Analog Devices Reports Fourth Quarter and Fiscal 2024 Financial Results

Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, and software technologies into solutions that help drive advancements in digitized factories, mobility, and digital healthcare, combat climate change, and reliably connect humans and the world. With revenue of more than $9 billion in FY24 and approximately 24,000 people globally, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at www.analog.com and on LinkedIn and Twitter (X).

Forward Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding our 2025 financial performance; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, free cash flow returns, and other financial results; customer inventory rationalization; economic uncertainty, geopolitical conditions, demand, and other market conditions, business cycles, and supply chains; capital expenditures and investments, including those related to digital, software, cybersecurity, and artificial intelligence; expected market and technology trends; market size, market share gains, market position, and growth opportunities; our opportunity pipeline; expected product solutions, offerings, technologies, capabilities, and applications, including those that may incorporate, or be based upon, software or artificial intelligence technology; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers, including those that may incorporate, or be based upon, software or artificial intelligence technology; our manufacturing capacity and investments to enhance resiliency; expected tax credits; future dividends and share repurchases; expected revenue synergies; and other future events. 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: economic, political, legal and regulatory uncertainty or conflicts; changes in demand for semiconductor products; manufacturing delays, product and raw materials availability and supply chain disruptions; products that may be diverted from our authorized distribution channels; changes in export classifications, import and export regulations or duties and tariffs; our development of technologies and research and development investments; our future liquidity, capital needs and capital expenditures; our ability to compete successfully in the markets in which we operate; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. 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, including the risk factors contained in our most recent 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.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)



Three Months Ended


Twelve Months Ended


Nov. 2, 2024


Oct. 28, 2023


Nov. 2, 2024


Oct. 28, 2023

Revenue

$      2,443,205


$      2,716,484


$      9,427,157


$   12,305,539

Cost of sales

1,027,077


1,069,768


4,045,814


4,428,321

Gross margin

1,416,128


1,646,716


5,381,343


7,877,218

Operating expenses:








   Research and development

378,903


406,594


1,487,863


1,660,194

   Selling, marketing, general and administrative

277,220


288,936


1,068,640


1,273,584

   Amortization of intangibles

187,754


202,736


754,784


959,618

   Special charges, net

2,859


114,035


37,258


160,710

Total operating expenses

846,736


1,012,301


3,348,545


4,054,106

Operating income

569,392


634,415


2,032,798


3,823,112

Nonoperating expense (income):








   Interest expense

82,804


71,590


322,227


264,641

   Interest income

(27,947)


(9,089)


(78,817)


(41,287)

   Other, net

(1,793)


128


12,048


(8,245)

Total nonoperating expense (income)

53,064


62,629


255,458


215,109

Income before income taxes

516,328


571,786


1,777,340


3,608,003

Provision for income taxes

38,256


73,356


142,067


293,424

Net income

$         478,072


$         498,430


$      1,635,273


$      3,314,579









Shares used to compute earnings per share - basic

496,432


497,073


496,166


502,232

Shares used to compute earnings per share - diluted

498,722


500,424


498,697


505,959









Basic earnings per common share

$                0.96


$                1.00


$                3.30


$                6.60

Diluted earnings per common share

$                0.96


$                1.00


$                3.28


$                6.55


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