Analog Devices Reports Record Revenue for the Second Quarter Fiscal 2023

ANALOG DEVICES, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(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

Gross margin

$

2,144,546

 

 

$

1,944,520

 

 

$

4,268,887

 

 

$

3,346,517

 

Gross margin percentage

 

65.7

%

 

 

65.4

%

 

 

65.5

%

 

 

59.2

%

Acquisition related expenses

 

259,312

 

 

 

260,748

 

 

 

526,826

 

 

 

789,363

 

Adjusted gross margin

$

2,403,858

 

 

$

2,205,268

 

 

$

4,795,713

 

 

$

4,135,880

 

Adjusted gross margin percentage

 

73.7

%

 

 

74.2

%

 

 

73.6

%

 

 

73.1

%

 

 

 

 

 

 

 

 

Operating expenses

$

1,016,162

 

 

$

1,026,359

 

 

$

2,009,683

 

 

$

2,063,599

 

Percent of revenue

 

31.1

%

 

 

34.5

%

 

 

30.9

%

 

 

36.5

%

Acquisition related expenses

 

(257,293

)

 

 

(260,904

)

 

 

(515,352

)

 

 

(523,104

)

Acquisition related transaction costs

 

(2,668

)

 

 

(8,537

)

 

 

(5,232

)

 

 

(21,429

)

Special charges, net

 

(23,136

)

 

 

(46,674

)

 

 

(23,136

)

 

 

(106,402

)

Adjusted operating expenses

$

733,065

 

 

$

710,244

 

 

$

1,465,963

 

 

$

1,412,664

 

Adjusted operating expenses percentage

 

22.5

%

 

 

23.9

%

 

 

22.5

%

 

 

25.0

%

 

 

 

 

 

 

 

 

Operating income

$

1,128,384

 

 

$

918,161

 

 

$

2,259,204

 

 

$

1,282,918

 

Operating margin

 

34.6

%

 

 

30.9

%

 

 

34.7

%

 

 

22.7

%

Acquisition related expenses

 

516,605

 

 

 

521,652

 

 

 

1,042,178

 

 

 

1,312,467

 

Acquisition related transaction costs

 

2,668

 

 

 

8,537

 

 

 

5,232

 

 

 

21,429

 

Special charges, net

 

23,136

 

 

 

46,674

 

 

 

23,136

 

 

 

106,402

 

Adjusted operating income

$

1,670,793

 

 

$

1,495,024

 

 

$

3,329,750

 

 

$

2,723,216

 

Adjusted operating margin

 

51.2

%

 

 

50.3

%

 

 

51.1

%

 

 

48.1

%

 

 

 

 

 

 

 

 

Nonoperating expense (income)

$

40,461

 

 

$

38,916

 

 

 

97,808

 

 

 

80,118

 

Acquisition related expenses

 

7,155

 

 

 

2,288

 

 

 

9,443

 

 

 

4,587

 

Adjusted nonoperating expense (income)

$

47,616

 

 

$

41,204

 

 

$

107,251

 

 

$

84,705

 

 

 

 

 

 

 

 

 

Income before income taxes

$

1,087,923

 

 

$

879,245

 

 

$

2,161,396

 

 

$

1,202,800

 

Acquisition related expenses

 

509,450

 

 

 

519,364

 

 

 

1,032,735

 

 

 

1,307,880

 

Acquisition related transaction costs

 

2,668

 

 

 

8,537

 

 

 

5,232

 

 

 

21,429

 

Special charges, net

 

23,136

 

 

 

46,674

 

 

 

23,136

 

 

 

106,402

 

Adjusted income before income taxes

$

1,623,177

 

 

$

1,453,820

 

 

$

3,222,499

 

 

$

2,638,511

 

 

 

 

 

 

 

 

 

Provision for income taxes

$

110,267

 

 

$

95,972

 

 

$

222,266

 

 

$

139,450

 

Effective tax rate

 

10.1

%

 

 

10.9

%

 

 

10.3

%

 

 

11.6

%

Tax related items

 

75,248

 

 

 

95,828

 

 

 

157,091

 

 

 

210,217

 

Adjusted provision for income taxes

$

185,515

 

 

$

191,800

 

 

$

379,357

 

 

$

349,667

 

Adjusted tax rate

 

11.4

%

 

 

13.2

%

 

 

11.8

%

 

 

13.3

%

 

 

 

 

 

 

 

 

Diluted EPS

$

1.92

 

 

$

1.49

 

 

$

3.80

 

 

$

2.01

 

Acquisition related expenses

 

1.00

 

 

 

0.99

 

 

 

2.03

 

 

 

2.48

 

Acquisition related transaction costs

 

0.01

 

 

 

0.02

 

 

 

0.01

 

 

 

0.04

 

Special charges, net

 

0.05

 

 

 

0.09

 

 

 

0.05

 

 

 

0.20

 

Tax related items

 

(0.15

)

 

 

(0.18

)

 

 

(0.31

)

 

 

(0.40

)

Adjusted diluted EPS*

$

2.83

 

 

$

2.40

 

 

$

5.58

 

 

$

4.33

 

* The sum of the individual per share amounts may not equal the total due to rounding.


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