Analog Devices(ADI) - 2024 Q1 - Quarterly Results

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]