Analog Devices (ADI) FY2014 results: revenue $2.9 billion, up 8.8% on the year
Analog Devices Inc. (ADI) reported revenue of $2.9 billion for fiscal 2014, the year ended 1 November 2014, up 8.8% on the year before. Net income was $629 million, down 6.6%, and diluted earnings per share $1.98. The figures are the company's own, from the 10-K it filed with the SEC on 10 December 2014.
Revenue
$2.9 billion
+8.8% on the year
FY2007FY2014
Operating margin
26.3%
28.6% a year earlier
FY2007FY2014
Net income
$629 million
-6.6% on the year
FY2007FY2014
Diluted EPS
$1.98
-7.5% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
2,865
2,634
2,701
+8.8%
Cost of revenue
1,035
941
960
+9.9%
Gross profit
1,830
1,692
1,741
+8.1%
Gross margin
63.9%
64.3%
64.5%
Research and development
560
513
512
+9.0%
Selling, general and administrative
455
396
397
+14.7%
Operating income
752
753
824
-0.1%
Operating margin
26.3%
28.6%
30.5%
Interest expense
34.8
27.1
26.4
+28.3%
Pre-tax income
729
815
814
-10.5%
Income tax
100
142
162
-29.5%
Effective tax rate
13.7%
17.4%
19.9%
Net income
629
673
651
-6.6%
Net margin
22.0%
25.6%
24.1%
Diluted EPS
$1.98
$2.14
$2.13
-7.5%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
872
912
815
-4.5%
Capital expenditure
178
123
132
+44.6%
Free cash flow
694
789
682
-12.1%
Free cash flow margin
24.2%
30.0%
25.3%
Cash from investing
-115
-950
-1,340
Cash from financing
-577
-101
-350
Depreciation and amortisation
142
110
110
+28.6%
Share-based compensation
50.8
56.9
53.5
-10.7%
Buybacks
356
60.5
161
+488.7%
Dividends paid
454
406
345
+11.9%
Dividend per share
$1.45
$1.32
$1.15
+9.8%
Diluted shares, weighted
318m
314m
306m
+1.3%
Shares outstanding at period end
311m
311m
301m
+0.1%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
4,758
4,740
4,165
+0.4%
Debt
873
872
822
+0.1%
Other liabilities
1,229
770
633
+59.6%
Total liabilities and equity
6,860
6,382
5,620
+7.5%
Fixed assets
622
508
501
+22.5%
Goodwill
1,642
284
284
+478.1%
Intangible assets
671
28.6
28.8
+2,251.5%
Investments
2,311
4,295
3,373
-46.2%
Cash and equivalents
569
392
529
+45.2%
Receivables
397
325
340
+22.0%
Inventory
368
283
314
+29.9%
Other assets
279
266
251
+5.0%
Total assets
6,860
6,382
5,620
+7.5%
10-K for the year ended 1 November 2014, filed 10 December 2014: the filing.