- Revenue of $1.48 billion with B2B markets down 3%
year-over-year
- Operating Cash Flow of $2.3 billion and Free Cash Flow of $2.0
billion on a trailing twelve months basis
- Returned over $300 million to shareholders in the third quarter
through dividends and share repurchases
Analog Devices, Inc. (Nasdaq: ADI), a leading global
high-performance analog technology company, today announced
financial results for its third quarter of fiscal 2019, which ended
August 3, 2019.
“In what continues to be a challenging macroeconomic
environment, we once again executed soundly and delivered strong
financial results,” said Vincent Roche, President and CEO. “Revenue
and operating margins came in above the midpoint of guidance as
ongoing broad-based weakness compared to the year ago quarter was
balanced by growth in new areas such as 5G and electric vehicles.
Further, we returned more than $300 million of cash to our
shareholders in the third quarter through share repurchases and
dividends.”
“While these uncertain times do not seem to be abating in the
near term, ADI has successfully navigated macroeconomic challenges
many times before. The key to our resilience is maintaining our
long-term focus while remaining agile in response to market
dynamics. Our focus on cutting edge innovation and diversity across
products, customers and applications has allowed us to continue to
generate strong revenue growth, profitability, and cash flow for
more than five decades.”
Performance for the Third Quarter of
Fiscal 2019
Results
Summary
(in millions, except per-share amounts and
percentages)
Three Months Ended
Aug. 3, 2019
Aug. 4, 2018 (1)
Change
Revenue
$
1,480
$
1,558
(5
)%
Gross margin
$
998
$
1,061
(6
)%
Gross margin percentage
67.4
%
68.1
%
(70 bps)
Operating income
$
447
$
489
(9
)%
Operating margin
30.2
%
31.4
%
(120 bps)
Diluted earnings per share
$
0.97
$
1.08
(10
)%
Adjusted Results
Adjusted gross margin
$
1,042
$
1,109
(6
)%
Adjusted gross margin percentage
70.4
%
71.2
%
(80 bps)
Adjusted operating income
$
604
$
661
(9
)%
Adjusted operating margin
40.8
%
42.4
%
(160 bps)
Adjusted diluted earnings per share
$
1.26
$
1.51
(17
)%
Three Months Ended
Trailing Twelve Months
Cash
Generation
Aug. 3, 2019
Aug. 3, 2019
Net cash provided by operating
activities
$
553
$
2,310
% of revenue (1)
37
%
38
%
Capital expenditures
$
(58
)
$
(310
)
Free cash flow (2)
$
494
$
1,999
% of revenue (1)
33
%
33
%
Three Months Ended
Trailing Twelve Months
Cash
Return
Aug. 3, 2019
Aug. 3, 2019
Dividend paid
$
(200
)
$
(757
)
Stock repurchases
(112
)
(625
)
Total cash returned (2)
$
(312
)
$
(1,381
)
(1) Prior year balances have been restated
to reflect the adoption of the new revenue recognition standard in
the first quarter of fiscal 2019.
(2) The sum of the individual amounts may
not equal the total due to rounding.
Outlook for the Fourth Quarter of
Fiscal Year 2019
For the fourth quarter of fiscal 2019, we are forecasting
revenue of $1.45 billion, +/- $50 million. At the midpoint of this
revenue outlook, we expect reported operating margins of
approximately 29.2%, and adjusted operating margins of
approximately 40.0%. We are planning for reported EPS to be $0.86,
+/- $0.07, and adjusted EPS to be $1.22, +/- $0.07.
Our fourth quarter fiscal 2019 outlook is based on current
expectations and actual results may differ materially, as a result
of, among other things, the important factors discussed at the end
of this release. These statements supersede all prior statements
regarding our business outlook set forth in prior ADI news
releases, and ADI disclaims any obligation to update these
forward-looking statements.
The adjusted results and adjusted anticipated results above are
financial measures presented on a non-GAAP basis. Reconciliations
of these non-GAAP financial measures to their most directly
comparable GAAP financial measures are provided in the financial
tables included in this press release. See also “Non-GAAP Financial
Information” section for additional information.
Dividend Payment
The ADI Board of Directors has declared a quarterly cash
dividend of $0.54 per outstanding share of common stock. The
dividend will be paid on September 11, 2019 to all shareholders of
record at the close of business on August 30, 2019.
Conference Call Scheduled for Today,
Wednesday, August 21, 2019 at 10:00 am ET
ADI will host a conference call to discuss our third quarter
fiscal 2019 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:
5459156, or by visiting investor.analog.com.
Non-GAAP Financial
Information
This release includes non-GAAP financial measures that are not
in accordance with, nor an alternative to, generally accepted
accounting principles (GAAP) and may be different from non-GAAP
measures presented by other companies. In addition, these non-GAAP
measures are not based on any comprehensive set of accounting rules
or principles. These non-GAAP measures have material limitations in
that they do not reflect all of the amounts associated with the
Company’s results of operations as determined in accordance with
GAAP and should not be considered in isolation from, or as a
substitute for, the Company’s financial results presented in
accordance with GAAP. The Company’s use of non-GAAP measures, and
the underlying methodology when including or excluding certain
items, is not necessarily an indication of the results of
operations that may be expected in the future, or that the Company
will not, in fact, record such items in future periods. You are
cautioned not to place undue reliance on these non-GAAP measures.
Reconciliations of these non-GAAP measures to the most directly
comparable financial measures calculated and presented in
accordance with GAAP are provided in the financial tables included
in this release.
Management uses non-GAAP measures internally to evaluate the
Company’s operating performance from continuing operations against
past periods and to budget and allocate resources in future
periods. These non-GAAP measures also assist management in
evaluating the Company’s core business and trends across different
reporting periods on a consistent basis. Management also uses these
non-GAAP measures as the primary performance measurement when
communicating with analysts and investors regarding the Company’s
earnings results and outlook and believes that the presentation of
these non-GAAP measures is useful to investors because it provides
investors with the operating results that management uses to manage
the Company and enables investors and analysts to evaluate the
Company’s core business. Management also believes that the non-GAAP
liquidity measure free cash flow is useful both internally and to
investors because it provides information about the amount of cash
generated after capital expenditures that is then available to
repay debt obligations, make investments and fund acquisitions, and
for certain other activities.
The non-GAAP financial measures referenced by ADI in this
release include: adjusted gross margin, adjusted gross margin
percentage, adjusted operating expenses, adjusted operating
expenses percentage, adjusted operating income, adjusted operating
margin, adjusted income before income taxes, adjusted provision for
income taxes, adjusted tax rate, adjusted diluted earnings per
share (EPS), free cash flow, and free cash flow margin.
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 restructuring related expense3 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
restructuring related expense3 which are described further below.
Adjusted operating margin represents adjusted operating income
divided by revenue.
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 restructuring related expense3 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 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, restructuring related
expense3 and tax related items4 which are described further
below.
Free cash flow is defined as net cash provided by operating
activities, determined in accordance with GAAP, less additions to
property, plant and equipment, net. Free cash flow margin
percentage represents free cash flow divided by revenue.
1Acquisition-Related Expenses: Expenses
incurred as a result of current and prior period acquisitions and
primarily include expenses associated with the fair value
adjustments to 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.
2Acquisition-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.
3Restructuring-Related Expense: Expenses
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 have no direct correlation to the operation
of our business in the future.
4Tax-Related Items: Tax adjustments
associated with the non-GAAP items discussed above, discrete tax
items including tax expense or benefit related to prior periods,
income tax from prior period tax credits, tax expense or benefit
related to the impact of the Tax Cuts and Jobs Act of 2017,
uncertain tax positions, and the impact of a voluntary accounting
policy change. 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.
About Analog Devices
Analog Devices (Nasdaq: ADI) is a 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
Statements
This press release contains forward-looking statements, which
address a variety of subjects including, for example, our
statements regarding expected revenue, operating margin, tax rate,
earnings per share, and other financial results, expected market
trends, market share gains, operating leverage, production and
inventory levels, and expected customer demand and order rates for
our products, expected product offerings, product development and
marketing position. Statements that are not historical facts,
including statements about our beliefs, plans and expectations, are
forward-looking statements. Such statements are based on our
current expectations and are subject to a number of factors and
uncertainties, which could cause actual results to differ
materially from those described in the forward-looking statements.
The following important factors and uncertainties, among others,
could cause actual results to differ materially from those
described in these forward-looking statements: any faltering in
global economic conditions or the stability of credit and financial
markets, erosion of consumer confidence and declines in customer
spending, unavailability of raw materials, services, supplies or
manufacturing capacity, changes in geographic, product or customer
mix; changes in export classifications, import and export
regulations or duties and tariffs; changes in our estimates of our
expected tax rate based on current tax law; our ability to
successfully integrate acquired businesses and technologies; the
risk that expected benefits, synergies and growth prospects of
acquisitions may not be fully achieved in a timely manner, or at
all; adverse results in litigation matters; and the risk that we
will be unable to retain and hire key personnel. 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)
For more information, please contact: Mr. Michael
Lucarelli, Director of Investor Relations, Analog Devices, Inc.
781-461-3282 (phone); investor.relations@analog.com (email).
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
Nine Months Ended
Aug. 3, 2019
Aug. 4, 2018 (2)
Aug. 3, 2019
Aug. 4, 2018 (2)
Revenue
$
1,480,143
$
1,558,189
$
4,547,846
$
4,688,561
Cost of sales (1)
482,332
497,631
1,476,287
1,483,930
Gross margin
997,811
1,060,558
3,071,559
3,204,631
Operating expenses:
Research & development (1)
280,102
291,642
853,330
869,711
Selling, marketing, general and
administrative (1)
162,825
171,487
493,295
520,541
Amortization of intangibles
107,231
107,409
321,816
321,557
Special charges
927
1,069
30,871
59,476
Total operating expenses
551,085
571,607
1,699,312
1,771,285
Operating income
446,726
488,951
1,372,247
1,433,346
Nonoperating expense (income):
Interest expense
59,871
61,665
178,300
194,487
Interest income
(2,625
)
(2,588
)
(8,241
)
(6,592
)
Other, net
(78
)
(632
)
4,287
(527
)
57,168
58,445
174,346
187,368
Income before income tax
389,558
430,506
1,197,901
1,245,978
Provision for income taxes
27,184
21,949
112,584
143,853
Net income
$
362,374
$
408,557
$
1,085,317
$
1,102,125
Shares used to compute earnings per share
- basic
369,533
371,315
369,160
370,211
Shares used to compute earnings per share
- diluted
373,077
375,815
372,967
374,880
Basic earnings per common share
$
0.98
$
1.10
$
2.93
$
2.97
Diluted earnings per common share
$
0.97
$
1.08
$
2.90
$
2.93
(1) Includes stock-based compensation
expense as follows:
Cost of sales
$
5,247
$
5,734
$
15,720
$
13,775
R&D
$
18,802
$
18,018
$
57,294
$
59,764
Selling, marketing and G&A
$
12,049
$
13,143
$
39,706
$
40,172
(2) Balances have been restated to reflect
the full retrospective adoption of Accounting Standards Update
(ASU) 2014-09, Revenue from Contracts with Customers.
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
August 3, 2019
November 3, 2018 (1)
Cash & cash equivalents
$
612,164
$
816,591
Accounts receivable
689,976
639,717
Inventories
638,305
586,760
Other current assets
66,613
69,058
Total current assets
2,007,058
2,112,126
Net property, plant and equipment
1,221,192
1,154,328
Investments
78,068
68,583
Goodwill
12,247,888
12,252,604
Intangible assets, net
4,346,377
4,778,192
Deferred tax assets
1,606,267
9,665
Other
59,800
62,868
Total assets
$
21,566,650
$
20,438,366
Other current liabilities
$
1,072,246
$
984,748
Debt, current
411,434
67,000
Long-term debt
5,278,643
6,265,674
Deferred income taxes
2,171,029
990,409
Other non-current liabilities
843,061
862,362
Shareholders' equity
11,790,237
11,268,173
Total liabilities & equity
$
21,566,650
$
20,438,366
(1) Balances have been restated to reflect
the full retrospective adoption of Accounting Standards Update
(ASU) 2014-09, Revenue from Contracts with Customers.
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED
STATEMENT OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended
Nine Months Ended
Aug. 3, 2019
Aug. 4, 2018 (1)
Aug. 3, 2019
Aug. 4, 2018 (1)
Cash flows from operating activities:
Net income
$
362,374
$
408,557
$
1,085,317
$
1,102,125
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation
61,606
56,647
179,041
169,651
Amortization of intangibles
142,521
143,218
427,046
428,222
Stock-based compensation expense
36,098
36,895
112,720
113,711
Non-cash portion of special charge
—
—
4,367
—
Deferred income taxes
(33,601
)
(5,844
)
(55,444
)
(711,484
)
Other non-cash activity
8,272
7,103
26,701
22,019
Changes in operating assets and
liabilities
(24,724
)
(25,838
)
(184,552
)
603,676
Total adjustments
190,172
212,181
509,879
625,795
Net cash provided by operating
activities
552,546
620,738
1,595,196
1,727,920
Percent of revenue
37.3
%
39.8
%
35.1
%
36.9
%
Cash flows from investing activities:
Additions to property, plant and
equipment
(58,094
)
(51,750
)
(224,297
)
(168,872
)
Payments for acquisitions, net of cash
acquired
—
(500
)
—
(52,839
)
Change in other assets
(547
)
(2,239
)
(5,132
)
(3,268
)
Net cash used for investing activities
(58,641
)
(54,489
)
(229,429
)
(224,979
)
Cash flows from financing activities:
Proceeds from debt
1,250,000
—
1,250,000
743,778
Early termination of debt
(1,250,000
)
—
(1,250,000
)
—
Proceeds from revolver
—
—
75,000
—
Payments on revolver
—
—
(75,000
)
—
Debt repayments
(300,000
)
(430,000
)
(650,000
)
(2,050,000
)
Dividend payments to shareholders
(200,068
)
(178,890
)
(577,285
)
(523,891
)
Repurchase of common stock
(112,001
)
(11,953
)
(440,616
)
(41,861
)
Proceeds from employee stock plans
19,228
22,801
106,135
88,358
Change in other financing activities
(1,774
)
(1,083
)
(7,918
)
6,320
Net cash used for financing activities
(594,615
)
(599,125
)
(1,569,684
)
(1,777,296
)
Effect of exchange rate changes on
cash
(727
)
(1,066
)
(510
)
(908
)
Net decrease in cash and cash
equivalents
(101,437
)
(33,942
)
(204,427
)
(275,263
)
Cash and cash equivalents at beginning of
period
713,601
806,517
816,591
1,047,838
Cash and cash equivalents at end of
period
$
612,164
$
772,575
$
612,164
$
772,575
(1) Balances have been restated to reflect
the full retrospective adoption of Accounting Standards Update
(ASU) 2014-09, Revenue from Contracts with Customers.
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 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. 3, 2019
Aug. 4, 2018 (1)
Revenue
% of revenue*
Y/Y %
Revenue
% of revenue*
Industrial
$
752,529
51%
(4)%
$
786,618
50%
Automotive
227,760
15%
(9)%
251,396
16%
Consumer
183,399
12%
(18)%
224,549
14%
Communications
316,455
21%
7%
295,626
19%
Total revenue
$
1,480,143
100%
(5)%
$
1,558,189
100%
Nine Months Ended
Aug. 3, 2019
Aug. 4, 2018 (1)
Revenue
% of revenue*
Y/Y %
Revenue
% of revenue*
Industrial
$
2,260,907
50%
(5)%
$
2,386,708
51%
Automotive
706,531
16%
(8)%
765,385
16%
Consumer
557,097
12%
(21)%
705,690
15%
Communications
1,023,311
23%
23%
830,778
18%
Total revenue
$
4,547,846
100%
(3)%
$
4,688,561
100%
(1) Balances have been restated to reflect
the full retrospective adoption of Accounting Standards Update
(ASU) 2014-09, Revenue from Contracts with Customers.
*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
Nine Months Ended
Aug. 3, 2019
Aug. 4, 2018 (1)
Aug. 3, 2019
Aug. 4, 2018 (1)
Gross margin
$
997,811
$
1,060,558
$
3,071,559
$
3,204,631
Gross margin percentage
67.4
%
68.1
%
67.5
%
68.3
%
Acquisition related expenses
43,694
48,488
130,444
137,007
Adjusted gross margin
$
1,041,505
$
1,109,046
$
3,202,003
$
3,341,638
Adjusted gross margin percentage
70.4
%
71.2
%
70.4
%
71.3
%
Operating expenses
$
551,085
$
571,607
$
1,699,312
$
1,771,285
Percent of revenue
37.2
%
36.7
%
37.4
%
37.8
%
Acquisition related expenses
(112,636
)
(118,308
)
(339,293
)
(359,482
)
Acquisition related transaction costs
—
(3,962
)
—
(16,569
)
Restructuring related expense
(927
)
(1,069
)
(30,871
)
(59,476
)
Adjusted operating expenses
$
437,522
$
448,268
$
1,329,148
$
1,335,758
Adjusted operating expenses percentage
29.6
%
28.8
%
29.2
%
28.5
%
Operating income
$
446,726
$
488,951
$
1,372,247
$
1,433,346
Operating margin
30.2
%
31.4
%
30.2
%
30.6
%
Acquisition related expenses
156,330
166,796
469,737
496,489
Acquisition related transaction costs
—
3,962
—
16,569
Restructuring related expense
927
1,069
30,871
59,476
Adjusted operating income
$
603,983
$
660,778
$
1,872,855
$
2,005,880
Adjusted operating margin
40.8
%
42.4
%
41.2
%
42.8
%
Provision for income taxes
$
27,184
$
21,949
$
112,584
$
143,853
Income tax on non discrete tax items
above
20,927
6,673
68,567
23,817
Income tax on prior period tax
liabilities
—
(961
)
—
(1,585
)
Income tax from prior period tax
credits
11,210
—
11,210
—
Income tax on voluntary accounting policy
change
17,155
—
17,155
—
Income tax of uncertain tax positions
—
4,195
—
7,945
Income tax one time transitional tax
—
—
7,500
(687,061
)
Income tax on deferred tax
recalibration
—
—
5,060
639,698
Adjusted provision for income taxes
$
76,476
$
31,856
$
222,076
$
126,667
Income before income taxes
389,558
430,506
1,197,901
1,245,978
Effective tax rate
7.0
%
5.1
%
9.4
%
11.5
%
Acquisition related expenses
156,330
166,796
469,737
496,489
Acquisition related transaction costs
—
3,962
—
16,569
Restructuring related expense
927
1,069
30,871
59,476
Adjusted income before income taxes
$
546,815
$
602,333
$
1,698,509
$
1,818,512
Adjusted tax rate
14.0
%
5.3
%
13.1
%
7.0
%
Diluted EPS
$
0.97
$
1.08
$
2.90
$
2.93
Acquisition related expenses
0.42
0.44
1.26
1.32
Acquisition related transaction costs
—
0.01
—
0.04
Restructuring related expense
—
—
0.08
0.16
Income tax on non discrete tax items
above
(0.06
)
(0.02
)
(0.18
)
(0.06
)
Income on prior period tax liabilities
—
—
—
—
Income tax from prior period tax
credits
(0.03
)
—
(0.03
)
—
Income tax on voluntary accounting policy
change
(0.05
)
—
(0.05
)
—
Income of uncertain tax positions
—
(0.01
)
—
(0.02
)
Income tax one time transitional tax
—
—
(0.02
)
1.83
Income tax on deferred tax
recalibration
—
—
(0.01
)
(1.71
)
Adjusted diluted EPS (2)
$
1.26
$
1.51
$
3.96
$
4.50
(1) Balances have been restated to reflect
the full retrospective adoption of Accounting Standards Update
(ASU) 2014-09, Revenue from Contracts with Customers.
(2) 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
Aug. 3, 2019
Aug. 3, 2019
May 4, 2019
Feb. 2, 2019
Nov. 3, 2018
Revenue (1)
$
6,083,974
$
1,480,143
$
1,526,602
$
1,541,101
$
1,536,128
Net cash provided by operating
activities
$
2,309,636
$
552,546
$
670,882
$
371,767
$
714,441
% of Revenue
38
%
37
%
44
%
24
%
47
%
Capital expenditures
$
(310,300
)
$
(58,094
)
$
(75,209
)
$
(90,993
)
$
(86,004
)
Free cash flow
$
1,999,336
$
494,452
$
595,673
$
280,774
$
628,437
% of Revenue
33
%
33
%
39
%
18
%
41
%
(1) Balances have been restated to reflect
the full retrospective adoption of Accounting Standards Update
(ASU) 2014-09, Revenue from Contracts with Customers.
ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED
GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ending Nov. 2,
2019
Reported
Adjusted
Revenue
$1.45 Billion
$1.45 Billion
(+/- $50 Million)
(+/- $50 Million)
Operating margin
29.2%
40.0% (1)
(+/-110 bps)
(+/-70 bps)
Nonoperating expense
~ $52 Million
~ $52 Million
Tax rate
13% to 15%
13% to 15% (2)
Earnings per share
$0.86
$1.22 (3)
(+/- $0.07)
(+/- $0.07)
(1) Includes $157 million of adjustments
related to acquisition related expenses as previously defined in
the Non-GAAP Financial Information section of this press
release.
(2) Includes $22 million of tax effects
associated with the adjustment for acquisition related expenses
above.
(3) Includes $0.36 of adjustments related
to the net impact of $0.42 of acquisition related expenses and
$0.06 of tax effects on those acquisition related expenses.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190821005176/en/
Analog Devices, Inc. Mr. Michael Lucarelli, 781-461-3282
Director of Investor Relations investor.relations@analog.com
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