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Analog Devices(ADI) - 2024 Q1 - Quarterly Results
ADIAnalog Devices(ADI)2024-02-20 16:00

Revenue Performance - Revenue for the fiscal first quarter 2024 was 2.513billion,a232.513 billion, a 23% decrease compared to the same period last year[5] - Revenue for the three months ended Feb. 3, 2024, was 2,512,704, a 23% decrease compared to 3,249,630inthesameperiodlastyear[21]−RevenueforthetrailingtwelvemonthsasofFebruary3,2024,was3,249,630 in the same period last year[21] - Revenue for the trailing twelve months as of February 3, 2024, was 11,568,613[31] - Projected revenue for the three months ending May 4, 2024, is 2.10billion(+/−2.10 billion (+/- 100 million)[33] Cash Flow and Free Cash Flow - Operating cash flow for the trailing twelve months was 4.6billion,withfreecashflowof4.6 billion, with free cash flow of 3.2 billion[1] - Free cash flow for the trailing twelve months was 3.242billion,representing283.242 billion, representing 28% of revenue[6] - Net cash provided by operating activities was 1,138,832, a decrease from 1,406,305inthepreviousyear[25]−Netcashprovidedbyoperatingactivitiesforthetrailingtwelvemonthswas1,406,305 in the previous year[25] - Net cash provided by operating activities for the trailing twelve months was 4,550,161, representing 39% of revenue[31] - Free cash flow for the trailing twelve months was 3,241,878,representing283,241,878, representing 28% of revenue[31] Shareholder Returns - The company returned 606 million to shareholders through dividends and stock repurchases in the first quarter[4] - The quarterly dividend was increased by 7% to 0.92pershare,markingthetwentiethconsecutiveyearofincrease[1][9]GrossMarginandOperatingExpenses−Grossmarginpercentageforthequarterwas58.70.92 per share, marking the twentieth consecutive year of increase[1][9] Gross Margin and Operating Expenses - Gross margin percentage for the quarter was 58.7%, down 670 basis points year-over-year[5] - Gross margin percentage decreased to 58.7% from 65.4% year-over-year[29] - Operating expenses were 887,977, representing 35.3% of revenue, up from 30.6% in the previous year[29] Earnings Per Share (EPS) - Adjusted diluted earnings per share (EPS) for the quarter was 1.73,a371.73, a 37% decrease compared to the previous year[5] - Adjusted diluted EPS was 1.73, compared to 2.75inthesameperiodlastyear[29]−ProjectedearningspershareforthethreemonthsendingMay4,2024,is2.75 in the same period last year[29] - Projected earnings per share for the three months ending May 4, 2024, is 1.26 (+/- 0.10),adjustedfor0.10), adjusted for 0.80 in net impact from acquisition-related expenses and special charges[33] Sector Performance - Automotive sector continued to show growth, contributing to the overall revenue[1] - Industrial revenue accounted for 48% of total revenue at 1,196,832,a311,196,832, a 31% decrease from the previous year[27] - Automotive revenue increased by 9% to 739,158, representing 29% of total revenue[27] Financial Position - Cash and cash equivalents increased to 1,303,560from1,303,560 from 958,061 at the end of the previous quarter[23] - Total assets decreased slightly to 48,388,464from48,388,464 from 48,794,478 at the end of the previous quarter[23] - Capital expenditures for the trailing twelve months were (1,308,283)[31]ProjectionsandForecasts−Thecompanyforecastssecondquarterfiscal2024revenueof(1,308,283)[31] Projections and Forecasts - The company forecasts second quarter fiscal 2024 revenue of 2.10 billion, +/- 100million[7]−Adjustedoperatingmarginforthesecondquarterisexpectedtobeapproximately37.0100 million[7] - Adjusted operating margin for the second quarter is expected to be approximately 37.0%, +/-100 basis points[7] - Projected operating margin for the three months ending May 4, 2024, is 37.0% (+/-100 bps), adjusted for 460 million in acquisition-related expenses and special charges[33] - Projected nonoperating expenses for the three months ending May 4, 2024, are approximately 65million[33]−ProjectedtaxrateforthethreemonthsendingMay4,2024,is1165 million[33] - Projected tax rate for the three months ending May 4, 2024, is 11% - 13%, including 61 million in tax effects related to adjustments[33] Net Income - Net income for the quarter was 462,727,down52462,727, down 52% from 961,474 in the previous year[21]