Analog Devices Reports Record Fourth Quarter and Fiscal 2021 Results

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

 

Oct 30, 2021

 

Oct 31, 2020

 

Revenue

 

% of revenue*

 

Y/Y %

 

Revenue

 

% of revenue*

Industrial

$

1,178,476

 

 

50%

 

45%

 

$

812,729

 

 

53%

Automotive

452,589

 

 

19%

 

97%

 

229,916

 

 

15%

Communications

351,568

 

 

15%

 

13%

 

311,039

 

 

20%

Consumer

356,935

 

 

15%

 

107%

 

172,611

 

 

11%

Total revenue

$

2,339,568

 

 

100%

 

53%

 

$

1,526,295

 

 

100%

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

Oct 30, 2021

 

Oct 31, 2020

 

Revenue

 

% of revenue*

 

Y/Y %

 

Revenue

 

% of revenue*

Industrial

$

4,011,485

 

 

55%

 

34%

 

$

2,998,259

 

 

54%

Automotive

1,248,635

 

 

17%

 

60%

 

778,297

 

 

14%

Communications

1,198,461

 

 

16%

 

1%

 

1,191,169

 

 

21%

Consumer

859,705

 

 

12%

 

35%

 

635,331

 

 

11%

Total revenue

$

7,318,286

 

 

100%

 

31%

 

$

5,603,056

 

 

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

 

Twelve Months Ended

 

Oct 30, 2021

 

Oct 31, 2020

 

Oct 30, 2021

 

Oct 31, 2020

 

 

 

 

 

 

 

 

Gross margin

$

1,121,820

 

 

$

1,023,084

 

 

$

4,525,012

 

 

$

3,690,478

 

Gross margin percentage

47.9

%

 

67.0

%

 

61.8

%

 

65.9

%

Acquisition related expenses

537,784

 

 

44,741

 

 

661,438

 

 

179,374

 

Adjusted gross margin

$

1,659,604

 

 

$

1,067,825

 

 

$

5,186,450

 

 

$

3,869,852

 

Adjusted gross margin percentage

70.9

%

 

70.0

%

 

70.9

%

 

69.1

%

 

 

 

 

 

 

 

 

Operating expenses

$

1,022,815

 

 

$

561,412

 

 

$

2,832,811

 

 

$

2,192,234

 

Percent of revenue

43.7

%

 

36.8

%

 

38.7

%

 

39.1

%

Acquisition related expenses

(223,151)

 

 

(110,963)

 

 

(552,789)

 

 

(444,261)

 

Acquisition related transaction costs

(56,289)

 

 

(10,977)

 

 

(112,859)

 

 

(20,098)

 

Charitable foundation contribution

 

 

 

 

 

 

(40,000)

 

Special charges, net

(92,645)

 

 

(8,050)

 

 

(84,458)

 

 

(52,337)

 

Adjusted operating expenses

$

650,730

 

 

$

431,422

 

 

$

2,082,705

 

 

$

1,635,538

 

Adjusted operating expenses percentage

27.8

%

 

28.3

%

 

28.5

%

 

29.2

%

 

 

 

 

 

 

 

 

Operating income

$

99,005

 

 

$

461,672

 

 

$

1,692,201

 

 

$

1,498,244

 

Operating margin

4.2

%

 

30.2

%

 

23.1

%

 

26.7

%

Acquisition related expenses

760,935

 

 

155,704

 

 

1,214,227

 

 

623,635

 

Acquisition related transaction costs

56,289

 

 

10,977

 

 

112,859

 

 

20,098

 

Charitable foundation contribution

 

 

 

 

 

 

40,000

 

Special charges, net

92,645

 

 

8,050

 

 

84,458

 

 

52,337

 

Adjusted operating income

$

1,008,874

 

 

$

636,403

 

 

$

3,103,745

 

 

$

2,234,314

 

Adjusted operating margin

43.1

%

 

41.7

%

 

42.4

%

 

39.9

%

 

 

 

 

 

 

 

 

Nonoperating expense (income)

255,172

 

 

$

44,362

 

 

363,487

 

 

186,627

 

Acquisition related expenses

3,842

 

 

 

 

3,842

 

 

 

Loss on extinguishment of debt

(215,150)

 

 

 

 

(215,150)

 

 

 

Adjusted nonoperating expense (income)

$

43,864

 

 

$

44,362

 

 

152,179

 

 

$

186,627

 

 

 

 

 

 

 

 

 

(Loss) income before income taxes

$

(156,167)

 

 

$

417,310

 

 

$

1,328,714

 

 

$

1,311,617

 

Acquisition related expenses

757,093

 

 

155,704

 

 

1,210,385

 

 

623,635

 

Acquisition related transaction costs

56,289

 

 

10,977

 

 

112,859

 

 

20,098

 

Charitable foundation contribution

 

 

 

 

 

 

40,000

 

Special charges, net

92,645

 

 

8,050

 

 

84,458

 

 

52,337

 

Loss on extinguishment of debt

$

215,150

 

 

$

 

 

$

215,150

 

 

$

 

Adjusted income before income taxes

$

965,010

 

 

$

592,041

 

 

$

2,951,566

 

 

$

2,047,687

 

 

 

 

 

 

 

 

 

(Benefit from) provision for income taxes

$

(231,854)

 

 

$

30,784

 

 

$

(61,708)

 

 

$

90,856

 

Effective tax rate

(148.5)

%

 

7.4

%

 

(4.6)

%

 

6.9

%

Income tax effect of adjustments above

165,505

 

 

26,878

 

 

231,972

 

 

106,291

 

Income tax from certain discrete tax items

188,872

 

 

 

 

188,872

 

 

25,951

 

Adjusted provision for income taxes

$

122,524

 

 

$

57,662

 

 

$

359,136

 

 

$

223,098

 

Adjusted tax rate

12.7

%

 

9.7

%

 

12.2

%

 

10.9

%

 

 

 

 

 

 

 

 

Diluted EPS

$

0.16

 

 

$

1.04

 

 

$

3.46

 

 

$

3.28

 

Acquisition related expenses

1.55

 

 

0.42

 

 

3.02

 

 

1.68

 

Acquisition related transaction costs

0.12

 

 

0.03

 

 

0.28

 

 

0.05

 

Charitable foundation contribution

 

 

 

 

 

 

0.11

 

Special charges, net

0.19

 

 

0.02

 

 

0.21

 

 

0.14

 

Loss on extinguishment of debt

0.44

 

 

 

 

0.54

 

 

 

Income tax effect of adjustments above

(0.34)

 

 

(0.07)

 

 

(0.58)

 

 

(0.29)

 

Income tax from certain discrete tax items

(0.39)

 

 

 

 

(0.47)

 

 

(0.07)

 

Adjusted diluted EPS*

$

1.73

 

 

$

1.44

 

 

$

6.46

 

 

$

4.91

 

 

* 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

 

Oct 30, 2021

 

Oct 30, 2021

 

Jul. 31, 2021

 

May 1, 2021

 

Jan. 30, 2021

Revenue

$

7,318,286

 

 

2,339,568

 

 

$

1,758,853

 

 

$

1,661,407

 

 

$

1,558,458

 

Net cash provided by operating activities

$

2,735,069

 

 

$

940,726

 

 

$

630,041

 

 

$

736,361

 

 

$

427,941

 

% of Revenue

37

%

 

40

%

 

36

%

 

44

%

 

27

%

Capital expenditures

$

(343,676)

 

 

$

(130,777)

 

 

$

(86,341)

 

 

$

(59,170)

 

 

$

(67,388)

 

Free cash flow

$

2,391,393

 

 

$

809,949

 

 

$

543,700

 

 

$

677,191

 

 

$

360,553

 

% of Revenue

33

%

 

35

%

 

31

%

 

41

%

 

23

%

 

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

 

 

Three Months Ending January 29, 2022

 

Reported

 

Adjusted

Revenue

$2.60 Billion

 

$2.60 Billion

 

(+/- $100 Million)

 

(+/- $100 Million)

Operating margin

12.0%

 

43.3% (1)

 

(+/-200 bps)

 

(+/-70 bps)

Nonoperating expenses

~ $50 Million

 

~ $50 Million

Tax rate

12.5%

 

12.5% (2)

 

(+/-100 bps)

 

(+/-100 bps)

Diluted shares

~ 530 Million

 

~ 530 Million

Earnings per share

$0.43

 

$1.78 (3)

 

(+/- $0.10)

 

(+/- $0.10)

(1) Includes $815 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.

(2) Includes $102 million of tax effects associated with the adjustments for acquisition related expenses and acquisition related transaction costs noted above.

(3) Includes $1.35 of adjustments related to the net impact of acquisition related expenses and acquisition related transaction costs, as well as the tax effects on those items.


« Previous Page 1 | 2 | 3 | 4 | 5  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise