Analog Devices Reports Second Quarter 2017 Results
"The second quarter of 2017 was a period of significant success," said
"Looking ahead to the July quarter, we continue to see signs of good
business conditions and are planning for revenue in the third quarter of
2017, our first full quarter with Linear Technology, to be in the range
of
ADI also announced that the Board of Directors has declared a quarterly
cash dividend of $0.45 per outstanding share of common stock,
representing an annual dividend per share of
Supplemental schedules relating to our second quarter fiscal 2017 results are also available on our investor site at investor.analog.com.
Results for the Second Quarter of Fiscal Year 2017
-
GAAP revenue totaled
$1.1 billion , with a contribution of$147.5 million from Linear Technology; Non-GAAP revenue totaled$1.2 billion , with a$208.3 million contribution from Linear Technology - GAAP gross margin of 55.8% of revenue; Non-GAAP gross margin of 69.3% of revenue
- GAAP operating margin of 12.7% of revenue; Non-GAAP operating margin of 37.9% of revenue
-
GAAP diluted EPS of
$0.27 ; Non-GAAP diluted EPS of$1.03
Please refer to the schedules provided for a summary of revenue and earnings, selected balance sheet information, and the cash flow statement for the second quarter of fiscal year 2017, as well as the immediately prior and year-ago quarters. Additional information on revenue by end market is provided on Schedule D.
Outlook for the Third Quarter of Fiscal Year
2017
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.
GAAP | Non-GAAP Adjustments | Non-GAAP | |||||||
Revenue |
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Gross Margin | 52% to 54% |
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69% to 70% | ||||||
Operating Expenses |
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Operating Margins | 10% to 14% | 38% to 40% | |||||||
Interest & Other Expense |
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- |
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Tax Rate | approx. 49% to 86% |
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approx. 10.0% | ||||||
Earnings per Share* |
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* The sum of the individual per share amounts may not equal the total due to rounding.
(1) Non-GAAP revenue adds back
(2) Non-GAAP gross margin excludes $252 million of costs comprised of the following:
-
$187 million of amortization of step up through cost of sales -
$35 million amortization of purchased intangible assets -
$21 million deferred revenues, net of related costs, for shipments of Linear Technology products by distributors to end customer that were received by distributors prior to ADI's acquisition of Linear Technology -
$8 million depreciation of step up value on purchased fixed assets -
$1 million fair value adjustment associated with the replacement of share-based awards in ADI's acquisition of Linear Technology
(3) Non-GAAP operating expenses exclude $128 million of costs comprised of the following:
-
$112 million amortization of purchased intangible assets -
$11 million fair value adjustment associated with the replacement of share-based awards in ADI's acquisition of Linear Technology -
$5 million of transaction related costs associated with the Company's acquisition of Linear Technology
(4) Non-GAAP tax rate excludes the tax effects of the reconciling
adjustments noted in the three footnotes above and
(5) Non-GAAP earnings per share includes
-
the deferred revenues, net of related costs, for shipments of Linear
Technology products by distributors to end customers that were
received by distributors prior to ADI's acquisition of Linear
Technology (
$0.06 ) -
acquisition-related expenses including amortization of step up value
of inventory and purchased intangible assets, depreciation of step up
value on purchased fixed assets, and the fair value adjustment
associated with the replacement of share-based awards in ADI's
acquisition of Linear Technology (
$0.94 ) -
acquisition-related transaction costs (
$0.01 ) -
the effect on income tax of the prior items (
$0.10 ) -
and the impact of discrete tax items (
$0.14 ).
Conference Call Scheduled for Today,
ADI will host a conference call to discuss second quarter
fiscal 2017 results and short-term outlook today, beginning at
A replay will be available two hours after the completion of the call. The replay may be accessed for up to two weeks by dialing 855-859-2056 (replay only) and providing the conference ID: 99084395, or by visiting investor.analog.com.
Non-GAAP Financial Information
This
release includes non-GAAP financial measures that are not in accordance
with, nor an alternative to, generally accepted accounting principles
and may be different from non-GAAP measures used by other companies. In
addition, these non-GAAP measures are not based on any comprehensive set
of accounting rules or principles.
Schedules E and F of this press release provides the reconciliation of the Company's historical non-GAAP measures to their most comparable GAAP measures.
Management uses non-GAAP measures internally to evaluate the Company's operating performance from continuing operations against past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company's core business and trends across different reporting periods on a consistent basis. Management also uses these non-GAAP measures as the primary performance measurement when communicating with analysts and investors regarding the Company's earnings results and outlook and believes that the presentation of these non-GAAP measures is useful to investors because it provides investors with the operating results that management uses to manage the Company and enables investors and analysts to evaluate the Company's core business. Management also believes that the non-GAAP liquidity measure free cash flow is useful both internally and to investors because it provides information about the amount of cash generated after capital expenditures that is then available to repay debt obligations, make investments and fund acquisitions, and for certain other activities.
The following item is included in our Non-GAAP revenue, non-GAAP gross margin, and non-GAAP diluted earnings per share:
Acquisition-Related Deferred Revenue: Deferred revenue related to shipments of Linear Technology products by distributors to end customers that were received by the distributors prior to the Company's acquisition of Linear Technology. Business combination accounting principles require the write down of deferred revenue in conjunction with the acquisition. We included these revenues in our non-GAAP measures because they relate to a specific transaction and are reflective of our ongoing financial performance.
The following items are excluded from our non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and non-GAAP diluted earnings per share:
Acquisition-Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to inventory, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. Expenses also include the fair value adjustment associated with the replacement of share-based awards in the Linear Technology acquisition. We excluded these costs from our non-GAAP measures because they relate to specific transactions and are not reflective of our ongoing financial performance.
Acquisition-Related Transaction Costs: Costs incurred as a result of the Linear Technology acquisition, including legal, accounting and other professional fees directly related to the acquisition. We excluded these costs from our non-GAAP measures because they relate to a specific transaction and are not reflective of our ongoing financial performance.
The following items are excluded from our non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margin, and non-GAAP diluted earnings per share:
Restructuring-Related Expenses: These expenses are incurred in connection with facility closures, consolidation of manufacturing facilities, severance, and other cost reduction efforts. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses and the related tax effects have no direct correlation to the operation of our business in the future.
The following items are excluded from our non-GAAP other expense and non-GAAP diluted earnings per share:
Amortization of Deferred Financing Costs: In the third quarter of
fiscal 2016, in connection with the Linear Technology acquisition, the
Company obtained bridge financing commitments and incurred financing
fees which were amortized into interest expense over the term of the
bridge financing commitments. In the first quarter of fiscal 2017, the
Company replaced a portion of the bridge financing commitments with
The following items are excluded from our non-GAAP diluted earnings per share:
Tax-Related Items: Tax adjustments associated with the non-GAAP items discussed above as well as a discrete tax item related to the release of a state tax credit valuation allowance resulting from the Company's acquisition of Linear Technology. We excluded these tax-related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.
These non-GAAP measures have material limitations in that they do not reflect all of the amounts associated with the Company's results of operations as determined in accordance with GAAP and should not be considered in isolation from, or as a substitute for, the Company's financial results presented in accordance with GAAP. In addition, the Company's non-GAAP measures may not be comparable to the non-GAAP measures reported by other companies. The Company's use of non-GAAP measures, and the underlying methodology when including or excluding certain items, is not necessarily an indication of the results of operations that may be expected in the future, or that the Company will not, in fact, record such items in future periods.
About
Forward Looking Statements
This press release contains
forward-looking statements, which address a variety of subjects
including, for example, 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 and
expected benefits and synergies of the acquisition of
(ADI-WEB)
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Schedule A |
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Revenue and Earnings Summary (Unaudited) | |||||||||||||||
(In thousands, except per-share amounts) | |||||||||||||||
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Three Months Ended |
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2Q 17 | 1Q 17 | 2Q 16 | |||||||||||||
2017 |
2017 |
2016 |
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Revenue | $ | 1,147,982 | $ | 984,449 | $ | 778,766 | |||||||||
Year-to-year change | 47 | % | 28 | % | (5 | )% | |||||||||
Quarter-to-quarter change | 17 | % | (2 | )% | 1 | % | |||||||||
Cost of sales (1) | 507,539 | 335,945 | 267,863 | ||||||||||||
Gross margin | 640,443 | 648,504 | 510,903 | ||||||||||||
Gross margin percentage | 55.8 | % | 65.9 | % | 65.6 | % | |||||||||
Year-to-year change (basis points) | (980 | ) | 390 | (80 | ) | ||||||||||
Quarter-to-quarter change (basis points) | (1,010 | ) | (50 | ) | 360 | ||||||||||
Operating expenses: | |||||||||||||||
R&D (1) | 235,232 | 183,954 | 160,235 | ||||||||||||
Selling, marketing and G&A (1) | 190,686 | 130,659 | 112,186 | ||||||||||||
Amortization of intangibles | 68,690 | 18,160 | 17,419 | ||||||||||||
Special charges | — | 49,463 | 13,684 | ||||||||||||
Total operating expenses | 494,608 | 382,236 | 303,524 | ||||||||||||
Total operating expenses percentage | 43.1 | % | 38.8 | % | 39.0 | % | |||||||||
Year-to-year change (basis points) | 410 | 210 | 300 | ||||||||||||
Quarter-to-quarter change (basis points) | 430 | 790 | 230 | ||||||||||||
Operating income | 145,835 | 266,268 | 207,379 | ||||||||||||
Operating income percentage | 12.7 | % | 27.0 | % | 26.6 | % | |||||||||
Year-to-year change (basis points) | (1,390 | ) | 170 | (370 | ) | ||||||||||
Quarter-to-quarter change (basis points) | (1,430 | ) | (860 | ) | 130 | ||||||||||
Other expense | 59,121 | 32,959 | 12,469 | ||||||||||||
Income before income tax | 86,714 | 233,309 | 194,910 | ||||||||||||
(Benefit) provision for income taxes | (6,850 | ) | 16,180 | 24,337 | |||||||||||
Tax rate percentage | (7.9 | )% | 6.9 | % | 12.5 | % | |||||||||
Net income | $ | 93,564 | $ | 217,129 | $ | 170,573 | |||||||||
Shares used for EPS - basic | 341,316 | 308,786 | 308,790 | ||||||||||||
Shares used for EPS - diluted | 345,654 | 313,076 | 312,250 | ||||||||||||
Earnings per share - basic | $ | 0.27 | $ | 0.70 | $ | 0.55 | |||||||||
Earnings per share - diluted | $ | 0.27 | $ | 0.69 | $ | 0.55 | |||||||||
Dividends paid per share | $ | 0.45 | $ | 0.42 | $ | 0.42 | |||||||||
(1) Includes stock-based compensation expense as follows: | |||||||||||||||
Cost of sales | $ | 2,566 | $ | 1,944 | $ | 1,986 | |||||||||
R&D | $ | 11,910 | $ | 7,021 | $ | 6,646 | |||||||||
Selling, marketing and G&A | $ | 8,010 | $ | 7,564 | $ | 7,327 |
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Schedule B |
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Selected Balance Sheet Information (Unaudited) | ||||||||||||||
(In thousands) | ||||||||||||||
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2Q 17 | 1Q 17 | 2Q 16 | ||||||||||||
2017 |
2017 |
2016 |
||||||||||||
Cash & short-term investments | $ | 6,188,372 | $ | 6,317,066 | $ | 3,754,081 | ||||||||
Accounts receivable, net | 630,353 | 472,511 | 398,979 | |||||||||||
Inventories (1) | 647,858 | 365,586 | 399,459 | |||||||||||
Other current assets | 68,884 | 78,570 | 75,355 | |||||||||||
Total current assets | 7,535,467 | 7,233,733 | 4,627,874 | |||||||||||
PP&E, net | 1,089,319 | 628,924 | 626,162 | |||||||||||
Investments | 55,815 | 48,690 | 50,680 | |||||||||||
|
12,269,501 | 1,677,399 | 1,639,165 | |||||||||||
Intangible assets, net | 5,587,862 | 529,516 | 548,374 | |||||||||||
Other | 84,719 | 85,109 | 78,037 | |||||||||||
Total assets | $ | 26,622,683 | $ | 10,203,371 | $ | 7,570,292 | ||||||||
Deferred income on shipments to distributors, net | $ | 377,792 | $ | 356,666 | $ | 317,290 | ||||||||
Other current liabilities | 750,321 | 454,960 | 367,310 | |||||||||||
Debt, current | 4,321,169 | — | — | |||||||||||
Long-term debt | 8,572,364 | 3,805,400 | 1,731,336 | |||||||||||
Deferred income taxes | 2,431,410 | 125,196 | 243,263 | |||||||||||
Other non-current liabilities | 203,032 | 154,718 | 37,392 | |||||||||||
Shareholders' equity | 9,966,595 | 5,306,431 | 4,873,701 | |||||||||||
Total liabilities & equity | $ | 26,622,683 | $ | 10,203,371 | $ | 7,570,292 |
(1) Includes
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Schedule C |
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Cash Flow Statement (Unaudited) | |||||||||||||||
(In thousands) | |||||||||||||||
Three Months Ended | |||||||||||||||
2Q 17 | 1Q 17 | 2Q 16 | |||||||||||||
2017 |
2017 |
2016 |
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Cash flows from operating activities: | |||||||||||||||
Net Income | $ | 93,564 | $ | 217,129 | $ | 170,573 | |||||||||
Adjustments to reconcile net income | |||||||||||||||
to net cash provided by operations: | |||||||||||||||
Depreciation | 48,772 | 34,379 | 33,483 | ||||||||||||
Amortization of intangibles | 88,770 | 19,947 | 18,440 | ||||||||||||
Stock-based compensation expense | 22,486 | 16,529 | 15,959 | ||||||||||||
Cost of goods sold for inventory acquired | 121,113 | — | — | ||||||||||||
Other non-cash activity | 11,078 | 13,071 | 500 | ||||||||||||
Excess tax benefit - stock options | (17,851 | ) | (8,102 | ) | (3,212 | ) | |||||||||
Deferred income taxes | (79,980 | ) | (7,055 | ) | 539 | ||||||||||
Changes in operating assets and liabilities | 233,512 | 28,594 | 83,921 | ||||||||||||
Total adjustments | 427,900 | 97,363 | 149,630 | ||||||||||||
Net cash provided by operating activities | 521,464 | 314,492 | 320,203 | ||||||||||||
Percent of revenue | 45.4 | % | 31.9 | % | 41.1 | % | |||||||||
Cash flows from investing activities: | |||||||||||||||
Purchases of short-term available-for-sale investments | (378,540 | ) | (326,908 | ) | (1,939,750 | ) | |||||||||
Maturities of short-term available-for-sale investments | 1,247,493 | 1,844,380 | 1,522,688 | ||||||||||||
Sales of short-term available-for-sale investments | 69,787 | 287,601 | 102,316 | ||||||||||||
Additions to property, plant and equipment | (46,929 | ) | (28,337 | ) | (25,517 | ) | |||||||||
Payments for acquisitions, net of cash acquired | (9,686,497 | ) | (1,036 | ) | (2,203 | ) | |||||||||
Change in other assets | (6,117 | ) | (5,946 | ) | (2,746 | ) | |||||||||
Net cash (used for) provided by investing activities | (8,800,803 | ) | 1,769,754 | (345,212 | ) | ||||||||||
Cash flows from financing activities: | |||||||||||||||
Proceeds from derivative instruments | — | 3,904 | — | ||||||||||||
Proceeds from debt | 9,083,858 | 2,072,306 | — | ||||||||||||
Payments for deferred financing fees | — | (5,625 | ) | — | |||||||||||
Dividend payments to shareholders | (139,314 | ) | (129,683 | ) | (129,925 | ) | |||||||||
Repurchase of common stock | (23,874 | ) | (3,106 | ) | (213,650 | ) | |||||||||
Proceeds from employee stock plans | 52,841 | 34,432 | 16,480 | ||||||||||||
Excess tax benefit - stock options | 17,851 | 8,102 | 3,212 | ||||||||||||
Change in other financing activities | (2,237 | ) | 2,221 | (2,786 | ) | ||||||||||
Net cash provided by (used for) financing activities | 8,989,125 | 1,982,551 | (326,669 | ) | |||||||||||
Effect of exchange rate changes on cash | 694 | (666 | ) | 898 | |||||||||||
Net increase (decrease) in cash and cash equivalents | 710,480 | 4,066,131 | (350,780 | ) | |||||||||||
Cash and cash equivalents at beginning of period | 4,987,263 | 921,132 | 1,470,442 | ||||||||||||
Cash and cash equivalents at end of period | $ | 5,697,743 | $ | 4,987,263 | $ | 1,119,662 |
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Schedule D |
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Revenue Trends by End Market (Unaudited) | |||||||||||||||||||||
(In thousands) |
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The categorization of revenue by end market is determined using a
variety of data points including the technical characteristics of
the product, the "sold to" customer information, the "ship to"
customer information and the end customer product or application
into which our product will be incorporated. As data systems for
capturing and tracking this data evolve and improve, the
categorization of products by end market can vary over time. When
this occurs we reclassify revenue by end market for prior
periods. Such reclassifications typically do not materially
change the sizing of, or the underlying trends of results within,
each end market. The Company is in the process of integrating
Linear results into our systems and end market classifications. As
a result revenues of Linear from |
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Three Months Ended | |||||||||||||||||||||
2017 |
2017 |
2016 |
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Revenue | % * | Q/Q % | Y/Y % | Revenue | Revenue | ||||||||||||||||
Industrial | $ | 462,913 | 46% | 15% | 20% | $ | 402,585 | $ | 384,706 | ||||||||||||
Automotive | 150,418 | 15% | 8% | 9% | 138,764 | 138,398 | |||||||||||||||
Consumer | 205,444 | 21% | (24)% | 156% | 270,146 | 80,385 | |||||||||||||||
Communications | 181,744 | 18% | 5% | 4% | 172,954 | 175,277 | |||||||||||||||
Total revenue (excluding Linear revenue) | $ | 1,000,519 | 100% | 2% | 28% | $ | 984,449 | $ | 778,766 | ||||||||||||
Linear Revenue | 147,463 | — | — | ||||||||||||||||||
Total Revenue | $ | 1,147,982 | 17% | 47% | $ | 984,449 | $ | 778,766 |
____________
* Percentages are based on total revenue (excluding Linear revenue)
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Schedule E |
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Reconciliation of Non-GAAP to GAAP Revenue and Earnings Measures (In thousands, except per-share amounts) | ||||||||||||||
(Unaudited) | ||||||||||||||
See "Non-GAAP Financial Information" in this press release for a description of the items excluded from our non-GAAP measures. | ||||||||||||||
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Three Months Ended | ||||||||||||||
2Q 17 | 1Q 17 | 2Q 16 | ||||||||||||
2017 |
2017 |
2016 |
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GAAP Revenue | $ | 1,147,982 | $ | 984,449 | $ | 778,766 | ||||||||
Y/Y Revenue growth % | 47 | % | 28 | % | (5 | )% | ||||||||
Q/Q Revenue growth % | 17 | % | (2 | )% | 1 | % | ||||||||
Acquisition-Related Deferred Revenues | 60,759 | — | — | |||||||||||
Non-GAAP Revenue | $ | 1,208,741 | $ | 984,449 | $ | 778,766 | ||||||||
Y/Y Revenue growth % | 55 | % | 28 | % | (5 | )% | ||||||||
Q/Q Revenue growth % | 23 | % | (2 | )% | 1 | % | ||||||||
GAAP Gross Margin | $ | 640,443 | $ | 648,504 | $ | 510,903 | ||||||||
Gross Margin Percentage | 55.8 | % | 65.9 | % | 65.6 | % | ||||||||
Acquisition-Related Deferred Revenues | 46,480 | — | — | |||||||||||
Acquisition-Related Expenses | 150,532 | 2,178 | 1,476 | |||||||||||
Acquisition-Related Transaction Costs | 200 | — | — | |||||||||||
Non-GAAP Gross Margin | $ | 837,655 | $ | 650,682 | $ | 512,379 | ||||||||
Gross Margin Percentage | 69.3 | % | 66.1 | % | 65.8 | % | ||||||||
GAAP Operating Expenses | $ | 494,608 | $ | 382,236 | $ | 303,524 | ||||||||
Percent of Revenue | 43.1 | % | 38.8 | % | 39.0 | % | ||||||||
Acquisition-Related Expenses | (74,861 | ) | (18,232 | ) | (17,517 | ) | ||||||||
Acquisition-Related Transaction Costs | (39,766 | ) | (8,011 | ) | — | |||||||||
Restructuring-Related Expense | — | (49,463 | ) | (13,684 | ) | |||||||||
Non-GAAP Operating Expenses | $ | 379,981 | $ | 306,530 | $ | 272,323 | ||||||||
Percent of Non-GAAP Revenue | 31.4 | % | 31.1 | % | 35.0 | % | ||||||||
GAAP Operating Income/Margin | $ | 145,835 | $ | 266,268 | $ | 207,379 | ||||||||
Percent of Revenue | 12.7 | % | 27.0 | % | 26.6 | % | ||||||||
Acquisition-Related Revenues | 46,480 | — | — | |||||||||||
Acquisition-Related Expenses | 225,392 | 20,410 | 18,993 | |||||||||||
Acquisition-Related Transaction Costs | 39,966 | 8,011 | — | |||||||||||
Restructuring-Related Expense | — | 49,463 | 13,684 | |||||||||||
Non-GAAP Operating Income/Margin | $ | 457,673 | $ | 344,152 | $ | 240,056 | ||||||||
Percent of Non-GAAP Revenue | 37.9 | % | 35.0 | % | 30.8 | % | ||||||||
GAAP Other Expense (Income) | $ | 59,121 | $ | 32,959 | $ | 12,469 | ||||||||
Percent of Revenue | 5.1 | % | 3.3 | % | 1.6 | % | ||||||||
Amortization of Deferred Financing Costs | — | (7,214 | ) | — | ||||||||||
Non-GAAP Other Expense | $ | 59,121 | $ | 25,745 | $ | 12,469 | ||||||||
Percent of Non-GAAP Revenue | 4.9 | % | 2.6 | % | 1.6 | % |
GAAP Diluted EPS | $ | 0.27 | $ | 0.69 | $ | 0.55 | ||||||||
Acquisition-Related Deferred Revenue | 0.13 | — | — | |||||||||||
Acquisition-Related Expenses | 0.65 | 0.07 | 0.06 | |||||||||||
Acquisition-Related Transaction Costs | 0.12 | 0.03 | — | |||||||||||
Restructuring-Related Expense | — | 0.16 | 0.04 | |||||||||||
Amortization of Deferred Financing Costs | — | 0.02 | — | |||||||||||
Income Tax Effect of Above Items | (0.09 | ) | (0.03 | ) | — | |||||||||
Impact of State Tax Valuation Release | (0.05 | ) | — | — | ||||||||||
Non-GAAP Diluted EPS (1) | $ | 1.03 | $ | 0.94 | $ | 0.64 |
(1) The sum of the individual per share amounts may not equal the total due to rounding
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Schedule F |
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Reconciliation of Free Cash Flow to Net Cash Flows Provided by Operating Activities |
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(Unaudited) | |||||||||||
(In thousands) | |||||||||||
Three Months Ended | |||||||||||
2Q 17 | 1Q 17 | 2Q 16 | |||||||||
2017 |
2017 |
2016 |
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Net cash provided by operating activities | $ | 521,464 | $ | 314,492 | $ | 320,203 | |||||
% of Revenue | 43.1 | % | (1) | 31.9 | % | 41.1 | % | ||||
Capital expenditures | (46,929 | ) | (28,337 | ) | (25,517 | ) | |||||
Free cash flow | $ | 474,535 | $ | 286,155 | $ | 294,686 | |||||
% of Revenue | 39.3 | % | (1) | 29.1 | % | 37.8 | % |
(1) 2Q17 Revenue on a non-GAAP basis and includes acquisition-related deferred revenue outlined on Schedule E.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170531005303/en/
Mr.
781-461-3491
(fax)
Treasurer and Head of Investor Relations
investor.relations@analog.com
Source:
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