- Revenue of $1.53 billion led by strong
growth in our communication applications across multiple
markets
- B2B revenue increased year-over-year
for the 12th consecutive quarter
- Operating Cash Flow of $2.4 billion and
Free Cash Flow of $2.1 billion on a trailing twelve months
basis
- Returned over $300 million to
shareholders in the second quarter through dividends and share
repurchases
Analog Devices, Inc. (Nasdaq: ADI), a leading global
high-performance analog technology company, today announced
financial results for its second quarter of fiscal 2019, which
ended May 4, 2019.
“We continue to execute exceptionally well in an uncertain
environment,” said Vincent Roche, President and CEO. “Revenue and
EPS came in at the high-end of our guidance, led by strong growth
in our communication applications across multiple markets. All
told, B2B revenue increased year-over-year for the 12th consecutive
quarter.”
“The world around us remains volatile and uncertain, but when I
take a step back and look past the geopolitical noise, I am
confident that the macrotrends propelling our markets forward are
creating unprecedented demand for the technologies we provide. We
remain well-positioned to continue to deliver sustainable
profitable growth and strong shareholder returns over the
long-term.”
Performance for the Second Quarter of
Fiscal 2019
Results Summary(in millions,
except per-share amounts and percentages)
Three Months Ended May
4,2019 May 5,2018 (1)
Change Revenue $ 1,527 $ 1,564 (2 )% Gross margin $ 1,034 $
1,072 (4 )% Gross margin percentage 67.7 % 68.6 % (90 bps)
Operating income $ 470 $ 503 (7 )% Operating margin 30.8 % 32.1 %
(130 bps) Diluted earnings per share $ 0.98 $ 1.06 (8 )%
Adjusted Results Adjusted gross margin $ 1,077 $ 1,117 (4 )%
Adjusted gross margin percentage 70.6 % 71.5 % (90 bps) Adjusted
operating income $ 634 $ 675 (6 )% Adjusted operating margin 41.5 %
43.2 % (170 bps) Adjusted diluted earnings per share $ 1.36 $ 1.50
(9 )%
Cash
Generation
(in millions, except percentages)
Three MonthsEnded
Trailing TwelveMonths
May 4,2019
May 4,2019
Net cash provided by operating
activities
$
671
$
2,378
% of revenue (1)
44
%
39
%
Capital expenditures
$
(75
)
$
(304
)
Free cash flow
$
596
$
2,074
% of revenue (1)
39
%
34
%
Cash
Return
(in millions)
Three MonthsEnded
Trailing TwelveMonths
May 4,2019
May 4,2019
Dividend paid
$
(200
)
$
(735
)
Stock repurchases
(102
)
(525
)
Total cash returned
$
(302
)
$
(1,260
)
(1) Prior year balances have been restated to reflect the
adoption of the new revenue recognition standard in the first
quarter of fiscal 2019.
Outlook for the Third Quarter of Fiscal
Year 2019
Our third quarter guidance takes into account the estimated
impact on ADI from the U.S. Government’s recently announced export
restrictions on a large communications company. At this time, we
have ceased shipments of products to that company, and we are
currently reviewing our ability to resume shipments under the
recently announced temporary general license.
For the third quarter of fiscal 2019, we are forecasting revenue
of $1.45 billion, +/- $50 million. At the midpoint of this revenue
outlook, we expect reported operating margins of approximately
29.7%, and adjusted operating margins of approximately 40.5%. We
are planning for reported EPS to be $0.86, +/- $0.07, and adjusted
EPS to be $1.22, +/- $0.07.
Our third quarter fiscal 2019 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 June 11, 2019 to all
shareholders of record at the close of business
on May 31, 2019.
Conference Call Scheduled for Today,
Wednesday, May 22, 2019 at 10:00 am ET
ADI will host a conference call to discuss our second 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:
4736779, 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.
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 restructuring related expense3 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
restructuring related expense3 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; and restructuring related expense3 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 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, restructuring related
expense3 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 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.
3Restructuring-Related Expense: Expenses
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 have no direct correlation to the operation
of our business in the future.
4Tax-Related Items: Tax adjustments
associated with the non-GAAP items discussed above, discrete tax
items including tax expense or benefit related to prior periods,
tax expense or benefit related to the impact of the Tax Cuts and
Jobs Act of 2017, and uncertain tax positions. 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, 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: 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; higher than expected or
unexpected costs associated with or relating to the acquisition of
Linear Technology and the integration of the businesses; the risk
that expected benefits, synergies and growth prospects of the
acquisition may not be fully achieved in a timely manner, or at
all; the risk that Linear Technology’s business may not be
successfully integrated with Analog Devices’; the risk that we will
be unable to retain and hire key personnel; and the risk that
disruption resulting from the acquisition may adversely affect our
business and relationships with our customers, suppliers or
employees. For additional information about factors that could
cause actual results to differ materially from those described in
the forward-looking statements, please refer to our filings with
the Securities and Exchange Commission (“SEC”), including the risk
factors contained in our most recent Quarterly Report on Form 10-Q
and Annual Report on Form 10-K. Forward-looking statements
represent management’s current expectations and are inherently
uncertain. Except as required by law, we do not undertake any
obligation to update forward-looking statements made by us to
reflect subsequent events or circumstances.
Analog Devices and the Analog Devices logo are registered
trademarks or trademarks of Analog Devices, Inc. All other
trademarks mentioned in this document are the property of their
respective owners.
(ADI-WEB)
For more information, please contact: Mr. Michael
Lucarelli, Director of Investor Relations, Analog Devices, Inc.
781-461-3282 (phone); investor.relations@analog.com (email).
ANALOG DEVICES, INC.CONDENSED
CONSOLIDATED STATEMENTS OF INCOME(Unaudited)(In
thousands, except per share amounts)
Three Months Ended Six
Months Ended May 4, 2019
May 5, 2018(2)
May 4, 2019
May 5, 2018(2)
Revenue $ 1,526,602 $ 1,563,502 $ 3,067,703 $ 3,130,372 Cost of
sales (1) 492,510 491,112 993,955 986,299
Gross margin 1,034,092 1,072,390 2,073,748 2,144,073
Operating expenses: Research & development (1) 285,846 289,472
573,228 578,069 Selling, marketing and general and administrative
(1) 163,128 172,146 330,470 349,054 Amortization of intangibles
107,261 107,129 214,585 214,148 Special charges 8,162 1,089
29,944 58,407 Total operating expenses 564,397
569,836 1,148,227 1,199,678 Operating income 469,695 502,554
925,521 944,395 Nonoperating expense (income): Interest expense
59,701 64,792 118,429 132,822 Interest income (2,928 ) (1,912 )
(5,616 ) (4,004 ) Other, net 4,525 (451 ) 4,365 105
61,298 62,429 117,178 128,923
Income before income tax 408,397 440,125 808,343 815,472 Provision
for income taxes 40,460 39,797 85,400 121,904
Net income $ 367,937 $ 400,328 $ 722,943
$ 693,568 Shares used to compute earnings per
share - basic 369,246 370,384 368,974 369,685 Shares used to
compute earnings per share - diluted 373,342 374,778 372,912
374,430 Basic earnings per common share
$
0.99 $ 1.08 $ 1.95 $ 1.87 Diluted earnings per common share $ 0.98
$ 1.06 $ 1.93 $ 1.84
(1) Includes stock-based compensation
expense as follows:
Cost of sales
$
5,389
$
3,820
$
10,473
$
8,041
R&D
$
19,567
$
22,018
$
38,492
$
41,746
Selling, marketing and G&A
$
15,273
$
13,076
$
27,657
$
27,029
(2) 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 BALANCE SHEETS(Unaudited)(In thousands,
except share and per share amounts)
May 4, 2019 November
3, 2018 (1) Cash & cash equivalents $ 713,601 $ 816,591
Accounts receivable 685,978 639,717 Inventories 608,085 586,760
Other current assets 72,825 69,058 Total current assets
2,080,489 2,112,126 Net property, plant and equipment 1,211,467
1,154,328 Investments 74,277 68,583 Goodwill 12,250,370 12,252,604
Intangible assets, net 4,489,182 4,778,192 Deferred tax assets
1,610,109 9,665 Other 60,431 62,868 Total assets $
21,776,325 $ 20,438,366 Other current liabilities $
990,870 984,748 Debt, current 374,165 67,000 Long-term debt
5,612,365 6,265,674 Deferred income taxes 2,228,822 990,409 Other
non-current liabilities 827,845 862,362 Shareholders' equity
11,742,258 11,268,173 Total liabilities & equity $
21,776,325 $ 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 Six
Months Ended May 4, 2019
May 5, 2018(1)
May 4, 2019
May 5, 2018(1)
Cash flows from operating activities: Net Income $ 367,937 $
400,328 $ 722,943 $ 693,568 Adjustments to reconcile net income to
net cash provided by operations: Depreciation 59,142 56,589 117,435
113,004 Amortization of intangibles 142,233 142,954 284,525 285,004
Stock-based compensation expense 40,229 38,914 76,622 76,816
Non-cash portion of special charge — — 4,367 — Deferred income
taxes (37,495 ) (28,037 ) (21,843 ) (705,640 ) Other non-cash
activity 11,736 3,342 18,429 10,104 Changes in operating assets and
liabilities 87,100 104,404 (159,829 ) 634,326
Total adjustments 302,945 318,166 319,706
413,614 Net cash provided by operating activities 670,882
718,494 1,042,649 1,107,182 Percent of
revenue 43.9 % 46.0 % 34.0 % 35.4 % Cash flows from investing
activities: Additions to property, plant and equipment (75,209 )
(53,900 ) (166,202 ) (117,122 ) Payments for acquisitions, net of
cash acquired — (52,339 ) — (52,339 ) Change in other assets 637
249 (4,585 ) (1,029 ) Net cash used for investing
activities (74,572 ) (105,990 ) (170,787 ) (170,490 ) Cash
flows from financing activities: Proceeds from debt — 743,778 —
743,778 Proceeds from revolver — — 75,000 — Payments on revolver —
— (75,000 ) — Debt repayments (250,000 ) (1,200,000 ) (350,000 )
(1,620,000 ) Dividend payments to shareholders (199,501 ) (178,282
) (377,217 ) (345,001 ) Repurchase of common stock (101,522 )
(21,978 ) (328,615 ) (29,908 ) Proceeds from employee stock plans
67,678 27,745 86,907 65,557 Contingent consideration payment (3,000
) (542 ) (4,000 ) (542 ) Change in other financing activities
(2,575 ) (866 ) (2,144 ) 7,945 Net cash used for financing
activities (488,920 ) (630,145 ) (975,069 ) (1,178,171 ) Effect of
exchange rate changes on cash 347 (3,392 ) 217 158
Net increase (decrease) in cash and cash equivalents
107,737 (21,033 ) (102,990 ) (241,321 ) Cash and cash equivalents
at beginning of period 605,864 827,550 816,591
1,047,838 Cash and cash equivalents at end of period $
713,601 $ 806,517 $ 713,601 $ 806,517
(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 evolve and improve, the
categorization of products by end market can vary over time. When
this occurs we reclassify revenue by end market for prior periods.
Such reclassifications typically do not materially change the
sizing of, or the underlying trends of results within, each end
market.
Three Months Ended May 4, 2019
May 5, 2018 (1) Revenue % of
revenue* Y/Y % Revenue % of
revenue* Industrial $ 763,455 50% (6)% $ 810,732 52% Automotive
249,765 16% —% 250,919 16% Consumer 153,745 10% (32)% 227,077 15%
Communications 359,637 24% 31% 274,774 18%
Total
revenue $ 1,526,602 100%
(2)% $ 1,563,502 100%
Six
Months Ended May 4, 2019 May 5, 2018 (1)
Revenue % of revenue* Y/Y % Revenue
% of revenue* Industrial $ 1,488,077 49% (6)% $ 1,590,445
51% Automotive 511,319 17% (1)% 515,791 16% Consumer 362,966 12%
(26)% 491,711 16% Communications 705,341 23% 32% 532,425
17%
Total revenue $ 3,067,703
100% (2)% $ 3,130,372
100%
(1) Balances have been restated to reflect the full
retrospective adoption of Accounting Standards Update (ASU)
2014-09, Revenue from Contracts with Customers.*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 Six
Months Ended May 4, 2019 May 5, 2018 (1)
May 4, 2019 May 5, 2018 (1) Gross margin $
1,034,092 $ 1,072,390 $ 2,073,748 $ 2,144,073 Gross margin
percentage 67.7 % 68.6 % 67.6 % 68.5 % Acquisition related expenses
43,255 44,743 88,750 88,519 Adjusted
gross margin $ 1,077,347 $ 1,117,133 $ 2,162,498
$ 2,232,592 Adjusted gross margin percentage 70.6 %
71.5 % 70.5 % 71.3 % Operating expenses $ 564,397 $ 569,836
$ 1,148,227 $ 1,199,678 Percent of revenue 37.0 % 36.4 % 37.4 %
38.3 % Acquisition related expenses (112,824 ) (123,196 ) (222,656
) (241,174 ) Acquisition related transaction costs — (3,871 ) —
(12,607 ) Restructuring related expense (8,162 ) (1,089 ) (29,944 )
(58,407 ) Adjusted operating expenses $ 443,411 $ 441,680
$ 895,627 $ 887,490 Adjusted operating
expenses percentage 29.0 % 28.2 % 29.2 % 28.4 % Operating
income $ 469,695 $ 502,554 $ 925,521 $ 944,395 Operating margin
30.8 % 32.1 % 30.2 % 30.2 % Acquisition related expenses 156,079
167,939 311,406 329,693 Acquisition related transaction costs —
3,871 — 12,607 Restructuring related expense 8,162 1,089
29,944 58,407 Adjusted operating income $
633,936 $ 675,453 $ 1,266,871 $ 1,345,102
Adjusted operating margin 41.5 % 43.2 % 41.3 % 43.0 %
Provision for income taxes $ 40,460 $ 39,797 $ 85,400 $ 121,904
Income tax on non discrete tax items above 22,740 5,163 47,640
17,144 Income tax on prior period tax liabilities — (624 ) — (624 )
Income tax of uncertain tax positions — 3,750 — 3,750 Income tax
one time transitional tax — — 7,500 (687,061 ) Income tax on
deferred tax recalibration — — 5,060 639,698
Adjusted provision for income taxes $ 63,200 $ 48,086
$ 145,600 $ 94,811 Income before income
taxes 408,397 440,125 808,343 815,472 Effective tax rate 9.9 % 9.0
% 10.6 % 14.9 % Acquisition related expenses 156,079 167,939
311,406 329,693 Acquisition related transaction costs — 3,871 —
12,607 Restructuring related expense 8,162 1,089
29,944 58,407 Adjusted income before income taxes $
572,638 $ 613,024 $ 1,149,693 $ 1,216,179
Adjusted tax rate 11.0 % 7.8 % 12.7 % 7.8 % Diluted
EPS $ 0.98 $ 1.06 $ 1.93 $ 1.84 Acquisition related expenses 0.42
0.45 0.84 0.88 Acquisition related transaction costs — 0.01 — 0.03
Restructuring related expense 0.02 — 0.08 0.16 Income tax on non
discrete tax items above (0.06 ) (0.01 ) (0.13 ) (0.05 ) Income on
prior period tax liabilities — — — — Income of uncertain tax
positions — (0.01 ) — (0.01 ) Income tax one time transitional tax
— — (0.02 ) 1.83 Income tax on deferred tax recalibration —
— (0.01 ) (1.71 ) Adjusted diluted EPS (2) $ 1.36 $
1.50 $ 2.69 $ 2.96
(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)
TrailingTwelveMonths
Three Months Ended May 4,2019 May
4,2019 Feb 2,2019 Nov
3,2018 Aug. 4,2018 Revenue (1) $
6,162,020 $ 1,526,602 $ 1,541,101 $ 1,536,128 $ 1,558,189 Net cash
provided by operating activities $ 2,377,828 $ 670,882 $ 371,767 $
714,441 $ 620,738 % of Revenue 39 % 44 % 24 % 47 % 40 % Capital
expenditures $ (303,956 ) $ (75,209 ) $ (90,993 ) $ (86,004 ) $
(51,750 ) Free cash flow $ 2,073,872 $ 595,673 $ 280,774 $ 628,437
$ 568,988 % of Revenue 34 % 39 % 18 % 41 % 37 %
(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.RECONCILIATION OF
PROJECTED GAAP TO NON-GAAP RESULTS(Unaudited)
Three Months Ending Aug. 3, 2019
Reported Adjusted Revenue $1.45 Billion
$1.45 Billion (+/- $50 Million) (+/- $50 Million) Operating margin
29.7% 40.5% (1) (+/-100 bps) (+/-70 bps) Tax rate 13% to 15% 13% to
15% (2) Earnings per share $0.86 $1.22 (3) (+/- $0.07) (+/- $0.07)
(1) Includes $157 million of adjustments related to acquisition
related expenses as previously defined in the Non-GAAP Financial
Information section of this press release.(2) Includes $22 million
of tax effects associated with the adjustment for acquisition
related expenses above.(3) Includes $0.36 of adjustments related to
the net impact of $0.42 of acquisition related expenses and $0.06
of tax effects on those acquisition related expenses.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20190522005388/en/
Analog Devices, Inc.Mr. Michael Lucarelli, 781-461-3282Director
of Investor Relationsinvestor.relations@analog.com
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