Analog Devices Reports Third Quarter 2016 Results

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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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