Analog Devices, Inc. (NASDAQ: ADI), a global leader in
high-performance semiconductors for signal processing applications,
today announced financial results for its fiscal fourth quarter and
fiscal year which ended November 2, 2013.
“Revenue for the fourth quarter increased 1% sequentially, a
good result in an uncertain macroeconomic climate,” said Vincent
Roche, President and CEO. “Operationally, the business performed
well. Excluding special items, margins expanded relative to the
prior quarter, operating cash flow was very strong at 42% of sales,
and we returned $149 million to shareholders in the form of
dividends and share repurchases.”
“Given the strength of our technology portfolio and customer
relationships, we are optimistic about our future. However, in the
near-term we are entering a slower seasonal period, with customer
shutdowns and inventory reductions coinciding with the holidays in
December and January. As a result, our plan is for revenue to
decline in the first quarter compared to the prior quarter,” said
Mr. Roche. “By reducing factory utilization rates and keeping
expenses under tight control, we will be in a strong position for
operating leverage when growth resumes.”
ADI also announced that its Board of Directors has declared a
cash dividend of $0.34 per outstanding share of common stock. The
dividend will be paid on December 17, 2013 to all shareholders of
record at the close of business on December 6, 2013.
Results for the Fourth Quarter of
Fiscal Year 2013
- Revenue totaled $678 million
- Gross margin was 65.6% of revenue
- Operating margin was 31.8% of revenue,
excluding special items
- Diluted EPS was $0.62, excluding
special items
- Cash flow from operations was $282
million, or 41.6% of revenue
Results for Fiscal Year
2013
- Revenue totaled $2.6 billion
- Gross margin was 64.3% of revenue
- Operating margin was 30% of revenue,
excluding special items
- Diluted EPS was $2.15, excluding
special items
- Free cash flow was $789 million, or 30%
of revenue
- Repurchases of common stock and
dividend payments to shareholders totaled $466 million
Please refer to the schedules provided for a summary of revenue
and earnings, selected balance sheet information, and the cash flow
statement for the fourth quarter of fiscal year 2013, as well as
the immediately prior and year-ago quarters. Additional information
on revenue by end market and revenue by product type is provided on
Schedules D and E. A more complete table covering prior periods is
available at investor.analog.com.
Outlook for the First Quarter of Fiscal
Year 2014
The following statements are based on current expectations.
These statements are forward- looking and actual results may differ
materially, as a result of, among other things, the important
factors discussed at the end of this release. These statements
supersede all prior statements regarding our business outlook set
forth in prior ADI news releases, and ADI disclaims any obligation
to update these forward-looking statements.
- Revenue estimated to decrease in the
range of -5% to -10%
- Gross margin estimated to be between
64% and 65%
- Operating expenses estimated to
decrease approximately $3 million to $226 million
- Tax rate estimated to be approximately
13%
- Diluted EPS estimated at $0.44 to
$0.52
Conference Call Scheduled for 5:00 pm ET
ADI will host a conference call to discuss the fourth quarter
results and short-term outlook today, beginning at 5:00 pm ET.
Investors may join via webcast, accessible at investor.analog.com,
or by telephone (call 706-634-7193 ten minutes before the call
begins and provide the password "ADI.").
A replay will be available two hours after the completion of the
call. The replay may be accessed for up to two weeks by dialing
855-859-2056 (replay only) and providing the conference ID:
78682523, or by visiting investor.analog.com.
Non-GAAP Financial Information
This release includes non-GAAP financial measures that are not
in accordance with, nor an alternative to, generally accepted
accounting principles and may be different from non-GAAP measures
used by other companies. In addition, these non-GAAP measures are
not based on any comprehensive set of accounting rules or
principles.
Schedule F of this press release provides the reconciliation of
the Company’s non-GAAP measures to its GAAP measures.
Manner in Which Management Uses the
Non-GAAP Financial Measures
Management uses non-GAAP operating expenses, non-GAAP operating
income, non-GAAP operating margins, non-GAAP other (income)
expense, and non-GAAP diluted earnings per share to evaluate the
Company’s operating performance from continuing operations against
past periods and to budget and allocate resources in future
periods. These non-GAAP measures also assist management in
understanding and evaluating the Company’s operating results and
trends in the Company’s business.
Economic Substance Behind Management’s
Decision to Use Non-GAAP Financial Measures
The items excluded from the non-GAAP measures were excluded
because they are of a non-recurring or non-cash nature.
The following items are excluded from our non-GAAP operating
expenses, non-GAAP operating income, non-GAAP operating margin, and
non-GAAP diluted earnings per share:
Restructuring-Related Expenses. These expenses are incurred in
connection with facility closures, consolidation of manufacturing
facilities, and other cost reduction efforts. Apart from ongoing
expense savings as a result of such items, these expenses and the
related tax effects have no direct correlation to the operation of
our business in the future.
Stock-based Compensation Expense. In the second quarter of
fiscal 2013, following the death of the Company’s CEO, the Company
recorded $6.3 million of stock-based compensation expense due to
the accelerated vesting of restricted stock units in accordance
with the terms of his restricted stock unit agreement. This
stock-based compensation expense and the related tax effect have no
direct correlation to the operation of our business in the
future.
The following items are excluded from our non-GAAP other
(income) expense and non-GAAP diluted earnings per share:
Debt Extinguishment Costs. In the third quarter of fiscal 2013,
the Company redeemed its outstanding 5.0% senior unsecured notes
due July 1, 2014. The Company recognized a net loss on debt
extinguishment of approximately $10.2 million, which was comprised
of a make-whole premium, the recognition of unamortized proceeds
received on an interest rate swap associated with the debt and the
write off of unamortized debt issuance and discount costs. We
excluded these costs from our non-GAAP measures because they are
one time in nature and have no direct correlation to the operation
of our business in the future.
Gain on Sale of Product Line. In the fourth quarter of fiscal
2013, the Company completed the sale of its microphone product line
and recorded a gain of $85.4 million in non-operating income. We
excluded the gain and related tax effect from our non-GAAP measures
as these items have no direct correlation to the operation of our
business in the future.
The following items are excluded from our non-GAAP diluted
earnings per share:
Tax-Related Items. In the third quarter of fiscal 2012, the
Company recorded a $3.4 million tax benefit related to the release
of a tax reserve for an expired tax year. In the first quarter of
fiscal year 2013, the Company recorded a $6.3 million tax
benefit related to the reinstatement of the R&D tax credit
in January 2013, retroactive to January 1, 2012. In the
second quarter of fiscal 2013, the Company recorded a $6.6 million
tax benefit as a result of the reversal of prior period tax
liabilities. In the third quarter of fiscal 2013, the Company
recorded a $1.7 million tax benefit related to the release of a tax
reserve for an expired tax year. In the fourth quarter of fiscal
2013, as a result of a ruling by the U.S. Tax Court in a matter not
involving the Company, the Company recorded a potential liability
for $36.5 million plus $4.6 million of interest related to its
petition with the U.S. Tax Court regarding the beneficial tax
treatment of dividends paid from foreign owned companies under The
American Jobs Creation Act. The Company also recorded a $2.2
million tax benefit as a result of the reversal of prior period tax
liabilities. Also in the fourth quarter of fiscal 2013, the Company
completed the sale of its microphone product line, resulting in
$26.7 million of income tax expense. We excluded these tax-related
items from our non-GAAP measures because they are not associated
with the tax expense on our current operating results.
Why Management Believes the Non-GAAP
Financial Measures Provide Useful Information to
Investors
Management believes that the presentation of non-GAAP operating
expenses, non-GAAP operating income, non-GAAP operating margins,
non-GAAP other (income) expense, and non-GAAP diluted EPS is useful
to investors because it provides investors with the operating
results that management uses to manage the Company.
Material Limitations Associated with
Use of the Non-GAAP Financial Measures
Analog Devices believes that non-GAAP operating expenses,
non-GAAP operating income, non-GAAP operating margins, non-GAAP
other (income) expense, and non-GAAP diluted EPS have material
limitations in that they do not reflect all of the amounts
associated with our results of operations as determined in
accordance with GAAP and that these measures should only be used to
evaluate our results of operations in conjunction with the
corresponding GAAP measures. In addition, our non-GAAP measures may
not be comparable to the non-GAAP measures reported by other
companies. The Company’s use of non-GAAP measures, and the
underlying methodology when excluding certain items, is not
necessarily an indication of the results of operations that may be
expected in the future, or that the Company will not, in fact,
record such items in future periods.
Management’s Compensation for
Limitations of Non-GAAP Financial Measures
Management compensates for these material limitations in
non-GAAP operating expenses, non-GAAP operating income, non-GAAP
operating margins, non-GAAP other (income) expense, and non-GAAP
diluted EPS by also evaluating our GAAP results and the
reconciliations of our non-GAAP measures to the most directly
comparable GAAP measures. Investors should consider our non-GAAP
financial measures in conjunction with the corresponding GAAP
measures.
About Analog Devices
Innovation, performance, and excellence are the cultural pillars
on which Analog Devices has built one of the longest standing,
highest growth companies within the technology sector. Acknowledged
industry-wide as the world leader in data conversion and signal
conditioning technology, Analog Devices serves over 60,000
customers, representing virtually all types of electronic
equipment. Analog Devices is headquartered in Norwood,
Massachusetts, with design and manufacturing facilities throughout
the world. Analog Devices' common stock is included in the S&P
500 Index.
This release may be deemed to contain forward-looking statements
intended to qualify for the safe harbor from liability established
by the Private Securities Litigation Reform Act of 1995. These
forward-looking statements include, among other things, our
statements regarding expected revenue, earnings per share,
operating expenses, gross margin, tax rate, and other financial
results, expected production and inventory levels, expected market
trends, and expected customer demand and order rates for our
products, that are based on our current expectations, beliefs,
assumptions, estimates, forecasts, and projections about our
business and the industry and markets in which Analog Devices
operates. The statements contained in this release are not
guarantees of future performance, are inherently uncertain, involve
certain risks, uncertainties, and assumptions that are difficult to
predict, and do not give effect to the potential impact of any
mergers, acquisitions, divestitures, or business combinations that
may be announced or closed after the date hereof. Therefore, actual
outcomes and results may differ materially from what is expressed
in such forward-looking statements, and such statements should not
be relied upon as representing Analog Devices’ expectations or
beliefs as of any date subsequent to the date of this press
release. We do not undertake any obligation to update
forward-looking statements made by us. Important factors that may
affect future operating results include: any faltering in global
economic conditions or the stability of credit and financial
markets, erosion of consumer confidence and declines in customer
spending, unavailability of raw materials, services, supplies or
manufacturing capacity, changes in geographic, product or customer
mix, adverse results in litigation matters, and other risk factors
described in our most recent filings with the Securities and
Exchange Commission. Our results of operations for the periods
presented in this release are not necessarily indicative of our
operating results for any future periods. Any projections in this
release are based on limited information currently available to
Analog Devices, which is subject to change. Although any such
projections and the factors influencing them will likely change, we
will not necessarily update the information, as we will only
provide guidance at certain points during the year. Such
information speaks only as of the original issuance date of this
release.
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, Fourth Quarter, Fiscal 2013
Schedule
A
Revenue and Earnings Summary (GAAP) (In thousands, except
per-share amounts)
Three Months Ended Twelve Months
Ended 4Q 13 3Q 13 4Q 12 FY 13 FY
12
Nov. 2,2013
Aug. 3,2013
Nov. 3,2012
Nov. 2,2013
Nov. 3,2012
Revenue $ 678,133 $ 674,172 $ 694,964 $ 2,633,689 $ 2,701,142
Year-to-year change -2 % -1 % -3 % -2 % -10 % Quarter-to-quarter
change 1 % 2 % 2 % Cost of sales (1)
233,263 239,110
251,682 941,278 960,141
Gross margin 444,870 435,062 443,282 1,692,411 1,741,001 Gross
margin percentage 65.6 % 64.5 % 63.8 % 64.3 % 64.5 % Year-to-year
change (basis points) 180 -110 -50 -20 -190 Quarter-to-quarter
change (basis points) 110
50 -180
Operating expenses: R&D (1) 131,034 128,947 130,394
513,255 512,003 Selling, marketing and G&A (1) 98,197 97,773
97,609 396,233 396,519 Special charges
15,777 - -
29,848 8,431 Total operating
expenses 245,008 226,720 228,003 939,336 916,953 Total operating
expenses percentage 36.1 % 33.6 % 32.8 % 35.7 % 33.9 % Year-to-year
change (basis points) 330 -90 140 180 330 Quarter-to-quarter change
(basis points) 250
-140 -170
Operating income 199,862 208,342 215,279 753,075 824,048 Operating
income percentage 29.5 % 30.9 % 31.0 % 28.6 % 30.5 % Year-to-year
change (basis points) -150 -20 -190 -190 -530 Quarter-to-quarter
change (basis points) -140
190 -10
Other (income) expense
(82,650 ) 13,301 2,755
(62,248 ) 10,515 Income before
income tax 282,512 195,041 212,524 815,323 813,533 Provision for
income taxes 80,958 18,802 33,337 141,836 162,297 Tax rate
percentage 28.7 %
9.6 % 15.7 % 17.4 % 19.9 % Net
income $ 201,554 $
176,239 179,187 673,487
651,236 Shares used for EPS - basic
311,009 309,117 300,679 307,763 298,761 Shares used for EPS -
diluted 317,216 315,307 307,954 314,041 306,191 Earnings per
share - basic $ 0.65 $ 0.57 $ 0.60 $ 2.19 $ 2.18 Earnings per share
- diluted $ 0.64 $ 0.56 $ 0.58 $ 2.14 $ 2.13 Dividends paid
per share $ 0.34 $ 0.34
$ 0.30 $ 1.32 $ 1.15
(1) Includes stock-based compensation expense as follows:
Cost of sales $ 1,737 $ 1,672 $ 1,905 $ 6,593 $ 7,254 R&D $
5,721 $ 5,536 $ 6,124 $ 21,901 $ 23,169 Selling, marketing and
G&A $ 5,664 $ 5,539 $ 6,248 $ 28,392 $ 23,077
Analog Devices, Fourth Quarter, Fiscal 2013
Schedule
B
Selected Balance Sheet Information (GAAP) (In
thousands) 4Q
13 3Q 13 4Q 12
Nov. 2,2013
Aug. 3,2013
Nov. 3,2012
Cash & short-term investments $ 4,682,912 $ 4,450,293 $
3,900,378 Accounts receivable, net 325,144 345,437 339,881
Inventories (1) 283,337 284,342 313,723 Other current assets
181,032 164,418
142,203 Total current assets 5,472,425 5,244,490 4,696,185
PP&E, net 508,171 492,421 500,867 Investments 21,180 20,056
30,242 Goodwill and intangible assets 312,664 309,198 312,605 Other
67,310 72,461
80,448 Total assets $
6,381,750 $ 6,138,626 $ 5,620,347 Deferred
income on shipments to distributors, net $ 247,428 $ 259,003 $
238,541 Other current liabilities 323,084 232,806 286,538 Long-term
debt, non-current 872,241 872,104 807,098 Non-current liabilities
199,421 131,477 122,811 Shareholders' equity
4,739,576 4,643,236
4,165,359 Total liabilities & equity
$ 6,381,750 $ 6,138,626 $ 5,620,347
(1) Includes $2,273, $2,126, and $2,517
related to stock-based compensation in 4Q13, 3Q13, and 4Q12,
respectively.
Analog Devices, Fourth Quarter, Fiscal 2013
Schedule
C
Cash Flow Statement (GAAP) (In thousands)
Three
Months Ended Twelve Months Ended 4Q 13 3Q
13 4Q 12 FY 13 FY 12
Nov. 2,2013
Aug. 3,2013
Nov. 3,2012
Nov. 2,2013
Nov. 3,2012
Cash flows from operating activities: Net Income $ 201,554 $
176,239 $ 179,187 $ 673,487 $ 651,236
Adjustments to reconcile net income to net
cash provided by operations:
Depreciation 27,515 27,448 27,484 110,196 109,705 Amortization of
intangibles 55 55 54 220 128 Stock-based compensation expense
13,122 12,747 14,277 56,886 53,500 Loss on extinguishment of debt -
10,205 - 10,205 - Gain on sale of investments - - - - (1,231 ) Gain
on sale of product line (85,444 ) - - (85,444 ) - Noncash portion
of special charges - - - - 219 Other non-cash activity 887 310
(1,417 ) (185 ) (3,187 ) Excess tax benefit - stock options (1,098
) (6,265 ) (2,678 ) (16,171 ) (12,230 ) Deferred income taxes
(6,558 ) (739 ) (5,696 ) (17,699 ) (9,801 ) Changes in operating
assets and liabilities 132,132
25 24,836
180,850 26,203 Total adjustments
80,611 43,786
56,860 238,858
163,306 Net cash provided by operating activities
282,165
220,025 236,047 912,345
814,542 Percent of total revenue
41.6 % 32.6 % 34.0
% 34.6 % 30.2 % Cash flows from
investing activities: Purchases of short-term available-for-sale
investments (2,559,600 ) (2,123,826 ) (1,882,319 ) (8,540,335 )
(8,165,043 ) Maturities of short-term available-for-sale
investments 2,199,444 1,493,806 1,713,973 6,970,885 6,543,795 Sales
of short-term available-for-sale investments 59,903 216,312 99,843
650,730 437,748 Additions to property, plant and equipment (48,558
) (30,068 ) (37,511 ) (123,074 ) (132,176 ) Payments for
acquisitions, net of cash acquired - (2,475 ) - (2,475 ) (24,158 )
Proceeds from sale of product line 100,000 - - 100,000 - Proceeds
related to sale of investments - - - - 1,506 Increase in other
assets (1,591 )
(1,540 ) (447 ) (5,657 ) (1,362
) Net cash used for investing activities
(250,402 ) (447,791 )
(106,461 ) (949,926 ) (1,339,690 ) Cash
flows from financing activities: Proceeds from long-term debt -
493,880 - 493,880 - Payment of senior unsecured notes - (392,790 )
- (392,790 ) - Early termination of swap agreements - - - - 18,520
Proceeds from derivative instruments - 10,952 - 10,952 - Term loan
repayments - - (33,625 ) (60,108 ) (56,500 ) Dividend payments to
shareholders (105,938 ) (104,923 ) (91,372 ) (405,955 ) (344,701 )
Repurchase of common stock (42,809 ) - (20,831 ) (60,529 ) (161,046
) Proceeds from employee stock plans 44,399 89,653 80,528 306,277
191,730 Excess tax benefit - stock options 1,098 6,265 2,678 16,171
12,230 Contingent consideration payment (1,913 ) - - (5,665 )
(1,991 ) Increase (decrease) in other financing activities
4,696 (10,643 )
(1,125 ) (2,790 ) (7,869 ) Net
cash (used for) provided by financing activities
(100,467 ) 92,394
(63,747 ) (100,557 ) (349,627 ) Effect
of exchange rate changes on cash
725 (191 ) 845
1,394 (1,492 ) Net (decrease) increase
in cash and cash equivalents (67,979 ) (135,563 ) 66,684 (136,744 )
(876,267 ) Cash and cash equivalents at beginning of period
460,068 595,631
462,149 528,833
1,405,100 Cash and cash equivalents at end of period
$ 392,089 $ 460,068
$ 528,833 $ 392,089 $ 528,833
Analog Devices, Fourth Quarter, Fiscal
2013
Schedule
D
Revenue Trends by
End Market
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 evolve and improve, 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
Nov. 2,2013
Aug. 3,2013
Nov. 3,2012
Revenue % Q/Q % Y/Y
% Revenue Revenue Industrial $ 312,984 46% 0% 2%
$ 313,849 $ 306,267 Automotive 130,981 19% 9% 19% 120,567 110,349
Consumer 94,516 14% -6% -31% 100,348 136,555 Communications
139,652 21% 0% -2% 139,408 141,793
Total
Revenue $ 678,133 100% 1%
-2% $ 674,172 $ 694,964
Twelve Months Ended Nov. 2,
2013
Nov. 3,
2012
Revenue %* Y/Y % Revenue
Industrial $ 1,219,798 46% -2% 1,246,380 Automotive 481,803 18% 4%
463,927 Consumer 403,649 15% -13% 464,103 Communications
528,439 20% 0% 526,732
Total Revenue $
2,633,689 100% -2% $
2,701,142 * The sum of the individual percentages
does not equal the total due to rounding
Analog
Devices, Fourth Quarter, Fiscal 2013
Schedule
E
Revenue Trends by
Product Type
The categorization of our products into broad categories is based
on the characteristics of the individual products, the
specification of the products and in some cases the specific uses
that certain products have within applications. The categorization
of products into categories is therefore subject to judgment in
some cases and can vary over time. In instances where products move
between product categories we reclassify the amounts in the product
categories for all prior periods. Such reclassifications typically
do not materially change the sizing of, or the underlying trends of
results within, each product category.
Three
Months Ended
Nov. 2,2013
Aug. 3,2013
Nov. 3,2012
Revenue %* Q/Q % Y/Y
% Revenue Revenue Converters $ 306,187 45% 2% 0%
$ 300,484 $ 307,252 Amplifiers / Radio Frequency 176,538 26% -1% 1%
177,451 174,521 Other analog 92,405 14% 0% -18%
92,278 112,083 Subtotal Analog Signal Processing
575,130 85% 1% -3% 570,213 593,856
Power management & reference 44,226 7% -3% -3%
45,611 45,808
Total Analog Products $
619,356 91% 1% -3% $
615,824 $ 639,664 Digital Signal Processing
58,777 9% 1% 6% 58,348 55,300
Total
Revenue $ 678,133 100% 1%
-2% $ 674,172 $ 694,964
Twelve Months Ended
Nov. 2,
2013
Nov. 3,
2012
Revenue %* Y/Y % Revenue
Converters $ 1,180,072 45% -1% $ 1,192,064 Amplifiers / Radio
Frequency 682,759 26% -2% 697,687 Other analog 372,281
14% -6% 397,376 Subtotal Analog Signal Processing
2,235,112 85% -2% 2,287,127 Power management
& reference 172,920 7% -5% 182,134
Total Analog Products $ 2,408,032
91% -2% $ 2,469,261 Digital Signal
Processing 225,657 9% -3% 231,881
Total
Revenue $ 2,633,689 100% -2%
$ 2,701,142 * The sum of the individual
percentages does not equal the total due to rounding
Analog Devices, Fourth Quarter, Fiscal 2013
Schedule
F
Reconciliation from Non-GAAP to GAAP Data (In thousands, except
per-share amounts) See "Non-GAAP Financial
Information" in this press release for a description of the items
excluded from our non-GAAP measures.
Three Months Ended
Twelve Months Ended 4Q 13 3Q 13 4Q 12
FY 13 FY 12
Nov. 2,2013
Aug. 3,2013
Nov. 3,2012
Nov. 2,2013
Nov. 3,2012
GAAP Operating Expenses $ 245,008
$ 226,720 $ 228,003 $
939,336 $ 916,953 Percent of Revenue
36.1 % 33.6 % 32.8 %
35.7 % 33.9 % Restructuring-Related
Expense (15,777 ) - - (29,848 ) (5,836 ) Stock-Based Compensation
Expense - - -
(6,273 ) -
Non-GAAP Operating
Expenses $ 229,231 $
226,720 $ 228,003
$ 903,215 $ 911,117
Percent of Revenue 33.8 % 33.6
% 32.8 % 34.3 % 33.7
% GAAP Operating Income/Margin $
199,862 $ 208,342 $ 215,279
$ 753,075 $ 824,048 Percent of
Revenue 29.5 % 30.9 % 31.0
% 28.6 % 30.5 %
Restructuring-Related Expense 15,777 - - 29,848 5,836 Stock-Based
Compensation Expense - -
- 6,273 -
Non-GAAP Operating Income/Margin $ 215,639
$ 208,342 $
215,279 $ 789,196
$ 829,884 Percent of Revenue
31.8 % 30.9 % 31.0 %
30.0 % 30.7 % GAAP Other
(Income) Expense $ (82,650 ) $
13,301 $ 2,755 $ (62,248
) $ 10,515 Percent of Revenue
-12.2 % 2.0 % 0.4 %
-2.4 % 0.4 % Gain on Sale of Product
Line 85,444 - - 85,444 - Loss on Extinguishment of Debt -
(10,205 ) -
(10,205 ) -
Non-GAAP Other (Income)
Expense $ 2,794 $
3,096 $ 2,755 $
12,991 $ 10,515
Percent of Revenue 0.4 % 0.5 %
0.4 % 0.5 % 0.4 %
GAAP Diluted EPS $ 0.64 $ 0.56
$ 0.58 $ 2.14 $ 2.13
Impact of Loss on Extinguishment of Debt - 0.02 - 0.02 - Impact of
Gain on Sale of Product Line (0.19 ) - - (0.19 ) -
Restructuring-Related Expense 0.05 - - 0.08 0.01 Impact of the
Reversal of Prior Period Tax Liabilities (0.01 ) - - (0.03 ) -
Stock-Based Compensation Expense - - - 0.01 - Impact of Tax Reserve
0.13 - - 0.13 - Impact of the Reinstatement of the R&D Tax
Credit - - - (0.02 ) - Impact of Expired Tax Statute -
(0.01 ) - (0.01 )
(0.01 )
Non-GAAP Diluted EPS (1) $
0.62 $ 0.57
$ 0.58 $ 2.15
$ 2.13 (1) The sum of the individual
per share amounts may not equal the total due to rounding
Analog Devices, Inc.Mr. Ali Husain, 781-461-3282Director of
Investor Relations781-461-3491
(fax)investor.relations@analog.com
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