Analog Devices(US:ADI)2025-02-19 12:15Revenue and Income - Revenue for the three months ended February 1, 2025, was $2,423,174, a decrease of 4% compared to $2,512,704 for the same period in the prior fiscal year[56]. - Net income decreased by 15% to $391,316 for the three months ended February 1, 2025, down from $462,727 in the same period last year[73]. - Revenue from the Industrial end market decreased by 10% year-over-year, while Consumer revenue increased by 19%[59][60]. Margins and Expenses - Gross margin percentage increased to 59.0% for the three months ended February 1, 2025, compared to 58.7% for the same period in the prior year[64]. - Research and Development (R&D) expenses were $391,427, a decrease of 3% from $402,892 in the prior year, representing 17% of revenue[65]. - Special charges, net increased significantly by 296% to $63,887 for the three months ended February 1, 2025, compared to $16,140 in the same period last year[69]. - Nonoperating expense decreased to $55,737 for the three months ended February 1, 2025, compared to $72,546 in the same period last year[71]. - Diluted EPS decreased to $0.78 for the three months ended February 1, 2025, down from $0.93 in the same period last year, reflecting a 16% decline[73]. Cash Flow and Investments - Net cash provided by operating activities for the three months ended February 1, 2025, was $1,126.8 million, representing 47% of revenue, compared to $1,138.8 million and 45% of revenue for the same period in fiscal 2024[76]. - Cash used for investing activities decreased to $194.3 million for the three months ended February 1, 2025, down from $219.1 million in the same period of the prior fiscal year, primarily due to reduced capital expenditures[76][79]. - Capital expenditures for the first three months of fiscal 2025 were $149.0 million, with expectations for annual capital expenditures to be between 4% and 6% of fiscal 2025 revenue[91]. Balance Sheet and Liabilities - As of February 1, 2025, the company had $2.7 billion in cash, cash equivalents, and short-term investments, with approximately $1.4 billion held in the United States[74]. - Total debt obligations as of February 1, 2025, amounted to $7.67 billion, with various notes maturing between 2025 and 2054[85]. - Current liabilities decreased to $2,971.0 million as of February 1, 2025, compared to $2,988.3 million at the end of fiscal 2024[83]. Shareholder Returns and Stock Repurchase - The company declared a cash dividend of $0.99 per share, expected to total approximately $491.0 million, payable on March 17, 2025[92]. - The company has $1.5 billion remaining available for stock repurchases under its authorized program, with an additional $10.0 billion authorized on February 18, 2025[89][90]. Inventory and Receivables - Accounts receivable decreased by $143.9 million to $1,192.4 million, reflecting variations in the timing of collections and decreased revenue levels[81][82]. - Inventory increased by 2% to $1,474.7 million, driven by efforts to balance manufacturing production and demand[81][82]. Taxation - The effective income tax rate for the three months ended February 1, 2025, was 10.2%, slightly higher than 9.9% for the same period in the prior year[72]. - The percentage of total revenue from distributors decreased to 57% in the three months ended February 1, 2025, down from 61% in the prior year[62].