- Revenue of $3.26 billion increased 10% year-over-year, led by
another quarter of record results in Industrial and Automotive
- Operating cash flow of $4.9 billion and free cash flow of $4.0
billion on a trailing twelve-month basis
- Returned $1.5 billion to shareholders through $1.1 billion of
share repurchases and $0.4 billion of dividends during the second
quarter
Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor
leader, today announced financial results for its second quarter
fiscal year 2023, which ended April 29, 2023.
“ADI continued to execute well in the second quarter with
revenue growth for the thirteenth consecutive quarter and record
earnings per share,” said Vincent Roche, CEO and Chair. “Looking to
the second half, we expect revenue to moderate given the continued
economic uncertainty and normalizing supply chains. However, I am
confident in ADI’s ability to navigate short-term business cycles
due to the strength and diversity of our franchise, our hybrid
manufacturing model, and alignment to secular growth trends.”
Roche continued, “Longer term, the center of gravity for data
processing is shifting from the cloud to the edge, thanks to
emerging applications that include Industry 4.0, Smart Energy
Systems, Electric Vehicles, Advanced Connectivity, and Immersive
Consumer. ADI’s alignment with these applications, where
semiconductor content per dollar of capex is increasing, presents
tremendous growth opportunities. I am excited for what our future
holds as we continue to deliver breakthrough solutions at the
Intelligent Edge for our customers.”
Performance for the Second Quarter of
Fiscal 2023
Results Summary(1)
(in millions, except per-share amounts and
percentages)
Three Months Ended
Apr. 29, 2023
Apr. 30, 2022
Change
Revenue
$
3,263
$
2,972
10
%
Gross margin
$
2,145
$
1,945
10
%
Gross margin percentage
65.7
%
65.4
%
30 bps
Operating income
$
1,128
$
918
23
%
Operating margin
34.6
%
30.9
%
370 bps
Diluted earnings per share
$
1.92
$
1.49
29
%
Adjusted Results
Adjusted gross margin
$
2,404
$
2,205
9
%
Adjusted gross margin percentage
73.7
%
74.2
%
(50 bps
)
Adjusted operating income
$
1,671
$
1,495
12
%
Adjusted operating margin
51.2
%
50.3
%
90 bps
Adjusted diluted earnings per share
$
2.83
$
2.40
18
%
Three Months Ended
Trailing Twelve Months
Cash Generation
Apr. 29, 2023
Apr. 29, 2023
Net cash provided by operating
activities
$
1,082
$
4,885
% of revenue
33
%
38
%
Capital expenditures
$
(284
)
$
(930
)
Free cash flow
$
797
$
3,955
% of revenue
24
%
31
%
Three Months Ended
Trailing Twelve Months
Cash Return
Apr. 29, 2023
Apr. 29, 2023
Dividend paid
$
(435
)
$
(1,605
)
Stock repurchases
(1,153
)
(3,532
)
Total cash returned
$
(1,588
)
$
(5,137
)
(1) The sum and/or computation of the
individual amounts may not equal the total due to rounding.
Outlook for the Third Quarter of Fiscal
Year 2023
For the third quarter of fiscal 2023, we are forecasting revenue
of $3.10 billion, +/- $100 million. At the midpoint of this revenue
outlook, we expect reported operating margin of approximately
31.9%, +/-130 bps, and adjusted operating margin of approximately
48.5%, +/-70 bps. We are planning for reported EPS to be $1.64,
+/-$0.12, and adjusted EPS to be $2.52, +/-$0.10.
Our third quarter fiscal 2023 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 $0.86 per outstanding share of common stock. The
dividend will be paid on June 14, 2023 to all shareholders of
record at the close of business on June 5, 2023.
Conference Call Scheduled for Today,
Wednesday, May 24, 2023 at 10:00 am ET
ADI will host a conference call to discuss our second quarter
fiscal 2023 results and short-term outlook today, beginning at
10:00 am ET. Investors may join via webcast, accessible at
investor.analog.com.
Non-GAAP Financial
Information
This release includes non-GAAP financial measures that are not
in accordance with, nor an alternative to, 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 revenue
percentage represents free cash flow divided by revenue.
1Acquisition Related Expenses: Expenses
incurred as a result of current and prior period acquisitions and
primarily include expenses associated with the fair value
adjustments to debt, inventory, property, plant and equipment and
amortization of acquisition related intangibles, which include
acquired intangibles such as purchased technology and customer
relationships. Expenses also include fair value adjustments
associated with the replacement of share-based awards related to
the Maxim Integrated Products, Inc. (Maxim) acquisition. We
excluded these costs from our non-GAAP measures because they relate
to specific transactions and are not reflective of our ongoing
financial performance.
2Acquisition Related Transaction Costs: Costs
directly related to the Maxim 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, certain other income tax benefits
associated with prior periods 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) is a global semiconductor leader that
bridges the physical and digital worlds to enable breakthroughs at
the Intelligent Edge. ADI combines analog, digital, and software
technologies into solutions that help drive advancements in
digitized factories, mobility, and digital healthcare, combat
climate change, and reliably connect humans and the world. With
revenue of more than $12 billion in FY22 and approximately 25,000
people globally working alongside 125,000 global customers, ADI
ensures today’s innovators stay Ahead of What’s Possible. Learn
more at www.analog.com and on LinkedIn and Twitter.
Forward Looking Statements
This press release contains forward-looking statements, which
address a variety of subjects including, for example, our
statements regarding financial performance; economic uncertainty,
business cycles, and demand and supply chains; capital
expenditures; expected revenue, operating margin, earnings per
share, and other financial results; expected market trends and
acceleration of those trends, market share gains, growth
opportunities; expected product solutions, offerings, capabilities,
and applications and the importance of our product offerings and
technologies to our customers; 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: 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 or cancellations of orders for our products;
unavailability of raw materials, services, supplies or
manufacturing capacity; disruptions to our manufacturing operations
or our ability to execute our business strategy; 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; the uncertainly as to the extent of the
duration, scope, and impacts of the COVID-19 pandemic; attempted or
actual security breaches and other cybersecurity incidents that
disrupt our operations; unanticipated difficulties or expenditures
relating to integrating Maxim; uncertainty as to the long-term
value of our common stock; the discretion of our Board of Directors
to declare dividends and our ability to pay dividends in the
future; factors impacting our ability to repurchase shares; 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 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
Six Months Ended
Apr. 29, 2023
Apr. 30, 2022
Apr. 29, 2023
Apr. 30, 2022
Revenue
$
3,262,930
$
2,972,064
$
6,512,560
$
5,656,357
Cost of sales
1,118,384
1,027,544
2,243,673
2,309,840
Gross margin
2,144,546
1,944,520
4,268,887
3,346,517
Operating expenses:
Research and development
415,754
420,901
829,849
847,681
Selling, marketing, general and
administrative
324,251
305,308
650,535
602,673
Amortization of intangibles
253,021
253,476
506,163
506,843
Special charges, net
23,136
46,674
23,136
106,402
Total operating expenses
1,016,162
1,026,359
2,009,683
2,063,599
Operating income
1,128,384
918,161
2,259,204
1,282,918
Nonoperating expense (income):
Interest expense
63,252
49,548
123,705
$
101,512
Interest income
(12,575
)
(563
)
(23,404
)
$
(781
)
Other, net
(10,216
)
(10,069
)
(2,493
)
$
(20,613
)
Total nonoperating expense (income)
40,461
38,916
97,808
80,118
Income before income taxes
1,087,923
879,245
2,161,396
1,202,800
Provision for income taxes
110,267
95,972
222,266
139,450
Net income
$
977,656
$
783,273
$
1,939,130
$
1,063,350
Shares used to compute earnings per common
share - basic
504,715
522,370
505,918
523,831
Shares used to compute earnings per common
share - diluted
508,725
526,264
509,955
528,203
Basic earnings per common share
$
1.94
$
1.50
$
3.83
$
2.03
Diluted earnings per common share
$
1.92
$
1.49
$
3.80
$
2.01
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(In thousands)
Apr. 29, 2023
Oct. 29, 2022
Cash & cash equivalents
$
1,177,609
$
1,470,572
Accounts receivable
1,616,256
1,800,462
Inventories
1,648,136
1,399,914
Other current assets
302,919
267,044
Total current assets
4,744,920
4,937,992
Net property, plant and equipment
2,742,016
2,401,304
Goodwill
26,913,134
26,913,134
Intangible assets, net
12,261,693
13,265,406
Deferred tax assets
2,248,858
2,264,888
Other assets
634,118
519,626
Total assets
$
49,544,739
$
50,302,350
Current liabilities
$
2,646,410
$
2,442,655
Long-term debt
6,475,646
6,548,625
Deferred income taxes
3,325,350
3,622,538
Other non-current liabilities
1,084,109
1,223,209
Shareholders' equity
36,013,224
36,465,323
Total liabilities & shareholders'
equity
$
49,544,739
$
50,302,350
ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH
FLOWS
(Unaudited)
(In thousands)
Three Months Ended
Six Months Ended
Apr. 29, 2023
Apr. 30, 2022
Apr. 29, 2023
Apr. 30, 2022
Cash flows from operating activities:
Net income
$
977,656
$
783,273
$
1,939,130
$
1,063,350
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation
80,260
71,851
165,581
137,016
Amortization of intangibles
501,536
504,255
1,003,713
1,008,900
Stock-based compensation expense
69,102
70,996
144,143
157,935
Cost of goods sold for inventory
acquired
—
—
—
271,396
Deferred income taxes
(133,756
)
(88,341
)
(280,110
)
(122,992
)
Non-cash operating lease costs
(4,256
)
(35,520
)
(6,902
)
(27,697
)
Other
(2,708
)
(654
)
9,670
(10,225
)
Changes in operating assets and
liabilities
(406,253
)
(84,054
)
(487,339
)
(399,463
)
Total adjustments
103,925
438,533
548,756
1,014,870
Net cash provided by operating
activities
1,081,581
1,221,806
2,487,886
2,078,220
Cash flows from investing activities:
Additions to property, plant and
equipment
(284,338
)
(118,779
)
(460,496
)
(229,912
)
Other
(183
)
5,186
(81
)
13,010
Net cash used for investing activities
(284,521
)
(113,593
)
(460,577
)
(216,902
)
Cash flows from financing activities:
Early termination of debt
(65,688
)
—
(65,688
)
(519,116
)
Dividend payments to shareholders
(435,213
)
(397,544
)
(820,665
)
(760,189
)
Repurchase of common stock
(1,152,951
)
(776,840
)
(1,807,508
)
(852,860
)
Proceeds from employee stock plans
25,774
11,582
67,012
20,054
Proceeds from commercial paper notes
253,635
—
253,635
—
Other
84,530
14,617
52,942
26,657
Net cash used for financing activities
(1,289,913
)
(1,148,185
)
(2,320,272
)
(2,085,454
)
Effect of exchange rate changes on
cash
—
(12,694
)
—
(16,095
)
Net decrease in cash and cash
equivalents
(492,853
)
(52,666
)
(292,963
)
(240,231
)
Cash and cash equivalents at beginning of
period
1,670,462
1,790,399
1,470,572
1,977,964
Cash and cash equivalents at end of
period
$
1,177,609
$
1,737,733
$
1,177,609
$
1,737,733
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
April 29, 2023
April 30, 2022
Revenue
% of Revenue1
Y/Y%
Revenue
% of Revenue1
Industrial
$
1,744,567
53
%
16
%
$
1,502,731
51
%
Automotive
784,775
24
%
24
%
633,255
21
%
Communications
453,530
14
%
(4
)%
474,722
16
%
Consumer
280,058
9
%
(22
)%
361,356
12
%
Total revenue
$
3,262,930
100
%
10
%
$
2,972,064
100
%
Six Months Ended
April 29, 2023
April 30, 2022
Revenue
% of Revenue1
Y/Y %
Revenue
% of Revenue1
Industrial
$
3,438,006
53
%
21
%
$
2,849,577
50
%
Automotive
1,498,178
23
%
27
%
1,183,985
21
%
Communications
941,735
14
%
6
%
887,663
16
%
Consumer
634,641
10
%
(14
)%
735,132
13
%
Total revenue
$
6,512,560
100
%
15
%
$
5,656,357
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
Six Months Ended
Apr. 29, 2023
Apr. 30, 2022
Apr. 29, 2023
Apr. 30, 2022
Gross margin
$
2,144,546
$
1,944,520
$
4,268,887
$
3,346,517
Gross margin percentage
65.7
%
65.4
%
65.5
%
59.2
%
Acquisition related expenses
259,312
260,748
526,826
789,363
Adjusted gross margin
$
2,403,858
$
2,205,268
$
4,795,713
$
4,135,880
Adjusted gross margin percentage
73.7
%
74.2
%
73.6
%
73.1
%
Operating expenses
$
1,016,162
$
1,026,359
$
2,009,683
$
2,063,599
Percent of revenue
31.1
%
34.5
%
30.9
%
36.5
%
Acquisition related expenses
(257,293
)
(260,904
)
(515,352
)
(523,104
)
Acquisition related transaction costs
(2,668
)
(8,537
)
(5,232
)
(21,429
)
Special charges, net
(23,136
)
(46,674
)
(23,136
)
(106,402
)
Adjusted operating expenses
$
733,065
$
710,244
$
1,465,963
$
1,412,664
Adjusted operating expenses percentage
22.5
%
23.9
%
22.5
%
25.0
%
Operating income
$
1,128,384
$
918,161
$
2,259,204
$
1,282,918
Operating margin
34.6
%
30.9
%
34.7
%
22.7
%
Acquisition related expenses
516,605
521,652
1,042,178
1,312,467
Acquisition related transaction costs
2,668
8,537
5,232
21,429
Special charges, net
23,136
46,674
23,136
106,402
Adjusted operating income
$
1,670,793
$
1,495,024
$
3,329,750
$
2,723,216
Adjusted operating margin
51.2
%
50.3
%
51.1
%
48.1
%
Nonoperating expense (income)
$
40,461
$
38,916
97,808
80,118
Acquisition related expenses
7,155
2,288
9,443
4,587
Adjusted nonoperating expense (income)
$
47,616
$
41,204
$
107,251
$
84,705
Income before income taxes
$
1,087,923
$
879,245
$
2,161,396
$
1,202,800
Acquisition related expenses
509,450
519,364
1,032,735
1,307,880
Acquisition related transaction costs
2,668
8,537
5,232
21,429
Special charges, net
23,136
46,674
23,136
106,402
Adjusted income before income taxes
$
1,623,177
$
1,453,820
$
3,222,499
$
2,638,511
Provision for income taxes
$
110,267
$
95,972
$
222,266
$
139,450
Effective tax rate
10.1
%
10.9
%
10.3
%
11.6
%
Tax related items
75,248
95,828
157,091
210,217
Adjusted provision for income taxes
$
185,515
$
191,800
$
379,357
$
349,667
Adjusted tax rate
11.4
%
13.2
%
11.8
%
13.3
%
Diluted EPS
$
1.92
$
1.49
$
3.80
$
2.01
Acquisition related expenses
1.00
0.99
2.03
2.48
Acquisition related transaction costs
0.01
0.02
0.01
0.04
Special charges, net
0.05
0.09
0.05
0.20
Tax related items
(0.15
)
(0.18
)
(0.31
)
(0.40
)
Adjusted diluted EPS*
$
2.83
$
2.40
$
5.58
$
4.33
* 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
Apr. 29, 2023
Apr. 29, 2023
Jan. 28, 2023
Oct. 29, 2022
Jul. 30, 2022
Revenue
$
12,870,156
$
3,262,930
$
3,249,630
$
3,247,716
$
3,109,880
Net cash provided by operating
activities
$
4,885,068
$
1,081,581
$
1,406,305
$
1,149,336
$
1,247,846
% of Revenue
38
%
33
%
43
%
35
%
40
%
Capital expenditures
$
(929,892
)
$
(284,338
)
$
(176,158
)
$
(304,512
)
$
(164,884
)
Free cash flow
$
3,955,176
$
797,243
$
1,230,147
$
844,824
$
1,082,962
% of Revenue
31
%
24
%
38
%
26
%
35
%
ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED GAAP TO NON-GAAP
RESULTS
(Unaudited)
Three Months Ending July 29,
2023
Reported
Adjusted
Revenue
$3.1 Billion
$3.1 Billion
(+/- $100 Million)
(+/- $100 Million)
Operating margin
31.9%
48.5% (1)
(+/-130 bps)
(+/-70 bps)
Nonoperating expense
~ $55 Million
~ $55 Million
Tax rate
11% - 13%
11% - 13% (2)
Earnings per share
$1.64
$2.52 (3)
(+/- $0.12)
(+/- $0.10)
(1) Includes $513 million of adjustments related to acquisition
related expenses and $3 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 $69 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/20230524005241/en/
Investor Contact: Analog Devices, Inc. Mr. Michael Lucarelli
Vice President, Investor Relations and FP&A 781-461-3282
investor.relations@analog.com
Media Contacts: Analog Devices, Inc. Ms. Ferda Millan Global PR
& External Communications Ferda.Millan@analog.com
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