ANALOG DEVICES, INC. |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF INCOME |
||||||||||||||||
(Unaudited) |
||||||||||||||||
(In thousands, except per share amounts) |
||||||||||||||||
|
Three Months Ended |
Nine Months Ended |
||||||||||||||
|
Aug. 1, 2020 |
Aug. 3, 2019 |
Aug. 1, 2020 |
Aug. 3, 2019 |
||||||||||||
Revenue |
$ |
1,456,136 |
|
$ |
1,480,143 |
|
$ |
4,076,761 |
|
$ |
4,547,846 |
|
||||
Cost of sales |
483,558 |
|
482,332 |
|
1,409,367 |
|
1,476,287 |
|
||||||||
Gross margin |
972,578 |
|
997,811 |
|
2,667,394 |
|
3,071,559 |
|
||||||||
Operating expenses: |
|
|
|
|
||||||||||||
Research & development |
260,794 |
|
280,102 |
|
770,280 |
|
853,330 |
|
||||||||
Selling, marketing, general and administrative |
153,753 |
|
162,825 |
|
494,808 |
|
493,295 |
|
||||||||
Amortization of intangibles |
107,077 |
|
107,231 |
|
321,448 |
|
321,816 |
|
||||||||
| Special charges |
31,830 |
|
927 |
|
44,286 |
|
30,871 |
|
||||||||
| Total operating expenses |
553,454 |
|
551,085 |
|
1,630,822 |
|
1,699,312 |
|
||||||||
| Operating income |
419,124 |
|
446,726 |
|
1,036,572 |
|
1,372,247 |
|
||||||||
| Nonoperating expense (income): |
|
|
|
|
||||||||||||
| Interest expense |
45,914 |
|
59,871 |
|
144,712 |
|
178,300 |
|
||||||||
| Interest income |
(504 |
) |
(2,625 |
) |
(3,778 |
) |
(8,241 |
) |
||||||||
| Other, net |
685 |
|
(78 |
) |
1,331 |
|
4,287 |
|
||||||||
|
|
46,095 |
|
57,168 |
|
142,265 |
|
174,346 |
|
||||||||
| Income before income tax |
373,029 |
|
389,558 |
|
894,307 |
|
1,197,901 |
|
||||||||
| Provision for income taxes |
10,364 |
|
27,184 |
|
60,072 |
|
112,584 |
|
||||||||
| Net income |
$ |
362,665 |
|
$ |
362,374 |
|
$ |
834,235 |
|
$ |
1,085,317 |
|
||||
|
|
|
|
|
|
||||||||||||
| Shares used to compute earnings per common share - basic |
368,791 |
|
369,533 |
|
368,417 |
|
369,160 |
|
||||||||
| Shares used to compute earnings per common share - diluted |
372,003 |
|
373,077 |
|
371,857 |
|
372,967 |
|
||||||||
|
|
|
|
|
|
||||||||||||
| Basic earnings per common share |
$ |
0.98 |
|
$ |
0.98 |
|
$ |
2.26 |
|
$ |
2.93 |
|
||||
| Diluted earnings per common share |
$ |
0.97 |
|
$ |
0.97 |
|
$ |
2.24 |
|
$ |
2.90 |
|
||||
| ANALOG DEVICES, INC. |
||||||||
| CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
| (Unaudited) |
||||||||
| (In thousands) |
||||||||
|
|
Aug. 1, 2020 |
|
Nov. 2, 2019 |
|||||
| Cash & cash equivalents |
$ |
1,090,264 |
|
|
$ |
648,322 |
|
|
| Accounts receivable |
681,728 |
|
|
635,136 |
|
|||
| Inventories |
612,646 |
|
|
609,886 |
|
|||
| Other current assets |
100,599 |
|
|
91,782 |
|
|||
| Total current assets |
2,485,237 |
|
|
1,985,126 |
|
|||
| Net property, plant and equipment |
1,134,236 |
|
|
1,219,989 |
|
|||
| Other investments |
82,953 |
|
|
77,324 |
|
|||
| Goodwill |
12,273,799 |
|
|
12,256,880 |
|
|||
| Intangible assets, net |
3,796,932 |
|
|
4,217,224 |
|
|||
| Deferred tax assets |
1,522,772 |
|
|
1,582,382 |
|
|||
| Other assets |
303,639 |
|
|
53,716 |
|
|||
| Total assets |
$ |
21,599,568 |
|
|
$ |
21,392,641 |
|
|
|
|
|
|
|
|||||
| Other current liabilities |
$ |
1,238,452 |
|
|
$ |
1,208,965 |
|
|
| Debt, current |
449,324 |
|
|
299,667 |
|
|||
| Long-term debt |
5,143,653 |
|
|
5,192,252 |
|
|||
| Deferred income taxes |
1,961,009 |
|
|
2,088,212 |
|
|||
| Other non-current liabilities |
1,029,570 |
|
|
894,357 |
|
|||
| Shareholders' equity |
11,777,560 |
|
|
11,709,188 |
|
|||
| Total liabilities & equity |
$ |
21,599,568 |
|
|
$ |
21,392,641 |
|
|
| ANALOG DEVICES, INC. |
||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||||||||||
| (Unaudited) |
||||||||||||||||
| (In thousands) |
||||||||||||||||
|
|
Three Months Ended |
|
Nine Months Ended |
|||||||||||||
|
|
Aug. 1, 2020 |
|
Aug. 3, 2019 |
|
Aug. 1, 2020 |
|
Aug. 3, 2019 |
|||||||||
| Cash flows from operating activities: |
|
|
|
|
|
|
|
|||||||||
| Net income |
$ |
362,665 |
|
|
$ |
362,374 |
|
|
$ |
834,235 |
|
|
$ |
1,085,317 |
|
|
| Adjustments to reconcile net income to net cash provided by operations: |
|
|
|
|
|
|
|
|||||||||
| Depreciation |
57,598 |
|
|
61,606 |
|
|
176,722 |
|
|
179,041 |
|
|||||
| Amortization of intangibles |
143,865 |
|
|
142,521 |
|
|
431,985 |
|
|
427,046 |
|
|||||
| Stock-based compensation expense |
39,560 |
|
|
36,098 |
|
|
112,961 |
|
|
112,720 |
|
|||||
| Non-cash portion of special charge |
— |
|
|
— |
|
|
— |
|
|
4,367 |
|
|||||
| Deferred income taxes |
(7,412 |
) |
|
(33,601 |
) |
|
(42,802 |
) |
|
(55,444 |
) |
|||||
| Non-cash contribution to charitable foundation |
— |
|
|
— |
|
|
40,000 |
|
|
— |
|
|||||
| Other non-cash activity |
1,874 |
|
|
8,272 |
|
|
5,675 |
|
|
26,701 |
|
|||||
| Changes in operating assets and liabilities |
(40,950 |
) |
|
(24,724 |
) |
|
(222,887 |
) |
|
(184,552 |
) |
|||||
| Total adjustments |
194,535 |
|
|
190,172 |
|
|
501,654 |
|
|
509,879 |
|
|||||
| Net cash provided by operating activities |
557,200 |
|
|
552,546 |
|
|
1,335,889 |
|
|
1,595,196 |
|
|||||
| Percent of revenue |
38.3 |
% |
|
37.3 |
% |
|
32.8 |
% |
|
35.1 |
% |
|||||
| Cash flows from investing activities: |
|
|
|
|
|
|
|
|||||||||
| Additions to property, plant and equipment |
(20,804 |
) |
|
(58,094 |
) |
|
(135,804 |
) |
|
(224,297 |
) |
|||||
| Payments for acquisitions, net of cash acquired |
(12,763 |
) |
|
— |
|
|
(12,763 |
) |
|
— |
|
|||||
| Changes in other assets |
70 |
|
|
(547 |
) |
|
(1,214 |
) |
|
(5,132 |
) |
|||||
| Net cash used for investing activities |
(33,497 |
) |
|
(58,641 |
) |
|
(149,781 |
) |
|
(229,429 |
) |
|||||
|
|
|
|
|
|
|
|
|
|||||||||
| Cash flows from financing activities: |
|
|
|
|
|
|
|
|||||||||
| Proceeds from debt |
— |
|
|
1,250,000 |
|
|
395,646 |
|
|
1,250,000 |
|
|||||
| Early termination of debt |
— |
|
|
(1,250,000 |
) |
|
— |
|
|
(1,250,000 |
) |
|||||
| Payments on revolver |
— |
|
|
— |
|
|
(350,000 |
) |
|
(75,000 |
) |
|||||
| Proceeds from revolver |
— |
|
|
— |
|
|
350,000 |
|
|
75,000 |
|
|||||
| Debt repayments |
— |
|
|
(300,000 |
) |
|
(300,000 |
) |
|
(650,000 |
) |
|||||
| Dividend payments to shareholders |
(228,798 |
) |
|
(200,068 |
) |
|
(656,558 |
) |
|
(577,285 |
) |
|||||
| Repurchase of common stock |
(17,651 |
) |
|
(112,001 |
) |
|
(237,265 |
) |
|
(440,616 |
) |
|||||
| Proceeds from employee stock plans |
26,853 |
|
|
19,228 |
|
|
57,750 |
|
|
106,135 |
|
|||||
| Changes in other financing activities |
436 |
|
|
(1,774 |
) |
|
(4,015 |
) |
|
(7,918 |
) |
|||||
| Net cash used for financing activities |
(219,160 |
) |
|
(594,615 |
) |
|
(744,442 |
) |
|
(1,569,684 |
) |
|||||
| Effect of exchange rate changes on cash |
784 |
|
|
(727 |
) |
|
276 |
|
|
(510 |
) |
|||||
|
|
|
|
|
|
|
|
|
|||||||||
| Net increase (decrease) in cash and cash equivalents |
305,327 |
|
|
(101,437 |
) |
|
441,942 |
|
|
(204,427 |
) |
|||||
| Cash and cash equivalents at beginning of period |
784,937 |
|
|
713,601 |
|
|
648,322 |
|
|
816,591 |
|
|||||
| Cash and cash equivalents at end of period |
$ |
1,090,264 |
|
|
$ |
612,164 |
|
|
$ |
1,090,264 |
|
|
$ |
612,164 |
|
|
ANALOG DEVICES, INC.
