Analog Devices Reports Record Revenue and Earnings for the Second Quarter Fiscal 2021

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

 

May 1, 2021

 

May 2, 2020

 

Revenue

 

% of revenue*

 

Y/Y %

 

Revenue

 

% of revenue*

Industrial

$

972,177

 

 

59%

 

36%

 

$

716,364

 

 

54%

Communications

276,960

 

 

17%

 

—%

 

276,575

 

 

21%

Automotive

257,586

 

 

16%

 

42%

 

181,211

 

 

14%

Consumer

154,684

 

 

9%

 

8%

 

142,910

 

 

11%

Total revenue

$

1,661,407

 

 

100%

 

26%

 

$

1,317,060

 

 

100%

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended

 

May 1, 2021

 

May 2, 2020

 

Revenue

 

% of revenue*

 

Y/Y %

 

Revenue

 

% of revenue*

Industrial

$

1,828,140

 

 

57%

 

30%

 

$

1,405,224

 

 

54%

Communications

557,786

 

 

17%

 

8%

 

517,872

 

 

20%

Automotive

503,501

 

 

16%

 

30%

 

386,618

 

 

15%

Consumer

330,438

 

 

10%

 

6%

 

310,911

 

 

12%

Total revenue

$

3,219,865

 

 

100%

 

23%

 

$

2,620,625

 

 

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

 

Six Months Ended

 

May 1, 2021

 

May 2, 2020

 

May 1, 2021

 

May 2, 2020

 

 

 

 

 

 

 

 

Gross margin

$

1,136,637

 

 

$

846,674

 

 

$

2,182,008

 

 

$

1,694,816

 

Gross margin percentage

68.4

%

 

64.3

%

 

67.8

%

 

64.7

%

Acquisition related expenses

40,711

 

 

44,395

 

 

85,709

 

 

89,411

 

Adjusted gross margin

$

1,177,348

 

 

$

891,069

 

 

$

2,267,717

 

 

$

1,784,227

 

Adjusted gross margin percentage

70.9

%

 

67.7

%

 

70.4

%

 

68.1

%

 

 

 

 

 

 

 

 

Operating expenses

$

616,947

 

 

$

502,654

 

 

$

1,198,458

 

 

$

1,077,368

 

Percent of revenue

37.1

%

 

38.2

%

 

37.2

%

 

41.1

%

Acquisition related expenses

(109,903

)

 

(111,057

)

 

(220,203

)

 

(222,838

)

Acquisition related transaction costs

(23,008

)

 

 

 

(38,244

)

 

 

Charitable foundation contribution

 

 

 

 

 

 

(40,000

)

Restructuring related expense

(311

)

 

(1,320

)

 

(749

)

 

(12,456

)

Adjusted operating expenses

$

483,725

 

 

$

390,277

 

 

$

939,262

 

 

$

802,074

 

Adjusted operating expenses percentage

29.1

%

 

29.6

%

 

29.2

%

 

30.6

%

 

 

 

 

 

 

 

 

Operating income

$

519,690

 

 

$

344,020

 

 

$

983,550

 

 

$

617,448

 

Operating margin

31.3

%

 

26.1

%

 

30.5

%

 

23.6

%

Acquisition related expenses

150,614

 

 

155,452

 

 

305,912

 

 

312,249

 

Acquisition related transaction costs

23,008

 

 

 

 

38,244

 

 

 

Charitable foundation contribution

 

 

 

 

 

 

40,000

 

Restructuring related expense

311

 

 

1,320

 

 

749

 

 

12,456

 

Adjusted operating income

$

693,623

 

 

$

500,792

 

 

$

1,328,455

 

 

$

982,153

 

Adjusted operating margin

41.7

%

 

38.0

%

 

41.3

%

 

37.5

%

 

 

 

 

 

 

 

 

Provision for income taxes

$

53,080

 

 

$

27,365

 

 

$

101,179

 

 

$

49,708

 

Tax related items

22,983

 

 

21,867

 

 

45,780

 

 

50,147

 

Adjusted provision for income taxes

$

76,063

 

 

$

49,232

 

 

$

146,959

 

 

$

99,855

 

 

 

 

 

 

 

 

 

Income before income taxes

475,985

 

 

295,061

 

 

912,603

 

 

521,278

 

Effective tax rate

11.2

%

 

9.3

%

 

11.1

%

 

9.5

%

Acquisition related expenses

150,614

 

 

155,452

 

 

305,912

 

 

312,249

 

Acquisition related transaction costs

23,008

 

 

 

 

38,244

 

 

 

Charitable foundation contribution

 

 

 

 

 

 

40,000

 

Restructuring related expense

311

 

 

1,320

 

 

749

 

 

12,456

 

Adjusted income before income taxes

$

649,918

 

 

$

451,833

 

 

$

1,257,508

 

 

$

885,983

 

Adjusted tax rate

11.7

%

 

10.9

%

 

11.7

%

 

11.3

%

 

 

 

 

 

 

 

 

Diluted EPS

$

1.14

 

 

$

0.72

 

 

$

2.18

 

 

$

1.27

 

Acquisition related expenses

0.40

 

 

0.42

 

 

0.82

 

 

0.84

 

Acquisition related transaction costs

0.06

 

 

 

 

0.10

 

 

 

Charitable foundation contribution

 

 

 

 

 

 

0.11

 

Restructuring related expense

0.00

 

 

0.00

 

 

0.00

 

 

0.03

 

Tax related items

(0.06

)

 

(0.06

)

 

(0.12

)

 

(0.13

)

Adjusted diluted EPS*

$

1.54

 

 

$

1.08

 

 

$

2.98

 

 

$

2.11

 

 

* 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

 

May 1, 2021

 

May 1, 2021

 

Jan. 30, 2021

 

Oct 31, 2021

 

Aug. 1, 2020

Revenue

$

6,202,296

 

 

$

1,661,407

 

 

$

1,558,458

 

 

$

1,526,295

 

 

$

1,456,136

 

Net cash provided by operating activities

$

2,394,100

 

 

$

736,361

 

 

$

427,941

 

 

$

672,598

 

 

$

557,200

 

% of Revenue

39

%

 

44

%

 

27

%

 

44

%

 

38

%

Capital expenditures

$

(177,250

)

 

$

(59,170

)

 

$

(67,388

)

 

$

(29,888

)

 

$

(20,804

)

Free cash flow

$

2,216,850

 

 

$

677,191

 

 

$

360,553

 

 

$

642,710

 

 

$

536,396

 

% of Revenue

36

%

 

41

%

 

23

%

 

42

%

 

37

%

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

 

 

Three Months Ending July 31, 2021

 

Reported

 

Adjusted

Revenue

$1.7 Billion

 

$1.7 Billion

 

(+/- $70 Million)

 

(+/- $70 Million)

Operating margin

32.9%

 

42.5% (1)

 

(+/-140 bps)

 

(+/-100 bps)

Nonoperating expense

~ $43 Million

 

~ $43 Million

Tax rate

11% to 13%

 

11% to 13% (2)

Earnings per share

$1.23

 

$1.61 (3)

 

(+/- $0.11)

 

(+/- $0.11)

(1) Includes $163 million of adjustments related to acquisition related expenses and acquisition related transaction costs as previously defined in the Non-GAAP Financial Information section of this press release. This excludes acquisition related transaction costs that are contingent upon closing of the proposed Maxim Integrated Products, Inc. acquisition as we cannot reasonably predict the timing of this transaction.

(2) Includes $23 million of tax effects associated with the adjustments for acquisition related expenses and acquisition related transaction costs noted above.

(3) Includes $0.38 of adjustments related to the net impact of $0.44 of acquisition related expenses and acquisition related transaction costs, as well as $0.06 of tax effects on those items.


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