Analog Devices, First Quarter, Fiscal 2016
Schedule A
Revenue and Earnings Summary (Unaudited)
(In thousands, except per-share amounts)
Revenue
Year-to-year change
Quarter-to-quarter change
Cost of sales (1)
Gross margin
Gross margin percentage
Year-to-year change (basis points)
Quarter-to-quarter change (basis points)
Operating expenses:
R&D (1)
Selling, marketing and G&A (1)
Amortization of intangibles
Other operating expense
Total operating expenses
Total operating expenses percentage
Year-to-year change (basis points)
Quarter-to-quarter change (basis points)
Operating income
Operating income percentage
Year-to-year change (basis points)
Quarter-to-quarter change (basis points)
Other expense
Income before income tax
Provision for income taxes
Tax rate percentage
Net income
Three Months Ended
1Q 16
4Q 15
Jan. 30,
Oct. 31,
2016
2015
$ 769,429
$
978,722
$
(0)%
20 %
(21)%
13 %
292,136
336,926
477,293
641,796
62.0 %
65.6 %
(320)
590
(360)
(30)
$
Shares used for EPS - basic
Shares used for EPS - diluted
1Q 15
Jan. 31,
2015
771,986
23 %
(5)%
268,379
503,607
65.2 %
10
550
157,428
107,462
17,358
—
282,248
36.7 %
(160)
(1,780)
195,045
25.3 %
(160)
1,420
12,868
182,177
17,673
9.7 %
164,504
$
170,736
121,400
17,358
223,672
533,166
54.5 %
1,320
1,930
108,630
11.1 %
(730)
(1,960)
3,953
104,677
8,372
8.0 %
96,305
$
151,706
120,171
23,796
—
295,673
38.3 %
180
(300)
207,934
26.9 %
(170)
850
7,164
200,770
22,013
11.0 %
178,757
311,166
314,793
312,829
316,571
311,274
315,684
Earnings per share - basic
Earnings per share - diluted
$
$
0.53
0.52
$
$
0.31
0.30
$
$
0.57
0.57
Dividends paid per share
$
0.40
$
0.40
$
0.37
(1) Includes stock-based compensation expense as
follows:
Cost of sales
R&D
Selling, marketing and G&A
$
$
$
2,092
6,704
6,813
$
$
$
2,188
6,487
7,408
$
$
$
2,392
6,874
11,105
Analog Devices, First Quarter, Fiscal 2016
Schedule B
Selected Balance Sheet Information (Unaudited)
(In thousands)
Cash & short-term investments
Accounts receivable, net
Inventories (1)
Other current assets
Total current assets
PP&E, net
Investments
Goodwill
Intangible assets, net
Other
Total assets
$
Deferred income on shipments to distributors, net
Other current liabilities
Debt, current
Long-term debt
Non-current liabilities
Shareholders' equity
Total liabilities & equity
$
$
$
1Q 16
Jan. 30,
2016
3,789,468
375,087
404,852
74,727
4,644,134
633,362
46,321
1,631,233
564,839
78,192
7,598,081
298,272
295,833
—
1,730,948
278,166
4,994,862
7,598,081
$
$
$
$
(1) Includes $2,853, $2,923, and $3,176 related to stock-based compensation in
1Q16, 4Q15, and 1Q15, respectively.
4Q 15
Oct. 31,
2015
3,028,928
466,527
412,314
171,779
4,079,548
644,110
41,235
1,636,526
583,517
73,841
7,058,777
300,087
438,904
374,594
495,341
376,892
5,072,959
7,058,777
$
$
$
$
1Q 15
Jan. 31,
2015
2,873,281
402,350
367,238
160,168
3,803,037
612,472
34,989
1,641,793
646,400
78,346
6,817,037
278,228
354,681
—
868,807
509,111
4,806,210
6,817,037
Analog Devices, First Quarter, Fiscal 2016
Schedule C
Cash Flow Statement (Unaudited)
(In thousands)
1Q 16
Jan. 30,
2016
Cash flows from operating activities:
Net Income
Adjustments to reconcile net income
to net cash provided by operations:
Depreciation
Amortization of intangibles
Stock-based compensation expense
Loss on extinguishment of debt
Other non-cash activity
Excess tax benefit - stock options
Deferred income taxes
Changes in operating assets and liabilities
Total adjustments
Net cash provided by operating activities
Percent of revenue
$
Three Months Ended
4Q 15
Oct. 31,
2015
164,504
$
33,209
18,347
15,609
3,290
744
(986)
(7,717)
(7,295)
55,201
219,705
28.6 %
Cash flows from investing activities:
Purchases of short-term available-for-sale investments
Maturities of short-term available-for-sale investments
Sales of short-term available-for-sale investments
Additions to property, plant and equipment
Payments for acquisitions, net of cash acquired
Change in other assets
Net cash (used for) provided by investing activities
96,305
$
32,688
18,302
16,083
—
(2,428)
(2,895)
(25,650)
65,570
101,670
197,975
20.2 %
(1,632,014)
1,409,538
47,950
(23,128)
—
(6,711)
(204,365)
1Q 15
Jan. 31,
2015
178,757
31,773
24,739
20,371
—
3,743
(4,635)
(2,915)
(83,180)
(10,104)
168,653
21.8 %
(1,808,202)
2,045,945
159,546
(45,807)
—
1,102
352,584
(1,211,021)
701,149
583,750
(23,760)
(118)
(3,729)
46,271
Cash flows from financing activities:
Payments of senior unsecured notes
Payments of derivative instruments
Proceeds from debt
Dividend payments to shareholders
Repurchase of common stock
Proceeds from employee stock plans
Excess tax benefit - stock options
Change in other financing activities
Net cash provided by (used for) financing activities
Effect of exchange rate changes on cash
(378,156)
(33,430)
1,235,331
(124,658)
(131,977)
6,229
986
(2,544)
571,781
(1,032)
—
—
—
(125,582)
(111,702)
7,760
2,895
3,724
(222,905)
(798)
—
—
—
(115,084)
(59,636)
42,793
4,635
(3,988)
(131,280)
(2,675)
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
586,089
884,353
1,470,442
326,856
557,497
884,353
80,969
569,233
650,202
$
$
$
Analog Devices, First Quarter, Fiscal 2016
Schedule D
Revenue Trends by End Market (Unaudited)
(In thousands)
The categorization of revenue by end market is determined using a variety of data points including the technical
characteristics of the product, the “sold to” customer information, the "ship to" customer information and the end customer
product or application into which our product will be incorporated. As data systems for capturing and tracking this data
evolve and improve, the categorization of products by end market can vary over time. When this occurs we reclassify
revenue by end market for prior periods. Such reclassifications typically do not materially change the sizing of, or the
underlying trends of results within, each end market.
Three Months Ended
Industrial
Automotive
Consumer
Communications
Total Revenue
Revenue
349,134
126,631
125,702
167,962
$ 769,429
$
Jan. 30,
2016
%*
45 %
16 %
16 %
22 %
100 %
Q/Q %
(5)%
(4)%
(60)%
4%
(21)%
Y/Y %
(1)%
2%
32 %
(16)%
(0)%
* The sum of the individual percentages does not equal the total due to rounding.
Oct. 31,
2015
Revenue
$ 368,068
132,323
317,016
161,315
$ 978,722
Jan. 31,
2015
Revenue
$ 352,779
123,938
95,546
199,723
$ 771,986
Analog Devices, First Quarter, Fiscal 2016
Schedule E
Reconciliation
from
GAAP
to
Non-GAAP
Revenue
and
Earnings
Measures (In
except per-share
See "Non-GAAP Financial Information" in this press release
for a description
ofthousands,
the items excluded
from our amounts)
non-GAAP
measures.
1Q 16
Jan. 30,
2016
GAAP Gross Margin
Gross Margin Percentage
Acquisition-Related Expenses
Stock-Based Compensation Expense
Non-GAAP Gross Margin
$
$
Gross Margin Percentage
GAAP Operating Expenses
Percent of Revenue
Other Operating Expense
Acquisition-Related Expenses
Acquisition-Related Transaction Costs
Stock-Based Compensation Expense
Non-GAAP Operating Expenses
$
$
Percent of Revenue
GAAP Operating Income/Margin
Percent of Revenue
Other Operating Expense
Acquisition-Related Expenses
Acquisition-Related Transaction Costs
Stock-Based Compensation Expense
Non-GAAP Operating Income/Margin
$
$
Percent of Revenue
GAAP Other Expense (Income)
Percent of Revenue
Loss on Extinguishment of Debt
Non-GAAP Other Expense
$
$
Percent of Revenue
GAAP Diluted EPS
Other Operating Expense
Acquisition-Related Expenses
Acquisition-Related Transaction Costs
Acquisition-Related Tax Impact
Stock-Based Compensation Expense
Loss on Extinguishment of Debt
Impact of Reversal of Prior Period Tax Liabilities
Impact of the Reinstatement of the R&D Tax Credit
Non-GAAP Diluted EPS (1)
$
$
Three Months Ended
4Q 15
Oct. 31,
2015
477,293
62.0 %
1,445
—
478,738
62.2 %
$
282,248
36.7 %
—
(17,457)
—
—
264,791
34.4 %
$
195,045
25.3 %
—
18,902
—
—
213,947
27.8 %
$
12,868
1.7 %
(3,289)
9,579
1.2 %
$
0.52
—
0.06
—
—
—
0.01
—
(0.02)
0.56
$
(1) The sum of the individual per share amounts may not equal the total due to rounding
$
$
$
$
$
1Q 15
Jan. 31,
2015
641,796
65.6 %
1,399
—
643,195
65.7 %
$
533,166
54.5 %
(223,672)
(17,682)
—
—
291,812
29.8 %
$
108,630
11.1 %
223,672
19,081
—
—
351,383
35.9 %
$
3,953
0.4 %
—
3,953
0.4 %
$
0.30
0.71
0.06
—
—
—
—
(0.04)
—
1.03
$
$
$
$
$
$
503,607
65.2 %
2,973
113
506,693
65.6 %
295,673
38.3 %
—
(24,132)
(3,057)
(4,164)
264,320
34.2 %
207,934
26.9 %
—
27,105
3,057
4,277
242,373
31.4 %
7,164
0.9 %
—
7,164
0.9 %
0.57
—
0.08
0.01
(0.01)
0.01
—
—
(0.02)
0.63
Analog Devices, First Quarter, Fiscal 2016
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
4Q 15
Oct. 31,
2015
1Q 16
Jan. 30,
2016
Net cash provided by operating
activities
Non-GAAP adjustments:
Pension conversion payments
Adjusted cash flows from operations
Capital expenditures
Adjusted free cash flow
% of revenue
$
$
$
219,705
—
219,705
(23,128)
196,577
25.5 %
$
$
$
197,975
223,672
421,647
(45,807)
375,840
38.4 %
1Q 15
Jan. 31,
2015
$
$
$
168,653
—
168,653
(23,760)
144,893
18.8 %