Analog Devices Reports Record First Quarter Fiscal 2023 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 revenue within, each end market.

 

Three Months Ended

 

January 28, 2023

 

January 29, 2022

 

Revenue

 

% of Revenue1

 

Y/Y%

 

Revenue

 

% of Revenue1

Industrial

$

1,690,202

 

52%

 

26%

 

$

1,340,284

 

50%

Automotive

 

718,165

 

22%

 

29%

 

 

557,634

 

21%

Communications

 

487,986

 

15%

 

18%

 

 

412,754

 

15%

Consumer

 

353,277

 

11%

 

(5)%

 

 

373,621

 

14%

Total revenue

$

3,249,630

 

100%

 

21%

 

$

2,684,293

 

100%

 

 

 

 

 

 

 

 

 

 

1) 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

 

Jan. 28, 2023

 

Jan. 29, 2022

Gross margin

$

2,124,341

 

 

$

1,401,997

 

Gross margin percentage

 

65.4

%

 

 

52.2

%

Acquisition related expenses

 

267,514

 

 

 

528,614

 

Adjusted gross margin

$

2,391,855

 

 

$

1,930,611

 

Adjusted gross margin percentage

 

73.6

%

 

 

71.9

%

 

 

 

 

Operating expenses

$

993,521

 

 

$

1,037,240

 

Percent of revenue

 

30.6

%

 

 

38.6

%

Acquisition related expenses

 

(258,059

)

 

 

(262,200

)

Acquisition related transaction costs

 

(2,563

)

 

 

(12,891

)

Special charges, net

 

 

 

 

(59,728

)

Adjusted operating expenses

$

732,899

 

 

$

702,421

 

Adjusted operating expenses percentage

 

22.6

%

 

 

26.2

%

 

 

 

 

Operating income

$

1,130,820

 

 

$

364,757

 

Operating margin

 

34.8

%

 

 

13.6

%

Acquisition related expenses

 

525,573

 

 

 

790,814

 

Acquisition related transaction costs

 

2,563

 

 

 

12,891

 

Special charges, net

 

 

 

 

59,728

 

Adjusted operating income

$

1,658,956

 

 

$

1,228,190

 

Adjusted operating margin

 

51.1

%

 

 

45.8

%

 

 

 

 

Nonoperating expense (income)

$

57,347

 

 

$

41,202

 

Acquisition related expenses

 

2,288

 

 

 

2,299

 

Adjusted nonoperating expense (income)

$

59,635

 

 

$

43,501

 

 

 

 

 

Income before income taxes

$

1,073,473

 

 

$

323,555

 

Acquisition related expenses

 

523,285

 

 

 

788,515

 

Acquisition related transaction costs

 

2,563

 

 

 

12,891

 

Special charges, net

 

 

 

 

59,728

 

Adjusted income before income taxes

$

1,599,321

 

 

$

1,184,689

 

 

 

 

 

Provision for income taxes

$

111,999

 

 

$

43,478

 

Effective tax rate

 

10.4

%

 

 

13.4

%

Tax related items

 

81,843

 

 

 

114,389

 

Adjusted provision for income taxes

$

193,842

 

 

$

157,867

 

Adjusted tax rate

 

12.1

%

 

 

13.3

%

 

 

 

 

Diluted EPS

$

1.88

 

 

$

0.53

 

Acquisition related expenses

 

1.02

 

 

 

1.49

 

Acquisition related transaction costs

 

0.01

 

 

 

0.02

 

Special charges, net

 

 

 

 

0.11

 

Tax related items

 

(0.16

)

 

 

(0.22

)

Adjusted diluted EPS*

$

2.75

 

 

$

1.94

 

* 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

 

Jan. 28, 2023

 

Jan. 28, 2023

 

Oct. 29, 2022

 

Jul. 30, 2022

 

Apr. 30, 2022

Revenue

$

12,579,290

 

 

$

3,249,630

 

 

$

3,247,716

 

 

$

3,109,880

 

 

$

2,972,064

 

Net cash provided by operating activities

$

5,025,293

 

 

$

1,406,305

 

 

$

1,149,336

 

 

$

1,247,846

 

 

$

1,221,806

 

% of Revenue

 

40

%

 

 

43

%

 

 

35

%

 

 

40

%

 

 

41

%

Capital expenditures

$

(764,333

)

 

$

(176,158

)

 

$

(304,512

)

 

$

(164,884

)

 

$

(118,779

)

Free cash flow

$

4,260,960

 

 

$

1,230,147

 

 

$

844,824

 

 

$

1,082,962

 

 

$

1,103,027

 

% of Revenue

 

34

%

 

 

38

%

 

 

26

%

 

 

35

%

 

 

37

%

 

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

 

 

Three Months Ending April 29, 2023

 

Reported

 

Adjusted

Revenue

$3.2 Billion

 

$3.2 Billion

 

(+/- $100 Million)

 

(+/- $100 Million)

Operating margin

34.7%

 

51.0% (1)

 

(+/-130 bps)

 

(+/-70 bps)

Nonoperating expense

~ $50 Million

 

~ $50 Million

Tax rate

10% - 12%

 

11% - 13% (2)

Earnings per share

$1.85

 

$2.75 (3)

 

(+/- $0.10)

 

(+/- $0.10)


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