Analog Devices Reports Third Quarter 2016 Results

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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 2016
 

Schedule A

Revenue and Earnings Summary (Unaudited)
(In thousands, except per-share amounts)

 

     
Three Months Ended
3Q 16   2Q 16   3Q 15
      July 30,
2016
  April 30,
2016
  Aug 1,
2015
Revenue $ 869,591 $ 778,766 $ 863,365
Year-to-year change 1 % (5 )% 19 %
Quarter-to-quarter change 12 % 1 % 5 %
Cost of sales (1)     297,301     267,863     294,328  
Gross margin 572,290 510,903 569,037
Gross margin percentage 65.8 % 65.6 % 65.9 %
Year-to-year change (basis points) (10 ) (80 ) 50
Quarter-to-quarter change (basis points)     20     360     (50 )
Operating expenses:
R&D (1) 163,227 160,235 160,784
Selling, marketing and G&A (1) 122,909 112,186 120,030
Amortization of intangibles 17,447 17,419 22,954
Special charges         13,684      
Total operating expenses 303,583 303,524 303,768
Total operating expenses percentage 34.9 % 39.0 % 35.2 %
Year-to-year change (basis points) (30 ) 300 (240 )
Quarter-to-quarter change (basis points)     (410 )   230     (80 )
Operating income 268,707 207,379 265,269
Operating income percentage 30.9 % 26.6 % 30.7 %
Year-to-year change (basis points) 20 (370 ) 290
Quarter-to-quarter change (basis points)     430     130     40  
Other expense     12,307     12,469     5,791  
Income before income tax 256,400 194,910 259,478
Provision for income taxes 25,970 24,337 43,000
Tax rate percentage     10.1 %   12.5 %   16.6 %
Net income     $ 230,430     $ 170,573     $ 216,478  
 
Shares used for EPS - basic 307,135 308,790 313,877
Shares used for EPS - diluted 310,558 312,250 318,187
 
Earnings per share - basic $ 0.75 $ 0.55 $ 0.69
Earnings per share - diluted $ 0.74 $ 0.55 $ 0.68
 
Dividends paid per share     $ 0.42     $ 0.42     $ 0.40  
 
(1) Includes stock-based compensation expense as follows:
Cost of sales $ 1,844 $ 1,986 $ 2,196
R&D $ 6,682 $ 6,646 $ 6,839
Selling, marketing and G&A $ 8,093 $ 7,327 $ 7,329
 
 
Analog Devices, Third Quarter, Fiscal 2016
 

Schedule B

Selected Balance Sheet Information (Unaudited)
(In thousands)
       
3Q 16 2Q 16 3Q 15
      July 30,
2016
  April 30,
2016
  Aug 1,
2015
Cash & short-term investments $ 3,803,434 $ 3,754,081 $ 3,099,961
Accounts receivable, net 452,944 398,979 451,511
Inventories (1) 392,303 399,459 424,475
Other current assets     79,207     75,355     173,945
Total current assets 4,727,888 4,627,874 4,149,892
PP&E, net 629,094 626,162 631,269
Investments 54,077 50,680 40,324
Goodwill 1,639,033 1,639,165 1,640,381
Intangible assets, net 529,035 548,374 601,882
Other     105,926     78,037     67,313
Total assets     $ 7,685,053     $ 7,570,292     $ 7,131,061
 
Deferred income on shipments to distributors, net $ 327,444 $ 317,290 $ 307,265
Other current liabilities 351,249 367,310 375,753
Debt, current 374,371
Long-term debt 1,731,758 1,731,336 495,189
Non-current liabilities 291,269 280,655 513,322
Shareholders' equity     4,983,333     4,873,701     5,065,161
Total liabilities & equity     $ 7,685,053     $ 7,570,292     $ 7,131,061
 

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