Non-Solicitation
This communication shall not constitute an
offer to sell or the solicitation of an offer to sell or the
solicitation of an offer to buy any securities, nor shall there be any
sale of securities in any jurisdiction in which such offer, solicitation
or sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the requirements
of Section 10 of the Securities Act of 1933, as amended.
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, Third Quarter, Fiscal 2016 | |||||||||||||
|
Schedule A |
|||||||||||||
| Revenue and Earnings Summary (Unaudited) | |||||||||||||
| (In thousands, except per-share amounts) | |||||||||||||
|
|
|||||||||||||
| Three Months Ended | |||||||||||||
| 3Q 16 | 2Q 16 | 3Q 15 | |||||||||||
|
July 30,
2016 |
April 30,
2016 |
Aug 1,
2015 |
|||||||||||
| Revenue | $ | 869,591 | $ | 778,766 | $ | 863,365 | |||||||
| Year-to-year change | 1 | % | (5 | )% | 19 | % | |||||||
| Quarter-to-quarter change | 12 | % | 1 | % | 5 | % | |||||||
| Cost of sales (1) | 297,301 | 267,863 | 294,328 | ||||||||||
| Gross margin | 572,290 | 510,903 | 569,037 | ||||||||||
| Gross margin percentage | 65.8 | % | 65.6 | % | 65.9 | % | |||||||
| Year-to-year change (basis points) | (10 | ) | (80 | ) | 50 | ||||||||
| Quarter-to-quarter change (basis points) | 20 | 360 | (50 | ) | |||||||||
| Operating expenses: | |||||||||||||
| R&D (1) | 163,227 | 160,235 | 160,784 | ||||||||||
| Selling, marketing and G&A (1) | 122,909 | 112,186 | 120,030 | ||||||||||
| Amortization of intangibles | 17,447 | 17,419 | 22,954 | ||||||||||
| Special charges | — | 13,684 | — | ||||||||||
| Total operating expenses | 303,583 | 303,524 | 303,768 | ||||||||||
| Total operating expenses percentage | 34.9 | % | 39.0 | % | 35.2 | % | |||||||
| Year-to-year change (basis points) | (30 | ) | 300 | (240 | ) | ||||||||
| Quarter-to-quarter change (basis points) | (410 | ) | 230 | (80 | ) | ||||||||
| Operating income | 268,707 | 207,379 | 265,269 | ||||||||||
| Operating income percentage | 30.9 | % | 26.6 | % | 30.7 | % | |||||||
| Year-to-year change (basis points) | 20 | (370 | ) | 290 | |||||||||
| Quarter-to-quarter change (basis points) | 430 | 130 | 40 | ||||||||||
| Other expense | 12,307 | 12,469 | 5,791 | ||||||||||
| Income before income tax | 256,400 | 194,910 | 259,478 | ||||||||||
| Provision for income taxes | 25,970 | 24,337 | 43,000 | ||||||||||
| Tax rate percentage | 10.1 | % | 12.5 | % | 16.6 | % | |||||||
| Net income | $ | 230,430 | $ | 170,573 | $ | 216,478 | |||||||
| Shares used for EPS - basic | 307,135 | 308,790 | 313,877 | ||||||||||
| Shares used for EPS - diluted | 310,558 | 312,250 | 318,187 | ||||||||||
| Earnings per share - basic | $ | 0.75 | $ | 0.55 | $ | 0.69 | |||||||
| Earnings per share - diluted | $ | 0.74 | $ | 0.55 | $ | 0.68 | |||||||
| Dividends paid per share | $ | 0.42 | $ | 0.42 | $ | 0.40 | |||||||
| (1) Includes stock-based compensation expense as follows: | |||||||||||||
| Cost of sales | $ | 1,844 | $ | 1,986 | $ | 2,196 | |||||||
| R&D | $ | 6,682 | $ | 6,646 | $ | 6,839 | |||||||
| Selling, marketing and G&A | $ | 8,093 | $ | 7,327 | $ | 7,329 | |||||||
| Analog Devices, Third Quarter, Fiscal 2016 | ||||||||||||
|
Schedule B |
||||||||||||
| Selected Balance Sheet Information (Unaudited) | ||||||||||||
| (In thousands) | ||||||||||||
| 3Q 16 | 2Q 16 | 3Q 15 | ||||||||||
|
July 30,
2016 |
April 30,
2016 |
Aug 1,
2015 |
||||||||||
| Cash & short-term investments | $ | 3,803,434 | $ | 3,754,081 | $ | 3,099,961 | ||||||
| Accounts receivable, net | 452,944 | 398,979 | 451,511 | |||||||||
| Inventories (1) | 392,303 | 399,459 | 424,475 | |||||||||
| Other current assets | 79,207 | 75,355 | 173,945 | |||||||||
| Total current assets | 4,727,888 | 4,627,874 | 4,149,892 | |||||||||
| PP&E, net | 629,094 | 626,162 | 631,269 | |||||||||
| Investments | 54,077 | 50,680 | 40,324 | |||||||||
| Goodwill | 1,639,033 | 1,639,165 | 1,640,381 | |||||||||
| Intangible assets, net | 529,035 | 548,374 | 601,882 | |||||||||
| Other | 105,926 | 78,037 | 67,313 | |||||||||
| Total assets | $ | 7,685,053 | $ | 7,570,292 | $ | 7,131,061 | ||||||
| Deferred income on shipments to distributors, net | $ | 327,444 | $ | 317,290 | $ | 307,265 | ||||||
| Other current liabilities | 351,249 | 367,310 | 375,753 | |||||||||
| Debt, current | — | — | 374,371 | |||||||||
| Long-term debt | 1,731,758 | 1,731,336 | 495,189 | |||||||||
| Non-current liabilities | 291,269 | 280,655 | 513,322 | |||||||||
| Shareholders' equity | 4,983,333 | 4,873,701 | 5,065,161 | |||||||||
| Total liabilities & equity | $ | 7,685,053 | $ | 7,570,292 | $ | 7,131,061 | ||||||
