- Revenue of $3.1 billion with double digit year-over-year growth
across all end markets
- Record Industrial, Automotive and Communications revenue
- Increased share repurchases to $906 million and paid $394
million in dividends, returning a total of $1.3 billion to
shareholders during the third quarter
- Record operating cash flow of $4.3 billion and free cash flow
of $3.7 billion, or 34% of revenue, on a trailing twelve-month
basis
Analog Devices, Inc. (Nasdaq: ADI), a leading global
high-performance analog technology company, today announced
financial results for its third quarter of fiscal 2022, which ended
July 30, 2022.
“ADI delivered its sixth consecutive quarter of record revenue,
fueling adjusted earnings per share to a new all-time high. These
results reflect the agility of our hybrid manufacturing model as
well as the essential role our high-performance analog, mixed
signal, and power portfolio plays across numerous secular growth
trends,” said Vincent Roche, CEO and Chair. “While economic
uncertainty is beginning to impact bookings, demand continues to
outpace supply, resulting in higher backlog, paving the way for a
strong finish to a banner year.”
Roche continued, “ADI’s solutions are enabling the rise of the
intelligent edge, which is proliferating at the intersection
between the physical and digital worlds. With customers
increasingly focused on digitalization, appreciation for ADI’s
cutting-edge technology is accelerating. This undeniable trend,
along with our relentless focus on innovation, gives me great
confidence in our ability to drive long-term growth while making a
positive societal impact.”
Performance for the Third Quarter of
Fiscal 2022
Results Summary(1)
(in millions, except per-share amounts and
percentages)
Three Months Ended
Jul. 30, 2022
Jul. 31, 2021
Change
Revenue
$
3,110
$
1,759
77
%
Gross margin
$
2,043
1,221
67
%
Gross margin percentage
65.7
%
69.4
%
(370 bps)
Operating income
$
893
$
610
47
%
Operating margin
28.7
%
34.7
%
(600 bps)
Diluted earnings per share
$
1.44
$
1.35
7
%
Adjusted Results
Adjusted gross margin
$
2,304
$
1,259
83
%
Adjusted gross margin percentage
74.1
%
71.6
%
250 bps
Adjusted operating income
$
1,557
$
766
103
%
Adjusted operating margin
50.1
%
43.6
%
650 bps
Adjusted diluted earnings per share
$
2.52
$
1.72
47
%
Three Months Ended
Trailing Twelve Months
Cash Generation
Jul. 30, 2022
Jul. 30, 2022
Net cash provided by operating
activities
$
1,248
$
4,267
% of revenue
40
%
38
%
Capital expenditures
$
(165
)
$
(526
)
Free cash flow
$
1,083
$
3,741
% of revenue
35
%
34
%
Three Months Ended
Trailing Twelve Months
Cash Return
Jul. 30, 2022
Jul. 30, 2022
Dividend paid
$
(394
)
$
(1,525
)
Stock repurchases
(906
)
(4,355
)
Total cash returned
$
(1,300
)
$
(5,880
)
(1) The sum and/or computation of the
individual amounts may not equal the total due to rounding.
Outlook for the Fourth Quarter of
Fiscal Year 2022
For the fourth quarter of fiscal 2022, we are forecasting
revenue of $3.15 billion, +/- $100 million. At the midpoint of this
revenue outlook, we expect reported operating margin of
approximately 33.7%, +/-130 bps, and adjusted operating margin of
approximately 50.3%, +/-70 bps. We are planning for reported EPS to
be $1.69, +/-$0.10, and adjusted EPS to be $2.57, +/-$0.10.
Our fourth 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 $0.76 per outstanding share of common stock. The
dividend will be paid on September 8, 2022 to all shareholders of
record at the close of business on August 30, 2022.
Conference Call Scheduled for Today,
Wednesday, August 17, 2022 at 10:00 am ET
ADI will host a conference call to discuss our third quarter
fiscal 2022 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 as follows:
Participant Dial-In (toll free): 1-833-630-1956 International
Participant Dial-In: 1-412-317-1837
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 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 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) 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 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 as part of the integration of the Acquisition, 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 and an income tax benefit from a
discrete tax item related to the consolidation of certain
subsidiaries. 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
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 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 sustained performance; increasing demand and
supply; expected revenue, operating margin, earnings per share, and
other financial results; expected market trends and acceleration of
those trends, market share gains, long-term growth, operating
leverage, production and inventory levels; expected customer demand
and order rates for our products, expected product offerings and
the importance of our product offerings and technologies to our
customers; our social impact; and market 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, including as a result of labor shortages;
changes in demand for semiconductors; 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
Nine Months Ended
Jul. 30, 2022
Jul. 31, 2021
Jul. 30, 2022
Jul. 31, 2021
Revenue
$
3,109,880
$
1,758,853
$
8,766,237
$
4,978,718
Cost of sales
1,066,738
537,669
3,376,578
1,575,526
Gross margin
2,043,142
1,221,184
5,389,659
3,403,192
Operating expenses:
Research and development
431,829
306,617
1,279,510
897,005
Selling, marketing, general and
administrative
326,942
206,076
929,615
597,963
Amortization of intangibles
252,864
107,783
759,707
323,217
Special charges, net
138,201
(8,938
)
244,603
(8,189
)
Total operating expenses
1,149,836
611,538
3,213,435
1,809,996
Operating income
893,306
609,646
2,176,224
1,593,196
Nonoperating expense (income):
Interest expense
51,189
44,659
152,701
$
130,204
Interest income
(1,797
)
(300
)
(2,578
)
$
(799
)
Other, net
(4,023
)
(6,991
)
(24,636
)
$
(21,090
)
Total nonoperating expense (income)
45,369
37,368
125,487
108,315
Income before income taxes
847,937
572,278
2,050,737
1,484,881
Provision for income taxes
98,952
68,967
238,402
170,146
Net income
$
748,985
$
503,311
$
1,812,335
$
1,314,735
Shares used to compute earnings per common
share - basic
517,011
368,476
521,557
368,834
Shares used to compute earnings per common
share - diluted
520,550
371,849
525,652
372,457
Basic earnings per common share
$
1.45
$
1.37
$
3.47
$
3.56
Diluted earnings per common share
$
1.44
$
1.35
$
3.45
$
3.53
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
Jul. 30, 2022
Oct. 30, 2021
Cash & cash equivalents
$
1,524,960
$
1,977,964
Accounts receivable
1,742,646
1,459,056
Inventories
1,203,394
1,200,610
Other current assets
218,708
740,687
Total current assets
4,689,708
5,378,317
Net property, plant and equipment
2,180,048
1,979,051
Goodwill
26,920,335
26,918,470
Intangible assets, net
13,764,444
15,267,170
Deferred tax assets
2,297,122
2,267,269
Other assets
494,513
511,794
Total assets
$
50,346,170
$
52,322,071
Other current liabilities
$
2,441,201
$
2,253,649
Debt, current
—
516,663
Long-term debt
6,252,839
6,253,212
Deferred income taxes
3,764,370
3,938,830
Other non-current liabilities
1,249,169
1,367,175
Shareholders' equity
36,638,591
37,992,542
Total liabilities & equity
$
50,346,170
$
52,322,071
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)
Three Months Ended
Nine Months Ended
Jul. 30, 2022
Jul. 31, 2021
Jul. 30, 2022
Jul. 31, 2021
Cash flows from operating activities:
Net income
$
748,985
$
503,311
$
1,812,335
$
1,314,735
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation
75,619
50,162
212,635
158,937
Amortization of intangibles
503,350
145,989
1,512,250
436,734
Stock-based compensation expense
84,874
41,687
242,809
118,683
Gain on sale of property, plant, and
equipment
(4,352
)
(13,557
)
(4,352
)
(13,557
)
Non-cash impairment charge
91,953
—
91,953
—
Cost of goods sold for inventory
acquired
—
—
271,396
—
Deferred income taxes
(82,136
)
(24,286
)
(205,128
)
(72,578
)
Non-cash operating lease costs
9,739
8,815
(17,958
)
16,855
Other
3,164
(2,843
)
(7,061
)
(14,965
)
Changes in operating assets and
liabilities
(183,350
)
(79,237
)
(582,813
)
(150,499
)
Total adjustments
498,861
126,730
1,513,731
479,610
Net cash provided by operating
activities
1,247,846
630,041
3,326,066
1,794,345
Cash flows from investing activities:
Additions to property, plant and
equipment
(164,884
)
(86,341
)
(394,796
)
(212,899
)
Other
30,751
38,829
43,761
29,619
Net cash used for investing activities
(134,133
)
(47,512
)
(351,035
)
(183,280
)
Cash flows from financing activities:
Payments on revolver
(400,000
)
—
(400,000
)
—
Proceeds from revolver
400,000
—
400,000
—
Early termination of debt
—
—
(519,116
)
—
Dividend payments to shareholders
(394,018
)
(254,506
)
(1,154,207
)
(738,114
)
Repurchase of common stock
(905,973
)
(163,281
)
(1,758,832
)
(509,152
)
Proceeds from employee stock plans
9,960
11,676
30,013
55,348
Other
(28,376
)
(447
)
(1,718
)
1,952
Net cash used for financing activities
(1,318,407
)
(406,558
)
(3,403,860
)
(1,189,966
)
Effect of exchange rate changes on
cash
(8,080
)
(486
)
(24,175
)
3,742
Net (decrease) increase in cash and cash
equivalents
(212,774
)
175,485
(453,004
)
424,841
Cash and cash equivalents at beginning of
period
1,737,734
1,305,216
1,977,964
1,055,860
Cash and cash equivalents at end of
period
$
1,524,960
$
1,480,701
$
1,524,960
$
1,480,701
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
revenue within, each end market.
Three Months Ended
July 30, 2022
July 31, 2021
Revenue
% of Revenue1
Y/Y%
Revenue
% of Revenue1
Industrial
$
1,555,070
50%
55%
$
1,006,383
57%
Automotive
659,090
21%
127%
290,182
16%
Communications
490,732
16%
69%
290,391
17%
Consumer
404,988
13%
136%
171,897
10%
Total revenue
$
3,109,880
100%
77%
$
1,758,853
100%
Nine Months Ended
July 30, 2022
July 31, 2021
Revenue
% of Revenue1
Y/Y %
Revenue
% of Revenue1
Industrial
$
4,402,912
50%
55%
$
2,841,665
57%
Automotive
1,844,017
21%
132%
794,739
16%
Communications
1,376,182
16%
62%
850,153
17%
Consumer
1,143,126
13%
132%
492,161
10%
Total revenue
$
8,766,237
100%
76%
$
4,978,718
100%
1) 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
Nine Months Ended
Jul. 30, 2022
Jul. 31, 2021
Jul. 30, 2022
Jul. 31, 2021
Gross margin
$
2,043,142
$
1,221,184
$
5,389,659
$
3,403,192
Gross margin percentage
65.7
%
69.4
%
61.5
%
68.4
%
Acquisition related expenses
260,628
37,945
1,049,991
123,653
Adjusted gross margin
$
2,303,770
$
1,259,129
$
6,439,650
$
3,526,845
Adjusted gross margin percentage
74.1
%
71.6
%
73.5
%
70.8
%
Operating expenses
$
1,149,836
$
611,538
$
3,213,435
$
1,809,996
Percent of revenue
37.0
%
34.8
%
36.7
%
36.4
%
Acquisition related expenses
(259,648
)
(109,434
)
(782,752
)
(329,637
)
Acquisition related transaction costs
(5,417
)
(18,326
)
(26,846
)
(56,570
)
Special charges, net
(138,201
)
8,938
(244,603
)
8,189
Adjusted operating expenses
$
746,570
$
492,716
$
2,159,234
$
1,431,978
Adjusted operating expenses percentage
24.0
%
28.0
%
24.6
%
28.8
%
Operating income
$
893,306
$
609,646
$
2,176,224
$
1,593,196
Operating margin
28.7
%
34.7
%
24.8
%
32.0
%
Acquisition related expenses
520,276
147,379
1,832,743
453,290
Acquisition related transaction costs
5,417
18,326
26,846
56,570
Special charges, net
138,201
(8,938
)
244,603
(8,189
)
Adjusted operating income
$
1,557,200
$
766,413
$
4,280,416
$
2,094,867
Adjusted operating margin
50.1
%
43.6
%
48.8
%
42.1
%
Nonoperating expense (income)
45,369
37,368
125,487
108,315
Acquisition related expenses
2,288
—
6,875
—
Adjusted nonoperating expense (income)
$
47,657
$
37,368
$
132,362
$
108,315
Income before income taxes
$
847,937
$
572,278
$
2,050,737
$
1,484,881
Acquisition related expenses
517,988
147,379
1,825,868
453,290
Acquisition related transaction costs
5,417
18,326
26,846
56,570
Special charges, net
138,201
(8,938
)
244,603
(8,189
)
Adjusted income before income taxes
$
1,509,543
$
729,045
$
4,148,054
$
1,986,552
Provision for income taxes
$
98,952
$
68,967
$
238,402
$
170,146
Effective tax rate
11.7
%
12.1
%
11.6
%
11.5
%
Tax related items
100,685
20,686
310,902
66,466
Adjusted provision for income taxes
$
199,637
$
89,653
$
549,304
$
236,612
Adjusted tax rate
13.2
%
12.3
%
13.2
%
11.9
%
Diluted EPS
$
1.44
$
1.35
$
3.45
$
3.53
Acquisition related expenses
1.00
0.40
3.49
1.22
Acquisition related transaction costs
0.01
0.05
0.05
0.15
Special charges, net
0.26
(0.02
)
0.46
(0.02
)
Tax related items
(0.19
)
(0.06
)
(0.59
)
(0.18
)
Adjusted diluted EPS*
$
2.52
$
1.72
$
6.85
$
4.70
* 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
Jul. 30, 2022
Jul. 30, 2022
Apr. 30, 2022
Jan. 29, 2022
Oct. 30, 2021
Revenue
$
11,105,805
$
3,109,880
$
2,972,064
$
2,684,293
$
2,339,568
Net cash provided by operating
activities
$
4,266,791
$
1,247,846
$
1,221,806
$
856,413
$
940,726
% of Revenue
38
%
40
%
41
%
32
%
40
%
Capital expenditures
$
(525,573
)
$
(164,884
)
$
(118,779
)
$
(111,133
)
$
(130,777
)
Free cash flow
$
3,741,218
$
1,082,962
$
1,103,027
$
745,280
$
809,949
% of Revenue
34
%
35
%
37
%
28
%
35
%
ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED
GAAP TO NON-GAAP RESULTS
(Unaudited)
Three Months Ending October
29, 2022
Reported
Adjusted
Revenue
$3.15 Billion
$3.15 Billion
(+/- $100 Million)
(+/- $100 Million)
Operating margin
33.7%
50.3% (1)
(+/-130 bps)
(+/-70 bps)
Nonoperating expense
~ $50 Million
~ $50 Million
Tax rate
13%-14%
13%-14% (2)
Earnings per share
$1.69
$2.57 (3)
(+/- $.10)
(+/- $.10)
(1) Includes $518 million of adjustments related to acquisition
related expenses and $5 million of adjustments related to
acquisition related transaction costs as previously defined in the
Non-GAAP Financial Information section of this press release. (2)
Includes $71 million of tax effects associated with the adjustments
for acquisition related expenses and acquisition related
transaction costs noted above. (3) Includes $0.88 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/20220817005180/en/
For more information: Investor Contact: Analog Devices,
Inc. Mr. Michael Lucarelli Vice President of Investor Relations and
FP&A 781-461-3282 investor.relations@analog.com
Media Contact: Analog Devices, Inc. Mr. Michael Schneider Chief
Communications Officer 973-868-1000 corpcomm@analog.com
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