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Analog Devices Reports Fiscal First Quarter 2024 Financial Results

  • Revenue of more than $2.5 billion with continued growth in Automotive

  • Operating cash flow of $4.6 billion and free cash flow of $3.2 billion on a trailing twelve-month basis

  • Returned over $600 million to shareholders through dividends and repurchases in the first quarter

  • Raised quarterly dividend by 7%, marking the twentieth consecutive year of increase

  • Appointed Richard C. Puccio as EVP and Chief Financial Officer

WILMINGTON, Mass., February 21, 2024--(BUSINESS WIRE)--Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its 14-week fiscal first quarter 2024, which ended February 3, 2024.

"ADI delivered first quarter revenue and profitability above the midpoint of our outlook, despite the continued difficult macroeconomic environment," said Vincent Roche, CEO and Chair. "Consistent with our prior view, we expect customer inventory rationalization to largely subside in our second quarter, and thus enter the second half in a more favorable business backdrop. Importantly, we are well positioned to capitalize on the inevitable upswing given our replenished die banks, short lead times, and agile hybrid manufacturing model."

Roche continued, "Over the past several years, we have invested at record levels in product development, customer engagement, and manufacturing activities, positioning us exceptionally well to pursue the rich opportunities of the Intelligent Edge era. The growing criticality of our technology to our customers’ success, and our ‘customer first’ approach to innovation, gives me unwavering confidence in our ability to drive shareholder value for many years to come."

Performance for the 14 Week First Quarter of Fiscal 2024

Results Summary(1)

 

 

 

 

 

(in millions, except per-share amounts and percentages)

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Feb. 3, 2024

 

Jan. 28, 2023

 

Change

Revenue

$

2,513

 

 

$

3,250

 

 

 

(23

)%

Gross margin

$

1,474

 

 

$

2,124

 

 

 

(31

)%

Gross margin percentage

 

58.7

%

 

 

65.4

%

 

(670 bps)

Operating income

$

586

 

 

$

1,131

 

 

 

(48

)%

Operating margin

 

23.3

%

 

 

34.8

%

 

(1,150 bps)

Diluted earnings per share

$

0.93

 

 

$

1.88

 

 

 

(51

)%

 

 

 

 

 

 

Adjusted Results(2)

 

 

 

 

 

Adjusted gross margin

$

1,734

 

 

$

2,392

 

 

 

(28

)%

Adjusted gross margin percentage

 

69.0

%

 

 

73.6

%

 

(460 bps)

Adjusted operating income

$

1,054

 

 

$

1,659

 

 

 

(36

)%

Adjusted operating margin

 

42.0

%

 

 

51.1

%

 

(910 bps)

Adjusted diluted earnings per share

$

1.73

 

 

$

2.75

 

 

 

(37

)%

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Trailing Twelve Months

Cash Generation

 

 

Feb. 3, 2024

 

Feb. 3, 2024

Net cash provided by operating activities

 

 

$

1,139

 

 

$

4,550

 

% of revenue

 

 

 

45

%

 

 

39

%

Capital expenditures

 

 

$

(223

)

 

$

(1,308

)

Free cash flow(2)

 

 

$

916

 

 

$

3,242

 

% of revenue

 

 

 

36

%

 

 

28

%

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Trailing Twelve Months

Cash Return

 

 

Feb. 3, 2024

 

Feb. 3, 2024

Dividend paid

 

 

$

(426

)

 

$

(1,720

)

Stock repurchases

 

 

 

(180

)

 

 

(2,490

)

Total cash returned

 

 

$

(606

)

 

$

(4,209

)

 

 

 

 

 

 

(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.

(2) Reconciliations of non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this press release. See also the "Non-GAAP Financial Information" section for additional information.

Outlook for the Second Quarter of Fiscal Year 2024

For the second quarter of fiscal 2024, we are forecasting revenue of $2.10 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 15.1%, +/-200 bps, and adjusted operating margin of approximately 37.0%, +/-100 bps. We are planning for reported EPS to be $0.46, +/-$0.10, and adjusted EPS to be $1.26, +/-$0.10.

Our second quarter fiscal 2024 outlook is based on current expectations 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.

The adjusted results and adjusted anticipated results above are financial measures presented on a non-GAAP basis. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release. See also the "Non-GAAP Financial Information" section for additional information.

Dividend Payment

The ADI Board of Directors has declared a quarterly cash dividend of $0.92 per outstanding share of common stock. The dividend will be paid on March 15, 2024 to all shareholders of record at the close of business on March 5, 2024.

Conference Call Scheduled for Today, Wednesday, February 21, 2024 at 10:00 am ET

ADI will host a conference call to discuss our first quarter fiscal 2024 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com.

Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. generally accepted accounting principles (GAAP) and may be different from non-GAAP measures presented by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. 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. 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. You are cautioned not to place undue reliance on these non-GAAP measures. Reconciliations of these non-GAAP financial measures to their most directly comparable GAAP financial measures are provided in the financial tables included in this release.

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 primary performance measurements 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 free cash flow, a non-GAAP liquidity measure, 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 non-GAAP financial measures referenced by ADI in this release include: adjusted gross margin, adjusted gross margin percentage, adjusted operating expenses, adjusted operating expenses percentage, adjusted operating income, adjusted operating margin, adjusted nonoperating expense (income), adjusted income before income taxes, adjusted provision for income taxes, adjusted tax rate, adjusted diluted earnings per share (EPS), free cash flow, and free cash flow revenue percentage.

Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding certain acquisition related expenses1, which are described further below. Adjusted gross margin percentage represents adjusted gross margin divided by revenue.

Adjusted operating expenses is defined as operating expenses, determined in accordance with GAAP, excluding: certain acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below. Adjusted operating expenses percentage represents adjusted operating expenses divided by revenue.

Adjusted operating income is defined as operating income, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue.

Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses1, which is described further below.

Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, and special charges, net3, which are described further below.

Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items4, which are described further below. Adjusted tax rate represents adjusted provision for income taxes divided by adjusted income before income taxes.

Adjusted diluted EPS is defined as diluted EPS, determined in accordance with GAAP, excluding: acquisition related expenses1, acquisition related transaction costs2, special charges, net3, and tax related items4, which are described further below.

Free cash flow is defined as net cash provided by operating activities, determined in accordance with GAAP, less additions to property, plant and equipment, net. Free cash flow revenue percentage represents free cash flow divided by revenue.

1Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to debt, 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 fair value adjustments associated with the replacement of share-based awards related to the Maxim Integrated Products, Inc. (Maxim) 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.

2Acquisition Related Transaction Costs: Costs directly related to the Maxim acquisition, including legal, accounting and other professional fees as well as integration-related costs. 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.

3Special Charges, net: Expenses, net, incurred as part of the integration of Maxim, in connection with facility closures, consolidation of manufacturing facilities, severance, other accelerated stock-based compensation expense and other cost reduction efforts or reorganizational initiatives. We excluded these expenses from our non-GAAP measures because apart from ongoing expense savings as a result of such items, these expenses have no direct correlation to the operation of our business in the future.

4Tax Related Items: Income tax effect of the non-GAAP items discussed above and certain other income tax benefits associated with prior periods. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results.

About Analog Devices, Inc.

Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, and software technologies into solutions that help drive advancements in digitized factories, mobility, and digital healthcare, combat climate change, and reliably connect humans and the world. With revenue of more than $12 billion in FY23 and approximately 26,000 people globally working alongside 125,000 global customers, ADI ensures today’s innovators stay Ahead of What’s Possible. Learn more at www.analog.com and on LinkedIn and Twitter (X).

Forward Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding financial performance; customer inventory rationalization; economic uncertainty, demand, business cycles, and supply chains; capital expenditures; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; investments; expected market and technology trends and acceleration of those trends; market size, market share gains, market position, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; our manufacturing resilience plan and related benefits; future dividends and share repurchases; and other future events. Statements that are not historical facts, including statements about our beliefs, plans and expectations, are forward-looking statements. Such statements are based on our current expectations and are subject to a number of factors and uncertainties, which could cause actual results to differ materially from those described in the forward-looking statements. The following important factors and uncertainties, among others, could cause actual results to differ materially from those described in these forward-looking statements: economic, political, legal and regulatory uncertainty or conflicts; changes in demand for semiconductor products; manufacturing delays, product and raw materials availability and supply chain disruptions; products that may be diverted from our authorized distribution channels; changes in export classifications, import and export regulations or duties and tariffs; our development of technologies and research and development investments; our future liquidity, capital needs and capital expenditures; our ability to compete successfully in the markets in which we operate; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; unanticipated difficulties or expenditures related to integrating Maxim Integrated Products, Inc.; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. For additional information about factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to our filings with the Securities and Exchange Commission, including the risk factors contained in our most recent Annual Report on Form 10-K. Forward-looking statements represent management’s current expectations and are inherently uncertain. Except as required by law, we do not undertake any obligation to update forward-looking statements made by us to reflect subsequent events or circumstances.

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, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended

 

Feb. 3, 2024

 

Jan. 28, 2023

Revenue

$

2,512,704

 

 

$

3,249,630

 

Cost of sales

 

1,038,763

 

 

 

1,125,289

 

Gross margin

 

1,473,941

 

 

 

2,124,341

 

Operating expenses:

 

 

 

Research and development

 

391,427

 

 

 

414,095

 

Selling, marketing, general and administrative

 

290,078

 

 

 

326,284

 

Amortization of intangibles

 

190,332

 

 

 

253,142

 

Special charges, net

 

16,140

 

 

 

 

Total operating expenses

 

887,977

 

 

 

993,521

 

Operating income

 

585,964

 

 

 

1,130,820

 

Nonoperating expense (income):

 

 

 

Interest expense

 

77,141

 

 

 

60,453

 

Interest income

 

(9,169

)

 

 

(10,829

)

Other, net

 

4,574

 

 

 

7,723

 

Total nonoperating expense (income)

 

72,546

 

 

 

57,347

 

Income before income taxes

 

513,418

 

 

 

1,073,473

 

Provision for income taxes

 

50,691

 

 

 

111,999

 

Net income

$

462,727

 

 

$

961,474

 

 

 

 

 

Shares used to compute earnings per common share - basic

 

495,765

 

 

 

507,121

 

Shares used to compute earnings per common share - diluted

 

498,741

 

 

 

511,184

 

 

 

 

 

Basic earnings per common share

$

0.93

 

 

$

1.90

 

Diluted earnings per common share

$

0.93

 

 

$

1.88

 

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

 

 

Feb. 3, 2024

 

Oct. 28, 2023

Cash & cash equivalents

$

1,303,560

 

$

958,061

Accounts receivable

 

1,196,721

 

 

1,469,734

Inventories

 

1,553,221

 

 

1,642,214

Other current assets

 

362,375

 

 

314,013

Total current assets

 

4,415,877

 

 

4,384,022

Net property, plant and equipment

 

3,281,937

 

 

3,219,157

Goodwill

 

26,913,134

 

 

26,913,134

Intangible assets, net

 

10,871,054

 

 

11,311,957

Deferred tax assets

 

2,172,174

 

 

2,223,272

Other assets

 

734,288

 

 

742,936

Total assets

$

48,388,464

 

$

48,794,478

 

 

 

 

Other current liabilities

$

1,879,600

 

$

2,154,695

Debt, current

 

499,322

 

 

499,052

Commercial paper notes

 

544,444

 

 

547,224

Long-term debt

 

5,946,673

 

 

5,902,457

Deferred income taxes

 

2,975,815

 

 

3,127,852

Other non-current liabilities

 

994,537

 

 

998,076

Shareholders' equity

 

35,548,073

 

 

35,565,122

Total liabilities & shareholders' equity

$

48,388,464

 

$

48,794,478

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

Three Months Ended

 

Feb. 3, 2024

 

Jan. 28, 2023

Cash flows from operating activities:

 

 

 

Net income

$

462,727

 

 

$

961,474

 

Adjustments to reconcile net income to net cash provided by operations:

 

 

 

Depreciation

 

84,348

 

 

 

85,321

 

Amortization of intangibles

 

440,903

 

 

 

502,177

 

Stock-based compensation expense

 

69,815

 

 

 

75,041

 

Deferred income taxes

 

(102,149

)

 

 

(146,354

)

Other

 

4,684

 

 

 

9,732

 

Changes in operating assets and liabilities

 

178,504

 

 

 

(81,086

)

Total adjustments

 

676,105

 

 

 

444,831

 

Net cash provided by operating activities

 

1,138,832

 

 

 

1,406,305

 

Cash flows from investing activities:

 

 

 

Additions to property, plant and equipment, net

 

(222,978

)

 

 

(176,158

)

Other

 

3,877

 

 

 

102

 

Net cash used for investing activities

 

(219,101

)

 

 

(176,056

)

Cash flows from financing activities:

 

 

 

Proceeds from commercial paper notes

 

2,779,494

 

 

 

 

Payments of commercial paper notes

 

(2,782,274

)

 

 

 

Repurchase of common stock

 

(180,351

)

 

 

(654,557

)

Dividend payments to shareholders

 

(426,076

)

 

 

(385,452

)

Proceeds from employee stock plans

 

49,819

 

 

 

41,238

 

Other

 

(14,844

)

 

 

(31,588

)

Net cash used for financing activities

 

(574,232

)

 

 

(1,030,359

)

Net increase in cash and cash equivalents

 

345,499

 

 

 

199,890

 

Cash and cash equivalents at beginning of period

 

958,061

 

 

 

1,470,572

 

Cash and cash equivalents at end of period

$

1,303,560

 

 

$

1,670,462

 

ANALOG DEVICES, INC.
REVENUE TRENDS BY END MARKET
(Unaudited)
(In thousands)

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 and our methodology evolves and improves, 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.

 

Three Months Ended

 

February 3, 2024

 

January 28, 2023

 

Revenue

 

% of Revenue1

 

Y/Y%

 

Revenue

 

% of Revenue1

Industrial

$

1,196,832

 

48

%

 

(31

)%

 

$

1,740,780

 

54

%

Automotive

 

739,158

 

29

%

 

9

%

 

 

680,637

 

21

%

Communications

 

302,573

 

12

%

 

(37

)%

 

 

477,266

 

15

%

Consumer

 

274,141

 

11

%

 

(22

)%

 

 

350,947

 

11

%

Total revenue

$

2,512,704

 

100

%

 

(23

)%

 

$

3,249,630

 

100

%

 

 

 

 

 

 

 

 

 

 

1) The sum of the individual percentages may not equal the total due to rounding.

ANALOG DEVICES, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(Unaudited)

(In thousands, except per share amounts)

 

 

Three Months Ended

 

Feb. 3, 2024

 

Jan. 28, 2023

Gross margin

$

1,473,941

 

 

$

2,124,341

 

Gross margin percentage

 

58.7

%

 

 

65.4

%

Acquisition related expenses

 

259,884

 

 

 

267,514

 

Adjusted gross margin

$

1,733,825

 

 

$

2,391,855

 

Adjusted gross margin percentage

 

69.0

%

 

 

73.6

%

 

 

 

 

Operating expenses

$

887,977

 

 

$

993,521

 

Percent of revenue

 

35.3

%

 

 

30.6

%

Acquisition related expenses

 

(192,422

)

 

 

(258,059

)

Acquisition related transaction costs

 

 

 

 

(2,563

)

Special charges, net

 

(16,140

)

 

 

 

Adjusted operating expenses

$

679,415

 

 

$

732,899

 

Adjusted operating expenses percentage

 

27.0

%

 

 

22.6

%

 

 

 

 

Operating income

$

585,964

 

 

$

1,130,820

 

Operating margin

 

23.3

%

 

 

34.8

%

Acquisition related expenses

 

452,306

 

 

 

525,573

 

Acquisition related transaction costs

 

 

 

 

2,563

 

Special charges, net

 

16,140

 

 

 

 

Adjusted operating income

$

1,054,410

 

 

$

1,658,956

 

Adjusted operating margin

 

42.0

%

 

 

51.1

%

 

 

 

 

Nonoperating expense (income)

$

72,546

 

 

$

57,347

 

Acquisition related expenses

 

2,150

 

 

 

2,288

 

Adjusted nonoperating expense (income)

$

74,696

 

 

$

59,635

 

 

 

 

 

Income before income taxes

$

513,418

 

 

$

1,073,473

 

Acquisition related expenses

 

450,156

 

 

 

523,285

 

Acquisition related transaction costs

 

 

 

 

2,563

 

Special charges, net

 

16,140

 

 

 

 

Adjusted income before income taxes

$

979,714

 

 

$

1,599,321

 

 

 

 

 

Provision for income taxes

$

50,691

 

 

$

111,999

 

Effective income tax rate

 

9.9

%

 

 

10.4

%

Tax related items

 

65,030

 

 

 

81,843

 

Adjusted provision for income taxes

$

115,721

 

 

$

193,842

 

Adjusted tax rate

 

11.8

%

 

 

12.1

%

 

 

 

 

Diluted EPS

$

0.93

 

 

$

1.88

 

Acquisition related expenses

 

0.90

 

 

 

1.02

 

Acquisition related transaction costs

 

 

 

 

0.01

 

Special charges, net

 

0.03

 

 

 

 

Tax related items

 

(0.13

)

 

 

(0.16

)

Adjusted diluted EPS*

$

1.73

 

 

$

2.75

 

* The sum of the individual per share amounts may not equal the total due to rounding.

ANALOG DEVICES, INC.

RECONCILIATION OF NET CASH PROVIDED BY OPERATING ACTIVITIES TO FREE CASH FLOW

(Unaudited)

(In thousands)

 

 

Trailing Twelve Months

 

Three Months Ended

 

Feb. 3, 2024

 

Feb. 3, 2024

 

Oct. 28, 2023

 

Jul. 29, 2023

 

Apr. 29, 2023

Revenue

$

11,568,613

 

 

$

2,512,704

 

 

$

2,716,484

 

 

$

3,076,495

 

 

$

3,262,930

 

Net cash provided by operating activities

$

4,550,161

 

 

$

1,138,832

 

 

$

1,187,294

 

 

$

1,142,454

 

 

$

1,081,581

 

% of Revenue

 

39

%

 

 

45

%

 

 

44

%

 

 

37

%

 

 

33

%

Capital expenditures

$

(1,308,283

)

 

$

(222,978

)

 

$

(476,393

)

 

$

(324,574

)

 

$

(284,338

)

Free cash flow

$

3,241,878

 

 

$

915,854

 

 

$

710,901

 

 

$

817,880

 

 

$

797,243

 

% of Revenue

 

28

%

 

 

36

%

 

 

26

%

 

 

27

%

 

 

24

%

 

 

 

 

 

 

 

 

 

 

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

 

 

Three Months Ending May 4, 2024

 

Reported

 

Adjusted

Revenue

$2.10 Billion

 

$2.10 Billion

 

(+/- $100 Million)

 

(+/- $100 Million)

Operating margin

15.1%

 

37.0% (1)

 

(+/-200 bps)

 

(+/-100 bps)

Nonoperating expenses

~ $65 Million

 

~ $65 Million

Tax rate

11% - 13%

 

11% - 13% (2)

Earnings per share

$0.46

 

$1.26 (3)

 

(+/- $0.10)

 

(+/- $0.10)

(1) Includes $460 million of adjustments related to acquisition related expenses and special charges, net as previously defined in the Non-GAAP Financial Information section of this press release.
(2) Includes $61 million of tax effects associated with the adjustments for acquisition related expenses and special charges, net noted above.
(3) Includes $0.80 of adjustments related to the net impact of acquisition related expenses, special charges, net and the tax effects on those items.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240221340894/en/

Contacts

Investor Contact:
Analog Devices, Inc.
Mr. Michael Lucarelli
Vice President, Investor Relations and FP&A
781-461-3282
investor.relations@analog.com

Media Contact:
Analog Devices, Inc.
Ms. Ferda Millan
Global PR & External Communications
Ferda.Millan@analog.com

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