ADI Guides B2B to Double-digit Year-over-Year Revenue Increase
in Third Quarter
Analog Devices, Inc. (Nasdaq: ADI), today announced financial
results for its second fiscal quarter, which ended May 5, 2018.
“Our focused R&D investments, targeted at the most
attractive markets, combined with strong business conditions this
quarter drove revenue above the high-end of our guidance range,”
said Vincent Roche, President and CEO. “Revenue from our B2B
markets increased double digits year-over-year led by our
industrial and communications sectors.”
“Looking ahead to the third quarter of fiscal 2018, we see
continued strength and are expecting revenue to be in the range of
$1.47 billion to $1.55 billion, and for our B2B markets to deliver
double-digit year-over-year growth once again.”
“Our unparalleled high-performance analog portfolio uniquely
positions us to take advantage of the ever-expanding opportunities
at the intersection of the digital and physical worlds to drive
sustainable, profitable growth long into the future.”
ADI also announced that the Board of Directors has declared a
quarterly cash dividend of $0.48 per outstanding share of
common stock. The dividend will be paid on June 19, 2018 to
all shareholders of record at the close of business on June 8,
2018.
Supplemental schedules relating to our second quarter fiscal
2018 financial results are also available on our investor site at
investor.analog.com.
Results for the Second Quarter of
Fiscal Year 2018
- Revenue totaled $1.513 billion,
approximately flat sequentially and up 32% year-over-year on a GAAP
basis and up 25% year-over-year on a non-GAAP basis
- GAAP gross margin of 68.3% of revenue;
Non-GAAP gross margin of 71.3% of revenue
- GAAP operating margin of 30.7% of
revenue; Non-GAAP operating margin of 42.1% of revenue
- GAAP diluted EPS of $1.01; Non-GAAP
diluted EPS of $1.45
Please refer to the schedules provided for a summary of revenue
and earnings, selected balance sheet information, and the cash flow
statement for the second 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 Third 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
$1.47B to $1.55B -
$1.47B to $1.55B Gross Margin Up 1450bp
to 1550bp year-over-year $44 million (1)
Up 50bp to 150bp year-over-year Operating
Expenses Flat to down $10 million
year-over-year $125 million (2)
Flat to up $10 million year-over-year Operating Margin
~30% to ~32% $169 million
(1), (2) ~41% to ~43% Interest & Other
Expense ~$58 million
- ~$58 million Tax Rate
~5% to ~7% $8 million to $12 million
(3) ~5% to ~7%
Earnings per Share*
$0.96 to $1.10
$0.42 (4)
$1.38 to $1.52
* The sum of the individual per share amounts may not equal the
total due to rounding.
(1) Excludes $44 million of costs comprised of the
following:
- $35 million of recurring amortization
of purchased intangible assets
- $8 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 $125 million of costs comprised of the
following:
- $107 million of recurring amortization
of purchased intangible assets
- $8 million of recurring fair value
adjustment associated with the replacement of share-based awards in
ADI’s acquisition of Linear Technology
- $10 million of transaction and
integration related costs associated with ADI’s acquisition of
Linear Technology
(3) Excludes the tax effects of the reconciling adjustments
noted in the two footnotes above.
(4) Includes $0.42, 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
($0.03)
- the effect on income tax of the prior
items (-$0.03)
Conference Call Scheduled for Today, Wednesday, May 30, 2018
at 10:00 am ETADI will host a conference call to discuss second
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 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:
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.
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.
The following item is excluded from our non-GAAP operating
expenses, non-GAAP operating income, non-GAAP operating margin, and
non-GAAP diluted earnings per share:
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 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 first quarter of
fiscal 2018, in relation to the provisional impact of the Tax Cuts
and Jobs Act of 2017, the Company recorded a provisional discrete
tax charge of $687 million related to the mandatory deemed
repatriation tax on foreign earnings and recorded a provisional
discrete tax benefit of $640 million from remeasuring its US tax
liabilities at the lower 21% statutory tax rate. In the second
quarter of 2017, the Company also recorded a $16.5 million discrete
tax item related to the release of a state tax credit valuation
allowance resulting from the Company’s acquisition 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.
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, Second Quarter, Fiscal
2018
Schedule
ARevenue and Earnings Summary (Unaudited)(In
thousands, except per-share amounts)
Three Months Ended
2Q 18 1Q 18 2Q 17
May 5,2018 Feb.
3,2018 Apr. 29,2017 Revenue $
1,513,053 $ 1,518,624 $ 1,147,982 Year-to-year change 31.8 % 54.3 %
47.4 % Quarter-to-quarter change (0.4 )% (1.5 )% 16.6 % Cost of
sales (1) 479,241
483,434 507,539 Gross margin 1,033,812
1,035,190 640,443 Gross margin percentage 68.3 % 68.2 % 55.8 %
Year-to-year change (basis points) 1,250 230 (980 )
Quarter-to-quarter change (basis points)
10 290 (1,010 ) Operating
expenses: R&D (1) 289,472 288,597 235,232 Selling, marketing
and G&A (1) 172,146 176,908 190,686 Amortization of intangibles
107,129 107,019 68,690 Special charges
1,089 57,318 — Total
operating expenses 569,836 629,842 494,608 Total operating expenses
percentage 37.7 % 41.5 % 43.1 % Year-to-year change (basis points)
(540 ) 270 410 Quarter-to-quarter change (basis points)
(380 ) 530 430
Operating income 463,976 405,348 145,835 Operating income
percentage 30.7 % 26.7 % 12.7 % Year-to-year change (basis points)
1,800 (30 ) (1,390 ) Quarter-to-quarter change (basis points)
400 (240 )
(1,430 ) Other expense 62,429
66,494 59,121 Income before
income tax 401,547 338,854 86,714 Provision (benefit) for income
taxes 21,716 70,682 (6,850 ) Tax rate percentage
5.4 % 20.9 % (7.9 )% Net income
(2) $ 379,831 $
268,172 $ 93,564 Shares used for EPS -
basic 370,384 369,093 341,316 Shares used for EPS - diluted 374,778
374,189 345,654 Earnings per common share - basic $ 1.02 $
0.72 $ 0.27 Earnings per common share - diluted $ 1.01 $ 0.71 $
0.27 Dividends paid per share
$ 0.48 $ 0.45 $ 0.45
(1) Includes stock-based compensation expense as follows:
Cost of sales $ 3,820 $ 4,221 $ 2,566 R&D $ 22,018 $ 19,728 $
11,910 Selling, marketing and G&A $ 13,076 $ 13,953 $ 8,010 (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 $378,299 and
$266,929 for the three months ended May 5, 2018 and February 3,
2018, respectively. There was no net income allocated to
participating securities in the three months ended April 29, 2017.
Analog Devices, Second Quarter, Fiscal
2018
Schedule
BSelected Balance Sheet Information
(Unaudited)(In thousands)
2Q 18 1Q 18 2Q 17 May
5,2018 Feb. 3,2018 Apr.
29,2017 Cash & short-term investments $ 806,517 $
827,550 $ 6,188,372 Accounts receivable, net 759,557 709,761
630,353 Inventories (1) 551,220 559,720 647,858 Other current
assets 70,980 80,715 68,884 Total
current assets 2,188,274 2,177,746 7,535,467 PP&E, net
1,114,579 1,115,417 1,089,319 Investments 64,361 65,093 55,815
Goodwill 12,258,185 12,224,141 12,269,501 Intangible assets, net
5,066,191 5,182,355 5,587,862 Other 84,864 88,563
84,719 Total assets $ 20,776,454 $
20,853,315 $ 26,622,683 Deferred income on
shipments to distributors, net $ 565,668 $ 529,532 $ 377,792 Other
current liabilities 811,195 657,016 750,321 Debt, current 56,000
50,000 4,321,169 Long-term debt 6,926,441 7,384,856 8,572,364
Deferred income taxes 943,117 981,866 2,431,410 Other non-current
liabilities (2) 888,678 902,266 203,032 Shareholders' equity
10,585,355 10,347,779 9,966,595 Total
liabilities & equity $ 20,776,454 $ 20,853,315
$ 26,622,683 (1) Includes $5,360, $5,270, and
$3,007 related to stock-based compensation in 2Q18, 1Q18, and 2Q17,
respectively. (2) Includes $691 million related to the one-time
transition tax related to the Tax Cuts and Jobs Act of 2017 in 2Q18
and 1Q18.
Analog Devices, Second Quarter, Fiscal
2018
Schedule
CCash Flow Statement (Unaudited)(In
thousands)
Three Months Ended 2Q 18 1Q 18
2Q 17 May 5,2018 Feb.
3,2018 Apr. 29,2017 Cash flows from
operating activities: Net Income $ 379,831 $ 268,172 $ 93,564
Adjustments to reconcile net income to net cash provided by
operations: Depreciation 56,589 56,415 48,772 Amortization of
intangibles 142,954 142,050 88,770 Stock-based compensation expense
38,914 37,902 22,486 Cost of goods sold for inventory acquired — —
121,113 Other non-cash activity 3,342 6,762 11,078 Deferred income
taxes (42,718 ) (691,496 ) (79,980 ) Changes in operating assets
and liabilities 139,582
568,883 233,512 Total adjustments
338,663 120,516
445,751 Net cash provided by operating
activities 718,494
388,688 539,315 Percent of revenue
47.5 % 25.6 % 47.0 %
Cash flows from investing activities: Purchases of
short-term available-for-sale investments — — (378,540 ) Maturities
of short-term available-for-sale investments — — 1,247,493 Sales of
short-term available-for-sale investments — — 69,787 Additions to
property, plant and equipment (53,900 ) (63,222 ) (46,929 )
Payments for acquisitions, net of cash acquired (52,339 ) —
(9,686,497 ) Change in other assets
249 (1,278 ) (6,117 ) Net cash used for
investing activities (105,990 )
(64,500 ) (8,800,803 ) Cash flows from
financing activities: Proceeds from debt 743,778 — 9,083,858 Debt
repayments (1,200,000 ) (420,000 ) — Dividend payments to
shareholders (178,282 ) (166,719 ) (139,314 ) Repurchase of common
stock (21,978 ) (7,930 ) (23,874 ) Proceeds from employee stock
plans 27,745 37,812 52,841 Contingent consideration payment (542 )
— — Change in other financing activities
(866 ) 8,811 (2,237 ) Net cash
(used for) provided by financing activities
(630,145 ) (548,026 ) 8,971,274
Effect of exchange rate changes on cash
(3,392 ) 3,550 694 Net
(decrease) increase in cash and cash equivalents (21,033 ) (220,288
) 710,480 Cash and cash equivalents at beginning of period
827,550 1,047,838
4,987,263 Cash and cash equivalents at end of period
$ 806,517 $
827,550 $ 5,697,743
Analog Devices, Second Quarter, Fiscal
2018
Schedule
DRevenue 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
May 5,2018 Feb.
3,2018 Apr. 29,2017 Revenue
% Q/Q % Y/Y %
Revenue Revenue Industrial $ 788,281 52%
6% 47% $ 740,898 $ 536,437 Automotive 238,839 16%
(6)% 28% 253,638 185,871 Consumer 198,063 13% (17)% (6)% 238,968
211,575 Communications 287,870 19% 1% 34% 285,120
214,099
Total Revenue $ 1,513,053
100% —% 32% $ 1,518,624
$ 1,147,982
Analog Devices, Second 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
2Q 18 1Q 18 2Q 17 May
5,2018 Feb. 3,2018 Apr.
29,2017 GAAP Revenue $ 1,513,053
$ 1,518,624 $ 1,147,982 Y/Y Revenue
growth % 31.8 % 54.3 % 47.4
% Q/Q Revenue growth % (0.4
)%
(1.5 )% 16.6 % Acquisition-Related
Deferred Revenues — —
60,759
Non-GAAP Revenue $
1,513,053 $ 1,518,624
$ 1,208,741 Y/Y Revenue growth %
25.2 % 54.3 % 55.2 %
Q/Q Revenue growth % (0.4 )% (1.5
)% 22.8 % GAAP Gross Margin
$ 1,033,812 $ 1,035,190 $
640,443 Gross Margin Percentage 68.3 %
68.2 % 55.8 % Acquisition-Related
Deferred Revenues — — 46,480 Acquisition-Related Expenses 44,743
43,776 150,532 Acquisition-Related Transaction Costs —
— 200
Non-GAAP Gross Margin
$ 1,078,555 $ 1,078,966
$ 837,655 Gross Margin
Percentage 71.3 % 71.0 %
69.3 % GAAP Operating Expenses $
569,836 $ 629,842 $ 494,608
Percent of Revenue 37.7 % 41.5 %
43.1 % Acquisition-Related Expenses (123,196 )
(117,978 ) (75,361 ) Acquisition-Related Transaction Costs (3,871 )
(8,736 ) (39,266 ) Restructuring-Related Expense (1,089 )
(57,318 ) —
Non-GAAP Operating Expenses
$ 441,680 $ 445,810
$ 379,981 Percent of Non-GAAP
Revenue 29.2 % 29.4 % 31.4
% GAAP Operating Income/Margin $
463,976 $ 405,348 $ 145,835
Percent of Revenue 30.7 % 26.7 %
12.7 % Acquisition-Related Deferred Revenues — —
46,480 Acquisition-Related Expenses 167,939 161,754 225,392
Acquisition-Related Transaction Costs 3,871 8,736 39,966
Restructuring-Related Expense 1,089 57,318
—
Non-GAAP Operating Income/Margin $
636,875 $ 633,156
$ 457,673 Percent of Non-GAAP Revenue
42.1 % 41.7 % 37.9 %
GAAP Provision (Benefit) for Income Taxes $
21,716 $ 70,682 $ (6,850
) Tax rate % 5.4 % 20.9 %
(7.9 )% Income Tax on Non-Discrete Tax Items Above
5,163 11,981 31,007 Income Tax of Prior Period Tax Liabilities (624
) — — Income Tax of Uncertain Tax Positions 3,750 — — Income Tax of
State Tax Valuation Release — — 16,518 Income Tax One-Time
Transitional Tax — (687,061 ) — Income Tax on Deferred Tax
Recalibration — 639,698 —
Non-GAAP Provision for Income Taxes $ 30,005
$ 35,300 $
40,675 Non-GAAP Tax rate % 5.2 %
6.2 % 10.2 % GAAP Diluted
EPS $ 1.01 $ 0.71 $
0.27 Acquisition-Related Deferred Revenue — — 0.13
Acquisition-Related Expenses 0.45 0.43 0.65 Acquisition-Related
Transaction Costs 0.01 0.02 0.12 Restructuring-Related Expense —
0.15 — Income Tax Effect of Above Items (0.01 ) (0.03 ) (0.09 )
Impact of State Tax Valuation Release — — (0.05 ) Impact of
Uncertain Tax Positions (0.01 ) — — Impact of Toll Tax — 1.84 —
Impact of Deferred Tax Recalibration — (1.71 )
—
Non-GAAP Diluted EPS (1) $ 1.45
$ 1.42 $
1.03
(1) The sum of the individual per share
amounts may not equal the total due to rounding.
Analog Devices, Second Quarter, Fiscal
2018
Schedule
FReconciliation of Free Cash Flow to Net Cash Flows
Provided by Operating Activities(Unaudited)(In
thousands)
Three Months Ended
2Q 18 1Q 18 2Q 17 May
5,2018 Feb. 3,2018 Apr.
29,2017 Net cash provided by operating activities $
718,494 $ 388,688 $ 539,315 % of Revenue 47.5 % 25.6 % 47.0 %
Capital expenditures (53,900 ) (63,222 ) (46,929 )
Free cash flow $ 664,594 $ 325,466 $
492,386 % of Revenue (1) 43.9 % 21.4 % 40.7 %
(1) 2Q17 Revenue on a non-GAAP basis and
includes acquisition-related deferred revenue outlined on Schedule
E.
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version on businesswire.com: https://www.businesswire.com/news/home/20180530005450/en/
Analog Devices, Inc.Mr. Michael Lucarelli, 781-461-3282Director
of Investor Relationsinvestor.relations@analog.com
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