Analog Devices Reports Record First Quarter Fiscal 2023 Results

Forward Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding sustained performance; demand and supply; expected revenue, operating margin, earnings per share, and other financial results; expected market trends and acceleration of those trends, market share gains, long-term growth; expected customer demand for our products; expected product offerings, capabilities, and applications and the importance of our product offerings and technologies to our customers; and market position. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: political and economic uncertainty, including any faltering in global economic conditions or the stability of credit and financial markets; erosion of consumer confidence and declines in customer spending or cancellations of orders for our products; unavailability of raw materials, services, supplies or manufacturing capacity; disruptions to our manufacturing operations or our ability to execute our business strategy; changes in geographic, product or customer mix; changes in export classifications, import and export regulations or duties and tariffs; changes in our estimates of our expected tax rates based on current tax law; adverse results in litigation matters, including the potential for litigation related to the Maxim acquisition; the risk that we will be unable to retain and hire key personnel including as a result of labor shortages; changes in demand for semiconductors; the uncertainly as to the extent of the duration, scope, and impacts of the COVID-19 pandemic; attempted or actual security breaches and other cybersecurity incidents that disrupt our operations; unanticipated difficulties or expenditures relating to integrating Maxim; uncertainty as to the long-term value of our common stock; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; the diversion of management time on integrating Maxim's business and operations; our ability to successfully integrate acquired businesses and technologies, including Maxim; and the risk that expected benefits, synergies and growth prospects of acquisitions, including our acquisition of Maxim, may not be fully achieved in a timely manner, or at all. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission (“SEC”), including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

Analog Devices and the Analog Devices logo are registered trademarks or trademarks of Analog Devices, Inc. All other trademarks mentioned in this document are the property of their respective owners.

 

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended

 

Jan. 28, 2023

 

Jan. 29, 2022

Revenue

$

3,249,630

 

 

$

2,684,293

 

Cost of sales

 

1,125,289

 

 

 

1,282,296

 

Gross margin

 

2,124,341

 

 

 

1,401,997

 

Operating expenses:

 

 

 

Research and development

 

414,095

 

 

 

426,780

 

Selling, marketing, general and administrative

 

326,284

 

 

 

297,365

 

Amortization of intangibles

 

253,142

 

 

 

253,367

 

Special charges, net

 

 

 

 

59,728

 

Total operating expenses

 

993,521

 

 

 

1,037,240

 

Operating income

 

1,130,820

 

 

 

364,757

 

Nonoperating expense (income):

 

 

 

Interest expense

 

60,453

 

 

 

51,964

 

Interest income

 

(10,829

)

 

 

(218

)

Other, net

 

7,723

 

 

 

(10,544

)

Total nonoperating expense (income)

 

57,347

 

 

 

41,202

 

Income before income taxes

 

1,073,473

 

 

 

323,555

 

Provision for income taxes

 

111,999

 

 

 

43,478

 

Net income

$

961,474

 

 

$

280,077

 

 

 

 

 

Shares used to compute earnings per common share - basic

 

507,121

 

 

 

525,291

 

Shares used to compute earnings per common share - diluted

 

511,184

 

 

 

530,142

 

 

 

 

 

Basic earnings per common share

$

1.90

 

 

$

0.53

 

Diluted earnings per common share

$

1.88

 

 

$

0.53

 

 

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

Jan. 28, 2023

 

Oct. 29, 2022

Cash & cash equivalents

$

1,670,462

 

$

1,470,572

Accounts receivable

 

1,629,870

 

 

1,800,462

Inventories

 

1,522,942

 

 

1,399,914

Other current assets

 

338,226

 

 

267,044

Total current assets

 

5,161,500

 

 

4,937,992

Net property, plant and equipment

 

2,524,655

 

 

2,401,304

Goodwill

 

26,913,134

 

 

26,913,134

Intangible assets, net

 

12,763,229

 

 

13,265,406

Deferred tax assets

 

2,267,178

 

 

2,264,888

Other assets

 

604,824

 

 

519,626

Total assets

$

50,234,520

 

$

50,302,350

 

 

 

 

Current liabilities

$

2,433,677

 

$

2,442,655

Long-term debt

 

6,543,250

 

 

6,548,625

Deferred income taxes

 

3,477,044

 

 

3,622,538

Other non-current liabilities

 

1,249,064

 

 

1,223,209

Shareholders' equity

 

36,531,485

 

 

36,465,323

Total liabilities & shareholders' equity

$

50,234,520

 

$

50,302,350

 

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

Three Months Ended

 

Jan. 28, 2023

 

Jan. 29, 2022

Cash flows from operating activities:

 

 

 

Net income

$

961,474

 

 

$

280,077

 

Adjustments to reconcile net income to net cash provided by operations:

 

 

 

Depreciation

 

85,321

 

 

 

65,165

 

Amortization of intangibles

 

502,177

 

 

 

504,645

 

Stock-based compensation expense

 

75,041

 

 

 

86,939

 

Cost of goods sold for inventory acquired

 

 

 

 

271,396

 

Deferred income taxes

 

(146,354

)

 

 

(34,651

)

Non-cash operating lease costs

 

(2,646

)

 

 

7,823

 

Other

 

12,378

 

 

 

(9,571

)

Changes in operating assets and liabilities

 

(81,086

)

 

 

(315,410

)

Total adjustments

 

444,831

 

 

 

576,336

 

Net cash provided by operating activities

 

1,406,305

 

 

 

856,413

 

Cash flows from investing activities:

 

 

 

Additions to property, plant and equipment

 

(176,158

)

 

 

(111,133

)

Other

 

102

 

 

 

7,824

 

Net cash used for investing activities

 

(176,056

)

 

 

(103,309

)

Cash flows from financing activities:

 

 

 

Early termination of debt

 

 

 

 

(519,116

)

Dividend payments to shareholders

 

(385,452

)

 

 

(362,645

)

Repurchase of common stock

 

(654,557

)

 

 

(76,019

)

Proceeds from employee stock plans

 

41,238

 

 

 

8,471

 

Other

 

(31,588

)

 

 

12,041

 

Net cash used for financing activities

 

(1,030,359

)

 

 

(937,268

)

Effect of exchange rate changes on cash

 

 

 

 

(3,401

)

Net increase (decrease) in cash and cash equivalents

 

199,890

 

 

 

(187,565

)

Cash and cash equivalents at beginning of period

 

1,470,572

 

 

 

1,977,964

 

Cash and cash equivalents at end of period

$

1,670,462

 

 

$

1,790,399

 

ANALOG DEVICES, INC.

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