Analog Devices(ADI)2023-08-23 11:05Revenue Performance - Revenue for the three months ended July 29, 2023, was 3,109,880 for the same period in 2022[58]. - Revenue for the nine months ended July 29, 2023, was 8,766,237 for the same period in 2022[59]. - The Industrial end market contributed 747,554 for the three months ended July 29, 2023[61]. - Revenue from the Consumer end market decreased by 21% to 1,904,496, accounting for 62% of total revenue[63]. Profitability Metrics - Gross margin percentage for the three months ended July 29, 2023, was 63.8%, down from 65.7% in the same period of the prior year[65]. - Gross margin percentage for the nine months ended July 29, 2023, increased to 65.0% from 61.5% in the same period of the prior year[65]. - Net income for the three months ended July 29, 2023, was 748,985 in the same period of 2022[58]. - Operating income increased by 1,012.5 million (47%) in the nine-month period ended July 29, 2023, compared to the prior fiscal year[71][72]. - Net income increased by 1,003.8 million (55%) in the nine-month period ended July 29, 2023, compared to the prior fiscal year[77][78]. - The company reported a diluted EPS of 1.44 in the same period of 2022[58]. Expenses Overview - R&D expenses decreased by 25.9 million (2%) in the nine-month period ended July 29, 2023, compared to the prior fiscal year[66]. - SMG&A expenses increased by 55.0 million (6%) in the nine-month period ended July 29, 2023, compared to the prior fiscal year[68]. - Nonoperating expenses increased by 26.9 million in the nine-month period ended July 29, 2023, primarily due to higher interest expenses[72][73]. - Special charges, net decreased by 197.9 million (81%) in the nine-month period ended July 29, 2023, compared to the prior fiscal year[70]. - Amortization expenses remained relatively flat at 756.9 million in the nine-month period ended July 29, 2023[69]. Cash Flow and Financial Position - Cash and cash equivalents totaled 253.9 million held in the United States[79]. - Net cash provided by operating activities for the nine months ended July 29, 2023, was 3,326,066 for the same period in 2022, maintaining a consistent 38% of revenue[80]. - Cash used for investing activities increased to (351,035) in the prior year, primarily due to higher capital expenditures[82]. - Cash used for financing activities decreased to (3,403,860) year-over-year, attributed to higher net proceeds from commercial paper issuance and lower debt repayments[83]. - Accounts receivable decreased by 1,616,243 as of July 29, 2023, while inventory increased by 1,709,313[84]. - Total debt obligations as of July 29, 2023, amounted to 6,517,077, with various notes maturing from 2024 to 2051[85]. Future Outlook and Strategic Initiatives - The company expects to continue developing innovative technologies and processes for new products, viewing R&D as critical for future growth[67]. - Capital expenditures for fiscal 2023 are expected to be between 7% to 9% of revenue, reflecting plans to expand internal manufacturing capacity[89]. - A cash dividend of 0.86 per share was declared on August 22, 2023, expected to total approximately 16.7 billion, with 2,831.0 million as of July 29, 2023, compared to $2,442.7 million at the end of fiscal 2022, due to higher commercial paper notes and income taxes payable[84].