Analog Devices Reports Record Revenue for the Second Quarter Fiscal 2023

Forward Looking Statements
This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding financial performance; economic uncertainty, business cycles, and demand and supply chains; capital expenditures; expected revenue, operating margin, earnings per share, and other financial results; expected market trends and acceleration of those trends, market share gains, growth opportunities; expected product solutions, 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

 

Six Months Ended

 

Apr. 29, 2023

 

Apr. 30, 2022

 

Apr. 29, 2023

 

Apr. 30, 2022

Revenue

$

3,262,930

 

 

$

2,972,064

 

 

$

6,512,560

 

 

$

5,656,357

 

Cost of sales

 

1,118,384

 

 

 

1,027,544

 

 

 

2,243,673

 

 

 

2,309,840

 

Gross margin

 

2,144,546

 

 

 

1,944,520

 

 

 

4,268,887

 

 

 

3,346,517

 

Operating expenses:

 

 

 

 

 

 

 

Research and development

 

415,754

 

 

 

420,901

 

 

 

829,849

 

 

 

847,681

 

Selling, marketing, general and administrative

 

324,251

 

 

 

305,308

 

 

 

650,535

 

 

 

602,673

 

Amortization of intangibles

 

253,021

 

 

 

253,476

 

 

 

506,163

 

 

 

506,843

 

Special charges, net

 

23,136

 

 

 

46,674

 

 

 

23,136

 

 

 

106,402

 

Total operating expenses

 

1,016,162

 

 

 

1,026,359

 

 

 

2,009,683

 

 

 

2,063,599

 

Operating income

 

1,128,384

 

 

 

918,161

 

 

 

2,259,204

 

 

 

1,282,918

 

Nonoperating expense (income):

 

 

 

 

 

 

 

Interest expense

 

63,252

 

 

 

49,548

 

 

 

123,705

 

 

$

101,512

 

Interest income

 

(12,575

)

 

 

(563

)

 

 

(23,404

)

 

$

(781

)

Other, net

 

(10,216

)

 

 

(10,069

)

 

 

(2,493

)

 

$

(20,613

)

Total nonoperating expense (income)

 

40,461

 

 

 

38,916

 

 

 

97,808

 

 

 

80,118

 

Income before income taxes

 

1,087,923

 

 

 

879,245

 

 

 

2,161,396

 

 

 

1,202,800

 

Provision for income taxes

 

110,267

 

 

 

95,972

 

 

 

222,266

 

 

 

139,450

 

Net income

$

977,656

 

 

$

783,273

 

 

$

1,939,130

 

 

$

1,063,350

 

 

 

 

 

 

 

 

 

Shares used to compute earnings per common share - basic

 

504,715

 

 

 

522,370

 

 

 

505,918

 

 

 

523,831

 

Shares used to compute earnings per common share - diluted

 

508,725

 

 

 

526,264

 

 

 

509,955

 

 

 

528,203

 

 

 

 

 

 

 

 

 

Basic earnings per common share

$

1.94

 

 

$

1.50

 

 

$

3.83

 

 

$

2.03

 

Diluted earnings per common share

$

1.92

 

 

$

1.49

 

 

$

3.80

 

 

$

2.01

 

 

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