Company Quick10K Filing
Analog Devices
Price112.37 EPS3
Shares368 P/E34
MCap41,378 P/FCF19
Net Debt4,839 EBIT1,482
TEV46,218 TEV/EBIT31
TTM 2020-02-01, in MM, except price, ratios
10-Q 2020-05-02 Filed 2020-05-20
10-Q 2020-02-01 Filed 2020-02-19
10-K 2019-11-02 Filed 2019-11-26
10-Q 2019-08-03 Filed 2019-08-21
10-Q 2019-05-04 Filed 2019-05-22
10-Q 2019-02-02 Filed 2019-02-20
10-K 2018-11-03 Filed 2018-11-27
10-Q 2018-08-04 Filed 2018-08-22
10-Q 2018-05-05 Filed 2018-05-30
10-Q 2018-02-03 Filed 2018-02-28
10-K 2017-10-28 Filed 2017-11-22
10-Q 2017-07-29 Filed 2017-08-30
10-Q 2017-04-29 Filed 2017-05-31
10-Q 2017-01-28 Filed 2017-02-15
10-K 2016-10-29 Filed 2016-11-22
10-Q 2016-07-30 Filed 2016-08-17
10-Q 2016-04-30 Filed 2016-05-18
10-Q 2016-01-30 Filed 2016-02-17
10-K 2015-10-31 Filed 2015-11-24
10-Q 2015-08-01 Filed 2015-08-18
10-Q 2015-05-02 Filed 2015-05-19
10-Q 2015-01-31 Filed 2015-02-17
10-K 2014-11-01 Filed 2014-12-10
10-Q 2014-08-02 Filed 2014-08-26
10-Q 2014-05-03 Filed 2014-05-20
10-Q 2014-02-01 Filed 2014-02-18
10-Q 2013-08-03 Filed 2013-08-20
10-Q 2013-05-04 Filed 2013-05-21
10-Q 2013-02-02 Filed 2013-02-19
10-K 2012-11-03 Filed 2012-11-27
10-Q 2012-08-04 Filed 2012-08-21
10-Q 2012-05-05 Filed 2012-05-22
10-Q 2012-02-04 Filed 2012-02-22
10-K 2011-10-29 Filed 2011-11-22
10-Q 2011-07-30 Filed 2011-08-16
10-Q 2011-04-30 Filed 2011-05-17
10-Q 2011-01-29 Filed 2011-02-15
10-K 2010-10-30 Filed 2010-11-22
10-Q 2010-07-31 Filed 2010-08-17
10-Q 2010-05-01 Filed 2010-05-18
10-Q 2010-01-30 Filed 2010-02-17
8-K 2020-07-12 Regulation FD, Other Events, Exhibits
8-K 2020-07-12 Enter Agreement, Exhibits
8-K 2020-05-20
8-K 2020-04-08
8-K 2020-04-06
8-K 2020-03-26
8-K 2020-03-11
8-K 2020-02-18
8-K 2019-12-10
8-K 2019-12-05
8-K 2019-11-26
8-K 2019-11-25
8-K 2019-08-21
8-K 2019-06-28
8-K 2019-05-22
8-K 2019-03-13
8-K 2019-02-19
8-K 2019-01-28
8-K 2018-12-13
8-K 2018-11-20
8-K 2018-08-31
8-K 2018-08-21
8-K 2018-07-20
8-K 2018-06-13
8-K 2018-05-30
8-K 2018-03-14
8-K 2018-03-12
8-K 2018-03-08
8-K 2018-02-27
8-K 2018-01-30

ADI 10Q Quarterly Report

Part I - Financial Information
Item 1.Financial Statements
Note 1 - Basis of Presentation
Note 2 - Leases
Note 3 - Stock - Based Compensation and Shareholders' Equity
Note 4 - Accumulated Other Comprehensive (Loss) Income
Note 5 - Earnings per Share
Note 6 - Special Charges
Note 7 - Segment Information
Note 8 - Fair Value
Note 9 - Derivatives
Note 10 - Debt
Note 11 - Inventories
Note 12 - Income Taxes
Note 13 - New Accounting Pronouncements
Note 14 - Subsequent Events
Item 2.Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3.Quantitative and Qualitative Disclosures About Market Risk
Item 4.Controls and Procedures
Part II - Other Information
Item 1A.Risk Factors
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds
Item 6.Exhibits
EX-31.1 a2q20exhibit311.htm
EX-31.2 a2q20exhibit312.htm
EX-32.1 a2q20exhibit321.htm
EX-32.2 a2q20exhibit322.htm

Analog Devices Earnings 2020-05-02

Balance SheetIncome StatementCash Flow
30241812602011201420172021
Assets, Equity
1.61.31.00.60.30.02011201420172021
Rev, G Profit, Net Income
10.06.02.0-2.0-6.0-10.02011201420172021
Ops, Inv, Fin

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549 
Form 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended May 2, 2020
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from             to             
Commission File No. 1-7819
Analog Devices, Inc.
(Exact name of registrant as specified in its charter) 

Massachusetts 04-2348234
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
One Technology Way,Norwood,MA 02062-9106
(Address of principal executive offices) (Zip Code)
(781) 329-4700
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock $0.16 2/3 par value per shareADINasdaq Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer   Accelerated filer 
Non-accelerated filer   Smaller reporting company 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes     No  
As of May 2, 2020 there were 368,424,615 shares of common stock of the registrant, $0.16 2/3 par value per share, outstanding.




PART I - FINANCIAL INFORMATION
 

ITEM 1.Financial Statements


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)
(in thousands, except per share amounts)

 Three Months EndedSix Months Ended
 May 2, 2020May 4, 2019May 2, 2020May 4, 2019
Revenue$1,317,060  $1,526,602  $2,620,625  $3,067,703  
Cost of sales470,386  492,510  925,809  993,955  
Gross margin846,674  1,034,092  1,694,816  2,073,748  
Operating expenses:
Research and development252,413  285,846  509,486  573,228  
Selling, marketing, general and administrative141,775  163,128  341,055  330,470  
Amortization of intangibles107,146  107,261  214,371  214,585  
Special charges1,320  8,162  12,456  29,944  
502,654  564,397  1,077,368  1,148,227  
Operating income344,020  469,695  617,448  925,521  
Nonoperating expense (income):
Interest expense49,985  59,701  98,798  118,429  
Interest income(1,334) (2,928) (3,274) (5,616) 
Other, net308  4,525  646  4,365  
48,959  61,298  96,170  117,178  
Income before income taxes295,061  408,397  521,278  808,343  
Provision for income taxes27,365  40,460  49,708  85,400  
Net income$267,696  $367,937  $471,570  $722,943  
Shares used to compute earnings per common share – basic368,217  369,246  368,229  368,974  
Shares used to compute earnings per common share – diluted371,305  373,342  371,784  372,912  
Basic earnings per common share$0.73  $0.99  $1.28  $1.95  
Diluted earnings per common share$0.72  $0.98  $1.27  $1.93  

See accompanying notes.
1




ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)
(in thousands)

Three Months EndedSix Months Ended
May 2, 2020May 4, 2019May 2, 2020May 4, 2019
Net income$267,696  $367,937  $471,570  $722,943  
Foreign currency translation adjustments(6,862) (3,428) (7,060) (112) 
Change in fair value of available-for-sale securities  5    15  
Change in fair value of derivative instruments designated as cash flow hedges (net of taxes of $19,604, $3,802, $25,066 and $10,183, respectively)
(69,386) (14,912) (81,411) (37,850) 
Changes in pension plans including transition obligation, net actuarial loss and foreign currency translation adjustments (net of taxes of $157, $63, $317 and $126, respectively)
1,393  335  1,647  366  
Other comprehensive loss(74,855) (18,000) (86,824) (37,581) 
Comprehensive income$192,841  $349,937  $384,746  $685,362  


See accompanying notes.


2


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(in thousands, except share and per share amounts)

May 2, 2020November 2, 2019
ASSETS  
Current Assets
Cash and cash equivalents$784,937  $648,322  
Accounts receivable588,244  635,136  
Inventories590,268  609,886  
Prepaid expenses and other current assets87,844  91,782  
Total current assets2,051,293  1,985,126  
Property, Plant and Equipment, at Cost
Land and buildings999,063  956,099  
Machinery and equipment2,633,237  2,609,493  
Office equipment84,625  85,490  
Leasehold improvements161,207  160,175  
 3,878,132  3,811,257  
Less accumulated depreciation and amortization2,688,800  2,591,268  
Net property, plant and equipment1,189,332  1,219,989  
Other Assets
Other investments76,025  77,324  
Goodwill12,253,670  12,256,880  
Intangible assets, net3,928,902  4,217,224  
Deferred tax assets1,553,902  1,582,382  
Other assets297,814  53,716  
Total other assets18,110,313  18,187,526  
 $21,350,938  $21,392,641  
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current Liabilities
Accounts payable$194,211  $225,270  
Income taxes payable151,691  187,879  
Debt, current448,945  299,667  
Accrued liabilities787,155  795,816  
Total current liabilities1,582,002  1,508,632  
Non-current liabilities
Long-term debt5,142,223  5,192,252  
Deferred income taxes2,000,644  2,088,212  
Income taxes payable597,166  654,420  
Other non-current liabilities438,045  239,937  
Total non-current liabilities8,178,078  8,174,821  
Commitments and contingencies    
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, 368,424,615 shares outstanding (368,302,369 on November 2, 2019)
61,405  61,385  
Capital in excess of par value4,861,013  4,936,349  
Retained earnings6,945,442  6,899,253  
Accumulated other comprehensive loss(277,002) (187,799) 
Total shareholders’ equity11,590,858  11,709,188  
 $21,350,938  $21,392,641  
See accompanying notes.
3


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(in thousands)

Three Months Ended May 2, 2020
Capital inAccumulated
Other
 Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, FEBRUARY 1, 2020
368,220  $61,371  $4,923,947  $6,906,346  $(202,147) 
Net income267,696  
Dividends declared and paid - $0.62 per share
(228,600) 
Issuance of stock under stock plans and other1,347  224  14,560  
Stock-based compensation expense35,900  
Other comprehensive loss(74,855) 
Common stock repurchased(1,142) (190) (113,394) 
BALANCE, MAY 2, 2020
368,425  $61,405  $4,861,013  $6,945,442  $(277,002) 
Six Months Ended May 2, 2020
Capital inAccumulated
Other
 Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, NOVEMBER 2, 2019
368,302  $61,385  $4,936,349  $6,899,253  $(187,799) 
Effect of Accounting Standards Update 2018-022,379  (2,379) 
Net income471,570  
Dividends declared and paid - $1.16 per share
(427,760) 
Issuance of stock as charitable contribution336  56  39,944  
Issuance of stock under stock plans and other1,838  306  30,591  
Stock-based compensation expense73,401  
Other comprehensive loss(86,824) 
Common stock repurchased(2,051) (342) (219,272) 
BALANCE, MAY 2, 2020368,425  $61,405  $4,861,013  $6,945,442  $(277,002) 

See accompanying notes.













4


ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(in thousands)

Three Months Ended May 4, 2019
Capital inAccumulated
Other
Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, FEBRUARY 2, 2019368,314  $61,387  $5,111,058  $6,491,013  $(78,021) 
Net income367,937  
Dividends declared and paid - $0.54 per share
(199,501) 
Issuance of stock under stock plans and other2,369  395  67,283  
Stock-based compensation expense40,229  
Other comprehensive loss(18,000) 
Common stock repurchased(922) (154) (101,368) 
BALANCE, MAY 4, 2019
369,761  $61,628  $5,117,202  $6,659,449  $(96,021) 
Six Months Ended May 4, 2019
Capital inAccumulated
Other
Common StockExcess ofRetainedComprehensive
SharesAmountPar ValueEarningsLoss
BALANCE, NOVEMBER 3, 2018 (1)
370,160  $61,694  $5,282,222  $5,982,697  $(58,440) 
Effect of Accounting Standards Update 2016-16331,026  
Net income722,943  
Dividends declared and paid - $1.02 per share
(377,217) 
Issuance of stock under stock plans and other3,140  524  86,383  
Stock-based compensation expense76,622  
Other comprehensive loss(37,581) 
Common stock repurchased(3,539) (590) (328,025) 
BALANCE, MAY 4, 2019369,761  $61,628  $5,117,202  $6,659,449  $(96,021) 
(1) Balances have been restated to reflect the full retrospective adoption of Accounting Standards Update ASU 2014-09, Revenue from Contracts with Customers, adopted by the Company in fiscal 2019.


See accompanying notes.
5



ANALOG DEVICES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)

  
Six Months Ended
 May 2, 2020May 4, 2019
Cash flows from operating activities:
Net income$471,570  $722,943  
Adjustments to reconcile net income to net cash provided by operations:
Depreciation119,124  117,435  
Amortization of intangibles288,120  284,525  
Stock-based compensation expense73,401  76,622  
Non-cash portion of special charge  4,367  
Deferred income taxes(35,390) (21,843) 
Non-cash contribution to charitable foundation40,000    
Other non-cash activity3,801  18,429  
Changes in operating assets and liabilities(181,937) (159,829) 
Total adjustments307,119  319,706  
Net cash provided by operating activities778,689  1,042,649  
Cash flows from investing activities:
Additions to property, plant and equipment(115,000) (166,202) 
Changes in other assets(1,284) (4,585) 
Net cash used for investing activities(116,284) (170,787) 
Cash flows from financing activities:
Proceeds from debt395,646    
Proceeds from revolver350,000  75,000  
Payments on revolver(350,000) (75,000) 
Debt repayments(300,000) (350,000) 
Dividend payments to shareholders(427,760) (377,217) 
Repurchase of common stock(219,614) (328,615) 
Proceeds from employee stock plans30,897  86,907  
Changes in other financing activities(4,451) (6,144) 
Net cash used for financing activities(525,282) (975,069) 
Effect of exchange rate changes on cash(508) 217  
Net increase (decrease) in cash and cash equivalents136,615  (102,990) 
Cash and cash equivalents at beginning of period648,322  816,591  
Cash and cash equivalents at end of period$784,937  $713,601  

See accompanying notes.
6


ANALOG DEVICES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
FOR THE THREE AND SIX MONTHS ENDED MAY 2, 2020
(all tabular amounts in thousands except per share amounts and percentages)

Note 1 – Basis of Presentation
In the opinion of management, the information furnished in the accompanying condensed consolidated financial statements reflects all normal recurring adjustments that are necessary to fairly state the results for these interim periods and should be read in conjunction with Analog Devices, Inc.’s (the Company) Annual Report on Form 10-K for the fiscal year ended November 2, 2019 (fiscal 2019) and related notes. The results of operations for the interim periods shown in this report are not necessarily indicative of the results that may be expected for the fiscal year ending October 31, 2020 (fiscal 2020) or any future period.
The Company has a 52-53 week fiscal year that ends on the Saturday closest to the last day in October. Certain amounts reported in previous periods have been reclassified to conform to the fiscal 2020 presentation.
Note 2 – Leases
In the first quarter of fiscal 2020, the Company adopted Accounting Standards Update (ASU) 2016-02, Leases (Topic 842) (ASU 2016-02) using the modified retrospective approach. Results for fiscal 2020 are presented under ASU 2016-02, while prior period consolidated financial statements have not been adjusted and continue to be presented under the accounting standard in effect at that time. See Note 13, New Accounting Pronouncements of these Notes to Condensed Consolidated Financial Statements for further detail on the adoption of this standard, including the initial adoption values.
The Company enters into operating leases which primarily relate to certain facilities. The Company determines whether an arrangement is or contains a lease based on the unique facts and circumstances present at the inception of an arrangement. Lease assets represent the Company's right to use underlying assets for the lease term, and lease liabilities represent the obligation to make lease payments over the lease term. At lease commencement, leases are evaluated for classification, and assets and liabilities are recognized based on the present value of lease payments over the lease term. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a similar term at an amount equal to the lease payments in a similar economic environment. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received, such as construction allowances from landlords and/or rent abatements subsequent to taking possession of the leased property. The Company has agreements with lease and non-lease components, which are accounted for as a single lease component. Non-lease components may include real estate taxes, insurance, maintenance, parking and other operating costs. If these costs are variable costs they are not included in the measurement of the right-of-use assets and lease liabilities, but are expensed when the event determining the amount of variable consideration to be paid occurs. The Company’s leases have remaining lease terms of less than one year to approximately twenty years, some of which may include options to extend the initial term of the lease. These options are included in determining the initial lease term at lease commencement only if the Company is reasonably certain to exercise the option. Lease costs are recognized on a straight-line basis as lease expense over the lease term. For leases with terms of twelve months or less the Company recognizes the related lease payments as expense either straight-line over the lease term or as incurred depending on whether the lease payments are fixed or variable.
The following table presents supplemental balance sheet information related to our operating leases:
May 2, 2020
Assets
Operating lease right-of-use assets in Other assets
$243,695  
Liabilities
Operating lease liabilities in Accrued liabilities
$36,660  
Operating lease liabilities in Other non-current liabilities
$279,566  

7

ANALOG DEVICES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
Details of the Company's operating leases are as follows:
Three Months EndedSix Months Ended
May 2, 2020May 2, 2020
Lease expense$11,445  $22,136  
Cash paid for amounts included in the measurement of operating lease liabilities
Operating cash flows from operating leases$11,536  $22,935  
Lease assets obtained in exchange for new lease liabilities$20,895  $25,730  
Weighted average remaining lease term9.3 years9.3 years
Weighted average discount rate3.3 %3.3 %
The following table presents the maturities of our operating lease liabilities as of May 2, 2020:
Fiscal yearOperating Leases
Remainder of 2020$23,306  
202144,536  
202239,086  
202335,726  
202435,124  
202533,038  
Thereafter158,091  
Total future minimum operating lease payments368,907  
Less: imputed interest(52,681) 
Present value of operating lease liabilities$316,226  
As of May 2, 2020, the Company has additional leases for office space and equipment, which have not yet commenced, of approximately $16.6 million. These leases will commence during fiscal 2020, with lease terms of 10 to 25 years.

Note 3 – Stock-Based Compensation and Shareholders' Equity
A summary of the Company’s stock option activity as of May 2, 2020 and changes during the six-month period then ended is presented below:
Options
Outstanding
(in thousands)
Weighted-
Average Exercise
Price Per Share
Weighted-
Average
Remaining
Contractual
Term in Years
Aggregate
Intrinsic
Value
Options outstanding at November 2, 20195,183  $65.97  
Options granted359  $94.41  
Options exercised(583) $52.97  
Options forfeited(63) $81.86  
Options outstanding at May 2, 20204,896  $69.37  5.9$169,549  
Options exercisable at May 2, 20203,272  $60.59  4.9$141,272  
Options vested or expected to vest at May 2, 2020 (1)4,770  $68.80  5.8$167,821  
(1) In addition to the vested options, the Company expects a portion of the unvested options to vest at some point in the future. The number of options expected to vest is calculated by applying an estimated forfeiture rate to the unvested options.
During the six-month periods ended May 2, 2020 and May 4, 2019, the total intrinsic value of options exercised (i.e., the difference between the market price at exercise and the price paid by the employee to exercise the options) was $35.3 million and $99.7 million, respectively.
8

ANALOG DEVICES, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS - (Continued)
A summary of the Company’s restricted stock unit/award activity as of May 2, 2020 and changes during the six-month period then ended is presented below: 
Restricted
Stock Units/Awards
Outstanding
(in thousands)
Weighted-
Average Grant-
Date Fair Value
Per Share
Restricted stock units/awards outstanding at November 2, 20194,396  $87.18  
Units/Awards granted1,375  $86.69  
Restrictions lapsed(1,248) $85.86  
Forfeited(155) $87.17  
Restricted stock units/awards outstanding at May 2, 20204,368