Revenue and non-GAAP EPS exceed high end of guidance range,
ADI repurchases $112 million of its stock
Analog Devices, Inc. (NASDAQ: ADI), a global leader in
high-performance semiconductors for signal processing applications,
today announced financial results for its fourth quarter and fiscal
year 2015, which ended October 31, 2015.
“We had another record quarter with revenue and earnings that
exceeded the high end of our guidance range,” said Vincent Roche,
President and CEO. “Our strategy to leverage technology platforms
that sense, measure, and connect real-world phenomena across a
diversity of applications once again produced excellent results, as
we continue to deliver solid returns on our investments as
evidenced in our growth in revenues, profits, and cash flows.”
“After a very strong fourth quarter, we are planning for revenue
in the seasonally slower first quarter to be in the range of $805
million to $855 million, which would represent the 9th consecutive
quarter of year-over-year revenue growth for ADI.”
ADI also announced that the Board of Directors has declared a
cash dividend of $0.40 per outstanding share of common stock. The
dividend will be paid on December 15, 2015 to all shareholders of
record at the close of business on December 4, 2015.
For additional information please visit investor.analog.com.
Results for the Fourth Quarter of
Fiscal Year 2015
- Revenue totaled $979 million, up 13%
sequentially, and up 20% year-over-year
- GAAP gross margin of 65.6% of revenue;
Non-GAAP gross margin of 65.7% of revenue
- GAAP operating margin of 11.1% of
revenue; Non-GAAP operating margin of 35.9% of revenue
- GAAP diluted EPS of $0.30; Non-GAAP
diluted EPS of $1.03
Results for Fiscal Year
2015
- Revenue totaled $3.4 billion, up 20%
year-over-year
- GAAP gross margin of 65.8% of revenue;
Non-GAAP gross margin of 66.0% of revenue
- GAAP operating margin of 24.2% of
revenue; Non-GAAP operating margin of 33.9% of revenue
- GAAP diluted EPS of $2.20 per
share; Non-GAAP diluted EPS of $3.17 per share
- Free Cash Flow of $754 million; or 22%
of revenue
- Share repurchases and dividend payments
to shareholders totaled $718 million
Please refer to the schedules provided for a summary of revenue
and earnings, selected balance sheet information, and the cash flow
statement for the fourth quarter and fiscal year 2015, as well as
the immediately prior and year-ago quarters. Additional information
on revenue by end market is provided on Schedule D. A more complete
table covering prior periods is available at
investor.analog.com.
Outlook for the First Quarter of Fiscal
Year 2016The 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 $805
to $855 million -
$805 to $855
million Gross Margin approx. 64.3%
$1.4 million (1) approx. 64.5% Operating Expenses
$292 million to $297 million $17.5
million (1) $274 million to $279 million Interest
& Other Expense $5.0 million -
$5.0 million Tax Rate approx. 15%
- approx. 14%
Earnings per Share
$0.59 to $0.67 $0.06 (2)
$0.65 to $0.73
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, Tuesday, November 24,
2015 at 10:00 am ETADI will host a conference call to discuss
the fourth quarter and fiscal 2015 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:
51821768, 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.
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 item is excluded from our non-GAAP
revenue:
Hittite Operations: The results of operation of Hittite from
July 22, 2014 through August 2, 2014 have been excluded from our
non-GAAP measures because they are not reflective of ongoing
operating results.
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:
Hittite Operations: The results of operation of Hittite from
July 22, 2014 through August 2, 2014 have been excluded from our
non-GAAP measures because they are not reflective of ongoing
operating results.
Acquisition-Related Expenses: Expenses incurred in fiscal 2015
and fiscal 2014 as a result of the Hittite acquisition primarily
include: severance payments, 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.
Stock-Based Compensation Expense: In the first quarter of fiscal
2015, the Company recorded $3.0 million of stock-based compensation
expense for one of its former executive officers due to the
accelerated vesting of restricted stock units and a reduction in
the requisite service period for stock options in accordance with
the terms of the applicable agreements. In addition, in the first
quarter of fiscal 2015, the Company recorded $1.3 million of
stock-based compensation expense due to the accelerated vesting of
restricted stock units and stock options in conjunction with the
restructuring charge recorded in the fourth quarter of fiscal 2014.
In the fourth quarter of 2014, the Company canceled certain stock
awards in conjunction with the restructuring charge which resulted
in the recognition of income from stock-based compensation expense
recorded in prior periods for these awards. These stock-based
compensation expenses and income and the related tax effect have no
direct correlation to the operation of our business in the
future.
The following items are excluded from our non-GAAP operating
expenses, non-GAAP operating income, non-GAAP operating margin, and
non-GAAP diluted earnings per share:
Other Operating Expense: Costs incurred as a result of the
conversion of the benefits provided to participants in the
Company’s Irish defined benefit pension plan to benefits provided
under the Company’s Irish defined contribution plan including
settlement charges, legal, accounting and other professional fees.
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.
Acquisition-Related Transaction Costs: Costs incurred as a
result of the Hittite acquisition in fiscal 2015 and fiscal 2014
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. 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 items are excluded from our non-GAAP other
expense and non-GAAP diluted earnings per share:
Acquisition-Related Debt Costs: The Company incurred debt
financing costs and interest expense during the third and fourth
quarters of fiscal 2014 on its 90-day term loan facility used to
finance the Hittite acquisition. We excluded these costs from our
non-GAAP measures because they are not reflective of our ongoing
financial performance.
The following item is excluded from our non-GAAP diluted
earnings per share:
Tax-Related Items: Tax adjustments in fiscal 2015 and fiscal
2014 associated with the Hittite acquisition-related expenses and
transaction costs. In addition, in the fourth quarter of 2015, the
Company recorded a $13.0 million tax benefit as a result of the
reversal of prior period tax liabilities. Also, in the first
quarter of 2015, the Company recorded a $7.0 million tax benefit
related to the reinstatement of the R&D tax credit in December
2014, retroactive to January 1, 2014. 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.
Schedule F of this press release provides the reconciliation of
the Company’s historical adjusted cash flow measures to its cash
flow measures.
Management uses adjusted free cash flow to measure the liquidity
of its continuing operations and evaluate the Company’s operating
cash performance against past periods. Free cash flow is defined as
cash provided by (used in) operating activities less capital
expenditures. Adjusted free cash flow is defined by the Company as
free cash flow adjusted for payments (refunds) that are not
reflective of our ongoing operating cash performance. Management
believes that the presentation of this adjusted financial measure
is useful to investors this quarter because it provides investors
with the operating cash flow results that management uses to manage
the Company and enables investors and analysts to evaluate the
Company’s liquidity from continuing operations.
The following item is excluded from our fourth quarter and
fiscal 2015 adjusted free cash flow and adjusted free cash flow
margin:
Pension Conversion Payments: Costs incurred as a result of the
conversion of the benefits provided to participants in the
Company’s Irish defined benefit pension plan to benefits provided
under the Company’s Irish defined contribution plan including
settlement charges, legal, accounting, tax and other professional
fees. We excluded these costs from our adjusted financial measures
because they relate to a specific transaction and are not
reflective of our ongoing financial performance.
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 DevicesAnalog 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, Fourth Quarter, Fiscal 2015
Schedule
A
Revenue and Earnings Summary (Unaudited) (In thousands,
except per-share amounts)
Three Months Ended
Twelve Months Ended 4Q 15 3Q 15 4Q 14
FY 15 FY 14 Oct.
31,
2015
Aug. 1,
2015
Nov.1, 2014
Oct. 31,
2015
Nov. 1,
2014
Revenue $ 978,722 $ 863,365 $ 814,247 $ 3,435,092 $ 2,864,773
Year-to-year change 20 % 19 % 20 % 20 % 9 % Quarter-to-quarter
change 13 % 5 % 12 % Cost of sales (1) 336,926
294,328 328,210
1,175,830 1,034,585 Gross margin
641,796 569,037 486,037 2,259,262 1,830,188 Gross margin percentage
65.6 % 65.9 % 59.7 % 65.8 % 63.9 % Year-to-year change (basis
points) 590 50 -590 190 -40 Quarter-to-quarter change (basis
points) -30 -50
-570 Operating expenses:
R&D (1) 170,736 160,784 154,797 637,459 559,686 Selling,
marketing and G&A (1) 121,400 120,030 121,424 478,972 454,676
Amortization of intangibles 17,358 22,954 25,250 88,318 26,020
Special charges - - 34,637 - 37,322 Other operating expense
223,672 - -
223,672 - Total operating
expenses 533,166 303,768 336,108 1,428,421 1,077,704 Total
operating expenses percentage 54.5 % 35.2 % 41.3 % 41.6 % 37.6 %
Year-to-year change (basis points) 1320 -240 520 400 190
Quarter-to-quarter change (basis points) 1930
-80 370
Operating income 108,630 265,269 149,929 830,841
752,484 Operating income percentage 11.1 % 30.7 % 18.4 % 24.2 %
26.3 % Year-to-year change (basis points) -730 290 -1,110 -210 -230
Quarter-to-quarter change (basis points) -1960
40 -940
Other expense 3,953
5,791 11,231
20,727 23,139 Income before income tax
104,677 259,478 138,698 810,114 729,345 Provision for income taxes
8,372 43,000 30,003 113,236 100,025 Tax rate percentage
8.0 % 16.6 % 21.6 %
14.0 % 13.7 % Net income $
96,305 $ 216,478 $ 108,695 $
696,878 $ 629,320 Shares used for EPS -
basic 312,829 313,877 312,815 312,660 313,195 Shares used for EPS -
diluted 316,571 318,187 316,868 316,872 318,027 Earnings per
share - basic $ 0.31 $ 0.69 $ 0.35 $ 2.23 $ 2.01 Earnings per share
- diluted $ 0.30 $ 0.68 $ 0.34 $ 2.20 $ 1.98 Dividends paid
per share $ 0.40 $ 0.40 $
0.37 $ 1.57 $ 1.45 (1) Includes
stock-based compensation expense as follows: Cost of sales $ 2,188
$ 2,196 $ 2,371 $ 8,983 $ 7,069 R&D $ 6,487 $ 6,839 $ 6,155 $
26,617 $ 20,707 Selling, marketing and G&A $ 7,408 $ 7,329 $
6,867 $ 33,319 $ 23,036
Analog Devices, Fourth Quarter, Fiscal
2015
Schedule
B
Selected Balance Sheet Information (Unaudited) (In
thousands) 4Q 15 3Q 15 4Q 14
Oct. 31,
2015
Aug. 1,
2015
Nov. 1,
2014
Cash & short-term investments $ 3,028,928 $ 3,099,961 $
2,866,468 Accounts receivable, net 466,527 451,511 396,605
Inventories (1) 412,314 424,475 367,927 Other current assets
171,779 173,945
180,886 Total current assets 4,079,548 4,149,892 3,811,886
PP&E, net 644,110 631,269 622,422 Investments 41,235 40,324
34,507 Goodwill 1,636,526 1,640,381 1,642,438 Intangible assets,
net 583,517 601,882 671,402 Other 77,242
70,953 77,035 Total
assets $ 7,062,178 $ 7,134,701
$ 6,859,690 Deferred income on shipments to
distributors, net $ 300,087 $ 307,265 $ 278,435 Other current
liabilities 438,904 375,753 430,621 Debt, current 374,839 374,752 -
Long-term debt 498,497 498,448 872,789 Non-current liabilities
376,892 513,322 519,948 Shareholders' equity
5,072,959 5,065,161
4,757,897 Total liabilities & equity $ 7,062,178
$ 7,134,701 $ 6,859,690
(1) Includes $2,923, $2,935, and $3,291 related to stock-based
compensation in 4Q15, 3Q15, and 4Q14, respectively.
Analog Devices, Fourth Quarter, Fiscal 2015
Schedule
C
Cash Flow Statement (Unaudited) (In thousands)
Three Months Ended
Twelve Months Ended 4Q 15 3Q 15 4Q 14
FY 15 FY 14 Oct. 31,
2015
Aug. 1,
2015
Nov. 1,
2014
Oct. 31, 2015 Nov. 1,
2014
Cash flows from operating activities: Net Income $ 96,305 $ 216,478
$ 108,695 $ 696,878 $ 629,320 Adjustments to reconcile net income
to net cash provided by operations: Depreciation 32,688 33,650
30,917 130,147 114,064 Amortization of intangibles 18,302 23,898
26,186 92,093 27,906 Stock-based compensation expense 16,083 16,364
15,393 68,919 50,812 Other non-cash activity (2,428 ) 3,827 600
6,974 4,423 Excess tax benefit - stock options (2,895 ) (6,373 )
(882 ) (25,045 ) (22,231 ) Deferred income taxes (25,650 ) (17,168
) (69,406 ) (52,214 ) (77,711 ) Changes in operating assets and
liabilities 65,570 (73,537 )
150,760 (9,954 ) 145,019 Total
adjustments 101,670 (19,339 )
153,568 210,920 242,282 Net cash
provided by operating activities 197,975
197,139 262,263 907,798
871,602 Percent of revenue 20.2 %
22.8 % 32.2 % 26.4 % 30.4 % Cash
flows from investing activities: Purchases of short-term
available-for-sale investments (1,808,202 ) (1,403,600 ) (1,946,144
) (6,083,999 ) (7,485,162 ) Maturities of short-term
available-for-sale investments 2,045,945 1,083,474 1,507,940
4,984,980 7,318,877 Sales of short-term available-for-sale
investments 159,546 215,998 487,259 1,251,194 2,187,389 Additions
to property, plant and equipment (45,807 ) (35,164 ) (43,417 )
(153,960 ) (177,913 ) Payments for acquisitions, net of cash
acquired - (6,947 ) (2,183 ) (7,065 ) (1,945,887 ) Change in other
assets 1,102 (1,180 ) (2,633 )
(8,275 ) (12,055 ) Net cash provided by (used for)
investing activities 352,584 (147,419 )
822 (17,125 ) (114,751 ) Cash
flows from financing activities: Proceeds from debt - - - -
1,995,398 Term loan repayments - - (1,995,398 ) - (1,995,398 )
Dividend payments to shareholders (125,582 ) (125,511 ) (116,308 )
(491,059 ) (454,225 ) Repurchase of common stock (111,702 ) (31,340
) (187,375 ) (226,953 ) (356,346 ) Proceeds from employee stock
plans 7,760 19,988 21,533 122,631 200,114 Excess tax benefit -
stock options 2,895 6,373 882 25,045 22,231 Contingent
consideration payment - (1,767 ) - (1,767 ) (3,576 ) Change in
other financing activities 3,724 4,327
(1,178 ) 500 15,192 Net
cash used for financing activities (222,905 )
(127,930 ) (2,277,844 ) (571,603 ) (576,610 )
Effect of exchange rate changes on cash (798 )
(509 ) (1,449 ) (3,950 ) (3,097 ) Net
increase (decrease) in cash and cash equivalents 326,856 (78,719 )
(2,016,208 ) 315,120 177,144 Cash and cash equivalents at beginning
of period 557,497 636,216
2,585,441 569,233 392,089 Cash
and cash equivalents at end of period $ 884,353 $
557,497 $ 569,233 $ 884,353 $ 569,233
Analog Devices, Fourth Quarter, Fiscal
2015
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. The results below are
inclusive of the Hittite acquisition from the acquisition date,
July 22, 2014.
Three Months Ended Oct. 31,
2015
Aug. 1,
2015
Nov. 1,
2014
Revenue % * Q/Q % Y/Y % Revenue
Revenue Industrial $ 369,387 38% -4% -2% $ 383,946 $ 375,704
Automotive 132,188 14% 1% -2% 130,258 134,947 Consumer 317,376 32%
53% 234% 206,818 94,904 Communications 159,771 16% 12% -23%
142,343 208,692
Total Revenue $
978,722 100% 13% 20% $
863,365 $ 814,247
Twelve Months Ended Oct. 31,
2015
Nov. 1,
2014
Revenue % Y/Y % Revenue Industrial $
1,496,198 44% 11% $ 1,343,255 Automotive 526,124 15% 0% 525,712
Consumer 729,965 21% 123% 327,223 Communications 682,805 20%
2% 668,583
Total Revenue $ 3,435,092
100% 20% $ 2,864,773 Analog Devices,
Fourth Quarter, Fiscal 2015
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 Twelve Months Ended 4Q
15 3Q 15 4Q 14 FY 15 FY 14 Oct.
31,
2015
Aug. 1,
2015
Nov. 1,
2014
Oct. 31,
2015
Nov. 1,
2014
GAAP Revenue $ 978,722 $
863,365 $ 814,247 $ 3,435,092
$ 2,864,773 Y/Y Revenue growth % 20%
9% Q/Q Revenue growth % 13% 5%
12% Hittite Operations - -
- - (5,392)
Non-GAAP
Revenue $ 978,722 $
863,365 $ 814,247 $
3,435,092 $ 2,859,381 Y/Y Revenue
growth % 20% 9% Q/Q Revenue growth %
13% 5% 13% GAAP Gross Margin
$ 641,796 $ 569,037 $
486,037 $ 2,259,262 $ 1,830,188
Gross Margin Percentage 65.6% 65.9%
59.7% 65.8% 63.9% Hittite Operations - - -
(3,015) Acquisition-Related Expenses 1,399 1,307 54,388 7,199
61,225 Stock-Based Compensation Expense -
- (113) 113 (113)
Non-GAAP Gross Margin $ 643,195
$ 570,344 $ 540,312
$ 2,266,574 $ 1,888,285 Gross
Margin Percentage 65.7% 66.1% 66.4%
66.0% 66.0% GAAP Operating Expenses
$ 533,166 $ 303,768 $
336,108 $ 1,428,421 $ 1,077,704
Percent of Revenue 54.5% 35.2% 41.3%
41.6% 37.6% Other Operating Expense (223,672) - -
(223,672) - Hittite Operations - - - - (2,033) Acquisition-Related
Expenses (17,682) (23,490) (27,166) (89,738) (32,450)
Acquisition-Related Transaction Costs - (5,139) (5,987) (10,016)
(27,110) Restructuring-Related Expense - - (34,637) - (37,322)
Stock-Based Compensation Expense - -
1,302
(4,164) 1,302
Non-GAAP Operating Expenses
$ 291,812 $ 275,139
$ 269,620 $ 1,100,831
$ 980,091 Percent of Revenue
29.8% 31.9% 33.1% 32.0% 34.3%
GAAP Operating Income/Margin $ 108,630
$ 265,269 $ 149,929 $
830,841 $ 752,484 Percent of Revenue
11.1% 30.7% 18.4% 24.2% 26.3%
Other Operating Expense 223,672 - - 223,672 - Hittite Operations -
- - - (982) Acquisition-Related Expenses 19,081 24,797 81,554
96,937 93,675 Acquisition-Related Transaction Costs - 5,139 5,987
10,016 27,110 Restructuring-Related Expense - - 34,637 - 37,322
Stock-Based Compensation Expense - -
(1,415) 4,277 (1,415)
Non-GAAP Operating Income/Margin $ 351,383
$ 295,205 $
270,692 $ 1,165,743 $
908,194 Percent of Revenue 35.9% 34.2%
33.2% 33.9% 31.8% GAAP Other Expense
(Income) $ 3,953 $ 5,791 $
11,231 $ 20,727 $ 23,139
Percent of Revenue 0.4% 0.7% 1.4%
0.6% 0.8% Acquisition-Related Debt Costs -
- (4,823) -
(6,336)
Non-GAAP Other Expense $ 3,953
$ 5,791 $
6,408 $ 20,727 $ 16,803
Percent of Revenue 0.4% 0.7% 0.8%
0.6% 0.6% GAAP Diluted EPS $
0.30 $ 0.68 $ 0.34 $
2.20 $ 1.98 Impact of Loss on Extinguishment
of Debt - - - - Other Operating Expense 0.71 - - 0.71 - Hittite
Operations - - - - - Acquisition-Related Expenses 0.06 0.08 0.25
0.30 0.27 Acquisition-Related Transaction Costs - 0.02 0.01 0.03
0.05 Acquisition-Related Debt Costs - - 0.01 - 0.01
Acquisition-Related Tax Impact - (0.00) (0.02) (0.01) (0.02)
Restructuring-Related Expense - - 0.09 - 0.10 Stock-Based
Compensation Expense - - - 0.01 - Impact of Reversal of Prior
Period Tax Liabilities (0.04) - - (0.04) - Impact of the
Reinstatement of the R&D Tax Credit -
- - (0.02) -
Non-GAAP Diluted EPS (1) $ 1.03
$ 0.77 $ 0.69 $
3.17 $ 2.39
(1) The sum of the individual per share amounts may not equal
the total due to rounding
Analog Devices, Fourth Quarter, Fiscal 2015
Schedule
F
SUPPLEMENTAL CASH FLOW MEASURES (Unaudited) See "Non-GAAP
Financial Information" in this press release for a description of
the items excluded from our supplemental cash flow measures.
(In thousands) Three
Months Ended Twelve Months Ended 4Q 15 3Q
15 4Q 14 FY 15 FY 14 Oct. 31,
2015
Aug. 1,
2015
Nov. 1,
2014
Oct. 31, 2015 Nov. 1,
2014
Net cash provided by operating activities $ 197,975 $ 197,139 $
262,263 $ 907,798 $ 871,602 Non-GAAP adjustments: Pension
conversion payments 223,672 - -
223,672 - Adjusted cash flows
from operations $ 421,647 $ 197,139 $ 262,263
$ 1,131,470 $ 871,602 Capital expenditures
(45,807 ) (35,164 ) (43,417 ) (153,960 )
(177,913 ) Adjusted free cash flow $ 375,840 $
161,975 $ 218,846 $ 977,510 $ 693,689
% of revenue 38.4 % 18.8 % 26.9 % 28.5 % 24.2 %
View source
version on businesswire.com: http://www.businesswire.com/news/home/20151124005188/en/
Analog Devices, Inc.Mr. Ali Husain, 781-461-3282
(phone)781-461-3491 (fax)Treasurer and Director of Investor
Relationsinvestor.relations@analog.com
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