- Fourth quarter revenue of $3.25 billion with all markets
growing sequentially
- Fiscal 2022 revenue of $12 billion; B2B markets of Industrial,
Automotive, and Communications each achieved records
- Fiscal 2022 operating cash flow of $4.5 billion and free cash
flow of $3.8 billion, or 31% of revenue, after investing a record
$699 million in capital expenditures
- Returned $4.6 billion to shareholders through $3.1 billion of
share repurchases and $1.5 billion of dividends in fiscal 2022
Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor
leader, today announced financial results for its fourth quarter
and fiscal year 2022, which ended October 29, 2022.
“ADI delivered its seventh consecutive quarter of record
revenue, bringing 2022 to a strong close. Our B2B markets of
Industrial, Automotive and Communications reached all-time highs,
while our Consumer business delivered another year of strong
growth. Our team’s execution, combined with strong operating
leverage, enabled the most profitable year in ADI’s history,” said
Vincent Roche, CEO and Chair. “While the economic backdrop
continues to cause demand uncertainty, we are well-positioned in
the near-term with stabilizing orders, a strong backlog, and
continued design win momentum.”
Roche continued, “ADI has successfully navigated many business
cycles over our nearly six-decade history, and today, our business
is more resilient than ever. We have increased our scale and
diversification, added more manufacturing agility, and fortified
our customer brand. These strengths enable ADI to maintain our
unwavering commitment to innovation and develop breakthrough
solutions at the intelligent edge, while delivering long-term value
for all stakeholders.”
Performance for
the Fourth Quarter and Fiscal 2022
Results Summary(1)
(in millions, except per-share amounts and
percentages)
Three Months Ended
Twelve Months Ended
Oct 29, 2022
Oct 30, 2021
Change
Oct 29, 2022
Oct 30, 2021
Change
Revenue
$
3,248
$
2,340
39
%
$
12,014
$
7,318
64
%
Gross margin
$
2,143
$
1,122
91
%
$
7,532
$
4,525
66
%
Gross margin percentage
66.0
%
47.9
%
1,810 bps
62.7
%
61.8
%
90 bps
Operating income
$
1,102
$
99
1,013
%
$
3,279
$
1,692
94
%
Operating margin
33.9
%
4.2
%
2,970 bps
27.3
%
23.1
%
420 bps
Diluted earnings per share
$
1.82
$
0.16
1,038
%
$
5.25
$
3.46
52
%
Adjusted Results
Adjusted gross margin
$
2,403
$
1,660
45
%
$
8,842
$
5,186
70
%
Adjusted gross margin percentage
74.0
%
70.9
%
310 bps
73.6
%
70.9
%
270 bps
Adjusted operating income
$
1,659
$
1,009
64
%
$
5,939
$
3,104
91
%
Adjusted operating margin
51.1
%
43.1
%
800 bps
49.4
%
42.4
%
700 bps
Adjusted diluted earnings per share
$
2.73
$
1.73
58
%
$
9.57
$
6.46
48
%
Three Months Ended
Trailing Twelve Months
Cash
Generation
Oct 29, 2022
Oct 29, 2022
Net cash provided by operating
activities
$
1,149
$
4,475
% of revenue
35
%
37
%
Capital expenditures
$
(305
)
$
(699
)
Free cash flow
$
845
$
3,776
% of revenue
26
%
31
%
Three Months Ended
Trailing Twelve Months
(2)
Cash
Return
Oct 29, 2022
Oct 29, 2022
Dividend paid
$
(390
)
$
(1,545
)
Stock repurchases
(818
)
(3,077
)
Total cash returned
$
(1,209
)
$
(4,622
)
(1) The sum and/or computation of the
individual amounts may not equal the total due to rounding.
(2) Includes $500 million of stock
repurchases, which were prepaid in the fourth quarter of fiscal
2021 as part of our accelerated share repurchase program.
Outlook for the First Quarter of Fiscal
Year 2023
For the first quarter of fiscal 2023, we are forecasting revenue
of $3.15 billion, +/- $100 million. At the midpoint of this revenue
outlook, we expect reported operating margin of approximately
33.4%, +/- 130 bps and adjusted operating margin of approximately
50.0%, +/- 70 bps. We are planning for reported EPS to be $1.71,
+/- $0.10, and adjusted EPS to be $2.60, +/- $0.10.
Our first 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 $0.76 per outstanding share of common stock. The
dividend will be paid on December 15, 2022 to all shareholders of
record at the close of business on December 5, 2022.
Conference Call Scheduled for Today,
Tuesday, November 22, 2022 at 10:00 am ET
ADI will host a conference call to discuss our fourth quarter
and fiscal year 2022 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 as follows:
Participant Dial-In (toll free): 1-833-630-1956 International
Participant Dial-In: 1-412-317-1837
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 and loss on
extinguishment of debt4 which are described further below.
Adjusted income before income taxes is defined as income (loss)
before income taxes, determined in accordance with GAAP, excluding:
acquisition related expenses1, acquisition related transaction
costs2, special charges, net3, and loss on extinguishment of debt4,
which are described further below.
Adjusted provision for income taxes is defined as provision for
(benefit from) income taxes, determined in accordance with GAAP,
excluding tax related items5, 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, loss
on extinguishment of debt4, and tax related items5, 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) and Linear Technology
Corporation (Linear) acquisitions. 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 the Acquisition, 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.
4Loss on Extinguishment of Debt: Expenses
incurred related to the extinguishment of debt including make-whole
premiums and other related fees, as well as the acceleration of
unamortized debt costs and previously deferred derivative hedge
losses. We excluded these costs from our non-GAAP measures because
they are not reflective of our ongoing financial performance.
5Tax Related Items: Income tax effect of the
non-GAAP items discussed above, income tax from certain discrete
tax items related to an intra-entity transfer of intangible assets,
an income tax benefit from discrete tax items related to the
consolidation of certain subsidiaries, and certain other income tax
benefits associated with prior periods. 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 more than 24,000 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.
Forward Looking
Statements
This press release contains forward-looking statements, which
address a variety of subjects including, for example, our
statements regarding our 2023 performance, momentum, and business
resilience; increasing supply; expected revenue, operating margin,
earnings per share, and other financial results; expected market
trends, market share gains, long-term value and growth, operating
leverage, production and inventory levels; expected customer demand
and order rates for our products, expected product offerings and
future innovations and solutions; and market 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: the uncertainty as to the extent of the duration, scope
and impacts of the COVID-19 pandemic; 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;
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 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; unanticipated difficulties or
expenditures relating to integrating Maxim; uncertainty as to the
long-term value of our common stock; 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
Twelve Months Ended
Oct 29, 2022
Oct 30, 2021
Oct 29, 2022
Oct 30, 2021
Revenue
$
3,247,716
$
2,339,568
$
12,013,953
$
7,318,286
Cost of sales
1,104,901
1,217,748
4,481,479
2,793,274
Gross margin
2,142,815
1,121,820
7,532,474
4,525,012
Operating expenses:
Research and development
421,008
399,121
1,700,518
1,296,126
Selling, marketing, general and
administrative
336,560
317,455
1,266,175
915,418
Amortization of intangibles
252,865
213,594
1,012,572
536,811
Special charges, net
29,906
92,645
274,509
84,456
Total operating expenses
1,040,339
1,022,815
4,253,774
2,832,811
Operating income
1,102,476
99,005
3,278,700
1,692,201
Nonoperating expense (income):
Interest expense
47,707
54,621
200,408
184,825
Loss on extinguishment of debt
—
215,150
—
215,150
Interest income
(4,328
)
(421
)
(6,906
)
(1,220
)
Other, net
11,085
(14,178
)
(13,551
)
(35,268
)
Total nonoperating expense
54,464
255,172
179,951
363,487
Income (loss) before income taxes
1,048,012
(156,167
)
3,098,749
1,328,714
Provision for (benefit from) income
taxes
111,786
(231,854
)
350,188
(61,708
)
Net income
$
936,226
$
75,687
$
2,748,561
$
1,390,422
Shares used to compute earnings per share
- basic
512,231
483,345
519,226
397,462
Shares used to compute earnings per share
- diluted
515,757
487,781
523,178
401,288
Basic earnings per common share
$
1.83
$
0.16
$
5.29
$
3.50
Diluted earnings per common share
$
1.82
$
0.16
$
5.25
$
3.46
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
October 29, 2022
October 30, 2021
Cash & cash equivalents
$
1,470,572
$
1,977,964
Accounts receivable
1,800,462
1,459,056
Inventories
1,399,914
1,200,610
Other current assets
267,044
740,687
Total current assets
4,937,992
5,378,317
Net property, plant and equipment
2,401,304
1,979,051
Other investments
122,285
127,856
Goodwill
26,913,134
26,918,470
Intangible assets, net
13,265,406
15,267,170
Deferred tax assets
2,264,888
2,267,269
Other assets
397,341
383,938
Total assets
$
50,302,350
$
52,322,071
Other current liabilities
$
2,442,655
$
2,253,649
Debt, current
—
516,663
Long-term debt
6,548,625
6,253,212
Deferred income taxes
3,622,538
3,938,830
Other non-current liabilities
1,223,209
1,367,175
Shareholders' equity
36,465,323
37,992,542
Total liabilities & equity
$
50,302,350
$
52,322,071
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended
Twelve Months Ended
Oct 29, 2022
Oct 30, 2021
Oct 29, 2022
Oct 30, 2021
Cash flows from operating activities:
Net income
$
936,226
$
75,687
$
2,748,561
$
1,390,422
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation
70,703
72,338
283,338
231,275
Amortization of intangibles
501,911
406,625
2,014,161
843,359
Cost of goods sold for inventory
acquired
—
331,083
271,396
331,083
Stock-based compensation expense
80,678
124,928
323,487
243,611
Non-cash impairment charge
—
—
91,953
—
Loss on extinguishment of debt
—
215,150
—
215,150
Non-cash operating lease costs
(26,129
)
2,377
(44,087
)
19,232
Deferred income taxes
(121,627
)
(334,429
)
(326,755
)
(406,922
)
Other
8,426
6,813
(2,987
)
(24,086
)
Changes in operating assets and
liabilities
(300,852
)
40,154
(883,665
)
(108,055
)
Total adjustments
213,110
865,039
1,726,841
1,344,647
Net cash provided by operating
activities
1,149,336
940,726
4,475,402
2,735,069
Percent of revenue
35
%
40
%
37
%
37
%
Cash flows from investing activities:
Additions to property, plant and
equipment, net
(304,512
)
(130,777
)
(699,308
)
(343,676
)
Cash received from acquisition of Maxim,
net of cash paid
—
2,450,550
—
2,450,550
Other
(1,821
)
7,032
41,940
36,651
Net cash (used for) provided by investing
activities
(306,333
)
2,326,805
(657,368
)
2,143,525
Cash flows from financing activities:
Proceeds from debt
296,130
3,939,640
296,130
3,939,640
Early termination of debt
—
(3,591,982
)
(519,116
)
(3,591,982
)
Payments on revolver
—
(400,000
)
(400,000
)
(400,000
)
Proceeds from revolver
—
400,000
400,000
400,000
Payment on derivative instrument
—
(153,161
)
—
(153,161
)
Prepayment for stock repurchases
—
(500,000
)
—
(500,000
)
Dividend payments to shareholders
(390,345
)
(371,230
)
(1,544,552
)
(1,109,344
)
Repurchase of common stock
(818,182
)
(2,095,992
)
(2,577,015
)
(2,605,144
)
Proceeds from employee stock plans
3,873
7,757
33,887
63,105
Other
21,664
(4,730
)
19,946
(2,778
)
Net cash used for financing activities
(886,860
)
(2,769,698
)
(4,290,720
)
(3,959,664
)
Effect of exchange rate changes on
cash
(10,531
)
(570
)
(34,706
)
3,174
Net (decrease) increase in cash and cash
equivalents
(54,388
)
497,263
(507,392
)
922,104
Cash and cash equivalents at beginning of
period
1,524,960
1,480,701
$
1,977,964
$
1,055,860
Cash and cash equivalents at end of
period
$
1,470,572
$
1,977,964
$
1,470,572
$
1,977,964
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
results within, each end market.
Three Months Ended
Oct 29, 2022
Oct 30, 2021
Revenue
% of revenue*
Y/Y %
Revenue
% of revenue*
Industrial
$
1,661,517
51%
40%
$
1,185,409
51%
Automotive
672,329
21%
49%
452,311
19%
Communications
501,984
15%
42%
354,746
15%
Consumer
411,886
13%
19%
347,102
15%
Total revenue
$
3,247,716
100%
39%
$
2,339,568
100%
Twelve Months Ended
Oct 29, 2022
Oct 30, 2021
Revenue
% of revenue*
Y/Y %
Revenue
% of revenue*
Industrial
$
6,069,332
51%
51%
$
4,026,909
55%
Automotive
2,515,513
21%
102%
1,248,169
17%
Communications
1,880,697
16%
56%
1,206,867
16%
Consumer
1,548,411
13%
85%
836,341
11%
Total revenue
$
12,013,953
100%
64%
$
7,318,286
100%
*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
Twelve Months Ended
Oct 29, 2022
Oct 30, 2021
Oct 29, 2022
Oct 30, 2021
Gross margin
$
2,142,815
$
1,121,820
$
7,532,474
$
4,525,012
Gross margin percentage
66.0
%
47.9
%
62.7
%
61.8
%
Acquisition related expenses
259,696
537,784
1,309,687
661,438
Adjusted gross margin
$
2,402,511
$
1,659,604
$
8,842,161
$
5,186,450
Adjusted gross margin percentage
74.0
%
70.9
%
73.6
%
70.9
%
Operating expenses
$
1,040,339
$
1,022,815
$
4,253,774
$
2,832,811
Percent of revenue
32.0
%
43.7
%
35.4
%
38.7
%
Acquisition related expenses
(259,565
)
(223,151
)
(1,042,317
)
(552,789
)
Acquisition related transaction costs
(7,120
)
(56,289
)
(33,966
)
(112,859
)
Special charges, net
(29,906
)
(92,645
)
(274,509
)
(84,456
)
Adjusted operating expenses
$
743,748
$
650,730
$
2,902,982
$
2,082,707
Adjusted operating expenses percentage
22.9
%
27.8
%
24.2
%
28.5
%
Operating income
$
1,102,476
$
99,005
$
3,278,700
$
1,692,201
Operating margin
33.9
%
4.2
%
27.3
%
23.1
%
Acquisition related expenses
519,261
760,935
2,352,004
1,214,227
Acquisition related transaction costs
7,120
56,289
33,966
112,859
Special charges, net
29,906
92,645
274,509
84,456
Adjusted operating income
$
1,658,763
$
1,008,874
$
5,939,179
$
3,103,743
Adjusted operating margin
51.1
%
43.1
%
49.4
%
42.4
%
Nonoperating expense (income)
$
54,464
$
255,172
$
179,951
$
363,487
Acquisition related expenses
2,288
3,842
9,163
3,842
Loss on extinguishment of debt
—
(215,150
)
—
(215,150
)
Adjusted nonoperating expense (income)
$
56,752
$
43,864
189,114
$
152,179
Income (loss) before income taxes
$
1,048,012
$
(156,167
)
$
3,098,749
$
1,328,714
Acquisition related expenses
516,973
757,093
2,342,841
1,210,385
Acquisition related transaction costs
7,120
56,289
33,966
112,859
Special charges, net
29,906
92,645
274,509
84,456
Loss on extinguishment of debt
—
215,150
—
215,150
Adjusted income before income taxes
$
1,602,011
$
965,010
$
5,750,065
$
2,951,564
Provision for (benefit from) income
taxes
$
111,786
$
(231,854
)
$
350,188
$
(61,708
)
Effective tax rate
10.7
%
(148.5
)%
11.3
%
(4.6
)%
Tax related items
83,853
354,377
394,755
420,844
Adjusted provision for income taxes
$
195,639
$
122,524
$
744,943
$
359,136
Adjusted tax rate
12.2
%
12.7
%
13.0
%
12.2
%
Diluted EPS
$
1.82
$
0.16
$
5.25
$
3.46
Acquisition related expenses
1.01
1.55
4.50
3.02
Acquisition related transaction costs
0.01
0.12
0.06
0.28
Special charges, net
0.06
0.19
0.52
0.21
Loss on extinguishment of debt
—
0.44
—
0.54
Tax related items
(0.16
)
(0.73
)
(0.75
)
(1.05
)
Adjusted diluted EPS*
$
2.73
$
1.73
$
9.57
$
6.46
* 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
Oct 29, 2022
Oct 29, 2022
Jul. 30, 2022
Apr. 30, 2022
Jan. 29, 2022
Revenue
$
12,013,953
$
3,247,716
$
3,109,880
$
2,972,064
$
2,684,293
Net cash provided by operating
activities
$
4,475,402
$
1,149,336
$
1,247,846
$
1,221,806
$
856,413
% of Revenue
37
%
35
%
40
%
41
%
32
%
Capital expenditures
$
(699,308
)
$
(304,512
)
$
(164,884
)
$
(118,779
)
$
(111,133
)
Free cash flow
$
3,776,094
$
844,824
$
1,082,962
$
1,103,027
$
745,280
% of Revenue
31
%
26
%
35
%
37
%
28
%
ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED
GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ending January
28, 2023
Reported
Adjusted
Revenue
$3.15 Billion
$3.15 Billion
(+/- $100 Million)
(+/- $100 Million)
Operating margin
33.4%
50.0% (1)
(+/-130 bps)
(+/-70 bps)
Nonoperating expenses
~ $50 Million
~ $50 Million
Tax rate
12% - 14%
12% - 14% (2)
Earnings per share
$1.71
$2.60 (3)
(+/- $0.10)
(+/- $0.10)
(1) Includes $518 million of adjustments related to acquisition
related expenses and $5 million of adjustments related to
acquisition related transaction costs as previously defined in the
Non-GAAP Financial Information section of this press release. (2)
Includes $71 million of tax effects associated with the adjustments
for acquisition related expenses and acquisition related
transaction costs noted above. (3) Includes $0.89 of adjustments
related to the net impact of acquisition related expenses and
acquisition related transaction costs, as well as the tax effects
on those items.
(ADI-WEB)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221122005242/en/
Investor Contact: Analog Devices, Inc. Mr. Michael Lucarelli
Vice President, Investor Relations and FP&A 781-461-3282
investor.relations@analog.com Media Contacts: Analog Devices, Inc.
Ms. Ferda Millan Global PR & External Communications
Ferda.Millan@analog.com
Analog Devices (NASDAQ:ADI)
Historical Stock Chart
From Mar 2024 to Apr 2024
Analog Devices (NASDAQ:ADI)
Historical Stock Chart
From Apr 2023 to Apr 2024