Analog Devices Reports Fiscal First Quarter 2024 Financial Results

Forward Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding financial performance; customer inventory rationalization; economic uncertainty, demand, business cycles, and supply chains; capital expenditures; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; investments; expected market and technology trends and acceleration of those trends; market size, market share gains, market position, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; our manufacturing resilience plan and related benefits; future dividends and share repurchases; 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: economic, political, legal and regulatory uncertainty or conflicts; changes in demand for semiconductor products; manufacturing delays, product and raw materials availability and supply chain disruptions; products that may be diverted from our authorized distribution channels; changes in export classifications, import and export regulations or duties and tariffs; our development of technologies and research and development investments; our future liquidity, capital needs and capital expenditures; our ability to compete successfully in the markets in which we operate; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; unanticipated difficulties or expenditures related to integrating Maxim Integrated Products, Inc.; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. 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.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended

 

Feb. 3, 2024

 

Jan. 28, 2023

Revenue

$

2,512,704

 

 

$

3,249,630

 

Cost of sales

 

1,038,763

 

 

 

1,125,289

 

Gross margin

 

1,473,941

 

 

 

2,124,341

 

Operating expenses:

 

 

 

Research and development

 

391,427

 

 

 

414,095

 

Selling, marketing, general and administrative

 

290,078

 

 

 

326,284

 

Amortization of intangibles

 

190,332

 

 

 

253,142

 

Special charges, net

 

16,140

 

 

 

 

Total operating expenses

 

887,977

 

 

 

993,521

 

Operating income

 

585,964

 

 

 

1,130,820

 

Nonoperating expense (income):

 

 

 

Interest expense

 

77,141

 

 

 

60,453

 

Interest income

 

(9,169

)

 

 

(10,829

)

Other, net

 

4,574

 

 

 

7,723

 

Total nonoperating expense (income)

 

72,546

 

 

 

57,347

 

Income before income taxes

 

513,418

 

 

 

1,073,473

 

Provision for income taxes

 

50,691

 

 

 

111,999

 

Net income

$

462,727

 

 

$

961,474

 

 

 

 

 

Shares used to compute earnings per common share - basic

 

495,765

 

 

 

507,121

 

Shares used to compute earnings per common share - diluted

 

498,741

 

 

 

511,184

 

 

 

 

 

Basic earnings per common share

$

0.93

 

 

$

1.90

 

Diluted earnings per common share

$

0.93

 

 

$

1.88

 

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

Feb. 3, 2024

 

Oct. 28, 2023

Cash & cash equivalents

$

1,303,560

 

$

958,061

Accounts receivable

 

1,196,721

 

 

1,469,734

Inventories

 

1,553,221

 

 

1,642,214

Other current assets

 

362,375

 

 

314,013

Total current assets

 

4,415,877

 

 

4,384,022

Net property, plant and equipment

 

3,281,937

 

 

3,219,157

Goodwill

 

26,913,134

 

 

26,913,134

Intangible assets, net

 

10,871,054

 

 

11,311,957

Deferred tax assets

 

2,172,174

 

 

2,223,272

Other assets

 

734,288

 

 

742,936

Total assets

$

48,388,464

 

$

48,794,478

 

 

 

 

Other current liabilities

$

1,879,600

 

$

2,154,695

Debt, current

 

499,322

 

 

499,052

Commercial paper notes

 

544,444

 

 

547,224

Long-term debt

 

5,946,673

 

 

5,902,457

Deferred income taxes

 

2,975,815

 

 

3,127,852

Other non-current liabilities

 

994,537

 

 

998,076

Shareholders' equity

 

35,548,073

 

 

35,565,122

Total liabilities & shareholders' equity

$

48,388,464

 

$

48,794,478

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

Three Months Ended

 

Feb. 3, 2024

 

Jan. 28, 2023

Cash flows from operating activities:

 

 

 

Net income

$

462,727

 

 

$

961,474

 

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

 

 

 

Depreciation

 

84,348

 

 

 

85,321

 

Amortization of intangibles

 

440,903

 

 

 

502,177

 

Stock-based compensation expense

 

69,815

 

 

 

75,041

 

Deferred income taxes

 

(102,149

)

 

 

(146,354

)

Other

 

4,684

 

 

 

9,732

 

Changes in operating assets and liabilities

 

178,504

 

 

 

(81,086

)

Total adjustments

 

676,105

 

 

 

444,831

 

Net cash provided by operating activities

 

1,138,832

 

 

 

1,406,305

 

Cash flows from investing activities:

 

 

 

Additions to property, plant and equipment, net

 

(222,978

)

 

 

(176,158

)

Other

 

3,877

 

 

 

102

 

Net cash used for investing activities

 

(219,101

)

 

 

(176,056

)

Cash flows from financing activities:

 

 

 

Proceeds from commercial paper notes

 

2,779,494

 

 

 

 

Payments of commercial paper notes

 

(2,782,274

)

 

 

 

Repurchase of common stock

 

(180,351

)

 

 

(654,557

)

Dividend payments to shareholders

 

(426,076

)

 

 

(385,452

)

Proceeds from employee stock plans

 

49,819

 

 

 

41,238

 

Other

 

(14,844

)

 

 

(31,588

)

Net cash used for financing activities

 

(574,232

)

 

 

(1,030,359

)

Net increase in cash and cash equivalents

 

345,499

 

 

 

199,890

 

Cash and cash equivalents at beginning of period

 

958,061

 

 

 

1,470,572

 

Cash and cash equivalents at end of period

$

1,303,560

 

 

$

1,670,462

 

ANALOG DEVICES, INC.

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