Analog Devices Reports Fourth Quarter and Fiscal Year 2015 Results

(1) Includes $2,923, $2,935, and $3,291 related to stock-based compensation in 4Q15, 3Q15, and 4Q14, respectively.

Analog Devices, Fourth Quarter, Fiscal 2015

Schedule C
Cash Flow Statement (Unaudited)
(In thousands)


	Three Months Ended									Twelve Months Ended
	4Q 15			3Q 15			4Q 14			FY 15			FY 14
	Oct. 31, 2015			Aug. 1, 2015			Nov. 1, 2014			Oct. 31, 2015			Nov. 1, 2014
Cash flows from operating activities:
Net Income	$	96,305		$	216,478		$	108,695		$	696,878		$	629,320
Adjustments to reconcile net income
to net cash provided by operations:
Depreciation		32,688			33,650			30,917			130,147			114,064
Amortization of intangibles		18,302			23,898			26,186			92,093			27,906
Stock-based compensation expense		16,083			16,364			15,393			68,919			50,812
Other non-cash activity		(2,428	)		3,827			600			6,974			4,423
Excess tax benefit - stock options		(2,895	)		(6,373	)		(882	)		(25,045	)		(22,231	)
Deferred income taxes		(25,650	)		(17,168	)		(69,406	)		(52,214	)		(77,711	)
Changes in operating assets and liabilities		65,570			(73,537	)		150,760			(9,954	)		145,019
Total adjustments		101,670			(19,339	)		153,568			210,920			242,282
Net cash provided by operating activities		197,975			197,139			262,263			907,798			871,602
Percent of revenue		20.2	%		22.8	%		32.2	%		26.4	%		30.4	%

Cash flows from investing activities:
Purchases of short-term available-for-sale investments		(1,808,202	)		(1,403,600	)		(1,946,144	)		(6,083,999	)		(7,485,162	)
Maturities of short-term available-for-sale investments		2,045,945			1,083,474			1,507,940			4,984,980			7,318,877
Sales of short-term available-for-sale investments		159,546			215,998			487,259			1,251,194			2,187,389
Additions to property, plant and equipment		(45,807	)		(35,164	)		(43,417	)		(153,960	)		(177,913	)
Payments for acquisitions, net of cash acquired		-			(6,947	)		(2,183	)		(7,065	)		(1,945,887	)
Change in other assets		1,102			(1,180	)		(2,633	)		(8,275	)		(12,055	)
Net cash provided by (used for) investing activities		352,584			(147,419	)		822			(17,125	)		(114,751	)

Cash flows from financing activities:
Proceeds from debt		-			-			-			-			1,995,398
Term loan repayments		-			-			(1,995,398	)		-			(1,995,398	)
Dividend payments to shareholders		(125,582	)		(125,511	)		(116,308	)		(491,059	)		(454,225	)
Repurchase of common stock		(111,702	)		(31,340	)		(187,375	)		(226,953	)		(356,346	)
Proceeds from employee stock plans		7,760			19,988			21,533			122,631			200,114
Excess tax benefit - stock options		2,895			6,373			882			25,045			22,231
Contingent consideration payment		-			(1,767	)		-			(1,767	)		(3,576	)
Change in other financing activities		3,724			4,327			(1,178	)		500			15,192
Net cash used for financing activities		(222,905	)		(127,930	)		(2,277,844	)		(571,603	)		(576,610	)
Effect of exchange rate changes on cash		(798	)		(509	)		(1,449	)		(3,950	)		(3,097	)

Net increase (decrease) in cash and cash equivalents		326,856			(78,719	)		(2,016,208	)		315,120			177,144
Cash and cash equivalents at beginning of period		557,497			636,216			2,585,441			569,233			392,089
Cash and cash equivalents at end of period	$	884,353		$	557,497		$	569,233		$	884,353		$	569,233

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