ANALOG DEVICES, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (Unaudited) (In thousands, except per share amounts) |
|||||||||||||||
|
Three Months Ended |
|
Six Months Ended |
||||||||||||
|
Apr. 29, 2023 |
|
Apr. 30, 2022 |
|
Apr. 29, 2023 |
|
Apr. 30, 2022 |
||||||||
Gross margin |
$ |
2,144,546 |
|
|
$ |
1,944,520 |
|
|
$ |
4,268,887 |
|
|
$ |
3,346,517 |
|
Gross margin percentage |
|
65.7 |
% |
|
|
65.4 |
% |
|
|
65.5 |
% |
|
|
59.2 |
% |
Acquisition related expenses |
|
259,312 |
|
|
|
260,748 |
|
|
|
526,826 |
|
|
|
789,363 |
|
Adjusted gross margin |
$ |
2,403,858 |
|
|
$ |
2,205,268 |
|
|
$ |
4,795,713 |
|
|
$ |
4,135,880 |
|
Adjusted gross margin percentage |
|
73.7 |
% |
|
|
74.2 |
% |
|
|
73.6 |
% |
|
|
73.1 |
% |
|
|
|
|
|
|
|
|
|
||||||||
| Operating expenses |
$ |
1,016,162 |
|
|
$ |
1,026,359 |
|
|
$ |
2,009,683 |
|
|
$ |
2,063,599 |
|
| Percent of revenue |
|
31.1 |
% |
|
|
34.5 |
% |
|
|
30.9 |
% |
|
|
36.5 |
% |
| Acquisition related expenses |
|
(257,293 |
) |
|
|
(260,904 |
) |
|
|
(515,352 |
) |
|
|
(523,104 |
) |
| Acquisition related transaction costs |
|
(2,668 |
) |
|
|
(8,537 |
) |
|
|
(5,232 |
) |
|
|
(21,429 |
) |
| Special charges, net |
|
(23,136 |
) |
|
|
(46,674 |
) |
|
|
(23,136 |
) |
|
|
(106,402 |
) |
| Adjusted operating expenses |
$ |
733,065 |
|
|
$ |
710,244 |
|
|
$ |
1,465,963 |
|
|
$ |
1,412,664 |
|
| Adjusted operating expenses percentage |
|
22.5 |
% |
|
|
23.9 |
% |
|
|
22.5 |
% |
|
|
25.0 |
% |
|
|
|
|
|
|
|
|
|
||||||||
| Operating income |
$ |
1,128,384 |
|
|
$ |
918,161 |
|
|
$ |
2,259,204 |
|
|
$ |
1,282,918 |
|
| Operating margin |
|
34.6 |
% |
|
|
30.9 |
% |
|
|
34.7 |
% |
|
|
22.7 |
% |
| Acquisition related expenses |
|
516,605 |
|
|
|
521,652 |
|
|
|
1,042,178 |
|
|
|
1,312,467 |
|
| Acquisition related transaction costs |
|
2,668 |
|
|
|
8,537 |
|
|
|
5,232 |
|
|
|
21,429 |
|
| Special charges, net |
|
23,136 |
|
|
|
46,674 |
|
|
|
23,136 |
|
|
|
106,402 |
|
| Adjusted operating income |
$ |
1,670,793 |
|
|
$ |
1,495,024 |
|
|
$ |
3,329,750 |
|
|
$ |
2,723,216 |
|
| Adjusted operating margin |
|
51.2 |
% |
|
|
50.3 |
% |
|
|
51.1 |
% |
|
|
48.1 |
% |
|
|
|
|
|
|
|
|
|
||||||||
| Nonoperating expense (income) |
$ |
40,461 |
|
|
$ |
38,916 |
|
|
|
97,808 |
|
|
|
80,118 |
|
| Acquisition related expenses |
|
7,155 |
|
|
|
2,288 |
|
|
|
9,443 |
|
|
|
4,587 |
|
| Adjusted nonoperating expense (income) |
$ |
47,616 |
|
|
$ |
41,204 |
|
|
$ |
107,251 |
|
|
$ |
84,705 |
|
|
|
|
|
|
|
|
|
|
||||||||
| Income before income taxes |
$ |
1,087,923 |
|
|
$ |
879,245 |
|
|
$ |
2,161,396 |
|
|
$ |
1,202,800 |
|
| Acquisition related expenses |
|
509,450 |
|
|
|
519,364 |
|
|
|
1,032,735 |
|
|
|
1,307,880 |
|
| Acquisition related transaction costs |
|
2,668 |
|
|
|
8,537 |
|
|
|
5,232 |
|
|
|
21,429 |
|
| Special charges, net |
|
23,136 |
|
|
|
46,674 |
|
|
|
23,136 |
|
|
|
106,402 |
|
| Adjusted income before income taxes |
$ |
1,623,177 |
|
|
$ |
1,453,820 |
|
|
$ |
3,222,499 |
|
|
$ |
2,638,511 |
|
|
|
|
|
|
|
|
|
|
||||||||
| Provision for income taxes |
$ |
110,267 |
|
|
$ |
95,972 |
|
|
$ |
222,266 |
|
|
$ |
139,450 |
|
| Effective tax rate |
|
10.1 |
% |
|
|
10.9 |
% |
|
|
10.3 |
% |
|
|
11.6 |
% |
| Tax related items |
|
75,248 |
|
|
|
95,828 |
|
|
|
157,091 |
|
|
|
210,217 |
|
| Adjusted provision for income taxes |
$ |
185,515 |
|
|
$ |
191,800 |
|
|
$ |
379,357 |
|
|
$ |
349,667 |
|
| Adjusted tax rate |
|
11.4 |
% |
|
|
13.2 |
% |
|
|
11.8 |
% |
|
|
13.3 |
% |
|
|
|
|
|
|
|
|
|
||||||||
| Diluted EPS |
$ |
1.92 |
|
|
$ |
1.49 |
|
|
$ |
3.80 |
|
|
$ |
2.01 |
|
| Acquisition related expenses |
|
1.00 |
|
|
|
0.99 |
|
|
|
2.03 |
|
|
|
2.48 |
|
| Acquisition related transaction costs |
|
0.01 |
|
|
|
0.02 |
|
|
|
0.01 |
|
|
|
0.04 |
|
| Special charges, net |
|
0.05 |
|
|
|
0.09 |
|
|
|
0.05 |
|
|
|
0.20 |
|
| Tax related items |
|
(0.15 |
) |
|
|
(0.18 |
) |
|
|
(0.31 |
) |
|
|
(0.40 |
) |
| Adjusted diluted EPS* |
$ |
2.83 |
|
|
$ |
2.40 |
|
|
$ |
5.58 |
|
|
$ |
4.33 |
|
| * The sum of the individual per share amounts may not equal the total due to rounding. |
|||||||||||||||
|
Analog Devices Reports Record Revenue for the Second Quarter Fiscal 2023
|
|
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|
|
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