ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Three Months Ended

Twelve Months Ended

Nov. 2, 2024

Oct. 28, 2023

Nov. 2, 2024

Oct. 28, 2023

Cash flows from operating activities:

  Net income

$       478,072

$       498,430

$    1,635,273

$    3,314,579

  Adjustments to reconcile net income to net cash provided by operations:

       Depreciation

97,241

82,919

362,771

334,704

       Amortization of intangibles

423,220

453,198

1,741,545

1,958,399

       Stock-based compensation expense

70,448

72,710

262,710

299,823

       Deferred income taxes

(97,997)

(21,553)

(367,563)

(452,946)

       Other

(776)

(10,465)

23,050

8,665

       Changes in operating assets and liabilities

80,609

112,055

194,743

(645,590)

   Total adjustments

572,745

688,864

2,217,256

1,503,055

Net cash provided by operating activities

1,050,817

1,187,294

3,852,529

4,817,634

   Percent of revenue

43 %

44 %

41 %

39 %

Cash flows from investing activities:

  Purchases of short-term investments

—

—

(438,901)

—

  Maturities of short-term investments

69,279

—

69,279

—

  Additions to property, plant and equipment, net

(165,410)

(476,393)

(730,463)

(1,261,463)

  Other

(15,483)

(2,668)

(4,773)

(4,922)

Net cash used for investing activities

(111,614)

(479,061)

(1,104,858)

(1,266,385)

Cash flows from financing activities:

  Proceeds from debt

—

—

1,087,856

—

  Early termination of debt

—

—

—

(65,688)

  Debt repayments

(499,966)

—

(499,966)

—

  Proceeds from commercial paper notes

2,474,948

2,640,615

10,184,439

5,287,124

  Payments of commercial paper notes

(2,474,652)

(2,638,101)

(10,183,925)

(4,739,900)

  Dividend payments to shareholders

(456,756)

(427,974)

(1,795,459)

(1,679,106)

  Repurchase of common stock

(94,878)

(469,937)

(615,590)

(2,963,955)

  Proceeds from employee stock plans

4,860

5,606

121,215

118,608

  Other

(7,449)

(9,627)

(12,960)

(20,843)

Net cash used for financing activities

(1,053,893)

(899,418)

(1,714,390)

(4,063,760)

Net (decrease) increase in cash and cash equivalents

(114,690)

(191,185)

1,033,281

(512,511)

Cash and cash equivalents at beginning of period

2,106,032

1,149,246

$       958,061

$    1,470,572

Cash and cash equivalents at end of period

$    1,991,342

$       958,061

$    1,991,342

$       958,061