(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 evolve and improve, 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 |
|||||||||||||
|
Aug. 1, 2020 |
|
Aug. 3, 2019 |
|||||||||||
|
Revenue |
|
% of revenue* |
|
Y/Y % |
|
Revenue |
|
% of revenue* |
|||||
Industrial |
$ |
774,353 |
|
|
53% |
|
3% |
|
$ |
753,118 |
|
|
51% |
|
Communications |
363,613 |
|
|
25% |
|
14% |
|
319,250 |
|
|
22% |
|||
Automotive |
162,480 |
|
|
11% |
|
(29)% |
|
228,235 |
|
|
15% |
|||
Consumer |
155,690 |
|
|
11% |
|
(13)% |
|
179,540 |
|
|
12% |
|||
Total revenue |
$ |
1,456,136 |
|
|
100% |
|
(2)% |
|
$ |
1,480,143 |
|
|
100% |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
Nine Months Ended |
|||||||||||||
|
|
Aug. 1, 2020 |
|
Aug. 3, 2019 |
|||||||||||
|
|
Revenue |
|
% of revenue* |
|
Y/Y % |
|
Revenue |
|
% of revenue* |
|||||
| Industrial |
$ |
2,174,183 |
|
|
53% |
|
(4)% |
|
$ |
2,262,597 |
|
|
50% |
|
| Communications |
880,921 |
|
|
22% |
|
(14)% |
|
1,030,283 |
|
|
23% |
|||
| Automotive |
551,395 |
|
|
14% |
|
(22)% |
|
708,711 |
|
|
16% |
|||
| Consumer |
470,262 |
|
|
12% |
|
(14)% |
|
546,255 |
|
|
12% |
|||
| Total revenue |
$ |
4,076,761 |
|
|
100% |
|
(10)% |
|
$ |
4,547,846 |
|
|
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 |
|
Nine Months Ended |
|||||||||||||
|
|
Aug. 1, 2020 |
|
Aug. 3, 2019 |
|
Aug. 1, 2020 |
|
Aug. 3, 2019 |
|||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Gross margin |
$ |
972,578 |
|
|
$ |
997,811 |
|
|
$ |
2,667,394 |
|
|
$ |
3,071,559 |
|
|
| Gross margin percentage |
66.8 |
% |
|
67.4 |
% |
|
65.4 |
% |
|
67.5 |
% |
|||||
| Acquisition related expenses |
45,222 |
|
|
43,694 |
|
|
134,633 |
|
|
130,444 |
|
|||||
| Adjusted gross margin |
$ |
1,017,800 |
|
|
$ |
1,041,505 |
|
|
$ |
2,802,027 |
|
|
$ |
3,202,003 |
|
|
| Adjusted gross margin percentage |
69.9 |
% |
|
70.4 |
% |
|
68.7 |
% |
|
70.4 |
% |
|||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating expenses |
$ |
553,454 |
|
|
$ |
551,085 |
|
|
$ |
1,630,822 |
|
|
$ |
1,699,312 |
|
|
| Percent of revenue |
38.0 |
% |
|
37.2 |
% |
|
40.0 |
% |
|
37.4 |
% |
|||||
| Acquisition related expenses |
(110,460 |
) |
|
(112,636 |
) |
|
(333,298 |
) |
|
(339,293 |
) |
|||||
| Acquisition related transaction costs |
(9,121 |
) |
|
— |
|
|
(9,121 |
) |
|
— |
|
|||||
| Charitable foundation contribution |
— |
|
|
— |
|
|
(40,000 |
) |
|
— |
|
|||||
| Restructuring related expense |
(31,830 |
) |
|
(927 |
) |
|
(44,287 |
) |
|
(30,871 |
) |
|||||
| Adjusted operating expenses |
$ |
402,043 |
|
|
$ |
437,522 |
|
|
$ |
1,204,116 |
|
|
$ |
1,329,148 |
|
|
| Adjusted operating expenses percentage |
27.6 |
% |
|
29.6 |
% |
|
29.5 |
% |
|
29.2 |
% |
|||||
|
|
|
|
|
|
|
|
|
|||||||||
| Operating income |
$ |
419,124 |
|
|
$ |
446,726 |
|
|
$ |
1,036,572 |
|
|
$ |
1,372,247 |
|
|
| Operating margin |
28.8 |
% |
|
30.2 |
% |
|
25.4 |
% |
|
30.2 |
% |
|||||
| Acquisition related expenses |
155,682 |
|
|
156,330 |
|
|
467,931 |
|
|
469,737 |
|
|||||
| Acquisition related transaction costs |
9,121 |
|
|
— |
|
|
9,121 |
|
|
— |
|
|||||
| Charitable foundation contribution |
— |
|
|
— |
|
|
40,000 |
|
|
— |
|
|||||
| Restructuring related expense |
31,830 |
|
|
927 |
|
|
44,287 |
|
|
30,871 |
|
|||||
| Adjusted operating income |
$ |
615,757 |
|
|
$ |
603,983 |
|
|
$ |
1,597,911 |
|
|
$ |
1,872,855 |
|
|
| Adjusted operating margin |
42.3 |
% |
|
40.8 |
% |
|
39.2 |
% |
|
41.2 |
% |
|||||
|
|
|
|
|
|
|
|
|
|||||||||
| Provision for income taxes |
$ |
10,364 |
|
|
$ |
27,184 |
|
|
$ |
60,072 |
|
|
$ |
112,584 |
|
|
| Income tax effect of adjustments above |
29,266 |
|
|
20,927 |
|
|
79,413 |
|
|
68,567 |
|
|||||
| Income tax from certain discrete tax items |
25,951 |
|
|
28,365 |
|
|
25,951 |
|
|
40,925 |
|
|||||
| Adjusted provision for income taxes |
$ |
65,581 |
|
|
$ |
76,476 |
|
|
$ |
165,436 |
|
|
$ |
222,076 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
| Income before income taxes |
373,029 |
|
|
389,558 |
|
|
894,307 |
|
|
1,197,901 |
|
|||||
| Effective tax rate |
2.8 |
% |
|
7.0 |
% |
|
6.7 |
% |
|
9.4 |
% |
|||||
| Acquisition related expenses |
155,682 |
|
|
156,330 |
|
|
467,931 |
|
|
469,737 |
|
|||||
| Acquisition related transaction costs |
9,121 |
|
|
— |
|
|
9,121 |
|
|
— |
|
|||||
| Charitable foundation contribution |
— |
|
|
— |
|
|
40,000 |
|
|
— |
|
|||||
| Restructuring related expense |
31,830 |
|
|
927 |
|
|
44,287 |
|
|
30,871 |
|
|||||
| Adjusted income before income taxes |
$ |
569,662 |
|
|
$ |
546,815 |
|
|
$ |
1,455,646 |
|
|
$ |
1,698,509 |
|
|
| Adjusted tax rate |
11.5 |
% |
|
14.0 |
% |
|
11.4 |
% |
|
13.1 |
% |
|||||
|
|
|
|
|
|
|
|
|
|||||||||
| Diluted EPS |
$ |
0.97 |
|
|
$ |
0.97 |
|
|
$ |
2.24 |
|
|
$ |
2.90 |
|
|
| Acquisition related expenses |
0.42 |
|
|
0.42 |
|
|
1.26 |
|
|
1.26 |
|
|||||
| Acquisition related transaction costs |
0.02 |
|
|
— |
|
|
0.02 |
|
|
— |
|
|||||
| Charitable foundation contribution |
— |
|
|
— |
|
|
0.11 |
|
|
— |
|
|||||
| Restructuring related expense |
0.09 |
|
|
— |
|
|
0.12 |
|
|
0.08 |
|
|||||
| Income tax effect of adjustments above |
(0.08 |
) |
|
(0.06 |
) |
|
(0.21 |
) |
|
(0.18 |
) |
|||||
| Income tax from certain discrete tax items |
(0.07 |
) |
|
(0.08 |
) |
|
(0.07 |
) |
|
(0.11 |
) |
|||||
| Adjusted diluted EPS (1) |
$ |
1.36 |
|
|
$ |
1.26 |
|
|
$ |
3.47 |
|
|
$ |
3.96 |
|
|
| (1) 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
|
|
Three Months Ended |
|||||||||||||||||
|
|
Aug. 1, 2020 |
|
Aug. 1, 2020 |
|
May 2, 2020 |
|
Feb. 1, 2020 |
|
Nov. 2, 2019 |
|||||||||||
| Revenue |
$ |
5,519,980 |
|
|
$ |
1,456,136 |
|
|
$ |
1,317,060 |
|
|
$ |
1,303,565 |
|
|
$ |
1,443,219 |
|
|
| Net cash provided by operating activities |
$ |
1,993,794 |
|
|
$ |
557,200 |
|
|
$ |
429,041 |
|
|
$ |
349,648 |
|
|
$ |
657,905 |
|
|
| % of Revenue |
36 |
% |
|
38 |
% |
|
33 |
% |
|
27 |
% |
|
46 |
% |
||||||
| Capital expenditures |
$ |
(186,880 |
) |
|
$ |
(20,804 |
) |
|
$ |
(60,161 |
) |
|
$ |
(54,839 |
) |
|
$ |
(51,076 |
) |
|
| Free cash flow |
$ |
1,806,914 |
|
|
$ |
536,396 |
|
|
$ |
368,880 |
|
|
$ |
294,809 |
|
|
$ |
606,829 |
|
|
| % of Revenue |
33 |
% |
|
37 |
% |
|
28 |
% |
|
23 |
% |
|
42 |
% |
||||||
| ANALOG DEVICES, INC. |
||||
| RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS |
||||
| (Unaudited) |
||||
|
|
Three Months Ending October 31, 2020 |
|||
|
|
Reported |
|
Adjusted |
|
| Revenue |
$1.44 Billion |
|
$1.44 Billion |
|
|
|
(+/- $70 Million) |
|
(+/- $70 Million) |
|
| Operating margin |
31.0% |
|
42.0% (1) |
|
|
|
(+/-140 bps) |
|
(+/-100 bps) |
|
| Nonoperating expense |
~ $46 Million |
|
~ $46 Million |
|
| Tax rate |
12% to 13% |
|
12% to 13% (2) |
|
| Earnings per share |
$0.95 |
|
$1.32 (3) |
|
|
|
(+/- $0.10) |
|
(+/- $0.10) |
|
| (1) Includes $157 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release. |
| (2) Includes $22 million of tax effects associated with the adjustment for acquisition related expenses above. |
| (3) Includes $0.36 of adjustments related to the net impact of $0.42 of acquisition related expenses and $0.06 of tax effects on those acquisition related expenses. |
