ADI said revenue for the 3-month period ended February 3, 2024 decreased 23% from the same period a year earlier. The company attributed the decline mainly to broad-based lower demand for its products, partly offset by higher demand in the Automotive end market and an additional 1 weeks of operations.

10-QQuarterly reportFiled Feb 21, 2024Period of report Feb 3, 2024Summary published (UTC) Oct 24, 2026

Key points

AI summary

ADI said revenue for the 3-month period ended February 3, 2024 decreased 23% from the same period a year earlier. The company attributed the decline mainly to broad-based lower demand for its products, partly offset by higher demand in the Automotive end market and an additional 1 weeks of operations.
The company said its gross margin percentage for the 3-month period ended February 3, 2024 decreased 670 basis points from the prior year. It cited lower utilization of its factories due to decreased customer demand and unfavorable product mix as the main factors.
The company said the decrease in operating income for the 3-month period was mainly the result of a $650.4 million decline in gross margin from lower revenue and a $16.1 million increase in special charges, net. It said decreases in amortization of intangibles of $62.8 million, SMG&A expenses of $36.2 million and R&D expenses of $22.7 million partly offset the decline.
As of February 3, 2024, the company said $597.8 million of its $1.3 billion in cash and cash equivalents was held in the United States. On the same date, borrowings outstanding under its commercial paper program were $544.4 million, and it said $2.0 billion remained available under its authorized stock repurchase program.

Key figures

Quarter ended February 3, 2024

Revenue: $2.5B
Operating income: $586M
Net income: $463M
EPS: $0.93
Gross profit: $1.5B
Operating cash flow: $1.1B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Revenue Down 23% and Company Explanation

ADI said revenue for the 3-month period ended February 3, 2024 decreased 23% from the same period a year earlier. The company attributed the decline mainly to broad-based lower demand for its products, partly offset by higher demand in the Automotive end market and an additional 1 weeks of operations.

Source · Based on the MD&A text of the filing

Gross Margin Down 670 basis points

The company said its gross margin percentage for the 3-month period ended February 3, 2024 decreased 670 basis points from the prior year. It cited lower utilization of its factories due to decreased customer demand and unfavorable product mix as the main factors.

Source · Based on the MD&A text of the filing

Operating Income Decline Drivers and Restructuring Costs

The company said the decrease in operating income for the 3-month period was mainly the result of a $650.4 million decline in gross margin from lower revenue and a $16.1 million increase in special charges, net. It said decreases in amortization of intangibles of $62.8 million, SMG&A expenses of $36.2 million and R&D expenses of $22.7 million partly offset the decline.

Source · Based on the MD&A text of the filing

Liquidity, Commercial Paper and Buyback Status

As of February 3, 2024, the company said $597.8 million of its $1.3 billion in cash and cash equivalents was held in the United States. On the same date, borrowings outstanding under its commercial paper program were $544.4 million, and it said $2.0 billion remained available under its authorized stock repurchase program.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

Unauthorized scraping, data storage and database creation prohibited

Without prior written consent, you must not crawl or scrape data compiled and organized by Chickstock or its analysis and summaries, or collect them repeatedly or in bulk for storage, ingestion or database creation. Repurposing, redistribution, sale and use to build other services are also prohibited.

Unauthorized use may result in access restrictions, demands to stop infringement and delete copies, and claims for damages. Violations of applicable law may also give rise to criminal liability.

Uses permitted by law, the Terms of Service or a separate agreement remain subject to their respective scope. Rights in individual source materials, including original filings, remain with their respective rights holders.