Analog Devices Reports Fourth Quarter and Fiscal Year 2015 Results

Revenue and non-GAAP EPS exceed high end of guidance range, ADI repurchases $112 million of its stock

NORWOOD, Mass. — (BUSINESS WIRE) — November 24, 2015Analog Devices, Inc. (NASDAQ: ADI), a global leader in high-performance semiconductors for signal processing applications, today announced financial results for its fourth quarter and fiscal year 2015, which ended October 31, 2015.

“We had another record quarter with revenue and earnings that exceeded the high end of our guidance range,” said Vincent Roche, President and CEO. “Our strategy to leverage technology platforms that sense, measure, and connect real-world phenomena across a diversity of applications once again produced excellent results, as we continue to deliver solid returns on our investments as evidenced in our growth in revenues, profits, and cash flows.”

“After a very strong fourth quarter, we are planning for revenue in the seasonally slower first quarter to be in the range of $805 million to $855 million, which would represent the 9th consecutive quarter of year-over-year revenue growth for ADI.”

ADI also announced that the Board of Directors has declared a cash dividend of $0.40 per outstanding share of common stock. The dividend will be paid on December 15, 2015 to all shareholders of record at the close of business on December 4, 2015.

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Results for the Fourth Quarter of Fiscal Year 2015

  • Revenue totaled $979 million, up 13% sequentially, and up 20% year-over-year
  • GAAP gross margin of 65.6% of revenue; Non-GAAP gross margin of 65.7% of revenue
  • GAAP operating margin of 11.1% of revenue; Non-GAAP operating margin of 35.9% of revenue
  • GAAP diluted EPS of $0.30; Non-GAAP diluted EPS of $1.03

Results for Fiscal Year 2015

  • Revenue totaled $3.4 billion, up 20% year-over-year
  • GAAP gross margin of 65.8% of revenue; Non-GAAP gross margin of 66.0% of revenue
  • GAAP operating margin of 24.2% of revenue; Non-GAAP operating margin of 33.9% of revenue
  • GAAP diluted EPS of $2.20 per share; Non-GAAP diluted EPS of $3.17 per share
  • Free Cash Flow of $754 million; or 22% of revenue
  • Share repurchases and dividend payments to shareholders totaled $718 million

Please refer to the schedules provided for a summary of revenue and earnings, selected balance sheet information, and the cash flow statement for the fourth quarter and fiscal year 2015, as well as the immediately prior and year-ago quarters. Additional information on revenue by end market is provided on Schedule D. A more complete table covering prior periods is available at

Outlook for the First Quarter of Fiscal Year 2016
The following statements are based on current expectations, and as indicated, are presented on a GAAP and non-GAAP basis. These statements are forward-looking 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.



Revenue     $805 to $855 million     -     $805 to $855 million
Gross Margin     approx. 64.3%     $1.4 million (1)     approx. 64.5%
Operating Expenses     $292 million to $297 million     $17.5 million (1)     $274 million to $279 million
Interest & Other Expense     $5.0 million     -     $5.0 million
Tax Rate     approx. 15%     -     approx. 14%
Earnings per Share     $0.59 to $0.67     $0.06 (2)     $0.65 to $0.73

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