Analog Devices, First Quarter, Fiscal 2014
Schedule A
Revenue and Earnings Summary (GAAP)
(In thousands, except per-share amounts)
Three Months Ended
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)
Special charges
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)
1Q 14
4Q 13
1Q 13
Feb. 1,
Nov. 2,
Feb. 2,
2014
2013
2013
$ 628,238 $ 678,133 $ 622,134
1%
-2%
-4%
-7%
1%
-10%
219,120
233,263
231,850
409,118
444,870
390,284
65.1%
65.6%
62.7%
240
180
-50
-50
110
-110
Income before income tax
Provision for income taxes
Tax rate percentage
Net income
128,646
98,178
2,685
229,509
36.5%
-160
40
179,609
28.6%
390
-90
3,718
131,034
98,197
15,777
245,008
36.1%
330
250
199,862
29.5%
-150
-140
(82,650)
125,164
97,560
14,071
236,795
38.1%
320
530
153,489
24.7%
-360
-630
3,380
175,891
23,305
13.2%
282,512
80,958
28.7%
150,109
18,887
12.6%
$ 152,586
$ 201,554
$ 131,222
312,286
318,017
311,009
317,216
303,484
310,275
Shares used for EPS - basic
Shares used for EPS - diluted
Earnings per share - basic
Earnings per share - diluted
$
$
0.49
0.48
$
$
0.65
0.64
$
$
0.43
0.42
Dividends paid per share
$
0.34
$
0.34
$
0.30
(1) Includes stock-based compensation expense as follows:
Cost of sales
R&D
Selling, marketing and G&A
$
$
$
1,557
4,859
4,991
$
$
$
1,737
5,721
5,664
$
$
$
1,667
5,600
5,794
Analog Devices, First Quarter, Fiscal 2014
Schedule B
Selected Balance Sheet Information (GAAP)
(In thousands)
Cash & short-term investments
Accounts receivable, net
Inventories (1)
Other current assets
Total current assets
PP&E, net
Investments
Goodwill and intangible assets
Other
Total assets
1Q 14
Feb. 1,
2014
$ 4,701,109
328,787
289,935
151,128
5,470,959
529,010
23,363
311,664
64,472
$ 6,399,468
4Q 13
Nov. 2,
2013
$ 4,682,912
325,144
283,337
181,032
5,472,425
508,171
21,180
312,664
67,310
$ 6,381,750
1Q 13
Feb. 2,
2013
$ 3,986,979
329,578
307,263
190,115
4,813,935
491,431
32,720
313,084
65,638
$ 5,716,808
Deferred income on shipments to distributors, net
Other current liabilities
Long-term debt, non-current
Non-current liabilities
Shareholders' equity
Total liabilities & equity
$ 245,236
274,258
872,378
211,961
4,795,635
$ 6,399,468
$ 247,428
323,084
872,241
199,421
4,739,576
$ 6,381,750
$ 243,396
265,139
759,672
124,804
4,323,797
$ 5,716,808
(1) Includes $2,196, $2,273, and $2,381 related to stock-based compensation in
1Q14, 4Q13, and 1Q13, respectively.
Analog Devices, First Quarter, Fiscal 2014
Schedule C
Cash Flow Statement (GAAP)
(In thousands)
Three Months Ended
1Q 14
4Q 13
1Q 13
Feb. 1,
Nov. 2,
Feb. 2,
2014
2013
2013
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
Gain on sale of product line
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 total revenue
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
Proceeds from sale of product line
Increase in other assets
Net cash (used for) provided by investing activities
Cash flows from financing activities:
Term loan repayments
Dividend payments to shareholders
Repurchase of common stock
Proceeds from employee stock plans
Excess tax benefit - stock options
Contingent consideration payment
Increase (decrease) in other financing activities
Net cash used for financing activities
Effect of exchange rate changes on cash
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
$ 152,586
27,335
55
11,407
1,417
(7,604)
(2,993)
(24,730)
4,887
157,473
25.1%
$ 201,554
27,515
55
13,122
(85,444)
887
(1,098)
(6,558)
132,132
80,611
282,165
41.6%
$ 131,222
27,755
55
13,061
(1,362)
(5,975)
(9,635)
2,848
26,747
157,969
25.4%
(2,234,996) (2,559,600) (1,653,593)
2,029,319
2,199,444
1,551,147
212,819
59,903
283,164
(48,123)
(48,558)
(18,269)
100,000
(3,342)
(1,591)
(2,048)
(44,323)
(250,402)
160,401
(106,024)
(88,963)
79,600
7,604
(1,773)
22,248
(87,308)
(704)
25,138
392,089
$ 417,227
(105,938)
(42,809)
44,399
1,098
(1,913)
4,696
(100,467)
725
(60,108)
(90,679)
(17,001)
113,770
5,975
(3,752)
(1,027)
(52,822)
1,416
(67,979)
266,964
460,068
528,833
$ 392,089 $ 795,797
Analog Devices, First Quarter, Fiscal 2014
Schedule D
Revenue Trends by End Market
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
290,365
124,157
74,119
139,597
$
628,238
$
Feb. 1,
2014
%
Q/Q %
46%
-7%
20%
-5%
12%
-22%
22%
0%
100%
-7%
Y/Y %
3%
15%
-31%
11%
1%
Nov. 2,
2013
Revenue
$ 312,451
131,105
94,545
140,032
$ 678,133
Feb. 2,
2013
Revenue
$ 281,209
107,760
107,356
125,809
$ 622,134
Analog Devices, First Quarter, Fiscal 2014
Schedule E
Revenue Trends by Product Type
The categorization of our products into broad categories is based on the characteristics of the individual products, the
specification of the products and in some cases the specific uses that certain products have within applications. The
categorization of products into categories is therefore subject to judgment in some cases and can vary over time. In instances
where products move between product categories we reclassify the amounts in the product categories for all prior periods. Such
reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each product category.
Three Months Ended
Feb. 1,
2014
Converters
Amplifiers / Radio Frequency
Other analog
Subtotal Analog Signal Processing
Power management & reference
Total Analog Products
Digital Signal Processing
Total Revenue
Revenue
290,551
164,714
79,419
534,684
38,710
$
573,394
54,844
$
628,238
$
%
46%
26%
13%
85%
6%
91%
9%
100%
Q/Q %
-5%
-7%
-14%
-7%
-12%
-7%
-7%
-7%
Y/Y %
5%
4%
-17%
1%
-2%
1%
6%
1%
Nov. 2,
2013
Revenue
$ 306,187
176,538
92,405
575,130
44,226
$ 619,356
58,777
$ 678,133
Feb. 2,
2013
Revenue
$ 277,940
157,978
95,158
531,076
39,382
$ 570,458
51,676
$ 622,134
Analog Devices, First Quarter, Fiscal 2014
Schedule F
Reconciliation from Non-GAAP to GAAP Data (In thousands, except per-share amounts)
See "Non-GAAP Financial Information" in this press release for a description of the items excluded from our non-GAAP
measures.
GAAP Operating Expenses
1Q 14
Three Months Ended
4Q 13
1Q 13
Feb. 1,
2014
Nov. 2,
2013
Feb. 2,
2013
$ 229,509
$ 245,008
$ 236,795
36.5%
36.1%
38.1%
(2,685)
$ 226,824
(15,777)
$ 229,231
(14,071)
$ 222,724
36.1%
33.8%
35.8%
$ 179,609
$ 199,862
$ 153,489
Percent of Revenue
Restructuring-Related Expense
Non-GAAP Operating Expenses
Percent of Revenue
GAAP Operating Income/Margin
Percent of Revenue
Restructuring-Related Expense
Non-GAAP Operating Income/Margin
28.6%
29.5%
24.7%
2,685
$ 182,294
15,777
$ 215,639
14,071
$ 167,560
29.0%
31.8%
26.9%
3,718
$ (82,650)
Percent of Revenue
GAAP Other (Income) Expense
$
Percent of Revenue
Gain on Sale of Product Line
Non-GAAP Other (Income) Expense
$
Percent of Revenue
GAAP Diluted EPS
0.6%
-12.2%
3,718
85,444
2,794
$
0.6%
$
0.48
$
0.64
-
Restructuring-Related Expense
0.01
Impact of the Reversal of Prior Period Tax Liabilities
Impact of Tax Reserve
-
(0.01)
-
0.13
$
0.49
$
$
0.42
-
0.05
$
3,380
0.5%
(0.19)
0.62
3,380
0.5%
0.4%
Impact of Gain on Sale of Product Line
Impact of the Reinstatement of the R&D Tax Credit
Non-GAAP Diluted EPS
$
0.04
$
(0.02)
0.44