Analog Devices Reports Fourth Quarter and Fiscal Year 2016 Results

 

Analog Devices, Fourth Quarter, Fiscal 2016

 

Schedule E
Reconciliation from GAAP to Non-GAAP Revenue and Earnings Measures (In thousands, except per-share amounts)
(Unaudited)
See "Non-GAAP Financial Information" in this press release for a description of the items excluded from our non-GAAP measures.

         
Three Months Ended Twelve Months Ended
4Q 16   3Q 16   4Q 15 FY 16   FY 15
Oct. 29,
2016
July 30,
2016
Oct. 31,
2015
Oct. 29,
2016
  Oct. 31,
2015
 
GAAP Gross Margin $ 666,687 $ 572,290 $ 641,796 $ 2,227,173 $ 2,259,262
Gross Margin Percentage 66.4 % 65.8 % 65.6 % 65.1 % 65.8 %
Acquisition-Related Expenses 2,040 1,888 1,399 6,849 7,199
Stock-Based Compensation Expense                       113  
Non-GAAP Gross Margin $ 668,727     $ 574,178     $ 643,195   $ 2,234,022   $ 2,266,574  
Gross Margin Percentage 66.6 % 66.0 % 65.7 % 65.3 % 66.0 %
 
GAAP Operating Expenses $ 309,706 $ 303,583 $ 533,166 $ 1,199,061 $ 1,428,421
Percent of Revenue 30.9 % 34.9 % 54.5 % 35.0 % 41.6 %
Other Operating Expense (223,672 ) (223,672 )
Acquisition-Related Expenses (17,999 ) (17,582 ) (17,682 ) (70,555 ) (89,738 )
Acquisition-Related Transaction Costs (5,210 ) (8,310 ) (13,519 ) (10,016 )
Restructuring-Related Expense (13,684 )
Stock-Based Compensation Expense                       (4,164 )
Non-GAAP Operating Expenses $ 286,497     $ 277,691     $ 291,812   $ 1,101,303   $ 1,100,831  
Percent of Revenue 28.5 % 31.9 % 29.8 % 32.2 % 32.0 %
 
GAAP Operating Income/Margin $ 356,981 $ 268,707 $ 108,630 $ 1,028,112 $ 830,841
Percent of Revenue 35.6 % 30.9 % 11.1 % 30.0 % 24.2 %
Other Operating Expense

223,672

223,672
Acquisition-Related Expenses 20,039 19,470 19,081 77,404 96,937
Acquisition-Related Transaction Costs 5,210 8,310 13,519 10,016
Restructuring-Related Expense 13,684
Stock-Based Compensation Expense                       4,277  
Non-GAAP Operating Income/Margin $ 382,230     $ 296,487     $ 351,383   $ 1,132,719   $ 1,165,743  
Percent of Revenue 38.1 % 34.1 % 35.9 % 33.1 % 33.9 %
 
GAAP Other Expense $ 33,547 $ 12,307 $ 3,953 $ 71,191 $ 20,727
Percent of Revenue 3.3 % 1.4 % 0.4 % 2.1 % 0.6 %
Loss on Extinguishment of Debt (3,290 )
Amortization of Deferred Financing Costs   (13,665 )               (13,665 )    
Non-GAAP Other Expense $ 19,882     $ 12,307     $ 3,953   $ 54,236   $ 20,727  

Percent of Revenue

2.0

%

1.4

%

0.4

%

1.6

%

0.6

%

 

GAAP Diluted EPS

$

0.95

$

0.74

$

0.30

$

2.76

$

2.20

Impact of Loss on Extinguishment of Debt 0.01
Other Operating Expense 0.71 0.71
Acquisition-Related Expenses 0.06 0.06 0.06 0.25 0.31
Acquisition-Related Transaction Costs 0.02 0.03 0.04 0.03
Amortization of Deferred Financing Costs 0.04 0.04
Restructuring-Related Expense 0.04
Stock-Based Compensation Expense 0.01
Income Tax Effect of Above Items (0.02

)

 

(0.01

)

(0.06 ) (0.02 )
Acquisition-Related Tax Impact (0.01 )
Impact of Reversal of Prior Period Tax Liabilities

(0.04

)

(0.04 )
Impact of the Reinstatement of the R&D Tax Credit                   (0.02 )   (0.02 )
Non-GAAP Diluted EPS (1) $ 1.05     $ 0.82     $ 1.03   $ 3.07   $ 3.17  
 

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