Analog Devices Reports Record Revenue for the Second Quarter Fiscal 2023

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

Three Months Ended

 

Six Months Ended

 

Apr. 29, 2023

 

Apr. 30, 2022

 

Apr. 29, 2023

 

 

Apr. 30, 2022

Cash flows from operating activities:

 

 

 

 

 

 

 

 

Net income

$

977,656

 

 

$

783,273

 

 

$

1,939,130

 

 

 

$

1,063,350

 

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

 

 

 

 

 

 

 

 

Depreciation

 

80,260

 

 

 

71,851

 

 

 

165,581

 

 

 

 

137,016

 

Amortization of intangibles

 

501,536

 

 

 

504,255

 

 

 

1,003,713

 

 

 

 

1,008,900

 

Stock-based compensation expense

 

69,102

 

 

 

70,996

 

 

 

144,143

 

 

 

 

157,935

 

Cost of goods sold for inventory acquired

 

 

 

 

 

 

 

 

 

 

 

271,396

 

Deferred income taxes

 

(133,756

)

 

 

(88,341

)

 

 

(280,110

)

 

 

 

(122,992

)

Non-cash operating lease costs

 

(4,256

)

 

 

(35,520

)

 

 

(6,902

)

 

 

 

(27,697

)

Other

 

(2,708

)

 

 

(654

)

 

 

9,670

 

 

 

 

(10,225

)

Changes in operating assets and liabilities

 

(406,253

)

 

 

(84,054

)

 

 

(487,339

)

 

 

 

(399,463

)

Total adjustments

 

103,925

 

 

 

438,533

 

 

 

548,756

 

 

 

 

1,014,870

 

Net cash provided by operating activities

 

1,081,581

 

 

 

1,221,806

 

 

 

2,487,886

 

 

 

 

2,078,220

 

Cash flows from investing activities:

 

 

 

 

 

 

 

 

Additions to property, plant and equipment

 

(284,338

)

 

 

(118,779

)

 

 

(460,496

)

 

 

 

(229,912

)

Other

 

(183

)

 

 

5,186

 

 

 

(81

)

 

 

 

13,010

 

Net cash used for investing activities

 

(284,521

)

 

 

(113,593

)

 

 

(460,577

)

 

 

 

(216,902

)

Cash flows from financing activities:

 

 

 

 

 

 

 

 

Early termination of debt

 

(65,688

)

 

 

 

 

 

(65,688

)

 

 

 

(519,116

)

Dividend payments to shareholders

 

(435,213

)

 

 

(397,544

)

 

 

(820,665

)

 

 

 

(760,189

)

Repurchase of common stock

 

(1,152,951

)

 

 

(776,840

)

 

 

(1,807,508

)

 

 

 

(852,860

)

Proceeds from employee stock plans

 

25,774

 

 

 

11,582

 

 

 

67,012

 

 

 

 

20,054

 

Proceeds from commercial paper notes

 

253,635

 

 

 

 

 

 

253,635

 

 

 

 

 

Other

 

84,530

 

 

 

14,617

 

 

 

52,942

 

 

 

 

26,657

 

Net cash used for financing activities

 

(1,289,913

)

 

 

(1,148,185

)

 

 

(2,320,272

)

 

 

 

(2,085,454

)

Effect of exchange rate changes on cash

 

 

 

 

(12,694

)

 

 

 

 

 

 

(16,095

)

Net decrease in cash and cash equivalents

 

(492,853

)

 

 

(52,666

)

 

 

(292,963

)

 

 

 

(240,231

)

Cash and cash equivalents at beginning of period

 

1,670,462

 

 

 

1,790,399

 

 

 

1,470,572

 

 

 

 

1,977,964

 

Cash and cash equivalents at end of period

$

1,177,609

 

 

$

1,737,733

 

 

$

1,177,609

 

 

 

$

1,737,733

 

 

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