Analog Devices Reports Third Quarter Fiscal 2020 Results With Revenue and EPS Above the Midpoint of Guidance

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.

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