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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