Analog Devices, Second 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)
2Q 14
1Q 14
2Q 13
May 3,
Feb. 1,
May 4,
2014
2014
2013
$ 694,536 $ 628,238 $ 659,250
5%
1%
-2%
11%
-7%
6%
235,793
219,120
237,055
458,743
409,118
422,195
66.1%
65.1%
64.0%
210
240
-120
100
-50
130
Income before income tax
Provision for income taxes
Tax rate percentage
Net income
136,258
102,085
238,343
34.3%
-70
-220
220,400
31.7%
270
310
3,032
128,646
98,178
2,685
229,509
36.5%
-160
40
179,609
28.6%
390
-90
3,718
128,110
102,703
230,813
35.0%
130
-310
191,382
29.0%
-250
430
3,721
217,368
29,935
13.8%
175,891
23,305
13.2%
187,661
23,189
12.4%
$ 187,433
$ 152,586
$ 164,472
313,488
318,347
312,286
318,017
307,444
313,368
Shares used for EPS - basic
Shares used for EPS - diluted
Earnings per share - basic
Earnings per share - diluted
$
$
0.60
0.59
$
$
0.49
0.48
$
$
0.53
0.52
Dividends paid per share
$
0.37
$
0.34
$
0.34
(1) Includes stock-based compensation expense as follows:
Cost of sales
R&D
Selling, marketing and G&A
$
$
$
1,417
4,278
4,847
$
$
$
1,557
4,859
4,991
$
$
$
1,517
5,044
11,395
Analog Devices, Second 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
2Q 14
May 3,
2014
$ 4,807,225
360,847
298,432
171,528
5,638,032
545,485
30,080
315,783
65,571
$ 6,594,951
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
2Q 13
May 4,
2013
$ 4,172,141
333,924
298,967
158,180
4,963,212
490,047
18,678
311,587
57,512
$ 5,841,036
Deferred income on shipments to distributors, net
Other current liabilities
Long-term debt, non-current
Non-current liabilities
Shareholders' equity
Total liabilities & equity
$ 267,933
303,269
872,515
219,711
4,931,523
$ 6,594,951
$ 245,236
274,258
872,378
211,961
4,795,635
$ 6,399,468
$ 244,202
264,960
757,855
113,429
4,460,590
$ 5,841,036
(1) Includes $1,982, $2,196, and $2,123 related to stock-based compensation in
2Q14, 1Q14, and 2Q13, respectively.
Analog Devices, Second Quarter, Fiscal 2014
Schedule C
Cash Flow Statement (GAAP)
(In thousands)
Three Months Ended
2Q 14
1Q 14
2Q 13
May 3,
Feb. 1,
May 4,
2014
2014
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
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
Increase in other assets
Net cash used for investing activities
Cash flows from financing activities:
Dividend payments to shareholders
Repurchase of common stock
Proceeds from employee stock plans
Excess tax benefit - stock options
Contingent consideration payment
(Decrease) increase in other financing activities
Net cash used for financing activities
Effect of exchange rate changes on cash
Net (decrease) increase in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
$ 187,433
27,459
55
10,542
1,400
(4,423)
1,068
14,824
50,925
238,358
34.3%
$ 152,586
27,335
55
11,407
1,417
(7,604)
(2,993)
(24,664)
4,953
157,539
25.1%
$ 164,472
27,478
55
17,956
(20)
(2,833)
(767)
45,845
87,714
252,186
38.3%
(2,275,241) (2,234,996) (2,203,316)
1,966,158
2,028,917
1,726,488
189,267
212,819
91,351
(44,058)
(48,123)
(26,179)
(6,076)
(3,006)
(478)
(169,950)
(44,389)
(412,134)
(115,795)
(22,614)
62,936
4,423
(11,284)
(82,334)
(511)
(106,024)
(88,963)
79,600
7,604
(1,773)
22,248
(87,308)
(704)
(14,437)
25,138
417,227
392,089
$ 402,790 $ 417,227
(104,415)
(4,519)
62,255
2,833
4,184
(39,662)
(556)
(200,166)
795,797
$ 595,631
Analog Devices, Second 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
326,530
135,488
77,705
154,813
$
694,536
$
May 3,
2014
%
Q/Q %
47%
13%
20%
9%
11%
5%
22%
11%
100%
11%
Y/Y %
5%
10%
-23%
25%
5%
Feb. 1,
2014
Revenue
$ 289,990
124,285
74,335
139,628
$ 628,238
May 4,
2013
Revenue
$ 311,128
122,715
101,233
124,174
$ 659,250
Analog Devices, Second 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
May 3,
2014
Converters
Amplifiers / Radio Frequency
Other analog
Subtotal Analog Signal Processing
Power management & reference
Total Analog Products
Digital Signal Processing
Total Revenue
Revenue
317,915
186,287
88,103
592,305
43,138
$
635,443
59,093
$
694,536
$
%*
46%
27%
13%
85%
6%
91%
9%
100%
Q/Q %
9%
13%
11%
11%
11%
11%
8%
11%
* The sum of the individual percentages does not equal the total due to rounding.
Y/Y %
8%
9%
-5%
6%
-1%
5%
4%
5%
Feb. 1,
2014
Revenue
$ 290,551
164,714
79,419
534,684
38,710
$ 573,394
54,844
$ 628,238
May 4,
2013
Revenue
$ 295,459
170,793
92,441
558,693
43,701
$ 602,394
56,856
$ 659,250
Analog Devices, Second 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
2Q 14
Three Months Ended
1Q 14
2Q 13
May 3,
2014
Feb. 1,
2014
May 4,
2013
$ 238,343
$ 229,509
$ 230,813
34.3%
36.5%
35.0%
-
(2,685)
Percent of Revenue
Restructuring-Related Expense
Stock-Based Compensation Expense
Non-GAAP Operating Expenses
$ 226,824
(6,273)
$ 224,540
34.3%
36.1%
34.1%
$ 220,400
$ 179,609
$ 191,382
31.7%
28.6%
29.0%
-
2,685
Percent of Revenue
GAAP Operating Income/Margin
Percent of Revenue
Restructuring-Related Expense
Stock-Based Compensation Expense
Non-GAAP Operating Income/Margin
$ 182,294
6,273
$ 197,655
31.7%
29.0%
30.0%
$
Restructuring-Related Expense
0.59
$
-
Impact of the Reversal of Prior Period Tax Liabilities
Stock-Based Compensation Expense
Non-GAAP Diluted EPS (1)
-
$ 220,400
Percent of Revenue
GAAP Diluted EPS
-
$ 238,343
$
(1) The sum of the individual per share amounts may not equal the total due to rounding.
$
0.01
0.59
0.48
-
$
0.49
0.52
(0.02)
$
0.01
0.52