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

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

 

Three Months Ended

 

Twelve Months Ended

 

Oct. 28, 2023

 

Oct. 29, 2022

 

Oct. 28, 2023

 

Oct. 29, 2022

Cash flows from operating activities:

 

 

 

 

 

 

 

Net income

$

498,430

 

$

936,226

 

$

3,314,579

 

$

2,748,561

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

 

 

 

 

 

 

 

Depreciation

 

82,919

 

 

70,703

 

 

334,704

 

 

283,338

Amortization of intangibles

 

453,198

 

 

501,911

 

 

1,958,399

 

 

2,014,161

Cost of goods sold for inventory acquired

 

 

 

 

 

 

 

271,396

Stock-based compensation expense

 

72,710

 

 

80,678

 

 

299,823

 

 

323,487

Non-cash impairment charge

 

 

 

 

 

 

 

91,953

Deferred income taxes

 

(21,553)

 

 

(121,627)

 

 

(452,946)

 

 

(326,755)

Other

 

(10,465)

 

 

(17,703)

 

 

8,665

 

 

(47,074)

Changes in operating assets and liabilities

 

112,055

 

 

(300,852)

 

 

(645,590)

 

 

(883,665)

Total adjustments

 

688,864

 

 

213,110

 

 

1,503,055

 

 

1,726,841

Net cash provided by operating activities

 

1,187,294

 

 

1,149,336

 

 

4,817,634

 

 

4,475,402

Percent of revenue

 

44 %

 

 

35 %

 

 

39 %

 

 

37 %

Cash flows from investing activities:

 

 

 

 

 

 

 

Additions to property, plant and equipment, net

 

(476,393)

 

 

(304,512)

 

 

(1,261,463)

 

 

(699,308)

Other

 

(2,668)

 

 

(1,821)

 

 

(4,922)

 

 

41,940

Net cash used for investing activities

 

(479,061)

 

 

(306,333)

 

 

(1,266,385)

 

 

(657,368)

Cash flows from financing activities:

 

 

 

 

 

 

 

Proceeds from debt

 

 

 

296,130

 

 

 

 

296,130

Early termination of debt

 

 

 

 

 

(65,688)

 

 

(519,116)

Payments on revolver

 

 

 

 

 

 

 

(400,000)

Proceeds from revolver

 

 

 

 

 

 

 

400,000

Proceeds from commercial paper notes

 

2,640,615

 

 

 

 

5,287,124

 

 

Payments of commercial paper notes

 

(2,638,101)

 

 

 

 

(4,739,900)

 

 

Dividend payments to shareholders

 

(427,974)

 

 

(390,345)

 

 

(1,679,106)

 

 

(1,544,552)

Repurchase of common stock

 

(469,937)

 

 

(818,182)

 

 

(2,963,955)

 

 

(2,577,015)

Proceeds from employee stock plans

 

5,606

 

 

3,873

 

 

118,608

 

 

33,887

Other

 

(9,627)

 

 

21,664

 

 

(20,843)

 

 

19,946

Net cash used for financing activities

 

(899,418)

 

 

(886,860)

 

 

(4,063,760)

 

 

(4,290,720)

Effect of exchange rate changes on cash

 

 

 

(10,531)

 

 

 

 

(34,706)

Net decrease in cash and cash equivalents

 

(191,185)

 

 

(54,388)

 

 

(512,511)

 

 

(507,392)

Cash and cash equivalents at beginning of period

 

1,149,246

 

 

1,524,960

 

$

1,470,572

 

$

1,977,964

Cash and cash equivalents at end of period

$

958,061

 

$

1,470,572

 

$

958,061

 

$

1,470,572

 

 

 

 

 

 

 

 

ANALOG DEVICES, INC.

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