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Company profile

GreenGro Technologies, Inc. (GreenGro) provides green technologies focusing on indoor and outdoor agricultural science systems serving both the consumer and commercial farming markets. The Company provides manufacturing and sale of vertical cultivation systems and facilities design. Its operating divisions include GRNH, Vertical Hydrogarden, Inc. (VHI) and BP Gardens. GRNH provides design and consulting services to all agricultural divisions, including legalized Cannabis operations. It provides knowledge on designs and systems to maximize production for every crop cycle. VHI is a supplier of green agriculture products, including hydroponics, advanced nutrients, and vertical cultivation technology systems design and sales. VHI also offers leasing and finance solutions, operational and maintenance consulting, and planning services. BP Gardens uses methods to protect crops from detrimental environmental elements while generating market ready leafy green produce year-round in any climate.

Closing Price
$0.0156
Day's Change
-0.0006 (-3.80%)
Bid
--
Ask
--
B/A Size
--
Day's High
0.0195
Day's Low
0.0145
Volume
(Heavy Day)
Volume:
17,904,867

10-day average volume:
14,848,964
17,904,867

Analog Devices Reports Fourth Quarter Results Above the High-End of Outlook

5:00 am ET November 24, 2020 (BusinessWire) Print

Analog Devices, Inc. (Nasdaq: ADI), a leading global high-performance semiconductor company, today announced financial results for its fourth quarter and full year fiscal 2020, which ended October 31, 2020.

"ADI delivered fourth quarter results above the high-end of our outlook. We grew revenue across all of our B2B markets, expanded operating margins and increased EPS by double-digits year-over-year," said Vincent Roche, President and CEO of Analog Devices. "Fiscal 2020 represented a year of strategic progress against an unprecedented backdrop, and our results continue to highlight the insatiable demand for our high-performance analog and mixed signal solutions. Overall, I'm proud of how our global team embraced and learned from this challenging time and continued to execute at a high level to generate and capture value for all stakeholders."

Roche continued, "Looking ahead, our pending acquisition of Maxim Integrated is an opportunity to increase our scale and scope to deliver disruptive innovation for our customers while driving further profitable growth. The combination strengthens our industry leadership position, further diversifying our business across markets and applications and solidifying ADI as the destination for the world's best analog talent. While the macroenvironment remains fluid, we are cautiously optimistic that a broad-based recovery is underway and expect to build on this momentum in fiscal 2021."

Performance for the Fourth Quarter of Fiscal 2020

Results Summary(1)                                                                                      
(in millions, except per-share amounts and percentages)                                                 
                                                                                     
                                                        --------------------------------   -------------------- --------------------------------   ------------------------------  --------------------------------
                                                                                                           Three Months Ended
                                                        --------------------------------------------------------------------------------------------------------------------------------------------------
                                                Oct 31, 2020                          Nov 2, 2019                                       Change
                                                        --------------------------------                        --------------------------------                                   --------------------------------
Revenue                                                 $       1,526     $       1,443                            6 %
Gross margin                                            $       1,023     $         942                            9 %
Gross margin percentage                                          67.0 %                               65.3 %                           (2)                              170 bps
Operating income                                        $         462     $         338                           36 %
Operating margin                                                 30.2 %                               23.4 %                                                            680 bps
Diluted earnings per share                              $        1.04     $        0.74                           41 %
                                                                                     
Adjusted Results                                                                                        
Adjusted gross margin                                   $       1,068     $         987                            8 %
Adjusted gross margin percentage                                 70.0 %                               68.4 %                           (2)                              160 bps
Adjusted operating income                               $         636     $         560                           14 %
Adjusted operating margin                                        41.7 %                               38.8 %                                                            290 bps
Adjusted diluted earnings per share                     $        1.44     $        1.19                           21 %
                                                                                     
                                                                                                                --------------------------------                                   --------------------------------
                                                                  Three Months                                   Trailing Twelve
                                                                                                                               Ended                                                             Months
                                                                                                                --------------------------------                                   --------------------------------
Cash Generation                                                                      Oct 31, 2020                                    Oct 31, 2020
                                                                                                                --------------------------------                                   --------------------------------
Net cash provided by operating activities                                 $         673                $       2,008  
% of revenue                                                                       44.1 %                                          35.8 %
Capital expenditures                                                      $        (30)                $       (166)  
Free cash flow                                                            $         643                $       1,843  
% of revenue                                                                       42.1 %                                          32.9 %
                                                                                     
                                                                                                                --------------------------------                                   --------------------------------
                                                                  Three Months                                   Trailing Twelve
                                                                                                                               Ended                                                             Months
                                                                                                                --------------------------------                                   --------------------------------
Cash Return                                                                          Oct 31, 2020                                    Oct 31, 2020
                                                                                                                --------------------------------                                   --------------------------------
Dividend paid                                                             $       (230)                $       (886)  
Stock repurchases                                                                   (7)                        (244)  
                                                                                                                ------------  --------------------                                 ------------  --------------------
(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.

Outlook for the First Quarter of Fiscal Year 2021

For the first quarter of fiscal 2021, we are forecasting revenue of $1.50 billion, +/- $70 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 29.1%, +/- 150 bps, and adjusted operating margin of approximately 40.0%, +/- 100 bps. We are planning for reported EPS to be $0.92, +/- $0.10, and adjusted EPS to be $1.30, +/- $0.10.

Our first quarter fiscal 2021 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 press release. See also "Non-GAAP Financial Information" section for additional information.

Dividend Payment

The ADI Board of Directors has declared a quarterly cash dividend of $0.62 per outstanding share of common stock. The dividend will be paid on December 15, 2020 to all shareholders of record at the close of business on December 4, 2020.

Conference Call Scheduled for Today, Tuesday, November 24, 2020 at 10:00 am ET

ADI will host a conference call to discuss our fourth quarter fiscal 2020 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at investor.analog.com, or by telephone (call 800-859-9560, or 706-634-7193 for international calls, ten minutes before the call begins and provide the password "ADI").

A replay will be available two hours after the completion of the call. The replay may be accessed for up to two weeks by dialing 855-859-2056 (replay only) and providing the conference ID: 5297321, or by visiting investor.analog.com.

Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, 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 measures to the most directly comparable financial measures calculated and presented in accordance with GAAP 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 the primary performance measurement 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 the non-GAAP liquidity measure free cash flow 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 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 margin percentage.

Adjusted gross margin is defined as gross margin, determined in accordance with GAAP, excluding certain acquisition related expenses(1) 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 expenses(1); acquisition related transaction costs(2); restructuring related expense(3); and charitable foundation contribution(4) 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 expenses(1); acquisition related transaction costs(2); restructuring related expense(3); and charitable foundation contribution(4)which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue.

Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses(1); acquisition related transaction costs(2); restructuring related expense(3); and charitable foundation contribution(4) 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 items(5) 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 expenses(1); acquisition related transaction costs(2); restructuring related expense(3); charitable foundation contribution(4); and tax related items(5) 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 margin percentage represents free cash flow divided by revenue.

(1)Acquisition Related Expenses: Expenses incurred as a result of current and prior period acquisitions and primarily include expenses associated with the fair value adjustments to 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 severance payments, equity award accelerations, and the fair value adjustment associated with the replacement of share-based awards related to the Linear Technology Corporation (Linear) 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.

(2)Acquisition Related Transaction Costs: Costs directly related to the proposed Maxim Integrated Products, Inc. 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.

(3)Restructuring Related Expense: Expenses incurred 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.

(4)Charitable Foundation Contribution: Expenses incurred in connection with a one time contribution of registered shares of common stock to the Analog Devices Foundation. We excluded this expense from our non-GAAP measures because this expense has no direct correlation to the operation of our business in the future.

(5)Tax Related Items: Income tax effect of the non-GAAP items discussed above and income tax from certain discrete tax items primarily related to the resolution of prior period tax audits, income tax from certain uncertain tax positions, income tax from state valuation allowance adjustments, income tax on certain inventory intra-entity transfers, the impact of a voluntary accounting policy change and other income tax adjustments related to prior periods. We excluded the income tax benefit / provision effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our ongoing operating results.

About Analog Devices

Analog Devices (Nasdaq: ADI) is a leading global high-performance analog technology company dedicated to solving the toughest engineering challenges. We enable our customers to interpret the world around us by intelligently bridging the physical and digital with unmatched technologies that sense, measure, power, connect and interpret. Visit http://www.analog.com.

Forward Looking Statements

This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding our proposed acquisition of Maxim Integrated Products, Inc. ("Maxim"); the impact of the COVID-19 pandemic on our business, financial condition and results of operations; expected revenue, operating margin, tax rate, earnings per share, and other financial results; expected market trends, market share gains, operating leverage, production and inventory levels; expected customer demand and order rates for our products and expected product offerings; product development; and marketing position. 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: the uncertainty as to the extent of the duration, scope and impacts of the COVID-19 pandemic; political and economic uncertainty, including any faltering in global economic conditions or the stability of credit and financial markets; erosion of consumer confidence and declines in customer spending; unavailability of raw materials, services, supplies or manufacturing capacity; changes in geographic, product or customer mix; changes in export classifications, import and export regulations or duties and tariffs; changes in our or Maxim's estimates of our respective expected tax rates based on current tax law; our ability to successfully integrate Maxim's businesses and technologies; the risk that the expected benefits and synergies of the proposed transaction and growth prospects of the combined company may not be fully achieved in a timely manner, or at all; adverse results in litigation matters, including the potential for litigation related to the proposed transaction; the risk that we or Maxim will be unable to retain and hire key personnel; the risk associated with the timing of the closing of the proposed transaction, including the risk that the conditions to the transaction are not satisfied on a timely basis or at all or the failure of the transaction to close for any other reason or to close on the anticipated terms, including the anticipated tax treatment; the risk that any regulatory approval, consent or authorization that may be required for the proposed transaction is not obtained or is obtained subject to conditions that are not anticipated; unanticipated difficulties or expenditures relating to the transaction, the response of business partners and retention as a result of the announcement and pendency of the transaction; uncertainty as to the long-term value of our common stock; the diversion of management time on transaction-related matters; our ability to successfully integrate acquired businesses and technologies; and the risk that expected benefits, synergies and growth prospects of acquisitions may not be fully achieved in a timely manner, or at all. 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 ("SEC"), including the risk factors contained in our most recent Quarterly Report on Form 10-Q and 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.
                                                                                                                CONDENSED CONSOLIDATED STATEMENTS OF INCOME
                                                                                                                                (Unaudited)
                                                                                                                 (In thousands, except per share amounts)
                                                                                                                  
--------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------
                                                                        Three Months Ended                                                                                 Twelve Months Ended
                                                    ------------------------------------------------------------------------------------------                            ------------------------------------------------------------------------------------------
                                              Oct 31, 2020                             Nov 2, 2019                            Oct 31, 2020                             Nov 2, 2019
                                                    -----------------------------------                        -----------------------------------                        -----------------------------------                        -----------------------------------
Revenue                                             $      1,526,295     $      1,443,219     $      5,603,056     $      5,991,065  
Cost of sales                                                503,211              501,028            1,912,578            1,977,315  
                                                    ---------------  --------------------                      ---------------  --------------------                      ---------------  --------------------                      ---------------  --------------------
Gross margin                                               1,023,084              942,191            3,690,478            4,013,750  
Operating expenses:                                                                                                 
                                                             280,239              277,018            1,050,519            1,130,348  
   Research and development
                                                             165,115              154,799              659,923              648,094  
   Selling, marketing, general and administrative
                                                             108,007              107,225              429,455              429,041  
   Amortization of intangibles
                                                               8,051               64,788               52,337               95,659  
   Special charges
                                                    ---------------  --------------------                      ---------------  --------------------                      ---------------  --------------------                      ---------------  --------------------
Total operating expenses                                     561,412              603,830            2,192,234            2,303,142  
Operating income                                             461,672              338,361            1,498,244            1,710,608  
Nonoperating expense (income):                                                                                                       
                                                              48,593               50,775              193,305              229,075  
   Interest expense
                                                               (527)              (1,988)              (4,305)             (10,229)  
   Interest income
                                                             (3,704)                1,747              (2,373)                6,034  
   Other, net
                                                    ---------------  --------------------                      ---------------  --------------------                      ---------------  --------------------                      ---------------  --------------------
                                           44,362               50,534              186,627              224,880  
                                                    ---------------  --------------------                      ---------------  --------------------                      ---------------  --------------------                      ---------------  --------------------
Income before income taxes                                   417,310              287,827            1,311,617            1,485,728  
Provision for income taxes                                    30,784               10,133               90,856              122,717  
                                                    ---------------  --------------------                      ---------------  --------------------                      ---------------  --------------------                      ---------------  --------------------
Net income                                          $        386,526     $        277,694     $      1,220,761     $      1,363,011  
                                                    ====== ========= ====================                      ====== ========= ====================                      ====== ========= ====================                      ====== ========= ====================
                                                                                                 
Shares used to compute earnings per share - basic            369,284              369,051              368,633              369,133  
Shares used to compute earnings per share - diluted          372,322              372,584              371,973              372,871  
                                                                                                 
Basic earnings per common share                     $           1.05     $           0.75     $           3.31     $           3.68  
                                                                   ANALOG DEVICES, INC.
                                                           CONDENSED CONSOLIDATED BALANCE SHEETS
                                                                        (Unaudited)
                                                                      (In thousands)
                                         
                 October 31, 2020               October 31, 2020                         November 2, 2019
                                  -------------------- -------------------------------------                        ------------------------------------
Cash & cash equivalents           $                    $        1,055,860     $         648,322  
Accounts receivable                            737,536            737,536               635,136  
Inventories                                    608,260            608,260               609,886  
Other current assets                           116,032            116,032                91,782  
                                  -------------------- -----------------  --------------------                      ----------------  --------------------
                                             2,517,688          2,517,688             1,985,126  
   Total current assets
Net property, plant and equipment            1,120,561          1,120,561             1,219,989  
Other investments                               86,729             86,729                77,324  
Goodwill                                    12,278,425         12,278,425            12,256,880  
Intangible assets, net                       3,650,280          3,650,280             4,217,224  
Deferred tax assets                          1,503,064          1,503,064             1,582,382  
Other assets                                   311,856            311,856                53,716  
                                  -------------------- -----------------  --------------------                      ----------------  --------------------
Total assets                      $                    $       21,468,603     $      21,392,641  
                                  ==================== ======= ========== ====================                      ====== ========== ====================
                                         
Other current liabilities         $                    $        1,364,986     $       1,208,965  
Debt, current                           --     --               299,667  
Long-term debt                               5,145,102          5,145,102             5,192,252  
Deferred income taxes                        1,919,595          1,919,595             2,088,212  
Other non-current liabilities                1,040,975          1,040,975               894,357  
Shareholders' equity                        11,997,945         11,997,945            11,709,188  
                                  -------------------- -----------------  --------------------                      ----------------  --------------------
Total liabilities & equity        $                    $       21,468,603     $      21,392,641  
                                  ==================== ======= ========== ====================                      ====== ========== ====================
                                                                                                                                         ANALOG DEVICES, INC.
                                                                                                                            CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                                                                                                                              (Unaudited)
                                                                                                                                            (In thousands)
                                                                                                                                            
----------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------------------------- ---------------------------------------------------------------------------------------------------
                                                                                                  Three Months Ended                                                                                  Twelve Months Ended
                                                                              ------------------------------------------------------------------------------------------                            --------------------------------------------------------------------------------------------
                                                                        Oct 31, 2020                             Nov 2, 2019                            Oct 31, 2020                              Nov 2, 2019
                                                                              ------------------------------------                        ----------------------------------                        ------------------------------------                        ------------------------------------
Cash flows from operating activities:                                                                                                          
                                                                              $         386,526     $       277,694     $       1,220,761     $       1,363,011  
   Net income
                                                                                                                                               
      Adjustments to reconcile net income to net cash provided by operations:
                                                                                         57,053              61,636               233,775               240,677  
         Depreciation
                                                                                        145,163             143,528               577,148               570,574  
         Amortization of intangibles
                                                                                         36,557              37,580               149,518               150,300  
         Stock-based compensation expense
                                                                                 --               9,800        --                14,167  
         Non-cash impairment included in special charges
                                                                                       (71,146)            (35,809)             (113,948)              (91,253)  
         Deferred income taxes
                                                                                 --      --                40,000        --  
         Non-cash contribution to charitable foundation
                                                                                          (257)              14,206                 5,418                40,907  
         Other non-cash activity
                                                                                        118,702             149,270             (104,185)              (35,283)  
         Changes in operating assets and liabilities
                                                                              ----------------  --------------------                      --------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
                                                                                        286,072             380,211               787,726               890,089  
      Total adjustments
                                                                              ----------------  --------------------                      --------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
Net cash provided by operating activities                                               672,598             657,905             2,008,487             2,253,100  
                                                                              ----------------  --------------------                      --------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
                                                                                           44.1 %                                 45.6 %                                   35.8 %                                   37.6 %
   Percent of revenue
                                                                                                                            
Cash flows from investing activities:                                                                                                          
                                                                                       (29,888)            (51,076)             (165,692)             (275,372)  
   Additions to property, plant and equipment
                                                                                        (1,433)            (11,170)              (14,196)              (11,170)  
   Payments for acquisitions, net of cash acquired
                                                                                            579             (1,512)                 (635)               (6,644)  
   Change in other assets
                                                                              ----------------  --------------------                      --------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
Net cash used for investing activities                                                 (30,742)            (63,758)             (180,523)             (293,186)  
                                                                              ----------------  --------------------                      --------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
                                                                                                                            
Cash flows from financing activities:                                                                                                          
                                                                                 --      --               395,646             1,250,000  
   Proceeds from debt
                                                                                 --      --        --           (1,250,000)  
   Early termination of debt
                                                                                 --      --               350,000                75,000  
   Proceeds from revolver
                                                                                 --      --             (350,000)              (75,000)  
   Payments on revolver
                                                                                      (450,000)           (200,000)             (750,000)             (850,000)  
   Debt repayments
                                                                                      (229,597)           (200,196)             (886,155)             (777,481)  
   Dividend payments to shareholders
                                                                                        (7,222)           (172,389)             (244,487)             (613,005)  
   Repurchase of common stock
                                                                                         10,653              10,388                68,403               116,523  
   Proceeds from employee stock plans
                                                                                 --               5,087               (4,015)               (2,831)  
   Change in other financing activities
                                                                              ----------------  --------------------                      --------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
Net cash used for financing activities                                                (676,166)           (557,110)           (1,420,608)           (2,126,794)  
                                                                              ----------------  --------------------                      --------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
Effect of exchange rate changes on cash                                                    (94)               (879)                   182               (1,389)  
                                                                              ----------------  --------------------                      --------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
                                                                                                                            
Net (decrease) increase in cash and cash equivalents                                   (34,404)              36,158               407,538             (168,269)  
Cash and cash equivalents at beginning of period                                      1,090,264             612,164               648,322               816,591  
                                                                              ----------------  --------------------                      --------------  --------------------                      ----------------  --------------------                      ----------------  --------------------
Cash and cash equivalents at end of period                                    $       1,055,860     $       648,322     $       1,055,860     $         648,322  
                                                                              ======= ========= ====================                      ======= ======= ====================                      ======= ========= ====================                      ======= ========= ====================

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
                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                           Oct 31, 2020                                                                                            Nov 2, 2019
                                          -------------------------------------------------------------------------------------------------------------------                            ---------------------------------------------------------------------------
                    Revenue                     % of revenue*              Y/Y %                          Revenue                     % of revenue*
                                          -----------------------------------                        --------------------                      --------------------                      -----------------------------------                        --------------------
Industrial             $        811,226              53%                    9%            $        745,672              52%
Communications                  312,649              20%                    19%                    262,808              18%
Automotive                      229,781              15%                    2%                     226,057              16%
Consumer                        172,639              11%                   (17)%                   208,682              14%
                                          ---------------  --------------------                      --------------------                                                                ---------------  --------------------                      --------------------
Total revenue          $      1,526,295             100%                    6%            $      1,443,219             100%
                                          ====== ========= ====================                      ====================                                                                ====== ========= ====================                      ====================
                                                       
                                          -----------------------------------   -------------------- -------------------- -------------------- -------------------- -------------------- -----------------------------------   -------------------- --------------------
                                                                                                          Twelve Months Ended
                                          ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                                           Oct 31, 2020                                                                                            Nov 2, 2019
                                          -------------------------------------------------------------------------------------------------------------------                            ---------------------------------------------------------------------------
                    Revenue                     % of revenue*              Y/Y %                          Revenue                     % of revenue*
                                          -----------------------------------                        --------------------                      --------------------                      -----------------------------------                        --------------------
Industrial             $      2,987,542              53%                   (1)%           $      3,011,411              50%
Communications                1,195,946              21%                   (8)%                  1,294,960              22%
Automotive                      779,276              14%                   (16)%                   930,613              16%
Consumer                        640,292              11%                   (15)%                   754,081              13%
                                          ---------------  --------------------                      --------------------                                                                ---------------  --------------------                      --------------------
Total revenue          $      5,603,056             100%                   (6)%           $      5,991,065             100%
                                          ====== ========= ====================                      ====================                                                                ====== ========= ====================                      ====================
                                                       
                                                                                                                         ANALOG DEVICES, INC.
                                                                                                              RECONCILIATION OF GAAP TO NON-GAAP RESULTS
                                                                                                                              (Unaudited)
                                                                                                               (In thousands, except per share amounts)
                                                                                                            
--------------------------------------------- --------------------------------------------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------
                                                                  Three Months Ended                                                                                  Twelve Months Ended
                                              ------------------------------------------------------------------------------------------                            -------------------------------------------------------------------------------------------
                                        Oct 31, 2020                             Nov 2, 2019                            Oct 31, 2020                             Nov 2, 2019
                                              ------------------------------------                        ----------------------------------                        -----------------------------------                        ------------------------------------
                                                                                           
Gross margin                                  $       1,023,084     $       942,191     $      3,690,478     $       4,013,750  
                                                           67.0 %                                 65.3 %                                  65.9 %                                   67.0 %
   Gross margin percentage
                                                         44,741              44,822              179,374               175,266  
      Acquisition related expenses
                                              ----------------  --------------------                      --------------  --------------------                      ---------------  --------------------                      ----------------  --------------------
Adjusted gross margin                         $       1,067,825     $       987,013     $      3,869,852     $       4,189,016  
                                              ======= ========= ====================                      ======= ======= ====================                      ====== ========= ====================                      ======= ========= ====================
                                                           70.0 %                                 68.4 %                                  69.1 %                                   69.9 %
   Adjusted gross margin percentage
                                                                                           
Operating expenses                            $         561,412     $       603,830     $      2,192,234     $       2,303,142  
                                                           36.8 %                                 41.8 %                                  39.1 %                                   38.4 %
   Percent of revenue
                                                      (110,963)           (112,219)            (444,261)             (451,511)  
      Acquisition related expenses
                                                       (10,977)      --             (20,098)        --  
      Acquisition related transaction costs
                                                 --      --             (40,000)        --  
      Charitable foundation contribution
                                                        (8,050)            (64,788)             (52,337)              (95,659)  
      Restructuring related expense
                                              ----------------  --------------------                      --------------  --------------------                      ---------------  --------------------                      ----------------  --------------------
Adjusted operating expenses                   $         431,422     $       426,823     $      1,635,538     $       1,755,972  
                                              ======= ========= ====================                      ======= ======= ====================                      ====== ========= ====================                      ======= ========= ====================
                                                           28.3 %                                 29.6 %                                  29.2 %                                   29.3 %
   Adjusted operating expenses percentage
                                                                                           
Operating income                              $         461,672     $       338,361     $      1,498,244     $       1,710,608  
                                                           30.2 %                                 23.4 %                                  26.7 %                                   28.6 %
   Operating margin
                                                        155,704             157,041              623,635               626,777  
      Acquisition related expenses
                                                         10,977      --               20,098        --  
      Acquisition related transaction costs
                                                 --      --               40,000        --  
      Charitable foundation contribution
                                                          8,050              64,788               52,337                95,659  
      Restructuring related expense
                                              ----------------  --------------------                      --------------  --------------------                      ---------------  --------------------                      ----------------  --------------------
Adjusted operating income                     $         636,403     $       560,190     $      2,234,314     $       2,433,044  
                                              ======= ========= ====================                      ======= ======= ====================                      ====== ========= ====================                      ======= ========= ====================
                                                           41.7 %                                 38.8 %                                  39.9 %                                   40.6 %
   Adjusted operating margin
                                                                                           
Provision for income taxes                    $          30,784     $        10,133     $         90,856     $         122,717  
                                                         26,878              35,903              106,291               104,470  
   Income tax effect of adjustments above
                                                 --              20,302               25,951                61,227  
   Income tax from certain discrete tax items
                                              ----------------  --------------------                      --------------  --------------------                      ---------------  --------------------                      ----------------  --------------------
Adjusted provision for income taxes           $          57,662     $        66,338     $        223,098     $         288,414  
                                              ======= ========= ====================                      ======= ======= ====================                      ====== ========= ====================                      ======= ========= ====================
                                                                                           
Income before income taxes                    $         417,310     $       287,827     $      1,311,617     $       1,485,728  
                                                            7.4 %                                  3.5 %                                   6.9 %                                    8.3 %
   Effective tax rate
                                                        155,704             157,041              623,635               626,777  
      Acquisition related expenses
                                                         10,977      --               20,098        --  
      Acquisition related transaction costs
                                                 --      --               40,000        --  
      Charitable foundation contribution
                                                          8,050              64,788               52,337                95,659  
      Restructuring related expense
                                              ----------------  --------------------                      --------------  --------------------                      ---------------  --------------------                      ----------------  --------------------
Adjusted income before income taxes           $         592,041     $       509,656     $      2,047,687     $       2,208,164  
                                              ======= ========= ====================                      ======= ======= ====================                      ====== ========= ====================                      ======= ========= ====================
Adjusted tax rate                                           9.7 %                                 13.0 %                                  10.9 %                                   13.1 %
                                                                                           
Diluted EPS                                   $            1.04     $          0.74     $           3.28     $            3.65  
                                                           0.42                0.42                 1.68                  1.68  
   Acquisition related expenses
                                                           0.03      --                 0.05        --  
   Acquisition related transaction costs
                                                 --      --                 0.11        --  
   Charitable foundation contribution
                                                           0.02                                     0.17               0.14                  0.26  
   Restructuring related expense
                                                         (0.07)              (0.10)               (0.29)                (0.28)  
   Income tax effect of adjustments above
                                                 --              (0.05)               (0.07)                (0.16)  
   Income tax from certain discrete tax items
                                              ----------------  --------------------                      --------------  --------------------                      ---------------  --------------------                      ----------------  --------------------
* 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                                                                                                              Three Months Ended
                                                          Twelve
                                                          Months
                                          -----------------------------------                        ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
                                    Oct 31, 2020                           Oct 31, 2020                          Aug 1, 2020                          May 2, 2020                          Feb 1, 2020
                                          -----------------------------------                        ---------------------------------                        --------------------------------                        --------------------------------                        --------------------------------
Revenue                                   $      5,603,056     $    1,526,295     $   1,456,136     $   1,317,060     $   1,303,565  
Net cash provided by operating activities $      2,008,487     $      672,598     $     557,200     $     429,041     $     349,648  
% of Revenue                                            36 %                                  44 %                                 38 %                                 33 %                                 27 %
Capital expenditures                      $      (165,692)     $     (29,888)     $    (20,804)     $    (60,161)     $    (54,839)  
Free cash flow                            $      1,842,795     $      642,710     $     536,396     $     368,880     $     294,809  
                                                ANALOG DEVICES, INC.
                                RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS
                                                     (Unaudited)
                                        
--------------------- ------------------------------------ ------------------------------------------------------
   Three Months Ending January 30, 2021           Three Months Ending January 30, 2021
                      ------------------------------------ ------------------------------------------------------
                 Reported                    Reported            Adjusted
                      ------------------------------------ -----------------                      -----------------
Revenue                           $1.50 Billion               $1.50 Billion       $1.50 Billion
             (+/- $70 Million)           (+/- $70 Million)   (+/- $70 Million)
Operating margin                      29.1%                       29.1%             40.0% (1)
               (+/-150 bps)                (+/-150 bps)        (+/-100 bps)
Nonoperating expenses               $43 Million                 $43 Million         $43 Million
Tax rate                           12% to 14%                  12% to 14%        12% to 14% (2)
Earnings per share                    $0.92                       $0.92             $1.30 (3)

(1) Includes $163 million of adjustments related to acquisition related expenses and acquisition related transaction costs as previously defined in the Non-GAAP Financial Information section of this press release. (2) Includes $23 million of tax effects associated with the adjustment for acquisition related expenses and acquisition related transaction costs noted above. (3) Includes $0.38 of adjustments related to the net impact of $0.44 of acquisition related expenses and acquisition related transaction costs, as well as $0.06 of tax effects on those items.

(ADI WEB)

View source version on businesswire.com: https://www.businesswire.com/news/home/20201124005320/en/

SOURCE: Analog Devices, Inc.

Investor Contact:
Analog Devices, Inc.
Mr. Michael Lucarelli
Sr. Director of Investor Relations
781-461-3282
investor.relations@analog.com 

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Ms. Andrea Calise
917-826-3804
andrea.calise@teneo.com 

Teneo
Ms. Megan Fenton
917-860-0356
megan.fenton@teneo.com
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