Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, and software technologies into solutions that help drive advancements in digitized factories, mobility, and digital healthcare, combat climate change, and reliably connect humans and the world. With revenue of more than $12 billion in FY23 and approximately 26,000 people globally working alongside 125,000 global customers, ADI ensures today’s innovators stay Ahead of What’s Possible. Learn more at www.analog.com and on LinkedIn and Twitter (X).

Forward Looking Statements

This release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding our 2024 performance, momentum, and business resilience; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share and other financial results; industry, market and investment trends, including growth projections; long-term value and growth, operating leverage, production and inventory levels; expected customer demand for our products, including the effects of any customer inventory adjustments; future strategic investments; expected product offerings and future innovations and solutions; our opportunity pipeline; macroeconomic conditions and related impacts; market position; and other future events. 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: the effects of business, economic, political, legal and regulatory uncertainty or conflicts upon our global operations; changes in demand for semiconductors and the related changes in demand and supply for our products; manufacturing delays, product availability and supply chain disruptions; our future liquidity, capital needs and capital expenditures; our development of technologies and research and development investments; our ability to compete successfully in the markets in which we operate; changes in our estimates of our expected tax rates based on current tax law; adverse results in litigation matters; the risk that we will be unable to retain and hire key personnel; security breaches or other cyber incidents; unanticipated difficulties or expenditures relating to integrating Maxim; uncertainty as to the long-term value of our common stock; and the risk that expected benefits, synergies and growth prospects of acquisitions, including those from 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, 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. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share amounts)
	Three Months Ended								Twelve Months Ended
	Oct. 28, 2023				Oct. 29, 2022				Oct. 28, 2023				Oct. 29, 2022
Revenue	$	2,716,484			$	3,247,716			$	12,305,539			$	12,013,953
Cost of sales		1,069,768				1,104,901				4,428,321				4,481,479
Gross margin		1,646,716				2,142,815				7,877,218				7,532,474
Operating expenses:
Research and development		406,594				421,008				1,660,194				1,700,518
Selling, marketing, general and administrative		288,936				336,560				1,273,584				1,266,175
Amortization of intangibles		202,736				252,865				959,618				1,012,572
Special charges, net		114,035				29,906				160,710				274,509
Total operating expenses		1,012,301				1,040,339				4,054,106				4,253,774
Operating income		634,415				1,102,476				3,823,112				3,278,700
Nonoperating expense (income):
Interest expense		71,590				47,707				264,641				200,408
Interest income		(9,089	)			(4,328	)			(41,287	)			(6,906	)
Other, net		128				11,085				(8,245	)			(13,551	)
Total nonoperating expense (income)		62,629				54,464				215,109				179,951
Income before income taxes		571,786				1,048,012				3,608,003				3,098,749
Provision for income taxes		73,356				111,786				293,424				350,188
Net income	$	498,430			$	936,226			$	3,314,579			$	2,748,561
Shares used to compute earnings per share - basic		497,073				512,231				502,232				519,226
Shares used to compute earnings per share - diluted		500,424				515,757				505,959				523,178
Basic earnings per common share	$	1.00			$	1.83			$	6.60			$	5.29
Diluted earnings per common share	$	1.00			$	1.82			$	6.55			$	5.25

ANALOG DEVICES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)
	Oct. 28, 2023			Oct. 29, 2022
Cash & cash equivalents	$	958,061		$	1,470,572
Accounts receivable		1,469,734			1,800,462
Inventories		1,642,214			1,399,914
Other current assets		314,013			267,044
Total current assets		4,384,022			4,937,992
Net property, plant and equipment		3,219,157			2,401,304
Goodwill		26,913,134			26,913,134
Intangible assets, net		11,311,957			13,265,406
Deferred tax assets		2,223,272			2,264,888
Other assets		742,936			519,626
Total assets	$	48,794,478		$	50,302,350
Other current liabilities	$	2,154,695		$	2,442,655
Debt, current		1,046,276			—
Long-term debt		5,902,457			6,548,625
Deferred income taxes		3,127,852			3,622,538
Other non-current liabilities		998,076			1,223,209
Shareholders' equity		35,565,122			36,465,323
Total liabilities & shareholders' equity	$	48,794,478		$	50,302,350

ANALOG DEVICES, INC.