy,” said
Vincent Roche, President and CEO. “I am particularly pleased with
our revenue growth year-over-year which benefited from continued
high demand for our products across our B2B markets. Our continued
strong growth and profitability allowed us to achieve our leverage
target three quarters ahead of our plan, and reinstate our share
repurchase program as we enter the fourth quarter.”
“ADI is uniquely positioned to support the evolving needs of our
customers in the third wave of the Information and Communications
Technology revolution. With our leadership in high performance
analog, we will continue to innovate to build industry-leading
solutions to enable us to capture growth opportunities, gain market
share, and deliver value for our customers and shareholders.”
In a separate release issued August 21, 2018, ADI announced that
it has reinstated its share repurchase program and that its Board
of Directors has authorized the Company to purchase an additional
$2 billion of its common stock.
The ADI Board of Directors has also declared a quarterly cash
dividend of $0.48 per outstanding share of common stock.
The dividend will be paid on September 12, 2018 to all
shareholders of record at the close of business on August 31,
2018.
Supplemental schedules relating to our third quarter fiscal 2018
financial results are also available on our investor site at
investor.analog.com.
Results for the Third Quarter of Fiscal
Year 2018
- Revenue totaled $1.57 billion, up 4%
sequentially and up 10% year-over-year on a GAAP basis and up 8%
year-over-year on a non-GAAP basis
- GAAP gross margin of 68.1% of revenue;
Non-GAAP gross margin of 71.2% of revenue
- GAAP operating margin of 31.7% of
revenue; Non-GAAP operating margin of 42.7% of revenue
- GAAP diluted EPS of $1.10; Non-GAAP
diluted EPS of $1.53
Please refer to the schedules provided for a summary of revenue
and earnings, selected balance sheet information, and the cash flow
statement for the third quarter of fiscal 2018, as well as the
immediately prior and year-ago quarters. Additional information on
revenue by end market is provided on Schedule D.
Outlook for the Fourth Quarter of
Fiscal Year 2018The 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
$1.57 billion(+/- $40 million)
-
$1.57 billion(+/- $40 million)
Gross Margin
~68%
$43 million (1)
~71% Operating Expenses
$566 million(+/- $5 million)
$121 million (2)
$445 million(+/- $5 million)
Operating Margin
~32% to ~33%
$164 million (1), (2)
~42% to ~43%
Interest & Other Expense
~$57 million
-
~$57 million Tax Rate
~10%
$5 million (3)
~7% Earnings per Share*
$1.07(+/- $0.06)
$0.45 (4)
$1.52(+/- $0.06)
* The sum of the individual per share amounts may not equal the
total due to rounding.
(1) Excludes $43 million of costs comprised of the
following:
- $35 million of recurring amortization
of purchased intangible assets
- $7 million of recurring depreciation of
step up value on purchased fixed assets
- $1 million of recurring fair value
adjustment associated with the replacement of share-based awards in
ADI’s acquisition of Linear Technology
(2) Excludes $121 million of costs comprised of the
following:
- $108 million of recurring amortization
of purchased intangible assets
- $7 million of recurring fair value
adjustment associated with the replacement of share-based awards in
ADI’s acquisition of Linear Technology
- $5 million of transaction and
integration related costs associated with ADI’s acquisition of
Linear Technology
- $1 million of restructuring-related
expenses
(3) Excludes the tax effects of the reconciling adjustments
noted in the two footnotes above.
(4) Includes $0.45, which represents the net impact of the
non-GAAP adjustments noted above on a per share basis consisting
of:
- acquisition-related expenses including
amortization of purchased intangible assets, depreciation of step
up value on purchased fixed assets, and the fair value adjustment
associated with the replacement of share-based awards in ADI’s
acquisition of Linear Technology ($0.42)
- acquisition-related transaction costs
($0.01)
- the effect on income tax of the prior
items ($0.01)
Conference Call Scheduled for Today, Wednesday, August 22,
2018 at 10:00 am ETADI will host a conference call to discuss
third quarter fiscal 2018 results and short-term outlook today,
beginning at 10:00 am ET. Investors may join via webcast,
accessible at investor.analog.com, or by telephone (call
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:
9397139, or by visiting investor.analog.com.
Non-GAAP Financial
InformationThis 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.
Schedules E and F of this press release provide the
reconciliation of the Company’s historical non-GAAP measures to
their most comparable GAAP measures.
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 following item is included in our non-GAAP revenue,
non-GAAP gross margin, non-GAAP operating income, non-GAAP
operating margin, and non-GAAP diluted earnings per share:
Acquisition-Related Deferred Revenues: Deferred revenue related
to shipments of Linear Technology products by distributors to end
customers that were received by the distributors prior to the
Company’s acquisition of Linear Technology. Business combination
accounting principles require the write down of deferred revenue in
conjunction with the acquisition. We included these revenues in our
non-GAAP measures because they relate to a specific transaction and
are reflective of our ongoing financial performance.
The following item is 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:
Acquisition-Related Expenses: Expenses incurred as a result of
current and prior period acquisitions and primarily include
expenses associated with the fair value adjustments to inventory,
property, plant and equipment and amortization of acquisition
related intangibles, which include acquired intangibles such as
purchased technology and customer relationships. Expenses also
include severance payments, equity award accelerations and the fair
value adjustment associated with the replacement of share-based
awards related to the Linear Technology 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.
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:
Acquisition-Related Transaction Costs: Costs directly related to
the Linear Technology 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.
Restructuring-Related Expense: These expenses are incurred in
connection with facility closures, consolidation of manufacturing
facilities, severance, and other cost reduction efforts. We
excluded these expenses from our non-GAAP measures because 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 provision
for income taxes and non-GAAP diluted earnings per share:
Tax-Related Items: Tax adjustments associated with the non-GAAP
items discussed above. In the third quarter of fiscal 2018 the
Company recorded a $4.2 million tax benefit related to the release
of a tax reserve for an expired tax year. In the second quarter of
fiscal 2018 the Company recorded a $3.8 million tax benefit related
to the release of a tax reserve for an expired tax year. In
the third quarter of fiscal 2017, the Company released $51 million
of reserves associated with a favorable ruling on its petition with
the U.S. Tax Court regarding the beneficial treatment of dividends
paid from foreign owned companies under The American Jobs Creation
Act. Also, in the third quarter of fiscal 2017, the Company
recorded $98 million of tax expense associated with the remittance
of cash held outside of the United States related to the
post-acquisition integration of Linear Technology. 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.
The following item is excluded from our calculation of
adjusted free cash flow:
One Time Tax Payment: In the third quarter of fiscal 2017, the
Company paid $750 million in income taxes associated with the
acquisition of Linear Technology. These payments were principally
related to pre-acquisition liabilities but also included $98
million associated with the remittance of cash held outside of the
United States related to the post-acquisition integration of Linear
Technology. We excluded these payments from our adjusted free cash
flow measure because they relate to a specific transaction and are
not reflective of our ongoing financial performance.
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.
In addition, the Company’s 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
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.
About Analog DevicesAnalog Devices (Nasdaq: ADI) is the
leading global high-performance analog technology company dedicated
to solving the toughest engineering challenges. We enable our
customers to interpret the world around us by intelligently
bridging the physical and digital with unmatched technologies that
sense, measure, power, connect and interpret. Visit
http://www.analog.com.
Forward Looking StatementsThis press release contains
forward-looking statements, which address a variety of subjects
including, for example, our statements regarding expected revenue,
earnings per share, gross margin, operating expenses, interest and
other expense, tax rate, and other financial results, expected
market share gains, operating leverage, production and inventory
levels, expected market trends, and expected customer demand and
order rates for our products and expected benefits and synergies of
the acquisition of Linear Technology Corporation (“Linear
Technology”), including expected growth rates of the combined
companies, expected product offerings, product development,
marketing position and technical advances resulting from the
transaction. 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: 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 our estimates of our expected tax rate based on
current tax law, including current interpretations of the Tax Cuts
and Jobs Act of 2017; higher than expected or unexpected costs
associated with or relating to the acquisition of Linear Technology
and the integration of the businesses; the risk that expected
benefits, synergies and growth prospects of the acquisition may not
be fully achieved in a timely manner, or at all; the risk that
Linear Technology’s business may not be successfully integrated
with Analog Devices’; the risk that we will be unable to retain and
hire key personnel; and the risk that disruption resulting from the
acquisition may adversely affect our business and relationships
with our customers, suppliers or employees. 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.
(ADI-WEB)
Analog Devices, Third Quarter, Fiscal 2018
Schedule
A
Revenue and Earnings Summary (Unaudited) (In thousands,
except per-share amounts)
Three Months Ended 3Q 18
2Q 18 3Q 17
Aug. 4,2018
May 5,2018 July
29,2017 Revenue $ 1,572,679 $ 1,513,053 $ 1,433,902
Year-to-year change 9.7 % 31.8 % 64.9 % Quarter-to-quarter change
3.9 % (0.4 )% 24.9 % Cost of sales (1) 502,033
479,241 667,278 Gross
margin 1,070,646 1,033,812 766,624 Gross margin percentage 68.1 %
68.3 % 53.5 % Year-to-year change (basis points) 1,460 1,250 (1,230
) Quarter-to-quarter change (basis points) (20 )
10 (230 ) Operating expenses:
R&D (1) 291,642 289,472 275,670 Selling, marketing and G&A
(1) 171,487 172,146 183,980 Amortization of intangibles 107,409
107,129 112,153 Special charges 1,069
1,089 — Total operating expenses
571,607 569,836 571,803 Total operating expenses percentage 36.3 %
37.7 % 39.9 % Year-to-year change (basis points) (360 ) (540 ) 500
Quarter-to-quarter change (basis points) (140 )
(380 ) (320 ) Operating income 499,039
463,976 194,821 Operating income percentage 31.7 % 30.7 % 13.6 %
Year-to-year change (basis points) 1,810 1,800 (1,730 )
Quarter-to-quarter change (basis points) 100
400 90 Other expense
58,445 62,429
68,023 Income before income tax 440,594 401,547
126,798 Provision for income taxes 26,130 21,716 57,882 Tax rate
percentage 5.9 % 5.4 %
45.6 % Net income (2) $ 414,464
$ 379,831 $ 68,916 Shares used
for EPS - basic 371,315 370,384 367,315 Shares used for EPS -
diluted 375,815 374,778 371,159 Earnings per common share -
basic $ 1.11 $ 1.02 $ 0.18 Earnings per common share - diluted $
1.10 $ 1.01 $ 0.18 Dividends paid per share $
0.48 $ 0.48 $ 0.45
(1) Includes stock-based compensation expense as follows:
Cost of sales $ 5,734 $ 3,820 $ 4,375 R&D $ 18,018 $ 22,018 $
15,781 Selling, marketing and G&A $ 13,143 $ 13,076 $ 12,668
(2) Under the two-class method, earnings
per share is calculated using net earnings allocable to common
shares, which is derived by reducing net income by the income
allocable to participating securities. Net income allocable to
common shares used in the basic and diluted earnings per share
calculation was $412,938, $378,299 and $67,935 for the three months
ended August 4, 2018, May 5, 2018 and July 29, 2017,
respectively.
Analog Devices, Third Quarter, Fiscal 2018
Schedule
B
Selected Balance Sheet Information (Unaudited) (In
thousands) 3Q
18 2Q 18 3Q 17 Aug.
4,2018 May 5,2018
July 29,2017 Cash & cash equivalents $
772,575 $ 806,517 $ 908,569 Accounts receivable, net 710,753
759,557 692,552 Inventories (1) 563,645 551,220 519,695 Other
current assets 69,584 70,980
67,827 Total current assets 2,116,557
2,188,274 2,188,643 PP&E, net 1,107,991 1,114,579 1,098,848
Investments 69,500 64,361 60,464 Goodwill 12,254,161 12,258,185
12,241,815 Intangible assets, net 4,920,739 5,066,191 5,440,692
Other 79,668 84,864
84,533 Total assets $ 20,548,616
$ 20,776,454 $ 21,114,995
Deferred income on shipments to distributors, net $ 547,279 $
565,668 $ 449,663 Other current liabilities 769,104 811,195 651,414
Debt, current 22,500 56,000 — Long-term debt 6,532,746 6,926,441
8,199,230 Deferred income taxes 932,813 943,117 1,730,253 Other
non-current liabilities (2) 887,957 888,678 161,535 Shareholders'
equity 10,856,217 10,585,355
9,922,900 Total liabilities & equity
$ 20,548,616 $ 20,776,454
$ 21,114,995
(1) Includes $6,370, $5,360, and $4,628
related to stock-based compensation in 3Q18, 2Q18, and 3Q17,
respectively.
(2) Includes $691,038 related to the
one-time transition tax related to the Tax Cuts and Jobs Act of
2017 in 3Q18 and 2Q18.
Analog Devices, Third Quarter, Fiscal 2018
Schedule
C
Cash Flow Statement (Unaudited) (In thousands)
Three Months Ended 3Q
18 2Q 18 3Q 17
Aug. 4,2018 May 5,2018
July 29,2017
Cash flows from operating activities: Net Income $ 414,464 $
379,831 $ 68,916 Adjustments to reconcile net income to net cash
provided by operations: Depreciation 56,647 56,589 55,217
Amortization of intangibles 143,218 142,954 147,238 Stock-based
compensation expense 36,895 38,914 32,824 Cost of goods sold for
inventory acquired — — 195,565 Other non-cash activity 2,291 3,342
(42,762 ) Deferred income taxes (2,019 ) (42,718 ) (676,490 )
Changes in operating assets and liabilities
(30,758 ) 139,582
(140,509 ) Total adjustments
206,274 338,663 (428,917
) Net cash provided by (used for) operating activities
620,738 718,494
(360,001 ) Percent of revenue
39.5 % 47.5 %
(25.1 )% Cash flows from investing activities: Purchases of
short-term available-for-sale investments — — (37 ) Maturities of
short-term available-for-sale investments — — 270,918 Sales of
short-term available-for-sale investments — — 219,799 Additions to
property, plant and equipment (51,750 ) (53,900 ) (63,617 )
Payments for acquisitions, net of cash acquired (500 ) (52,339 ) 70
Change in other assets (2,239 )
249 (1,062 ) Net cash (used for)
provided by investing activities
(54,489 ) (105,990 ) 426,071
Cash flows from financing activities: Proceeds from debt —
743,778 — Debt repayments (430,000 ) (1,200,000 ) (4,700,000 )
Dividend payments to shareholders (178,890 ) (178,282 ) (166,265 )
Repurchase of common stock (11,953 ) (21,978 ) (8,955 ) Proceeds
from employee stock plans 22,801 27,745 17,971 Contingent
consideration payment (1,730 ) (542 ) — Change in other financing
activities 647
(866 ) 9 Net cash used for financing
activities (599,125 )
(630,145 ) (4,857,240 ) Effect of exchange
rate changes on cash (1,066 )
(3,392 ) 1,996 Net
decrease in cash and cash equivalents (33,942 ) (21,033 )
(4,789,174 ) Cash and cash equivalents at beginning of period
806,517
827,550 5,697,743 Cash and cash
equivalents at end of period $
772,575 $ 806,517 $
908,569
Analog Devices, Third Quarter, Fiscal
2018
Schedule
D
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 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.
Three Months Ended
Aug. 4,2018
May 5,2018
July 29,2017
Revenue % Q/Q %
Y/Y % Revenue Revenue Industrial
$ 793,322 50% 1% 14% $
786,585 $ 693,257 Automotive 246,865 16% 3% 6% 239,164 232,505
Consumer 208,589 13% 5% (17)% 198,832 252,313 Communications
323,903 21% 12% 27% 288,472 255,827
Total
Revenue $ 1,572,679
100% 4% 10% $ 1,513,053
$ 1,433,902
Analog Devices, Third Quarter, Fiscal
2018
Schedule
EReconciliation of Non-GAAP to GAAP Revenue and
Earnings Measures (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 3Q 18 2Q
18 3Q 17 Aug. 4,2018 May
5,2018 July 29,2017 GAAP Revenue
$ 1,572,679 $ 1,513,053 $
1,433,902 Y/Y Revenue growth % 9.7 %
31.8 % 64.9 % Q/Q Revenue growth
% 3.9 % (0.4 )% 24.9
% Acquisition-Related Deferred Revenues —
— 24,576
Non-GAAP Revenue
$ 1,572,679 $
1,513,053 $ 1,458,478
Y/Y Revenue growth % 7.8 % 25.2
% 67.7 % Q/Q Revenue growth %
3.9 % (0.4 )% 20.7 %
GAAP Gross Margin $ 1,070,646 $
1,033,812 $ 766,624 Gross Margin
Percentage 68.1 % 68.3 %
53.5 % Acquisition-Related Deferred Revenues — —
19,782 Acquisition-Related Expenses 48,488
44,743 241,554
Non-GAAP Gross
Margin $ 1,119,134 $
1,078,555 $ 1,027,960
Gross Margin Percentage 71.2 %
71.3 % 70.5 % GAAP Operating
Expenses $ 571,607 $ 569,836
$ 571,803 Percent of Revenue 36.3
% 37.7 % 39.9 %
Acquisition-Related Expenses (118,308 ) (123,196 ) (126,732 )
Acquisition-Related Transaction Costs (3,962 ) (3,871 ) (8,017 )
Restructuring-Related Expense (1,069 ) (1,089 )
—
Non-GAAP Operating Expenses $
448,268 $ 441,680
$ 437,054 Percent of Non-GAAP
Revenue 28.5 % 29.2 % 30.0
% GAAP Operating Income/Margin $
499,039 $ 463,976 $ 194,821
Percent of Revenue 31.7 % 30.7 %
13.6 % Acquisition-Related Deferred Revenues — —
19,782 Acquisition-Related Expenses 166,796 167,939 368,286
Acquisition-Related Transaction Costs 3,962 3,871 8,017
Restructuring-Related Expense 1,069 1,089
—
Non-GAAP Operating
Income/Margin $ 670,866
$ 636,875 $
590,906 Percent of Non-GAAP Revenue
42.7 % 42.1 % 40.5 %
GAAP Provision for Income Taxes $
26,130 $ 21,716 $ 57,882 Tax
rate % 5.9 % 5.4 % 45.6
% Income Tax on Non-Discrete Tax Items Above 6,673 5,163
47,805 Income Tax of Prior Period Tax Liabilities (961 ) (624 )
(2,378 ) Income Tax of Uncertain Tax Positions 4,195
3,750 (47,127 )
Non-GAAP Provision
for Income Taxes $ 36,037
$ 30,005 $ 56,182
Non-GAAP Tax rate %
5.9
%
5.2
%
10.7
%
GAAP Diluted EPS $ 1.10 $
1.01 $ 0.18 Acquisition-Related Deferred
Revenues — — 0.05
Acquisition-Related Expenses 0.44 0.45 0.99 Acquisition-Related
Transaction Costs 0.01 0.01 0.02 Restructuring-Related Expense 0.00
0.00 — Income Tax Effect of Above Items (0.02 ) (0.01
)
(0.13 ) Impact of Adjustments of Prior Period Tax Liabilities — —
0.01 Impact of Uncertain Tax Positions (0.01 ) (0.01
)
0.13
Non-GAAP Diluted EPS (1) $
1.53 $ 1.45
$ 1.26
(1) The sum of the individual per share
amounts may not equal the total due to rounding.
Analog Devices, Third Quarter, Fiscal 2018
Schedule
F
Reconciliation of Free Cash Flow to Net Cash Provided by (Used
for) Operating Activities (Unaudited) (In
thousands) Three
Months Ended 3Q 18 2Q 18
3Q 17 Aug. 4,2018
May 5,2018 July
29,2017 Net cash provided by (used for) operating
activities $ 620,738 $ 718,494 $ (360,001 ) % of Revenue 39.5 %
47.5 % (25.1 )% Non-GAAP adjustments: Federal income tax payments —
— 750,000
Adjusted cash flows from operations $ 620,738 $ 718,494 $ 389,999
Capital expenditures (51,750 ) (53,900 )
(63,617 ) Adjusted free cash flow $ 568,988
$ 664,594 $ 326,382
% of Revenue (1) 36.2 % 43.9 % 22.4 %
(1) 3Q17 Revenue on a non-GAAP basis and
includes acquisition-related deferred revenue outlined on Schedule
E.
Three Months Ended 3Q 18
2Q 18 1Q 18 4Q 17
TrailingTwelveMonths
Aug. 4,2018
May 5,2018 Feb.
3,2018 Oct. 28,2017 Revenues
$ 6,145,526 $ 1,572,679 $
1,513,053 $ 1,518,624 $
1,541,170 Net cash provided by operating activities $
2,435,272 $ 620,738 $
718,494 $ 388,688 $
707,352 % of Revenue 39.6 % 39.5 % 47.5 % 25.6 % 45.9 %
Capital expenditures (234,087 ) (51,750 )
(53,900 ) (63,222 ) (65,215 )
Free cash flow $ 2,201,185 $ 568,988
$ 664,594 $ 325,466
$ 642,137 % of Revenue 35.8 % 36.2 % 43.9 %
21.4 % 41.7 %
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180822005142/en/
Analog Devices, Inc.Mr. Michael Lucarelli, 781-461-3282Director
of Investor Relationsinvestor.relations@analog.com
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