- Fourth quarter revenue of more than $2.4
billion, above the midpoint of guidance with sequential
growth across all end markets
- Fiscal 2024 revenue of more than $9.4
billion
- Fiscal 2024 operating cash flow of $3.9
billion and free cash flow of $3.1
billion
- Returned more than $2.4 billion
to shareholders in fiscal 2024, including $0.6 billion of share repurchases and
$1.8 billion of dividends
WILMINGTON, Mass., Nov. 26,
2024 /PRNewswire/ -- Analog Devices, Inc. (Nasdaq:
ADI), a global semiconductor leader, today announced financial
results for its fiscal fourth quarter and fiscal year 2024, which
ended November 2, 2024.
"ADI's revenue, profitability, and earnings per share all
finished above our guided midpoint, underscoring continued business
momentum and solid execution," said Vincent
Roche, CEO and Chair. "While unprecedented customer
inventory headwinds drove a historic revenue decline during fiscal
2024, we maintained operating margins north of 40%, which is a
testament to our business model's resilience. We also continued to
make strategic, long-term investments across engineering,
manufacturing, and the end-to-end customer experience. As such, we
enter 2025 as an even stronger enterprise, giving me the utmost
confidence in our ability to drive increased value for customers
and shareholders over the long term."
"After a brief decline in overall bookings during our third
quarter, orders picked up steadily throughout the fourth quarter,
particularly in the Automotive end market. While macro uncertainty
continues to limit the pace of our recovery, we remain cautiously
optimistic for a strong growth year in fiscal 2025," said
Richard Puccio, CFO.
Performance for the Fourth Quarter and Fiscal Year
2024
|
Results
Summary(1)
|
|
|
|
|
|
|
|
|
|
|
|
|
(in millions, except
per-share amounts and percentages)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Nov. 2,
2024
|
|
Oct. 28,
2023
|
|
Change
|
|
Nov. 2,
2024
|
|
Oct. 28,
2023
|
|
Change
|
|
Revenue
|
$
2,443
|
|
$
2,716
|
|
(10) %
|
|
$
9,427
|
|
$
12,306
|
|
(23) %
|
|
Gross margin
|
$
1,416
|
|
$
1,647
|
|
(14) %
|
|
$
5,381
|
|
$
7,877
|
|
(32) %
|
|
Gross margin
percentage
|
58.0 %
|
|
60.6 %
|
|
(260 bps)
|
|
57.1 %
|
|
64.0 %
|
|
(690 bps)
|
|
Operating
income
|
$ 569
|
|
$ 634
|
|
(10) %
|
|
$
2,033
|
|
$
3,823
|
|
(47) %
|
|
Operating
margin
|
23.3 %
|
|
23.4 %
|
|
(10 bps)
|
|
21.6 %
|
|
31.1 %
|
|
(950 bps)
|
|
Diluted earnings per
share
|
$ 0.96
|
|
$ 1.00
|
|
(4) %
|
|
$ 3.28
|
|
$ 6.55
|
|
(50) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
Results(2)
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted gross
margin
|
$
1,660
|
|
$
1,907
|
|
(13) %
|
|
$
6,404
|
|
$
8,925
|
|
(28) %
|
|
Adjusted gross margin
percentage
|
67.9 %
|
|
70.2 %
|
|
(230 bps)
|
|
67.9 %
|
|
72.5 %
|
|
(460 bps)
|
|
Adjusted operating
income
|
$
1,005
|
|
$
1,215
|
|
(17) %
|
|
$
3,853
|
|
$
6,014
|
|
(36) %
|
|
Adjusted operating
margin
|
41.1 %
|
|
44.7 %
|
|
(360 bps)
|
|
40.9 %
|
|
48.9 %
|
|
(800 bps)
|
|
Adjusted diluted
earnings per share
|
$ 1.67
|
|
$ 2.01
|
|
(17) %
|
|
$ 6.38
|
|
$
10.09
|
|
(37) %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Trailing Twelve
Months
|
|
Cash
Generation
|
|
|
|
|
Nov. 2,
2024
|
|
Nov. 2,
2024
|
|
Net cash provided by
operating activities
|
|
|
|
|
$
1,051
|
|
$
3,853
|
|
% of revenue
|
|
|
|
|
43 %
|
|
41 %
|
|
Capital
expenditures
|
|
|
|
|
$
(165)
|
|
$
(730)
|
|
Free cash
flow(2)
|
|
|
|
|
$
885
|
|
$
3,122
|
|
% of revenue
|
|
|
|
|
36 %
|
|
33 %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Trailing Twelve
Months
|
|
Cash
Return
|
|
|
|
|
Nov. 2,
2024
|
|
Nov. 2,
2024
|
|
Dividend
paid
|
|
|
|
|
$
(457)
|
|
$
(1,795)
|
|
Stock
repurchases
|
|
|
|
|
(95)
|
|
(616)
|
|
Total cash
returned
|
|
|
|
|
$
(552)
|
|
$
(2,411)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1) The sum and/or
computation of the individual amounts may not equal the total due
to rounding.
|
|
(2) Reconciliations of
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 the "Non-GAAP Financial
Information" section for additional information.
|
Outlook for the First Quarter of Fiscal Year 2025
For the first quarter of fiscal 2025, we are forecasting revenue
of $2.35 billion, +/- $100 million. At the midpoint of this revenue
outlook, we expect reported operating margin of approximately
22.0%, +/- 130 bps, and adjusted operating margin of approximately
40.0%, +/- 100 bps. We are planning for reported EPS to be
$0.80, +/- $0.10, and adjusted EPS to be $1.53, +/- $0.10.
Our first quarter fiscal 2025 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 release. See also the "Non-GAAP Financial
Information" section for additional information.
Dividend Payment
The ADI Board of Directors has declared a quarterly cash
dividend of $0.92 per outstanding share of common stock.
The dividend will be paid on December 20, 2024 to all
shareholders of record at the close of business
on December 9, 2024.
Conference Call Scheduled for Today, Tuesday, November 26, 2024 at 10:00 am ET
ADI will host a conference call to discuss our fourth quarter
and fiscal 2024 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, U.S. 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 financial measures to their most
directly comparable GAAP financial measures 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 primary performance measurements 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 free cash
flow, a non-GAAP liquidity measure, 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 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 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 tax item related to a federal corporate income tax
relief claim 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, Inc.
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 $9
billion in FY24 and approximately 24,000 people globally,
ADI ensures today's innovators stay Ahead of What's Possible. Learn
more at www.analog.com and on LinkedIn and Twitter (X).
Forward Looking Statements
This press release contains forward-looking statements, which
address a variety of subjects including, for example, our
statements regarding our 2025 financial performance; expected
revenue, operating margin, nonoperating expenses, tax rate,
earnings per share, free cash flow returns, and other financial
results; customer inventory rationalization; economic uncertainty,
geopolitical conditions, demand, and other market conditions,
business cycles, and supply chains; capital expenditures and
investments, including those related to digital, software,
cybersecurity, and artificial intelligence; expected market and
technology trends; market size, market share gains, market
position, and growth opportunities; our opportunity pipeline;
expected product solutions, offerings, technologies, capabilities,
and applications, including those that may incorporate, or be based
upon, software or artificial intelligence technology; the value and
importance of, and other benefits related to, our product
solutions, offerings, and technologies to our customers, including
those that may incorporate, or be based upon, software or
artificial intelligence technology; our manufacturing capacity and
investments to enhance resiliency; expected tax credits; future
dividends and share repurchases; expected revenue synergies; 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: economic, political,
legal and regulatory uncertainty or conflicts; changes in demand
for semiconductor products; manufacturing delays, product and raw
materials availability and supply chain disruptions; products that
may be diverted from our authorized distribution channels; changes
in export classifications, import and export regulations or duties
and tariffs; our development of technologies and research and
development investments; our future liquidity, capital needs and
capital expenditures; our ability to compete successfully in the
markets in which we operate; our ability to recruit and retain key
personnel; risks related to acquisitions or other strategic
transactions; security breaches or other cyber incidents; risks
related to the use of artificial intelligence in our business
operations, products, and services; adverse results in
litigation matters; reputational damage; changes in our estimates
of our expected tax rates based on current tax law; risks related
to our indebtedness; 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; and uncertainty
as to the long-term value of our common stock. 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, 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.
CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
(In thousands,
except per share amounts)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Nov. 2,
2024
|
|
Oct. 28,
2023
|
|
Nov. 2,
2024
|
|
Oct. 28,
2023
|
|
Revenue
|
$ 2,443,205
|
|
$ 2,716,484
|
|
$ 9,427,157
|
|
$
12,305,539
|
|
Cost of
sales
|
1,027,077
|
|
1,069,768
|
|
4,045,814
|
|
4,428,321
|
|
Gross margin
|
1,416,128
|
|
1,646,716
|
|
5,381,343
|
|
7,877,218
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
Research
and development
|
378,903
|
|
406,594
|
|
1,487,863
|
|
1,660,194
|
|
Selling,
marketing, general and administrative
|
277,220
|
|
288,936
|
|
1,068,640
|
|
1,273,584
|
|
Amortization of intangibles
|
187,754
|
|
202,736
|
|
754,784
|
|
959,618
|
|
Special
charges, net
|
2,859
|
|
114,035
|
|
37,258
|
|
160,710
|
|
Total operating
expenses
|
846,736
|
|
1,012,301
|
|
3,348,545
|
|
4,054,106
|
|
Operating
income
|
569,392
|
|
634,415
|
|
2,032,798
|
|
3,823,112
|
|
Nonoperating expense
(income):
|
|
|
|
|
|
|
|
|
Interest
expense
|
82,804
|
|
71,590
|
|
322,227
|
|
264,641
|
|
Interest
income
|
(27,947)
|
|
(9,089)
|
|
(78,817)
|
|
(41,287)
|
|
Other,
net
|
(1,793)
|
|
128
|
|
12,048
|
|
(8,245)
|
|
Total nonoperating
expense (income)
|
53,064
|
|
62,629
|
|
255,458
|
|
215,109
|
|
Income before income
taxes
|
516,328
|
|
571,786
|
|
1,777,340
|
|
3,608,003
|
|
Provision for income
taxes
|
38,256
|
|
73,356
|
|
142,067
|
|
293,424
|
|
Net income
|
$
478,072
|
|
$
498,430
|
|
$ 1,635,273
|
|
$ 3,314,579
|
|
|
|
|
|
|
|
|
|
Shares used to compute
earnings per share - basic
|
496,432
|
|
497,073
|
|
496,166
|
|
502,232
|
|
Shares used to compute
earnings per share - diluted
|
498,722
|
|
500,424
|
|
498,697
|
|
505,959
|
|
|
|
|
|
|
|
|
|
Basic earnings per
common share
|
$
0.96
|
|
$
1.00
|
|
$
3.30
|
|
$
6.60
|
|
Diluted earnings per
common share
|
$
0.96
|
|
$
1.00
|
|
$
3.28
|
|
$
6.55
|
|
ANALOG DEVICES,
INC.
CONSOLIDATED BALANCE
SHEETS
(Unaudited)
|
|
|
(thousands, except
per share amounts)
|
Nov. 2,
2024
|
|
Oct. 28,
2023
|
|
ASSETS
|
|
|
|
|
Current
Assets
|
|
|
|
|
Cash and cash
equivalents
|
$
1,991,342
|
|
$
958,061
|
|
Short-term
investments
|
371,822
|
|
—
|
|
Accounts
receivable
|
1,336,331
|
|
1,469,734
|
|
Inventories
|
1,447,687
|
|
1,642,214
|
|
Prepaid expenses and
other current assets
|
337,472
|
|
314,013
|
|
Total current
assets
|
5,484,654
|
|
4,384,022
|
|
Other
Assets
|
|
|
|
|
Net property, plant
and equipment
|
3,415,550
|
|
3,219,157
|
|
Goodwill
|
26,909,775
|
|
26,913,134
|
|
Intangible assets,
net
|
9,585,464
|
|
11,311,957
|
|
Deferred tax
assets
|
2,083,752
|
|
2,223,272
|
|
Other
assets
|
749,082
|
|
742,936
|
|
Total non-current
assets
|
42,743,623
|
|
44,410,456
|
|
TOTAL
ASSETS
|
$
48,228,277
|
|
$
48,794,478
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
Current
Liabilities
|
|
|
|
|
Accounts
payable
|
$
487,457
|
|
$
493,041
|
|
Income taxes
payable
|
447,379
|
|
309,046
|
|
Debt,
current
|
399,636
|
|
499,052
|
|
Commercial paper
notes
|
547,738
|
|
547,224
|
|
Accrued
liabilities
|
1,106,070
|
|
1,352,608
|
|
Total current
liabilities
|
2,988,280
|
|
3,200,971
|
|
Non-current
Liabilities
|
|
|
|
|
Long-term
debt
|
6,634,313
|
|
5,902,457
|
|
Deferred income
taxes
|
2,624,392
|
|
3,127,852
|
|
Income taxes
payable
|
260,486
|
|
417,076
|
|
Other non-current
liabilities
|
544,489
|
|
581,000
|
|
Total non-current
liabilities
|
10,063,680
|
|
10,028,385
|
|
Shareholders'
Equity
|
|
|
|
|
Preferred stock,
$1.00 par value, 471,934 shares authorized, none
outstanding
|
—
|
|
—
|
|
Common stock, $0.16
2/3 par value, 1,200,000,000 shares authorized, 496,296,854
shares outstanding (496,261,678 on October 28,
2023)
|
82,718
|
|
82,712
|
|
Capital in excess of
par value
|
25,082,243
|
|
25,313,914
|
|
Retained
earnings
|
10,196,612
|
|
10,356,798
|
|
Accumulated other
comprehensive loss
|
(185,256)
|
|
(188,302)
|
|
Total shareholders'
equity
|
35,176,317
|
|
35,565,122
|
|
TOTAL
LIABILITIES AND SHAREHOLDERS' EQUITY
|
$
48,228,277
|
|
$
48,794,478
|
|
ANALOG DEVICES,
INC.
CONDENSED
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In
thousands)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
Nov. 2,
2024
|
|
Oct. 28,
2023
|
|
Nov. 2,
2024
|
|
Oct. 28,
2023
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
|
|
Net
income
|
$
478,072
|
|
$
498,430
|
|
$
1,635,273
|
|
$
3,314,579
|
|
Adjustments to
reconcile net income to net cash provided by operations:
|
|
|
|
|
|
|
|
|
Depreciation
|
97,241
|
|
82,919
|
|
362,771
|
|
334,704
|
|
Amortization of
intangibles
|
423,220
|
|
453,198
|
|
1,741,545
|
|
1,958,399
|
|
Stock-based
compensation expense
|
70,448
|
|
72,710
|
|
262,710
|
|
299,823
|
|
Deferred income
taxes
|
(97,997)
|
|
(21,553)
|
|
(367,563)
|
|
(452,946)
|
|
Other
|
(776)
|
|
(10,465)
|
|
23,050
|
|
8,665
|
|
Changes in
operating assets and liabilities
|
80,609
|
|
112,055
|
|
194,743
|
|
(645,590)
|
|
Total
adjustments
|
572,745
|
|
688,864
|
|
2,217,256
|
|
1,503,055
|
|
Net cash provided by
operating activities
|
1,050,817
|
|
1,187,294
|
|
3,852,529
|
|
4,817,634
|
|
Percent of
revenue
|
43 %
|
|
44 %
|
|
41 %
|
|
39 %
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
|
|
Purchases of
short-term investments
|
—
|
|
—
|
|
(438,901)
|
|
—
|
|
Maturities of
short-term investments
|
69,279
|
|
—
|
|
69,279
|
|
—
|
|
Additions to
property, plant and equipment, net
|
(165,410)
|
|
(476,393)
|
|
(730,463)
|
|
(1,261,463)
|
|
Other
|
(15,483)
|
|
(2,668)
|
|
(4,773)
|
|
(4,922)
|
|
Net cash used for
investing activities
|
(111,614)
|
|
(479,061)
|
|
(1,104,858)
|
|
(1,266,385)
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
|
|
Proceeds from
debt
|
—
|
|
—
|
|
1,087,856
|
|
—
|
|
Early
termination of debt
|
—
|
|
—
|
|
—
|
|
(65,688)
|
|
Debt
repayments
|
(499,966)
|
|
—
|
|
(499,966)
|
|
—
|
|
Proceeds from
commercial paper notes
|
2,474,948
|
|
2,640,615
|
|
10,184,439
|
|
5,287,124
|
|
Payments of
commercial paper notes
|
(2,474,652)
|
|
(2,638,101)
|
|
(10,183,925)
|
|
(4,739,900)
|
|
Dividend
payments to shareholders
|
(456,756)
|
|
(427,974)
|
|
(1,795,459)
|
|
(1,679,106)
|
|
Repurchase of
common stock
|
(94,878)
|
|
(469,937)
|
|
(615,590)
|
|
(2,963,955)
|
|
Proceeds from
employee stock plans
|
4,860
|
|
5,606
|
|
121,215
|
|
118,608
|
|
Other
|
(7,449)
|
|
(9,627)
|
|
(12,960)
|
|
(20,843)
|
|
Net cash used for
financing activities
|
(1,053,893)
|
|
(899,418)
|
|
(1,714,390)
|
|
(4,063,760)
|
|
Net (decrease) increase
in cash and cash equivalents
|
(114,690)
|
|
(191,185)
|
|
1,033,281
|
|
(512,511)
|
|
Cash and cash
equivalents at beginning of period
|
2,106,032
|
|
1,149,246
|
|
$
958,061
|
|
$
1,470,572
|
|
Cash and cash
equivalents at end of period
|
$
1,991,342
|
|
$
958,061
|
|
$
1,991,342
|
|
$
958,061
|
|
|
|
|
|
|
|
|
|
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,
2024
|
|
Oct. 28,
2023
|
|
Revenue
|
|
% of
revenue*
|
|
Y/Y %
|
|
Revenue
|
|
% of
revenue*
|
|
Industrial
|
$
1,070,978
|
|
44 %
|
|
(21) %
|
|
$
1,356,884
|
|
50 %
|
|
Automotive
|
716,964
|
|
29 %
|
|
(2) %
|
|
733,014
|
|
27 %
|
|
Communications
|
275,573
|
|
11 %
|
|
(18) %
|
|
336,238
|
|
12 %
|
|
Consumer
|
379,690
|
|
16 %
|
|
31 %
|
|
290,348
|
|
11 %
|
|
Total
revenue
|
$
2,443,205
|
|
100 %
|
|
(10) %
|
|
$
2,716,484
|
|
100 %
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended
|
|
Nov. 2,
2024
|
|
Oct. 28,
2023
|
|
Revenue
|
|
% of
revenue*
|
|
Y/Y %
|
|
Revenue
|
|
% of
revenue*
|
|
Industrial
|
$
4,314,280
|
|
46 %
|
|
(35) %
|
|
$
6,611,794
|
|
54 %
|
|
Automotive
|
2,827,439
|
|
30 %
|
|
(2) %
|
|
2,876,140
|
|
23 %
|
|
Communications
|
1,080,496
|
|
11 %
|
|
(33) %
|
|
1,606,426
|
|
13 %
|
|
Consumer
|
1,204,942
|
|
13 %
|
|
(1) %
|
|
1,211,179
|
|
10 %
|
|
Total
revenue
|
$
9,427,157
|
|
100 %
|
|
(23) %
|
|
$
12,305,539
|
|
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
|
|
Nov. 2,
2024
|
|
Oct. 28,
2023
|
|
Nov. 2,
2024
|
|
Oct. 28,
2023
|
|
Gross margin
|
$
1,416,128
|
|
$
1,646,716
|
|
$
5,381,343
|
|
$
7,877,218
|
|
Gross margin
percentage
|
58.0 %
|
|
60.6 %
|
|
57.1 %
|
|
64.0 %
|
|
Acquisition related
expenses
|
243,667
|
|
259,925
|
|
1,022,488
|
|
1,047,309
|
|
Adjusted gross
margin
|
$
1,659,795
|
|
$
1,906,641
|
|
$
6,403,831
|
|
$
8,924,527
|
|
Adjusted gross
margin percentage
|
67.9 %
|
|
70.2 %
|
|
67.9 %
|
|
72.5 %
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
$
846,736
|
|
$
1,012,301
|
|
$
3,348,545
|
|
$
4,054,106
|
|
Percent of
revenue
|
34.7 %
|
|
37.3 %
|
|
35.5 %
|
|
32.9 %
|
|
Acquisition related
expenses
|
(188,821)
|
|
(206,151)
|
|
(760,325)
|
|
(976,223)
|
|
Acquisition related
transaction costs
|
—
|
|
—
|
|
—
|
|
(7,069)
|
|
Special charges,
net
|
(2,859)
|
|
(114,035)
|
|
(37,258)
|
|
(160,710)
|
|
Adjusted operating
expenses
|
$
655,056
|
|
$
692,115
|
|
$
2,550,962
|
|
$
2,910,104
|
|
Adjusted
operating expenses percentage
|
26.8 %
|
|
25.5 %
|
|
27.1 %
|
|
23.6 %
|
|
|
|
|
|
|
|
|
|
Operating
income
|
$
569,392
|
|
$
634,415
|
|
$
2,032,798
|
|
$
3,823,112
|
|
Operating
margin
|
23.3 %
|
|
23.4 %
|
|
21.6 %
|
|
31.1 %
|
|
Acquisition related
expenses
|
432,488
|
|
466,076
|
|
1,782,813
|
|
2,023,532
|
|
Acquisition related
transaction costs
|
—
|
|
—
|
|
—
|
|
7,069
|
|
Special charges,
net
|
2,859
|
|
114,035
|
|
37,258
|
|
160,710
|
|
Adjusted operating
income
|
$
1,004,739
|
|
$
1,214,526
|
|
$
3,852,869
|
|
$
6,014,423
|
|
Adjusted
operating margin
|
41.1 %
|
|
44.7 %
|
|
40.9 %
|
|
48.9 %
|
|
|
|
|
|
|
|
|
|
Nonoperating expense
(income)
|
$
53,064
|
|
$
62,629
|
|
$
255,458
|
|
$
215,109
|
|
Acquisition related
expenses
|
2,150
|
|
2,150
|
|
8,600
|
|
13,743
|
|
Adjusted nonoperating
expense (income)
|
$
55,214
|
|
$
64,779
|
|
264,058
|
|
$
228,852
|
|
|
|
|
|
|
|
|
|
Income before income
taxes
|
$
516,328
|
|
$
571,786
|
|
$
1,777,340
|
|
$
3,608,003
|
|
Acquisition related
expenses
|
430,338
|
|
463,926
|
|
1,774,213
|
|
2,009,789
|
|
Acquisition related
transaction costs
|
—
|
|
—
|
|
—
|
|
7,069
|
|
Special charges,
net
|
2,859
|
|
114,035
|
|
37,258
|
|
160,710
|
|
Adjusted income before
income taxes
|
$
949,525
|
|
$
1,149,747
|
|
$
3,588,811
|
|
$
5,785,571
|
|
|
|
|
|
|
|
|
|
Provision for income
taxes
|
$
38,256
|
|
$
73,356
|
|
$
142,067
|
|
$
293,424
|
|
Effective tax
rate
|
7.4 %
|
|
12.8 %
|
|
8.0 %
|
|
8.1 %
|
|
Tax related
items
|
76,702
|
|
70,503
|
|
265,697
|
|
388,093
|
|
Adjusted provision for
income taxes
|
$
114,958
|
|
$
143,859
|
|
$
407,764
|
|
$
681,517
|
|
Adjusted tax
rate
|
12.1 %
|
|
12.5 %
|
|
11.4 %
|
|
11.8 %
|
|
|
|
|
|
|
|
|
|
Diluted EPS
|
$
0.96
|
|
$
1.00
|
|
$
3.28
|
|
$
6.55
|
|
Acquisition related
expenses
|
0.86
|
|
0.93
|
|
3.56
|
|
3.97
|
|
Acquisition related
transaction costs
|
—
|
|
—
|
|
—
|
|
0.01
|
|
Special charges,
net
|
0.01
|
|
0.23
|
|
0.07
|
|
0.32
|
|
Tax related
items
|
(0.15)
|
|
(0.14)
|
|
(0.53)
|
|
(0.77)
|
|
Adjusted diluted
EPS*
|
$
1.67
|
|
$
2.01
|
|
$
6.38
|
|
$
10.09
|
|
* 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,
2024
|
|
Nov. 2,
2024
|
|
Aug. 3,
2024
|
|
May. 4,
2024
|
|
Feb. 3,
2024
|
|
Revenue
|
$
9,427,157
|
|
$ 2,443,205
|
|
$ 2,312,209
|
|
$
2,159,039
|
|
$ 2,512,704
|
|
Net cash provided by
operating activities
|
$
3,852,529
|
|
$ 1,050,817
|
|
$
855,027
|
|
$
807,853
|
|
$ 1,138,832
|
|
% of Revenue
|
41 %
|
|
43 %
|
|
37 %
|
|
37 %
|
|
45 %
|
|
Capital
expenditures
|
$
(730,463)
|
|
$
(165,410)
|
|
$
(153,886)
|
|
$
(188,189)
|
|
$
(222,978)
|
|
Free cash
flow
|
$
3,122,066
|
|
$
885,407
|
|
$
701,141
|
|
$
619,664
|
|
$
915,854
|
|
% of Revenue
|
33 %
|
|
36 %
|
|
30 %
|
|
29 %
|
|
36 %
|
|
ANALOG DEVICES,
INC.
RECONCILIATION OF
PROJECTED GAAP TO NON-GAAP RESULTS
(Unaudited)
|
|
Three Months Ending
February 1, 2025
|
|
Reported
|
|
Adjusted
|
|
Revenue
|
$2.35
Billion
|
|
$2.35
Billion
|
|
(+/- $100
Million)
|
|
(+/- $100
Million)
|
|
Operating
margin
|
22.0 %
|
|
40.0 %(1)
|
|
(+/-130 bps)
|
|
(+/-100 bps)
|
|
Nonoperating
expenses
|
~ $60
Million
|
|
~ $60
Million
|
|
Tax rate
|
12% - 14%
|
|
12% - 14%
(2)
|
|
Earnings per
share
|
$0.80
|
|
$1.53 (3)
|
|
(+/- $0.10)
|
|
(+/- $0.10)
|
|
|
(1) Includes $424
million of adjustments related to acquisition related expenses, as
defined in the Non-GAAP Financial Information section of this press
release.
|
|
(2) Includes $55
million of tax effects associated with the adjustments for
acquisition related expenses noted above.
|
|
(3) Includes $0.73 of
adjustments related to the net impact of acquisition related
expenses and the tax effects on those items.
|
For more information, please contact:
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
View original content to download
multimedia:https://www.prnewswire.com/news-releases/analog-devices-reports-fourth-quarter-and-fiscal-2024-financial-results-302315997.html
SOURCE Analog Devices, Inc.
