Technology

Analog Devices Reports Fourth Quarter and Fiscal 2024 Financial Results

Published

6 hours ago

November 26, 2024

Fourth quarter revenue of more than $2.4 billion, above the midpoint of guidance with sequential growth across all end marketsFiscal 2024 revenue of more than $9.4 billionFiscal 2024 operating cash flow of $3.9 billion and free cash flow of $3.1 billionReturned more than $2.4 billion to shareholders in fiscal 2024, including $0.6 billion of share repurchases and $1.8 billion of dividends

WILMINGTON, Mass., Nov. 26, 2024 /PRNewswire/ — Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal fourth quarter and fiscal year 2024, which ended November 2, 2024.

“ADI’s revenue, profitability, and earnings per share all finished above our guided midpoint, underscoring continued business momentum and solid execution,” said Vincent Roche, CEO and Chair. “While unprecedented customer inventory headwinds drove a historic revenue decline during fiscal 2024, we maintained operating margins north of 40%, which is a testament to our business model’s resilience. We also continued to make strategic, long-term investments across engineering, manufacturing, and the end-to-end customer experience. As such, we enter 2025 as an even stronger enterprise, giving me the utmost confidence in our ability to drive increased value for customers and shareholders over the long term.”

“After a brief decline in overall bookings during our third quarter, orders picked up steadily throughout the fourth quarter, particularly in the Automotive end market. While macro uncertainty continues to limit the pace of our recovery, we remain cautiously optimistic for a strong growth year in fiscal 2025,” said Richard Puccio, CFO.

Performance for the Fourth Quarter and Fiscal Year 2024

Results Summary(1)

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

Three Months Ended

Twelve Months Ended

Nov. 2,
2024

Oct. 28,
2023

Change

Nov. 2,
2024

Oct. 28,
2023

Change

Revenue

$ 2,443

$ 2,716

(10) %

$ 9,427

$ 12,306

(23) %

Gross margin

$ 1,416

$ 1,647

(14) %

$ 5,381

$ 7,877

(32) %

Gross margin percentage

58.0 %

60.6 %

(260 bps)

57.1 %

64.0 %

(690 bps)

Operating income

$ 569

$ 634

(10) %

$ 2,033

$ 3,823

(47) %

Operating margin

23.3 %

23.4 %

(10 bps)

21.6 %

31.1 %

(950 bps)

Diluted earnings per share

$ 0.96

$ 1.00

(4) %

$ 3.28

$ 6.55

(50) %

Adjusted Results(2)

Adjusted gross margin

$ 1,660

$ 1,907

(13) %

$ 6,404

$ 8,925

(28) %

Adjusted gross margin percentage

67.9 %

70.2 %

(230 bps)

67.9 %

72.5 %

(460 bps)

Adjusted operating income

$ 1,005

$ 1,215

(17) %

$ 3,853

$ 6,014

(36) %

Adjusted operating margin

41.1 %

44.7 %

(360 bps)

40.9 %

48.9 %

(800 bps)

Adjusted diluted earnings per share

$ 1.67

$ 2.01

(17) %

$ 6.38

$ 10.09

(37) %

Three Months Ended

Trailing Twelve
Months

Cash Generation

Nov. 2, 2024

Net cash provided by operating activities

$ 1,051

$ 3,853

% of revenue

43 %

41 %

Capital expenditures

$ (165)

$ (730)

Free cash flow(2)

$ 885

$ 3,122

% of revenue

36 %

33 %

Three Months Ended

Trailing Twelve
Months

Cash Return

Nov. 2, 2024

Dividend paid

$ (457)

$ (1,795)

Stock repurchases

(95)

(616)

Total cash returned

$ (552)

$ (2,411)

(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 First Quarter of Fiscal Year 2025

For the first quarter of fiscal 2025, we are forecasting revenue of $2.35 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 22.0%, +/- 130 bps, and adjusted operating margin of approximately 40.0%, +/- 100 bps. We are planning for reported EPS to be $0.80, +/- $0.10, and adjusted EPS to be $1.53, +/- $0.10.

Our first quarter fiscal 2025 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 December 20, 2024 to all shareholders of record at the close of business on December 9, 2024.

Conference Call Scheduled for Today, Tuesday, November 26, 2024 at 10:00 am ET

ADI will host a conference call to discuss our fourth quarter and 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, an income tax benefit from a discrete tax item related to a federal corporate income tax relief claim 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 $9 billion in FY24 and approximately 24,000 people globally, 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 our 2025 financial performance; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, free cash flow returns, and other financial results; customer inventory rationalization; economic uncertainty, geopolitical conditions, demand, and other market conditions, business cycles, and supply chains; capital expenditures and investments, including those related to digital, software, cybersecurity, and artificial intelligence; expected market and technology trends; market size, market share gains, market position, and growth opportunities; our opportunity pipeline; expected product solutions, offerings, technologies, capabilities, and applications, including those that may incorporate, or be based upon, software or artificial intelligence technology; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers, including those that may incorporate, or be based upon, software or artificial intelligence technology; our manufacturing capacity and investments to enhance resiliency; expected tax credits; future dividends and share repurchases; expected revenue synergies; 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; risks related to the use of artificial intelligence in our business operations, products, and services; 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; 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.

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)

(In thousands, except per share amounts)

Three Months Ended

Twelve Months Ended

Nov. 2, 2024

Oct. 28, 2023

Nov. 2, 2024

Oct. 28, 2023

Revenue

$ 2,443,205

$ 2,716,484

$ 9,427,157

$ 12,305,539

Cost of sales

1,027,077

1,069,768

4,045,814

4,428,321

Gross margin

1,416,128

1,646,716

5,381,343

7,877,218

Operating expenses:

Research and development

378,903

406,594

1,487,863

1,660,194

Selling, marketing, general and administrative

277,220

288,936

1,068,640

1,273,584

Amortization of intangibles

187,754

202,736

754,784

959,618

Special charges, net

2,859

114,035

37,258

160,710

Total operating expenses

846,736

1,012,301

3,348,545

4,054,106

Operating income

569,392

634,415

2,032,798

3,823,112

Nonoperating expense (income):

Interest expense

82,804

71,590

322,227

264,641

Interest income

(27,947)

(9,089)

(78,817)

(41,287)

Other, net

(1,793)

128

12,048

(8,245)

Total nonoperating expense (income)

53,064

62,629

255,458

215,109

Income before income taxes

516,328

571,786

1,777,340

3,608,003

Provision for income taxes

38,256

73,356

142,067

293,424

Net income

$ 478,072

$ 498,430

$ 1,635,273

$ 3,314,579

Shares used to compute earnings per share – basic

496,432

497,073

496,166

502,232

Shares used to compute earnings per share – diluted

498,722

500,424

498,697

505,959

Basic earnings per common share

$ 0.96

$ 1.00

$ 3.30

$ 6.60

Diluted earnings per common share

$ 0.96

$ 1.00

$ 3.28

$ 6.55

ANALOG DEVICES, INC.

CONSOLIDATED BALANCE SHEETS

(Unaudited)

(thousands, except per share amounts)

Nov. 2, 2024

Oct. 28, 2023

ASSETS

Current Assets

Cash and cash equivalents

$ 1,991,342

$ 958,061

Short-term investments

371,822

—

Accounts receivable

1,336,331

1,469,734

Inventories

1,447,687

1,642,214

Prepaid expenses and other current assets

337,472

314,013

Total current assets

5,484,654

4,384,022

Other Assets

Net property, plant and equipment

3,415,550

3,219,157

Goodwill

26,909,775

26,913,134

Intangible assets, net

9,585,464

11,311,957

Deferred tax assets

2,083,752

2,223,272

Other assets

749,082

742,936

Total non-current assets

42,743,623

44,410,456

TOTAL ASSETS

$ 48,228,277

$ 48,794,478

LIABILITIES AND SHAREHOLDERS’ EQUITY

Current Liabilities

Accounts payable

$ 487,457

$ 493,041

Income taxes payable

447,379

309,046

Debt, current

399,636

499,052

Commercial paper notes

547,738

547,224

Accrued liabilities

1,106,070

1,352,608

Total current liabilities

2,988,280

3,200,971

Non-current Liabilities

Long-term debt

6,634,313

5,902,457

Deferred income taxes

2,624,392

3,127,852

Income taxes payable

260,486

417,076

Other non-current liabilities

544,489

581,000

Total non-current liabilities

10,063,680

10,028,385

Shareholders’ Equity

Preferred stock, $1.00 par value, 471,934 shares authorized, none outstanding

—

Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 496,296,854 shares outstanding (496,261,678 on October 28, 2023)

82,718

82,712

Capital in excess of par value

25,082,243

25,313,914

Retained earnings

10,196,612

10,356,798

Accumulated other comprehensive loss

(185,256)

(188,302)

Total shareholders’ equity

35,176,317

35,565,122

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 48,228,277

$ 48,794,478

ANALOG DEVICES, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

Three Months Ended

Twelve Months Ended

Nov. 2, 2024

Oct. 28, 2023

Nov. 2, 2024

Oct. 28, 2023

Cash flows from operating activities:

Net income

$ 478,072

$ 498,430

$ 1,635,273

$ 3,314,579

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

Depreciation

97,241

82,919

362,771

334,704

Amortization of intangibles

423,220

453,198

1,741,545

1,958,399

Stock-based compensation expense

70,448

72,710

262,710

299,823

Deferred income taxes

(97,997)

(21,553)

(367,563)

(452,946)

Other

(776)

(10,465)

23,050

8,665

Changes in operating assets and liabilities

80,609

112,055

194,743

(645,590)

Total adjustments

572,745

688,864

2,217,256

1,503,055

Net cash provided by operating activities

1,050,817

1,187,294

3,852,529

4,817,634

Percent of revenue

43 %

44 %

41 %

39 %

Cash flows from investing activities:

Purchases of short-term investments

—

(438,901)

—

Maturities of short-term investments

69,279

—

69,279

—

Additions to property, plant and equipment, net

(165,410)

(476,393)

(730,463)

(1,261,463)

Other

(15,483)

(2,668)

(4,773)

(4,922)

Net cash used for investing activities

(111,614)

(479,061)

(1,104,858)

(1,266,385)

Cash flows from financing activities:

Proceeds from debt

—

1,087,856

—

Early termination of debt

—

(65,688)

Debt repayments

(499,966)

—

(499,966)

—

Proceeds from commercial paper notes

2,474,948

2,640,615

10,184,439

5,287,124

Payments of commercial paper notes

(2,474,652)

(2,638,101)

(10,183,925)

(4,739,900)

Dividend payments to shareholders

(456,756)

(427,974)

(1,795,459)

(1,679,106)

Repurchase of common stock

(94,878)

(469,937)

(615,590)

(2,963,955)

Proceeds from employee stock plans

4,860

5,606

121,215

118,608

Other

(7,449)

(9,627)

(12,960)

(20,843)

Net cash used for financing activities

(1,053,893)

(899,418)

(1,714,390)

(4,063,760)

Net (decrease) increase in cash and cash equivalents

(114,690)

(191,185)

1,033,281

(512,511)

Cash and cash equivalents at beginning of period

2,106,032

1,149,246

$ 958,061

$ 1,470,572

Cash and cash equivalents at end of period

$ 1,991,342

$ 958,061

$ 1,991,342

$ 958,061

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

Nov. 2, 2024

Oct. 28, 2023

Revenue

% of revenue*

Y/Y %

Revenue

% of revenue*

Industrial

$ 1,070,978

44 %

(21) %

$ 1,356,884

50 %

Automotive

716,964

29 %

(2) %

733,014

27 %

Communications

275,573

11 %

(18) %

336,238

12 %

Consumer

379,690

16 %

31 %

290,348

11 %

Total revenue

$ 2,443,205

100 %

(10) %

$ 2,716,484

100 %

Twelve Months Ended

Nov. 2, 2024

Oct. 28, 2023

Revenue

% of revenue*

Y/Y %

Revenue

% of revenue*

Industrial

$ 4,314,280

46 %

(35) %

$ 6,611,794

54 %

Automotive

2,827,439

30 %

(2) %

2,876,140

23 %

Communications

1,080,496

11 %

(33) %

1,606,426

13 %

Consumer

1,204,942

13 %

(1) %

1,211,179

10 %

Total revenue

$ 9,427,157

100 %

(23) %

$ 12,305,539

100 %

*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

Twelve Months Ended

Nov. 2, 2024

Oct. 28, 2023

Nov. 2, 2024

Oct. 28, 2023

Gross margin

$ 1,416,128

$ 1,646,716

$ 5,381,343

$ 7,877,218

Gross margin percentage

58.0 %

60.6 %

57.1 %

64.0 %

Acquisition related expenses

243,667

259,925

1,022,488

1,047,309

Adjusted gross margin

$ 1,659,795

$ 1,906,641

$ 6,403,831

$ 8,924,527

Adjusted gross margin percentage

67.9 %

70.2 %

67.9 %

72.5 %

Operating expenses

$ 846,736

$ 1,012,301

$ 3,348,545

$ 4,054,106

Percent of revenue

34.7 %

37.3 %

35.5 %

32.9 %

Acquisition related expenses

(188,821)

(206,151)

(760,325)

(976,223)

Acquisition related transaction costs

—

(7,069)

Special charges, net

(2,859)

(114,035)

(37,258)

(160,710)

Adjusted operating expenses

$ 655,056

$ 692,115

$ 2,550,962

$ 2,910,104

Adjusted operating expenses percentage

26.8 %

25.5 %

27.1 %

23.6 %

Operating income

$ 569,392

$ 634,415

$ 2,032,798

$ 3,823,112

Operating margin

23.3 %

23.4 %

21.6 %

31.1 %

Acquisition related expenses

432,488

466,076

1,782,813

2,023,532

Acquisition related transaction costs

—

7,069

Special charges, net

2,859

114,035

37,258

160,710

Adjusted operating income

$ 1,004,739

$ 1,214,526

$ 3,852,869

$ 6,014,423

Adjusted operating margin

41.1 %

44.7 %

40.9 %

48.9 %

Nonoperating expense (income)

$ 53,064

$ 62,629

$ 255,458

$ 215,109

Acquisition related expenses

2,150

8,600

13,743

Adjusted nonoperating expense (income)

$ 55,214

$ 64,779

264,058

$ 228,852

Income before income taxes

$ 516,328

$ 571,786

$ 1,777,340

$ 3,608,003

Acquisition related expenses

430,338

463,926

1,774,213

2,009,789

Acquisition related transaction costs

—

7,069

Special charges, net

2,859

114,035

37,258

160,710

Adjusted income before income taxes

$ 949,525

$ 1,149,747

$ 3,588,811

$ 5,785,571

Provision for income taxes

$ 38,256

$ 73,356

$ 142,067

$ 293,424

Effective tax rate

7.4 %

12.8 %

8.0 %

8.1 %

Tax related items

76,702

70,503

265,697

388,093

Adjusted provision for income taxes

$ 114,958

$ 143,859

$ 407,764

$ 681,517

Adjusted tax rate

12.1 %

12.5 %

11.4 %

11.8 %

Diluted EPS

$ 0.96

$ 1.00

$ 3.28

$ 6.55

Acquisition related expenses

0.86

0.93

3.56

3.97

Acquisition related transaction costs

—

0.01

Special charges, net

0.01

0.23

0.07

0.32

Tax related items

(0.15)

(0.14)

(0.53)

(0.77)

Adjusted diluted EPS*

$ 1.67

$ 2.01

$ 6.38

$ 10.09

* 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

Nov. 2, 2024

Aug. 3, 2024

May. 4, 2024

Feb. 3, 2024

Revenue

$ 9,427,157

$ 2,443,205

$ 2,312,209

$ 2,159,039

$ 2,512,704

Net cash provided by operating activities

$ 3,852,529

$ 1,050,817

$ 855,027

$ 807,853

$ 1,138,832

% of Revenue

41 %

43 %

37 %

45 %

Capital expenditures

$ (730,463)

$ (165,410)

$ (153,886)

$ (188,189)

$ (222,978)

Free cash flow

$ 3,122,066

$ 885,407

$ 701,141

$ 619,664

$ 915,854

% of Revenue

33 %

36 %

30 %

29 %

36 %

ANALOG DEVICES, INC.

RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS

(Unaudited)

Three Months Ending February 1, 2025

Reported

Adjusted

Revenue

$2.35 Billion

(+/- $100 Million)

Operating margin

22.0 %

40.0 %(1)

(+/-130 bps)

(+/-100 bps)

Nonoperating expenses

~ $60 Million

Tax rate

12% – 14%

12% – 14% (2)

Earnings per share

$0.80

$1.53 (3)

(+/- $0.10)

(1) Includes $424 million of adjustments related to acquisition related expenses, as defined in the Non-GAAP Financial Information section of this press release.

(2) Includes $55 million of tax effects associated with the adjustments for acquisition related expenses noted above.

(3) Includes $0.73 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items.

For more information, please contact:

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

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

View original content to download multimedia:https://www.prnewswire.com/news-releases/analog-devices-reports-fourth-quarter-and-fiscal-2024-financial-results-302315997.html

SOURCE Analog Devices, Inc.

Technology

Sciene Launches Enterprise AI Platform to Transform Business Operations

Published

7 minutes ago

November 26, 2024

Creators of Quartile introduce secure, comprehensive AI solution for businesses seeking automated efficiency and data-driven growth

NEW YORK, Nov. 26, 2024 /PRNewswire/ — The creators of Quartile, the world’s leading retail media optimization platform, are excited to announce the launch of the revolutionary enterprise AI platform, Sciene. The new company introduces a comprehensive suite of AI-powered tools designed to streamline business operations, enhance data analysis, and improve client communications while maintaining the highest security standards.

Sciene’s platform features four core functionalities: a secure private AI chat interface, interactive AI virtual assistants for internal knowledge management, an AI insights generator that integrates with existing databases, and an AI-driven sales performance analysis tool. Originally built to enhance data analysis, automate reporting, and standardize client communication at Quartile, the platform made a profound impact on the business. This inspired Quartile’s founders to make these solutions more widely available to businesses looking to strategically leverage AI technology.

“At Sciene, our mission is to empower businesses with advanced AI solutions that drive growth and improve productivity while keeping data secure,” said Solano Campos, CTO at Sciene. “We understand the challenges companies face when adopting AI, so we’ve built a platform that’s easy to use and integrates seamlessly with tools like Salesforce and Microsoft Azure. Our team is dedicated to providing customized solutions that fit each business’s unique needs. We’re excited to help organizations transform their data into valuable insights and make AI accessible for everyone, no matter their size or industry.”

The platform is ideal for businesses that require sophisticated AI capabilities but lack the internal expertise and resources to build such infrastructure in-house. Sciene’s white-glove service approach includes building custom infrastructure, establishing data connections, and developing tailored solutions for each client’s specific needs.

“Working with Sciene has been transformative for us at Vitacup,” said Brandon Fishman, CEO of Vitacup. “The platform’s ability to deliver near real-time insights into consumer behavior has completely changed the way we approach our campaigns. Sciene doesn’t just provide data—it delivers actionable items that allow us to fine-tune our strategies immediately, maximizing both relevance and impact. In a complex, fragmented multichannel landscape, Sciene stands out by seamlessly integrating data from multiple sources into one cohesive view. We’re now able to process massive data volumes that would otherwise require an entire team, each person working with their own method. Sciene has given us a level of efficiency, scale, and consistency that would be difficult to achieve without it. This tool has been a true game changer.”

Key features of the Sciene platform include:

Automated report generation and data analysisSecure AI chat capabilities that prevent data leaksInteractive knowledge management systemsReal-time sales performance insightsSeamless integration with existing business tools and databasesCustom infrastructure development and implementation support

The platform is already operational and serving clients, demonstrating proven success in automating routine tasks, standardizing communication, and accelerating business processes. By providing both the technological infrastructure and a comprehensive service layer, Sciene stands out in the market as a complete solution for businesses looking to leverage AI technology effectively.

For more information about Sciene and its AI-powered business solutions, visit https://sciene.com.

About Sciene
Sciene is an enterprise AI platform created by the founders of Quartile, delivering secure, comprehensive AI solutions that enhance business performance through automation, data analysis, and improved communication. The platform offers customized solutions for companies, enabling them to leverage advanced AI capabilities without building internal infrastructure.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sciene-launches-enterprise-ai-platform-to-transform-business-operations-302316769.html

SOURCE Sciene

Technology

The Concinnity Company Announces Latest Release of Cloud Concinnity®, its Award Winning eClinical Trial Management Software

Published

7 minutes ago

November 26, 2024

NASHVILLE, Tenn., Nov. 26, 2024 /PRNewswire/ — The Concinnity Company has announced the release of Cloud Concinnity® 3.3.0. Cloud Concinnity is an integrated process management platform for clinical trial oversight. Concinnity was recently named a Top Ten eClinical Trial Management Solution Provider.

Clinical trial sponsors and clinical research organizations (CROs) manage dozens of ongoing clinical studies simultaneously throughout the year. Each of these studies requires centralization of data to create a single source of truth, and to both facilitate and control access. Vast teams of people collaborate across geography and time zone requiring the ability to work asynchronously on information and also meet as required by FDA and study protocols. Cloud Concinnity has become the go-to solution for centralization, collaboration and compliance challenges for hundreds of users managing processes crucial to improving global health and well being. Their usage of our platform and commitment to their work means Cloud Concinnity gets better and better with every release.

Cloud Concininty’s 3.3.0 release further enhances our meeting scheduling functionality. It is designed specifically for scheduling meetings among sponsors, committee members and other required parties. Selection of available times are now even easier to select from calendar views. And we’ve solved a time zone issue for teams with users in several different time zones.

The workforce challenges in the industry, availability and turnover, challenge security, efficiency and training. Cloud Concinnity has enhanced features to facilitate staffing changes, both temporary and part time, that ensure ongoing consistency, efficiency of compliances of required processes and services.

Additional enhancements include our system generated reminders features and changes to two factor authentication across challenging geographies.

Concinnity is 21 CFR Part 11 compliant platform is architecting the paradigm of tech-driven clinical trial oversight. The ecosystem has grappled with inefficiency and outdated technology for far too long. Current solutions rely on manual efforts and multiple tools. This approach is simply unsustainable.

Cloud Concinnity brings centralization, collaboration and compliance to mission critical clinical trial processes. The result? Process standardization & optimization and enhanced capacity & controls that drive efficiency, growth, and preventive compliance. Cloud Concinnity’s powerful, integrated workflow engine ensures better outcomes at lower cost.

To Learn More about Cloud Concinnity Contact: 386923@email4pr.com or (615) 988-1501

About Concinnity:

Cloud Concinnity® is an integrated software platform for clinical trial oversight. As a single, secure platform to manage, execute and record key processes, it drives a higher level of efficiency, speed and risk mitigation. Cloud Concinnity also unlocks the value of big data buried within multiple systems. The result is better product lifecycle management and decision making. Concinnity transforms information flows, communications, and processes. By standardizing and automating these activities, treatments can reach patients faster and at a lower cost. We are dedicated to harnessing the power of process, innovation, and technology to create a stronger, healthier world. For more information on how we are building a better future one clinical trial at a time visit The Concinnity Company.com

View original content:https://www.prnewswire.com/news-releases/the-concinnity-company-announces-latest-release-of-cloud-concinnity-its-award-winning-eclinical-trial-management-software-302316772.html

SOURCE The Concinnity Company

Technology

Sumsub and Elliptic Team Up to Tackle Crypto Financial Crime

Published

7 minutes ago

November 26, 2024

Sumsub integrates Elliptic’s blockchain analytics to enhance crypto wallet screenings and risk assessment capabilities for clients

LONDON, Nov. 26, 2024 /PRNewswire/ — Sumsub, a full-cycle verification platform, has announced its integration with Elliptic, the global leader in cryptoasset risk management. This partnership enhances Sumsub’s Crypto Transaction Monitoring and Travel Rule solutions, offering global clients enhanced capabilities to screen cryptocurrency wallets, detect fraud, and assess transaction risks.

Blockchain-related crime, including money laundering and fraud, continues to be a growing concern. According to Sumsub’s Identity Fraud Report 2024, crypto was among the top-5 industries with the highest fraud rates in 2024. Recently, the United States Federal Bureau of Investigation (FBI) created its own crypto token to take down criminals. In light of this, integrating Elliptic’s market-leading analytics into Sumsub’s platform enables firms to protect users, providing a comprehensive view of blockchain transactions to mitigate financial crime.

The integration allows clients, including firms in the blockchain, fintech, and payments sectors, to seamlessly connect existing Elliptic subscriptions to Sumsub’s system via the Bring Your Own Key (BYOK) model. This enables clients to use their own encryption keys to manage and secure their data, ensuring full control over sensitive information while using Sumsub’s compliance and monitoring services. Customers can connect their existing functionality from Elliptic’s platform with Sumsub’s, unifying their workflows around cryptocurrency wallet screenings on one dashboard. Now, Sumsub’s clients can ensure alignment with stringent regulatory requirements, with Elliptic providing the broadest coverage of cryptoassets and blockchains available on the market.

Key benefits of the integration include:

Automated workflows for screening crypto wallets and transactionsReal-time risk assessments powered by Elliptic’s extensive blockchain dataDeeper investigation capabilities, accessible directly through the Elliptic dashboard when requiredSeamless integration for new and existing clients, eliminating the need for separate workflows or additional systems

“We’re excited to partner with Sumsub to create a stronger shield against financial crime in the crypto industry. As blockchain technology advances, so do the threats it faces, making comprehensive and adaptive tools essential,” said James Smith, co-founder of Elliptic. “By integrating Elliptic’s cutting-edge blockchain analytics with Sumsub’s trusted verification and compliance platform, we’re empowering businesses to proactively address risks, protect their users, and stay ahead of regulatory demands. This integration not only strengthens fraud detection but also fosters greater transparency and trust in the evolving crypto space, helping firms navigate a complex landscape with confidence.”

“This partnership marks a significant step forward for crypto transaction monitoring, as Elliptic is a renowned, leading player in the blockchain analytics space. By integrating its analytics, we can continue to push the boundaries in fighting against financial crime, with the largest global ecosystem of virtual asset service providers (VASPs),” said Ilya Brovin, Chief Growth Officer at Sumsub. “At Sumsub, we are committed to fostering trust in the crypto sector. Together with Elliptic, we can provide powerful tools to streamline compliance, mitigate risks, and stay ahead of emerging threats in the sector.”

To learn more about Sumsub’s Transaction Monitoring and KYC/AML compliance offering for crypto, please visit https://sumsub.com/crypto/.

About Elliptic

Elliptic is the global leader in cryptoasset risk management for crypto businesses, governments, and financial institutions worldwide. Recognized as a WEF Technology Pioneer and backed by investors including J.P. Morgan, Wells Fargo Strategic Capital, SBI Group, and Santander Innoventures, Elliptic has assessed risk on transactions worth several trillion dollars, uncovering activities related to money laundering, terrorist financing, fraud, and other financial crimes. Elliptic is headquartered in London with offices in New York, Singapore, and Tokyo.

About Sumsub

Sumsub is a full-cycle verification and ongoing monitoring platform that secures the whole user journey. With Sumsub’s customizable KYC, KYB, Transaction Monitoring, Fraud Prevention and Travel Rule solutions, you can orchestrate your verification process, welcome more customers worldwide, meet compliance requirements, reduce costs, and protect your business.

Sumsub has over 2,500 clients across the fintech, crypto, transportation, trading, e-commerce and gaming industries including Bitpanda, Wirex, Avis, Bybit, Huobi, Kaizen Gaming, and TransferGo.

View original content to download multimedia:https://www.prnewswire.com/news-releases/sumsub-and-elliptic-team-up-to-tackle-crypto-financial-crime-302316791.html

SOURCE Sumsub