Analog Devices, Second Quarter, Fiscal 2015
Schedule A
Revenue and Earnings Summary (Unaudited)
(In thousands, except per-share amounts)
Three Months Ended
2Q 15
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
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
2Q 14
May 2,
Jan. 31,
May 3,
2015
2015
2014
$
821,019 $ 771,986 $ 694,536
18%
23%
5%
6%
-5%
11%
276,197
268,379
235,793
544,822
503,607
458,743
66.4%
65.2%
66.1%
30
10
210
120
550
100
Income before income tax
Provision for income taxes
Tax rate percentage
Net income
1Q 15
$
Shares used for EPS - basic
Shares used for EPS - diluted
154,233
117,371
24,210
295,814
36.0%
170
-230
249,008
30.3%
-140
340
3,819
151,706
120,171
23,796
295,673
38.3%
180
-300
207,934
26.9%
-170
850
7,164
136,203
102,085
55
238,343
34.3%
-70
-220
220,400
31.7%
270
310
3,032
245,189
39,851
16.3%
200,770
22,013
11.0%
217,368
29,935
13.8%
205,338
$ 178,757
$ 187,433
312,660
317,047
311,274
315,684
313,488
318,347
Earnings per share - basic
Earnings per share - diluted
$
$
0.66
0.65
$
$
0.57
0.57
$
$
0.60
0.59
Dividends paid per share
$
0.40
$
0.37
$
0.37
(1) Includes stock-based compensation expense as follows:
Cost of sales
R&D
Selling, marketing and G&A
$
$
$
2,207
6,416
7,478
$
$
$
2,392
6,874
11,105
$
$
$
1,417
4,278
4,847
Analog Devices, Second Quarter, Fiscal 2015
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
Long-term debt, current
Long-term debt, non-current
Non-current liabilities
Shareholders' equity
Total liabilities & equity
2Q 15
May 2,
2015
$ 3,074,778
408,510
394,494
167,979
4,045,761
629,665
39,687
1,643,614
621,277
68,471
$ 7,048,475
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
82,465
$ 6,821,156
2Q 14
May 3,
2014
$ 4,807,225
360,847
298,432
171,528
5,638,032
545,485
30,080
287,341
28,442
65,571
$ 6,594,951
$
$
$
295,428
398,127
374,664
498,399
517,649
4,964,208
$ 7,048,475
278,228
354,681
872,926
509,111
4,806,210
$ 6,821,156
(1) Includes $3,066, $3,176, and $1,982 related to stock-based compensation in
2Q15, 1Q15, and 2Q14, respectively.
267,933
303,269
872,515
219,711
4,931,523
$ 6,594,951
Analog Devices, Second Quarter, Fiscal 2015
Schedule C
Cash Flow Statement (Unaudited)
(In thousands)
2Q 15
May 2,
2015
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
Payments for acquisitions, net of cash acquired
Change in other assets
Net cash (used for) provided by 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
Change 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
$
Three Months Ended
1Q 15
2Q 14
Jan. 31,
May 3,
2015
2014
205,338
$
178,757
$
187,433
32,036
25,154
16,101
1,832
(11,142)
(6,481)
81,193
138,693
344,031
41.9%
31,773
24,739
20,371
3,743
(4,635)
(2,915)
(83,180)
(10,104)
168,653
21.8%
27,459
55
10,542
1,400
(4,423)
1,068
14,824
50,925
238,358
34.3%
(1,661,176)
1,154,412
291,900
(49,229)
(4,468)
(268,561)
(1,211,021)
701,149
583,750
(23,760)
(118)
(3,729)
46,271
(2,275,241)
1,966,158
189,267
(44,058)
(6,076)
(169,950)
(124,882)
(24,275)
52,090
11,142
(3,563)
(89,488)
32
(115,084)
(59,636)
42,793
4,635
(3,988)
(131,280)
(2,675)
(115,795)
(22,614)
62,936
4,423
(11,284)
(82,334)
(511)
80,969
569,233
650,202
(14,437)
417,227
402,790
(13,986)
650,202
636,216 $
$
Analog Devices, Second Quarter, Fiscal 2015
Schedule D
Revenue Trends by End Market (Unaudited)
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
Industrial
Automotive
Consumer
Communications
Total Revenue
Revenue
$ 390,712
139,707
109,032
181,568
$ 821,019
May 2,
2015
%
Q/Q %
48%
11%
17%
13%
13%
15%
22%
-10%
100%
6%
Y/Y %
20%
3%
40%
17%
18%
Jan. 31,
2015
Revenue
$ 351,703
124,040
95,109
201,134
$ 771,986
May 3,
2014
Revenue
$ 325,950
135,998
77,644
154,944
$ 694,536
Analog Devices, Second Quarter, Fiscal 2015
Schedule E
Reconciliation from GAAP to Non-GAAP Data (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.
GAAP Gross Margin
2Q 15
Three Months Ended
1Q 15
2Q 14
May 2,
2015
Jan. 31,
2015
May 3,
2014
$544,822
Gross Margin Percentage
$503,607
$458,743
66.4%
65.2%
66.1%
1,520
2,973
-
$ 546,342
113
$ 506,693
$ 458,743
Gross Margin Percentage
66.5%
65.6%
66.1%
GAAP Operating Expenses
$ 295,814
$ 295,673
$ 238,343
36.0%
38.3%
34.3%
(24,435)
(24,132)
-
(1,820)
(3,057)
-
Acquisition-Related Expenses
Stock-Based Compensation Expense
Non-GAAP Gross Margin
Percent of Revenue
Acquisition-Related Expenses
Acquisition-Related Transaction Costs
Stock-Based Compensation Expense
Non-GAAP Operating Expenses
$ 269,559
(4,164)
$ 264,320
$ 238,343
32.8%
34.2%
34.3%
$ 249,008
$ 207,934
$ 220,400
30.3%
26.9%
31.7%
25,955
27,105
-
1,820
3,057
-
$ 276,783
4,277
$ 242,373
$ 220,400
33.7%
31.4%
31.7%
Percent of Revenue
GAAP Operating Income/Margin
Percent of Revenue
Acquisition-Related Expenses
Acquisition-Related Transaction Costs
Stock-Based Compensation Expense
Non-GAAP Operating Income/Margin
Percent of Revenue
GAAP Diluted EPS
$
0.65
$
0.57
$
0.59
Acquisition-Related Expenses
0.08
0.08
-
Acquisition-Related Transaction Costs
Acquisition-Related Tax Impact
0.01
0.01
-
(0.01)
(0.01)
-
0.01
-
Stock-Based Compensation Expense
Impact of the Reinstatement of the R&D Tax Credit
Non-GAAP Diluted EPS (1)
$
0.73
(1) The sum of the individual per share amounts may not equal the total due to rounding
$
(0.02)
0.63
$
0.59