Analog Devices Reports Fourth Quarter and Fiscal Year 2014 Results
Revenue increases to a record
"During the fourth quarter order rates were stable and ADI executed very
well, resulting in record revenue and earnings growth that was near the
high end of our guidance," said
"We are planning for revenue in the first quarter to be in the range of
ADI also announced that its Board of Directors has declared a cash
dividend of
Results for the Fourth Quarter of Fiscal Year 2014
Results for the fourth quarter and fiscal year 2014 include
contributions from Hittite Microwave. The acquisition was
announced on
-
Revenue totaled
$814 million , up 12% sequentially - GAAP gross margin of 59.7% of revenue; Non-GAAP gross margin of 66.4% of revenue
- GAAP operating margin of 18.4% of revenue; Non-GAAP operating margin of 33.2% of revenue
-
GAAP diluted EPS of
$0.34 ; Non-GAAP diluted EPS of$0.69
Results for Fiscal Year 2014
-
Revenue totaled
$2.9 billion , up 9% year-over-year - GAAP gross margin of 63.9% of revenue; Non-GAAP gross margin of 66% of revenue
- GAAP operating margin of 26.3% of revenue; Non-GAAP operating margin of 31.8% of revenue
-
GAAP diluted EPS of
$1.98 per share; Non-GAAP diluted EPS of$2.39 per share -
Free cash flow of
$694 million , or 24% of revenue -
Share repurchases and dividend payments to shareholders totaled
$811 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 2014, 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 investor.analog.com.
Outlook for the First Quarter of Fiscal Year 2015
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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- |
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Gross Margin | approx. 64.7% |
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approx. 65.0% | ||||||||||||||||||
Operating Expenses |
approx. |
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approx. |
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Interest & Other Expense |
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- |
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Tax Rate | approx. 16.5% |
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approx. 14.5% | ||||||||||||||||||
Earnings per Share |
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-
Reflects estimated adjustments for amortization of intangible assets
of
$1 million and step-up charges to record Hittite inventory and fixed assets of$1.6 million at fair value as part of the purchase accounting for the Hittite acquisition. - Reflects estimated adjustments for amortization of intangible assets.
- Represents the tax effect for the items noted above.
- Represents the expenses and associated tax impact of the amortization of purchased intangibles and step-up charges on a per share basis.
Conference Call Scheduled for
ADI will host a conference call to discuss the fourth quarter and full
year 2014 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: 17076906, 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.
Schedule E of this press release provides the reconciliation of the Company's historical non-GAAP measures to its GAAP measures.
Management uses non-GAAP revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margins, non-GAAP other expense, and non-GAAP diluted earnings per share 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 understanding and evaluating the Company's operating results and trends in the Company's business.
The following item is excluded from our Non-GAAP revenue:
Hittite Operations: The results of operations of Hittite from
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:
Hittite Operations: The results of operations of Hittite from
Acquisition-Related Expenses: Expenses incurred as a result of the Hittite acquisition in the third and fourth quarter of fiscal 2014 primarily include: severance payments; expense associated with the fair value adjustments to inventory, property, plant and equipment, and distributor deferred costs; and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. 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.
Stock-Based Compensation Expense: In the fourth quarter of 2014, the Company canceled certain stock awards in conjunction with the restructuring charge which resulted in the recognition of income for stock-based compensation expense recorded in prior periods for these awards. This stock-based compensation income and the related tax effect have no direct correlation to the operation of our business in the future.
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:
The exclusion of these items allows management to evaluate the Company's core business and trends across different reporting periods on a consistent basis. Management presents these Non-GAAP items to enable investors and analysts to evaluate our core business.
Acquisition-Related Transaction Costs: Costs incurred as a result of the Hittite acquisition in the third and fourth quarter of fiscal 2014 include legal, accounting and other professional fees directly related to the Hittite 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.
Restructuring-Related Expenses: These expenses are incurred in connection with facility closures, consolidation of manufacturing facilities, severance, and other cost reduction efforts. 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:
Acquisition-Related Debt Costs: The Company incurred debt financing costs during the third and fourth quarters of fiscal 2014 on its 90-day term loan facility used to finance the Hittite acquisition. We excluded these costs from our non-GAAP measures because they are not reflective of our ongoing financial performance.
Gain on Sale of Product Line: In the fourth quarter of fiscal
2013, the Company completed the sale of its microphone product line and
recorded a gain of
Debt Extinguishment Costs: In the third quarter of fiscal 2013,
the Company redeemed its outstanding 5.0% senior unsecured notes due
The following item is excluded from our non-GAAP diluted earnings per share:
Tax-Related Items: In the first quarter of fiscal 2013, the
Company recorded a
Management believes that the presentation of non-GAAP revenue, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating income, non-GAAP operating margins, non-GAAP other expenses and non-GAAP diluted EPS is useful to investors because it provides investors with the operating results that management uses to manage the Company.
Investors should consider our non-GAAP financial measures in conjunction with the corresponding GAAP measures.
About
Innovation, performance, and excellence are the cultural pillars on
which
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, operating expenses,
gross margin, tax rate, and other financial results, including
inventories, other current assets and goodwill, expected operating
leverage, production and inventory levels, objectives, plans and goals,
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
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Schedule A |
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Revenue and Earnings Summary (Unaudited) | |||||||||||||||||||||||||
(In thousands, except per-share amounts) | |||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
4Q 14 | 3Q 14 | 4Q 13 | FY 14 | FY 13 | |||||||||||||||||||||
2014 |
2014 |
|
2014 |
2013 |
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Revenue | $ | 814,247 | $ | 727,752 | $ | 678,133 | $ | 2,864,773 | $ | 2,633,689 | |||||||||||||||
Year-to-year change | 20 | % | 8 | % | -2 | % | 9 | % | -2 | % | |||||||||||||||
Quarter-to-quarter change | 12 | % | 5 | % | 1 | % | |||||||||||||||||||
Cost of sales (1) | 328,210 | 251,462 | 233,263 | 1,034,585 | 941,278 | ||||||||||||||||||||
Gross margin | 486,037 | 476,290 | 444,870 | 1,830,188 | 1,692,411 | ||||||||||||||||||||
Gross margin percentage | 59.7 | % | 65.4 | % | 65.6 | % | 63.9 | % | 64.3 | % | |||||||||||||||
Year-to-year change (basis points) | -590 | 90 | 180 | -40 | -20 | ||||||||||||||||||||
Quarter-to-quarter change (basis points) | -570 | -70 | 110 | ||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||
R&D (1) | 154,797 | 140,095 | 130,979 | 559,686 | 513,035 | ||||||||||||||||||||
Selling, marketing and G&A (1) | 121,424 | 132,989 | 98,197 | 454,676 | 396,233 | ||||||||||||||||||||
Amortization of intangibles | 25,250 | 660 | 55 | 26,020 | 220 | ||||||||||||||||||||
Special charges | 34,637 | - | 15,777 | 37,322 | 29,848 | ||||||||||||||||||||
Total operating expenses | 336,108 | 273,744 | 245,008 | 1,077,704 | 939,336 | ||||||||||||||||||||
Total operating expenses percentage | 41.3 | % | 37.6 | % | 36.1 | % | 37.6 | % | 35.7 | % | |||||||||||||||
Year-to-year change (basis points) | 520 | 400 | 330 | 190 | 180 | ||||||||||||||||||||
Quarter-to-quarter change (basis points) | 370 | 330 | 250 | ||||||||||||||||||||||
Operating income | 149,929 | 202,546 | 199,862 | 752,484 | 753,075 | ||||||||||||||||||||
Operating income percentage | 18.4 | % | 27.8 | % | 29.5 | % | 26.3 | % | 28.6 | % | |||||||||||||||
Year-to-year change (basis points) | -1,110 | -310 | -150 | -230 | -190 | ||||||||||||||||||||
Quarter-to-quarter change (basis points) | -940 | -390 | -140 | ||||||||||||||||||||||
Other expense | 11,231 | 5,158 | (82,650 | ) | 23,139 | (62,248 | ) | ||||||||||||||||||
Income before income tax | 138,698 | 197,388 | 282,512 | 729,345 | 815,323 | ||||||||||||||||||||
Provision for income taxes | 30,003 | 16,782 | 80,958 | 100,025 | 141,836 | ||||||||||||||||||||
Tax rate percentage | 21.6 | % | 8.5 | % | 28.7 | % | 13.7 | % | 17.4 | % | |||||||||||||||
Net income | $ | 108,695 | $ | 180,606 | $ | 201,554 | $ | 629,320 | $ | 673,487 | |||||||||||||||
Shares used for EPS - basic | 312,815 | 314,190 | 311,009 | 313,195 | 307,763 | ||||||||||||||||||||
Shares used for EPS - diluted | 316,868 | 318,876 | 317,216 | 318,027 | 314,041 | ||||||||||||||||||||
Earnings per share - basic | $ | 0.35 | $ | 0.57 | $ | 0.65 | $ | 2.01 | $ | 2.19 | |||||||||||||||
Earnings per share - diluted | $ | 0.34 | $ | 0.57 | $ | 0.64 | $ | 1.98 | $ | 2.14 | |||||||||||||||
Dividends paid per share | $ | 0.37 | $ | 0.37 | $ | 0.34 | $ | 1.45 | $ | 1.32 | |||||||||||||||
(1) Includes stock-based compensation expense as follows: | |||||||||||||||||||||||||
Cost of sales | $ | 2,371 | $ | 1,724 | $ | 1,737 | $ | 7,069 | $ | 6,593 | |||||||||||||||
R&D | $ | 6,155 | $ | 5,415 | $ | 5,721 | $ | 20,707 | $ | 21,901 | |||||||||||||||
Selling, marketing and G&A | $ | 6,867 | $ | 6,331 | $ | 5,664 | $ | 23,036 | $ | 28,392 | |||||||||||||||
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Schedule B |
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Selected Balance Sheet Information (Unaudited) | ||||||||||||
(In thousands) | ||||||||||||
4Q 14 | 3Q 14 | 4Q 13 | ||||||||||
2014 |
2014 |
|
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Cash & short-term investments | $ | 2,866,468 | $ | 4,932,259 | $ | 4,682,912 | ||||||
Accounts receivable, net | 396,605 | 394,762 | 325,144 | |||||||||
Inventories (1) (2) | 367,927 | 415,098 | 283,337 | |||||||||
Other current assets (3) | 196,402 | 181,765 | 181,032 | |||||||||
Total current assets | 3,827,402 | 5,923,884 | 5,472,425 | |||||||||
PP&E, net | 622,422 | 609,937 | 508,171 | |||||||||
Investments | 34,507 | 32,022 | 21,180 | |||||||||
Goodwill (3) | 1,642,438 | 1,631,890 | 284,112 | |||||||||
Intangible assets, net | 671,402 | 695,832 | 28,552 | |||||||||
Other (3) | 78,586 | 79,900 | 67,310 | |||||||||
Total assets | $ | 6,876,757 | $ | 8,973,465 | $ | 6,381,750 | ||||||
Deferred income on shipments to distributors, net | $ | 278,435 | $ | 285,832 | $ | 247,428 | ||||||
Current debt | - | 1,995,398 | - | |||||||||
Other current liabilities (3) | 433,543 | 341,296 | 323,084 | |||||||||
Long-term debt, non-current | 872,789 | 872,652 | 872,241 | |||||||||
Non-current liabilities (3) | 534,093 | 471,090 | 199,421 | |||||||||
Shareholders' equity | 4,757,897 | 5,007,197 | 4,739,576 | |||||||||
Total liabilities & equity | $ | 6,876,757 | $ | 8,973,465 | $ | 6,381,750 | ||||||
(1) Includes |
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(2) Includes |
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(3) Deferred tax and goodwill balances are preliminary pending finalization of the Hittite Acquisition purchase accounting. |
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Schedule C |
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Cash Flow Statement (Unaudited) | |||||||||||||||||||||||||
(In thousands) |
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Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
4Q 14 | 3Q 14 | 4Q 13 | FY 14 | FY 13 | |||||||||||||||||||||
2014 |
2014 |
2013 |
2014 |
2013 |
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Cash flows from operating activities: | |||||||||||||||||||||||||
Net Income | $ | 108,695 | $ | 180,606 | $ | 201,554 | $ | 629,320 | $ | 673,487 | |||||||||||||||
Adjustments to reconcile net income to net cash provided by operations: |
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Depreciation | 30,917 | 28,353 | 27,515 | 114,064 | 110,196 | ||||||||||||||||||||
Amortization of intangibles | 26,186 | 1,610 | 55 | 27,906 | 220 | ||||||||||||||||||||
Stock-based compensation expense | 15,393 | 13,470 | 13,122 | 50,812 | 56,886 | ||||||||||||||||||||
Loss on extinguishment of debt | - | - | - | - | 10,205 | ||||||||||||||||||||
Gain on sale of product line | - | - | (85,444 | ) | - | (85,444 | ) | ||||||||||||||||||
Other non-cash activity | 600 | 1,006 | 887 | 4,423 | (185 | ) | |||||||||||||||||||
Excess tax benefit - stock options | (882 | ) | (9,322 | ) | (1,098 | ) | (22,231 | ) | (16,171 | ) | |||||||||||||||
Deferred income taxes | (56,812 | ) | (6,380 | ) | (6,558 | ) | (65,117 | ) | (17,699 | ) | |||||||||||||||
Changes in operating assets and liabilities | 138,166 | 4,099 | 132,132 | 132,425 | 180,850 | ||||||||||||||||||||
Total adjustments | 153,568 | 32,836 | 80,611 | 242,282 | 238,858 | ||||||||||||||||||||
Net cash provided by operating activities | 262,263 | 213,442 | 282,165 | 871,602 | 912,345 | ||||||||||||||||||||
Percent of total revenue | 32.2 | % | 29.3 | % | 41.6 | % | 30.4 | % | 34.6 | % | |||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||||||
Purchases of short-term available-for-sale investments | (1,946,144 | ) | (1,028,781 | ) | (2,559,600 | ) | (7,485,162 | ) | (8,540,335 | ) | |||||||||||||||
Maturities of short-term available-for-sale investments | 1,507,940 | 1,815,862 | 2,199,444 | 7,318,877 | 6,970,885 | ||||||||||||||||||||
Sales of short-term available-for-sale investments | 487,259 | 1,298,044 | 59,903 | 2,187,389 | 650,730 | ||||||||||||||||||||
Additions to property, plant and equipment | (43,417 | ) | (42,315 | ) | (48,558 | ) | (177,913 | ) | (123,074 | ) | |||||||||||||||
Payments for acquisitions, net of cash acquired | (2,183 | ) | (1,943,704 | ) | - | (1,945,887 | ) | (2,475 | ) | ||||||||||||||||
Proceeds from sale of product line | - | - | 100,000 | - | 100,000 | ||||||||||||||||||||
Change in other assets | (2,633 | ) | (340 | ) | (1,591 | ) | (12,055 | ) | (5,657 | ) | |||||||||||||||
Net cash provided by (used for) investing activities | 822 | 98,766 | (250,402 | ) | (114,751 | ) | (949,926 | ) | |||||||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||||||
Payment of senior unsecured notes | - | - | - | - | (392,790 | ) | |||||||||||||||||||
Proceeds from debt | - | 1,995,398 | - | 1,995,398 | 493,880 | ||||||||||||||||||||
Proceeds from derivative instruments | - | - | - | - | 10,952 | ||||||||||||||||||||
Term loan repayments | (1,995,398 | ) | - | - | (1,995,398 | ) | (60,108 | ) | |||||||||||||||||
Dividend payments to shareholders | (116,308 | ) | (116,098 | ) | (105,938 | ) | (454,225 | ) | (405,955 | ) | |||||||||||||||
Repurchase of common stock | (187,375 | ) | (57,394 | ) | (42,809 | ) | (356,346 | ) | (60,529 | ) | |||||||||||||||
Proceeds from employee stock plans | 21,533 | 36,045 | 44,399 | 200,114 | 306,277 | ||||||||||||||||||||
Excess tax benefit - stock options | 882 | 9,322 | 1,098 | 22,231 | 16,171 | ||||||||||||||||||||
Contingent consideration payment | - | (1,803 | ) | (1,913 | ) | (3,576 | ) | (5,665 | ) | ||||||||||||||||
Change in other financing activities | (1,178 | ) | 5,406 | 4,696 | 15,192 | (2,790 | ) | ||||||||||||||||||
Net cash (used for) provided by financing activities | (2,277,844 | ) | 1,870,876 | (100,467 | ) | (576,610 | ) | (100,557 | ) | ||||||||||||||||
Effect of exchange rate changes on cash | (1,449 | ) | (433 | ) | 725 | (3,097 | ) | 1,394 | |||||||||||||||||
Net (decrease) increase in cash and cash equivalents | (2,016,208 | ) | 2,182,651 | (67,979 | ) | 177,144 | (136,744 | ) | |||||||||||||||||
Cash and cash equivalents at beginning of period | 2,585,441 | 402,790 | 460,068 | 392,089 | 528,833 | ||||||||||||||||||||
Cash and cash equivalents at end of period | $ | 569,233 | $ | 2,585,441 | $ | 392,089 | $ | 569,233 | $ | 392,089 | |||||||||||||||
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Schedule D |
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Revenue Trends by End Market (Unaudited) |
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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
results below are inclusive of the Hittite acquisition from the
acquisition date, |
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Three Months Ended | ||||||||||||||||||||||||
2014 |
2014 |
2013 |
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Revenue | % | Q/Q % | Y/Y % | Revenue | Revenue | |||||||||||||||||||
Industrial | $ | 369,241 | 45 | % | 6 | % | 19 | % | $ | 349,821 | $ | 311,526 | ||||||||||||
Automotive | 134,493 | 17 | % | 3 | % | 2 | % | 129,964 | 131,400 | |||||||||||||||
Consumer | 92,329 | 11 | % | 14 | % | -3 | % | 80,915 | 95,096 | |||||||||||||||
Communications | 218,184 | 27 | % | 31 | % | 56 | % | 167,052 | 140,111 | |||||||||||||||
Total Revenue | $ | 814,247 | 100 | % | 12 | % | 20 | % | $ | 727,752 | $ | 678,133 | ||||||||||||
Twelve Months Ended | ||||||||||||||||||||||||
2014 |
2013 |
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Revenue | % | Y/Y % | Revenue | |||||||||||||||||||||
Industrial | $ | 1,333,694 | 47 | % | 10 | % | $ | 1,215,829 | ||||||||||||||||
Automotive | 524,867 | 18 | % | 9 | % | 483,445 | ||||||||||||||||||
Consumer | 325,222 | 11 | % | -20 | % | 404,548 | ||||||||||||||||||
Communications | 680,990 | 24 | % | 29 | % | 529,867 | ||||||||||||||||||
Total Revenue | $ | 2,864,773 | 100 | % | 9 | % | $ | 2,633,689 | ||||||||||||||||
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Schedule E |
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Reconciliation from GAAP to Non-GAAP Data (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. | |||||||||||||||||||||||||
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||||
4Q 14 | 3Q 14 | 4Q 13 | FY 14 | FY 13 | |||||||||||||||||||||
2014 |
2014 |
|
2014 |
2013 |
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GAAP Revenue | $ | 814,247 | $ | 727,752 | $ | 678,133 | $ | 2,864,773 | $ | 2,633,689 | |||||||||||||||
Y/Y Revenue growth % | 9 | % | -2 | % | |||||||||||||||||||||
Q/Q Revenue growth % | 12 | % | 5 | % | 1 | % | |||||||||||||||||||
Hittite Operations | - | (5,392 | ) | - | (5,392 | ) | - | ||||||||||||||||||
Non-GAAP Revenue | $ | 814,247 | $ | 722,360 | $ | 678,133 | $ | 2,859,381 | $ | 2,633,689 | |||||||||||||||
Y/Y Revenue growth % | 9 | % | -2 | % | |||||||||||||||||||||
Q/Q Revenue growth % | 13 | % | 4 | % | 1 | % | |||||||||||||||||||
GAAP Gross Margin | $ | 486,037 | $ | 476,290 | $ | 444,870 | $ | 1,830,188 | $ | 1,692,411 | |||||||||||||||
Gross Margin Percentage |
59.7 | % | 65.4 | % | 65.6 | % | 63.9 | % | 64.3 | % | |||||||||||||||
Hittite Operations | - | (3,015 | ) | - | (3,015 | ) | - | ||||||||||||||||||
Acquisition-Related Expenses |
54,388 | 6,837 | - | 61,225 | - | ||||||||||||||||||||
Stock-Based Compensation Expense | (113 | ) | - | - | (113 | ) | - | ||||||||||||||||||
Non-GAAP Gross Margin | $ | 540,312 | $ | 480,112 | $ | 444,870 | $ | 1,888,285 | $ | 1,692,411 | |||||||||||||||
Gross Margin Percentage | 66.4 | % | 66.5 | % | 65.6 | % | 66.0 | % | 64.3 | % | |||||||||||||||
GAAP Operating Expenses | $ | 336,108 | $ | 273,744 | $ | 245,008 | $ | 1,077,704 | $ | 939,336 | |||||||||||||||
Percent of Revenue | 41.3 | % | 37.6 | % | 36.1 | % | 37.6 | % | 35.7 | % | |||||||||||||||
Hittite Operations | - | (2,033 | ) | - | (2,033 | ) | - | ||||||||||||||||||
Acquisition-Related Expenses |
(27,166 | ) | (5,284 | ) | - | (32,450 | ) | - | |||||||||||||||||
Acquisition-Related Transaction Costs |
(5,987 | ) | (21,123 | ) | - | (27,110 | ) | - | |||||||||||||||||
Restructuring-Related Expense | (34,637 | ) | - | (15,777 | ) | (37,322 | ) | (29,848 | ) | ||||||||||||||||
Stock-Based Compensation Expense | 1,302 | - | - | 1,302 | (6,273 | ) | |||||||||||||||||||
Non-GAAP Operating Expenses | $ | 269,620 | $ | 245,304 | $ | 229,231 | $ | 980,091 | $ | 903,215 | |||||||||||||||
Percent of Revenue | 33.1 | % | 34.0 | % | 33.8 | % | 34.3 | % | 34.3 | % | |||||||||||||||
GAAP Operating Income/Margin | $ | 149,929 | $ | 202,546 | $ | 199,862 | $ | 752,484 | $ | 753,075 | |||||||||||||||
Percent of Revenue | 18.4 | % | 27.8 | % | 29.5 | % | 26.3 | % | 28.6 | % | |||||||||||||||
Hittite Operations | - | (982 | ) | - | (982 | ) | - | ||||||||||||||||||
Acquisition-Related Expenses |
81,554 | 12,121 | - | 93,675 | - | ||||||||||||||||||||
Acquisition-Related Transaction Costs |
5,987 | 21,123 | - | 27,110 | - | ||||||||||||||||||||
Restructuring-Related Expense | 34,637 | - | 15,777 | 37,322 | 29,848 | ||||||||||||||||||||
Stock-Based Compensation Expense | (1,415 | ) | - | - | (1,415 | ) | 6,273 | ||||||||||||||||||
Non-GAAP Operating Income/Margin | $ | 270,692 | $ | 234,808 | $ | 215,639 | $ | 908,194 | $ | 789,196 | |||||||||||||||
Percent of Revenue | 33.2 | % | 32.5 | % | 31.8 | % | 31.8 | % | 30.0 | % | |||||||||||||||
GAAP Other Expense (Income) | $ | 11,231 | $ | 5,158 | $ | (82,650 | ) | $ | 23,139 | $ | (62,248 | ) | |||||||||||||
Percent of Revenue | 1.4 | % | 0.7 | % | -12.2 | % | 0.8 | % | -2.4 | % | |||||||||||||||
Acquisition-Related Debt Costs |
(4,823 | ) | (1,513 | ) | - | (6,336 | ) | - | |||||||||||||||||
Gain on Sale of Product Line | - | - | 85,444 | - | 85,444 | ||||||||||||||||||||
Loss on Extinguishment of Debt | - | - | - | - | (10,205 | ) | |||||||||||||||||||
Non-GAAP Other Expense | $ | 6,408 | $ | 3,645 | $ | 2,794 | $ | 16,803 | $ | 12,991 | |||||||||||||||
Percent of Revenue | 0.8 | % | 0.5 | % | 0.4 | % | 0.6 | % | 0.5 | % | |||||||||||||||
GAAP Diluted EPS | $ | 0.34 | $ | 0.57 | $ | 0.64 | $ | 1.98 | $ | 2.14 | |||||||||||||||
Impact of Loss on Extinguishment of Debt | - | - | - | - | 0.02 | ||||||||||||||||||||
Hittite Operations | - | - | - | - | - | ||||||||||||||||||||
Acquisition-Related Expenses |
0.25 | 0.02 | - | 0.27 | - | ||||||||||||||||||||
Acquisition-Related Transaction Costs |
0.01 | 0.04 | - | 0.05 | - | ||||||||||||||||||||
Acquisition-Related Debt Costs |
0.01 | - | - | 0.01 | - | ||||||||||||||||||||
Acquisition-Related Tax Impact |
(0.02 | ) | - | - | (0.02 | ) | - | ||||||||||||||||||
Impact of Gain on Sale of Product Line | - | - | (0.19 | ) | - | (0.19 | ) | ||||||||||||||||||
Restructuring-Related Expense | 0.09 | - | 0.05 | 0.10 | 0.08 | ||||||||||||||||||||
Impact of the Reversal of Prior Period Tax Liabilities | - | - | (0.01 | ) | - | (0.03 | ) | ||||||||||||||||||
Stock-Based Compensation Expense | - | - | - | - | 0.01 | ||||||||||||||||||||
Impact of Tax Reserve | - | - | 0.13 | - | 0.13 | ||||||||||||||||||||
Impact of the Reinstatement of the R&D Tax Credit | - | - | - | - | (0.02 | ) | |||||||||||||||||||
Impact of Expired Tax Statute | - | - | - | - | (0.01 | ) | |||||||||||||||||||
Non-GAAP Diluted EPS (1) | $ | 0.69 | $ | 0.63 | $ | 0.62 | $ | 2.39 | $ | 2.15 | |||||||||||||||
(1) The sum of the individual per share amounts may not equal the total due to rounding | |||||||||||||||||||||||||
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