[PART I — FINANCIAL INFORMATION](index=2&type=section&id=PART%20I%20%E2%80%94%20FINANCIAL%20INFORMATION) This section presents the unaudited condensed consolidated financial statements for the quarterly period ended February 3, 2024, highlighting a significant year-over-year decline in revenue and net income [Item 1. Financial Statements](index=2&type=section&id=ITEM%201.%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for the quarterly period ended February 3, 2024, including key statements and accompanying notes Condensed Consolidated Statements of Income (Unaudited) | Indicator | Three Months Ended Feb 3, 2024 (in millions) | Three Months Ended Jan 28, 2023 (in millions) | | :--- | :--- | :--- | | **Revenue** | **$2,512.7** | **$3,249.6** | | Gross Margin | $1,473.9 | $2,124.3 | | Operating Income | $586.0 | $1,130.8 | | **Net Income** | **$462.7** | **$961.5** | | Diluted Earnings Per Share | $0.93 | $1.88 | Condensed Consolidated Balance Sheet Highlights (Unaudited) | Indicator | As of Feb 3, 2024 (in millions) | As of Oct 28, 2023 (in millions) | | :--- | :--- | :--- | | Cash and cash equivalents | $1,303.6 | $958.1 | | Inventories | $1,553.2 | $1,642.2 | | Total Assets | $48,388.5 | $48,794.5 | | Total Debt (Current + Long-term) | $6,446.0 | $6,401.5 | | Total Shareholders' Equity | $35,548.1 | $35,565.1 | Condensed Consolidated Statements of Cash Flows (Unaudited) | Indicator | Three Months Ended Feb 3, 2024 (in millions) | Three Months Ended Jan 28, 2023 (in millions) | | :--- | :--- | :--- | | Net cash provided by operating activities | $1,138.8 | $1,406.3 | | Net cash used for investing activities | ($219.1) | ($176.1) | | Net cash used for financing activities | ($574.2) | ($1,030.4) | - The first quarter of fiscal 2024 included **14 weeks of operations**, compared to 13 weeks in the first quarter of fiscal 2023[16](index=16&type=chunk) - Subsequent to the quarter's end, on February 20, 2024, the Board of Directors declared a cash dividend of **$0.92 per share**, payable on March 15, 2024, totaling approximately **$456.2 million**[48](index=48&type=chunk) [Note 7 – Revenue](index=10&type=section&id=Note%207%20%E2%80%93%20Revenue) Revenue for the quarter was **$2.51 billion**, a **23% decrease** year-over-year, with the Industrial market remaining the largest segment despite a decline, and Automotive showing growth Revenue by End Market (YoY) | End Market | Revenue (Q1'24, in millions) | % of Revenue | YoY Change | | :--- | :--- | :--- | :--- | | Industrial | $1,196.8 | 48% | (31)% | | Automotive | $739.2 | 29% | 9% | | Communications | $302.6 | 12% | (37)% | | Consumer | $274.1 | 11% | (22)% | | **Total** | **$2,512.7** | **100%** | **(23)%** | Revenue by Sales Channel | Channel | Revenue (Q1'24, in millions) | % of Revenue | | :--- | :--- | :--- | | Distributors | $1,535.2 | 61% | | Direct customers | $939.9 | 37% | | Other | $37.5 | 1% | [Note 6 – Commitments and Contingencies](index=10&type=section&id=Note%206%20%E2%80%93%20Commitments%20and%20Contingencies) The company is involved in a putative class action lawsuit related to its acquisition of Maxim Integrated Products, Inc., currently under appeal in the Delaware Supreme Court - A class action lawsuit related to the Maxim acquisition is under appeal in the Delaware Supreme Court, with arguments heard on February 14, 2024[26](index=26&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=15&type=section&id=ITEM%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses a **23% year-over-year revenue decrease** to **$2.51 billion**, attributed to broad-based demand decline, and a **52% decline in net income**, while maintaining sufficient liquidity [Results of Operations](index=15&type=section&id=Results%20of%20Operations) Revenue decreased **23% YoY** to **$2.51 billion**, driven by declines in Industrial and Communications, while gross margin percentage dropped due to lower factory utilization, leading to a **52% decrease in net income** Key Financial Metrics (Q1'24 vs Q1'23) | Metric | Q1 2024 (in millions) | Q1 2023 (in millions) | % Change | | :--- | :--- | :--- | :--- | | Revenue | $2,512.7 | $3,249.6 | (23)% | | Gross Margin % | 58.7% | 65.4% | (670 bps) | | Operating Income | $586.0 | $1,130.8 | (48)% | | Net Income | $462.7 | $961.5 | (52)% | | Diluted EPS | $0.93 | $1.88 | (51)% | - The decrease in gross margin percentage was primarily due to **lower utilization of factories** resulting from decreased customer demand and an unfavorable product mix[59](index=59&type=chunk) - Special charges of **$16.1 million** were recorded in Q1 2024 related to a business reorganization effort to align costs with weaker market demand[64](index=64&type=chunk) [Liquidity and Capital Resources](index=19&type=section&id=Liquidity%20and%20Capital%20Resources) As of February 3, 2024, the company held **$1.3 billion in cash and cash equivalents**, with **$1.14 billion** from operations, and continues its capital return program through dividends and share repurchases - The company's principal source of liquidity was **$1.3 billion of cash and cash equivalents** as of February 3, 2024[72](index=72&type=chunk) Working Capital Metrics | Metric | Feb 3, 2024 (in millions) | Oct 28, 2023 (in millions) | | :--- | :--- | :--- | | Accounts receivable | $1,196.7 | $1,469.7 | | Days sales outstanding | 52 | 52 | | Inventory | $1,553.2 | $1,642.2 | | Days cost of sales in inventory | 151 | 143 | - As of February 3, 2024, the company had **$544.4 million of outstanding borrowings** under its commercial paper program and was in compliance with all debt covenants[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) - An additional **$2.0 billion** remains available for repurchase under the current authorized stock repurchase program[81](index=81&type=chunk) - The company expects capital expenditures for fiscal 2024 to be between approximately **$600 million and $800 million**[82](index=82&type=chunk) [PART II — OTHER INFORMATION](index=22&type=section&id=PART%20II%20%E2%80%94%20OTHER%20INFORMATION) This section covers legal proceedings, risk factors, equity security sales, and controls and procedures [Item 1. Legal Proceedings](index=23&type=section&id=ITEM%201.%20Legal%20Proceedings) This section refers to Note 6 of the financial statements, detailing a pending class action lawsuit related to the Maxim Integrated Products acquisition, currently under appeal - Information on legal proceedings is detailed in Note 6, Commitments and Contingencies, concerning a lawsuit related to the Maxim acquisition[88](index=88&type=chunk)[26](index=26&type=chunk) [Item 1A. Risk Factors](index=23&type=section&id=ITEM%201A.%20Risk%20Factors) The company states that it is subject to various risks that could adversely affect its business, referring to its Annual Report on Form 10-K for a detailed description - There are no new risk factors presented; the company refers to the risk factors disclosed in its 2023 Annual Report on Form 10-K[89](index=89&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=24&type=section&id=ITEM%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During the first quarter of fiscal 2024, the company repurchased a total of **1,030,078 shares** of its common stock at an average price of **$173.47 per share** Issuer Purchases of Equity Securities (Q1 2024) | Period | Total Shares Purchased | Average Price Paid Per Share | Approx. Dollar Value Remaining in Program (in billions) | | :--- | :--- | :--- | :--- | | Oct 29, 2023 - Feb 3, 2024 | 1,030,078 | $173.47 | $1.96 | [Item 4. Controls and Procedures](index=22&type=section&id=ITEM%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, concluded that the company's disclosure controls and procedures were effective as of February 3, 2024, with no material changes to internal control over financial reporting - The CEO and CFO concluded that the company's disclosure controls and procedures were effective at a reasonable assurance level as of February 3, 2024[85](index=85&type=chunk) - No material changes in internal control over financial reporting occurred during the quarter[86](index=86&type=chunk)

Tuesday, February 20th, 2024Market activity continued to whittle away at monthly and year-to-date gains today, as it had on the previous trading day, Friday. Once again, aside from a -1.5% drop on the small-cap Russell 2000, we’re still fairly tepid in our selling as of late: the Dow slipped -97 points, -0.25%, while the Nasdaq dropped a more significant -141 points, -0.90%. The S&P 500 split the difference, -0.59%, for the session.We’re now far enough out from the start of 2024 to see some longer trends em ...

WILMINGTON, Mass.--(BUSINESS WIRE)--Analog Devices, Inc. (NASDAQ: ADI), a global semiconductor leader, today announced that its Board of Directors has voted to increase its quarterly dividend from $0.86 per outstanding share of common stock to $0.92, which represents an increase of 7% and is equivalent to $3.68 annually. “ Today marks our 20th consecutive year of dividend increases, a testament to ADI’s enduring business qualities which have enabled positive free cash flow generation for 27 consecutive yea ...

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

[Table亚_St德ock诺Nam（eR Apt DTy Ip .e O] ） 公司研究/美股深度 24Q1 预计收入符合指引，汽车芯片需求相对稳健 投资评级：增持（首次） 主要观点： [Table_Rank] 报告日期： 2024-2-18 ⚫[ T2a4bQle1_前Su瞻m m(2a3ry/1] 1~24/01)：汽车芯片需求稳健 我们预计24Q1归母净利润(GAAP)6.79亿美元(yoy -15%, qoq [收Ta盘bl价e_（Ba美se元D）at a] 188.24 18%, 23Q4归母净利润为4.98亿美元)。预计24Q1营业收入为24.77 近12个月最高/最低（美元） 203/157 亿美元(yoy -24%, qoq -9%)，将大致符合指引中位区间，季度毛利率预 总股本（亿股） 4.96 计达到63%。 流通股本（亿股） 4.96 公司主营业务以模拟芯片为主，下游领域分为工业，汽车，通信， 和消费等。24Q1工业收入预计11.66亿美元(yoy -31, qoq -13.8%); 流通股比例（%） 100% 24Q1汽车收入预计7.25亿美元(yoy 1%, qoq -0.8%)； ...

Wall Street analysts expect Analog Devices (ADI) to post quarterly earnings of $1.71 per share in its upcoming report, which indicates a year-over-year decline of 37.8%. Revenues are expected to be $2.5 billion, down 23.1% from the year-ago quarter.Over the past 30 days, the consensus EPS estimate for the quarter has been adjusted downward by 0.1% to its current level. This demonstrates the covering analysts' collective reassessment of their initial projections during this period.Prior to a company's earnin ...

Analog Devices (ADI) closed the most recent trading day at $194.05, moving -0.5% from the previous trading session. This change lagged the S&P 500's 0.1% loss on the day. Meanwhile, the Dow experienced a rise of 0.33%, and the technology-dominated Nasdaq saw a decrease of 0.3%.Coming into today, shares of the semiconductor maker had gained 3.54% in the past month. In that same time, the Computer and Technology sector gained 11.35%, while the S&P 500 gained 5.78%.The upcoming earnings release of Analog Devic ...

Analog Devices (ADI) closed the most recent trading day at $192.56, moving +0.24% from the previous trading session. The stock's change was more than the S&P 500's daily loss of 0.32%. Elsewhere, the Dow lost 0.71%, while the tech-heavy Nasdaq lost 0.2%.The the stock of semiconductor maker has risen by 2.98% in the past month, lagging the Computer and Technology sector's gain of 9.33% and the S&P 500's gain of 4.59%.The upcoming earnings release of Analog Devices will be of great interest to investors. The ...

Key PointsA new wave is forming through the money markets as the FED proposes interest rate cuts for later this year, pushing some industries into a potential breakout.Within semiconductor stocks, Onsemi is the one that could see the most significant chunk of activity in the automotive sector comeback.Analysts agree, and the discount offered by the stock is undeniably attractive. 5 stocks we like better than The Goldman Sachs GroupBig oil companies like Hess NYSE: HES and the classics such as Chevron NYSE: ...

sergeyryzhov/iStock via Getty Images My thesis Analog Devices (NASDAQ:ADI) has become a powerhouse in the Analog segment, ranking only second after Texas Instruments (TXN) in a fragmented market. Its semiconductors and solutions act as an interface between the physical to the digital world. While the firm is investing in new technologies (Battery Management Systems for EVs, factory automation technologies, 5G), it enjoys a large portfolio of mature devices, which are sticky for its customers and are the ...