- Revenue and earnings per share
exceed high end of guidance
- Record first quarter revenue of $984
million drives strong year-on-year margin expansion and cash flow
generation
- $1.4 billion in cash flow from
operations and $1.2 billion in free cash flow on a trailing twelve
month basis
Analog Devices, Inc. (NASDAQ: ADI), today announced financial
results for its first quarter of fiscal year 2017, which ended
January 28, 2017.
“We have started 2017 with strong and broad-based momentum in
our business,” said Vincent Roche, President and CEO. “Our strategy
to focus on sustainable and differentiated innovation helped drive
28% year-on-year revenue growth, and our laser focus on operational
execution drove strong year-on-year margin expansion and cash
generation in the first quarter.”
"In addition, we are pleased with the progress we are making to
close the acquisition of Linear Technology, and expect the deal to
close by the end of our second fiscal quarter. The combination with
Linear Technology, we believe, will create an analog industry
powerhouse, capable of creating tremendous value for our customers,
employees, and shareholders.”
“Looking ahead to the April quarter, we are planning for revenue
to be in the range of $870 million to $950 million, with sequential
aggregate strength in our Business to Business (B2B) markets of
industrial, automotive, and communications infrastructure being
offset by seasonal patterns in the portable consumer market. At the
mid-point of this range, we expect revenue to grow 17% over the
prior year, which would represent the 4th consecutive quarter of
year-over-year revenue growth for ADI.”
ADI also announced that its Board of Directors has approved a 7%
increase in its quarterly cash dividend to $0.45
from $0.42 per outstanding share of common stock,
representing an annual dividend per share of $1.80. The quarterly
dividend that was declared by the Board of Directors will be paid
on March 7, 2017 to all shareholders of record at the
close of business on February 24, 2017.
Results for the First Quarter of Fiscal
Year 2017
- Revenue totaled $984 million, down 2%
sequentially, and up 28% year-over-year
- Revenue in ADI’s B2B markets of
industrial, automotive, and communications infrastructure totaled
$714 million, up 1% sequentially, and up 11% year-over-year
- GAAP gross margin of 65.9% of revenue;
Non-GAAP gross margin of 66.1% of revenue
- GAAP operating margin of 27% of
revenue; Non-GAAP operating margin of 35% of revenue
- GAAP diluted EPS of $0.69; Non-GAAP
diluted EPS of $0.94
Please refer to the schedules provided for a summary of revenue
and earnings, selected balance sheet information, and the cash flow
statement for the first quarter of fiscal year 2017, 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 Second Quarter of
Fiscal Year 2017The following statements are based on
current expectations, and as indicated, and further explained
below, are presented on a non-GAAP basis where the Company is
unable without unreasonable efforts to forecast items that will be
included in reported GAAP results. 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.
- Revenue estimated to be in the range of
$870 million to $950 million
- Non-GAAP gross margin expected to
increase to between approximately 66.5% and approximately 67%
- Non-GAAP operating expenses expected to
be down approximately 3% to up approximately 1% sequentially
- Non-GAAP interest and other expense
expected to be approximately $30 million
- Non-GAAP tax rate expected to be
approximately 8%
- Non-GAAP diluted EPS estimated to be
$0.74 to $0.86 per share
With respect to the forward-looking information presented on a
non-GAAP basis, the Company is unable to provide a quantitative
reconciliation to GAAP because the items that would be included or
excluded, other than those described below, are difficult to
predict and estimate and are primarily dependent on future events,
including costs relating to the consummation and planned
integration of the Company’s pending acquisition of Linear
Technology Corporation, which is expected to close by the end of
the Company’s second fiscal 2017 quarter. Known reconciling items
are:
- Non-GAAP gross margin
excludes $2.7 million of amortization of purchased
intangible assets and depreciation of step up value on purchased
fixed assets;
- Non-GAAP operating expenses
exclude $18.2 million of amortization of purchased
intangible assets and depreciation of step up value on purchased
fixed assets;
- Non-GAAP tax rate excludes $1.0
million provision for income taxes which represents the tax
effects of the reconciling items noted in the two bullets above;
and
- Non-GAAP earnings per share excludes
$0.06, which represents the estimated impact of the amortization of
purchased intangible assets and depreciation of step up value on
purchased fixed assets, net of tax, associated with the non-GAAP
adjustments noted above on a per share basis.
Conference Call Scheduled for Today, Wednesday, February 15,
2017 at 10:00 am ETADI will host a conference call to discuss
first quarter fiscal 2017 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:
51678306, 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 provides 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 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
prior period acquisitions primarily include expenses associated
with the fair value adjustments to property, plant and equipment
and amortization of acquisition related intangibles, which include
acquired intangibles such as purchased technology and customer
relationships. 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 items are excluded from our non-GAAP operating
expenses, non-GAAP operating income, non-GAAP operating margin, and
non-GAAP diluted earnings per share:
Acquisition-Related Transaction Costs: Costs incurred as a
result of the Hittite acquisition and the proposed Linear
Technology acquisition, including legal, accounting and other
professional fees directly related to these 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.
Restructuring-Related Expenses: 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 other
expense and non-GAAP diluted earnings per share:
Loss on Extinguishment of Debt: In the first quarter of fiscal
2016, the Company redeemed its outstanding 3.0% senior unsecured
notes due April 15, 2016. The Company recognized a net loss on debt
extinguishment of approximately $3.3 million, which was comprised
of a make-whole premium and the write off of unamortized debt
issuance and discount costs. We excluded these costs from our
non-GAAP measures because they are not reflective of our ongoing
financial performance.
Amortization of Deferred Financing Costs: In the third quarter
of fiscal 2016, in connection with the proposed Linear Technology
acquisition, the Company obtained bridge financing commitments and
incurred financing fees which will be amortized into interest
expense over the term of the bridge financing commitments. In the
first quarter of fiscal 2017, the Company replaced a portion of the
bridge financing commitments with $2.1 billion of senior unsecured
notes. As a result, the Company accelerated $7.2 million of the
unamortized bridge financing commitment fees into interest expense.
We excluded these costs from our non-GAAP measures because they are
not reflective of our ongoing financial performance.
The following items are excluded from our non-GAAP diluted
earnings per share:
Tax-Related Items: Tax adjustments associated with the non-GAAP
items discussed above. In addition, in the first quarter of 2016,
the Company recorded a $7.5 million tax benefit related to the
reinstatement of the R&D tax credit in December 2015,
retroactive to January 1, 2015. 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.
Analog Devices believes that these non-GAAP measures have
material limitations in that they do not reflect all of the amounts
associated with our results of operations as determined in
accordance with GAAP and that these measures should only be used to
evaluate our results of operations in conjunction with the
corresponding GAAP measures. In addition, our 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 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.
Investors should consider our non-GAAP financial measures in
conjunction with the corresponding GAAP measures.
About Analog DevicesAnalog Devices designs and
manufactures semiconductor products and solutions. We enable our
customers to interpret the world around us by intelligently
bridging the physical and digital with unmatched technologies that
sense, measure and connect. 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
operating leverage, production and inventory levels, expected
market trends, and expected customer demand and order rates for our
products, the proposed acquisition of Linear Technology Corporation
(“Linear Technology”), the expected timing to close the
transaction, expected benefits and synergies of the transaction,
expected growth rates of the combined companies, Analog Devices’
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, the ability to satisfy the
conditions to closing of the proposed transaction with Linear
Technology, on the expected timing or at all; the ability to
obtain required regulatory approvals for the proposed transaction,
on the expected timing or at all, including the potential for
regulatory authorities to require divestitures in connection with
the proposed transaction; the occurrence of any event that could
give rise to the termination of the merger agreement with Linear
Technology; the risk of stockholder litigation relating to the
proposed transaction, including resulting expense or delay; higher
than expected or unexpected costs associated with or relating to
the transaction; the risk that expected benefits, synergies and
growth prospects of the transaction may not be achieved in a timely
manner, or at all; the risk that Linear Technology’s business may
not be successfully integrated with Analog Devices’ following the
closing; the risk that Analog Devices and Linear Technology will be
unable to retain and hire key personnel; and the risk that
disruption from the transaction may adversely affect Linear
Technology’s or Analog Devices’ business and relationships
with their 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 both Analog Devices’ and Linear Technology’s
filings with the Securities and Exchange Commission (“SEC”),
including the risk factors contained in each of Analog Devices’ and
Linear Technology’s most recent Quarterly Reports 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.
Important Additional Information Will Be Filed With The
SECIn connection with the proposed transaction, Analog Devices
and Linear Technology have filed and will file relevant information
with the SEC, including a registration statement of Analog
Devices on Form S-4 (the “registration statement”) that
includes a prospectus of Analog Devices and a proxy statement of
Linear Technology (the “proxy statement/prospectus”). INVESTORS AND
SECURITY HOLDERS OF LINEAR TECHNOLOGY ARE URGED TO CAREFULLY READ
THE ENTIRE REGISTRATION STATEMENT AND PROXY STATEMENT/PROSPECTUS
AND OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, BECAUSE THEY
CONTAIN IMPORTANT INFORMATION ABOUT ANALOG DEVICES, LINEAR
TECHNOLOGY AND THE PROPOSED TRANSACTION. A definitive proxy
statement/prospectus has been sent to Linear Technology’s
shareholders. The registration statement, proxy
statement/prospectus and other documents filed by Analog Devices
with the SEC may be obtained free of charge at Analog Devices’
website at www.analog.com or at the SEC’s website at www.sec.gov.
These documents may also be obtained free of charge from Analog
Devices by requesting them by mail at Analog Devices, Inc., One
Technology Way, P.O. Box 9106, Norwood, MA 02062-9106, Attention:
Investor Relations, or by telephone at (781) 461-3282. The
documents filed by Linear Technology with the SEC may be obtained
free of charge at Linear Technology’s website at www.linear.com or
at the SEC’s website at www.sec.gov. These documents may also be
obtained free of charge from Linear Technology by requesting them
by mail at Linear Technology Corporation, 1630 McCarthy Blvd.,
Milpitas, CA, 95035-7417, Attention: Investor Relations, or by
telephone at (408) 432-2407.
Non-SolicitationThis communication shall not constitute
an offer to sell or the solicitation of an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be
any sale of securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offer of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
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, First Quarter, Fiscal 2017
Schedule
A
Revenue and Earnings Summary (Unaudited) (In thousands,
except per-share amounts) Three Months
Ended 1Q 17 4Q 16
1Q 16 Jan.
28,2017 Oct. 29,2016
Jan. 30,2016 Revenue $ 984,449 $
1,003,623 $ 769,429 Year-to-year change 28 % 3 % — %
Quarter-to-quarter change (2 )% 15 % (21 )% Cost of sales (1)
335,945 336,936
292,136 Gross margin 648,504
666,687 477,293 Gross margin percentage 65.9 % 66.4 % 62.0 %
Year-to-year change (basis points) 390 80 (320 ) Quarter-to-quarter
change (basis points) (50 )
60 (360 ) Operating expenses:
R&D (1) 183,954 172,926 157,428 Selling, marketing and G&A
(1) 130,659 118,881 107,462 Amortization of intangibles 18,160
17,899 17,358 Special charges 49,463
— — Total
operating expenses 382,236 309,706 282,248 Total operating expenses
percentage 38.8 % 30.9 % 36.7 % Year-to-year change (basis points)
210 (2,360 ) (160 ) Quarter-to-quarter change (basis points)
790 (400 )
(1,780 ) Operating income 266,268 356,981 195,045 Operating
income percentage 27.0 % 35.6 % 25.3 % Year-to-year change (basis
points) 170 2,450 (160 ) Quarter-to-quarter change (basis points)
(860 ) 470
1,420 Other expense
32,959 33,547
12,868 Income before income tax 233,309 323,434
182,177 Provision for income taxes 16,180 27,277 17,673 Tax rate
percentage 6.9 % 8.4 %
9.7 % Net income $
217,129 $ 296,157
$ 164,504 Shares used for EPS - basic 308,786
307,854 311,166 Shares used for EPS - diluted 313,076 311,633
314,793 Earnings per share - basic $ 0.70 $ 0.96 $ 0.53
Earnings per share - diluted $ 0.69 $ 0.95 $ 0.52 Dividends
paid per share $ 0.42
$ 0.42 $ 0.40 (1)
Includes stock-based compensation expense as follows: Cost of sales
$ 1,944 $ 1,886 $ 2,092 R&D $ 7,021 $ 7,007 $ 6,704 Selling,
marketing and G&A $ 7,564 $ 6,341 $ 6,813
Analog Devices, First Quarter, Fiscal 2017
Schedule
B
Selected Balance Sheet Information (Unaudited) (In
thousands)
1Q 17 4Q 16
1Q 16
Jan. 28,2017 Oct.
29,2016 Jan. 30,2016
Cash & short-term investments $ 6,317,066 $ 4,055,793 $
3,789,468 Accounts receivable, net 472,511 477,609 375,087
Inventories (1) 365,586 376,555 404,852 Other current assets
78,570 64,906
74,727 Total current assets 7,233,733
4,974,863 4,644,134 PP&E, net 628,924 636,116 633,362
Investments 48,690 48,089 46,321 Goodwill 1,677,399 1,679,116
1,631,233 Intangible assets, net 529,516 549,368 564,839 Other
85,109 82,726
78,192 Total assets
$ 10,203,371 $ 7,970,278
$ 7,598,081 Deferred income on
shipments to distributors, net $ 356,666 $ 351,538 $ 298,272 Other
current liabilities 454,960 431,396 295,833 Long-term debt
3,805,400 1,732,177 1,730,948 Non-current liabilities 279,914
289,549 278,166 Shareholders' equity 5,306,431
5,165,618
4,994,862 Total liabilities & equity $
10,203,371 $ 7,970,278
$ 7,598,081
(1) Includes $2,553, $2,486, and $2,853 related to stock-based
compensation in 1Q17, 4Q16, and 1Q16, respectively.
Analog Devices, First Quarter, Fiscal
2017
Schedule
C
Cash Flow Statement (Unaudited) (In thousands)
Three Months Ended 1Q 17
4Q 16 1Q 16 Jan.
28,2017 Oct. 29,2016
Jan. 30,2016 Cash flows from
operating activities: Net Income $ 217,129 $ 296,157 $ 164,504
Adjustments to reconcile net income to net cash provided by
operations: Depreciation 34,379 34,116 33,209 Amortization of
intangibles 19,947 19,547 18,347 Stock-based compensation expense
16,529 15,234 15,609 Loss on extinguishment of debt — — 3,290 Other
non-cash activity 13,071 22,199 744 Excess tax benefit - stock
options (8,102 ) (3,273 ) (986 ) Deferred income taxes (7,055 )
(12,941 ) (7,717 ) Changes in operating assets and liabilities
28,594 115,945
(7,295 ) Total adjustments
97,363 190,827
55,201 Net cash provided by operating
activities 314,492
486,984 219,705 Percent of
revenue 31.9 % 48.5 %
28.6 % Cash flows from investing
activities: Purchases of short-term available-for-sale investments
(326,908 ) (1,841,330 ) (1,632,014 ) Maturities of short-term
available-for-sale investments 1,844,380 1,364,419 1,409,538 Sales
of short-term available-for-sale investments 287,601 42,645 47,950
Additions to property, plant and equipment (28,337 ) (41,224 )
(23,128 ) Payments for acquisitions, net of cash acquired (1,036 )
(80,967 ) — Change in other assets (5,946 )
(472 ) (6,711 ) Net cash
used for investing activities 1,769,754
(556,929 ) (204,365 )
Cash flows from financing activities: Payments of senior
unsecured notes — — (378,156 ) Proceeds from (payments of)
derivative instruments 3,904 — (33,430 ) Proceeds from debt
2,072,306 — 1,235,331 Payments for deferred financing fees (5,625 )
(4,375 ) — Dividend payments to shareholders (129,683 ) (129,643 )
(124,658 ) Repurchase of common stock (3,106 ) (1,412 ) (131,977 )
Proceeds from employee stock plans 34,432 22,154 6,229 Excess tax
benefit - stock options 8,102 3,273 986 Contingent consideration
payment — (1,409 ) — Change in other financing activities
2,221 45
(2,544 ) Net cash provided by (used for) financing
activities 1,982,551
(111,367 ) 571,781 Effect of
exchange rate changes on cash (666 )
(1,226 ) (1,032 ) Net
increase (decrease) in cash and cash equivalents 4,066,131 (182,538
) 586,089 Cash and cash equivalents at beginning of period
921,132 1,103,670
884,353 Cash and cash equivalents at
end of period $ 4,987,263
$ 921,132 $ 1,470,442
Analog Devices, First Quarter, Fiscal
2017
Schedule
D
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
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 Jan. 28,2017
Oct. 29,2016
Jan. 30,2016 Revenue
% Q/Q %
Y/Y % Revenue Revenue Industrial $ 401,481
41% 1%
15% $ 395,825 $ 348,402 Automotive 138,585 14% (2)% 10%
141,459 126,355 Consumer 270,408 27% (8)% 113% 294,470 126,838
Communications 173,975 18% 1% 4%
171,929 167,834
Total Revenue $ 984,449
100% (2)% 28%
$ 1,003,683 $ 769,429
Analog Devices, First Quarter, Fiscal
2017
Schedule
E
Reconciliation from GAAP to Non-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 1Q 17
4Q 16 1Q 16
Jan. 28, Oct. 29, Jan. 30, 2017
2016 2016 GAAP Gross Margin
$
648,504
$
666,687
$
477,293
Gross Margin Percentage
65.9
%
66.4
%
62
%
Acquisition-Related Expenses 2,178
2,040 1,445
Non-GAAP Gross Margin
$
650,682
$
668,727
$
478,738
Gross Margin Percentage
66.1
%
66.6
%
62.2
%
GAAP Operating Expenses
$
382,236
$
309,706
$
282,248
Percent of Revenue
38.8
%
30.9
%
36.7
%
Acquisition-Related Expenses
(18,232
)
(17,999
)
(17,457
)
Acquisition-Related Transaction Costs
(8,011
)
(5,210
)
— Restructuring-Related Expense
(49,463
)
— —
Non-GAAP Operating Expenses
$
306,530
$
286,497
$
264,791
Percent of Revenue
31.1
%
28.5
%
34.4
%
GAAP Operating Income/Margin
$
266,268
$
356,981
$
195,045
Percent of Revenue
27
%
35.6
%
25.3
%
Acquisition-Related Expenses 20,410 20,039 18,902
Acquisition-Related Transaction Costs 8,011 5,210 —
Restructuring-Related Expense 49,463
— —
Non-GAAP Operating Income/Margin
$
344,152
$
382,230
$
213,947
Percent of Revenue
35
%
38.1
%
27.8
%
GAAP Other Expense (Income)
$
32,959
$
33,547
$
12,868
Percent of Revenue
3.3
%
3.3
%
1.7
%
Amortization of Deferred Financing Costs
(7,214
)
(13,665
)
— Loss on Extinguishment of Debt —
—
(3,289
)
Non-GAAP Other Expense
$
25,745
$
19,882
$
9,579
Percent of Revenue
2.6
%
2
%
1.2
%
GAAP Diluted EPS
$
0.69
$
0.95
$
0.52
Acquisition-Related Expenses 0.07 0.06 0.06 Acquisition-Related
Transaction Costs 0.03 0.02 — Restructuring-Related Expense 0.16 —
— Amortization of Deferred Financing Costs 0.02 0.04 — Income Tax
Effect of Above Items
(0.03
)
(0.02
)
— Loss on Extinguishment of Debt
—
— 0.01 Impact of the Reinstatement of the R&D Tax Credit
— —
(0.02
)
Non-GAAP Diluted EPS (1)
$
0.94
$
1.05
$
0.56
(1) The sum of the individual per share amounts may not equal
the total due to rounding
Analog Devices, First Quarter, Fiscal 2017
Schedule
F
SUPPLEMENTAL CASH FLOW MEASURES (Unaudited) (In
thousands) Three Months
Ended 1Q 17 4Q 16
1Q 16 Jan. 28,2017
Oct. 29,2016 Jan.
30,2016 Net cash provided by operating activities $
314,492 $ 486,984 $ 219,705 % of Revenue 31.9 % 48.5 % 28.6 %
Capital expenditures (28,337 ) (41,224 )
(23,128 ) Free cash flow $ 286,155
$ 445,760 $
196,577 % of revenue 29.1 % 44.4 % 25.5 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170215005337/en/
Analog Devices, Inc.Mr. Ali Husain, 781-461-3282781-461-3491
(fax)Treasurer and Director of Investor
Relationsinvestor.relations@analog.com
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