Analog Devices Reports Third Quarter Fiscal 2023 Financial 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

 

July 29, 2023

 

July 30, 2022

 

Revenue

 

% of Revenue1

 

Y/Y%

 

Revenue

 

% of Revenue1

Industrial

$

1,629,201

 

53%

 

4%

 

$

1,566,885

 

50%

Automotive

 

747,554

 

24%

 

15%

 

 

648,153

 

21%

Communications

 

380,504

 

12%

 

(23)%

 

 

491,515

 

16%

Consumer

 

319,236

 

10%

 

(21)%

 

 

403,327

 

13%

Total revenue

$

3,076,495

 

100%

 

(1)%

 

$

3,109,880

 

100%

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

July 29, 2023

 

July 30, 2022

 

Revenue

 

% of Revenue 1

 

Y/Y %

 

Revenue

 

% of Revenue 1

Industrial

$

5,092,879

 

53%

 

15%

 

$

4,439,232

 

51%

Automotive

 

2,226,277

 

23%

 

23%

 

 

1,810,803

 

21%

Communications

 

1,319,931

 

14%

 

(4)%

 

 

1,378,352

 

16%

Consumer

 

949,968

 

10%

 

(17)%

 

 

1,137,850

 

13%

Total revenue

$

9,589,055

 

100%

 

9%

 

$

8,766,237

 

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

 

Nine Months Ended

 

Jul. 29, 2023

 

Jul. 30, 2022

 

Jul. 29, 2023

 

Jul. 30, 2022

Gross margin

$

1,961,615

 

 

$

2,043,142

 

 

$

6,230,502

 

 

$

5,389,659

 

Gross margin percentage

 

63.8

%

 

 

65.7

%

 

 

65.0

%

 

 

61.5

%

Acquisition related expenses

 

260,557

 

 

 

260,628

 

 

 

787,383

 

 

 

1,049,991

 

Adjusted gross margin

$

2,222,172

 

 

$

2,303,770

 

 

$

7,017,885

 

 

$

6,439,650

 

Adjusted gross margin percentage

 

72.2

%

 

 

74.1

%

 

 

73.2

%

 

 

73.5

%

 

 

 

 

 

 

 

 

Operating expenses

$

1,032,122

 

 

$

1,149,836

 

 

$

3,041,805

 

 

$

3,213,435

 

Percent of revenue

 

33.5

%

 

 

37.0

%

 

 

31.7

%

 

 

36.7

%

Acquisition related expenses

 

(254,719

)

 

 

(259,648

)

 

 

(770,071

)

 

 

(782,752

)

Acquisition related transaction costs

 

(1,837

)

 

 

(5,417

)

 

 

(7,069

)

 

 

(26,846

)

Special charges, net

 

(23,539

)

 

 

(138,201

)

 

 

(46,675

)

 

 

(244,603

)

Adjusted operating expenses

$

752,027

 

 

$

746,570

 

 

$

2,217,990

 

 

$

2,159,234

 

Adjusted operating expenses percentage

 

24.4

%

 

 

24.0

%

 

 

23.1

%

 

 

24.6

%

 

 

 

 

 

 

 

 

Operating income

$

929,493

 

 

$

893,306

 

 

$

3,188,697

 

 

$

2,176,224

 

Operating margin

 

30.2

%

 

 

28.7

%

 

 

33.3

%

 

 

24.8

%

Acquisition related expenses

 

515,276

 

 

 

520,276

 

 

 

1,557,454

 

 

 

1,832,743

 

Acquisition related transaction costs

 

1,837

 

 

 

5,417

 

 

 

7,069

 

 

 

26,846

 

Special charges, net

 

23,539

 

 

 

138,201

 

 

 

46,675

 

 

 

244,603

 

Adjusted operating income

$

1,470,145

 

 

$

1,557,200

 

 

$

4,799,895

 

 

$

4,280,416

 

Adjusted operating margin

 

47.8

%

 

 

50.1

%

 

 

50.1

%

 

 

48.8

%

 

 

 

 

 

 

 

 

Nonoperating expense (income)

$

54,672

 

 

$

45,369

 

 

 

152,480

 

 

 

125,487

 

Acquisition related expenses

 

2,150

 

 

 

2,288

 

 

 

11,593

 

 

 

6,875

 

Adjusted nonoperating expense (income)

$

56,822

 

 

$

47,657

 

 

$

164,073

 

 

$

132,362

 

 

 

 

 

 

 

 

 

Income before income taxes

$

874,821

 

 

$

847,937

 

 

$

3,036,217

 

 

$

2,050,737

 

Acquisition related expenses

 

513,126

 

 

 

517,988

 

 

 

1,545,861

 

 

 

1,825,868

 

Acquisition related transaction costs

 

1,837

 

 

 

5,417

 

 

 

7,069

 

 

 

26,846

 

Special charges, net

 

23,539

 

 

 

138,201

 

 

 

46,675

 

 

 

244,603

 

Adjusted income before income taxes

$

1,413,323

 

 

$

1,509,543

 

 

$

4,635,822

 

 

$

4,148,054

 

 

 

 

 

 

 

 

 

(Benefit from) provision for income taxes

$

(2,198

)

 

$

98,952

 

 

$

220,068

 

 

$

238,402

 

Effective tax rate

 

(0.3

)%

 

 

11.7

%

 

 

7.2

%

 

 

11.6

%

Tax related items

 

160,500

 

 

 

100,685

 

 

 

317,591

 

 

 

310,902

 

Adjusted provision for income taxes

$

158,302

 

 

$

199,637

 

 

$

537,659

 

 

$

549,304

 

Adjusted tax rate

 

11.2

%

 

 

13.2

%

 

 

11.6

%

 

 

13.2

%

 

 

 

 

 

 

 

 

Diluted EPS

$

1.74

 

 

$

1.44

 

 

$

5.55

 

 

$

3.45

 

Acquisition related expenses

 

1.02

 

 

 

1.00

 

 

 

3.04

 

 

 

3.49

 

Acquisition related transaction costs

 

 

 

 

0.01

 

 

 

0.01

 

 

 

0.05

 

Special charges, net

 

0.05

 

 

 

0.26

 

 

 

0.09

 

 

 

0.46

 

Tax related items

 

(0.32

)

 

 

(0.19

)

 

 

(0.63

)

 

 

(0.59

)

Adjusted diluted EPS*

$

2.49

 

 

$

2.52

 

 

$

8.07

 

 

$

6.85

 

* 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

 

Jul. 29, 2023

 

Jul. 29, 2023

 

Apr. 29, 2023

 

Jan. 28, 2023

 

Oct. 29, 2022

Revenue

$

12,836,771

 

 

$

3,076,495

 

 

$

3,262,930

 

 

$

3,249,630

 

 

$

3,247,716

 

Net cash provided by operating activities

$

4,779,676

 

 

$

1,142,454

 

 

$

1,081,581

 

 

$

1,406,305

 

 

$

1,149,336

 

% of Revenue

 

37

%

 

 

37

%

 

 

33

%

 

 

43

%

 

 

35

%

Capital expenditures

$

(1,089,582

)

 

$

(324,574

)

 

$

(284,338

)

 

$

(176,158

)

 

$

(304,512

)

Free cash flow

$

3,690,094

 

 

$

817,880

 

 

$

797,243

 

 

$

1,230,147

 

 

$

844,824

 

% of Revenue

 

29

%

 

 

27

%

 

 

24

%

 

 

38

%

 

 

26

%

 

 

 

 

 

 

 

 

 

 

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

 

 

Three Months Ending October 28, 2023

 

Reported

 

Adjusted

Revenue

$2.7 Billion

 

$2.7 Billion

 

(+/- $100 Million)

 

(+/- $100 Million)

Operating margin

26.8%

 

44.0% (1)

 

(+/-130 bps)

 

(+/-70 bps)

Nonoperating expense

~ $55 Million

 

~ $55 Million

Tax rate

11% - 13%

 

11% - 13% (2)

Earnings per share

$1.19

 

$2.00 (3)

 

(+/- $0.10)

 

(+/- $0.10)

(1) Includes $464 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release.

(2) Includes $80 million of tax effects associated with the adjustments for acquisition related expenses noted above.

(3) Includes $0.81 of adjustments related to the net impact of acquisition related expenses and the tax effects on those expenses.


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