![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Analog Devices Inc | NASDAQ:ADI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.805 | 0.34% | 238.525 | 238.19 | 238.64 | 239.29 | 237.645 | 239.01 | 47,137 | 14:48:50 |
Analog Devices, Inc. (Nasdaq: ADI), a leading global high-performance analog technology company, today announced financial results for its fourth quarter and fiscal year 2018, which ended November 3, 2018.
“We delivered very strong financial results in our fourth quarter, achieving record revenue and earnings per share to cap off a successful year,” said Vincent Roche, President and CEO. “Revenue growth was once again led by strength in our B2B markets, with particular strength in the industrial and communications sectors. Our portfolio of innovative solutions, customer-centric approach, and disciplined operational execution drove high profitability and strong cash generation, allowing us to return more than $360 million to shareholders in the quarter.”
“Our diverse business model, combined with a comprehensive, market-leading portfolio that is strategically pointed at secular growth trends across our B2B markets, enables us to navigate the current macro climate. I am pleased that we continue to execute exceptionally well thanks in large part to the thousands of talented people across ADI who are dedicated to delivering quality and value for our customers every day.”
The ADI Board of Directors has also declared a quarterly cash dividend of $0.48 per outstanding share of common stock. The dividend will be paid on December 10, 2018 to all shareholders of record at the close of business on November 29, 2018.
Supplemental schedules relating to our fourth quarter and fiscal year 2018 financial results are also available on our investor site at investor.analog.com.
Results for the Fourth Quarter of Fiscal Year 2018
Results for the Fiscal Year 2018
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 2018, 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 First Quarter of Fiscal Year 2019The 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.
GAAPNon-GAAPAdjustments
Non-GAAP Revenue$1.51 billion(+/- $50 million)
-$1.51 billion(+/- $50 million)
Gross Margin68.0%(+/- 20bp)
$44 million (1)70.8%(+/- 20bp)
Operating Expenses$565 million(+/- $10 million)
$115 million (2)$450 million(+/- $10 million)
Operating Margin30.5%(+/- 100bp)
$159 million (1), (2)41.0%(+/- 50bp)
Interest & Other Expense ~$56 million - ~$56 million Tax Rate 14% to 16% $24 million (3) 14% to 16% Earnings per Share*$0.92(+/- $0.07)
$0.36 (4)$1.28(+/- $0.07)
* The sum of the individual per share amounts may not equal the total due to rounding.
(1) Excludes $44 million of costs comprised of the following:
(2) Excludes $115 million of costs comprised of the following:
(3) Excludes the tax effects of the reconciling adjustments noted in the two footnotes above.
(4) Includes $0.36, which represents the net impact of the non-GAAP adjustments noted above on a per share basis consisting of:
Conference Call Scheduled for Today, Tuesday, November 20, 2018 at 10:00 am ETADI will host a conference call to discuss fourth quarter and full year fiscal 2018 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: 4671569, or by visiting investor.analog.com.
Non-GAAP Financial InformationThis 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.
Schedules E and F of this press release provide the reconciliation of the Company’s historical non-GAAP measures to their most comparable GAAP measures.
Management uses non-GAAP measures internally 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 uses these non-GAAP measures as the primary performance measurement when communicating with analysts and investors regarding the Company’s earnings results and outlook and believes that the presentation of these non-GAAP measures 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. Management also believes that the non-GAAP liquidity measure free cash flow is useful both internally and to investors because it provides information about the amount of cash generated after capital expenditures that is then available to repay debt obligations, make investments and fund acquisitions, and for certain other activities.
The following item is included in our non-GAAP revenue, non-GAAP gross margin, non-GAAP operating income, non-GAAP operating margin, and non-GAAP diluted earnings per share:
Acquisition-Related Deferred Revenues: Deferred revenue related to shipments of Linear Technology products by distributors to end customers that were received by the distributors prior to the Company’s acquisition of Linear Technology. Business combination accounting principles require the write down of deferred revenue in conjunction with the acquisition. We included these revenues in our non-GAAP measures because they relate to a specific transaction and are reflective of our ongoing financial performance.
The following item is 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 as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to inventory, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. Expenses also include severance payments, equity award accelerations and the fair value adjustment associated with the replacement of share-based awards related to the Linear Technology acquisition. We excluded these costs from our non-GAAP measures because they relate to specific transactions 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 directly related to the Linear Technology acquisition, including legal, accounting and other professional fees, as well as integration-related costs. 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 Expense: 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.
Accelerated Stock-Based Compensation Expense: In the fourth quarter of fiscal 2018, the Company recorded $3.4 million of stock-based compensation expense for one of its former executive officers due to the accelerated vesting of restricted stock units and stock options resulting from a reduction in the requisite service period for each in accordance with the terms of the applicable agreements. 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 item is excluded from our non-GAAP other expense and non-GAAP diluted earnings per share:
Amortization of Deferred Financing Costs: In the first quarter of fiscal 2017, the Company replaced a portion of the bridge financing commitments obtained in connection with the Linear Technology acquisition with proceeds from the issuance of $2.1 billion of senior unsecured notes. As a result, the Company accelerated $7.2 million of the unamortized bridge financing commitment fees into interest expense. 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 provision for income taxes and non-GAAP diluted earnings per share:
Tax-Related Items: Tax adjustments associated with the non-GAAP items discussed above. Discrete tax items including tax expense or benefit related to prior periods; tax benefits related to the release of a tax reserves for an expired tax years; the release of reserves associated with a favorable ruling on petitions with the U.S. Tax Court; tax expense or benefit from changes to state tax valuation allowances; tax expense associated with the remittance of cash held outside of the United States related to the post-acquisition integration of Linear Technology and tax expense related to the impact of the Tax Cuts and Jobs Act of 2017. 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.
The following item is excluded from our calculation of adjusted free cash flow for fiscal 2017:
One Time Tax Payment: In the third quarter of fiscal 2017, the Company paid $750 million in income taxes associated with the acquisition of Linear Technology. These payments were principally related to pre-acquisition liabilities but also included $98 million associated with the remittance of cash held outside of the United States related to the post-acquisition integration of Linear Technology. We excluded these payments from our adjusted free cash flow measure because they relate to a specific transaction and are not reflective of our ongoing financial performance.
These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company’s financial results presented in accordance with GAAP. In addition, the Company’s 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 including or 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.
About Analog DevicesAnalog Devices (Nasdaq: ADI) is a leading global high-performance analog technology company dedicated to solving the toughest engineering challenges. We enable our customers to interpret the world around us by intelligently bridging the physical and digital with unmatched technologies that sense, measure, power, connect and interpret. Visit http://www.analog.com.
Forward Looking StatementsThis press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding expected revenue, earnings per share, gross margin, operating expenses, interest and other expense, tax rate, and other financial results, expected market share gains, operating leverage, production and inventory levels, expected market trends, and expected customer demand and order rates for our products and expected benefits and synergies of the acquisition of Linear Technology Corporation (“Linear Technology”), including expected growth rates of the combined companies, expected product offerings, product development, marketing position and technical advances resulting from the transaction. 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: 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; changes in our estimates of our expected tax rate based on current tax law, including current interpretations of the Tax Cuts and Jobs Act of 2017; higher than expected or unexpected costs associated with or relating to the acquisition of Linear Technology and the integration of the businesses; the risk that expected benefits, synergies and growth prospects of the acquisition may not be fully achieved in a timely manner, or at all; the risk that Linear Technology’s business may not be successfully integrated with Analog Devices’; the risk that we will be unable to retain and hire key personnel; and the risk that disruption resulting from the acquisition may adversely affect our business and relationships with our customers, suppliers or employees. 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 (“SEC”), including the risk factors contained in our most recent Quarterly Report on Form 10-Q and 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.
(ADI-WEB)
Analog Devices, Fourth Quarter, Fiscal 2018Schedule A
Revenue and Earnings Summary (Unaudited) (In thousands, except per-share amounts)Three Months Ended Twelve Months Ended 4Q 18 3Q 18 4Q 17 FY 18 FY 17
Nov. 3,2018
Aug. 4,2018
Oct. 28,2017
Nov. 3,2018 Oct. 28,2017 Revenue $ 1,596,586 $ 1,572,679 $ 1,541,170 $ 6,200,942 $ 5,107,503 Year-to-year change 3.6 % 9.7 % 53.6 % 21.4 % 49.3 % Quarter-to-quarter change 1.5 % 3.9 % 7.5 % Cost of sales (1) 502,932 502,033 535,145 1,967,640 2,045,907 Gross margin 1,093,654 1,070,646 1,006,025 4,233,302 3,061,596 Gross margin percentage 68.5 % 68.1 % 65.3 % 68.3 % 59.9 % Year-to-year change (basis points) 320 1,460 (110 ) 840 (520 ) Quarter-to-quarter change (basis points) 40 (20 ) 1,180 Operating expenses: R&D (1) 295,699 291,642 273,746 1,165,410 968,602 Selling, marketing and G&A (1) 175,396 171,487 185,721 695,937 691,046 Amortization of intangibles 107,345 107,409 98,348 428,902 297,351 Special charges 1,842 1,069 — 61,318 49,463 Total operating expenses 580,282 571,607 557,815 2,351,567 2,006,462 Total operating expenses percentage 36.3 % 36.3 % 36.2 % 37.9 % 39.3 % Year-to-year change (basis points) 10 (360 ) 530 (140 ) 430 Quarter-to-quarter change (basis points) — (140 ) (370 ) Operating income 513,372 499,039 448,210 1,881,735 1,055,134 Operating income percentage 32.2 % 31.7 % 29.1 % 30.3 % 20.7 % Year-to-year change (basis points) 310 1,810 (650 ) 960 (930 ) Quarter-to-quarter change (basis points) 50 100 1,550 Other expense 55,850 58,445 66,546 243,218 226,649 Income before income tax 457,522 440,594 381,664 1,638,517 828,485 Provision for income taxes 24,557 26,130 34,014 143,085 101,226 Tax rate percentage 5.4 % 5.9 % 8.9 % 8.7 % 12.2 % Net income (2) $ 432,965 $ 414,464 $ 347,650 $ 1,495,432 $ 727,259 Shares used for EPS - basic 371,074 371,315 368,043 370,430 346,371 Shares used for EPS - diluted 375,116 375,815 372,053 374,938 350,484 Earnings per common share - basic $ 1.16 $ 1.11 $ 0.94 $ 4.02 $ 2.09 Earnings per common share - diluted $ 1.15 $ 1.10 $ 0.93 $ 3.97 $ 2.07 Dividends paid per share $ 0.48 $ 0.48 $ 0.45 $ 1.89 $ 1.77 (1) Includes stock-based compensation expense as follows: Cost of sales $ 4,958 $ 5,734 $ 3,684 $ 18,733 $ 12,569 R&D $ 21,680 $ 18,018 $ 16,546 $ 81,444 $ 51,258 Selling, marketing and G&A $ 10,816 $ 13,143 $ 12,119 $ 50,988 $ 40,361(2) Under the two-class method, earnings per share is calculated using net earnings allocable to common shares, which is derived by reducing net income by the income allocable to participating securities. Net income allocable to common shares used in the basic and diluted earnings per share calculation was $431,621, $412,938 and $345,876 for the three months ended November 3, 2018, August 4, 2018 and October 28, 2017, respectively. Net income was $1,489,523 and $725,016 for the twelve months ended November 3, 2018 and October 28, 2017, respectively.
Analog Devices, Fourth Quarter, Fiscal 2018Schedule B
Selected Balance Sheet Information (Unaudited) (In thousands) 4Q 18 3Q 18 4Q 17Nov. 3,2018
Aug. 4,2018 Oct. 28,2017 Cash & cash equivalents $ 816,591 $ 772,575 $ 1,047,838 Accounts receivable, net 639,717 710,753 688,953 Inventories (1) 586,760 563,645 550,816 Other current assets 69,058 69,584 63,731 Total current assets 2,112,126 2,116,557 2,351,338 PP&E, net 1,154,328 1,107,991 1,107,304 Investments 68,583 69,500 57,410 Goodwill 12,252,604 12,254,161 12,217,455 Intangible assets, net 4,778,192 4,920,739 5,319,425 Other 83,946 79,668 88,362 Total assets $ 20,449,779 $ 20,548,616 $ 21,141,294 Deferred income on shipments to distributors, net $ 487,417 $ 547,279 $ 473,972 Other current liabilities 851,721 769,104 822,360 Debt, current 67,000 22,500 300,000 Long-term debt 6,265,674 6,532,746 7,551,084 Deferred income taxes 927,065 932,813 1,674,683 Other Non-current liabilities (2) 862,362 887,957 157,655 Shareholders' equity 10,988,540 10,856,217 10,161,540 Total liabilities & equity $ 20,449,779 $ 20,548,616 $ 21,141,294(1) Includes $7,128, $6,370, and $5,373 related to stock-based compensation in 4Q18, 3Q18, and 4Q17, respectively.(2) Includes $693,404 and $691,038 related to the one-time transition tax related to the Tax Cuts and Jobs Act of 2017 in 4Q18 and 3Q18, respectively.
Analog Devices, Fourth Quarter, Fiscal 2018Schedule C
Cash Flow Statement (Unaudited)(In thousands)
Three Months Ended Twelve Months Ended 4Q 18 3Q 18 4Q 17 FY 18 FY 17Nov. 3,2018
Aug. 4,2018 Oct. 28,2017 Nov. 3,2018 Oct. 28,2017 Cash flows from operating activities: Net Income $ 432,965 $ 414,464 $ 347,650 $ 1,495,432 $ 727,259 Adjustments to reconcile net income to net cash provided by operations: Depreciation 58,874 56,647 56,298 228,525 194,666 Amortization of intangibles 142,316 143,218 133,438 570,538 389,393 Stock-based compensation expense 37,454 36,895 32,349 151,165 104,188 Cost of goods sold for inventory acquired — — 42,040 — 358,718 Other non-cash activity 14,550 7,103 7,748 36,569 (10,865 ) Deferred income taxes (526 ) (2,019 ) (62,344 ) (736,759 ) (825,869 ) Changes in operating assets and liabilities 28,808 (35,570 ) 150,173 696,891 216,875 Total adjustments 281,476 206,274 359,702 946,929 427,106 Net cash provided by operating activities 714,441 620,738 707,352 2,442,361 1,154,365 Percent of revenue 44.7 % 39.5 % 45.9 % 39.4 % 22.6 % Cash flows from investing activities: Purchases of short-term available-for-sale investments — — — — (705,485 ) Maturities of short-term available-for-sale investments — — 1 — 3,362,792 Sales of short-term available-for-sale investments — — — — 577,187 Additions to property, plant and equipment (86,004 ) (51,750 ) (65,215 ) (254,876 ) (204,098 ) Payments for acquisitions, net of cash acquired — (500 ) — (52,839 ) (9,632,568 ) Change in other assets (3,015 ) (2,239 ) (2,717 ) (6,283 ) (15,842 ) Net cash used for investing activities (89,019 ) (54,489 ) (67,931 ) (313,998 ) (6,618,014 ) Cash flows from financing activities: Debt repayment (225,000 ) (430,000 ) (350,000 ) (2,275,000 ) (5,050,000 ) Proceeds from derivative instruments — — — — 3,904 Proceeds from debt — — — 743,778 11,156,164 Payments of deferred financing fees — — — — (5,625 ) Dividend payments to shareholders (179,416 ) (178,890 ) (166,857 ) (703,307 ) (602,119 ) Repurchase of common stock (184,116 ) (11,953 ) (10,598 ) (225,977 ) (46,533 ) Proceeds from employee stock plans 10,668 22,801 28,058 99,026 133,302 Contingent consideration payment (618 ) (1,730 ) (1,764 ) (2,890 ) (1,764 ) Change in other financing activities (2,264 ) 647 (517 ) 6,328 (524 ) Net cash (used for) provided by financing activities (580,746 ) (599,125 ) (501,678 ) (2,358,042 ) 5,586,805 Effect of exchange rate changes on cash (660 ) (1,066 ) 1,526 (1,568 ) 3,550 Net increase (decrease) in cash and cash equivalents 44,016 (33,942 ) 139,269 (231,247 ) 126,706 Cash and cash equivalents at beginning of period 772,575 806,517 908,569 1,047,838 921,132 Cash and cash equivalents at end of period $ 816,591 $ 772,575 $ 1,047,838 $ 816,591 $ 1,047,838Analog Devices, Fourth Quarter, Fiscal 2018
Schedule DRevenue 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 Nov. 3,2018 Aug 4,2018 Oct. 28,2017 Revenue % * Q/Q % Y/Y % Revenue Revenue Industrial $ 788,358 49% —% 10% $ 789,896 $ 713,580 Automotive 245,350 15% (1)% 2% 248,835 241,450 Consumer 210,677 13% 1% (33)% 208,554 313,401 Communications 352,201 22% 8% 29% 325,394 272,739 Total Revenue $ 1,596,586 100% 2% 4% $ 1,572,679 $ 1,541,170____________
* The sum of the individual percentages does not equal the total due to rounding.
Twelve Months Ended Nov. 3,2018 Oct. 28,2017 Revenue % Y/Y % Revenue Industrial $ 3,102,508 50% 32% $ 2,342,404 Automotive 988,741 16% 23% 803,211 Consumer 856,778 14% (18)% 1,044,697 Communications 1,252,915 20% 37% 917,191 Total Revenue $ 6,200,942 100% 21% $ 5,107,503
Analog Devices, Fourth Quarter, Fiscal 2018
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-GAAPmeasures.
Three Months Ended Twelve Months Ended 4Q 18 3Q 18 4Q 17 FY 18 FY 17 Nov. 3,2018 Aug. 4,2018 Oct. 28,2017 Nov. 3,2018 Oct. 28,2017 GAAP Revenue $ 1,596,586 $ 1,572,679 $ 1,541,170 $ 6,200,942 $ 5,107,503 Y/Y Revenue growth % 3.6 % 9.7 % 53.6 % 21.4 % 49.3 % Q/Q Revenue growth % 1.5 % 3.9 % 7.5 % Acquisition-Related Deferred Revenues — — — — 85,334 Non-GAAP Revenue $ 1,596,586 $ 1,572,679 $ 1,541,170 $ 6,200,942 $ 5,192,837 Y/Y Revenue growth % 3.6 % 7.8 % 53.6 % 19.4 % 51.8 % Q/Q Revenue growth % 1.5 % 3.9 % 5.7 % GAAP Gross Margin $ 1,093,654 $ 1,070,646 $ 1,006,025 $ 4,233,302 $ 3,061,596 Gross Margin Percentage 68.5 % 68.1 % 65.3 % 68.3 % 59.9 % Acquisition-Related Deferred Revenues — — — — 66,261 Acquisition-Related Expenses 43,896 48,488 85,974 180,903 480,438 Non-GAAP Gross Margin $ 1,137,550 $ 1,119,134 $ 1,091,999 $ 4,414,205 $ 3,608,295 Gross Margin Percentage 71.2 % 71.2 % 70.9 % 71.2 % 69.5 % GAAP Operating Expenses $ 580,282 $ 571,607 $ 557,815 $ 2,351,567 $ 2,006,462 Percent of Revenue 36.3 % 36.3 % 36.2 % 37.9 % 39.3 % Acquisition-Related Expenses (117,651 ) (118,308 ) (107,736 ) (477,132 ) (328,059 ) Acquisition-Related Transaction Costs (5,628 ) (3,962 ) (15,108 ) (22,197 ) (70,401 ) Accelerated Stock-Based Compensation Expense (3,402 ) — — (3,402 ) — Restructuring-Related Expense (1,842 ) (1,069 ) — (61,318 ) (49,463 ) Non-GAAP Operating Expenses $ 451,759 $ 448,268 $ 434,971 $ 1,787,518 $ 1,558,539 Percent of Non-GAAP Revenue 28.3 % 28.5 % 28.2 % 28.8 % 30.0 % GAAP Operating Income/Margin $ 513,372 $ 499,039 $ 448,210 $ 1,881,735 $ 1,055,134 Percent of Revenue 32.2 % 31.7 % 29.1 % 30.3 % 20.7 % Acquisition-Related Deferred Revenues — — — — 66,261 Acquisition-Related Expenses 161,547 166,796 193,710 658,035 808,497 Acquisition-Related Transaction Costs 5,628 3,962 15,108 22,197 70,401 Accelerated Stock-Based Compensation Expense 3,402 — — 3,402 — Restructuring-Related Expense 1,842 1,069 — 61,318 49,463 Non-GAAP Operating Income/Margin $ 685,791 $ 670,866 $ 657,028 $ 2,626,687 $ 2,049,756 Percent of Non-GAAP Revenue 43.0 % 42.7 % 42.6 % 42.4 % 39.5 % GAAP Other Expense $ 55,850 $ 58,445 $ 66,546 $ 243,218 $ 226,649 Percent of Revenue 3.5 % 3.7 % 4.3 % 3.9 % 4.4 % Amortization of Deferred Financing Costs — — — — (7,214 ) Non-GAAP Other Expense $ 55,850 $ 58,445 $ 66,546 $ 243,218 $ 219,435 Percent of Non-GAAP Revenue 3.5 % 3.7 % 4.3 % 3.9 % 4.2 % GAAP Provision for Income Taxes $ 24,557 $ 26,130 $ 34,014 $ 143,085 $ 101,226 Tax rate % 5.4 % 5.9 % 8.9 % 8.7 % 12.2 % Income Tax on Non-Discrete Tax Items Above 7,285 6,673 28,619 32,260 116,883 Income Tax of State Tax Valuation Release 11,311 — — 11,311 16,518 Income Tax of Prior Period Tax Liabilities (10,333 ) (961 ) (10,148 ) (12,289 ) (12,526 ) Income Tax of Uncertain Tax Positions 25,676 4,195 — 32,832 (47,127 ) Income Tax of Toll Tax (3,904 ) — — (690,965 ) — Income Tax of Deferred Tax Recalibration (6,125 ) — — 633,573 — Non-GAAP Provision for Income Taxes $ 48,467 $ 36,037 $ 52,485 $ 149,807 $ 174,974 Non-GAAP Tax rate % 7.7 % 5.9 % 8.9 % 6.3 % 9.6 % GAAP Diluted EPS $ 1.15 $ 1.10 $ 0.93 $ 3.97 $ 2.07 Acquisition-Related Deferred Revenue — — — — 0.19 Acquisition-Related Expenses 0.43 0.44 0.52 1.76 2.31 Acquisition-Related Transaction Costs 0.02 0.01 0.04 0.06 0.20 Accelerated Stock-Based Compensation Expense 0.01 — — 0.01 — Amortization of Deferred Financing Costs — — — — 0.02 Restructuring-Related Expense0.00
0.00 — 0.16 0.14 Income Tax Effect of Above Items (0.02 ) (0.02 ) (0.08 ) (0.09 ) (0.33 ) Impact of State Tax Valuation Release (0.03 ) — — (0.03 ) (0.05 ) Impact of Prior Period Tax Liabilities 0.03 — 0.03 0.03 0.04 Impact of Uncertain Tax Positions (0.07 ) (0.01 ) — (0.09 ) 0.13 Impact of Toll Tax 0.01 — — 1.84 — Impact of Deferred Tax Recalibration 0.02 — — (1.69 ) — Non-GAAP Diluted EPS (1) $ 1.55 $ 1.53 $ 1.45 $ 5.94 $ 4.72(1) The sum of the individual per share amounts may not equal the total due to rounding.
Analog Devices, Fourth Quarter, Fiscal 2018Schedule F
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow (In thousands) (Unaudited) Three Months Ended Twelve Months Ended 4Q 18 3Q 18 4Q 17 FY 18 FY 17 Nov. 3,2018 Aug. 4,2018 Oct. 28,2017 Nov. 3,2018 Oct. 28,2017 Net cash provided by operating activities $ 714,441 $ 620,738 $ 707,352 $ 2,442,361 $ 1,154,365 % of revenue 44.7 % 39.5 % 45.9 % 39.4 % 22.6 % Non-GAAP adjustments: Federal income tax payments — — — — 750,000 Adjusted cash flows from operations $ 714,441 $ 620,738 $ 707,352 $ 2,442,361 $ 1,904,365 Capital expenditures (86,004 ) (51,750 ) (65,215 ) (254,876 ) (204,098 ) Adjusted free cash flow $ 628,437 $ 568,988 $ 642,137 $ 2,187,485 $ 1,700,267 % of non-GAAP revenue 39.4 % 36.2 % 41.7 % 35.3 % 32.7 %
View source version on businesswire.com: https://www.businesswire.com/news/home/20181120005176/en/
Mr. Michael Lucarelli, Director of Investor Relations, Analog Devices, Inc. 781-461-3282 (phone); investor.relations@analog.com (email)
1 Year Analog Devices Chart |
1 Month Analog Devices Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions