(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. |
