Analog Devices Reports Third Quarter Fiscal 2020 Results With Revenue and EPS Above the Midpoint of Guidance

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 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

 

 

Aug. 1, 2020

 

Aug. 3, 2019

 

 

Revenue

 

% of revenue*

 

Y/Y %

 

Revenue

 

% of revenue*

Industrial

 

$

774,353

 

 

53%

 

3%

 

$

753,118

 

 

51%

Communications

 

363,613

 

 

25%

 

14%

 

319,250

 

 

22%

Automotive

 

162,480

 

 

11%

 

(29)%

 

228,235

 

 

15%

Consumer

 

155,690

 

 

11%

 

(13)%

 

179,540

 

 

12%

Total revenue

 

$

1,456,136

 

 

100%

 

(2)%

 

$

1,480,143

 

 

100%

 

 

 

 

 

 

 

 

 

 

 

 

 

Nine Months Ended

 

 

Aug. 1, 2020

 

Aug. 3, 2019

 

 

Revenue

 

% of revenue*

 

Y/Y %

 

Revenue

 

% of revenue*

Industrial

 

$

2,174,183

 

 

53%

 

(4)%

 

$

2,262,597

 

 

50%

Communications

 

880,921

 

 

22%

 

(14)%

 

1,030,283

 

 

23%

Automotive

 

551,395

 

 

14%

 

(22)%

 

708,711

 

 

16%

Consumer

 

470,262

 

 

12%

 

(14)%

 

546,255

 

 

12%

Total revenue

 

$

4,076,761

 

 

100%

 

(10)%

 

$

4,547,846

 

 

100%

 

 

 

 

 

 

 

 

 

 

 

*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

 

Nine Months Ended

 

 

Aug. 1, 2020

 

Aug. 3, 2019

 

Aug. 1, 2020

 

Aug. 3, 2019

 

 

 

 

 

 

 

 

 

Gross margin

 

$

972,578

 

 

$

997,811

 

 

$

2,667,394

 

 

$

3,071,559

 

Gross margin percentage

 

66.8

%

 

67.4

%

 

65.4

%

 

67.5

%

Acquisition related expenses

 

45,222

 

 

43,694

 

 

134,633

 

 

130,444

 

Adjusted gross margin

 

$

1,017,800

 

 

$

1,041,505

 

 

$

2,802,027

 

 

$

3,202,003

 

Adjusted gross margin percentage

 

69.9

%

 

70.4

%

 

68.7

%

 

70.4

%

 

 

 

 

 

 

 

 

 

Operating expenses

 

$

553,454

 

 

$

551,085

 

 

$

1,630,822

 

 

$

1,699,312

 

Percent of revenue

 

38.0

%

 

37.2

%

 

40.0

%

 

37.4

%

Acquisition related expenses

 

(110,460

)

 

(112,636

)

 

(333,298

)

 

(339,293

)

Acquisition related transaction costs

 

(9,121

)

 

 

 

(9,121

)

 

 

Charitable foundation contribution

 

 

 

 

 

(40,000

)

 

 

Restructuring related expense

 

(31,830

)

 

(927

)

 

(44,287

)

 

(30,871

)

Adjusted operating expenses

 

$

402,043

 

 

$

437,522

 

 

$

1,204,116

 

 

$

1,329,148

 

Adjusted operating expenses percentage

 

27.6

%

 

29.6

%

 

29.5

%

 

29.2

%

 

 

 

 

 

 

 

 

 

Operating income

 

$

419,124

 

 

$

446,726

 

 

$

1,036,572

 

 

$

1,372,247

 

Operating margin

 

28.8

%

 

30.2

%

 

25.4

%

 

30.2

%

Acquisition related expenses

 

155,682

 

 

156,330

 

 

467,931

 

 

469,737

 

Acquisition related transaction costs

 

9,121

 

 

 

 

9,121

 

 

 

Charitable foundation contribution

 

 

 

 

 

40,000

 

 

 

Restructuring related expense

 

31,830

 

 

927

 

 

44,287

 

 

30,871

 

Adjusted operating income

 

$

615,757

 

 

$

603,983

 

 

$

1,597,911

 

 

$

1,872,855

 

Adjusted operating margin

 

42.3

%

 

40.8

%

 

39.2

%

 

41.2

%

 

 

 

 

 

 

 

 

 

Provision for income taxes

 

$

10,364

 

 

$

27,184

 

 

$

60,072

 

 

$

112,584

 

Income tax effect of adjustments above

 

29,266

 

 

20,927

 

 

79,413

 

 

68,567

 

Income tax from certain discrete tax items

 

25,951

 

 

28,365

 

 

25,951

 

 

40,925

 

Adjusted provision for income taxes

 

$

65,581

 

 

$

76,476

 

 

$

165,436

 

 

$

222,076

 

 

 

 

 

 

 

 

 

 

Income before income taxes

 

373,029

 

 

389,558

 

 

894,307

 

 

1,197,901

 

Effective tax rate

 

2.8

%

 

7.0

%

 

6.7

%

 

9.4

%

Acquisition related expenses

 

155,682

 

 

156,330

 

 

467,931

 

 

469,737

 

Acquisition related transaction costs

 

9,121

 

 

 

 

9,121

 

 

 

Charitable foundation contribution

 

 

 

 

 

40,000

 

 

 

Restructuring related expense

 

31,830

 

 

927

 

 

44,287

 

 

30,871

 

Adjusted income before income taxes

 

$

569,662

 

 

$

546,815

 

 

$

1,455,646

 

 

$

1,698,509

 

Adjusted tax rate

 

11.5

%

 

14.0

%

 

11.4

%

 

13.1

%

 

 

 

 

 

 

 

 

 

Diluted EPS

 

$

0.97

 

 

$

0.97

 

 

$

2.24

 

 

$

2.90

 

Acquisition related expenses

 

0.42

 

 

0.42

 

 

1.26

 

 

1.26

 

Acquisition related transaction costs

 

0.02

 

 

 

 

0.02

 

 

 

Charitable foundation contribution

 

 

 

 

 

0.11

 

 

 

Restructuring related expense

 

0.09

 

 

 

 

0.12

 

 

0.08

 

Income tax effect of adjustments above

 

(0.08

)

 

(0.06

)

 

(0.21

)

 

(0.18

)

Income tax from certain discrete tax items

 

(0.07

)

 

(0.08

)

 

(0.07

)

 

(0.11

)

Adjusted diluted EPS (1)

 

$

1.36

 

 

$

1.26

 

 

$

3.47

 

 

$

3.96

 

 

(1) The sum of the individual per share amounts may not equal the total due to rounding.

ANALOG DEVICES, INC.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(Unaudited)

(In thousands)

   

 

 

Trailing
Twelve
Months

 

Three Months Ended

 

 

Aug. 1, 2020

 

Aug. 1, 2020

 

May 2, 2020

 

Feb. 1, 2020

 

Nov. 2, 2019

Revenue

 

$

5,519,980

 

 

$

1,456,136

 

 

$

1,317,060

 

 

$

1,303,565

 

 

$

1,443,219

 

Net cash provided by operating activities

 

$

1,993,794

 

 

$

557,200

 

 

$

429,041

 

 

$

349,648

 

 

$

657,905

 

% of Revenue

 

36

%

 

38

%

 

33

%

 

27

%

 

46

%

Capital expenditures

 

$

(186,880

)

 

$

(20,804

)

 

$

(60,161

)

 

$

(54,839

)

 

$

(51,076

)

Free cash flow

 

$

1,806,914

 

 

$

536,396

 

 

$

368,880

 

 

$

294,809

 

 

$

606,829

 

% of Revenue

 

33

%

 

37

%

 

28

%

 

23

%

 

42

%

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

   

 

 

Three Months Ending October 31, 2020

 

 

Reported

 

Adjusted

Revenue

 

$1.44 Billion

 

$1.44 Billion

 

 

(+/- $70 Million)

 

(+/- $70 Million)

Operating margin

 

31.0%

 

42.0% (1)

 

 

(+/-140 bps)

 

(+/-100 bps)

Nonoperating expense

 

~ $46 Million

 

~ $46 Million

Tax rate

 

12% to 13%

 

12% to 13% (2)

Earnings per share

 

$0.95

 

$1.32 (3)

 

 

(+/- $0.10)

 

(+/- $0.10)

(1) Includes $157 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release.

(2) Includes $22 million of tax effects associated with the adjustment for acquisition related expenses above.

(3) Includes $0.36 of adjustments related to the net impact of $0.42 of acquisition related expenses and $0.06 of tax effects on those acquisition related expenses.


« Previous Page 1 | 2 | 3 | 4 | 5 | 6  Next Page »



Review Article Be the first to review this article
Featured Video
Latest Blog Posts
Alex Carrick, Chief Economist at ConstructConnectThe AEC Lens
by Alex Carrick, Chief Economist at ConstructConnect
Mid-November Economic Nuggets, With a Focus on Mega Projects, Inflation and Air Travel Statistics
Dr. Biplab SarkarVectorworks Blog
by Dr. Biplab Sarkar
See How You Can Design Without Limits With Vectorworks
Jobs
ASIC Architects and Hardware Engineers at D. E. Shaw Research for D. E. Shaw Research at New York, New York
Senior Highway Engineer for RS&H at Jacksonville, Florida
Transit GIS analyst/planner for Jarrett Walker and Associates at Portland, Oregon
Director, Industrial Machinery Solutions- SISW PLM for Siemens AG at Livonia, Michigan
Product Design Engineer - Softgoods for Apple Inc at Cupertino, California
Upcoming Events
The Buildings Show 2021 at Metro Toronto Convention Centre – South Hall. Toronto Canada - Dec 1 - 3, 2021
SIGGRAPH Asia 2021 at Tokyo, Japan Japan - Dec 14 - 17, 2021
Utopian and Sacred Architecture Studies (USAS) - 2nd Edition at University Way, Dockland Campus London, E16 2RD, UK London --Choose One-- United Kingdom - Jun 14 - 15, 2022



© 2021 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us, or visit our other sites:
TechJobsCafe - Technical Jobs and Resumes EDACafe - Electronic Design Automation GISCafe - Geographical Information Services  MCADCafe - Mechanical Design and Engineering ShareCG - Share Computer Graphic (CG) Animation, 3D Art and 3D Models
  Privacy PolicyAdvertise