Analog Devices Reports Fiscal Fourth Quarter and Record Fiscal 2023 Financial Results

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.

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