- Revenue was $1.44 billion for the fourth quarter and $6 billion
for fiscal 2019
- Operating cash flow was $2.3 billion and free cash flow was $2
billion for fiscal 2019
- Returned over $370 million to shareholders in the fourth
quarter, and nearly $1.4 billion for fiscal 2019 or over 120% of
free cash flow after debt payments
Analog Devices, Inc. (Nasdaq: ADI), a leading global
high-performance analog technology company, today announced
financial results for its fourth quarter and fiscal 2019, which
ended November 2, 2019.
“ADI delivered solid fourth quarter and full-year results amidst
continued trade and macro uncertainty,” said Vincent Roche,
President and CEO. “Over the course of the year, we generated
revenue of $6 billion and effectively managed costs, while
continuing to prioritize strategic investments to drive innovation.
Our strong margins and cash flow reflect the resiliency of our
business model, which enabled us to return nearly $1.4 billion to
shareholders, or over 120% of free cash flow after debt
payments.”
“Looking ahead, the underlying fundamentals and long-term
outlook for ADI are strong. Our diverse product portfolio of
cutting-edge technologies is well positioned to solve customers’
challenges and aligned with attractive secular trends that will
shape the industry’s future. As such, I believe we are in a
superior competitive position as demand returns to deliver our next
chapter of growth.”
Performance for the Fourth Quarter of
Fiscal 2019
Results
Summary
(in millions, except per-share amounts and
percentages)
Three Months Ended
Nov 2, 2019
Nov 3, 2018 (1)
Change
Revenue
$
1,443
$
1,536
(6)%
Gross margin
$
942
$
1,046
(10)%
Gross margin percentage
65.3%
(2)
68.1%
(280 bps)
Operating income
$
338
$
465
(27)%
Operating margin percentage
23.4%
30.3%
(690 bps)
Diluted earnings per share
$
0.74
$
1.08
(31)%
Adjusted Results
Adjusted gross margin
$
987
$
1,089
(9)%
Adjusted gross margin percentage
68.4%
(2)
70.9%
(250 bps)
Adjusted operating income
$
560
$
638
(12)%
Adjusted operating margin percentage
38.8%
41.5%
(270 bps)
Adjusted diluted earnings per share
$
1.19
$
1.48
(20)%
Three Months Ended
Trailing Twelve Months
Cash Generation
Nov 2, 2019
Nov 2, 2019
Net cash provided by operating
activities
$
658
$
2,253
% of revenue
46%
38%
Capital expenditures
$
(51)
$
(275)
Free cash flow
$
607
$
1,978
% of revenue
42%
33%
Three Months Ended
Trailing Twelve
Months
Cash Return
Nov 2, 2019
Nov 2, 2019
Dividend paid
$
(200)
$
(777)
Stock repurchases
(172)
(613)
Total cash returned (3)
$
(373)
$
(1,390)
(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) Includes approximately 140 basis
points of impact from a write-down of inventory associated with a
customer within our Communications end market.
(3) The sum of the individual amounts may
not equal the total due to rounding.
Outlook for the First Quarter of Fiscal
Year 2020
For the first quarter of fiscal 2020, we are forecasting revenue
of $1.30 billion, +/- $50 million. At the midpoint of this revenue
outlook, we expect reported operating margins of approximately
23.7%, and adjusted operating margins of approximately 36.7%. We
are planning for reported EPS to be $0.61, +/- $0.07, and adjusted
EPS to be $1.00, +/- $0.07.
Our first quarter fiscal 2020 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 December 17, 2019 to all shareholders of
record at the close of business on December 6, 2019.
Conference Call Scheduled for Today,
Tuesday, November 26, 2019 at 10:00 am ET
ADI will host a conference call to discuss our fourth 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:
9099003, 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
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; accelerated stock-based compensation expense3; and
restructuring related expense4 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; accelerated
stock-based compensation expense3; and restructuring related
expense4 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; accelerated stock-based compensation expense3; and
restructuring related expense4 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 items5 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; accelerated stock-based
compensation expense3; restructuring related expense4; 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 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.
3Accelerated Stock-Based Compensation
Expense: Stock-based compensation expense for one former executive
officer due to the accelerated vesting of restricted stock units
and stock options resulting from a reduction in the requisite
service period for each in accordance with the terms of the
applicable agreements. We excluded these costs because accelerated
stock-based compensation expense and the related tax effect have no
direct correlation to the operation of our business in the
future.
4Restructuring-Related Expense: Expenses
incurred in connection with facility closures, consolidation of
manufacturing facilities, severance, other accelerated stock-based
compensation expense 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.
5Tax-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, income tax on certain
inventory intra-entity transfers, tax expense or benefit related to
the impact of the Tax Cuts and Jobs Act of 2017 and other deferred
tax recalibration adjustments, income tax from state valuation
allowance adjustments, income tax from certain 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: 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 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)
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
Twelve Months Ended
Nov 2, 2019
Nov 3, 2018 (1)
Nov 2, 2019
Nov 3, 2018 (1)
Revenue
$
1,443,219
$
1,536,128
$
5,991,065
$
6,224,689
Cost of sales
501,028
490,585
1,977,315
1,974,293
Gross margin
942,191
1,045,543
4,013,750
4,250,396
Operating expenses:
Research & development
277,018
295,609
1,130,348
1,165,047
Selling, marketing, general and
administrative
154,799
175,296
648,094
695,540
Amortization of intangibles
107,225
107,345
429,041
428,902
Special charges
64,788
1,842
95,659
61,318
Total operating expenses
603,830
580,092
2,303,142
2,350,807
Operating income
338,361
465,451
1,710,608
1,899,589
Nonoperating expenses (income):
Interest expense
50,775
59,102
229,075
253,589
Interest income
(1,988)
(2,791)
(10,229)
(9,383)
Other, net
1,747
(196)
6,034
69
50,534
56,115
224,880
244,275
Income before income tax
287,827
409,336
1,485,728
1,655,314
Provision for income taxes
10,133
4,481
122,717
148,334
Net income
$
277,694
$
404,855
$
1,363,011
$
1,506,980
Shares used to compute earnings per share
- basic
369,051
371,074
369,133
370,430
Shares used to compute earnings per share
- diluted
372,584
375,116
372,871
374,938
Basic earnings per common share
$
0.75
$
1.09
$
3.68
$
4.05
Diluted earnings per common share
$
0.74
$
1.08
$
3.65
$
4.00
(1) Balances have been restated to reflect
the adoption of Accounting Standards Update (ASU) 2014-09, Revenue
from Contracts with Customers.
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
November 2, 2019
November 3, 2018 (1)
Cash & cash equivalents
$
648,322
$
816,591
Accounts receivable
635,136
639,717
Inventories
609,886
586,760
Other current assets
91,782
69,058
Total current assets
1,985,126
2,112,126
Net property, plant and equipment
1,219,989
1,154,328
Investments
77,324
68,583
Goodwill
12,256,880
12,252,604
Intangible assets, net
4,217,224
4,778,192
Deferred tax assets
1,582,382
9,665
Other
53,716
62,868
Total assets
$
21,392,641
$
20,438,366
Other current liabilities
$
1,208,965
$
984,748
Debt, current
299,667
67,000
Long-term debt
5,192,252
6,265,674
Deferred income taxes
2,088,212
990,409
Other non-current liabilities
894,357
862,362
Shareholders' equity
11,709,188
11,268,173
Total liabilities & equity
$
21,392,641
$
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
Twelve Months Ended
Nov 2, 2019
Nov 3, 2018 (1)
Nov 2, 2019
Nov 3, 2018 (1)
Cash flows from operating activities:
Net income
$
277,694
$
404,855
$
1,363,011
$
1,506,980
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation
61,636
58,874
240,677
228,525
Amortization of intangibles
143,528
142,316
570,574
570,538
Stock-based compensation expense
37,580
37,454
150,300
151,165
Non-cash portion of special charge
9,800
—
14,167
—
Deferred income taxes
(35,809)
(18,892)
(91,253)
(730,376)
Other non-cash activity
14,206
14,550
40,907
36,569
Changes in operating assets and
liabilities
149,270
75,284
(35,283)
678,960
Total adjustments
380,211
309,586
890,089
935,381
Net cash provided by operating
activities
657,905
714,441
2,253,100
2,442,361
Percent of revenue
45.6%
46.5%
37.6%
39.2%
Cash flows from investing activities:
Additions to property, plant and
equipment
(51,076)
(86,004)
(275,372)
(254,876)
Payments for acquisitions, net of cash
acquired
(11,170)
—
(11,170)
(52,839)
Change in other assets
(1,512)
(3,015)
(6,644)
(6,283)
Net cash used for investing activities
(63,758)
(89,019)
(293,186)
(313,998)
Cash flows from financing activities:
Proceeds from debt
—
—
1,250,000
743,778
Early termination of debt
—
—
(1,250,000)
—
Proceeds from revolver
—
—
75,000
—
Payments on revolver
—
—
(75,000)
—
Debt repayments
(200,000)
(225,000)
(850,000)
(2,275,000)
Dividend payments to shareholders
(200,196)
(179,416)
(777,481)
(703,307)
Repurchase of common stock
(172,389)
(184,116)
(613,005)
(225,977)
Proceeds from employee stock plans
10,388
10,668
116,523
99,027
Change in other financing activities
5,087
(2,882)
(2,831)
3,437
Net cash used for financing activities
(557,110)
(580,746)
(2,126,794)
(2,358,042)
Effect of exchange rate changes on
cash
(879)
(660)
(1,389)
(1,568)
Net increase (decrease) in cash and cash
equivalents
36,158
44,016
(168,269)
(231,247)
Cash and cash equivalents at beginning of
period
612,164
772,575
816,591
1,047,838
Cash and cash equivalents at end of
period
$
648,322
$
816,591
$
648,322
$
816,591
(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 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
Nov 2, 2019
Nov 3, 2018 (1)
Revenue
% of revenue (2)
Y/Y %
Revenue
% of revenue (2)
Industrial
$
744,137
52%
—%
$
742,549
48%
Communications
260,128
18%
(19)%
320,827
21%
Automotive
226,124
16%
(8)%
244,759
16%
Consumer
212,830
15%
(7)%
227,993
15%
Total revenue
$
1,443,219
100%
(6)%
$
1,536,128
100%
Twelve Months Ended
Nov 2, 2019
Nov 3, 2018 (1)
Revenue
% of revenue (2)
Y/Y %
Revenue
% of revenue (2)
Industrial
$
3,003,927
50%
(4)%
$
3,129,569
50%
Communications
1,284,087
21%
12%
1,151,359
18%
Automotive
933,143
16%
(8)%
1,009,927
16%
Consumer
769,908
13%
(18)%
933,834
15%
Total revenue
$
5,991,065
100%
(4)%
$
6,224,689
100%
(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 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
Nov 2, 2019
Nov 3, 2018 (1)
Nov 2, 2019
Nov 3, 2018 (1)
Gross margin
$
942,191
$
1,045,543
$
4,013,750
$
4,250,396
Gross margin percentage
65.3%
68.1%
67.0%
68.3%
Acquisition related expenses
44,822
43,896
175,266
180,903
Adjusted gross margin
$
987,013
$
1,089,439
$
4,189,016
$
4,431,299
Adjusted gross margin percentage
68.4%
70.9%
69.9%
71.2%
Operating expenses
$
603,830
$
580,092
$
2,303,142
$
2,350,807
Percent of revenue
41.8%
37.8%
38.4%
37.8%
Acquisition related expenses
(112,219)
(117,651)
(451,511)
(477,132)
Acquisition related transaction costs
—
(5,628)
—
(22,197)
Accelerated stock-based compensation
expense
—
(3,402)
—
(3,402)
Restructuring related expense
(64,788)
(1,842)
(95,659)
(61,318)
Adjusted operating expenses
$
426,823
$
451,569
$
1,755,972
$
1,786,758
Adjusted operating expenses percentage
29.6%
29.4%
29.3%
28.7%
Operating income
$
338,361
$
465,451
$
1,710,608
$
1,899,589
Operating margin
23.4%
30.3%
28.6%
30.5%
Acquisition related expenses
157,041
161,547
626,777
658,035
Acquisition related transaction costs
—
5,628
—
22,197
Accelerated stock-based compensation
expense
—
3,402
—
3,402
Restructuring related expense
64,788
1,842
95,659
61,318
Adjusted operating income
$
560,190
$
637,870
$
2,433,044
$
2,644,541
Adjusted operating margin
38.8%
41.5%
40.6%
42.5%
Provision for income taxes
$
10,133
$
4,481
$
122,717
$
148,334
Income tax on non discrete tax items
above
35,903
7,285
104,470
32,260
Income tax from prior period tax
liabilities
7,622
(10,333)
7,622
(12,289)
Income tax on certain inventory
intra-entity transfers
14,500
—
14,500
—
Income tax from state tax valuation
allowance adjustment
(13,435)
11,311
(13,435)
11,311
Income tax from prior period tax
credits
—
—
11,210
—
Income tax on voluntary accounting policy
change
—
—
17,155
—
Income tax from uncertain tax
positions
—
25,676
—
32,832
Income tax from one time transitional
tax
—
(3,904)
7,500
(690,965)
Income tax from deferred tax
recalibration
11,615
(6,125)
16,675
633,573
Adjusted provision for income taxes
$
66,338
$
28,391
$
288,414
$
155,056
Income before income taxes
$
287,827
$
409,336
$
1,485,728
$
1,655,314
Effective tax rate
3.5%
1.1%
8.3%
9.0%
Acquisition related expenses
157,041
161,547
626,777
658,035
Acquisition related transaction costs
—
5,628
—
22,197
Accelerated stock-based compensation
expense
—
3,402
—
3,402
Restructuring related expense
64,788
1,842
95,659
61,318
Adjusted income before income taxes
$
509,656
$
581,755
$
2,208,164
$
2,400,266
Adjusted tax rate
13.0%
4.9%
13.1%
6.5%
Diluted EPS
$
0.74
$
1.08
$
3.65
$
4.00
Acquisition related expenses
0.42
0.43
1.68
1.76
Acquisition related transaction costs
—
0.02
—
0.06
Accelerated stock-based compensation
expense
—
0.01
—
0.01
Restructuring related expense
0.17
0.00
0.26
0.16
Income tax on non discrete tax items
above
(0.10)
(0.02)
(0.28)
(0.09)
Income from prior period tax
liabilities
(0.02)
0.03
(0.02)
0.03
Income tax on certain inventory
intra-entity transfers
(0.04)
—
(0.04)
—
Income tax from state tax valuation
allowance adjustment
0.04
(0.03)
0.04
(0.03)
Income tax from prior period tax
credits
—
—
(0.03)
—
Income tax on voluntary accounting policy
change
—
—
(0.05)
—
Income tax from uncertain tax
positions
—
(0.07)
—
(0.09)
Income tax from one time transitional
tax
—
0.01
(0.02)
1.84
Income tax from deferred tax
recalibration
(0.03)
0.02
(0.04)
(1.69)
Adjusted diluted EPS (2)
$
1.19
$
1.48
$
5.15
$
5.97
(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
Nov 2, 2019
Nov 2, 2019
Aug 3, 2019
May 4, 2019
Feb 2, 2019
Revenue
$
5,991,065
$
1,443,219
$
1,480,143
$
1,526,602
$
1,541,101
Net cash provided by operating
activities
$
2,253,100
$
657,905
$
552,546
$
670,882
$
371,767
% of Revenue
38%
46%
37%
44%
24%
Capital expenditures
$
(275,372)
$
(51,076)
$
(58,094)
$
(75,209)
$
(90,993)
Free cash flow
$
1,977,728
$
606,829
$
494,452
$
595,673
$
280,774
% of Revenue
33%
42%
33%
39%
18%
ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED
GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ending Feb 1,
2020
Reported
Adjusted
Revenue
$1.30 Billion
$1.30 Billion
(+/- $50 Million)
(+/- $50 Million)
Operating margin
23.7%
36.7% (1)
(+/-150 bps)
(+/-100 bps)
Nonoperating expenses
~ $49 Million
~ $49 Million
Tax rate
12% to 15%
12% to 15% (2)
Earnings per share
$0.61
$1.00 (3)
(+/- $0.07)
(+/- $0.07)
(1) Includes $158 million of adjustments
related to acquisition related expenses and approximately $10
million of restructuring related expenses, as previously defined in
the Non-GAAP Financial Information section of this press
release.
(2) Includes $23 million of tax effects
associated with the adjustment for acquisition and restructuring
related expenses noted above.
(3) Includes $0.39 of adjustments related
to the net impact of $0.42 of acquisition related expenses, $0.03
of restructuring related expenses and $0.06 of tax effects on those
items.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20191126005249/en/
Investor Contact: Analog Devices, Inc. Mr. Michael Lucarelli,
781-461-3282 Director of Investor Relations
investor.relations@analog.com
Media Contacts: Teneo Andrea Calise, 917-826-3804
andrea.calise@teneo.com
Teneo Megan Fenton, 917-860-0356
megan.fenton@teneo.com
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