Technology

Analog Devices Reports Fourth Quarter and Fiscal 2024 Financial Results

Published

1 year 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

TOTAL PLAY ANNOUNCES REVENUE OF Ps.11,177 MILLION AND EBITDA OF Ps.4,849 MILLION IN THE FIRST QUARTER OF 2026

Published

16 minutes ago

April 24, 2026

—Growth of 115,020 net subscribers in Totalplay Residencial in the period strengthens the company’s service revenues—

—EBITDA less Capex and interest reached Ps.883 million, the highest level ever recorded for a first quarter—

—A 9% reduction in debt with cost from loans provides additional strength to the company’s capital structure—

MEXICO CITY, April 23, 2026 /PRNewswire/ — Total Play Telecomunicaciones, S.A.P.I. de C.V. (“Total Play”), a leading telecommunications company in Mexico, which offers internet access, pay television and telephony services, through one of the largest 100% fiber optic networks in the country, announced today financial results for the first quarter of 2026.

“The growing preference of millions of homes for our technologically advanced internet services, with superior stability and speed, resulted in a net increase of 115,020 subscribers in the quarter, which continued to drive the company’s revenue,” commented Eduardo Kuri, CEO of Total Play. “The growth of our operations was consistent with the Capex which represented only 22% of revenue, and interest payments that decreased double-digit, in the context of lower debt with cost at the company. This resulted in a 51% increase in cash generation — defined as EBITDA less Capex and interest paid — reaching a record high of Ps.883 million in the period.”

“Regarding the balance sheet, we began this quarter with the amortization schedule for the Senior Secured Notes due 2028 — through a principal payment of US$15 million for the period — which adds to the US$56 million amortization of the remaining balance of the Senior Notes due in 2025 — done in the previous quarter — which, among other debt payments, contributed to a 9% reduction in our balance of debt with cost from loans,” added Mr. Kuri. “Simultaneously, we were able to decrease our lease liabilities by 30% and our trade payables by 22%, further strengthening Total Play’s solid capital structure.”

First quarter results

Revenue for the quarter was Ps.11,177 million, 3% higher than Ps.10,843 million for the same period of the previous year. Total costs and expenses were Ps.6,328 million, compared to Ps.5,761 million in the prior year.

As a result, Total Play’s EBITDA was Ps.4,849 million, from Ps.5,082 million a year ago; the quarter’s EBITDA margin was 43%. The company reported operating profit of Ps.301 million, compared to Ps.763 million a year earlier.

Total Play reported a net loss of Ps.1,327 million from a loss of Ps.1,961 million in the same quarter of 2025.

Q1 2025

Q1 2026

Change

Ps.

Revenue from services

$10,843

$11,177

$334

3 %

EBITDA

$5,082

$4,849

$(233)

(5) %

Operating income

$763

$301

$(462)

(61) %

Net result

$(1,961)

$(1,327)

$634

32 %

Amounts in millions of pesos.
EBITDA: Earnings before interest, taxes, depreciation, and amortization.

Revenue from services

The company’s revenue increased 3%, as a result of 3% growth in sales in the residential segment and 4% growth in revenue from the enterprise segment.

Totalplay Residential’s revenue increase to Ps.9,848 million, up from Ps.9,570 million the previous year, is related to a 4% increase in the number of the company’s service subscribers compared to the same quarter of the previous year, reaching 5,554,374 this period — a figure that includes 67,856 small and medium-sized businesses. Compared to the previous quarter, the subscriber base increased by 115,020 users. The company believes that the number of subscribers achieved this quarter reflects its remarkable ability to offer technologically advanced internet services — with superior stability and speed — continuous innovation in its entertainment platform, and service excellence.

Average revenue per subscriber (ARPU) for the quarter was Ps.588, compared to Ps.597 a year ago. The decrease in ARPU is largely related to a growing proportion of double-play subscribers compared to triple-play subscribers within the total residential subscriber base.

The number of homes passed by Total Play in Mexico at the end of this period was 19.5 million, compared to 17.6 million a year ago.

Penetration — the proportion of homes passed by Total Play that have the company’s telecommunications services — was 28.5% at the end of the quarter from 30.2% a year ago.

Revenue from the enterprise segment was Ps.1,329 million, up from Ps.1,273 million in the previous year, as a result of contracting Total Play services for the development of corporate client projects.

Costs and expenses

Total costs and expenses increased 10% as a result of a 4% increase in service costs and a 12% increase in expenses.

The increase in costs to Ps.1,663 million from Ps.1,597 million in the previous year, results mainly from higher costs related to memberships, maintenance and support, partially offset by lower content costs — as a result of a higher proportion of double play users in the mix of residential service subscribers and the negotiation of terms, in an optimal way, with content producers —.

The increase in expenses to Ps.4,665 million from Ps.4,164 million reflects higher maintenance, personnel, advertising and promotion expenses, in the context of the company’s growing operations.

EBITDA and net result

Total Play’s EBITDA was Ps.4,849 million compared to Ps.5,082 million the previous year.

Relevant variations below EBITDA were the following:

An increase of Ps.229 million in depreciation and amortization, as a result of user acquisition costs — telecommunications equipment, labor and installation in the period.

A Decrease of Ps.189 million in accrued interest payable, in the context of reducing the company’s debt with cost balance during the period.

Changes in the fair value of financial instruments of Ps.921 million, due to costs related to hedging options in the previous year.

Other financial income of Ps.31 million, compared to other expenses of Ps.200 million in the previous year, as a result of costs related to debt issuances a year ago.

A, increase of Ps.109 million in exchange losses as a result of net liability monetary position in foreign currency, together with greater depreciation of the peso against the basket of currencies in which the company’s monetary liabilities are denominated this quarter, compared to the previous year.

Total Play reported a net loss of Ps.1,327 million from a net loss of Ps.1,961 million in the same period of 2025.

Balance sheet

As of March 31, 2026, the company’s debt with cost from loans was Ps.55,477 million, 9% lower than the Ps.60,806 million of the previous year. The reduction resulted from various debt with cost amortizations during the period, including US$15 million of the company’s Senior Secured Notes due 2028 this quarter and US$56 million of the remaining Senior Notes due 2025, done last November, partially offset by the issuance of US$200 million in Additional Notes to the Senior Secured Notes due 2032, announced in April 2025.

Lease liabilities were Ps.2,756 million, 30% lower compared to Ps.3,917 million in the previous year.

Cash and cash equivalents, as well as restricted cash in trusts, was Ps.6,477 million, compared to Ps.10,008 million a year ago. As a result, the company’s net debt was Ps.51,756 million, 5% lower compared to Ps.54,715 million in the previous year.

The debt ratio — Net Debt / EBITDA of the last two quarters annualized — was 2.62 times.

Total Play’s fixed assets — which include accumulated investment in fiber optics, telecommunications equipment and subscriber acquisition costs, among other assets — were Ps.79,312 million, compared to Ps.85,944 million a year ago.

About Total Play

Total Play is a leading Triple Play provider in Mexico that, thanks to the widest direct-to-home fiber optic network in the country, offers entertainment and technologically advanced services with the highest quality and speed in the market. For the latest news and updates about Total Play, visit: www.totalplay.com.mx.

Total Play is a Grupo Salinas company (www.gruposalinas.com), a group of dynamic, fast-growing, and technologically advanced companies focused on creating economic value through market innovation and goods and services that improve standards of living; social value to improve community well-being; and environmental value by reducing the negative impact of its business activities. Created by Mexican entrepreneur Ricardo B. Salinas (www.ricardosalinas.com), Grupo Salinas operates as a management development and decision forum for the top leaders of member companies. Each of the Grupo Salinas companies operates independently, with its own management, board of directors, and shareholders. Grupo Salinas has no equity holdings. The group of companies shares a common vision, values, and strategies for achieving rapid growth, superior results, and world-class performance.

Except for historical information, the matters discussed in this press release are concepts about the future that involve risks and uncertainty that may cause actual results to differ materially from those projected. Other risks that may affect Total Play and its subsidiaries are presented in documents sent to the securities authorities.

Investor Relations:

Bruno Rangel

Rolando Villarreal

+ 52 (55) 1720 9167

jrangelk@totalplay.com.mx

rvillarreal@totalplay.com.mx

Press Relations:

Luciano Pascoe

Tel. +52 (55) 1720 1313 ext. 36553

lpascoe@gruposalinas.com.mx

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V.

Consolidated Quarterly Income Statements

(Millions of Mexican pesos)

1Q 25

1Q 26

Change

Revenue from services

10,843

100 %

11,177

100 %

334

3 %

Cost of services

(1,597)

(15 %)

(1,663)

(15 %)

(66)

(4 %)

Gross profit

9,246

85 %

9,514

85 %

268

3 %

General expenses

(4,164)

(38 %)

(4,665)

(42 %)

(501)

(12 %)

EBITDA

5,082

47 %

4,849

43 %

(233)

(5 %)

Depreciation and amortization

(4,319)

(40 %)

(4,548)

(41 %)

(229)

(5 %)

Operating profit

763

7 %

301

3 %

(462)

(61 %)

Financial cost:

Interest revenue

1 %

0 %

(26)

(46 %)

Accrued interest expense

(1,770)

(16 %)

(1,581)

(14 %)

189

11 %

Change in fair value of financial instruments

(924)

(9 %)

(3)

(0 %)

921

100 %

Other financial (expenses) income

(200)

(2 %)

0 %

231

—

Foreign exchange (loss) – Net

(40)

(0 %)

(149)

(1 %)

(109)

n.m.

(2,878)

(27 %)

(1,672)

(15 %)

1,206

42 %

Loss before income tax provisions

(2,115)

(20 %)

(1,371)

(12 %)

744

35 %

Income tax provision

154

1 %

0 %

(110)

(71 %)

Net loss for the period

(1,961)

(18 %)

(1,327)

(12 %)

634

32 %

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V.

Consolidated Statements of Financial Position

(Millions of Mexican pesos)

As of March 2025

As of March 2026

Cambio

ASSETS

Current Assets:

Cash and cash equivalents

7,132

6 %

4,342

4 %

(2,790)

(39 %)

Restricted cash in trusts

2,876

3 %

2,135

2 %

(741)

(26 %)

Customers – net

2,902

3 %

3,016

3 %

114

4 %

Recoverable taxes

3,365

3 %

2,293

2 %

(1,072)

(32 %)

Inventories

2,416

2 %

2,146

2 %

(270)

(11 %)

Derivative financial instruments

193

0 %

–

0 %

(193)

(100 %)

Other current assets

873

1 %

883

1 %

Total current assets

19,757

18 %

14,815

15 %

(4,942)

(25 %)

Non-Current Assets:

Property, plant and equipmente – Net

85,944

77 %

79,312

81 %

(6,632)

(8 %)

Rights-of-use assets -Net

2,849

3 %

1,652

2 %

(1,197)

(42 %)

Trademarks and other assets

2,620

2 %

2,464

3 %

(156)

(6 %)

Total non-current assets

91,413

82 %

83,428

85 %

(7,985)

(9 %)

Total assets

1,11,170

100 %

–

98,243

100 %

(12,927)

(12 %)

LIABILITIES AND STOCKHOLDERS’ EQUITY

Short-Term Liabilities

Financial debt

9,240

8 %

5,435

6 %

(3,805)

(41 %)

Lease liabilities

2,367

2 %

1,749

2 %

(618)

(26 %)

Trade payables

12,719

11 %

9,913

10 %

(2,806)

(22 %)

Reverse factoring

1,483

1 %

278

0 %

(1,205)

(81 %)

Other short-term liabilities

3,814

3 %

3,255

3 %

(559)

(15 %)

Total short-term liabilities

29,623

27 %

20,630

21 %

(8,993)

(30 %)

Long-Term Liabilities

Financial debt

51,566

46 %

50,042

51 %

(1,524)

(3 %)

Lease liabilities

1,550

1 %

1,007

1 %

(543)

(35 %)

Employee benefits

101

0 %

148

0 %

47 %

Deferred income tax

12,950

12 %

13,741

14 %

791

6 %

Total liabilities

95,790

86 %

85,568

87 %

(10,222)

(11 %)

EQUITY:

Capital stock

8,201

7 %

8,060

8 %

(141)

(2 %)

Retained earnings

(15,836)

(14 %)

(17,171)

(17 %)

(1,335)

(8 %)

Other comprehensive income

23,015

21 %

21,786

22 %

(1,229)

(5 %)

Total equity

15,380

14 %

12,675

13 %

(2,705)

(18 %)

Total liabilities and equity

1,11,170

100 %

98,243

100 %

(12,927)

(12 %)

TOTAL PLAY TELECOMUNICACIONES, S.A.P.I. DE C.V.

Consolidated Statements of Cash Flows

(Millions of Mexican pesos)

3M 25

3M 26

Operating activities:

Loss before income tax provision

(2,115)

(1,371)

Items not requiring the use of resources:

Depreciation and amortization

4,320

4,548

Employee benefits

Items related to investing or financing activities:

Accrued interest income

(56)

(30)

Accrued interest expense

1,770

1,581

Other financial transactions

1,122

(27)

Unrealized exchange (gain) loss

(89)

262

4,961

4,973

Resources (used in) generated by operating activities:

Customers and unearned revenue

315

134

Other receivables

–

Related parties, net

(104)

Taxes to be recovered

353

260

Inventories

292

400

Advance payments

(76)

(179)

Trade payables

(906)

(1,092)

Other payables

299

434

Cash flows generated by operating activities

5,291

4,828

Investing activities:

Acquisition of property, plant and equipment

(2,601)

(2,425)

Other assets

(234)

Collected interest

Cash flows used in investing activities

(2,779)

(2,319)

Financing activities:

Capital repayments

–

Loans (paid) received

4,312

(58)

Leasing cash flows

(822)

(449)

Restricted Cash in Trusts

(488)

(371)

Reverse factoring

(107)

(80)

Derivative financial instruments

265

–

Interest payment

(1,895)

(1,541)

Cash flows used in financing activities

1,265

(2,499)

Net increase in cash and cash equivalents

3,777

Cash and cash equivalents at the beginning of the year

3,355

4,332

Cash and cash equivalents at the end of the year

7,132

4,342

View original content:https://www.prnewswire.com/news-releases/total-play-announces-revenue-of-ps11-177-million-and-ebitda-of-ps4-849-million-in-the-first-quarter-of-2026–302752403.html

SOURCE Total Play Telecomunicaciones, S.A.P.I. de C.V.

Technology

QNAP Launches QSW-M7230-2X4F24T L3 Lite 100GbE Managed Switch, Featuring MC-LAG and AVoIP

Published

16 minutes ago

April 24, 2026

TAIPEI, April 23, 2026 /PRNewswire/ — QNAP® Systems, Inc., a leading computing, networking, and storage solution innovator, today announced the launch of the QSW-M7230-2X4F24T, a new L3 Lite managed 100GbE switch designed for enterprise network upgrades, high-performance storage environments, large-scale media production, virtualization, and AI-driven workloads. The new switch enables organizations to build a scalable 100GbE core network while maintaining cost efficiency and protecting existing infrastructure investments.

As data-intensive applications continue to accelerate—from AI computing and virtualization to collaborative media workflows—enterprises are increasingly challenged to evolve beyond 10GbE networks without incurring disruptive, large-scale replacements. The QSW-M7230-2X4F24T addresses this transition by providing a flexible, multi-speed architecture that allows enterprises to introduce higher-speed connectivity where it matters most, while expanding the core network over time.

Featuring 100GbE backbones, 25GbE server uplinks, and 24-port 10GbE access, the QSW-M7230-2X4F24T offers seamless multi-speed integration. It allows enterprises to deploy high-performance 25GbE/100GbE where needed while preserving existing 10GbE assets, effectively minimizing upgrade complexity and maximizing infrastructure value.

“By combining 100GbE, 25GbE, and high-density 10GbE connectivity in a 1U form factor, the QSW-M7230-2X4F24T delivers exceptional flexibility and cost efficiency among its class,” said Ronald Hsu, Product Manager at QNAP. “It is an ideal solution for enterprises seeking a practical path to 100GbE without compromising current investments or future scalability.”

Optimized for AI and high-performance storage, the QSW-M7230-2X4F24T offers 10G/25G/100G multi-speed links with a 1080Gbps capacity, supporting PFC and ECN for lossless Ethernet. It combines L3 Lite management (including static routing and advanced VLANs) with an MC-LAG architecture to provide enhanced network resilience and high availability, ensuring uninterrupted service and eliminating single points of failure for critical business infrastructure.

For media and AV over IP deployments, the switch further strengthens multicast control and time synchronization. With support for IGMP Snooping, VLAN-based traffic segmentation, and a high-precision clock with PTP Boundary Clock, the QSW-M7230-2X4F24T minimizes audio-video synchronization issues commonly encountered in multi-display environments. This makes it well suited for broadcast production, live event venues, command centers, and enterprise video applications.

In addition, the QSW-M7230-2X4F24T supports AMIZcloud, QNAP’s cloud-based centralized management platform. Without requiring additional hardware or software controllers, IT teams can remotely monitor and manage multiple switches across locations, simplifying troubleshooting and reducing ongoing operational overhead.

For more information and to view the full QNAP lineup, please visit www.qnap.com.

View original content to download multimedia:https://www.prnewswire.com/news-releases/qnap-launches-qsw-m7230-2x4f24t-l3-lite-100gbe-managed-switch-featuring-mc-lag-and-avoip-302745716.html

SOURCE QNAP Systems, Inc.

Technology

SnapInspect Now Fully Qualified Yardi® Ecosystem Partner

Published

16 minutes ago

April 24, 2026

Interface is available now to SnapInspect clients using Yardi Voyager®

DALLAS, April 24, 2026 /PRNewswire/ — SnapInspect today announced it is now a fully qualified Yardi® Standard Interface Vendor, joining the approved network for Yardi, the leading provider of connected real estate software solutions. With this interface, companies using Yardi Voyager® can access their property management system data via the interface with SnapInspect.

With a focus on streamlining operations and increasing efficiency, Yardi Voyager and its single connected solution suite allow companies to manage operations, execute leasing, run analytics, and provide effective resident, owner and investor services. By interfacing with Yardi, vendors can provide Yardi clients with solutions that empower them within the Yardi ecosystem.

The Yardi ecosystem services the most vendors, APIs, units and square footage in the industry with more than 450 active interface partners in the Yardi network. Yardi’s goal is to make it easier for clients to choose best-for-you products that allow harmony across the many platforms they use. Yardi welcomes SnapInspect to the most robust platform ecosystem in the real estate industry.

“Commercial property teams have always had the data; they just haven’t always had it in one place. This integration closes the gap between inspections and maintenance operations, so every inspection finding flows directly into a work order, and everything is visible between profiles,” said new Yardi interface vendor, SnapInspect

For the complete list of the Yardi ecosystem, please visit: yardi.com/interface-vendors.

About Yardi

Yardi® develops industry-leading software for all types and sizes of real estate companies across the world. With over 10,000 employees, Yardi is working with our clients to drive significant innovation in the real estate industry. For more information on how Yardi is Energized for Tomorrow, visit yardi.com.

About SnapInspect

SnapInspect is a cloud-based property inspection software platform used by property managers, asset owners, and enterprise operators across the USA, Canada, and Dubai. The platform enables teams to conduct detailed property inspections, generate professional condition reports instantly, and track property maintenance analytics and asset condition data across entire portfolios. SnapInspect integrates natively with leading property management systems as a qualified interface vendor. Learn more at www.snapinspect.com

Photo – https://mma.prnewswire.com/media/2964560/Image.jpg

View original content:https://www.prnewswire.co.uk/news-releases/snapinspect-now-fully-qualified-yardi-ecosystem-partner-302752418.html