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

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SOURCE Analog Devices, Inc.

Technology

QC Ware Announces 5th Q2B Tokyo Conference Focused on the Roadmap to Quantum Value in Asia and Beyond, Quemix to Co-host and Sponsor

Published

13 minutes ago

April 21, 2026

QC Ware hosts the 5th Q2B conference in Tokyo to connect the Asian and global quantum technology landscape and bring together quantum industry experts across computing, AI, telecommunications, sensing, finance, automotive, chemicals, and more.

TOKYO, April 21, 2026 /PRNewswire/ — QC Ware, a leading provider of industry-disrupting quantum technology, quantum-inspired machine learning, and quantum chemistry simulation solutions, today announced the 2026 Q2B Tokyo Conference (Q2B26) taking place June 4-5, 2026.

As the Q2B26 Tokyo Co-host and Platinum Sponsor, Quemix will contribute to discussions and demonstrations aimed at accelerating the adoption of quantum technologies in various industries, spanning pharmaceutical, biotech, finance, automotive, logistics, and artificial intelligence. “Quemix is proud to once again serve as a co-organizer for Q2B Tokyo, a venue that brings together the most significant global advancements in quantum technology. Our sessions will dive deep into these trends, offering a closer look at a variety of practical use cases implemented on real quantum devices.

We look forward to sharing our latest progress as we drive the practical realization of quantum computing. Please join us at Q2B to witness these breakthroughs in person.” said Quemix CEO and President, Yu-ichiro Matsushita. “A key highlight will be Quemix’s presentation of six industrial use cases, demonstrating tangible progress in real-world quantum applications across the automotive and materials industries.”

The conference, being held at the Grand Hyatt Tokyo, will dive deep into all major quantum technologies and themes: computing, sensing, communications, security, error correction, quantum AI, HPC integration, and more. Attendees can expect to see featured keynotes, industry case studies, and discussions led by experts at the forefront of quantum R&D from some of the world’s leading businesses and institutions across government, academia, and industry.

“Our team at QC Ware is really excited to see all of you at the 5th annual Q2B Tokyo conference! Quantum advantage is getting closer every day, and at this event you will be getting practical updates on progress by many of the leading QC hardware and software developers. If you are working in an enterprise that will be impacted by AI and quantum computing, then attending this event is a must!” said QC Ware CEO, Matt Johnson. “The quantum ecosystems of Japan and Asia are incredibly dynamic and exciting, and the work undertaken to directly and indirectly create that environment cannot be overstated.”

Through keynotes, business seminars, breakout sessions, technical workshops, and panel discussions, attendees at Q2B Tokyo will learn about the latest hardware and software breakthroughs as well as applications in optimization, chemistry simulations, pharmaceutical and materials discovery, error correction, and quantum AI. Additionally, the conference features several panels and sessions from field practitioners, end users, and experts across industries. Notable speakers include:

Kazuya Masu – Director, AIST – G-QuATTaro Shimada – Chair of the Board, Quantum Strategic Industry Alliance for Revolution (Q-STAR) and CEO, ToshibaMitsuhisa Sato – Division Director of Quantum-HPC Hybrid Platform Division, RIKEN Center for Computational ScienceMitsunobu Koshiba – Co founder, Cdots LLCShuntaro Takeda – Associate Professor, The University of TokyoYu-ichiro Matsushita – CEO, QuemixCarmen Palacios-Berraquero – Founder and CEO, Nu QuantumThom Murray – VP Quantum Technology Evangelism, D-Wave SystemsDr. Michael J. Biercuk – CEO and Founder, Q-CTRLShunsuke Okada – Chair of Executive Committee, Q-STARMatt Terabe – Chief of Quantum Technology, Deloitte TohmatsuSameh Yamany – Chief Technology Officer, VIAVI SolutionsAsif Sinai – Co-founder and CEO, QedmaTatsuo Nakamura – CEO & President & Founder, VALUENEX, Inc.Pouya Dianat – Chief Revenue Officer, Quantum Computing Inc.Yuval Boger – Chief Commercial Officer, QuEra Computing inc.Joseph Spencer – Director, GQI

Attendees will also have the opportunity to explore the exhibit floor with vendors showcasing their latest advancements in quantum technologies, featuring: Quemix, Classiq, Denso, Quantinuum, SQAI, QuEra Computing, Qedma, Quantum Machines, IonQ, Fujitsu, JHPC RIKEN Softbank, Quantum Computing Inc, IQM, Q-CTRL, D-Wave Quantum, Quanmatic, Toyota Tsusho, Lquom, Norma, Alpine Quantum Technologies, Q-STAR, Qunova Computing and more.

Find the agenda, featured speakers, sponsors, and register to attend Q2B26 Tokyo here.

About QC Ware

QC Ware is a quantum and classical computing SaaS company focused on delivering enterprise value through cutting-edge computational technology. The company develops enterprise-grade applications that run on state-of-the-art classical computing hardware and algorithms targeting near-term quantum hardware. Its flagship product, Promethium, is an advanced molecular discovery platform that leverages quantum chemistry to accelerate research across pharmaceutical, materials science, and chemical industries. With specialization in machine learning and chemistry simulation applications, the team bridges the gap between theoretical quantum computing and practical business solutions. Composed of some of the industry’s foremost experts, QC Ware is headquartered in Palo Alto, California, with a European subsidiary in Paris. The company also organizes Q2B, a global series of conferences for industry, practitioner, and academic quantum computing communities. Learn more at www.qcware.com.

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SOURCE QC Ware Corp.

Technology

8 Greenberg Traurig Attorneys to Speak at eMerge Americas Conference

Published

13 minutes ago

April 21, 2026

MIAMI, April 21, 2026 /PRNewswire/ — Eight attorneys from Greenberg Traurig, P.A. will speak at the 2026 eMerge Americas conference, considered the premier global technology event, April 23-24 at the Miami Beach Convention Center.

In addition to serving as an event sponsor, Greenberg Traurig is a founding partner of eMerge Americas and has played a central role in the conference’s development since its inception. Early planning discussions hosted at the firm’s Miami office helped spark the creation of eMerge Americas, laying the groundwork for what has become a premier global technology conference. Today, the annual event connects business leaders, government officials, investors, and entrepreneurs from around the world to discover the newest technologies fueling future innovation.

“Miami has emerged as one of the world’s premier tech hubs, attracting global talent and capital at an unprecedented pace,” said Jaret L. Davis, co-managing shareholder of Greenberg Traurig’s Miami office, a senior vice president of the firm, and general counsel for eMerge Americas. “As a founding partner of eMerge Americas, Greenberg Traurig’s attorneys are at the forefront of that transformation and are proud to share the eMerge Americas stage with the innovators and leaders building the future of technology both locally and globally.”

For over a decade, Davis has helped lead Greenberg Traurig’s work as a critical player guiding deals and investments in the technology industry. He routinely represents technology companies, including publicly traded clients with an aggregate market capitalization exceeding $100 billion, and several of Miami’s largest unicorn companies.

The following is a list of Greenberg Traurig speakers at the event and their corresponding panels:

Kieran Dwyer, Minneapolis Corporate shareholderDate and time: April 23, 3:15-3:45 p.m.Location: eMerge AI + DEEP TECH StagePanel: AI-Native Law: Securing and Governing Autonomous Systems at ScaleDescription: Explore what it means to operate in an artificial intelligence-native environment, how accountability is defined when systems act independently, and what it takes to secure and govern AI at scale.Jaret L. Davis, Miami co-managing shareholder and Corporate shareholderDate and time: April 24, 3-3:45 p.m.Location: Main StagePanel: Talent as National Infrastructure: Building the Workforce Powering America’s Innovation EconomyDescription: Dive into how education systems, economic development strategy, and private-sector innovation are aligning to build the workforce powering America’s innovation economy.Matthew Squires, Salt Lake City Corporate and Latin America shareholderDate and time: April 24, 1-1:30 p.m.Location: eMerge AI + DEEP TECH StagePanel: Investing Through Disruption: Venture Capital in the AI Acceleration EraDescription: From agentic AI and developer tooling to infrastructure and emerging platforms, the conversation will focus on areas where sustainable value is forming, how to separate momentum from substance, and what founders should understand about how capital is being deployed today.

Additionally, Greenberg Traurig attorneys will be presenting on a variety of topics at the firm’s booth, located at #517 in the eMerge AI Pavilion (view the full map):

Kieran Dwyer and Joshua B. Forman, Miami Corporate shareholderDate and time: April 23, 10-10:30 a.m.Topic: Inside the AI Boom: Explore the trends driving data center development, training, and AI deployment.Alan N. Sutin, Miami Technology, Media & Telecommunications Practice chair and Global Intellectual Property & Technology Practice senior chairDate and time: April 23, 11-11:30 a.m.Topic: Managing Risk When Licensing AI and Other Rapidly Evolving TechnologiesJohn D. Owens, III, Miami Corporate shareholderDate and time: April 23, 1:30-2 p.m.Topic: The Mainstreaming of Secondaries: The Role of Secondaries in the Venture Capital Market in 2026Shomari B. Wade, Washington, D.C., Government Contracts shareholderDate and time: April 23, 2:30-3 p.m.Topic: Navigating the New Era of Federal Acquisition: Policy Changes and Industry ImpactsErika Cabo, Miami Corporate of counsel Date and time: April 24, 10:30-11 a.m.Topic: Tokenization: Where the Real Opportunities Are — From Stablecoins to SecuritiesKieran DwyerDate and time: April 24, 11:30 a.m.-noonTopic: Five Questions Board Members Should be Asking About AI (and That CEOs Should be Ready to Answer)Date and time: April 24, 12:30-1 p.m.Topic: Effective AI Governance as an AI Accelerator – enabling teams to move faster within defined guardrails.

About Greenberg Traurig: Greenberg Traurig, LLP has approximately 3,100 lawyers across 51 locations in the United States, Europe, the Middle East, Latin America, and Asia. The firm’s broad geographic and practice range enables the delivery of innovative and strategic legal services across borders and industries. Recognized as a 2025 BTI “Best of the Best Recommended Law Firm” by general counsel for trust and relationship management, Greenberg Traurig is consistently ranked among the top firms on the Am Law Global 100, NLJ 500, and Law360 400. Greenberg Traurig is also known for its philanthropic giving, culture, innovation, and pro bono work. Web: www.gtlaw.com.

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SOURCE Greenberg Traurig, LLP

Technology

Rockefeller Foundation Accelerates U.S. Economic Solutions at “Big Bets for America: Baltimore”

Published

13 minutes ago

April 21, 2026

More than 250 U.S. leaders from across philanthropy, policy, the private sector, and nonprofits to surface and scale bold solutions to the country’s most pressing economic challenges.

BALTIMORE, April 21, 2026 /PRNewswire/ — The Rockefeller Foundation today hosted Big Bets for America: Baltimore, bringing together more than 250 leaders spanning policy, philanthropic, private, and non-profit sectors in Baltimore to surface, accelerate, and scale ambitious solutions to the country’s most pressing challenges. With a Steering Committee—consisting of Abell Foundation, Baltimore Community Foundation, Baltimore Homecoming, Greater Baltimore Committee, and The Harry and Jeanette Weinberg Foundation—and strategic partners Greater Washington Partnership, Baltimore Development Corporation, and Johns Hopkins University, the Foundation and event participants, including Maryland Governor Wes Moore, Baltimore Mayor Brandon Scott, and Cleveland Mayor Justin Bibb, announced new initiatives and innovative collaborations to create economic pathways and advance opportunities for communities across the State of Maryland and nationwide. In Baltimore, The Rockefeller Foundation also launched a $100 million commitment to connect America’s workers to good jobs and its next class of U.S. Big Bets Fellows.

“For 250 years, America’s promise has been that hard work leads to a stable, dignified life,” said Dr. Rajiv J. Shah, President of The Rockefeller Foundation. “Today, too many communities have been left so far behind that this promise feels out of reach. With the commitments announced today, The Rockefeller Foundation is betting on the resilience of the American worker and the ingenuity of our communities — and building the infrastructure to help that bet pay off at national scale.”

Big Bets for America is a national series of convenings that brings together leaders from across the United States to accelerate economic growth, energize action, and move communities forward. The Baltimore event builds on momentum from the series’ inaugural gathering in Oklahoma City in November 2025.

Major announcements from Big Bets for America: Baltimore include:

The Rockefeller Foundation Commits $100 Million to Connect America’s Workers to Good Jobs. The Rockefeller Foundation launched a new three-year, $100 million commitment to help communities across the country connect more people to good jobs and adapt to rapid economic and technological change. The strategy aims to benefit 10 to 20 million people across approximately 250 of America’s most distressed communities, help enable the creation of roughly 1.6 million additional good jobs nationally, and leverage aligned capital in partnership with employers and public, private, and philanthropic funders. The strategy focuses on sectors with the strongest job growth outlook: healthcare and the care economy, energy transition, food systems, and AI-enabled industries.
The Rockefeller Foundation to Increase Support for Invest in Our Future. As part of The Rockefeller Foundation’s commitment to advancing good jobs and building stronger, more inclusive workforce systems, The Foundation expects to provide over the next three years an additional $12 million to Invest in Our Future, a pooled fund supported by RF Catalytic Capital, Inc., that mobilizes clean energy opportunities to drive economic opportunity, including jobs, in communities nationwide. Since its launch in 2023, the initiative has worked with aligned funders to unlock hundreds of millions of philanthropic dollars for clean energy deployment and has shown that combining philanthropic capital, policy implementation, and strong cross-sector partnerships can rapidly scale impact and turn clean energy investments into real economic opportunities at the state and local levels.
Governor Wes Moore Announces $1.5 Million in Philanthropic Awards to ENOUGH Communities. Governor Wes Moore highlighted the distribution of $1.5 million in philanthropic funding awards from the Sherman Family Foundation, the Bainum Family Foundation, David and Lucile Packard Foundation, and The Rockefeller Foundation to strengthen education and child care access in nine ENOUGH communities – Maryland jurisdictions with high concentrations of childhood poverty. The funding will support nine ENOUGH communities as they launch and sustain programs to strengthen education and child care, including through such efforts as reducing chronic absenteeism through safe transportation options to school and developing afterschool programs to boost literacy rates.
The Rockefeller Foundation Announces Second Class of U.S. Big Bets Fellows. The Rockefeller Foundation named 10 bold innovators to its 2026 class of U.S. Big Bets Fellows — working in California, Central Appalachia, Indiana, Massachusetts, Minnesota, New Jersey, New York, North Carolina, Ohio, Tennessee, and West Virginia. Building on the inaugural 2025 class, this year’s fellows are working to expand workforce pathways and unlock capital for underserved communities. Over the course of the four-month fellowship, The Rockefeller Foundation will provide fellows with tailored programming, peer networking, and professional development to sharpen their approaches and scale their impact.
The Engine Introduces the Tough Tech Map. The Engine launched the Tough Tech Map, a public interactive directory connecting Tough Tech startups to sector- and geography-specific infrastructure — from national labs to test beds and fellowships to incubators. Developed in partnership with the broader ecosystem, the map aims to centralize resources startups in climate, health, advanced compute, and other Tough Tech sectors need to scale. Learn more at www.ToughTechMap.xyz.
LACI Expands City Climate Innovation Challenge to Baltimore & 15 Other US Cities. The Los Angeles Cleantech Incubator (LACI) announced a new cohort of cities for its City Climate Innovation Challenge, which includes Baltimore City and 15 others. The Challenge helps cities identify climate innovations and cleantech entrepreneurs, pilots the selected solutions, provides technical assistance, and scales what works to better improve lives and livelihoods in urban areas. Baltimore’s inclusion signals growing momentum for the program as it scales LACI’s unique model of public-private climate collaboration to cities across the country.
The Clean Fight Announces Expansion of its National Deployment Grant Fund. The Clean Fight announced that its National Deployment Grant Fund, an initiative that uses targeted catalytic grants of $50,000 to $250,000 to accelerate the adoption of proven clean energy solutions in homes, schools, and communities across America – prioritizing vulnerable and underserved communities – has received $1 million from The Rockefeller Foundation toward its $10 million goal. The Fund’s model is built on the idea that funding the right “first” project unlocks many more: each grant is structured to generate the evidence, financing model, or de-risked use case that allows other communities to follow without ongoing subsidy. In New York, The Clean Fight has supported 70 companies and 22 deployment projects with $5.4 million in catalytic grants, generating over 5,000 follow-on deployments statewide and nearly 1,000 jobs. The Rockefeller Foundation’s contribution is helping take The Clean Fight’s model national, with learnings shared broadly through open-source reference designs, implementation guides, and national convenings.
Big Bets for America Series to Go to Cleveland. Cleveland Mayor Justin Bibb and The Rockefeller Foundation announced that the next Big Bets for America convening will take place in Cleveland on June 9. More details about that agenda will be provided in the coming weeks.

What participants at Big Bets for America: Baltimore are saying:

Governor of Maryland Wes Moore: “When I committed to an unprecedented attack on child poverty in Maryland, I knew we needed more than just government on board. That’s why I’m grateful to our philanthropic partners who are stepping up alongside us to make bets on solutions no government can tackle alone. Today we’re taking another step forward on a truly collaborative approach that brings together government, philanthropy, and the private sector to set the standard for what real, structural progress looks like, and making Maryland a model for the nation.”
Mayor of Baltimore Brandon Scott: “Baltimore was proud to host this gathering of public and private sector partners committed to equitable, community-driven economic growth. Especially in areas that have historically faced intentional disinvestment—like many neighborhoods in Charm City—we have to be just as intentional with the ways we work to create opportunity today. I’m grateful that The Rockefeller Foundation shares that focus, and look forward to working together on many of the partnerships announced during this convening.”
Mayor of Cleveland Justin Bibb: “Cleveland is investing in its people, its neighborhoods, and its future – and it’s working. The moment is here to bet on our city, to connect residents to opportunity, and to unlock investment at scale. We’re ready to show the country what inclusive growth looks like in action.”
Kate Frucher, CEO, The Clean Fight: “This is the moment to make sure proven clean energy solutions – ones that improve lives right now and build resilience for decades to come – don’t sit on the sidelines. Supporting the right first project doesn’t just benefit one community, it creates a powerful slipstream for everyone who comes after. That’s exactly what our Deployment Grant Fund is built to do – using the disproportionate impact that strategically placed, small-dollar grant funding can have.”
Emily Knight, The Engine: “We built the Tough Tech Map to open up access to the infrastructure founders need to scale, not just in major hubs, but everywhere. It serves as connective tissue, helping startups leverage shared Tough-Tech-specific resources so they can stay capital efficient while turning breakthrough ideas into real-world impact.”
Matt Petersen, Los Angeles Cleantech Incubator: “LACI’s City Climate Innovation Challenge was created to help local governments pilot and scale the best cleantech solutions that improve air quality, create jobs, and grow the economy. Thanks to the support of the Rockefeller Foundation and others, we are excited to launch our next cohort of 16 cities across the U.S, including Baltimore, to increase access to reliable and affordable EV charging for every neighborhood, including apartment dwellers and underserved communities.”
Derrick Adams, Charm City Cultural Cultivation: “I’ve seen how different cities have transformed their communities into these types of communities where people can thrive. We’re really going into an entrepreneurial culture right now where there’s not going to be a lot of big industry in the way it used to be. We see it through the younger generations, the way they are mapping out their future…if you want to look at the way the economy is moving…people want to be in community, but we need to figure out how this community can advance.”
Torrey Smith, Philanthropist, two-time Super Bowl Champion: “The reality is there are so many more people doing way bigger and better things with less. And that’s why it’s important when you are the Baltimore Orioles or the Baltimore Ravens: You have the opportunity to uplift people by using your platform and providing them with opportunities.”
Kevin Plank, Under Armour: “Across the country, leaders are rethinking where they invest, where they grow, and where they place long-term confidence because capital is moving. Talent is mobile and cities are either stepping forward or falling further behind. But Baltimore has everything it needs to compete. …What is needed now isn’t more consensus; it’s shared conviction followed by action.”

About The Rockefeller Foundation
Investing $30 billion over the last 113 years to promote the well-being of humanity, The Rockefeller Foundation is a pioneering philanthropy built on unlikely partnerships and innovative solutions that deliver measurable results for people in the United States and around the world. We leverage scientific breakthroughs, artificial intelligence, and new technologies to make big bets across energy, food, health, and finance, including with our public charity, RF Catalytic Capital (RFCC). For more information, sign up for our newsletter at www.rockefellerfoundation.org/subscribe and follow us on X @RockefellerFdn, Instagram @rockefellerfdn, and LinkedIn @the-rockefeller-foundation.

About The Engine
The Engine is a nonprofit incubator and accelerator dedicated to supporting early stage Tough Tech companies by providing the infrastructure, programs, and ecosystem support they need to thrive. Tough Tech is transformational technology rooted in breakthrough science and engineering, aimed at solving the world’s most pressing challenges. These companies are capital-intensive, highly regulated, and technically complex, requiring specialized infrastructure, patient support, and a resilient path from lab to market. Learn more at www.engine.xyz

About Los Angeles Cleantech Incubator (LACI)
The Los Angeles Cleantech Incubator (LACI) is creating an inclusive green economy by unlocking innovation through scaling cleantech startups, transforming markets through catalytic partnerships with policymakers, innovators, and market leaders in transportation, energy, and sustainable cities, like the Transportation Electrification Partnership, and enhancing communities through green jobs workforce training, pilots and other programs. Founded as an economic development initiative by the City of Los Angeles and its Department of Water & Power (LADWP) in 2011, LACI is recognized as one of the top 10 innovative business incubators in the world by UBI. LACI has helped 506 portfolio companies raise over $1 billion in funding, generated $344 million in revenue, and created 2,626 jobs throughout the Los Angeles region, with a long term economic impact of more than $733 million.

About The Clean Fight
The Clean Fight is a not-for-profit dedicated to accelerating the adoption of climate solutions for 100% of the population – moving them into communities faster, more affordably, and at scale. Through catalytic grants, deployment programs, and prize competitions, The Clean Fight designs and delivers adoption models that turn one-off projects into first-of-many. The Clean Fight is supported by NYSERDA, the U.S. Economic Development Administration, and leading philanthropic partners. Learn more at thecleanfight.com.

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SOURCE The Rockefeller Foundation