Analog Devices Reports Third Quarter Fiscal Year 2015 Results

Investors should consider our non-GAAP financial measures in conjunction with the corresponding GAAP measures.

About Analog Devices

Analog Devices designs and manufactures semiconductor products and solutions. We enable our customers to interpret the world around us by intelligently bridging the physical and digital with unmatched technologies that sense, measure and connect. Visit http://www.analog.com

This release may be deemed to contain forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements include, among other things, our statements regarding expected revenue, earnings per share, gross margin, operating expenses, interest and other expense, tax rate, and other financial results, expected operating leverage, production and inventory levels, expected market trends, and expected customer demand and order rates for our products, that are based on our current expectations, beliefs, assumptions, estimates, forecasts, and projections about our business and the industry and markets in which Analog Devices operates. The statements contained in this release are not guarantees of future performance, are inherently uncertain, involve certain risks, uncertainties, and assumptions that are difficult to predict, and do not give effect to the potential impact of any mergers, acquisitions, divestitures, or business combinations that may be announced or closed after the date hereof. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements, and such statements should not be relied upon as representing Analog Devices’ expectations or beliefs as of any date subsequent to the date of this press release. We do not undertake any obligation to update forward-looking statements made by us. Important factors that may affect future operating results include: 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, our ability to successfully integrate acquired businesses and technologies, the successful completion of the conversion of the benefits provided under our Irish defined benefits plan to benefits provided under our Irish defined contribution plan, adverse results in litigation matters, and other risk factors described in our most recent filings with the Securities and Exchange Commission. Our results of operations for the periods presented in this release are not necessarily indicative of our operating results for any future periods. Any projections in this release are based on limited information currently available to Analog Devices, which is subject to change. Although any such projections and the factors influencing them will likely change, we will not necessarily update the information, as we will only provide guidance at certain points during the year. Such information speaks only as of the original issuance date of this release.

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, Third Quarter, Fiscal 2015
 

Schedule A

Revenue and Earnings Summary (Unaudited)
(In thousands, except per-share amounts)
     
         
Three Months Ended
3Q 15 2Q 15 3Q 14
 
    Aug. 1,

2015

  May 2,

2015

  Aug. 2,

2014

Revenue $ 863,365 $ 821,019 $ 727,752
Year-to-year change 19% 18% 8%
Quarter-to-quarter change 5% 6% 5%
Cost of sales (1)     294,328     276,197     251,462
Gross margin 569,037 544,822 476,290
Gross margin percentage 65.9% 66.4% 65.4%
Year-to-year change (basis points) 50 30 90
Quarter-to-quarter change (basis points)     -50     120     -70
Operating expenses:
R&D (1) 160,784 154,233 140,095
Selling, marketing and G&A (1) 120,030 117,371 132,989
Amortization of intangibles     22,954     24,210     660
Total operating expenses 303,768 295,814 273,744
Total operating expenses percentage 35.2% 36.0% 37.6%
Year-to-year change (basis points) -240 170 400
Quarter-to-quarter change (basis points)     -80     -230     330
Operating income 265,269 249,008 202,546
Operating income percentage 30.7% 30.3% 27.8%
Year-to-year change (basis points) 290 -140 -310
Quarter-to-quarter change (basis points)     40     340     -390
Other expense     5,791     3,819     5,158
Income before income tax 259,478 245,189 197,388
Provision for income taxes 43,000 39,851 16,782
Tax rate percentage     16.6%     16.3%     8.5%
Net income   $ 216,478   $ 205,338   $ 180,606
 
Shares used for EPS - basic 313,877 312,660 314,190
Shares used for EPS - diluted 318,187 317,047 318,876
 
Earnings per share - basic $ 0.69 $ 0.66 $ 0.57
Earnings per share - diluted $ 0.68 $ 0.65 $ 0.57
 
Dividends paid per share   $ 0.40   $ 0.40   $ 0.37
 
(1) Includes stock-based compensation expense as follows:
Cost of sales $ 2,196 $ 2,207 $ 1,724
R&D $ 6,839 $ 6,416 $ 5,415
Selling, marketing and G&A $ 7,329 $ 7,478 $ 6,331
 

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