(Exact name of Registrant as Specified in its Charter) | ||
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of Principal Executive Offices) | (Zip Code) | ||||||||||
(Former Name or Former Address, if Changed Since Last Report) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
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.** | |||||||
104 | Cover page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101). | |||||||
** | Submitted electronically herewith. |
Date: | November 26, 2019 | ANALOG DEVICES, INC. | |||||||||||||||
By: | /s/ Prashanth Mahendra-Rajah | ||||||||||||||||
Prashanth Mahendra-Rajah | |||||||||||||||||
Senior Vice President, Finance and Chief Financial Officer |
Results Summary | |||||||||||||||||
(in millions, except per-share amounts and percentages) | |||||||||||||||||
Three Months Ended | |||||||||||||||||
Nov 2, 2019 | Nov 3, 2018 (1) | Change | |||||||||||||||
Revenue | $ | 1,443 | $ | 1,536 | (6) | % | |||||||||||
Gross margin | $ | 942 | $ | 1,046 | (10) | % | |||||||||||
Gross margin percentage | 65.3 | % | (2) | 68.1 | % | (280 bps) | |||||||||||
Operating income | $ | 338 | $ | 465 | (27) | % | |||||||||||
Operating margin percentage | 23.4 | % | 30.3 | % | (690 bps) | ||||||||||||
Diluted earnings per share | $ | 0.74 | $ | 1.08 | (31) | % | |||||||||||
Adjusted Results | |||||||||||||||||
Adjusted gross margin | $ | 987 | $ | 1,089 | (9) | % | |||||||||||
Adjusted gross margin percentage | 68.4 | % | (2) | 70.9 | % | (250 bps) | |||||||||||
Adjusted operating income | $ | 560 | $ | 638 | (12) | % | |||||||||||
Adjusted operating margin percentage | 38.8 | % | 41.5 | % | (270 bps) | ||||||||||||
Adjusted diluted earnings per share | $ | 1.19 | $ | 1.48 | (20) | % | |||||||||||
Three Months Ended | Trailing Twelve Months | ||||||||||||||||
Cash Generation | Nov 2, 2019 | Nov 2, 2019 | |||||||||||||||
Net cash provided by operating activities | $ | 658 | $ | 2,253 | |||||||||||||
% of revenue | 46 | % | 38 | % | |||||||||||||
Capital expenditures | $ | (51) | $ | (275) | |||||||||||||
Free cash flow | $ | 607 | $ | 1,978 | |||||||||||||
% of revenue | 42 | % | 33 | % | |||||||||||||
Three Months Ended | Trailing Twelve Months | ||||||||||||||||
Cash Return | Nov 2, 2019 | Nov 2, 2019 | |||||||||||||||
Dividend paid | $ | (200) | $ | (777) | |||||||||||||
Stock repurchases | (172) | (613) | |||||||||||||||
Total cash returned (3) | $ | (373) | $ | (1,390) | |||||||||||||
(1) Prior year balances have been restated to reflect the adoption of the new revenue recognition standard in the first quarter of fiscal 2019. | |||||||||||||||||
(2) Includes approximately 140 basis points of impact from a write-down of inventory associated with a customer within our Communications end market. | |||||||||||||||||
(3) The sum of the individual amounts may not equal the total due to rounding. |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
Nov 2, 2019 | Nov 3, 2018 (1) | Nov 2, 2019 | Nov 3, 2018 (1) | ||||||||||||||||||||
Revenue | $ | 1,443,219 | $ | 1,536,128 | $ | 5,991,065 | $ | 6,224,689 | |||||||||||||||
Cost of sales | 501,028 | 490,585 | 1,977,315 | 1,974,293 | |||||||||||||||||||
Gross margin | 942,191 | 1,045,543 | 4,013,750 | 4,250,396 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
Research & development | 277,018 | 295,609 | 1,130,348 | 1,165,047 | |||||||||||||||||||
Selling, marketing, general and administrative | 154,799 | 175,296 | 648,094 | 695,540 | |||||||||||||||||||
Amortization of intangibles | 107,225 | 107,345 | 429,041 | 428,902 | |||||||||||||||||||
Special charges | 64,788 | 1,842 | 95,659 | 61,318 | |||||||||||||||||||
Total operating expenses | 603,830 | 580,092 | 2,303,142 | 2,350,807 | |||||||||||||||||||
Operating income | 338,361 | 465,451 | 1,710,608 | 1,899,589 | |||||||||||||||||||
Nonoperating expenses (income): | |||||||||||||||||||||||
Interest expense | 50,775 | 59,102 | 229,075 | 253,589 | |||||||||||||||||||
Interest income | (1,988) | (2,791) | (10,229) | (9,383) | |||||||||||||||||||
Other, net | 1,747 | (196) | 6,034 | 69 | |||||||||||||||||||
50,534 | 56,115 | 224,880 | 244,275 | ||||||||||||||||||||
Income before income tax | 287,827 | 409,336 | 1,485,728 | 1,655,314 | |||||||||||||||||||
Provision for income taxes | 10,133 | 4,481 | 122,717 | 148,334 | |||||||||||||||||||
Net income | $ | 277,694 | $ | 404,855 | $ | 1,363,011 | $ | 1,506,980 | |||||||||||||||
Shares used to compute earnings per share - basic | 369,051 | 371,074 | 369,133 | 370,430 | |||||||||||||||||||
Shares used to compute earnings per share - diluted | 372,584 | 375,116 | 372,871 | 374,938 | |||||||||||||||||||
Basic earnings per common share | $ | 0.75 | $ | 1.09 | $ | 3.68 | $ | 4.05 | |||||||||||||||
Diluted earnings per common share | $ | 0.74 | $ | 1.08 | $ | 3.65 | $ | 4.00 | |||||||||||||||
(1) Balances have been restated to reflect the adoption of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. |
November 2, 2019 | November 3, 2018 (1) | ||||||||||
Cash & cash equivalents | $ | 648,322 | $ | 816,591 | |||||||
Accounts receivable | 635,136 | 639,717 | |||||||||
Inventories | 609,886 | 586,760 | |||||||||
Other current assets | 91,782 | 69,058 | |||||||||
Total current assets | 1,985,126 | 2,112,126 | |||||||||
Net property, plant and equipment | 1,219,989 | 1,154,328 | |||||||||
Investments | 77,324 | 68,583 | |||||||||
Goodwill | 12,256,880 | 12,252,604 | |||||||||
Intangible assets, net | 4,217,224 | 4,778,192 | |||||||||
Deferred tax assets | 1,582,382 | 9,665 | |||||||||
Other | 53,716 | 62,868 | |||||||||
Total assets | $ | 21,392,641 | $ | 20,438,366 | |||||||
Other current liabilities | $ | 1,208,965 | $ | 984,748 | |||||||
Debt, current | 299,667 | 67,000 | |||||||||
Long-term debt | 5,192,252 | 6,265,674 | |||||||||
Deferred income taxes | 2,088,212 | 990,409 | |||||||||
Other non-current liabilities | 894,357 | 862,362 | |||||||||
Shareholders' equity | 11,709,188 | 11,268,173 | |||||||||
Total liabilities & equity | $ | 21,392,641 | $ | 20,438,366 | |||||||
(1) Balances have been restated to reflect the full retrospective adoption of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. | |||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
Nov 2, 2019 | Nov 3, 2018 (1) | Nov 2, 2019 | Nov 3, 2018 (1) | ||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||||
Net income | $ | 277,694 | $ | 404,855 | $ | 1,363,011 | $ | 1,506,980 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operations: | |||||||||||||||||||||||
Depreciation | 61,636 | 58,874 | 240,677 | 228,525 | |||||||||||||||||||
Amortization of intangibles | 143,528 | 142,316 | 570,574 | 570,538 | |||||||||||||||||||
Stock-based compensation expense | 37,580 | 37,454 | 150,300 | 151,165 | |||||||||||||||||||
Non-cash portion of special charge | 9,800 | — | 14,167 | — | |||||||||||||||||||
Deferred income taxes | (35,809) | (18,892) | (91,253) | (730,376) | |||||||||||||||||||
Other non-cash activity | 14,206 | 14,550 | 40,907 | 36,569 | |||||||||||||||||||
Changes in operating assets and liabilities | 149,270 | 75,284 | (35,283) | 678,960 | |||||||||||||||||||
Total adjustments | 380,211 | 309,586 | 890,089 | 935,381 | |||||||||||||||||||
Net cash provided by operating activities | 657,905 | 714,441 | 2,253,100 | 2,442,361 | |||||||||||||||||||
Percent of revenue | 45.6 | % | 46.5 | % | 37.6 | % | 39.2 | % | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||
Additions to property, plant and equipment | (51,076) | (86,004) | (275,372) | (254,876) | |||||||||||||||||||
Payments for acquisitions, net of cash acquired | (11,170) | — | (11,170) | (52,839) | |||||||||||||||||||
Change in other assets | (1,512) | (3,015) | (6,644) | (6,283) | |||||||||||||||||||
Net cash used for investing activities | (63,758) | (89,019) | (293,186) | (313,998) | |||||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||
Proceeds from debt | — | — | 1,250,000 | 743,778 | |||||||||||||||||||
Early termination of debt | — | — | (1,250,000) | — | |||||||||||||||||||
Proceeds from revolver | — | — | 75,000 | — | |||||||||||||||||||
Payments on revolver | — | — | (75,000) | — | |||||||||||||||||||
Debt repayments | (200,000) | (225,000) | (850,000) | (2,275,000) | |||||||||||||||||||
Dividend payments to shareholders | (200,196) | (179,416) | (777,481) | (703,307) | |||||||||||||||||||
Repurchase of common stock | (172,389) | (184,116) | (613,005) | (225,977) | |||||||||||||||||||
Proceeds from employee stock plans | 10,388 | 10,668 | 116,523 | 99,027 | |||||||||||||||||||
Change in other financing activities | 5,087 | (2,882) | (2,831) | 3,437 | |||||||||||||||||||
Net cash used for financing activities | (557,110) | (580,746) | (2,126,794) | (2,358,042) | |||||||||||||||||||
Effect of exchange rate changes on cash | (879) | (660) | (1,389) | (1,568) | |||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | 36,158 | 44,016 | (168,269) | (231,247) | |||||||||||||||||||
Cash and cash equivalents at beginning of period | 612,164 | 772,575 | 816,591 | 1,047,838 | |||||||||||||||||||
Cash and cash equivalents at end of period | $ | 648,322 | $ | 816,591 | $ | 648,322 | $ | 816,591 | |||||||||||||||
(1) Balances have been restated to reflect the full retrospective adoption of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. |
Three Months Ended | |||||||||||||||||||||||||||||
Nov 2, 2019 | Nov 3, 2018 (1) | ||||||||||||||||||||||||||||
Revenue | % of revenue (2) | Y/Y % | Revenue | % of revenue (2) | |||||||||||||||||||||||||
Industrial | $ | 744,137 | 52% | —% | $ | 742,549 | 48% | ||||||||||||||||||||||
Communications | 260,128 | 18% | (19)% | 320,827 | 21% | ||||||||||||||||||||||||
Automotive | 226,124 | 16% | (8)% | 244,759 | 16% | ||||||||||||||||||||||||
Consumer | 212,830 | 15% | (7)% | 227,993 | 15% | ||||||||||||||||||||||||
Total revenue | $ | 1,443,219 | 100% | (6)% | $ | 1,536,128 | 100% | ||||||||||||||||||||||
Twelve Months Ended | |||||||||||||||||||||||||||||
Nov 2, 2019 | Nov 3, 2018 (1) | ||||||||||||||||||||||||||||
Revenue | % of revenue (2) | Y/Y % | Revenue | % of revenue (2) | |||||||||||||||||||||||||
Industrial | $ | 3,003,927 | 50% | (4)% | $ | 3,129,569 | 50% | ||||||||||||||||||||||
Communications | 1,284,087 | 21% | 12% | 1,151,359 | 18% | ||||||||||||||||||||||||
Automotive | 933,143 | 16% | (8)% | 1,009,927 | 16% | ||||||||||||||||||||||||
Consumer | 769,908 | 13% | (18)% | 933,834 | 15% | ||||||||||||||||||||||||
Total revenue | $ | 5,991,065 | 100% | (4)% | $ | 6,224,689 | 100% | ||||||||||||||||||||||
(1) Balances have been restated to reflect the full retrospective adoption of Accounting Standards Update (ASU) 2014-09, Revenue from Contracts with Customers. | |||||||||||||||||||||||||||||
(2) The sum of the individual percentages may not equal the total due to rounding. |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
Nov 2, 2019 | Nov 3, 2018 (1) | Nov 2, 2019 | Nov 3, 2018 (1) | ||||||||||||||||||||
Gross margin | $ | 942,191 | $ | 1,045,543 | $ | 4,013,750 | $ | 4,250,396 | |||||||||||||||
Gross margin percentage | 65.3 | % | 68.1 | % | 67.0 | % | 68.3 | % | |||||||||||||||
Acquisition related expenses | 44,822 | 43,896 | 175,266 | 180,903 | |||||||||||||||||||
Adjusted gross margin | $ | 987,013 | $ | 1,089,439 | $ | 4,189,016 | $ | 4,431,299 | |||||||||||||||
Adjusted gross margin percentage | 68.4 | % | 70.9 | % | 69.9 | % | 71.2 | % | |||||||||||||||
Operating expenses | $ | 603,830 | $ | 580,092 | $ | 2,303,142 | $ | 2,350,807 | |||||||||||||||
Percent of revenue | 41.8 | % | 37.8 | % | 38.4 | % | 37.8 | % | |||||||||||||||
Acquisition related expenses | (112,219) | (117,651) | (451,511) | (477,132) | |||||||||||||||||||
Acquisition related transaction costs | — | (5,628) | — | (22,197) | |||||||||||||||||||
Accelerated stock-based compensation expense | — | (3,402) | — | (3,402) | |||||||||||||||||||
Restructuring related expense | (64,788) | (1,842) | (95,659) | (61,318) | |||||||||||||||||||
Adjusted operating expenses | $ | 426,823 | $ | 451,569 | $ | 1,755,972 | $ | 1,786,758 | |||||||||||||||
Adjusted operating expenses percentage | 29.6 | % | 29.4 | % | 29.3 | % | 28.7 | % | |||||||||||||||
Operating income | $ | 338,361 | $ | 465,451 | $ | 1,710,608 | $ | 1,899,589 | |||||||||||||||
Operating margin | 23.4 | % | 30.3 | % | 28.6 | % | 30.5 | % | |||||||||||||||
Acquisition related expenses | 157,041 | 161,547 | 626,777 | 658,035 | |||||||||||||||||||
Acquisition related transaction costs | — | 5,628 | — | 22,197 | |||||||||||||||||||
Accelerated stock-based compensation expense | — | 3,402 | — | 3,402 | |||||||||||||||||||
Restructuring related expense | 64,788 | 1,842 | 95,659 | 61,318 | |||||||||||||||||||
Adjusted operating income | $ | 560,190 | $ | 637,870 | $ | 2,433,044 | $ | 2,644,541 | |||||||||||||||
Adjusted operating margin | 38.8 | % | 41.5 | % | 40.6 | % | 42.5 | % | |||||||||||||||
Provision for income taxes | $ | 10,133 | $ | 4,481 | $ | 122,717 | $ | 148,334 | |||||||||||||||
Income tax on non discrete tax items above | 35,903 | 7,285 | 104,470 | 32,260 | |||||||||||||||||||
Income tax from prior period tax liabilities | 7,622 | (10,333) | 7,622 | (12,289) | |||||||||||||||||||
Income tax on certain inventory intra-entity transfers | 14,500 | — | 14,500 | — | |||||||||||||||||||
Income tax from state tax valuation allowance adjustment | (13,435) | 11,311 | (13,435) | 11,311 | |||||||||||||||||||
Income tax from prior period tax credits | — | — | 11,210 | — | |||||||||||||||||||
Income tax on voluntary accounting policy change | — | — | 17,155 | — | |||||||||||||||||||
Income tax from uncertain tax positions | — | 25,676 | — | 32,832 | |||||||||||||||||||
Income tax from one time transitional tax | — | (3,904) | 7,500 | (690,965) | |||||||||||||||||||
Income tax from deferred tax recalibration | 11,615 | (6,125) | 16,675 | 633,573 | |||||||||||||||||||
Adjusted provision for income taxes | $ | 66,338 | $ | 28,391 | $ | 288,414 | $ | 155,056 | |||||||||||||||
Income before income taxes | $ | 287,827 | $ | 409,336 | $ | 1,485,728 | $ | 1,655,314 | |||||||||||||||
Effective tax rate | 3.5 | % | 1.1 | % | 8.3 | % | 9.0 | % | |||||||||||||||
Acquisition related expenses | 157,041 | 161,547 | 626,777 | 658,035 | |||||||||||||||||||
Acquisition related transaction costs | — | 5,628 | — | 22,197 | |||||||||||||||||||
Accelerated stock-based compensation expense | — | 3,402 | — | 3,402 | |||||||||||||||||||
Restructuring related expense | 64,788 | 1,842 | 95,659 | 61,318 | |||||||||||||||||||
Adjusted income before income taxes | $ | 509,656 | $ | 581,755 | $ | 2,208,164 | $ | 2,400,266 | |||||||||||||||
Adjusted tax rate | 13.0 | % | 4.9 | % | 13.1 | % | 6.5 | % | |||||||||||||||
Diluted EPS | $ | 0.74 | $ | 1.08 | $ | 3.65 | $ | 4.00 | |||||||||||||||
Acquisition related expenses | 0.42 | 0.43 | 1.68 | 1.76 | |||||||||||||||||||
Acquisition related transaction costs | — | 0.02 | — | 0.06 | |||||||||||||||||||
Accelerated stock-based compensation expense | — | 0.01 | — | 0.01 | |||||||||||||||||||
Restructuring related expense | 0.17 | 0.00 | 0.26 | 0.16 | |||||||||||||||||||
Income tax on non discrete tax items above | (0.10) | (0.02) | (0.28) | (0.09) | |||||||||||||||||||
Income from prior period tax liabilities | (0.02) | 0.03 | (0.02) | 0.03 | |||||||||||||||||||
Income tax on certain inventory intra-entity transfers | (0.04) | — | (0.04) | — | |||||||||||||||||||
Income tax from state tax valuation allowance adjustment | 0.04 | (0.03) | 0.04 | (0.03) | |||||||||||||||||||
Income tax from prior period tax credits | — | — | (0.03) | — | |||||||||||||||||||
Income tax on voluntary accounting policy change | — | — | (0.05) | — | |||||||||||||||||||
Income tax from uncertain tax positions | — | (0.07) | — | (0.09) | |||||||||||||||||||
Income tax from one time transitional tax | — | 0.01 | (0.02) | 1.84 | |||||||||||||||||||
Income tax from deferred tax recalibration | (0.03) | 0.02 | (0.04) | (1.69) | |||||||||||||||||||
Adjusted diluted EPS (2) | $ | 1.19 | $ | 1.48 | $ | 5.15 | $ | 5.97 |
Trailing Twelve Months | Three Months Ended | ||||||||||||||||||||||||||||
Nov 2, 2019 | Nov 2, 2019 | Aug 3, 2019 | May 4, 2019 | Feb 2, 2019 | |||||||||||||||||||||||||
Revenue | $ | 5,991,065 | $ | 1,443,219 | $ | 1,480,143 | $ | 1,526,602 | $ | 1,541,101 | |||||||||||||||||||
Net cash provided by operating activities | $ | 2,253,100 | $ | 657,905 | $ | 552,546 | $ | 670,882 | $ | 371,767 | |||||||||||||||||||
% of Revenue | 38 | % | 46 | % | 37 | % | 44 | % | 24 | % | |||||||||||||||||||
Capital expenditures | $ | (275,372) | $ | (51,076) | $ | (58,094) | $ | (75,209) | $ | (90,993) | |||||||||||||||||||
Free cash flow | $ | 1,977,728 | $ | 606,829 | $ | 494,452 | $ | 595,673 | $ | 280,774 | |||||||||||||||||||
% of Revenue | 33 | % | 42 | % | 33 | % | 39 | % | 18 | % | |||||||||||||||||||
Three Months Ending Feb 1, 2020 | |||||||||||
Reported | Adjusted | ||||||||||
Revenue | $1.30 Billion | $1.30 Billion | |||||||||
(+/- $50 Million) | (+/- $50 Million) | ||||||||||
Operating margin | 23.7% | 36.7% (1) | |||||||||
(+/-150 bps) | (+/-100 bps) | ||||||||||
Nonoperating expenses | ~ $49 Million | ~ $49 Million | |||||||||
Tax rate | 12% to 15% | 12% to 15% (2) | |||||||||
Earnings per share | $0.61 | $1.00 (3) | |||||||||
(+/- $0.07) | (+/- $0.07) |
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Document and Entity Information Document |
Nov. 26, 2019 |
---|---|
Cover page. | |
Document Type | 8-K |
Document Period End Date | Nov. 26, 2019 |
Entity Incorporation, State or Country Code | MA |
Entity File Number | 1-7819 |
Entity Tax Identification Number | 04-2348234 |
Entity Address, Address Line One | One Technology Way, |
Entity Address, City or Town | Norwood, |
Entity Address, State or Province | MA |
Entity Address, Postal Zip Code | 02062 |
City Area Code | 781 |
Local Phone Number | 329-4700 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
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 |
Amendment Flag | false |