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    Analog Devices Reports Fourth Quarter and Fiscal 2024 Financial Results

    11/26/24 7:02:00 AM ET
    $ADI
    Semiconductors
    Technology
    Get the next $ADI alert in real time by email
    • Fourth quarter revenue of more than $2.4 billion, above the midpoint of guidance with sequential growth across all end markets
    • Fiscal 2024 revenue of more than $9.4 billion
    • Fiscal 2024 operating cash flow of $3.9 billion and free cash flow of $3.1 billion
    • Returned more than $2.4 billion to shareholders in fiscal 2024, including $0.6 billion of share repurchases and $1.8 billion of dividends

    WILMINGTON, Mass., Nov. 26, 2024 /PRNewswire/ -- Analog Devices, Inc. (NASDAQ:ADI), a global semiconductor leader, today announced financial results for its fiscal fourth quarter and fiscal year 2024, which ended November 2, 2024.

    Analog Devices, Inc. (PRNewsfoto/Analog Devices, Inc.)

    "ADI's revenue, profitability, and earnings per share all finished above our guided midpoint, underscoring continued business momentum and solid execution," said Vincent Roche, CEO and Chair.  "While unprecedented customer inventory headwinds drove a historic revenue decline during fiscal 2024, we maintained operating margins north of 40%, which is a testament to our business model's resilience. We also continued to make strategic, long-term investments across engineering, manufacturing, and the end-to-end customer experience. As such, we enter 2025 as an even stronger enterprise, giving me the utmost confidence in our ability to drive increased value for customers and shareholders over the long term."

    "After a brief decline in overall bookings during our third quarter, orders picked up steadily throughout the fourth quarter, particularly in the Automotive end market. While macro uncertainty continues to limit the pace of our recovery, we remain cautiously optimistic for a strong growth year in fiscal 2025," said Richard Puccio, CFO.

    Performance for the Fourth Quarter and Fiscal Year 2024

    Results Summary(1)























    (in millions, except per-share amounts and percentages)































    Three Months Ended



    Twelve Months Ended



    Nov. 2,

    2024



    Oct. 28,

    2023



    Change



    Nov. 2,

    2024



    Oct. 28,

    2023



    Change

    Revenue

    $    2,443



    $    2,716



    (10) %



    $    9,427



    $  12,306



    (23) %

    Gross margin

    $    1,416



    $    1,647



    (14) %



    $    5,381



    $    7,877



    (32) %

    Gross margin percentage

    58.0 %



    60.6 %



    (260 bps)



    57.1 %



    64.0 %



    (690 bps)

    Operating income

    $       569



    $       634



    (10) %



    $    2,033



    $    3,823



    (47) %

    Operating margin

    23.3 %



    23.4 %



    (10 bps)



    21.6 %



    31.1 %



    (950 bps)

    Diluted earnings per share

    $      0.96



    $      1.00



    (4) %



    $      3.28



    $      6.55



    (50) %

























    Adjusted Results(2)























    Adjusted gross margin

    $    1,660



    $    1,907



    (13) %



    $    6,404



    $    8,925



    (28) %

    Adjusted gross margin percentage

    67.9 %



    70.2 %



    (230 bps)



    67.9 %



    72.5 %



    (460 bps)

    Adjusted operating income

    $    1,005



    $    1,215



    (17) %



    $    3,853



    $    6,014



    (36) %

    Adjusted operating margin

    41.1 %



    44.7 %



    (360 bps)



    40.9 %



    48.9 %



    (800 bps)

    Adjusted diluted earnings per share

    $      1.67



    $      2.01



    (17) %



    $      6.38



    $    10.09



    (37) %



































    Three Months Ended



    Trailing Twelve

    Months

    Cash Generation









    Nov. 2, 2024



    Nov. 2, 2024

    Net cash provided by operating activities









    $                          1,051



    $                            3,853

    % of revenue









    43 %



    41 %

    Capital expenditures









    $                            (165)



    $                              (730)

    Free cash flow(2)









    $                             885



    $                            3,122

    % of revenue









    36 %



    33 %



































    Three Months Ended



    Trailing Twelve

    Months

    Cash Return









    Nov. 2, 2024



    Nov. 2, 2024

    Dividend paid









    $                           (457)



    $                          (1,795)

    Stock repurchases









    (95)



    (616)

    Total cash returned









    $                           (552)



    $                          (2,411)

























    (1) The sum and/or computation of the individual amounts may not equal the total due to rounding.

    (2) Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release.  See also the "Non-GAAP Financial Information" section for additional information.

     

    Outlook for the First Quarter of Fiscal Year 2025

    For the first quarter of fiscal 2025, we are forecasting revenue of $2.35 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 22.0%, +/- 130 bps, and adjusted operating margin of approximately 40.0%, +/- 100 bps. We are planning for reported EPS to be $0.80, +/- $0.10, and adjusted EPS to be $1.53, +/- $0.10.  

    Our first quarter fiscal 2025 outlook is based on current expectations 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.

    The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the "Non-GAAP Financial Information" section for additional information.

    Dividend Payment

    The ADI Board of Directors has declared a quarterly cash dividend of $0.92 per outstanding share of common stock. The dividend will be paid on December 20, 2024 to all shareholders of record at the close of business on December 9, 2024.

    Conference Call Scheduled for Today, Tuesday, November 26, 2024 at 10:00 am ET

    ADI will host a conference call to discuss our fourth quarter and fiscal 2024 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com.

    Non-GAAP Financial Information

    This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. 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. 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. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release.

    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 primary performance measurements 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 free cash flow, a non-GAAP liquidity measure, 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 non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted nonoperating expense (income), adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow revenue percentage.

    Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding: certain acquisition related expenses1, which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue.

    Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.

    Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue.

    Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses1, which is described further below.

    Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below.

    Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items4, which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes. 

    Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, special charges, net3, and tax related items4, which are described further below. 

    Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow revenue percentage represents free cash flow divided by revenue. 

    1Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, 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 fair value adjustments associated with the replacement of share-based awards related to the Maxim Integrated Products, Inc. (Maxim) 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.

    2Acquisition Related Transaction Costs: Costs directly related to the Maxim 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.

    3Special Charges, net: Expenses, net, incurred as part of the integration of Maxim, in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.

    4Tax Related Items: Income tax effect of the non-GAAP items discussed above, an income tax benefit from a discrete tax item related to a federal corporate income tax relief claim and certain other income tax benefits associated with prior periods. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.

    About Analog Devices, Inc.

    Analog Devices, Inc. (NASDAQ:ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, and software technologies into solutions that help drive advancements in digitized factories, mobility, and digital healthcare, combat climate change, and reliably connect humans and the world. With revenue of more than $9 billion in FY24 and approximately 24,000 people globally, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and Twitter (X).

    Forward Looking Statements

    This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding our 2025 financial performance; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, free cash flow returns, and other financial results; customer inventory rationalization; economic uncertainty, geopolitical conditions, demand, and other market conditions, business cycles, and supply chains; capital expenditures and investments, including those related to digital, software, cybersecurity, and artificial intelligence; expected market and technology trends; market size, market share gains, market position, and growth opportunities; our opportunity pipeline; expected product solutions, offerings, technologies, capabilities, and applications, including those that may incorporate, or be based upon, software or artificial intelligence technology; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers, including those that may incorporate, or be based upon, software or artificial intelligence technology; our manufacturing capacity and investments to enhance resiliency; expected tax credits; future dividends and share repurchases; expected revenue synergies; and other future events. 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: economic, political, legal and regulatory uncertainty or conflicts; changes in demand for semiconductor products; manufacturing delays, product and raw materials availability and supply chain disruptions; products that may be diverted from our authorized distribution channels; changes in export classifications, import and export regulations or duties and tariffs; our development of technologies and research and development investments; our future liquidity, capital needs and capital expenditures; our ability to compete successfully in the markets in which we operate; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. 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, including the risk factors contained in our most recent 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.

     

    ANALOG DEVICES, INC.

    CONSOLIDATED STATEMENTS OF INCOME

    (Unaudited)

    (In thousands, except per share amounts)





    Three Months Ended



    Twelve Months Ended



    Nov. 2, 2024



    Oct. 28, 2023



    Nov. 2, 2024



    Oct. 28, 2023

    Revenue

    $      2,443,205



    $      2,716,484



    $      9,427,157



    $   12,305,539

    Cost of sales

    1,027,077



    1,069,768



    4,045,814



    4,428,321

    Gross margin

    1,416,128



    1,646,716



    5,381,343



    7,877,218

    Operating expenses:















       Research and development

    378,903



    406,594



    1,487,863



    1,660,194

       Selling, marketing, general and administrative

    277,220



    288,936



    1,068,640



    1,273,584

       Amortization of intangibles

    187,754



    202,736



    754,784



    959,618

       Special charges, net

    2,859



    114,035



    37,258



    160,710

    Total operating expenses

    846,736



    1,012,301



    3,348,545



    4,054,106

    Operating income

    569,392



    634,415



    2,032,798



    3,823,112

    Nonoperating expense (income):















       Interest expense

    82,804



    71,590



    322,227



    264,641

       Interest income

    (27,947)



    (9,089)



    (78,817)



    (41,287)

       Other, net

    (1,793)



    128



    12,048



    (8,245)

    Total nonoperating expense (income)

    53,064



    62,629



    255,458



    215,109

    Income before income taxes

    516,328



    571,786



    1,777,340



    3,608,003

    Provision for income taxes

    38,256



    73,356



    142,067



    293,424

    Net income

    $         478,072



    $         498,430



    $      1,635,273



    $      3,314,579

















    Shares used to compute earnings per share - basic

    496,432



    497,073



    496,166



    502,232

    Shares used to compute earnings per share - diluted

    498,722



    500,424



    498,697



    505,959

















    Basic earnings per common share

    $                0.96



    $                1.00



    $                3.30



    $                6.60

    Diluted earnings per common share

    $                0.96



    $                1.00



    $                3.28



    $                6.55

     

    ANALOG DEVICES, INC.

    CONSOLIDATED BALANCE SHEETS

    (Unaudited)

     



    (thousands, except per share amounts)

    Nov. 2, 2024



    Oct. 28, 2023

    ASSETS







    Current Assets







    Cash and cash equivalents

    $          1,991,342



    $             958,061

    Short-term investments

    371,822



    —

    Accounts receivable

    1,336,331



    1,469,734

    Inventories

    1,447,687



    1,642,214

    Prepaid expenses and other current assets

    337,472



    314,013

    Total current assets

    5,484,654



    4,384,022

    Other Assets







    Net property, plant and equipment

    3,415,550



    3,219,157

    Goodwill

    26,909,775



    26,913,134

    Intangible assets, net

    9,585,464



    11,311,957

    Deferred tax assets

    2,083,752



    2,223,272

    Other assets

    749,082



    742,936

    Total non-current assets

    42,743,623



    44,410,456

     TOTAL ASSETS

    $        48,228,277



    $        48,794,478

    LIABILITIES AND SHAREHOLDERS' EQUITY







    Current Liabilities







    Accounts payable

    $             487,457



    $             493,041

    Income taxes payable

    447,379



    309,046

    Debt, current

    399,636



    499,052

    Commercial paper notes

    547,738



    547,224

    Accrued liabilities

    1,106,070



    1,352,608

    Total current liabilities

    2,988,280



    3,200,971

    Non-current Liabilities







    Long-term debt

    6,634,313



    5,902,457

    Deferred income taxes

    2,624,392



    3,127,852

    Income taxes payable

    260,486



    417,076

    Other non-current liabilities

    544,489



    581,000

    Total non-current liabilities

    10,063,680



    10,028,385

    Shareholders' Equity







    Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding

    —



    —

    Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 496,296,854 shares outstanding (496,261,678 on October 28, 2023)

    82,718



    82,712

    Capital in excess of par value

    25,082,243



    25,313,914

    Retained earnings

    10,196,612



    10,356,798

    Accumulated other comprehensive loss

    (185,256)



    (188,302)

    Total shareholders' equity

    35,176,317



    35,565,122

     TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

    $        48,228,277



    $        48,794,478

     

    ANALOG DEVICES, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

    (In thousands)





    Three Months Ended



    Twelve Months Ended



    Nov. 2, 2024



    Oct. 28, 2023



    Nov. 2, 2024



    Oct. 28, 2023

    Cash flows from operating activities:















      Net income

    $       478,072



    $       498,430



    $    1,635,273



    $    3,314,579

      Adjustments to reconcile net income to net cash provided by operations:















           Depreciation

    97,241



    82,919



    362,771



    334,704

           Amortization of intangibles

    423,220



    453,198



    1,741,545



    1,958,399

           Stock-based compensation expense

    70,448



    72,710



    262,710



    299,823

           Deferred income taxes

    (97,997)



    (21,553)



    (367,563)



    (452,946)

           Other

    (776)



    (10,465)



    23,050



    8,665

           Changes in operating assets and liabilities

    80,609



    112,055



    194,743



    (645,590)

       Total adjustments

    572,745



    688,864



    2,217,256



    1,503,055

    Net cash provided by operating activities

    1,050,817



    1,187,294



    3,852,529



    4,817,634

       Percent of revenue

    43 %



    44 %



    41 %



    39 %

    Cash flows from investing activities:















      Purchases of short-term investments

    —



    —



    (438,901)



    —

      Maturities of short-term investments

    69,279



    —



    69,279



    —

      Additions to property, plant and equipment, net

    (165,410)



    (476,393)



    (730,463)



    (1,261,463)

      Other

    (15,483)



    (2,668)



    (4,773)



    (4,922)

    Net cash used for investing activities

    (111,614)



    (479,061)



    (1,104,858)



    (1,266,385)

    Cash flows from financing activities:















      Proceeds from debt

    —



    —



    1,087,856



    —

      Early termination of debt

    —



    —



    —



    (65,688)

      Debt repayments

    (499,966)



    —



    (499,966)



    —

      Proceeds from commercial paper notes

    2,474,948



    2,640,615



    10,184,439



    5,287,124

      Payments of commercial paper notes

    (2,474,652)



    (2,638,101)



    (10,183,925)



    (4,739,900)

      Dividend payments to shareholders

    (456,756)



    (427,974)



    (1,795,459)



    (1,679,106)

      Repurchase of common stock

    (94,878)



    (469,937)



    (615,590)



    (2,963,955)

      Proceeds from employee stock plans

    4,860



    5,606



    121,215



    118,608

      Other

    (7,449)



    (9,627)



    (12,960)



    (20,843)

    Net cash used for financing activities

    (1,053,893)



    (899,418)



    (1,714,390)



    (4,063,760)

    Net (decrease) increase in cash and cash equivalents

    (114,690)



    (191,185)



    1,033,281



    (512,511)

    Cash and cash equivalents at beginning of period

    2,106,032



    1,149,246



    $       958,061



    $    1,470,572

    Cash and cash equivalents at end of period

    $    1,991,342



    $       958,061



    $    1,991,342



    $       958,061

















     

    ANALOG DEVICES, INC.

    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



    Nov. 2, 2024



    Oct. 28, 2023



    Revenue



    % of revenue*



    Y/Y %



    Revenue



    % of revenue*

    Industrial

    $          1,070,978



    44 %



    (21) %



    $          1,356,884



    50 %

    Automotive

    716,964



    29 %



    (2) %



    733,014



    27 %

    Communications

    275,573



    11 %



    (18) %



    336,238



    12 %

    Consumer

    379,690



    16 %



    31 %



    290,348



    11 %

    Total revenue

    $          2,443,205



    100 %



    (10) %



    $          2,716,484



    100 %























    Twelve Months Ended



    Nov. 2, 2024



    Oct. 28, 2023



    Revenue



    % of revenue*



    Y/Y %



    Revenue



    % of revenue*

    Industrial

    $          4,314,280



    46 %



    (35) %



    $          6,611,794



    54 %

    Automotive

    2,827,439



    30 %



    (2) %



    2,876,140



    23 %

    Communications

    1,080,496



    11 %



    (33) %



    1,606,426



    13 %

    Consumer

    1,204,942



    13 %



    (1) %



    1,211,179



    10 %

    Total revenue

    $          9,427,157



    100 %



    (23) %



    $        12,305,539



    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



    Twelve Months Ended



    Nov. 2, 2024



    Oct. 28, 2023



    Nov. 2, 2024



    Oct. 28, 2023

    Gross margin

    $       1,416,128



    $       1,646,716



    $       5,381,343



    $       7,877,218

      Gross margin percentage

    58.0 %



    60.6 %



    57.1 %



    64.0 %

          Acquisition related expenses

    243,667



    259,925



    1,022,488



    1,047,309

    Adjusted gross margin

    $       1,659,795



    $       1,906,641



    $       6,403,831



    $       8,924,527

      Adjusted gross margin percentage

    67.9 %



    70.2 %



    67.9 %



    72.5 %

















    Operating expenses

    $          846,736



    $       1,012,301



    $       3,348,545



    $       4,054,106

      Percent of revenue

    34.7 %



    37.3 %



    35.5 %



    32.9 %

          Acquisition related expenses

    (188,821)



    (206,151)



    (760,325)



    (976,223)

          Acquisition related transaction costs

    —



    —



    —



    (7,069)

          Special charges, net

    (2,859)



    (114,035)



    (37,258)



    (160,710)

    Adjusted operating expenses

    $          655,056



    $          692,115



    $       2,550,962



    $       2,910,104

      Adjusted operating expenses percentage

    26.8 %



    25.5 %



    27.1 %



    23.6 %

















    Operating income

    $          569,392



    $          634,415



    $       2,032,798



    $       3,823,112

      Operating margin

    23.3 %



    23.4 %



    21.6 %



    31.1 %

          Acquisition related expenses

    432,488



    466,076



    1,782,813



    2,023,532

          Acquisition related transaction costs

    —



    —



    —



    7,069

          Special charges, net

    2,859



    114,035



    37,258



    160,710

    Adjusted operating income

    $       1,004,739



    $       1,214,526



    $       3,852,869



    $       6,014,423

      Adjusted operating margin

    41.1 %



    44.7 %



    40.9 %



    48.9 %

















    Nonoperating expense (income)

    $            53,064



    $            62,629



    $          255,458



    $          215,109

          Acquisition related expenses

    2,150



    2,150



    8,600



    13,743

    Adjusted nonoperating expense (income)

    $            55,214



    $            64,779



    264,058



    $          228,852

















    Income before income taxes

    $          516,328



    $          571,786



    $       1,777,340



    $       3,608,003

          Acquisition related expenses

    430,338



    463,926



    1,774,213



    2,009,789

          Acquisition related transaction costs

    —



    —



    —



    7,069

          Special charges, net

    2,859



    114,035



    37,258



    160,710

    Adjusted income before income taxes

    $          949,525



    $       1,149,747



    $       3,588,811



    $       5,785,571

















    Provision for income taxes

    $            38,256



    $            73,356



    $          142,067



    $          293,424

      Effective tax rate

    7.4 %



    12.8 %



    8.0 %



    8.1 %

          Tax related items

    76,702



    70,503



    265,697



    388,093

    Adjusted provision for income taxes

    $          114,958



    $          143,859



    $          407,764



    $          681,517

      Adjusted tax rate

    12.1 %



    12.5 %



    11.4 %



    11.8 %

















    Diluted EPS

    $                 0.96



    $                 1.00



    $                 3.28



    $                 6.55

          Acquisition related expenses

    0.86



    0.93



    3.56



    3.97

          Acquisition related transaction costs

    —



    —



    —



    0.01

          Special charges, net

    0.01



    0.23



    0.07



    0.32

          Tax related items

    (0.15)



    (0.14)



    (0.53)



    (0.77)

    Adjusted diluted EPS*

    $                 1.67



    $                 2.01



    $                 6.38



    $               10.09

    * 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



    Nov. 2, 2024



    Nov. 2, 2024



    Aug. 3, 2024



    May. 4, 2024



    Feb. 3, 2024

    Revenue

    $   9,427,157



    $ 2,443,205



    $ 2,312,209



    $    2,159,039



    $ 2,512,704

    Net cash provided by operating activities

    $   3,852,529



    $ 1,050,817



    $    855,027



    $       807,853



    $ 1,138,832

    % of Revenue

    41 %



    43 %



    37 %



    37 %



    45 %

    Capital expenditures

    $     (730,463)



    $   (165,410)



    $   (153,886)



    $      (188,189)



    $   (222,978)

    Free cash flow

    $   3,122,066



    $    885,407



    $    701,141



    $       619,664



    $    915,854

    % of Revenue

    33 %



    36 %



    30 %



    29 %



    36 %

     

    ANALOG DEVICES, INC.

    RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

    (Unaudited)



    Three Months Ending February 1, 2025



    Reported



    Adjusted

    Revenue

    $2.35 Billion



    $2.35 Billion



    (+/- $100 Million)



    (+/- $100 Million)

    Operating margin

    22.0 %



    40.0 %(1)



    (+/-130 bps)



    (+/-100 bps)

    Nonoperating expenses

    ~ $60 Million



    ~ $60 Million

    Tax rate

    12% - 14%



    12% - 14% (2)

    Earnings per share

    $0.80



    $1.53 (3)



    (+/- $0.10)



    (+/- $0.10)



    (1) Includes $424 million of adjustments related to acquisition related expenses, as defined in the Non-GAAP Financial Information section of this press release. 

    (2) Includes $55 million of tax effects associated with the adjustments for acquisition related expenses noted above.

    (3) Includes $0.73 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items.

     

    For more information, please contact:

    Investor Contact:

    Analog Devices, Inc.

    Mr. Michael Lucarelli

    Vice President, Investor Relations and FP&A

    781-461-3282

    [email protected] 

    Media Contacts:

    Analog Devices, Inc.

    Ms. Ferda Millan

    Global PR & External Communications

    [email protected] 

     

    Cision View original content to download multimedia:https://www.prnewswire.com/news-releases/analog-devices-reports-fourth-quarter-and-fiscal-2024-financial-results-302315997.html

    SOURCE Analog Devices, Inc.

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