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Analog Devices Reports Fourth Quarter and Fiscal 2024 Financial Results

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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

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

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

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

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 %

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

$2.35 Billion

(+/- $100 Million)

(+/- $100 Million)

Operating margin

22.0 %

40.0 %(1)

(+/-130 bps)

(+/-100 bps)

Nonoperating expenses

~ $60 Million

~ $60 Million

Tax rate

12% – 14%

12% – 14% (2)

Earnings per share

$0.80

$1.53 (3)

(+/- $0.10)

(+/- $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.

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Axon Announces Body 5: Next-Generation Camera Built for the AI Era

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Axon Body 5 delivers 25x the AI processing power of earlier-generation cameras, with upgraded connectivity, audio and battery life to support real-time situational awareness in the field

SCOTTSDALE, Ariz., Oct. 24, 2026 /PRNewswire/ — Axon (Nasdaq: AXON), the global leader in public safety technology, today announced Axon Body 5, its newest body-worn camera designed to bring more powerful intelligence, connectivity and real-time support directly to officers in the field.

For years, Axon body cameras have helped agencies capture critical evidence and create greater transparency. Body 5 is built to help officers during the call, with information, assistance and backup on the spot.

“Officers shouldn’t have to choose between getting information and watching the scene. With Axon Body 5, they don’t,” said Rick Smith, Axon Founder and CEO. “They capture a license or document with the camera, keep their hands free and eyes up, and get information faster than writing it down and calling it in by radio. An officer fully engaged with the person in front of them, not down at a notepad, is a safer officer and a better-served community.”

Axon Body 5: Built for the AI Era

Built from the ground up for the AI era, Axon Body 5 delivers 25x the AI processing power than earlier generation Axon body cameras, alongside advancements in connectivity, audio, video and battery life. Together, these upgrades give the camera the physical power to run smarter AI features — both today and as new AI tools are developed in the future — while also making it more dependable for officers to use every day. 

For the first time, Axon is also introducing two versions of its latest flagship camera: Axon Body 5 and Axon Body 5 Pro.

Both models feature several key advancements, including:

25x more processing power for AI: A powerful new computing architecture creates the capacity to support current and future AI features directly on the body camera.Enhanced video: Improved video captures clearer evidence across challenging environments, including better low-light performance.Improved connectivity: Seamless connectivity in urban and remote environments – and more precise location capability – helps officers, cameras and remote support teams stay connected when timely information matters most.Longer battery life: 20% more battery life than the previous generation helps keep the camera ready and connected throughout an officer’s shift.

The Axon Body 5 Pro will continue to gain new AI capabilities as they become available, growing along with the AI Era Plan. Additionally, new hardware features include:

A near-focus camera: An additional dedicated camera lens lets officers scan driver’s licenses to check status and search for wants or warrants in seconds, without returning to the patrol vehicle, with relevant information sent to Axon Fusus to support real-time operations.Front-facing speakers: Four additional speakers project even more powerful audio toward the person an officer is speaking with, helping real-time translations from Axon Assistant carry more clearly over heavy traffic or crowd noise. Additional memory: Extra space lets the camera run several AI tools at once, helping officers stay better informed and work faster.

Bringing More of Axon’s AI Era Into the Field

Axon Body 5 helps officers get more out of the Axon AI Era Plan by bringing smart tools right to the scene. Axon’s portfolio already supports public safety professionals across a growing range of tasks. For example, Draft One helps officers turn body-camera audio into high-quality report drafts and Axon Assistant provides voice-based information access and real-time translation.

Increasingly, Axon is also bringing AI into real-time operations.

Axon Guardian is a new category of AI features within the AI Era Plan that was specifically created to work with an officer’s field-based devices – starting with body cameras and in-car cameras – to improve safety. Guardian is designed to flag potential risks as situations unfold and create alerts when additional attention may be needed. Two of the first features include:

Escalation Detection: When an Axon Body 4 or Axon Body 5 camera is activated and recording, Guardian has the ability to detect potential conflicts in real time and create an alert in Axon Fusus. A human reviews the livestream and decides if additional support or action is needed.Approach Alert: When active on Axon Fleet 3, Guardian can detect if the door of a stopped vehicle opens and alert the officer through the in-car display and their body-worn camera.

Combined, Axon Body 5 and the expanding AI Era portfolio demonstrate the importance of AI as a critical resource to assist public safety professionals before, during and after an incident — reducing administrative burden, improving situational awareness and helping protect more lives.

Innovating Responsibly

Axon’s Responsible Innovation framework guides the development of all of its products. Designed with this in mind, Axon Body 5 and Guardian prioritize human oversight and maintain agency control over data. As a key part of the responsible innovation process, Axon’s independent Ethics and Equity Advisory Council was created to help responsibly develop and deploy new technologies with transparency, while aligning with community expectations.

General availability dates for Axon Body 5 and Axon Guardian will be announced soon. Product features and capabilities vary by configuration. For more information on Axon’s current products and services: Axon Product Catalog – Axon.com.

About Axon
Axon (Nasdaq: AXON) is the global leader in public safety technology supporting state, local, federal and international public safety agencies with technology designed to Protect Life. Complementing its mission, Axon’s growing Enterprise market focuses on protecting critical infrastructure and frontline workers across multiple industries including corporate security, hospitality, retail and healthcare. Founder-led since 1993, Axon builds products with transparency and responsibility. From TASER energy devices to today’s connected network of hardware – including cameras, drones, and robotics – cloud software, sensors, and AI-tools, the Axon ecosystem helps seamlessly protect people and places when it matters most. To ensure these technologies align with community expectations, Axon’s independent Ethics & Equity Advisory Council guides the ethical, inclusive, and accountable design of its products and services. Learn more about the EEAC and Axon’s Responsible Innovation framework at Axon Responsibility. 

Non-Axon trademarks are the property of their respective owners. Axon, TASER and the Delta Logo are trademarks of Axon Enterprise, Inc., some of which are registered in the US and other countries. For more information, visit www.axon.com/legal. All rights reserved.

Please visit https://investor.axon.com and https://www.axon.com/newsroom for more information.

Media Contact:
Kate MacKinnon
Vice President, Communications
press@axon.com

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In HelloNation, Custom Fabrication Expert Mark Coyle Explains a Common Mistake in Custom Aluminum Design

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The article explains why smart geometry, not thicker walls, creates stronger, more efficient aluminum components.

ROCHESTER, N.Y., Oct. 24, 2026 /PRNewswire/ — What early design choice causes many custom aluminum projects to become heavier, costlier, or harder to manufacture? That question is addressed in a HelloNation article featuring insights from Custom Fabrication Expert Mark Coyle of American Custom Metals, Inc. in Rochester, New York, that outlines how misunderstanding aluminum behavior leads designers to rely on thick walls instead of stronger geometry.

The article begins by explaining that many people assume thicker walls automatically make aluminum parts stronger. It notes that aluminum does not respond to wall thickness the way steel does. Instead, its performance is shaped by how the metal flows through the extrusion die. The article states that custom aluminum design is more effective when profiles use ribs, chambers, and flanges to create stiffness without adding unnecessary weight. This guidance helps readers understand why adding material often increases cost without improving strength.

The article also highlights that thicker walls change how aluminum moves during extrusion. When heavy areas fill more slowly, the metal cools unevenly and can develop stress that only appears later. The HelloNation piece explains that well-balanced geometry keeps extrusion smooth and predictable. This consistency makes it easier to maintain dimensional accuracy across long production runs. By focusing on geometry, custom aluminum design avoids the problems that come with slow extrusion speeds and uneven cooling.

Another insight in the article centers on how ribs and internal supports influence stability. It describes how a thin wall supported by a properly placed rib often performs better than a thick wall with no reinforcement. This happens because the rib helps distribute load, improve stiffness, and guide the aluminum as it cools. The article explains that this structural approach makes custom aluminum design more efficient and gives designers more control over how the final part behaves under pressure.

The article also shows why early collaboration between designer and fabricator prevents costly changes. It states that a fabricator familiar with extrusion can catch potential issues before a die is built. Small adjustments to corners or transitions can remove weak points or improve metal flow. The article notes that this teamwork keeps the design aligned with real-world production. By working together early, both sides reduce the risk of redesigning the die after the first test run.

Machining is another area where the article explains how wall thickness affects performance. Features such as deep pockets or sharp internal angles may require slow feed rates or special tooling. When walls are thicker than needed, those areas can become difficult to machine cleanly. The article states that thoughtful custom aluminum design makes machining more predictable. Small changes, such as adding radiused edges or sizing features to match standard tools, help shorten cycle times and prevent tool wear.

Thermal behavior receives detailed attention as well. The article explains that aluminum retains heat differently depending on the mass of each section. Thicker walls hold heat longer, which increases the chance of distortion during extrusion, machining, or finishing. When a design uses geometry to create strength, the material cools more evenly. This reduces warping and helps long profiles stay aligned. The article notes that stable cooling is important for components that require a precise fit and consistent shape throughout an entire production run.

Cost is also a key topic in the article. It states that heavier profiles increase material use, extrusion time, and tooling needs. A custom aluminum design that relies on geometry instead of mass lowers material consumption and keeps the fabrication process efficient. The article explains that lighter parts are easier to handle, ship, and assemble. This saves money across multiple stages of production and supports long-term manufacturing efficiency.

The article also notes that smart custom aluminum design creates profiles that behave predictably during extrusion and machining. Smooth transitions, balanced wall dimensions, and structural features help reduce the chance of distortion or dimensional drift. These elements also lower scrap rates and support reliable performance. By using geometry instead of excess material, designers build parts that maintain strength without compromising manufacturability.

As the article concludes, it emphasizes that avoiding thick walls is one of the best ways to improve performance and lower cost. It states that the most dependable custom aluminum components come from designs that use structural features to strengthen the profile. When designers understand how aluminum behaves at each stage of extrusion and machining, they create parts that are strong, efficient, and consistent from batch to batch. This approach turns custom aluminum design into a predictable process rather than a series of uncertain adjustments.

A Common Mistake in Custom Aluminum Design features insights from Mark Coyle, Custom Fabrication Expert of Rochester, NY, in HelloNation.

About HelloNation
HelloNation is America’s Good News Network, a premier media platform built on the idea that good news travels faster when real people tell real stories. Through its community-focused publications and innovative “edvertising” approach, HelloNation delivers content that informs, inspires, and spotlights the leaders making a meaningful impact in their communities.

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World Young Scientist Summit 2026 Opens in Wenzhou, Zhejiang

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WENZHOU, China, Oct. 24, 2026 /PRNewswire/ — This is a report by China Daily:

On October 24, the World Young Scientist Summit 2026 opened in Wenzhou, Zhejiang. The event is hosted by the China Association for Science and Technology (CAST), the Zhejiang Provincial People’s Government, and the World Association of Young Scientists. Nearly 800 representatives, including scientists, educators, and entrepreneurs from more than 60 countries and regions, are attending the summit.

He Junke, Vice President of CAST in charge of daily work and First Secretary of its Secretariat; Lian Yimin, Chairman and Party Group Secretary of the Zhejiang Provincial Committee of the Chinese People’s Political Consultative Conference; Marcelo Knobel, Executive Director of The World Academy of Sciences; and Zhang Zhenfeng, Member of the Standing Committee of the CPC Zhejiang Provincial Committee and Secretary of the CPC Wenzhou Municipal Committee, attended the summit and delivered remarks. Yao Gaoyuan, Vice Governor of the Zhejiang Provincial People’s Government, presided over the first segment of the plenary session.

With the theme “Gathering Talents Worldwide to Create a Better Future,” the summit’s annual agenda is “Global Youth Action in the AI Era: Building a Sustainable Future.” It aims to draw on the insights of young people around the world, deepen international sci-tech cooperation, and jointly address questions about young people, science, the world and the future.

Efim Zelmanov, Fields Medalist and Foreign Member of the Chinese Academy of Sciences; Chen Yunji, Deputy Director of the Institute of Computing Technology, CAS, and Director of the National Key Laboratory of Processor Chips; Mary Garson, President of the International Union of Pure and Applied Chemistry; and Lu Chaoyang, Member of the Standing Committee of CAST, Executive Dean of the Shanghai Institute of Advanced Study, University of Science and Technology of China, and Chairman of the Council of the World Association of Young Scientists, delivered keynote speeches respectively on education reform in the AI era, AI and processor chips, young women scientists’ participation in science, and quantum computing. They explored new opportunities for scientific research, talent cultivation, and international cooperation in the AI era.

This year’s summit placed greater emphasis on the growth needs of young scientists, with young talents under the age of 45 accounting for 88 percent of participants. It aimed to build a cluster of international journals, bring together young scientific talent, facilitate a batch of international collaborative projects and advance the application and commercialization of scientific and technological achievements. The summit released the Report on the Distribution and Mobility of Young Scientists in the Field of Embodied Intelligence, launched the World Young Scientist Summit Partner Journal Program and the 2026 World Young Scientist Innovation and Entrepreneurship Growth Support Program. It also published the “Young Scientist Pioneers 2035” list and announced the 2026 Sustainable Development Young Scientist Award. The awards were presented to four Chinese and foreign scientists.

Chen Tianrun, Founder of Hangzhou Moxin Technology Co., Ltd.; Yuan Yang, Assistant to the Dean of the Institute for Interdisciplinary Information Sciences at Tsinghua University; and two of the 2026 Sustainable Development Young Scientist Award winners, César de la Fuente and Nicola Segata, among other Chinese and foreign young scientist representatives, spoke at the flash-talk session to share their research practices and reflections.

In addition, the conference focused on fields such as future manufacturing, quantum information, embodied intelligence, brain-computer intelligence, environmental science, deep-sea resources, and life and health, and held 12 parallel forums. It also included the “Gravitation π” Future Technology and Concept Products Exhibition and Exchange, local thematic side events, and sci-tech and humanities study visits, further building an interdisciplinary, cross-regional and cross-sector platform for youth sci-tech exchange and cooperation.

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SOURCE China Daily

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