Analog Devices Reports Fourth Quarter and Fiscal Year 2015 Results

Analog Devices, Fourth Quarter, Fiscal 2015

Schedule E
Reconciliation from GAAP to Non-GAAP Revenue and Earnings Measures (In thousands, except per-share amounts) (Unaudited)
See "Non-GAAP Financial Information" in this press release for a description of the items excluded from our non-GAAP measures.

	Three Months Ended						Twelve Months Ended
	4Q 15		3Q 15		4Q 14		FY 15		FY 14
	Oct. 31, 2015		Aug. 1, 2015		Nov. 1, 2014		Oct. 31, 2015		Nov. 1, 2014

GAAP Revenue	$	978,722	$	863,365	$	814,247	$	3,435,092	$	2,864,773
Y/Y Revenue growth %								20%		9%
Q/Q Revenue growth %		13%		5%		12%
Hittite Operations		-		-		-		-		(5,392)
Non-GAAP Revenue	$	978,722	$	863,365	$	814,247	$	3,435,092	$	2,859,381
Y/Y Revenue growth %								20%		9%
Q/Q Revenue growth %		13%		5%		13%

GAAP Gross Margin	$	641,796	$	569,037	$	486,037	$	2,259,262	$	1,830,188
Gross Margin Percentage		65.6%		65.9%		59.7%		65.8%		63.9%
Hittite Operations		-		-		-				(3,015)
Acquisition-Related Expenses		1,399		1,307		54,388		7,199		61,225
Stock-Based Compensation Expense		-		-		(113)		113		(113)
Non-GAAP Gross Margin	$	643,195	$	570,344	$	540,312	$	2,266,574	$	1,888,285
Gross Margin Percentage		65.7%		66.1%		66.4%		66.0%		66.0%

GAAP Operating Expenses	$	533,166	$	303,768	$	336,108	$	1,428,421	$	1,077,704
Percent of Revenue		54.5%		35.2%		41.3%		41.6%		37.6%
Other Operating Expense		(223,672)		-		-		(223,672)		-
Hittite Operations		-		-		-		-		(2,033)
Acquisition-Related Expenses		(17,682)		(23,490)		(27,166)		(89,738)		(32,450)
Acquisition-Related Transaction Costs		-		(5,139)		(5,987)		(10,016)		(27,110)
Restructuring-Related Expense		-		-		(34,637)		-		(37,322)
Stock-Based Compensation Expense		-		-		1,302		(4,164)		1,302
Non-GAAP Operating Expenses	$	291,812	$	275,139	$	269,620	$	1,100,831	$	980,091
Percent of Revenue		29.8%		31.9%		33.1%		32.0%		34.3%

GAAP Operating Income/Margin	$	108,630	$	265,269	$	149,929	$	830,841	$	752,484
Percent of Revenue		11.1%		30.7%		18.4%		24.2%		26.3%
Other Operating Expense		223,672		-		-		223,672		-
Hittite Operations		-		-		-		-		(982)
Acquisition-Related Expenses		19,081		24,797		81,554		96,937		93,675
Acquisition-Related Transaction Costs		-		5,139		5,987		10,016		27,110
Restructuring-Related Expense		-		-		34,637		-		37,322
Stock-Based Compensation Expense		-		-		(1,415)		4,277		(1,415)
Non-GAAP Operating Income/Margin	$	351,383	$	295,205	$	270,692	$	1,165,743	$	908,194
Percent of Revenue		35.9%		34.2%		33.2%		33.9%		31.8%

GAAP Other Expense (Income)	$	3,953	$	5,791	$	11,231	$	20,727	$	23,139
Percent of Revenue		0.4%		0.7%		1.4%		0.6%		0.8%
Acquisition-Related Debt Costs		-		-		(4,823)		-		(6,336)
Non-GAAP Other Expense	$	3,953	$	5,791	$	6,408	$	20,727	$	16,803
Percent of Revenue		0.4%		0.7%		0.8%		0.6%		0.6%

GAAP Diluted EPS	$	0.30	$	0.68	$	0.34	$	2.20	$	1.98
Impact of Loss on Extinguishment of Debt		-		-		-				-
Other Operating Expense		0.71		-		-		0.71		-
Hittite Operations		-		-		-		-		-
Acquisition-Related Expenses		0.06		0.08		0.25		0.30		0.27
Acquisition-Related Transaction Costs		-		0.02		0.01		0.03		0.05
Acquisition-Related Debt Costs		-		-		0.01		-		0.01
Acquisition-Related Tax Impact		-		(0.00)		(0.02)		(0.01)		(0.02)
Restructuring-Related Expense		-		-		0.09		-		0.10
Stock-Based Compensation Expense		-		-		-		0.01		-
Impact of Reversal of Prior Period Tax Liabilities		(0.04)		-		-		(0.04)		-
Impact of the Reinstatement of the R&D Tax Credit		-		-		-		(0.02)		-
Non-GAAP Diluted EPS (1)	$	1.03	$	0.77	$	0.69	$	3.17	$	2.39

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