Analog Devices Reports Fiscal First Quarter 2024 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 results within, each end market.

 

Three Months Ended

 

February 3, 2024

 

January 28, 2023

 

Revenue

 

% of Revenue1

 

Y/Y%

 

Revenue

 

% of Revenue1

Industrial

$

1,196,832

 

48

%

 

(31

)%

 

$

1,740,780

 

54

%

Automotive

 

739,158

 

29

%

 

9

%

 

 

680,637

 

21

%

Communications

 

302,573

 

12

%

 

(37

)%

 

 

477,266

 

15

%

Consumer

 

274,141

 

11

%

 

(22

)%

 

 

350,947

 

11

%

Total revenue

$

2,512,704

 

100

%

 

(23

)%

 

$

3,249,630

 

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

 

Feb. 3, 2024

 

Jan. 28, 2023

Gross margin

$

1,473,941

 

 

$

2,124,341

 

Gross margin percentage

 

58.7

%

 

 

65.4

%

Acquisition related expenses

 

259,884

 

 

 

267,514

 

Adjusted gross margin

$

1,733,825

 

 

$

2,391,855

 

Adjusted gross margin percentage

 

69.0

%

 

 

73.6

%

 

 

 

 

Operating expenses

$

887,977

 

 

$

993,521

 

Percent of revenue

 

35.3

%

 

 

30.6

%

Acquisition related expenses

 

(192,422

)

 

 

(258,059

)

Acquisition related transaction costs

 

 

 

 

(2,563

)

Special charges, net

 

(16,140

)

 

 

 

Adjusted operating expenses

$

679,415

 

 

$

732,899

 

Adjusted operating expenses percentage

 

27.0

%

 

 

22.6

%

 

 

 

 

Operating income

$

585,964

 

 

$

1,130,820

 

Operating margin

 

23.3

%

 

 

34.8

%

Acquisition related expenses

 

452,306

 

 

 

525,573

 

Acquisition related transaction costs

 

 

 

 

2,563

 

Special charges, net

 

16,140

 

 

 

 

Adjusted operating income

$

1,054,410

 

 

$

1,658,956

 

Adjusted operating margin

 

42.0

%

 

 

51.1

%

 

 

 

 

Nonoperating expense (income)

$

72,546

 

 

$

57,347

 

Acquisition related expenses

 

2,150

 

 

 

2,288

 

Adjusted nonoperating expense (income)

$

74,696

 

 

$

59,635

 

 

 

 

 

Income before income taxes

$

513,418

 

 

$

1,073,473

 

Acquisition related expenses

 

450,156

 

 

 

523,285

 

Acquisition related transaction costs

 

 

 

 

2,563

 

Special charges, net

 

16,140

 

 

 

 

Adjusted income before income taxes

$

979,714

 

 

$

1,599,321

 

 

 

 

 

Provision for income taxes

$

50,691

 

 

$

111,999

 

Effective income tax rate

 

9.9

%

 

 

10.4

%

Tax related items

 

65,030

 

 

 

81,843

 

Adjusted provision for income taxes

$

115,721

 

 

$

193,842

 

Adjusted tax rate

 

11.8

%

 

 

12.1

%

 

 

 

 

Diluted EPS

$

0.93

 

 

$

1.88

 

Acquisition related expenses

 

0.90

 

 

 

1.02

 

Acquisition related transaction costs

 

 

 

 

0.01

 

Special charges, net

 

0.03

 

 

 

 

Tax related items

 

(0.13

)

 

 

(0.16

)

Adjusted diluted EPS*

$

1.73

 

 

$

2.75

 


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