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Analog Devices Reports Third Quarter Fiscal Year 2014 Results

Analog Devices, Inc. (NASDAQ: ADI), a global leader in high-performance semiconductors for signal processing applications, today announced financial results for its third quarter of fiscal year 2014, which ended August 2, 2014.

“ADI had another good quarter of revenue growth led by the industrial and communications infrastructure markets,” said Vincent Roche, President and CEO. “Profitability and cash flow continued to be strong and we returned $173 million to shareholders through cash dividends and share repurchases.”

“Near the end of our third quarter, we completed the acquisition of Hittite Microwave Corporation which adds critical radio frequency, microwave and millimeter wave technology to our product portfolio. This helps ADI bring more complete solutions to our industrial, aerospace and defense, communications, and automotive customers, where ever-increasing design challenges are creating significant growth opportunities for ADI,” Mr. Roche continued. “With the addition of Hittite, we are planning for revenue in the fourth quarter to be in the range of $790 million to $820 million.”

Results for the Third Quarter of Fiscal Year 2014
The non-GAAP results below exclude Hittite operations and acquisition-related items.

  • GAAP revenue totaled $728 million; Non-GAAP revenue totaled $722.4, up 4% sequentially
  • GAAP gross margin of 65.4% of revenue; Non-GAAP gross margin of 66.5% of revenue
  • GAAP operating margin of 27.8%; Non-GAAP operating margin of 32.5% of revenue
  • GAAP Diluted EPS of $0.57; Non-GAAP diluted EPS of $0.63

Please refer to the schedules provided for a summary of revenue and earnings, selected balance sheet information, and the cash flow statement for the third quarter of fiscal year 2014, as well as the immediately prior and year-ago quarters. Additional information on revenue by end market and revenue by product type is provided on Schedules D and E. A more complete table covering prior periods is available at investor.analog.com.

ADI also announced that the Board of Directors has declared a cash dividend of $0.37 per outstanding share of common stock. The dividend will be paid on September 17, 2014 to all shareholders of record at the close of business on September 5, 2014.

Outlook for the Fourth Quarter of Fiscal Year 2014
The following statements are based on current expectations, and as indicated, are presented on a 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.

  • Revenue estimated to increase in the range of $790 million to $820 million
  • Non-GAAP gross margin expected to be approximately 66.2%
  • Non-GAAP operating expenses expected to be between $268 million to $271 million
  • Non-GAAP interest and other expense expected to be approximately $6 million
  • Non-GAAP tax rate expected to be 15.5% to 16%
  • Non-GAAP diluted EPS estimated to be $0.66 to $0.70/share

With respect to the forward-looking information presented on a non-GAAP basis, the Company is unable to provide a quantitative reconciliation to GAAP because the items that would be included or excluded, other than those described below, are difficult to predict and estimate and are primarily dependent on future events. Known reconciling items are:

  • Non-GAAP gross margin excludes $8 million of amortization of intangible assets and $48 million of inventory and fixed asset step-up charges to record Hittite inventory and fixed assets at fair value, as part of the purchase accounting for the Hittite acquisition;
  • Non-GAAP operating expenses exclude $5 million of amortization of intangible assets and $15 million of acquisition-related costs, primarily for bank and other advisory fees related to the Hittite acquisition;
  • Non-GAAP interest and other expense excludes $5 million of debt financing costs; and
  • Non-GAAP tax rate excludes $18-$19 million provision for income taxes which represents the tax effects of the reconciling items noted in the three bullets above.

Conference Call Scheduled for 5:00 pm ET
ADI will host a conference call to discuss the third quarter results and short-term outlook today, beginning at 5:00 pm ET. Investors may join via webcast, accessible at investor.analog.com, or by telephone (call 706-634-7193 ten minutes before the call begins and provide the password "ADI").

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: 79312911, 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 F 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 July 22, 2014 through August 2, 2014 have been excluded from our non-GAAP measures because they are not reflective of ongoing operating results.

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 July 22, 2014 through August 2, 2014 have been excluded from our non-GAAP measures because they are not reflective of ongoing operating results.

Acquisition-Related Expenses: Expenses incurred as a result of the Hittite acquisition in the third quarter of fiscal 2014 primarily include: severance payments, amortization of the fair value adjustment to inventory; amortization of the fair value adjustments to property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships.

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 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.

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 and interest expense during the third quarter 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.

Debt Extinguishment Costs: In the third quarter of fiscal 2013, the Company redeemed its outstanding 5.0% senior unsecured notes due July 1, 2014. The Company recognized a net loss on debt extinguishment of approximately $10.2 million, which was comprised of a make-whole premium, the recognition of unamortized proceeds received on an interest rate swap associated with the debt and the write off of unamortized debt issuance and discount costs. We excluded these costs from our non-GAAP measures because they are one time in nature and have no direct correlation to the operation of our business in the future.

The following item is excluded from our non-GAAP diluted earnings per share:

Tax-Related Items. In the third quarter of fiscal 2013, the Company recorded a one-time $1.7 million tax benefit related to the release of a tax reserve for an expired tax year. 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.

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.

Analog Devices believes that 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 have material limitations in that they do not reflect all of the amounts associated with our results of operations as determined in accordance with GAAP and that these measures should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. In addition, our 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 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.

Investors should consider our non-GAAP financial measures in conjunction with the corresponding GAAP measures.

About Analog Devices
Innovation, performance, and excellence are the cultural pillars on which Analog Devices has built one of the longest standing, highest growth companies within the technology sector. Acknowledged industry-wide as the world leader in data conversion and signal conditioning technology, Analog Devices serves over 60,000 customers, representing virtually all types of electronic equipment. Analog Devices is headquartered in Norwood, Massachusetts, with design and manufacturing facilities throughout the world. Analog Devices' common stock is included in the S&P 500 Index.

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, expected 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 Analog Devices operates. The statements contained in this release are not guarantees of future performance, are inherently uncertain, involve certain risks, uncertainties, and assumptions that are difficult to predict, and do not give effect to the potential impact of any mergers, acquisitions, divestitures, or business combinations that may be announced or closed after the date hereof. Therefore, actual outcomes and results may differ materially from what is expressed in such forward-looking statements, and such statements should not be relied upon as representing Analog Devices’ expectations or beliefs as of any date subsequent to the date of this press release. We do not undertake any obligation to update forward-looking statements made by us. Important factors that may affect future operating results include: any faltering in global economic conditions or the stability of credit and financial markets, erosion of consumer confidence and declines in customer spending, unavailability of raw materials, services, supplies or manufacturing capacity, changes in geographic, product or customer mix, our ability to successfully integrate acquired businesses and technologies, adverse results in litigation matters, and other risk factors described in our most recent filings with the Securities and Exchange Commission. Our results of operations for the periods presented in this release are not necessarily indicative of our operating results for any future periods. Any projections in this release are based on limited information currently available to Analog Devices, which is subject to change. Although any such projections and the factors influencing them will likely change, we will not necessarily update the information, as we will only provide guidance at certain points during the year. Such information speaks only as of the original issuance date of this release.

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 2014

                 

Schedule A

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

 
 
Three Months Ended
3Q 14 2Q 14 3Q 13
            Aug. 2,

2014

   

May 3,
2014

    Aug. 3,

2013

Revenue $ 727,752 $ 694,536 $ 674,172
Year-to-year change 8 % 5 % -1 %
Quarter-to-quarter change 5 % 11 % 2 %
Cost of sales (1)             251,462         235,793         239,110  
Gross margin 476,290 458,743 435,062
Gross margin percentage 65.4 % 66.1 % 64.5 %
Year-to-year change (basis points) 90 210 -110
Quarter-to-quarter change (basis points)             -70         100         50  
Operating expenses:
R&D (1) 140,095 136,203 128,892
Selling, marketing and G&A (1) 132,989 102,085 97,773
Amortization of Intangibles             660         55         55  
Total operating expenses 273,744 238,343 226,720
Total operating expenses percentage 37.6 % 34.3 % 33.6 %
Year-to-year change (basis points) 400 -70 -90
Quarter-to-quarter change (basis points)             330         -220         -140  
Operating income 202,546 220,400 208,342
Operating income percentage 27.8 % 31.7 % 30.9 %
Year-to-year change (basis points) -310 270 -20
Quarter-to-quarter change (basis points)             -390         310         190  
Other expense             5,158         3,032         13,301  
Income before income tax 197,388 217,368 195,041
Provision for income taxes 16,782 29,935 18,802
Tax rate percentage             8.5 %       13.8 %       9.6 %
Net income           $ 180,606       $ 187,433       $ 176,239  
 
Shares used for EPS - basic 314,190 313,488 309,117
Shares used for EPS - diluted 318,876 318,347 315,307
 
Earnings per share - basic $ 0.57 $ 0.60 $ 0.57
Earnings per share - diluted $ 0.57 $ 0.59 $ 0.56
 
Dividends paid per share           $ 0.37       $ 0.37       $ 0.34  
 
(1) Includes stock-based compensation expense as follows:
Cost of sales $ 1,724 $ 1,417 $ 1,672
R&D $ 5,415 $ 4,278 $ 5,536
Selling, marketing and G&A $ 6,331 $ 4,847 $ 5,539
 
 

 
 

Analog Devices, Third Quarter, Fiscal 2014

 

Schedule B

Selected Balance Sheet Information (GAAP)
(In thousands)
                 
3Q 14 2Q 14 3Q 13
            Aug. 2,

2014

    May 3,

2014

    Aug. 3,

2013

Cash & short-term investments $ 4,932,259 $ 4,807,225 $ 4,450,293
Accounts receivable, net 394,762 360,847 345,437
Inventories (1) (2) 415,098 298,432 284,342
Other current assets             181,765       171,528       164,418
Total current assets 5,923,884 5,638,032 5,244,490
PP&E, net 609,937 545,485 492,421
Investments 32,022 30,080 20,056
Goodwill 1,631,890 287,341 280,591
Intangible assets, net 695,832 28,442 28,607
Other             79,900       65,571       72,461
Total assets           $ 8,973,465 $ 6,594,951 $ 6,138,626
 
Deferred income on shipments to distributors, net $ 285,832 $ 267,933 $ 259,003
Current debt 1,995,398 - -
Other current liabilities 341,296 303,269 232,806
Long-term debt, non-current 872,652 872,515 872,104
Non-current liabilities 471,090 219,711 131,477
Shareholders' equity             5,007,197       4,931,523       4,643,236
Total liabilities & equity           $ 8,973,465     $ 6,594,951     $ 6,138,626
 
 

(1) Includes $2,094, $1,982, and $2,126 related to stock-based compensation in 3Q14, 2Q14, and 3Q13, respectively.

(2) Includes $103,795 of acquired inventory in 3Q14

 
 
Analog Devices, Third Quarter, Fiscal 2014
                 

Schedule C

Cash Flow Statement (GAAP)
(In thousands)
 
 
Three Months Ended
3Q 14 2Q 14 3Q 13
Aug. 2,

2014

May 3,

2014

Aug. 3,

2013

Cash flows from operating activities:
Net Income $ 180,606 $ 187,433 $ 176,239
Adjustments to reconcile net income
to net cash provided by operations:
Depreciation 28,353 27,459 27,448
Amortization of intangibles 1,610 55 55
Stock-based compensation expense 13,470 10,542 12,747
Loss on extinguishment of debt - - 10,205
Other non-cash activity 1,006 1,400 310
Excess tax benefit - stock options (9,322 ) (4,423 ) (6,265 )
Deferred income taxes (6,380 ) 1,068 (739 )
Changes in operating assets and liabilities             4,099         14,824         25  
Total adjustments             32,836         50,925         43,786  
Net cash provided by operating activities (1)             213,442         238,358         220,025  
Percent of total revenue             29.3 %       34.3 %       32.6 %
 
Cash flows from investing activities:
Purchases of short-term available-for-sale investments (1,028,781 ) (2,275,241 ) (2,123,826 )
Maturities of short-term available-for-sale investments 1,815,862 1,966,158 1,493,806
Sales of short-term available-for-sale investments 1,298,044 189,267 216,312
Additions to property, plant and equipment (42,315 ) (44,058 ) (30,068 )
Payments for acquisitions, net of cash acquired (1,943,704 ) - (2,475 )
Change in other assets             (340 )       (6,076 )       (1,540 )
Net cash provided by (used for) investing activities             98,766         (169,950 )       (447,791 )
 
Cash flows from financing activities:
Payment of senior unsecured notes - - (392,790 )
Proceeds from debt 1,995,398 - 493,880
Proceeds from derivative instruments - - 10,952
Dividend payments to shareholders (116,098 ) (115,795 ) (104,923 )
Repurchase of common stock (57,394 ) (22,614 ) -
Proceeds from employee stock plans 36,045 62,936 89,653
Excess tax benefit - stock options 9,322 4,423 6,265
Contingent consideration payment (1,803 ) - -
Change in other financing activities             5,406         (11,284 )       (10,643 )
Net cash provided by (used for) financing activities             1,870,876         (82,334 )       92,394  
Effect of exchange rate changes on cash             (433 )       (511 )       (191 )
 
Net increase (decrease) in cash and cash equivalents 2,182,651 (14,437 ) (135,563 )
Cash and cash equivalents at beginning of period             402,790         417,227         595,631  
Cash and cash equivalents at end of period           $ 2,585,441       $ 402,790       $ 460,068  
 
 

(1) Includes $18,303 of net cash used by operating activities for Hittite operations in 3Q14

 
 
Analog Devices, Third Quarter, Fiscal 2014
                               

Schedule D

Revenue Trends by End Market

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, July 22, 2014 and the consumer end market results are reflective of the sale of the Company's microphone product line in the fourth quarter of fiscal 2013.
 
Three Months Ended
Aug. 2,

2014

May 3, 2014 Aug. 3,

2013

Revenue    

%

      Q/Q %     Y/Y % Revenue Revenue
Industrial* $ 350,578 48 % 8 % 12 % $ 325,802 $ 312,970
Automotive 130,052 18 % -4 % 8 % 135,828 120,925
Consumer 80,870 11 % 4 % -19 % 77,821 100,254
Communications*   166,252     23 % 7 % 19 %   155,085   140,023
Total Revenue $ 727,752     100 % 5 % 8 % $ 694,536 $ 674,172
 
 

* Includes $2,296 and $3,096 of revenue in 3Q14 related to Hittite in the industrial and communications end markets, respectively.

 
 
Analog Devices, Third Quarter, Fiscal 2014
                             

Schedule E

Revenue Trends by Product Type

The categorization of our products into broad categories is based on the characteristics of the individual products, the specification of the products and in some cases the specific uses that certain products have within applications. The categorization of products into categories is therefore subject to judgment in some cases and can vary over time. In instances where products move between product categories we reclassify the amounts in the product categories for all prior periods. Such reclassifications typically do not materially change the sizing of, or the underlying trends of results within, each product category. The results below are inclusive of the Hittite acquisition from the acquisition date, July 22, 2014, and the other analog product category market results are reflective of the sale of the Company's microphone product line in the forth quarter of fiscal 2013.
       
Three Months Ended      
Aug. 2,

2014

May 3,

2014

Aug. 3,

2013

Revenue     %       Q/Q %     Y/Y % Revenue Revenue
Converters $ 327,538 45 % 3 % 9 % $ 317,915 $ 300,484
Amplifiers / Radio Frequency 194,017 27 % 4 % 9 % 186,287 177,451
Other analog   95,964     13 % 9 % 4 %   88,103   92,278
Subtotal Analog Signal Processing   617,519     85 % 4 % 8 %   592,305   570,213
Power management & reference   45,913     6 % 6 % 1 %   43,138   45,611
Total Analog Products $ 663,432     91 % 4 % 8 % $ 635,443 $ 615,824
Digital Signal Processing   64,320     9 % 9 % 10 %   59,093   58,348
Total Revenue $ 727,752     100 % 5 % 8 % $ 694,536 $ 674,172
 
 

 
 
Analog Devices, Third Quarter, Fiscal 2014
 

Schedule F

Reconciliation from Non-GAAP to GAAP Data (In thousands, except per-share amounts)
 
See "Non-GAAP Financial Information" in this press release for a description of the items excluded from our non-GAAP measures.
 
           
Three Months Ended
3Q 14     2Q 14     3Q 13
Aug. 2,

2014

May 3, 2014 Aug. 3,

2013

 
GAAP Revenue $727,752 $694,536 $674,172
Q/Q Revenue growth % 5% 11% 2%
Hittite Operations (5,392) - -
Non-GAAP Revenue $ 722,360 $ 694,536 $ 674,172
Q/Q Revenue growth % 4% 11% 2%
 
GAAP Gross Margin $476,290 $458,743 $435,062
Gross Margin Pergentage 65.4% 66.1% 64.5%
Hittite Operations (3,015) - -
Acquistion-Related Expenses 6,837   -   -
Non-GAAP Gross Margin $ 480,112   $ 458,743   $ 435,062
Gross Margin Percentage 66.5% 66.1% 64.5%
 
GAAP Operating Expenses $ 273,744 $ 238,343 $ 226,720
Percent of Revenue 37.6% 34.3% 33.6%
Hittite Operations (2,033) - -
Acquistion-Related Expenses (5,284) - -
Acquistion-Related Transaction Costs (21,123)   -   -
Non-GAAP Operating Expenses $ 245,304   $ 238,343   $ 226,720
Percent of Revenue 34.0% 34.3% 33.6%
 
GAAP Operating Income/Margin $ 202,546 $ 220,400 $ 208,342
Percent of Revenue 27.8% 31.7% 30.9%
Hittite Operations (982) - -
Acquistion-Related Expenses 12,121 - -
Acquistion-Related Transaction Costs 21,123   -   -
Non-GAAP Operating Income/Margin $ 234,808   $ 220,400   $ 208,342
Percent of Revenue 32.5% 31.7% 30.9%
 
GAAP Other Expense $ 5,158 $ 3,032 $ 13,301
Percent of Revenue 0.7% 0.4% 2.0%
Acquistion-Related Debt Costs (1,513) - -
Loss on Extinguishment of Debt -   -   (10,205)
Non-GAAP Other Expense $ 3,645   $ 3,032   $ 3,096
Percent of Revenue 0.5% 0.4% 0.5%
 
GAAP Diluted EPS $ 0.57 $ 0.59 $ 0.56
Impact of Loss on Extinguishment of Debt - - 0.02
Hittite Operations - - -
Acquistion-Related Expenses 0.02 - -
Acquistion-Related Transaction Costs 0.04 - -
Acquistion-Related Debt Costs - - -
Impact of Expired Tax Statute -   -   (0.01)
Non-GAAP Diluted EPS (1) $ 0.63   $ 0.59   $ 0.57
 
 

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

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What You Need to Know You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technolog...
SYS-CON Events announced today that DXWorldExpo has been named “Global Sponsor” of SYS-CON's 21st International Cloud Expo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Digital Transformation is the key issue driving the global enterprise IT business. Digital Transformation is most prominent among Global 2000 enterprises and government institutions.
One of the biggest challenges with adopting a DevOps mentality is: new applications are easily adapted to cloud-native, microservice-based, or containerized architectures - they can be built for them - but old applications need complex refactoring. On the other hand, these new technologies can require relearning or adapting new, oftentimes more complex, methodologies and tools to be ready for production. In his general session at @DevOpsSummit at 20th Cloud Expo, Chris Brown, Solutions Marketi...
SYS-CON Events announced today that Nihon Micron will exhibit at the Japan External Trade Organization (JETRO) Pavilion at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Nihon Micron Co., Ltd. strives for technological innovation to establish high-density, high-precision processing technology for providing printed circuit board and metal mount RFID tags used for communication devices. For more inf...