Analog Devices Reports Record Fourth Quarter and Fiscal 2022 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 29, 2022

 

Oct 30, 2021

 

Revenue

 

% of revenue*

 

Y/Y %

 

Revenue

 

% of revenue*

Industrial

$

1,661,517

 

51%

 

40%

 

$

1,185,409

 

51%

Automotive

 

672,329

 

21%

 

49%

 

 

452,311

 

19%

Communications

 

501,984

 

15%

 

42%

 

 

354,746

 

15%

Consumer

 

411,886

 

13%

 

19%

 

 

347,102

 

15%

Total revenue

$

3,247,716

 

100%

 

39%

 

$

2,339,568

 

100%

 

 

 

 

 

 

 

 

 

 

 

Twelve Months Ended

 

Oct 29, 2022

 

Oct 30, 2021

 

Revenue

 

% of revenue*

 

Y/Y %

 

Revenue

 

% of revenue*

Industrial

$

6,069,332

 

51%

 

51%

 

$

4,026,909

 

55%

Automotive

 

2,515,513

 

21%

 

102%

 

 

1,248,169

 

17%

Communications

 

1,880,697

 

16%

 

56%

 

 

1,206,867

 

16%

Consumer

 

1,548,411

 

13%

 

85%

 

 

836,341

 

11%

Total revenue

$

12,013,953

 

100%

 

64%

 

$

7,318,286

 

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 29, 2022

 

Oct 30, 2021

 

Oct 29, 2022

 

Oct 30, 2021

 

 

 

 

 

 

 

 

Gross margin

$

2,142,815

 

 

$

1,121,820

 

 

$

7,532,474

 

 

$

4,525,012

 

Gross margin percentage

 

66.0

%

 

 

47.9

%

 

 

62.7

%

 

 

61.8

%

Acquisition related expenses

 

259,696

 

 

 

537,784

 

 

 

1,309,687

 

 

 

661,438

 

Adjusted gross margin

$

2,402,511

 

 

$

1,659,604

 

 

$

8,842,161

 

 

$

5,186,450

 

Adjusted gross margin percentage

 

74.0

%

 

 

70.9

%

 

 

73.6

%

 

 

70.9

%

 

 

 

 

 

 

 

 

Operating expenses

$

1,040,339

 

 

$

1,022,815

 

 

$

4,253,774

 

 

$

2,832,811

 

Percent of revenue

 

32.0

%

 

 

43.7

%

 

 

35.4

%

 

 

38.7

%

Acquisition related expenses

 

(259,565

)

 

 

(223,151

)

 

 

(1,042,317

)

 

 

(552,789

)

Acquisition related transaction costs

 

(7,120

)

 

 

(56,289

)

 

 

(33,966

)

 

 

(112,859

)

Special charges, net

 

(29,906

)

 

 

(92,645

)

 

 

(274,509

)

 

 

(84,456

)

Adjusted operating expenses

$

743,748

 

 

$

650,730

 

 

$

2,902,982

 

 

$

2,082,707

 

Adjusted operating expenses percentage

 

22.9

%

 

 

27.8

%

 

 

24.2

%

 

 

28.5

%

 

 

 

 

 

 

 

 

Operating income

$

1,102,476

 

 

$

99,005

 

 

$

3,278,700

 

 

$

1,692,201

 

Operating margin

 

33.9

%

 

 

4.2

%

 

 

27.3

%

 

 

23.1

%

Acquisition related expenses

 

519,261

 

 

 

760,935

 

 

 

2,352,004

 

 

 

1,214,227

 

Acquisition related transaction costs

 

7,120

 

 

 

56,289

 

 

 

33,966

 

 

 

112,859

 

Special charges, net

 

29,906

 

 

 

92,645

 

 

 

274,509

 

 

 

84,456

 

Adjusted operating income

$

1,658,763

 

 

$

1,008,874

 

 

$

5,939,179

 

 

$

3,103,743

 

Adjusted operating margin

 

51.1

%

 

 

43.1

%

 

 

49.4

%

 

 

42.4

%

 

 

 

 

 

 

 

 

Nonoperating expense (income)

$

54,464

 

 

$

255,172

 

 

$

179,951

 

 

$

363,487

 

Acquisition related expenses

 

2,288

 

 

 

3,842

 

 

 

9,163

 

 

 

3,842

 

Loss on extinguishment of debt

 

 

 

 

(215,150

)

 

 

 

 

 

(215,150

)

Adjusted nonoperating expense (income)

$

56,752

 

 

$

43,864

 

 

 

189,114

 

 

$

152,179

 

 

 

 

 

 

 

 

 

Income (loss) before income taxes

$

1,048,012

 

 

$

(156,167

)

 

$

3,098,749

 

 

$

1,328,714

 

Acquisition related expenses

 

516,973

 

 

 

757,093

 

 

 

2,342,841

 

 

 

1,210,385

 

Acquisition related transaction costs

 

7,120

 

 

 

56,289

 

 

 

33,966

 

 

 

112,859

 

Special charges, net

 

29,906

 

 

 

92,645

 

 

 

274,509

 

 

 

84,456

 

Loss on extinguishment of debt

 

 

 

 

215,150

 

 

 

 

 

 

215,150

 

Adjusted income before income taxes

$

1,602,011

 

 

$

965,010

 

 

$

5,750,065

 

 

$

2,951,564

 

 

 

 

 

 

 

 

 

Provision for (benefit from) income taxes

$

111,786

 

 

$

(231,854

)

 

$

350,188

 

 

$

(61,708

)

Effective tax rate

 

10.7

%

 

 

(148.5

)%

 

 

11.3

%

 

 

(4.6

)%

Tax related items

 

83,853

 

 

 

354,377

 

 

 

394,755

 

 

 

420,844

 

Adjusted provision for income taxes

$

195,639

 

 

$

122,524

 

 

$

744,943

 

 

$

359,136

 

Adjusted tax rate

 

12.2

%

 

 

12.7

%

 

 

13.0

%

 

 

12.2

%

 

 

 

 

 

 

 

 

Diluted EPS

$

1.82

 

 

$

0.16

 

 

$

5.25

 

 

$

3.46

 

Acquisition related expenses

 

1.01

 

 

 

1.55

 

 

 

4.50

 

 

 

3.02

 

Acquisition related transaction costs

 

0.01

 

 

 

0.12

 

 

 

0.06

 

 

 

0.28

 

Special charges, net

 

0.06

 

 

 

0.19

 

 

 

0.52

 

 

 

0.21

 

Loss on extinguishment of debt

 

 

 

 

0.44

 

 

 

 

 

 

0.54

 

Tax related items

 

(0.16

)

 

 

(0.73

)

 

 

(0.75

)

 

 

(1.05

)

Adjusted diluted EPS*

$

2.73

 

 

$

1.73

 

 

$

9.57

 

 

$

6.46

 

* 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 29, 2022

 

Oct 29, 2022

 

Jul. 30, 2022

 

Apr. 30, 2022

 

Jan. 29, 2022

Revenue

$

12,013,953

 

 

$

3,247,716

 

 

$

3,109,880

 

 

$

2,972,064

 

 

$

2,684,293

 

Net cash provided by operating activities

$

4,475,402

 

 

$

1,149,336

 

 

$

1,247,846

 

 

$

1,221,806

 

 

$

856,413

 

% of Revenue

 

37

%

 

 

35

%

 

 

40

%

 

 

41

%

 

 

32

%

Capital expenditures

$

(699,308

)

 

$

(304,512

)

 

$

(164,884

)

 

$

(118,779

)

 

$

(111,133

)

Free cash flow

$

3,776,094

 

 

$

844,824

 

 

$

1,082,962

 

 

$

1,103,027

 

 

$

745,280

 

% of Revenue

 

31

%

 

 

26

%

 

 

35

%

 

 

37

%

 

 

28

%

 

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

 

 

Three Months Ending January 28, 2023

 

Reported

 

Adjusted

Revenue

$3.15 Billion

 

$3.15 Billion

 

(+/- $100 Million)

 

(+/- $100 Million)

Operating margin

33.4%

 

50.0% (1)

 

(+/-130 bps)

 

(+/-70 bps)

Nonoperating expenses

~ $50 Million

 

~ $50 Million

Tax rate

12% - 14%

 

12% - 14% (2)

Earnings per share

$1.71

 

$2.60 (3)

 

(+/- $0.10)

 

(+/- $0.10)


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