- Revenue of $3.08 billion with continued year-over-year growth
in Industrial & Automotive
- Operating cash flow of $4.8 billion and free cash flow of $3.7
billion on a trailing twelve-month basis
- Returned $1.1 billion to shareholders via $0.7 billion in share
repurchases and $0.4 billion in dividends during the third
quarter
Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor
leader, today announced financial results for its third quarter
fiscal year 2023, which ended July 29, 2023.
“In a challenging operating environment, ADI executed well, and
delivered third quarter results within our expectations. However,
the customer inventory adjustments we mentioned last quarter have
accelerated as economic conditions deteriorate and our lead times
continue to improve,” said Vincent Roche, CEO and Chair. “Despite
the near-term turbulence, we have built a resilient business over
many decades defined by our diversified customer and product
portfolio and our flexible hybrid manufacturing model. This enables
us to endure softer demand periods, while sustaining strategic
investments to ensure we capitalize when the business
inflects.”
Roche continued, “Our tremendous optimism in ADI’s long-term
outlook is undiminished. In this rapidly digitalizing world, our
portfolio is aligned to an unprecedented number of secular trends,
including Industry 4.0, Electrification, Digital Healthcare,
Immersive Consumer, and Advanced Connectivity. These trends,
coupled with our cutting-edge solutions, will enable ADI to empower
the next waves of innovation at the Intelligent Edge, and unlock
value for all stakeholders.”
Performance for the Third Quarter of
Fiscal 2023
Results Summary(1)
(in millions, except per-share amounts and
percentages)
Three Months Ended
Jul. 29, 2023
Jul. 30, 2022
Change
Revenue
$
3,076
$
3,110
(1
)%
Gross margin
$
1,962
$
2,043
(4
)%
Gross margin percentage
63.8
%
65.7
%
(190 bps)
Operating income
$
929
$
893
4
%
Operating margin
30.2
%
28.7
%
150 bps
Diluted earnings per share
$
1.74
$
1.44
21
%
Adjusted Results
Adjusted gross margin
$
2,222
$
2,304
(4
)%
Adjusted gross margin percentage
72.2
%
74.1
%
(190 bps)
Adjusted operating income
$
1,470
$
1,557
(6
)%
Adjusted operating margin
47.8
%
50.1
%
(230 bps)
Adjusted diluted earnings per share
$
2.49
$
2.52
(1
)%
Three Months Ended
Trailing Twelve Months
Cash Generation
Jul. 29, 2023
Jul. 29, 2023
Net cash provided by operating
activities
$
1,142
$
4,780
% of revenue
37
%
37
%
Capital expenditures
$
(325
)
$
(1,090
)
Free cash flow
$
818
$
3,690
% of revenue
27
%
29
%
Three Months Ended
Trailing Twelve Months
Cash Return
Jul. 29, 2023
Jul. 29, 2023
Dividend paid
$
(430
)
$
(1,641
)
Stock repurchases
(687
)
(3,312
)
Total cash returned
$
(1,117
)
$
(4,954
)
(1) The sum and/or computation of
the individual amounts may not equal the total due to rounding.
Outlook for the Fourth Quarter of
Fiscal Year 2023
For the fourth quarter of fiscal 2023, we are forecasting
revenue of $2.70 billion, +/- $100 million. At the midpoint of this
revenue outlook, we expect reported operating margin of
approximately 26.8%, +/-130 bps, and adjusted operating margin of
approximately 44.0%, +/-70 bps. We are planning for reported EPS to
be $1.19, +/-$0.10, and adjusted EPS to be $2.00, +/-$0.10.
Our fourth quarter fiscal 2023 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 $0.86 per outstanding share of common stock. The
dividend will be paid on September 14, 2023 to all shareholders of
record at the close of business on September 5, 2023.
Conference Call Scheduled for Today,
Wednesday, August 23, 2023 at 10:00 am ET
ADI will host a conference call to discuss our third quarter
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, 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 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 (benefit from)
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 Integrated Products, Inc.
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 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 FY22 and
approximately 25,000 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.
Forward Looking
Statements
This press release contains forward-looking statements, which
address a variety of subjects including, for example, our
statements regarding financial performance; economic uncertainty,
business cycles, and demand and supply chains; capital
expenditures; expected revenue, operating margin, tax rate,
earnings per share, and other financial results; expected market
trends and acceleration of those trends, market share gains, and
growth opportunities; expected product solutions, offerings,
capabilities, and applications and the importance of our product
offerings and technologies to our customers; 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: political and
economic uncertainty, including any faltering in global economic
conditions or the stability of credit and financial markets;
erosion of consumer confidence and declines in customer spending or
cancellations of orders for our products; unavailability of raw
materials, services, supplies or manufacturing capacity;
disruptions to our manufacturing operations or our ability to
execute our business strategy; 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 rates based on current tax law; adverse results in
litigation matters, including the potential for litigation related
to the Maxim acquisition; the risk that we will be unable to retain
and hire key personnel including as a result of labor shortages;
changes in demand for semiconductors; attempted or actual security
breaches and other cybersecurity incidents that disrupt our
operations; unanticipated difficulties or expenditures relating to
integrating Maxim; uncertainty as to the long-term value of our
common stock; the discretion of our Board of Directors to declare
dividends and our ability to pay dividends in the future; factors
impacting our ability to repurchase shares; the diversion of
management time on integrating Maxim's business and operations; our
ability to successfully integrate acquired businesses and
technologies, including Maxim; and the risk that expected benefits,
synergies and growth prospects of acquisitions, including 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 (“SEC”), including the risk
factors contained in our most recent Annual Report on Form 10-K.
Forward-looking statements represent management’s current
expectations and are inherently uncertain. Except as required by
law, we do not undertake any obligation to update forward-looking
statements made by us to reflect subsequent events or
circumstances.
Analog Devices and the Analog Devices logo are registered
trademarks or trademarks of Analog Devices, Inc. All other
trademarks mentioned in this document are the property of their
respective owners.
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
Nine Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Revenue
$
3,076,495
$
3,109,880
$
9,589,055
$
8,766,237
Cost of sales
1,114,880
1,066,738
3,358,553
3,376,578
Gross margin
1,961,615
2,043,142
6,230,502
5,389,659
Operating expenses:
Research and development
423,751
431,829
1,253,600
1,279,510
Selling, marketing, general and
administrative
334,113
326,942
984,648
929,615
Amortization of intangibles
250,719
252,864
756,882
759,707
Special charges, net
23,539
138,201
46,675
244,603
Total operating expenses
1,032,122
1,149,836
3,041,805
3,213,435
Operating income
929,493
893,306
3,188,697
2,176,224
Nonoperating expense (income):
Interest expense
69,346
51,189
193,051
$
152,701
Interest income
(8,794
)
(1,797
)
(32,198
)
$
(2,578
)
Other, net
(5,880
)
(4,023
)
(8,373
)
$
(24,636
)
Total nonoperating expense (income)
54,672
45,369
152,480
125,487
Income before income taxes
874,821
847,937
3,036,217
2,050,737
(Benefit from) provision for income
taxes
(2,198
)
98,952
220,068
238,402
Net income
$
877,019
$
748,985
$
2,816,149
$
1,812,335
Shares used to compute earnings per common
share - basic
500,018
517,011
503,951
521,557
Shares used to compute earnings per common
share - diluted
503,503
520,550
507,804
525,652
Basic earnings per common share
$
1.75
$
1.45
$
5.59
$
3.47
Diluted earnings per common share
$
1.74
$
1.44
$
5.55
$
3.45
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
Jul. 29, 2023
Oct. 29, 2022
Cash & cash equivalents
$
1,149,246
$
1,470,572
Accounts receivable
1,616,243
1,800,462
Inventories
1,709,313
1,399,914
Other current assets
360,383
267,044
Total current assets
4,835,185
4,937,992
Net property, plant and equipment
2,922,781
2,401,304
Goodwill
26,913,134
26,913,134
Intangible assets, net
11,762,655
13,265,406
Deferred tax assets
2,224,880
2,264,888
Other assets
688,104
519,626
Total assets
$
49,346,739
$
50,302,350
Current liabilities
$
2,831,018
$
2,442,655
Long-term debt
6,437,650
6,548,625
Deferred income taxes
3,150,748
3,622,538
Other non-current liabilities
1,023,577
1,223,209
Shareholders' equity
35,903,746
36,465,323
Total liabilities & shareholders'
equity
$
49,346,739
$
50,302,350
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended
Nine Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Cash flows from operating activities:
Net income
$
877,019
$
748,985
$
2,816,149
$
1,812,335
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation
86,204
75,619
251,785
212,635
Amortization of intangibles
501,488
503,350
1,505,201
1,512,250
Stock-based compensation expense
82,970
84,874
227,113
242,809
Gain on sale of property, plant, and
equipment
—
(4,352
)
—
(4,352
)
Non-cash impairment charge
—
91,953
—
91,953
Cost of goods sold for inventory
acquired
—
—
—
271,396
Deferred income taxes
(151,283
)
(82,136
)
(431,393
)
(205,128
)
Operating lease assets and liabilities
11,847
9,739
4,945
(17,958
)
Other
4,515
3,164
14,185
(7,061
)
Changes in operating assets and
liabilities
(270,306
)
(183,350
)
(757,645
)
(582,813
)
Total adjustments
265,435
498,861
814,191
1,513,731
Net cash provided by operating
activities
1,142,454
1,247,846
3,630,340
3,326,066
Cash flows from investing activities:
Additions to property, plant and
equipment
(324,574
)
(164,884
)
(785,070
)
(394,796
)
Other
(2,173
)
30,751
(2,254
)
43,761
Net cash used for investing activities
(326,747
)
(134,133
)
(787,324
)
(351,035
)
Cash flows from financing activities:
Proceeds from revolver
—
400,000
—
400,000
Payments on revolver
—
(400,000
)
—
(400,000
)
Early termination of debt
—
—
(65,688
)
(519,116
)
Proceeds from commercial paper notes
2,392,874
—
2,646,509
—
Payments of commercial paper notes
(2,101,799
)
—
(2,101,799
)
—
Repurchase of common stock
(686,510
)
(905,973
)
(2,494,018
)
(1,758,832
)
Dividend payments to shareholders
(430,467
)
(394,018
)
(1,251,121
)
(1,154,207
)
Proceeds from employee stock plans
45,990
9,960
113,002
30,013
Other
(64,158
)
(28,376
)
(11,227
)
(1,718
)
Net cash used for financing activities
(844,070
)
(1,318,407
)
(3,164,342
)
(3,403,860
)
Effect of exchange rate changes on
cash
—
(8,080
)
—
(24,175
)
Net decrease in cash and cash
equivalents
(28,363
)
(212,774
)
(321,326
)
(453,004
)
Cash and cash equivalents at beginning of
period
1,177,609
1,737,734
1,470,572
1,977,964
Cash and cash equivalents at end of
period
$
1,149,246
$
1,524,960
$
1,149,246
$
1,524,960
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
revenue within, each end market.
Three Months Ended
July 29, 2023
July 30, 2022
Revenue
% of Revenue1
Y/Y%
Revenue
% of Revenue1
Industrial
$
1,629,201
53%
4%
$
1,566,885
50%
Automotive
747,554
24%
15%
648,153
21%
Communications
380,504
12%
(23)%
491,515
16%
Consumer
319,236
10%
(21)%
403,327
13%
Total revenue
$
3,076,495
100%
(1)%
$
3,109,880
100%
Nine Months Ended
July 29, 2023
July 30, 2022
Revenue
% of Revenue1
Y/Y %
Revenue
% of Revenue1
Industrial
$
5,092,879
53%
15%
$
4,439,232
51%
Automotive
2,226,277
23%
23%
1,810,803
21%
Communications
1,319,931
14%
(4)%
1,378,352
16%
Consumer
949,968
10%
(17)%
1,137,850
13%
Total revenue
$
9,589,055
100%
9%
$
8,766,237
100%
1) The sum of the individual percentages
may not equal the total due to rounding.
ANALOG DEVICES, INC.
RECONCILIATION OF GAAP TO
NON-GAAP RESULTS
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
Nine Months Ended
Jul. 29, 2023
Jul. 30, 2022
Jul. 29, 2023
Jul. 30, 2022
Gross margin
$
1,961,615
$
2,043,142
$
6,230,502
$
5,389,659
Gross margin percentage
63.8
%
65.7
%
65.0
%
61.5
%
Acquisition related expenses
260,557
260,628
787,383
1,049,991
Adjusted gross margin
$
2,222,172
$
2,303,770
$
7,017,885
$
6,439,650
Adjusted gross margin percentage
72.2
%
74.1
%
73.2
%
73.5
%
Operating expenses
$
1,032,122
$
1,149,836
$
3,041,805
$
3,213,435
Percent of revenue
33.5
%
37.0
%
31.7
%
36.7
%
Acquisition related expenses
(254,719
)
(259,648
)
(770,071
)
(782,752
)
Acquisition related transaction costs
(1,837
)
(5,417
)
(7,069
)
(26,846
)
Special charges, net
(23,539
)
(138,201
)
(46,675
)
(244,603
)
Adjusted operating expenses
$
752,027
$
746,570
$
2,217,990
$
2,159,234
Adjusted operating expenses percentage
24.4
%
24.0
%
23.1
%
24.6
%
Operating income
$
929,493
$
893,306
$
3,188,697
$
2,176,224
Operating margin
30.2
%
28.7
%
33.3
%
24.8
%
Acquisition related expenses
515,276
520,276
1,557,454
1,832,743
Acquisition related transaction costs
1,837
5,417
7,069
26,846
Special charges, net
23,539
138,201
46,675
244,603
Adjusted operating income
$
1,470,145
$
1,557,200
$
4,799,895
$
4,280,416
Adjusted operating margin
47.8
%
50.1
%
50.1
%
48.8
%
Nonoperating expense (income)
$
54,672
$
45,369
152,480
125,487
Acquisition related expenses
2,150
2,288
11,593
6,875
Adjusted nonoperating expense (income)
$
56,822
$
47,657
$
164,073
$
132,362
Income before income taxes
$
874,821
$
847,937
$
3,036,217
$
2,050,737
Acquisition related expenses
513,126
517,988
1,545,861
1,825,868
Acquisition related transaction costs
1,837
5,417
7,069
26,846
Special charges, net
23,539
138,201
46,675
244,603
Adjusted income before income taxes
$
1,413,323
$
1,509,543
$
4,635,822
$
4,148,054
(Benefit from) provision for income
taxes
$
(2,198
)
$
98,952
$
220,068
$
238,402
Effective tax rate
(0.3
)%
11.7
%
7.2
%
11.6
%
Tax related items
160,500
100,685
317,591
310,902
Adjusted provision for income taxes
$
158,302
$
199,637
$
537,659
$
549,304
Adjusted tax rate
11.2
%
13.2
%
11.6
%
13.2
%
Diluted EPS
$
1.74
$
1.44
$
5.55
$
3.45
Acquisition related expenses
1.02
1.00
3.04
3.49
Acquisition related transaction costs
—
0.01
0.01
0.05
Special charges, net
0.05
0.26
0.09
0.46
Tax related items
(0.32
)
(0.19
)
(0.63
)
(0.59
)
Adjusted diluted EPS*
$
2.49
$
2.52
$
8.07
$
6.85
* 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
Jul. 29, 2023
Jul. 29, 2023
Apr. 29, 2023
Jan. 28, 2023
Oct. 29, 2022
Revenue
$
12,836,771
$
3,076,495
$
3,262,930
$
3,249,630
$
3,247,716
Net cash provided by operating
activities
$
4,779,676
$
1,142,454
$
1,081,581
$
1,406,305
$
1,149,336
% of Revenue
37
%
37
%
33
%
43
%
35
%
Capital expenditures
$
(1,089,582
)
$
(324,574
)
$
(284,338
)
$
(176,158
)
$
(304,512
)
Free cash flow
$
3,690,094
$
817,880
$
797,243
$
1,230,147
$
844,824
% of Revenue
29
%
27
%
24
%
38
%
26
%
ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED
GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ending October
28, 2023
Reported
Adjusted
Revenue
$2.7 Billion
$2.7 Billion
(+/- $100 Million)
(+/- $100 Million)
Operating margin
26.8%
44.0% (1)
(+/-130 bps)
(+/-70 bps)
Nonoperating expense
~ $55 Million
~ $55 Million
Tax rate
11% - 13%
11% - 13% (2)
Earnings per share
$1.19
$2.00 (3)
(+/- $0.10)
(+/- $0.10)
(1) Includes $464 million of
adjustments related to acquisition related expenses as previously
defined in the Non-GAAP Financial Information section of this press
release.
(2) Includes $80 million of tax
effects associated with the adjustments for acquisition related
expenses noted above.
(3) Includes $0.81 of adjustments
related to the net impact of acquisition related expenses and the
tax effects on those expenses.
(ADI-WEB)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230823360269/en/
Investor Contact: Analog Devices, Inc. Mr. Michael Lucarelli
Vice President, Investor Relations and FP&A 781-461-3282
investor.relations@analog.com
Media Contact: Analog Devices, Inc. Ms. Ferda Millan Global PR
& External Communications Ferda.Millan@analog.com
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