Analog Devices Reports First Quarter Fiscal 2021 Results at the High End of Guidance

REVENUE TRENDS BY END MARKET
(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 evolves and improves, 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

 

Jan. 30, 2021

 

Feb. 1, 2020

 

Revenue

 

% of revenue*

 

Y/Y %

 

Revenue

 

% of revenue*

Industrial

$

855,454

 

 

55

%

 

24

%

 

$

687,685

 

 

53

%

Communications

281,049

 

 

18

%

 

16

%

 

241,804

 

 

19

%

Automotive

245,250

 

 

16

%

 

19

%

 

205,712

 

 

16

%

Consumer

176,705

 

 

11

%

 

5

%

 

168,364

 

 

13

%

Total revenue

$

1,558,458

 

 

100

%

 

20

%

 

$

1,303,565

 

 

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

 

Jan. 30, 2021

 

Feb. 1, 2020

 

 

 

 

Gross margin

$

1,045,371

 

 

$

848,142

 

Gross margin percentage

67.1

%

 

65.1

%

Acquisition related expenses

44,997

 

 

45,016

 

Adjusted gross margin

$

1,090,368

 

 

$

893,158

 

Adjusted gross margin percentage

70.0

%

 

68.5

%

 

 

 

 

Operating expenses

$

581,511

 

 

$

574,714

 

Percent of revenue

37.3

%

 

44.1

%

Acquisition related expenses

(110,300)

 

 

(111,782)

 

Acquisition related transaction costs

(15,236)

 

 

 

Charitable foundation contribution

 

 

(40,000)

 

Restructuring related expense

(438)

 

 

(11,136)

 

Adjusted operating expenses

$

455,537

 

 

$

411,796

 

Adjusted operating expenses percentage

29.2

%

 

31.6

%

 

 

 

 

Operating income

$

463,860

 

 

$

273,428

 

Operating margin

29.8

%

 

21.0

%

Acquisition related expenses

155,297

 

 

156,798

 

Acquisition related transaction costs

15,236

 

 

 

Charitable foundation contribution

 

 

40,000

 

Restructuring related expense

438

 

 

11,136

 

Adjusted operating income

$

634,831

 

 

$

481,362

 

Adjusted operating margin

40.7

%

 

36.9

%

 

 

 

 

Provision for income taxes

$

48,099

 

 

$

22,343

 

Income tax effect of adjustments above

22,796

 

 

28,280

 

Adjusted provision for income taxes

$

70,895

 

 

$

50,623

 

 

 

 

 

Income before income taxes

436,618

 

 

226,217

 

Effective tax rate

11.0

%

 

9.9

%

Acquisition related expenses

155,297

 

 

156,798

 

Acquisition related transaction costs

15,236

 

 

 

Charitable foundation contribution

 

 

40,000

 

Restructuring related expense

438

 

 

11,136

 

Adjusted income before income taxes

$

607,589

 

 

$

434,151

 

Adjusted tax rate

11.7

%

 

11.7

%

 

 

 

 

Diluted EPS

$

1.04

 

 

$

0.55

 

Acquisition related expenses

0.42

 

 

0.42

 

Acquisition related transaction costs

0.04

 

 

 

Charitable foundation contribution

 

 

0.11

 

Restructuring related expense

0.00

 

 

0.03

 

Income tax effect of adjustments above

(0.06)

 

 

(0.08)

 

Adjusted diluted EPS*

$

1.44

 

 

$

1.03

 

 

* 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

Twelve

Months

 

Three Months Ended

 

Jan. 30, 2021

 

Jan. 30, 2021

 

Oct. 31, 2020

 

Aug. 1, 2020

 

May 2, 2020

Revenue

$

5,857,949

 

 

$

1,558,458

 

 

$

1,526,295

 

 

$

1,456,136

 

 

$

1,317,060

 

Net cash provided by operating activities

$

2,086,780

 

 

$

427,941

 

 

$

672,598

 

 

$

557,200

 

 

$

429,041

 

% of Revenue

36

%

 

27

%

 

44

%

 

38

%

 

33

%

Capital expenditures

$

(178,241

)

 

$

(67,388

)

 

$

(29,888

)

 

$

(20,804

)

 

$

(60,161

)

Free cash flow

$

1,908,539

 

 

$

360,553

 

 

$

642,710

 

 

$

536,396

 

 

$

368,880

 

% of Revenue

33

%

 

23

%

 

42

%

 

37

%

 

28

%

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

 

 

Three Months Ending May 1, 2021

 

Reported

 

Adjusted

Revenue

$1.60 Billion

 

$1.60 Billion

 

(+/- $50 Million)

 

(+/- $50 Million)

Operating margin

30.6%

 

41% (1)

 

(+/-110 bps)

 

(+/-70 bps)

Nonoperating expense

~ $44 Million

 

~ $44 Million

Tax rate

11% to 13%

 

11% to 13% (2)

Earnings per share

$1.06

 

$1.44 (3)

 

(+/- $0.08)

 

(+/- $0.08)


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