- Fourth quarter revenue of $2.34 billion, exceeded the midpoint
of guidance, and fiscal 2021 revenue of $7.32 billion was led by
strength in the Industrial and Automotive markets
- Operating cash flow of $2.7 billion and free cash flow of $2.4
billion in fiscal 2021
- Returned a record $3.7 billion to shareholders in fiscal 2021
through dividends and buybacks, including $2.0 billion of our $2.5
billion accelerated share repurchase program
- Completed the acquisition of Maxim Integrated, further
strengthening ADI’s position as a high-performance semiconductor
leader
Analog Devices, Inc. (Nasdaq: ADI), a leading global
high-performance semiconductor company, today announced financial
results for its fourth quarter and full year fiscal 2021, which
ended October 30, 2021.
“ADI delivered another quarter of record revenue and profits,
marking a strong end to the fiscal year. Our Industrial and
Automotive markets reached all-time highs and our Consumer business
returned to solid growth in fiscal 2021,” said Vincent Roche,
President and CEO, “As we enter fiscal 2022, our backlog and
bookings remain robust, and we continue to invest in capacity,
setting us up for continued growth in the years ahead.”
Roche continued, “The past year truly demonstrated the vital
importance of semiconductors to the modern digital age and we’re
now better positioned than ever to capture value with our
acquisition of Maxim Integrated. This combination has expanded our
global team of talented employees and best-in-class technologies,
and together, we will develop even more complete, high-performance
solutions that define the edge of possible. I’m confident in our
ability to drive the next waves of analog semiconductor innovation,
while delivering strong returns for shareholders.”
Performance for the Fourth Quarter and
Fiscal 2021
Results Summary(1)
(in millions, except per-share amounts and
percentages)
Three Months Ended
Twelve Months Ended
Oct 30, 2021
Oct 31, 2020
Change
Oct 30, 2021
Oct 31, 2020
Change
Revenue
$
2,340
$
1,526
53
%
$
7,318
$
5,603
31
%
Gross margin
$
1,122
$
1,023
10
%
$
4,525
$
3,690
23
%
Gross margin percentage
47.9
%
67.0
%
(1,910 bps)
61.8
%
65.9
%
(410 bps)
Operating income
$
99
$
462
(79)
%
$
1,692
$
1,498
13
%
Operating margin
4.2
%
30.2
%
(2,600 bps)
23.1
%
26.7
%
(360 bps)
Diluted earnings per share
$
0.16
$
1.04
(85)
%
$
3.46
$
3.28
5
%
Adjusted Results
Adjusted gross margin
$
1,660
$
1,068
55
%
$
5,186
$
3,870
34
%
Adjusted gross margin percentage
70.9
%
70.0
%
90 bps
70.9
%
69.1
%
180 bps
Adjusted operating income
$
1,009
$
636
59
%
$
3,104
$
2,234
39
%
Adjusted operating margin
43.1
%
41.7
%
140 bps
42.4
%
39.9
%
250 bps
Adjusted diluted earnings per share
$
1.73
$
1.44
20
%
$
6.46
$
4.91
32
%
Three Months Ended
Trailing Twelve Months
Cash Generation
Oct 30, 2021
Oct 30, 2021
Net cash provided by operating
activities
$
941
$
2,735
% of revenue
40
%
37
%
Capital expenditures
$
(131)
$
(344)
Free cash flow
$
810
$
2,391
% of revenue
35
%
33
%
Three Months Ended
Trailing Twelve Months
Cash Return
Oct 30, 2021
Oct 30, 2021
Dividend paid
$
(371)
$
(1,109)
Stock repurchases
(2,096)
(2,605)
Total cash returned
$
(2,467)
$
(3,714)
(1) The sum and/or computation of the
individual amounts may not equal the total due to rounding.
Outlook for the First Quarter of Fiscal
Year 2022
For the first quarter of fiscal 2022, we are forecasting revenue
of $2.60 Billion , +/- $100 Million. At the midpoint of this
revenue outlook, we expect reported operating margin of
approximately 12.0%, +/- 200 bps, and adjusted operating margin of
approximately 43.3%, +/- 70 bps. We are planning for reported EPS
to be $0.43, +/- $0.10, and adjusted EPS to be $1.78, +/-
$0.10.
Our first quarter fiscal 2022 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 $0.69 per outstanding share of common stock. The
dividend will be paid on December 14, 2021 to all shareholders of
record at the close of business on December 3, 2021.
Conference Call Scheduled for Today,
Tuesday, November 23, 2021 at 10:00 am ET
ADI will host a conference call to discuss our fourth quarter
and fiscal year 2021 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. The participant
dial-in for both domestic and international callers will be
available ten minutes before the call begins by calling
833-423-0297. International participants may provide the passcode
8334230297.
A replay of the conference call will be available approximately
two hours after the call concludes and may be accessed for up to
two weeks, by dialing 855-859-2056 (replay only) and entering the
conference ID: 5047545, 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, special
charges, net3 and charitable foundation contribution4 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, special charges,
net3 and charitable foundation contribution4 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: acquisition related expenses1 and loss on extinguishment
of debt5 which are described further below.
Adjusted income before income taxes is defined as (loss) income
before income taxes, determined in accordance with GAAP, excluding:
acquisition related expenses1, acquisition related transaction
costs2, special charges, net3, charitable foundation contribution4
and loss on extinguishment of debt5 which are described further
below.
Adjusted provision for income taxes is defined as (benefit from)
provision for income taxes, determined in accordance with GAAP,
excluding tax related items6 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,
charitable foundation contribution4, loss on extinguishment of
debt5 and tax related items6 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 debt, inventory, property, plant and equipment and
amortization of acquisition related intangibles, which include
acquired intangibles such as purchased technology and customer
relationships. Expenses also include fair value adjustments
associated with the replacement of share-based awards related to
the Maxim Integrated Products, Inc. (Maxim) and Linear Technology
Corporation (Linear) acquisitions. We excluded these costs from our
non-GAAP measures because they relate to specific transactions and
are not reflective of our ongoing financial performance.
2Acquisition Related Transaction Costs: Costs
directly related to the proposed Maxim Integrated Products, Inc.
acquisition, including legal, accounting and other professional
fees as well as integration-related costs. We excluded these costs
from our non-GAAP measures because they relate to a specific
transaction and are not reflective of our ongoing financial
performance.
3Special Charges, net: Expenses, net,
incurred 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.
4Charitable Foundation Contribution: Expenses
incurred in connection with a one time contribution of registered
shares of common stock to the Analog Devices Foundation. We
excluded this expense from our non-GAAP measures because this
expense has no direct correlation to the operation of our business
in the future.
5Loss on Extinguishment of Debt: Expenses
incurred related to the extinguishment of debt including make-whole
premiums and other related fees, as well as the acceleration of
unamortized debt costs and previously deferred derivative hedge
losses. We excluded these costs from our non-GAAP measures because
they are not reflective of our ongoing financial performance.
6Tax Related Items: Income tax effect of the
non-GAAP items discussed above and income tax from certain discrete
tax items related to an intra-entity transfer of intangible assets,
the resolution of the IRS audit of Linear’s pre-acquisition federal
income tax returns for fiscal year 2015 through fiscal year 2017,
other discrete income tax benefits upon filing of our fiscal 2019
federal income tax return and income tax from prior period tax
credits. 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, Inc. (NASDAQ: ADI) operates at the center of the
modern digital economy, converting real-world phenomena into
actionable insight with its comprehensive suite of analog and mixed
signal, power management, radio frequency (RF), and digital and
sensor technologies. ADI serves 125,000 customers worldwide with
more than 75,000 products in the industrial, communications,
automotive, and consumer markets. ADI is headquartered in
Wilmington, MA. Visit https://www.analog.com.
Forward Looking
Statements
This press release contains forward-looking statements, which
address a variety of subjects including, for example, our
statements regarding our acquisition of Maxim Integrated Products,
Inc. (“Maxim”); the impact of the COVID-19 pandemic on our
business, financial condition and results of operations; 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; expected
customer demand and order rates for our products and 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: the uncertainty as to the extent of the
duration, scope and impacts of the COVID-19 pandemic; political and
economic uncertainty, including any faltering in global economic
conditions or the stability of credit and financial markets;
erosion of consumer confidence and declines in customer spending;
unavailability of raw materials, services, supplies or
manufacturing capacity; changes in geographic, product or customer
mix; changes in export classifications, import and export
regulations or duties and tariffs; changes in our estimates of our
expected tax rates based on current tax law; adverse results in
litigation matters, including the potential for litigation related
to the Maxim acquisition; the risk that we will be unable to retain
and hire key personnel; unanticipated difficulties or expenditures
relating to integrating Maxim; uncertainty as to the long-term
value of our common stock; the diversion of management time on
integrating Maxim's business and operations; our ability to
successfully integrate acquired businesses and technologies,
including Maxim; and the risk that expected benefits, synergies and
growth prospects of acquisitions, including our acquisition of
Maxim, may not be fully achieved in a timely manner, or at all. For
additional information about factors that could cause actual
results to differ materially from those described in the
forward-looking statements, please refer to our filings with the
Securities and Exchange Commission (“SEC”), including the risk
factors contained in our most recent 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.
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
Twelve Months Ended
Oct 30, 2021
Oct 31, 2020
Oct 30, 2021
Oct 31, 2020
Revenue
$
2,339,568
$
1,526,295
$
7,318,286
$
5,603,056
Cost of sales
1,217,748
503,211
2,793,274
1,912,578
Gross margin
1,121,820
1,023,084
4,525,012
3,690,478
Operating expenses:
Research and development
399,121
280,239
1,296,126
1,050,519
Selling, marketing, general and
administrative
317,455
165,115
915,418
659,923
Amortization of intangibles
213,594
108,007
536,811
429,455
Special charges, net
92,645
8,051
84,456
52,337
Total operating expenses
1,022,815
561,412
2,832,811
2,192,234
Operating income
99,005
461,672
1,692,201
1,498,244
Nonoperating expense (income):
Interest expense
54,621
48,593
184,825
193,305
Loss on extinguishment of debt
215,150
—
215,150
—
Interest income
(421)
(527)
(1,220)
(4,305)
Other, net
(14,178)
(3,704)
(35,268)
(2,373)
Total nonoperating expense
255,172
44,362
363,487
186,627
(Loss) income before income taxes
(156,167)
417,310
1,328,714
1,311,617
(Benefit from) provision for income
taxes
(231,854)
30,784
(61,708)
90,856
Net income
$
75,687
$
386,526
$
1,390,422
$
1,220,761
Shares used to compute earnings per share
- basic
483,345
369,284
397,462
368,633
Shares used to compute earnings per share
- diluted
487,781
372,322
401,288
371,973
Basic earnings per common share
$
0.16
$
1.05
$
3.50
$
3.31
Diluted earnings per common share
$
0.16
$
1.04
$
3.46
$
3.28
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
October 30, 2021
October 31, 2020
Cash & cash equivalents
$
1,977,964
$
1,055,860
Accounts receivable
1,459,056
737,536
Inventories
1,200,610
608,260
Other current assets
740,687
116,032
Total current assets
5,378,317
2,517,688
Net property, plant and equipment
1,979,051
1,120,561
Other investments
127,856
86,729
Goodwill
26,918,470
12,278,425
Intangible assets, net
15,267,170
3,650,280
Deferred tax assets
2,267,269
1,503,064
Other assets
383,938
311,856
Total assets
$
52,322,071
$
21,468,603
Other current liabilities
$
2,253,649
$
1,364,986
Debt, current
516,663
—
Long-term debt
6,253,212
5,145,102
Deferred income taxes
3,938,830
1,919,595
Other non-current liabilities
1,367,175
1,040,975
Shareholders' equity
37,992,542
11,997,945
Total liabilities & equity
$
52,322,071
$
21,468,603
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended
Twelve Months Ended
Oct 30, 2021
Oct 31, 2020
Oct 30, 2021
Oct 31, 2020
Cash flows from operating activities:
Net income
$
75,687
$
386,526
$
1,390,422
$
1,220,761
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation
72,338
57,053
231,275
233,775
Amortization of intangibles
406,625
145,163
843,359
577,148
Cost of goods sold for inventory
acquired
331,083
—
331,083
—
Stock-based compensation expense
124,928
36,557
243,611
149,518
Gain on sale of property, plant and
equipment
—
—
(13,557)
—
Non-cash contribution to charitable
foundation
—
—
—
40,000
Loss on extinguishment of debt
215,150
—
215,150
—
Non-cash portion of special charges
2,538
—
2,538
—
Deferred income taxes
(334,429)
(71,146)
(406,922)
(113,948)
Other
4,275
(257)
(15,524)
5,418
Changes in operating assets and
liabilities
42,531
118,702
(86,366)
(104,185)
Total adjustments
865,039
286,072
1,344,647
787,726
Net cash provided by operating
activities
940,726
672,598
2,735,069
2,008,487
Percent of revenue
40.2
%
44.1
%
37.4
%
35.8
%
Cash flows from investing activities:
Proceeds from other investments
7,910
—
30,125
—
Additions to property, plant and
equipment, net
(130,777)
(29,888)
(343,676)
(165,692)
Cash received from acquisition of Maxim,
net of cash paid
2,450,550
—
2,450,550
—
Proceeds from sale of property, plant and
equipment
—
—
35,714
—
Payments for acquisitions, net of cash
acquired
—
(1,433)
(24,950)
(14,196)
Change in other assets
(878)
579
(4,238)
(635)
Net cash provided by (used for) investing
activities
2,326,805
(30,742)
2,143,525
(180,523)
Cash flows from financing activities:
Proceeds from debt
3,939,640
—
3,939,640
395,646
Early termination of debt
(3,591,982)
—
(3,591,982)
—
Debt repayments
—
(450,000)
—
(750,000)
Payments on revolver
(400,000)
—
(400,000)
(350,000)
Proceeds from revolver
400,000
—
400,000
350,000
Payment on derivative instrument
(153,161)
—
(153,161)
—
Prepayment for stock repurchases
(500,000)
—
(500,000)
—
Dividend payments to shareholders
(371,230)
(229,597)
(1,109,344)
(886,155)
Repurchase of common stock
(2,095,992)
(7,222)
(2,605,144)
(244,487)
Proceeds from employee stock plans
7,757
10,653
63,105
68,403
Change in other financing activities
(4,730)
—
(2,778)
(4,015)
Net cash used for financing activities
(2,769,698)
(676,166)
(3,959,664)
(1,420,608)
Effect of exchange rate changes on
cash
(570)
(94)
3,174
182
Net increase (decrease) in cash and cash
equivalents
497,263
(34,404)
922,104
407,538
Cash and cash equivalents at beginning of
period
1,480,701
1,090,264
$
1,055,860
648,322
Cash and cash equivalents at end of
period
$
1,977,964
$
1,055,860
$
1,977,964
$
1,055,860
ANALOG DEVICES, INC. REVENUE TRENDS BY END
MARKET (Unaudited) (In thousands)
The categorization of revenue by end market is determined using
a variety of data points including the technical characteristics of
the product, the “sold to” customer information, the "ship to"
customer information and the end customer product or application
into which our product will be incorporated. As data systems for
capturing and tracking this data and our methodology evolves and
improves, the categorization of products by end market can vary
over time. When this occurs, we reclassify revenue by end market
for prior periods. Such reclassifications typically do not
materially change the sizing of, or the underlying trends of
results within, each end market.
Three Months Ended
Oct 30, 2021
Oct 31, 2020
Revenue
% of revenue*
Y/Y %
Revenue
% of revenue*
Industrial
$
1,178,476
50%
45%
$
812,729
53%
Automotive
452,589
19%
97%
229,916
15%
Communications
351,568
15%
13%
311,039
20%
Consumer
356,935
15%
107%
172,611
11%
Total revenue
$
2,339,568
100%
53%
$
1,526,295
100%
Twelve Months Ended
Oct 30, 2021
Oct 31, 2020
Revenue
% of revenue*
Y/Y %
Revenue
% of revenue*
Industrial
$
4,011,485
55%
34%
$
2,998,259
54%
Automotive
1,248,635
17%
60%
778,297
14%
Communications
1,198,461
16%
1%
1,191,169
21%
Consumer
859,705
12%
35%
635,331
11%
Total revenue
$
7,318,286
100%
31%
$
5,603,056
100%
*The sum of the individual percentages may
not equal the total due to rounding.
ANALOG DEVICES, INC.
RECONCILIATION OF GAAP TO
NON-GAAP RESULTS
(Unaudited)
(In thousands, except per
share amounts)
Three Months Ended
Twelve Months Ended
Oct 30, 2021
Oct 31, 2020
Oct 30, 2021
Oct 31, 2020
Gross margin
$
1,121,820
$
1,023,084
$
4,525,012
$
3,690,478
Gross margin percentage
47.9
%
67.0
%
61.8
%
65.9
%
Acquisition related expenses
537,784
44,741
661,438
179,374
Adjusted gross margin
$
1,659,604
$
1,067,825
$
5,186,450
$
3,869,852
Adjusted gross margin percentage
70.9
%
70.0
%
70.9
%
69.1
%
Operating expenses
$
1,022,815
$
561,412
$
2,832,811
$
2,192,234
Percent of revenue
43.7
%
36.8
%
38.7
%
39.1
%
Acquisition related expenses
(223,151)
(110,963)
(552,789)
(444,261)
Acquisition related transaction costs
(56,289)
(10,977)
(112,859)
(20,098)
Charitable foundation contribution
—
—
—
(40,000)
Special charges, net
(92,645)
(8,050)
(84,458)
(52,337)
Adjusted operating expenses
$
650,730
$
431,422
$
2,082,705
$
1,635,538
Adjusted operating expenses percentage
27.8
%
28.3
%
28.5
%
29.2
%
Operating income
$
99,005
$
461,672
$
1,692,201
$
1,498,244
Operating margin
4.2
%
30.2
%
23.1
%
26.7
%
Acquisition related expenses
760,935
155,704
1,214,227
623,635
Acquisition related transaction costs
56,289
10,977
112,859
20,098
Charitable foundation contribution
—
—
—
40,000
Special charges, net
92,645
8,050
84,458
52,337
Adjusted operating income
$
1,008,874
$
636,403
$
3,103,745
$
2,234,314
Adjusted operating margin
43.1
%
41.7
%
42.4
%
39.9
%
Nonoperating expense (income)
255,172
$
44,362
363,487
186,627
Acquisition related expenses
3,842
—
3,842
—
Loss on extinguishment of debt
(215,150)
—
(215,150)
—
Adjusted nonoperating expense (income)
$
43,864
$
44,362
152,179
$
186,627
(Loss) income before income taxes
$
(156,167)
$
417,310
$
1,328,714
$
1,311,617
Acquisition related expenses
757,093
155,704
1,210,385
623,635
Acquisition related transaction costs
56,289
10,977
112,859
20,098
Charitable foundation contribution
—
—
—
40,000
Special charges, net
92,645
8,050
84,458
52,337
Loss on extinguishment of debt
$
215,150
$
—
$
215,150
$
—
Adjusted income before income taxes
$
965,010
$
592,041
$
2,951,566
$
2,047,687
(Benefit from) provision for income
taxes
$
(231,854)
$
30,784
$
(61,708)
$
90,856
Effective tax rate
(148.5)
%
7.4
%
(4.6)
%
6.9
%
Income tax effect of adjustments above
165,505
26,878
231,972
106,291
Income tax from certain discrete tax
items
188,872
—
188,872
25,951
Adjusted provision for income taxes
$
122,524
$
57,662
$
359,136
$
223,098
Adjusted tax rate
12.7
%
9.7
%
12.2
%
10.9
%
Diluted EPS
$
0.16
$
1.04
$
3.46
$
3.28
Acquisition related expenses
1.55
0.42
3.02
1.68
Acquisition related transaction costs
0.12
0.03
0.28
0.05
Charitable foundation contribution
—
—
—
0.11
Special charges, net
0.19
0.02
0.21
0.14
Loss on extinguishment of debt
0.44
—
0.54
—
Income tax effect of adjustments above
(0.34)
(0.07)
(0.58)
(0.29)
Income tax from certain discrete tax
items
(0.39)
—
(0.47)
(0.07)
Adjusted diluted EPS*
$
1.73
$
1.44
$
6.46
$
4.91
* The sum of the individual per share
amounts may not equal the total due to rounding.
ANALOG DEVICES, INC.
RECONCILIATION OF NET CASH
PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(Unaudited)
(In thousands)
Trailing
Twelve
Months
Three Months Ended
Oct 30, 2021
Oct 30, 2021
Jul. 31, 2021
May 1, 2021
Jan. 30, 2021
Revenue
$
7,318,286
2,339,568
$
1,758,853
$
1,661,407
$
1,558,458
Net cash provided by operating
activities
$
2,735,069
$
940,726
$
630,041
$
736,361
$
427,941
% of Revenue
37
%
40
%
36
%
44
%
27
%
Capital expenditures
$
(343,676)
$
(130,777)
$
(86,341)
$
(59,170)
$
(67,388)
Free cash flow
$
2,391,393
$
809,949
$
543,700
$
677,191
$
360,553
% of Revenue
33
%
35
%
31
%
41
%
23
%
ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED
GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ending January
29, 2022
Reported
Adjusted
Revenue
$2.60 Billion
$2.60 Billion
(+/- $100 Million)
(+/- $100 Million)
Operating margin
12.0%
43.3% (1)
(+/-200 bps)
(+/-70 bps)
Nonoperating expenses
~ $50 Million
~ $50 Million
Tax rate
12.5%
12.5% (2)
(+/-100 bps)
(+/-100 bps)
Diluted shares
~ 530 Million
~ 530 Million
Earnings per share
$0.43
$1.78 (3)
(+/- $0.10)
(+/- $0.10)
(1) Includes $815 million of adjustments
related to acquisition related expenses and acquisition related
transaction costs as previously defined in the Non-GAAP Financial
Information section of this press release.
(2) Includes $102 million of tax effects
associated with the adjustments for acquisition related expenses
and acquisition related transaction costs noted above.
(3) Includes $1.35 of adjustments related
to the net impact of acquisition related expenses and acquisition
related transaction costs, as well as the tax effects on those
items.
(ADI WEB)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211123005603/en/
For more information: Investor: Analog Devices, Inc. Mr.
Michael Lucarelli Vice President of Investor Relations and FP&A
781-461-3282 investor.relations@analog.com
Media: Teneo Ms. Andrea Calise 917-826-3804
andrea.calise@teneo.com
Teneo Ms. Megan Fenton 917-860-0356 megan.fenton@teneo.com
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