Revenue in the April quarter increases 1% sequentially to $779
million; ADI returns $344 million to shareholders
Company Website:
http://www.analog.com
NORWOOD, Mass. -- (Business Wire)
Analog
Devices, Inc. (NASDAQ: ADI),
today announced financial results for its second quarter of fiscal year
2016 which ended April 30, 2016.
“The breadth and diversity of ADI’s business model was evident in our
results this quarter, with broad-based strength across our business to
business (B2B) markets of industrial, automotive, and communications
infrastructure more-than-offsetting a weak consumer market,” said
Vincent Roche, President and CEO. “In addition, we repurchased $214
million of our shares in response to stock price volatility, which
enabled a third consecutive quarter of share count reduction.”
“Looking ahead, stable order flows in the B2B markets lead us to plan
for a largely seasonal third quarter in these markets, and for
sequential revenue growth to resume in the consumer market. Importantly
for ADI, we expect our B2B markets, in the aggregate, to grow in the
mid-to-high single digits on a year-over-year basis in the third
quarter.”
ADI also announced that the Board of Directors has declared a cash
dividend of $0.42 per outstanding share of common stock. The dividend
will be paid on June 7, 2016 to all shareholders of record at the close
of business on May 27, 2016.
Results for the Second Quarter of Fiscal Year
2016
-
Revenue totaled $779 million, up 1% sequentially, and down 5%
year-over-year
-
Revenue in ADI’s B2B markets of industrial, automotive, and
communications infrastructure totaled $699 million, up 9%
sequentially, and down 2% year-over-year
-
GAAP gross margin of 65.6% of revenue; Non-GAAP gross margin of 65.8%
of revenue
-
GAAP operating margin of 26.6% of revenue; Non-GAAP operating margin
of 30.8% of revenue
-
GAAP diluted EPS of $0.55; Non-GAAP diluted EPS of $0.64
Please refer to the schedules provided for a summary of revenue and
earnings, selected balance sheet information, and the cash flow
statement for the second quarter of fiscal year 2016, as well as the
immediately prior and year-ago quarters. Additional information on
revenue by end market is provided on Schedule D.
Outlook for the Third Quarter of Fiscal Year
2016
The following statements are based on current
expectations, and as indicated, are presented on a GAAP and non-GAAP
basis. 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.
|
|
|
|
|
|
|
|
|
|
|
|
| GAAP |
|
| Non-GAAP Adjustments |
|
| Non-GAAP |
Revenue |
|
| $800 million to $840 million |
|
|
-
|
|
| $800 million to $840 million |
Gross Margin
|
|
|
stable sequentially
|
|
|
$1.5 million (1) |
|
|
stable sequentially
|
Operating Expenses
|
|
|
slightly up sequentially
|
|
|
$17.5 million (1) |
|
|
slightly up sequentially
|
Interest & Other Expense
|
|
|
$13.0 million
|
|
|
-
|
|
|
$13.0 million
|
Tax Rate
|
|
|
approx. 13.5%
|
|
|
-
|
|
|
approx. 12.5%
|
Earnings per Share |
|
| $0.60 to $0.68 |
|
|
$0.06 (2) |
|
| $0.66 to $0.74 |
|
|
| |
|
| |
|
| |
1. Reflects estimated adjustments for amortization of purchased
intangible assets and depreciation of step up value on purchased fixed
assets.
2. Represents estimated impact of expenses associated with non-GAAP
adjustments on a per share basis.
Conference Call Scheduled for Today, Wednesday, May 18, 2016 at 10:00
am ET
ADI will host a conference call to discuss second quarter fiscal 2016
results and short-term outlook today, beginning at 10:00 am 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: 80870358, 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 E of this press release provides the reconciliation of the
Company’s historical non-GAAP revenue and earnings measures to its GAAP
measures.
Management uses non-GAAP measures 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 evaluating the Company’s core business and
trends across different reporting periods on a consistent
basis. Management also believes that the presentation of these non-GAAP
items is useful to investors because it provides investors with the
operating results that management uses to manage the Company and enables
investors and analysts to evaluate the Company’s core business.
The following items are excluded from our non-GAAP gross margin,
non-GAAP operating expenses, non-GAAP operating income, non-GAAP
operating margin, and non-GAAP diluted earnings per share:
Acquisition-Related Expenses: Expenses incurred in the first and
second quarters of fiscal 2016 as well as the second quarter of fiscal
2015 as a result of the Hittite acquisition primarily include: expense
associated with the fair value adjustments to inventory and property,
plant and equipment; and amortization of acquisition related
intangibles, which include acquired intangibles such as purchased
technology and customer relationships. We excluded these costs from our
non-GAAP measures because they relate to a specific transaction and are
not reflective of our ongoing financial performance.
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:
Acquisition-Related Transaction Costs: Costs incurred as a result
of the Hittite acquisition in the second quarter of fiscal 2015
including legal, accounting and other professional fees directly related
to the Hittite acquisition. We excluded these costs from our non-GAAP
measures because they relate to a specific transaction and are not
reflective of our ongoing financial performance.
Restructuring-Related Expenses: These expenses are incurred in
connection with facility closures, consolidation of manufacturing
facilities, severance, and other cost reduction efforts. We excluded
these expenses from our non-GAAP measures because 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.
The following item is excluded from our non-GAAP other expense and
non-GAAP diluted earnings per share:
Loss on Extinguishment of Debt: In the first quarter of fiscal
2016, the Company redeemed its outstanding 3.0% senior unsecured notes
due April 15, 2016. The Company recognized a net loss on debt
extinguishment of approximately $3.3 million, which was comprised of a
make-whole premium and the write off of unamortized debt issuance and
discount costs. We excluded these costs from our non-GAAP measures
because they are not reflective of our ongoing financial performance.
The following items are excluded from our non-GAAP diluted earnings
per share:
Tax-Related Items: In the first quarter of 2016, the Company
recorded a $7.5 million tax benefit related to the reinstatement of the
R&D tax credit in December 2015, retroactive to January 1, 2015. The
Company also recorded tax adjustments in the first and second quarters
of fiscal 2016 as well as the second quarter of fiscal 2015 associated
with the Hittite acquisition-related expenses and transaction costs. 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.
Analog Devices believes that these non-GAAP measures 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.
Investors should consider our non-GAAP financial measures in conjunction
with the corresponding GAAP measures.
About Analog Devices
Analog Devices designs and manufactures
semiconductor products and solutions. We enable our customers to
interpret the world around us by intelligently bridging the physical and
digital with unmatched technologies that sense, measure and connect.
Visit http://www.analog.com.
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, gross margin, operating
expenses, interest and other expense, tax rate, and other financial
results, expected operating leverage, 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, our ability to successfully
integrate acquired businesses and technologies, 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, Second Quarter, Fiscal 2016 |
| | |
|
Schedule A |
Revenue and Earnings Summary (Unaudited) |
(In thousands, except per-share amounts) |
| | |
|
| | | Three Months Ended |
| | | 2Q 16 |
|
|
| 1Q 16 |
|
|
| 2Q 15 |
|
|
| April 30, 2016 |
|
|
| Jan. 30, 2016 |
|
|
| May 2, 2015 |
Revenue
| | |
$
|
778,766
| | | | |
$
|
769,429
| | | | |
$
|
821,019
| |
Year-to-year change
| | |
(5
|
)%
| | | |
—
|
%
| | | |
18
|
%
|
Quarter-to-quarter change
| | |
1
|
%
| | | |
(21
|
)%
| | | |
6
|
%
|
Cost of sales (1)
|
|
|
267,863
|
|
|
|
|
292,136
|
|
|
|
|
276,197
|
|
Gross margin
| | |
510,903
| | | | |
477,293
| | | | |
544,822
| |
Gross margin percentage
| | |
65.6
|
%
| | | |
62.0
|
%
| | | |
66.4
|
%
|
Year-to-year change (basis points)
| | |
(80
|
)
| | | |
(320
|
)
| | | |
30
| |
Quarter-to-quarter change (basis points)
|
|
|
360
|
|
|
|
|
(360
|
)
|
|
|
|
120
|
|
Operating expenses:
| | | | | | | | | | | |
R&D (1)
| | |
160,235
| | | | |
157,428
| | | | |
154,233
| |
Selling, marketing and G&A (1)
| | |
112,186
| | | | |
107,462
| | | | |
117,371
| |
Amortization of intangibles
| | |
17,419
| | | | |
17,358
| | | | |
24,210
| |
Special charges
|
|
|
13,684
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Total operating expenses
| | |
303,524
| | | | |
282,248
| | | | |
295,814
| |
Total operating expenses percentage
| | |
39.0
|
%
| | | |
36.7
|
%
| | | |
36.0
|
%
|
Year-to-year change (basis points)
| | |
300
| | | | |
(160
|
)
| | | |
170
| |
Quarter-to-quarter change (basis points)
|
|
|
230
|
|
|
|
|
(1,780
|
)
|
|
|
|
(230
|
)
|
Operating income
| | |
207,379
| | | | |
195,045
| | | | |
249,008
| |
Operating income percentage
| | |
26.6
|
%
| | | |
25.3
|
%
| | | |
30.3
|
%
|
Year-to-year change (basis points)
| | |
(370
|
)
| | | |
(160
|
)
| | | |
(140
|
)
|
Quarter-to-quarter change (basis points)
|
|
|
130
|
|
|
|
|
1,420
|
|
|
|
|
340
|
|
Other expense
|
|
|
12,469
|
|
|
|
|
12,868
|
|
|
|
|
3,819
|
|
Income before income tax
| | |
194,910
| | | | |
182,177
| | | | |
245,189
| |
Provision for income taxes
| | |
24,337
| | | | |
17,673
| | | | |
39,851
| |
Tax rate percentage
|
|
|
12.5
|
%
|
|
|
|
9.7
|
%
|
|
|
|
16.3
|
%
|
Net income
|
|
|
$
|
170,573
|
|
|
|
|
$
|
164,504
|
|
|
|
|
$
|
205,338
|
|
| | | | | | | | | | |
|
Shares used for EPS - basic
| | |
308,790
| | | | |
311,166
| | | | |
312,660
| |
Shares used for EPS - diluted
| | |
312,250
| | | | |
314,793
| | | | |
317,047
| |
| | | | | | | | | | |
|
Earnings per share - basic
| | |
$
|
0.55
| | | | |
$
|
0.53
| | | | |
$
|
0.66
| |
Earnings per share - diluted
| | |
$
|
0.55
| | | | |
$
|
0.52
| | | | |
$
|
0.65
| |
| | | | | | | | | | |
|
Dividends paid per share
|
|
|
$
|
0.42
|
|
|
|
|
$
|
0.40
|
|
|
|
|
$
|
0.40
|
|
| | | | | | | | | | |
|
(1) Includes stock-based compensation expense as follows:
| | | | | | | | | | | |
Cost of sales
| | |
$
|
1,986
| | | | |
$
|
2,092
| | | | |
$
|
2,207
| |
R&D
| | |
$
|
6,646
| | | | |
$
|
6,704
| | | | |
$
|
6,416
| |
Selling, marketing and G&A
| | |
$
|
7,327
| | | | |
$
|
6,813
| | | | |
$
|
7,478
| |
| | | | | | | | | | | | | | | | |
|
|
|
|
| |
|
|
| |
|
|
| |
Analog Devices, Second Quarter, Fiscal 2016 |
| | | | | | | | | | | | |
Schedule B |
Selected Balance Sheet Information (Unaudited) |
(In thousands) |
| | | | | | | | | | | |
|
| | | | 2Q 16 | | | | 1Q 16 | | | | 2Q 15 |
|
|
|
| April 30, 2016 |
|
|
| Jan. 30, 2016 |
|
|
| May 2, 2015 |
Cash & short-term investments
| | | |
$
|
3,754,081
| | | | |
$
|
3,789,468
| | | | |
$
|
3,074,778
|
Accounts receivable, net
| | | |
398,979
| | | | |
375,087
| | | | |
408,510
|
Inventories (1)
| | | |
399,459
| | | | |
404,852
| | | | |
394,494
|
Other current assets
|
|
|
|
75,355
|
|
|
|
|
74,727
|
|
|
|
|
167,979
|
Total current assets
| | | |
4,627,874
| | | | |
4,644,134
| | | | |
4,045,761
|
PP&E, net
| | | |
626,162
| | | | |
633,362
| | | | |
629,665
|
Investments
| | | |
50,680
| | | | |
46,321
| | | | |
39,687
|
Goodwill
| | | |
1,639,165
| | | | |
1,631,233
| | | | |
1,643,614
|
Intangible assets, net
| | | |
548,374
| | | | |
564,839
| | | | |
621,277
|
Other
|
|
|
|
78,037
|
|
|
|
|
78,192
|
|
|
|
|
64,591
|
Total assets
|
|
|
|
$
|
7,570,292
|
|
|
|
|
$
|
7,598,081
|
|
|
|
|
$
|
7,044,595
|
| | | | | | | | | | | |
|
Deferred income on shipments to distributors, net
| | | |
$
|
317,290
| | | | |
$
|
298,272
| | | | |
$
|
295,428
|
Other current liabilities
| | | |
367,310
| | | | |
295,833
| | | | |
398,127
|
Debt, current
| | | |
—
| | | | |
—
| | | | |
374,147
|
Long-term debt
| | | |
1,731,336
| | | | |
1,730,948
| | | | |
495,036
|
Non-current liabilities
| | | |
280,655
| | | | |
278,166
| | | | |
517,649
|
Shareholders' equity
|
|
|
|
4,873,701
|
|
|
|
|
4,994,862
|
|
|
|
|
4,964,208
|
Total liabilities & equity
|
|
|
|
$
|
7,570,292
|
|
|
|
|
$
|
7,598,081
|
|
|
|
|
$
|
7,044,595
|
(1) Includes $2,719, $2,853, and $3,066 related to stock-based
compensation in 2Q16, 1Q16, and 2Q15, respectively.
|
|
|
| |
Analog Devices, Second Quarter, Fiscal 2016 |
|
Schedule C |
Cash Flow Statement (Unaudited) |
(In thousands) |
|
| | | | Three Months Ended |
| | | | 2Q 16 |
|
|
| 1Q 16 |
|
|
| 2Q 15 |
| | | | April 30, 2016 |
|
|
| Jan. 30, 2016 |
|
|
| May 2, 2015 |
Cash flows from operating activities:
| | | | | | | | | | | | |
Net Income
| | | |
$
|
170,573
| | | | |
$
|
164,504
| | | | |
$
|
205,338
| |
Adjustments to reconcile net income
| | | | | | | | | | | | |
to net cash provided by operations:
| | | | | | | | | | | | |
Depreciation
| | | |
33,483
| | | | |
33,209
| | | | |
32,036
| |
Amortization of intangibles
| | | |
18,440
| | | | |
18,347
| | | | |
25,154
| |
Stock-based compensation expense
| | | |
15,959
| | | | |
15,609
| | | | |
16,101
| |
Loss on extinguishment of debt
| | | |
—
| | | | |
3,290
| | | | |
—
| |
Other non-cash activity
| | | |
500
| | | | |
744
| | | | |
1,832
| |
Excess tax benefit - stock options
| | | |
(3,212
|
)
| | | |
(986
|
)
| | | |
(11,142
|
)
|
Deferred income taxes
| | | |
539
| | | | |
(7,717
|
)
| | | |
(6,481
|
)
|
Changes in operating assets and liabilities
|
|
|
|
83,921
|
|
|
|
|
(7,295
|
)
|
|
|
|
81,193
|
|
Total adjustments
|
|
|
|
149,630
|
|
|
|
|
55,201
|
|
|
|
|
138,693
|
|
Net cash provided by operating activities
|
|
|
|
320,203
|
|
|
|
|
219,705
|
|
|
|
|
344,031
|
|
Percent of revenue
|
|
|
|
41.1
|
%
|
|
|
|
28.6
|
%
|
|
|
|
41.9
|
%
|
| | | | | | | | | | | |
|
Cash flows from investing activities:
| | | | | | | | | | | | |
Purchases of short-term available-for-sale investments
| | | |
(1,939,750
|
)
| | | |
(1,632,014
|
)
| | | |
(1,661,176
|
)
|
Maturities of short-term available-for-sale investments
| | | |
1,522,688
| | | | |
1,409,538
| | | | |
1,154,412
| |
Sales of short-term available-for-sale investments
| | | |
102,316
| | | | |
47,950
| | | | |
291,900
| |
Additions to property, plant and equipment
| | | |
(25,517
|
)
| | | |
(23,128
|
)
| | | |
(49,229
|
)
|
Payments for acquisitions, net of cash acquired
| | | |
(2,203
|
)
| | | |
—
| | | | |
—
| |
Change in other assets
|
|
|
|
(2,746
|
)
|
|
|
|
(6,711
|
)
|
|
|
|
(4,468
|
)
|
Net cash used for investing activities
|
|
|
|
(345,212
|
)
|
|
|
|
(204,365
|
)
|
|
|
|
(268,561
|
)
|
| | | | | | | | | | | |
|
Cash flows from financing activities:
| | | | | | | | | | | | |
Payments of senior unsecured notes
| | | |
—
| | | | |
(378,156
|
)
| | | |
—
| |
Payments of derivative instruments
| | | |
—
| | | | |
(33,430
|
)
| | | |
—
| |
Proceeds from debt
| | | |
—
| | | | |
1,235,331
| | | | |
—
| |
Dividend payments to shareholders
| | | |
(129,925
|
)
| | | |
(124,658
|
)
| | | |
(124,882
|
)
|
Repurchase of common stock
| | | |
(213,650
|
)
| | | |
(131,977
|
)
| | | |
(24,275
|
)
|
Proceeds from employee stock plans
| | | |
16,480
| | | | |
6,229
| | | | |
52,090
| |
Excess tax benefit - stock options
| | | |
3,212
| | | | |
986
| | | | |
11,142
| |
Change in other financing activities
|
|
|
|
(2,786
|
)
|
|
|
|
(2,544
|
)
|
|
|
|
(3,563
|
)
|
Net cash (used for) provided by financing activities
|
|
|
|
(326,669
|
)
|
|
|
|
571,781
|
|
|
|
|
(89,488
|
)
|
Effect of exchange rate changes on cash
|
|
|
|
898
|
|
|
|
|
(1,032
|
)
|
|
|
|
32
|
|
| | | | | | | | | | | |
|
Net (decrease) increase in cash and cash equivalents
| | | |
(350,780
|
)
| | | |
586,089
| | | | |
(13,986
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
|
1,470,442
|
|
|
|
|
884,353
|
|
|
|
|
650,202
|
|
Cash and cash equivalents at end of period
|
|
|
|
$
|
1,119,662
|
|
|
|
|
$
|
1,470,442
|
|
|
|
|
$
|
636,216
|
|
| | | | | | | | | | | | | | | | | |
|
|
|
| |
Analog Devices, Second Quarter, Fiscal 2016 |
| | |
|
Schedule D |
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 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 |
| | | April 30, 2016 |
|
| Jan. 30, 2016 |
|
|
| May 2, 2015 |
| | | Revenue |
|
|
| % |
|
|
| Q/Q % |
|
|
| Y/Y % | | | Revenue | | | | Revenue |
Industrial
| | |
$
|
385,287
| |
|
|
|
49%
|
|
|
|
11%
|
|
|
|
(1)%
| | |
$
|
348,347
| | | | |
$
|
390,051
|
Automotive
| | |
138,031
| | | | |
18%
| | | |
9%
| | | |
(1)%
| | |
126,516
| | | | |
139,757
|
Consumer
| | |
80,038
| | | | |
10%
| | | |
(37)%
| | | |
(27)%
| | |
126,428
| | | | |
110,059
|
Communications
| | |
175,410
|
|
|
|
|
23%
| | | |
4%
| | | |
(3)%
| | |
168,138
|
| | | |
181,152
|
Total Revenue | | | $ | 778,766 |
|
|
|
| 100% | | | | 1% | | | | (5)% | | | $ | 769,429 |
| | | | $ | 821,019 |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
|
|
|
|
| |
Analog Devices, Second Quarter, Fiscal 2016 |
| | | |
|
Schedule E |
Reconciliation from GAAP to Non-GAAP Revenue and Earnings
Measures (In thousands, except per-share amounts) |
(Unaudited) |
See "Non-GAAP Financial Information" in this press release for
a description of the items excluded from our non-GAAP measures. |
| | | |
|
| | | |
|
| | | | Three Months Ended |
| | | | 2Q 16 |
|
|
| 1Q 16 |
|
|
| 2Q 15 |
| | | | April 30, 2016 | | | | Jan. 30, 2016 | | | | May 2, 2015 |
| | | | | | | | | | | |
|
GAAP Gross Margin | | | | $ | 510,903 | | | | | $ | 477,293 | | | | | $ | 544,822 | |
Gross Margin Percentage | | | | 65.6 | % | | | | 62.0 | % | | | | 66.4 | % |
Acquisition-Related Expenses
| | | |
1,476
|
|
|
|
|
1,445
|
|
|
|
|
1,520
|
|
Non-GAAP Gross Margin | | | | $ | 512,379 |
|
|
|
| $ | 478,738 |
|
|
|
| $ | 546,342 |
|
Gross Margin Percentage | | | | 65.8 | % | | | | 62.2 | % | | | | 66.5 | % |
| | | | | | | | | | | |
|
GAAP Operating Expenses | | | | $ | 303,524 | | | | | $ | 282,248 | | | | | $ | 295,814 | |
Percent of Revenue | | | | 39.0 | % | | | | 36.7 | % | | | | 36.0 | % |
Acquisition-Related Expenses
| | | |
(17,517
|
)
| | | |
(17,457
|
)
| | | |
(24,435
|
)
|
Acquisition-Related Transaction Costs
| | | |
—
| | | | |
—
| | | | |
(1,820
|
)
|
Restructuring-Related Expense
| | | |
(13,684
|
)
|
|
|
|
—
|
|
|
|
|
—
|
|
Non-GAAP Operating Expenses | | | | $ | 272,323 |
|
|
|
| $ | 264,791 |
|
|
|
| $ | 269,559 |
|
Percent of Revenue | | | | 35.0 | % | | | | 34.4 | % | | | | 32.8 | % |
| | | | | | | | | | | |
|
GAAP Operating Income/Margin | | | | $ | 207,379 | | | | | $ | 195,045 | | | | | $ | 249,008 | |
Percent of Revenue | | | | 26.6 | % | | | | 25.3 | % | | | | 30.3 | % |
Acquisition-Related Expenses
| | | |
18,993
| | | | |
18,902
| | | | |
25,955
| |
Acquisition-Related Transaction Costs
| | | |
—
| | | | |
—
| | | | |
1,820
| |
Restructuring-Related Expense
| | | |
13,684
|
|
|
|
|
—
|
|
|
|
|
—
|
|
Non-GAAP Operating Income/Margin | | | | $ | 240,056 |
|
|
|
| $ | 213,947 |
|
|
|
| $ | 276,783 |
|
Percent of Revenue | | | | 30.8 | % | | | | 27.8 | % | | | | 33.7 | % |
| | | | | | | | | | | |
|
GAAP Other Expense (Income) | | | | $ | 12,469 | | | | | $ | 12,868 | | | | | $ | 3,819 | |
Percent of Revenue | | | | 1.6 | % | | | | 1.7 | % | | | | 0.5 | % |
Loss on Extinguishment of Debt
| | | |
—
|
|
|
|
|
(3,289
|
)
|
|
|
|
—
|
|
Non-GAAP Other Expense | | | | $ | 12,469 |
|
|
|
| $ | 9,579 |
|
|
|
| $ | 3,819 |
|
Percent of Revenue | | | | 1.6 | % | | | | 1.2 | % | | | | 0.5 | % |
| | | | | | | | | | | | | | |
|
GAAP Diluted EPS | | | | $ | 0.55 | | | | | $ | 0.52 | | | | | $ | 0.65 | |
Acquisition-Related Expenses
| | | |
0.06
| | | | |
0.06
| | | | |
0.08
| |
Acquisition-Related Transaction Costs
| | | |
—
| | | | |
—
| | | | |
0.01
| |
Acquisition-Related Tax Impact
| | | |
—
| | | | |
—
| | | | |
(0.01
|
)
|
Restructuring-Related Expense
| | | |
0.04
| | | | |
—
| | | | |
—
| |
Loss on Extinguishment of Debt
| | | |
—
| | | | |
0.01
| | | | |
—
| |
Impact of the Reinstatement of the R&D Tax Credit
| | | |
—
|
|
|
|
|
(0.02
|
)
|
|
|
|
—
|
|
Non-GAAP Diluted EPS (1) | | | | $ | 0.64 |
|
|
|
| $ | 0.56 |
|
|
|
| $ | 0.73 |
|
(1) The sum of the individual per share amounts may not equal the total
due to rounding
|
|
|
| |
Analog Devices, Second Quarter, Fiscal 2016 |
| | | | |
Schedule F |
SUPPLEMENTAL CASH FLOW MEASURES (Unaudited) |
(In thousands) |
| | | |
|
| | | | Three Months Ended |
| | | | 2Q 16 |
|
|
| 1Q 16 |
|
|
| 2Q 15 |
| | | | April 30, 2016 |
|
|
| Jan. 30, 2016 |
|
|
| May 2, 2015 |
Net cash provided by operating activities
| | | |
$
|
320,203
| | | | |
$
|
219,705
| | | | |
$
|
344,031
| |
Capital expenditures
| | | |
(25,517
|
)
|
|
|
|
(23,128
|
)
|
|
|
|
(49,229
|
)
|
Free cash flow
| | | |
$
|
294,686
|
|
|
|
|
$
|
196,577
|
|
|
|
|
$
|
294,802
|
|
| | | | | | | | | | | |
|
% of revenue
| | | |
37.8
|
%
| | | |
25.5
|
%
| | | |
35.9
|
%
|
| | | | | | | | | | | | | | |
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160518005283/en/
Contacts:
Analog Devices, Inc.
Mr. Ali Husain, 781-461-3282 (phone)
781-461-3491
(fax)
Treasurer and Director of Investor Relations
investor.relations@analog.com
Source: Analog Devices
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