0000006281-20-000085.txt : 20200520 0000006281-20-000085.hdr.sgml : 20200520 20200520073324 ACCESSION NUMBER: 0000006281-20-000085 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200520 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200520 DATE AS OF CHANGE: 20200520 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ANALOG DEVICES INC CENTRAL INDEX KEY: 0000006281 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 042348234 STATE OF INCORPORATION: MA FISCAL YEAR END: 1102 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-07819 FILM NUMBER: 20895706 BUSINESS ADDRESS: STREET 1: ONE TECHNOLOGY WAY CITY: NORWOOD STATE: MA ZIP: 02062 BUSINESS PHONE: 7813294700 MAIL ADDRESS: STREET 1: ONE TECHNOLOGY WAY CITY: NORWOOD STATE: MA ZIP: 02062 8-K 1 adi-20200520.htm 8-K adi-20200520
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_________________________________________________________________________

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________________________________________________________________

FORM 8-K
_____________________________________________________________________________________________________

CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 20, 2020
_____________________________________________________________________________________________________

Analog Devices, Inc.
(Exact name of Registrant as Specified in its Charter)
______________________________________________________________________________________________________
Massachusetts1-781904-2348234
(State or Other Jurisdiction
of Incorporation) 		(Commission
File Number)		(IRS Employer
Identification No.)

One Technology Way,Norwood,MA02062
(Address of Principal Executive Offices)(Zip Code)
Registrant's telephone number, including area code: (781) 329-4700  

Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
______________________________________________________________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading
Symbol(s)		Name of each exchange
on which registered
Common Stock $0.16 2/3 par value per shareADINasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Item 2.02.     Results of Operations and Financial Condition
On May 20, 2020, Analog Devices, Inc. (the “Registrant”) announced its financial results for its fiscal second quarter ended May 2, 2020. The full text of the press release issued by the Registrant concerning the foregoing results is furnished herewith as Exhibit 99.1.  
The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Registrant, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 9.01.     Financial Statements and Exhibits
(d)  Exhibits
Exhibit No.Description
 
99.1
Press release dated May 20, 2020
101.INS  The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document.**
101.SCH  Inline XBRL Schema Document.**
101.CAL  Inline XBRL Calculation Linkbase Document.**
101.LAB  Inline XBRL Labels Linkbase Document.**
101.PRE  Inline XBRL Presentation Linkbase Document.**
101.DEF  Inline XBRL Definition Linkbase Document.**
104Cover page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101).
**  Submitted electronically herewith.



SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
     
Date:May 20, 2020ANALOG DEVICES, INC.
 		 
 By:  /s/ Prashanth Mahendra-Rajah 
  Prashanth Mahendra-Rajah 
  Senior Vice President, Finance and Chief Financial Officer 


 EX-99.1 2 adi2q20exhibit991earni.htm EX-99.1 Document

Exhibit 99.1

Analog Devices Reports Second Quarter Fiscal 2020 Results

•Revenue of $1.32 billion increased sequentially
•B2B revenue increased 3% sequentially led by the communication and industrial sectors
•Operating cash flow of $2.0 billion and free cash flow of $1.8 billion on a trailing twelve month basis
•Returned over $340 million to shareholders in the second quarter through dividends and share repurchases

NORWOOD, Mass.--(BUSINESS WIRE)--May 20, 2020--Analog Devices, Inc. (Nasdaq: ADI), a leading global high-performance analog technology company, today announced financial results for its second quarter of fiscal 2020, which ended May 2, 2020.

“During this unprecedented time, ADI has moved with speed and agility to pivot our supply chain and meet customer demand, expediting production and shipments of essential products, including solutions used in medical equipment in the fight against COVID-19. I’m proud of the way our team has adapted, demonstrating determination, resilience and unity in the face of this pandemic,” said Vincent Roche, President and CEO of Analog Devices. “Our diversification across customers, applications, and markets is mitigating weaker global business activity. This enabled us to deliver second quarter results within our original guidance range and generate solid free cash flow, underscoring the strength and flexibility of our business model in any economic backdrop.”

Roche continued, “Looking forward, we remain focused on pushing the limits of innovation to develop leading edge solutions that deliver maximum impact for our customers. I am confident that ADI is well positioned to accelerate in the recovery phase and deliver value for all stakeholders as we continue to solve the toughest engineering challenges of today and tomorrow.”


Performance for the Second Quarter of Fiscal 2020

Results Summary(1)
(in millions, except per-share amounts and percentages)
Three Months Ended
May 2, 2020May 4, 2019
Change
Revenue$1,317  $1,527  (14)%
Gross margin$847  $1,034  (18)%
Gross margin percentage64.3 %67.7 %(340 bps)
Operating income$344  $470  (27)%
Operating margin26.1 %30.8 %(470 bps)
Diluted earnings per share$0.72  $0.98  (27)%
Adjusted Results
Adjusted gross margin$891  $1,077  (17)%
Adjusted gross margin percentage67.7 %70.6 %(290 bps)
Adjusted operating income$501  $634  (21)%
Adjusted operating margin38.0 %41.5 %(350 bps)
Adjusted diluted earnings per share$1.08  $1.36  (21)%
Three Months EndedTrailing Twelve Months
Cash GenerationMay 2, 2020May 2, 2020
Net cash provided by operating activities$429  $1,989  
% of revenue33 %36 %
Capital expenditures$(60) $(224) 
Free cash flow$369  $1,765  
% of revenue 28 %32 %
Three Months EndedTrailing Twelve Months
Cash ReturnMay 2, 2020May 2, 2020
Dividend paid$(229) $(828) 
Stock repurchases(114) (504) 
Total cash returned$(343) $(1,332) 
(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.







Outlook for the Third Quarter of Fiscal Year 2020

For the third quarter of fiscal 2020, we are forecasting revenue of $1.32 billion, +/- $70 million. At the midpoint of this revenue outlook, we expect reported operating margins of approximately 26.4%, +/-200 bps, and adjusted operating margins of approximately 38.3%, +/-150 bps. We are planning for reported EPS to be $0.72, +/-$0.11, and adjusted EPS to be $1.08, +/-$0.11.

Our third quarter fiscal 2020 outlook is based on current expectations 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.

The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also “Non-GAAP Financial Information” section for additional information.

Dividend Payment

The ADI Board of Directors has declared a quarterly cash dividend of $0.62 per outstanding share of common stock. The dividend will be paid on June 9, 2020 to all shareholders of record at the close of business on May 29, 2020.

Conference Call Scheduled for Today, Wednesday, May 20, 2020 at 10:00 am ET

ADI will host a conference call to discuss our second quarter fiscal 2020 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 800-859-9560, or 706-634-7193 for international calls, 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: 4990445, or by visiting investor.analog.com.

Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company’s results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company’s financial results presented in accordance with GAAP. The Company’s use of non-GAAP measures, and the underlying methodology when including or 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. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP measures to the most directly comparable financial measures calculated and presented in accordance with GAAP are provided in the financial tables included in this release.


Management uses non-GAAP measures internally 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 uses these non-GAAP measures as the primary performance measurement when communicating with analysts and investors regarding the Company’s earnings results and outlook and believes that the presentation of these non-GAAP measures 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. Management also believes that the non-GAAP liquidity measure free cash flow is useful both internally and to investors because it provides information about the amount of cash generated after capital expenditures that is then available to repay debt obligations, make investments and fund acquisitions, and for certain other activities.
The non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow margin percentage.
Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding certain acquisition-related expenses1 which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue.
Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition-related expenses1; restructuring related expense2; and charitable foundation contribution3 which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.
Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition-related expenses1; restructuring related expense2; and charitable foundation contribution3 which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue.
Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition-related expenses1; restructuring related expense2; and charitable foundation contribution3 which are described further below.
Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items4 which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes.
Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition-related expenses1; restructuring related expense2; charitable foundation contribution3; and tax related items4 which are described further below.
Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow margin percentage represents free cash flow divided by revenue.
1Acquisition-Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to inventory, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. Expenses also include severance payments, equity award accelerations, and the fair value adjustment associated with the replacement of share-based awards related to the Linear Technology


acquisition. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.
2Restructuring-Related Expense: Expenses incurred in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.
3Charitable Foundation Contribution: Expenses incurred in connection with a one time contribution of registered shares of common stock to the Analog Devices Foundation. We excluded this expense from our non-GAAP measures because this expense has no direct correlation to the operation of our business in the future.
4Tax-Related Items: Income tax effect of the non-GAAP items discussed above and income tax from certain discrete tax items related to the impact of the Tax Cuts and Jobs Act of 2017 or prior periods. 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.

About Analog Devices

Analog Devices (Nasdaq: ADI) is a leading global high-performance analog technology company dedicated to solving the toughest engineering challenges. We enable our customers to interpret the world around us by intelligently bridging the physical and digital with unmatched technologies that sense, measure, power, connect and interpret. Visit http://www.analog.com.

Forward Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding expected revenue, operating margin, tax rate, earnings per share, and other financial results, expected market trends, market share gains, operating leverage, production and inventory levels, and expected customer demand and order rates for our products, expected product offerings, product development and marketing position. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: the uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic, political and economic uncertainty, including 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; changes in export classifications, import and export regulations or duties and tariffs; changes in our estimates of our expected tax rate based on current tax law; our ability to successfully integrate acquired businesses and technologies; the risk that expected benefits, synergies and growth prospects of acquisitions may not be fully achieved in a timely manner, or at all; adverse results in litigation matters; and the risk that we will be unable to retain and hire key personnel. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission (“SEC”), including the risk factors contained in our most recent Quarterly Report on Form 10-Q and Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required


by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

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, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(In thousands, except per share amounts)

Three Months EndedSix Months Ended
May 2, 2020May 4, 2019May 2, 2020May 4, 2019
Revenue$1,317,060  $1,526,602  $2,620,625  $3,067,703  
Cost of sales470,386  492,510  925,809  993,955  
Gross margin846,674  1,034,092  1,694,816  2,073,748  
Operating expenses:
   Research & development252,413  285,846  509,486  573,228  
   Selling, marketing, general and administrative141,775  163,128  341,055  330,470  
   Amortization of intangibles107,146  107,261  214,371  214,585  
   Special charges1,320  8,162  12,456  29,944  
Total operating expenses502,654  564,397  1,077,368  1,148,227  
Operating income344,020  469,695  617,448  925,521  
Nonoperating expense (income):
   Interest expense49,985  59,701  98,798  118,429  
   Interest income(1,334) (2,928) (3,274) (5,616) 
   Other, net308  4,525  646  4,365  
48,959  61,298  96,170  117,178  
Income before income tax295,061  408,397  521,278  808,343  
Provision for income taxes27,365  40,460  49,708  85,400  
Net income$267,696  $367,937  $471,570  $722,943  
Shares used to compute earnings per common share - basic368,217  369,246  368,229  368,974  
Shares used to compute earnings per common share - diluted371,305  373,342  371,784  372,912  
Basic earnings per common share$0.73  $0.99  $1.28  $1.95  
Diluted earnings per common share$0.72  $0.98  $1.27  $1.93  



ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(In thousands)


May 2, 2020Nov. 2, 2019
Cash & cash equivalents$784,937  $648,322  
Accounts receivable588,244  635,136  
Inventories590,268  609,886  
Other current assets87,844  91,782  
  Total current assets2,051,293  1,985,126  
Net property, plant and equipment1,189,332  1,219,989  
Other investments76,025  77,324  
Goodwill12,253,670  12,256,880  
Intangible assets, net3,928,902  4,217,224  
Deferred tax assets1,553,902  1,582,382  
Other assets297,814  53,716  
Total assets$21,350,938  $21,392,641  
Other current liabilities$1,133,057  $1,208,965  
Debt, current448,945  299,667  
Long-term debt5,142,223  5,192,252  
Deferred income taxes2,000,644  2,088,212  
Other non-current liabilities1,035,211  894,357  
Shareholders' equity11,590,858  11,709,188  
Total liabilities & equity$21,350,938  $21,392,641  






ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(In thousands)

Three Months EndedSix Months Ended
May 2, 2020May 4, 2019May 2, 2020May 4, 2019
Cash flows from operating activities:
  Net income$267,696  $367,937  $471,570  $722,943  
  Adjustments to reconcile net income to net cash provided by operations:
       Depreciation59,261  59,142  119,124  117,435  
       Amortization of intangibles144,051  142,233  288,120  284,525  
       Stock-based compensation expense35,900  40,229  73,401  76,622  
       Non-cash portion of special charge—  —  —  4,367  
       Deferred income taxes(21,408) (37,495) (35,390) (21,843) 
       Non-cash contribution to charitable foundation—  —  40,000  —  
       Other non-cash activity1,469  11,736  3,801  18,429  
       Changes in operating assets and liabilities(57,928) 87,100  (181,937) (159,829) 
   Total adjustments161,345  302,945  307,119  319,706  
Net cash provided by operating activities429,041  670,882  778,689  1,042,649  
   Percent of revenue32.6 %43.9 %29.7 %34.0 %
Cash flows from investing activities:
  Additions to property, plant and equipment(60,161) (75,209) (115,000) (166,202) 
  Changes in other assets(1,391) 637  (1,284) (4,585) 
Net cash used for investing activities(61,552) (74,572) (116,284) (170,787) 
Cash flows from financing activities:
  Proceeds from debt395,646  —  395,646  —  
  Payments on revolver(350,000) —  (350,000) (75,000) 
  Proceeds from revolver350,000  —  350,000  75,000  
  Debt repayments(300,000) (250,000) (300,000) (350,000) 
  Dividend payments to shareholders(228,600) (199,501) (427,760) (377,217) 
  Repurchase of common stock(113,584) (101,522) (219,614) (328,615) 
  Proceeds from employee stock plans14,784  67,678  30,897  86,907  
  Changes in other financing activities(3,956) (5,575) (4,451) (6,144) 
Net cash used for financing activities(235,710) (488,920) (525,282) (975,069) 
Effect of exchange rate changes on cash(1,250) 347  (508) 217  
Net increase (decrease) in cash and cash equivalents130,529  107,737  136,615  (102,990) 
Cash and cash equivalents at beginning of period654,408  605,864  648,322  816,591  
Cash and cash equivalents at end of period$784,937  $713,601  $784,937  $713,601  





ANALOG DEVICES, INC.
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 and our methodology 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
May 2, 2020May 4, 2019
Revenue% of revenue*Y/Y %Revenue% of revenue*
Industrial$710,760  54%(8)%$771,359  51%
Communications276,420  21%(24)%363,457  24%
Automotive182,383  14%(23)%236,011  15%
Consumer147,497  11%(5)%155,775  10%
Total revenue$1,317,060  100%(14)%$1,526,602  100%
Six Months Ended
May 2, 2020May 4, 2019
Revenue% of revenue*Y/Y %Revenue% of revenue*
Industrial$1,395,113  53%(7)%$1,503,331  49%
Communications517,253  20%(27)%712,014  23%
Automotive388,630  15%(19)%480,268  16%
Consumer319,629  12%(14)%372,090  12%
Total revenue$2,620,625  100%(15)%$3,067,703  100%
*The sum of the individual percentages may not equal the total due to rounding.





ANALOG DEVICES, INC.
RECONCILIATION OF GAAP TO NON-GAAP RESULTS
(Unaudited)
(In thousands, except per share amounts)

Three Months EndedSix Months Ended
May 2, 2020May 4, 2019May 2, 2020May 4, 2019
Gross margin$846,674  $1,034,092  $1,694,816  $2,073,748  
  Gross margin percentage64.3 %67.7 %64.7 %67.6 %
      Acquisition related expenses44,395  43,255  89,411  88,750  
Adjusted gross margin$891,069  $1,077,347  $1,784,227  $2,162,498  
  Adjusted gross margin percentage67.7 %70.6 %68.1 %70.5 %
Operating expenses$502,654  $564,397  $1,077,368  $1,148,227  
  Percent of revenue38.2 %37.0 %41.1 %37.4 %
      Acquisition related expenses(111,057) (112,824) (222,838) (222,656) 
      Charitable foundation contribution—  —  (40,000) —  
      Restructuring related expense(1,320) (8,162) (12,456) (29,944) 
Adjusted operating expenses$390,277  $443,411  $802,074  $895,627  
  Adjusted operating expenses percentage29.6 %29.0 %30.6 %29.2 %
Operating income$344,020  $469,695  $617,448  $925,521  
  Operating margin26.1 %30.8 %23.6 %30.2 %
      Acquisition related expenses155,452  156,079  312,249  311,406  
      Charitable foundation contribution—  —  40,000  —  
      Restructuring related expense1,320  8,162  12,456  29,944  
Adjusted operating income$500,792  $633,936  $982,153  $1,266,871  
  Adjusted operating margin38.0 %41.5 %37.5 %41.3 %
Provision for income taxes$27,365  $40,460  $49,708  $85,400  
      Income tax effect of adjustments above21,867  22,740  50,147  47,640  
      Income tax from certain discrete tax items—  —  —  12,560  
Adjusted provision for income taxes$49,232  $63,200  $99,855  $145,600  
Income before income taxes295,061  408,397  521,278  808,343  
  Effective tax rate9.3 %9.9 %9.5 %10.6 %
      Acquisition related expenses155,452  156,079  312,249  311,406  
      Charitable foundation contribution—  —  40,000  —  
      Restructuring related expense1,320  8,162  12,456  29,944  
Adjusted income before income taxes$451,833  $572,638  $885,983  $1,149,693  
  Adjusted tax rate10.9 %11.0 %11.3 %12.7 %
Diluted EPS$0.72  $0.98  $1.27  $1.93  
      Acquisition related expenses0.42  0.42  0.84  0.84  
      Charitable foundation contribution—  —  0.11  —  
      Restructuring related expense0.00  0.02  0.03  0.08  
      Income tax effect of adjustments above(0.06) (0.06) (0.13) (0.13) 
      Income tax from certain discrete tax items—  —  —  (0.03) 
Adjusted diluted EPS (1)$1.08  $1.36  $2.11  $2.69  
(1) The sum of the individual per share amounts may not equal the total due to rounding.


ANALOG DEVICES, INC.
RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW
(Unaudited)
(In thousands)

Trailing Twelve MonthsThree Months Ended
May 2, 2020May 2, 2020Feb. 1, 2020Nov. 2, 2019Aug. 3, 2019
Revenue$5,543,987  $1,317,060  $1,303,565  $1,443,219  $1,480,143  
Net cash provided by operating activities$1,989,140  $429,041  $349,648  $657,905  $552,546  
% of Revenue36 %33 %27 %46 %37 %
Capital expenditures$(224,170) $(60,161) $(54,839) $(51,076) $(58,094) 
Free cash flow$1,764,970  $368,880  $294,809  $606,829  $494,452  
% of Revenue32 %28 %23 %42 %33 %




ANALOG DEVICES, INC.
RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS
(Unaudited)

Three Months Ending August 1, 2020
Reported
Adjusted
Revenue$1.32 Billion $1.32 Billion
(+/- $70 Million)(+/- $70 Million)
Operating margin26.4% 38.3% (1)
(+/-200 bps)(+/-150 bps)
Nonoperating expense~ $47 Million~ $47 Million
Tax rate11% to 12%12% to 13% (2)
Earnings per share$0.72 $1.08 (3)
(+/- $0.11)(+/- $0.11)

(1) Includes $157 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release.
(2) Includes $22 million of tax effects associated with the adjustment for acquisition related expenses above.
(3) Includes $0.36 of adjustments related to the net impact of $0.42 of acquisition related expenses and $0.06 of tax effects on those acquisition related expenses.

(ADI-WEB)

For more information, please contact:

Investor Contact:
Analog Devices, Inc.
Mr. Michael Lucarelli
Sr. Director of Investor Relations
781-461-3282
investor.relations@analog.com

Media Contacts:
Teneo
Ms. Andrea Calise
917-826-3804
andrea.calise@teneo.com

Teneo
Ms. Megan Fenton
917-860-0356
megan.fenton@teneo.com



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Entity File Number 1-7819  
Entity Tax Identification Number 04-2348234  
Entity Address, Address Line One One Technology Way,  
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Entity Address, State or Province MA  
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Title of 12(b) Security Common Stock $0.16 2/3 par value per share  
Trading Symbol ADI  
Security Exchange Name NASDAQ  
Entity Emerging Growth Company false  
Entity Registrant Name Analog Devices, Inc.  
Entity Central Index Key   0000006281
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