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

• Revenue of $1.53 billion for the fourth quarter and $5.60 billion for fiscal 2020
• B2B revenue for the fourth quarter increased 4% sequentially and 10% year-over-year
• Operating cash flow of $2.0 billion and free cash flow of $1.8 billion for fiscal 2020
• Returned over $1.1 billion to shareholders in fiscal 2020 and recently reinstated our buyback program

WILMINGTON, Mass.–(BUSINESS WIRE)–
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 Ended					Trailing Twelve 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 Ended					Trailing Twelve Months
Cash Return					Oct 31, 2020					Oct 31, 2020
Dividend paid					$	(230)				$	(886)
Stock repurchases					(7)					(244)
Total cash returned					$	(237)				$	(1,131)

(1) The sum and/or computation of the individual amounts may not equal the total due to rounding.

(2) Includes approximately 140 basis points of impact from a write-down of inventory associated with a customer within our Communications end market.

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 expenses¹ 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 expenses¹; acquisition related transaction costs²; restructuring related expense³; and charitable foundation contribution⁴which 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 expenses¹; acquisition related transaction costs²; restructuring related expense³; and charitable foundation contribution⁴ 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 expenses¹; acquisition related transaction costs²; restructuring related expense³; and charitable foundation contribution⁴which are described further below.

Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items⁵ 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 expenses¹; acquisition related transaction costs²; restructuring related expense³; charitable foundation contribution⁴; and tax related items⁵ 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.

¹Acquisition 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.

²Acquisition 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.

³Restructuring 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.

⁴Charitable 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.

⁵Tax 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:
Research and development	280,239				277,018				1,050,519				1,130,348
Selling, marketing, general and administrative	165,115				154,799				659,923				648,094
Amortization of intangibles	108,007				107,225				429,455				429,041
Special charges	8,051				64,788				52,337				95,659
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):
Interest expense	48,593				50,775				193,305				229,075
Interest income	(527)				(1,988)				(4,305)				(10,229)
Other, net	(3,704)				1,747				(2,373)				6,034
	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
Diluted earnings per common share	$	1.04			$	0.74			$	3.28			$	3.65

ANALOG DEVICES, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands)
		October 31, 2020				November 2, 2019
Cash & cash equivalents		$	1,055,860			$	648,322
Accounts receivable		737,536				635,136
Inventories		608,260				609,886
Other current assets		116,032				91,782
Total current assets		2,517,688				1,985,126
Net property, plant and equipment		1,120,561				1,219,989
Other investments		86,729				77,324
Goodwill		12,278,425				12,256,880
Intangible assets, net		3,650,280				4,217,224
Deferred tax assets		1,503,064				1,582,382
Other assets		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				5,192,252
Deferred income taxes		1,919,595				2,088,212
Other non-current liabilities		1,040,975				894,357
Shareholders’ equity		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:
Net income	$	386,526			$	277,694			$	1,220,761			$	1,363,011
Adjustments to reconcile net income to net cash provided by operations:
Depreciation	57,053				61,636				233,775				240,677
Amortization of intangibles	145,163				143,528				577,148				570,574
Stock-based compensation expense	36,557				37,580				149,518				150,300
Non-cash impairment included in special charges	—				9,800				—				14,167
Deferred income taxes	(71,146)				(35,809)				(113,948)				(91,253)
Non-cash contribution to charitable foundation	—				—				40,000				—
Other non-cash activity	(257)				14,206				5,418				40,907
Changes in operating assets and liabilities	118,702				149,270				(104,185)				(35,283)
Total adjustments	286,072				380,211				787,726				890,089
Net cash provided by operating activities	672,598				657,905				2,008,487				2,253,100
Percent of revenue	44.1		%		45.6		%		35.8		%		37.6		%
Cash flows from investing activities:
Additions to property, plant and equipment	(29,888)				(51,076)				(165,692)				(275,372)
Payments for acquisitions, net of cash acquired	(1,433)				(11,170)				(14,196)				(11,170)
Change in other assets	579				(1,512)				(635)				(6,644)
Net cash used for investing activities	(30,742)				(63,758)				(180,523)				(293,186)
Cash flows from financing activities:
Proceeds from debt	—				—				395,646				1,250,000
Early termination of debt	—				—				—				(1,250,000)
Proceeds from revolver	—				—				350,000				75,000
Payments on revolver	—				—				(350,000)				(75,000)
Debt repayments	(450,000)				(200,000)				(750,000)				(850,000)
Dividend payments to shareholders	(229,597)				(200,196)				(886,155)				(777,481)
Repurchase of common stock	(7,222)				(172,389)				(244,487)				(613,005)
Proceeds from employee stock plans	10,653				10,388				68,403				116,523
Change in other financing activities	—				5,087				(4,015)				(2,831)
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%
*The sum of the individual percentages may not equal the total due to rounding.

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
Gross margin percentage	67.0		%		65.3		%		65.9		%		67.0		%
Acquisition related expenses	44,741				44,822				179,374				175,266
Adjusted gross margin	$	1,067,825			$	987,013			$	3,869,852			$	4,189,016
Adjusted gross margin percentage	70.0		%		68.4		%		69.1		%		69.9		%
Operating expenses	$	561,412			$	603,830			$	2,192,234			$	2,303,142
Percent of revenue	36.8		%		41.8		%		39.1		%		38.4		%
Acquisition related expenses	(110,963)				(112,219)				(444,261)				(451,511)
Acquisition related transaction costs	(10,977)				—				(20,098)				—
Charitable foundation contribution	—				—				(40,000)				—
Restructuring related expense	(8,050)				(64,788)				(52,337)				(95,659)
Adjusted operating expenses	$	431,422			$	426,823			$	1,635,538			$	1,755,972
Adjusted operating expenses percentage	28.3		%		29.6		%		29.2		%		29.3		%
Operating income	$	461,672			$	338,361			$	1,498,244			$	1,710,608
Operating margin	30.2		%		23.4		%		26.7		%		28.6		%
Acquisition related expenses	155,704				157,041				623,635				626,777
Acquisition related transaction costs	10,977				—				20,098				—
Charitable foundation contribution	—				—				40,000				—
Restructuring related expense	8,050				64,788				52,337				95,659
Adjusted operating income	$	636,403			$	560,190			$	2,234,314			$	2,433,044
Adjusted operating margin	41.7		%		38.8		%		39.9		%		40.6		%
Provision for income taxes	$	30,784			$	10,133			$	90,856			$	122,717
Income tax effect of adjustments above	26,878				35,903				106,291				104,470
Income tax from certain discrete tax items	—				20,302				25,951				61,227
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
Effective tax rate	7.4		%		3.5		%		6.9		%		8.3		%
Acquisition related expenses	155,704				157,041				623,635				626,777
Acquisition related transaction costs	10,977				—				20,098				—
Charitable foundation contribution	—				—				40,000				—
Restructuring related expense	8,050				64,788				52,337				95,659
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
Acquisition related expenses	0.42				0.42				1.68				1.68
Acquisition related transaction costs	0.03				—				0.05				—
Charitable foundation contribution	—				—				0.11				—
Restructuring related expense	0.02				0.17				0.14				0.26
Income tax effect of adjustments above	(0.07)				(0.10)				(0.29)				(0.28)
Income tax from certain discrete tax items	—				(0.05)				(0.07)				(0.16)
Adjusted diluted EPS*	$	1.44			$	1.19			$	4.91			$	5.15

* 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 Twelve Months				Three Months Ended
	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
% of Revenue	33		%		42		%		37		%		28		%		23		%

ANALOG DEVICES, INC. RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS (Unaudited)
		Three Months Ending January 30, 2021
		Reported		Adjusted
Revenue		$1.50 Billion		$1.50 Billion
		(+/- $70 Million)		(+/- $70 Million)
Operating margin		29.1%		40.0% (1)
		(+/-150 bps)		(+/-100 bps)
Nonoperating expenses		~ $43 Million		~ $43 Million
Tax rate		12% to 14%		12% to 14% (2)
Earnings per share		$0.92		$1.30 (3)
		(+/- $0.10)		(+/- $0.10)

(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/

Investor Contact:

Analog Devices, Inc.

Mr. Michael Lucarelli

Sr. Director of Investor Relations

781-461-3282

[email protected]

Media Contacts:

Teneo

Ms. Andrea Calise

917-826-3804

[email protected]

Teneo

Ms. Megan Fenton

917-860-0356

[email protected]

KEYWORDS: Massachusetts United States North America

INDUSTRY KEYWORDS: Semiconductor Hardware Manufacturing Technology Engineering

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Harvest Capital Credit Corporation Announces Record Date and Payment Date for Previously Deferred Dividend Payments

NEW YORK–(BUSINESS WIRE)–
Harvest Capital Credit Corporation (the “Company,” “we,” or “our”) (NASDAQ: HCAP) today announced that the Board of Directors has determined a record date and payment date for the Company’s previously declared but deferred March 2020 and April 2020 monthly dividends of $0.08 per share, respectively. These deferred dividends will now be payable in a single distribution of $0.16 per share on December 29, 2020 to shareholders of record at the close of business on December 15, 2020.

“We previously deferred the record and payment dates for our March 2020 and April 2020 dividends in light of the unprecedented circumstances surrounding the COVID-19 pandemic, which was part of an overall plan to preserve liquidity,” said Joseph Jolson, Chairman and CEO. “In light of the progress the Company has made paying down its bank line of credit and to avoid the imposition of a federal excise tax on the Company’s undistributed earnings, the Board of Directors believes it is in the Company’s best interests to make this dividend distribution prior to year-end,” concluded Mr. Jolson.

About Harvest Capital Credit Corporation

Harvest Capital Credit Corporation (NASDAQ: HCAP) provides customized financing solutions to privately held small and mid-sized companies in the U.S., generally targeting companies with annual revenues of less than $100 million and annual EBITDA of less than $15 million. The company’s investment objective is to generate both current income and capital appreciation primarily by making direct investments in the form of subordinated debt, senior debt and, to a lesser extent, minority equity investments. Harvest Capital Credit Corporation is externally managed and has elected to be treated as a business development company under the Investment Company Act of 1940.

Forward-Looking Statements

This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not of historical fact (including statements containing the words “believes,” “plans,” “anticipates,” “expects,” “estimates,” and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events, except as may be required by law.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201124005314/en/

Investor & Media Relations Contacts

Harvest Capital Credit Corporation

Joseph A. Jolson

Chairman & Chief Executive Officer

(415) 835-8970

[email protected]

William E. Alvarez, Jr.

Chief Financial Officer

(212) 906-3589

[email protected]

KEYWORDS: New York United States North America

INDUSTRY KEYWORDS: Consulting Banking Professional Services Finance

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Posted on November 24, 2020 8:03 am

Research Paper Showing ProtoKinetix AAGP® Enhanced Stem Cell Derived Retina Precursor Cells Restoration of Vision

Research Paper Showing ProtoKinetix AAGP^® Enhanced Stem Cell Derived Retina Precursor Cells Restoration of Vision

MARIETTA, Ohio–(BUSINESS WIRE)–
ProtoKinetix, Incorporated (www.protokinetix.com) (the “Company” or “ProtoKinetix”) (OTCQB: PKTX), a clinical-stage biomedical company, today announced the submission of a research paper describing and interpreting the results analysing the benefit of PKX-001 on human induced pluripotent stem cell (iPSC) derived retinal precursor cells transplanted to an experimental model of blindness due to retina degeneration. The paper has been submitted to a prestigious journal specializing in tissue regeneration for peer review and editing. Given the priority of this study, the paper has been made publically available now during the review process as a pre-print for a limited time for other stakeholders and scientists to review, discuss, or comment, here: https://www.biorxiv.org/content/10.1101/2020.11.22.393439v1

Vision loss due to degeneration of the retina, most commonly the macula, commonly appears with aging, comorbid cardiovascular conditions, genetics, or other exposures. Macular degeneration currently has no cure. It is the leading cause of reduced sharp central vision necessary for such tasks as reading or driving.

Cells transplanted without PKX-001 did not show any statistical benefits in electroretinography (ERG) or optokinetic tracking (OKT) used to measure vision function. By comparison, PKX-001 treated cells showed 3-fold greater improvement in both ERG & OKT — with more transplanted cells surviving long-term in the retina. Only PKX-001 treated cells showed maturation and integration with the host retina.

“In this experimental model of retinal degeneration, iPSC derived retinal precursor cells treated with PKX-001 remarkably improved cellular integration after transplantation to secure functional vision benefits.” – Dr. Kevin Gregory-Evans M.D., Ph.D.

PKX-001 is the designation given to the lead drug product molecule of the AAGP^® family.

This study was completed by Dr. Kevin Gregory-Evans, MD, PhD, Professor of Opthalmology & the Julia Levy Leadership Chair in Macular Research at the University of British Columbia. A panel member of the California Institute of Regenerative Medicine & Canadian Institutes of Health Research. Previously, a reader in molecular ophthalmology at Imperial College London. An ophthalmologist and global leader in macular research and regenerative medicine development.

Dr. Kevin Gregory-Evans on ProtoKinetix AAGP^®
Dr. Gregory-Evans Bio

Global ophthalmic therapeutics/drug market is expected to reach USD $35.7 billion by 2025, according to a new report by Grand View Research, Inc. According to market research published by iHealthcareAnalyst, the global market for organ transplantation is estimated to reach $51 billion by 2025, growing at a CAGR of 9.9% over the forecast period, driven by an aging population with increasing incidence of chronic disease, organ failures, and rising demand for transplant products, such as tissue products, immunosuppressants, and organ preservation solutions.

“Our molecule offers significant benefits to the field of regenerative medicine already. Seeing more scientific success of this magnitude is exciting as we seek further partnership for clinical trials. Our company mission and values are to benefit patients in need and I am confident AAGP is the stem cell helper to do just that.” – Clarence Smith, CEO President

See the promising research of AAGP^® and results to date

Visit our new website at ProtoKinetix.com for more information and to join our email list.

About ProtoKinetix, Incorporated

Cautionary Note Regarding Forward-Looking Statements

The information discussed in this press release includes “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included herein concerning, among other things, planned capital expenditures, future cash flows and borrowings, pursuit of potential acquisition opportunities, our financial position, business strategy and other plans and objectives for future operations, are forward looking statements. Although we believe that the expectations reflected in these forward-looking statements are reasonable, they do involve certain assumptions, risks and uncertainties and are not (and should not be considered to be) guarantees of future performance. Refer to our risk factors set forth in our reports filed on Edgar. ProtoKinetix disclaims any obligation to update any forward-looking statement made here.

This press release does not constitute or form a part of any offer or solicitation to purchase or subscribe for securities in the United States.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201124005302/en/

Clarence E. Smith

President and chief executive officer

Telephone: 740-434-5041
Email: [email protected]

Twitter: @ProtoKinetix

KEYWORDS: Ohio United States North America

INDUSTRY KEYWORDS: Health Stem Cells Clinical Trials Pharmaceutical Optical Biotechnology

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Posted on November 24, 2020 8:03 am

Kohl’s Named to Dow Jones Sustainability Index for Third Consecutive Year

Kohl’s Named to Dow Jones Sustainability Index for Third Consecutive Year

2020 designation recognizes company’s continued commitment to sustainability efforts

MENOMONEE FALLS, Wis.–(BUSINESS WIRE)–Kohl’s (NYSE: KSS) is proud to have been named to the 2020 Dow Jones Sustainability Index (DJSI) North America by S&P Global. This marks the third year in a row the company has received the designation for its sustainability performance and environmental, social and governance (ESG) commitments.

“The DJSI’s continued recognition of Kohl’s serves as a reliable indicator of the strength of our ESG stewardship initiatives,” said Steve Thomas, Chief Risk and Compliance Officer for Kohl’s. “We believe that incorporating sustainable solutions into the way Kohl’s conducts business will help to build better futures for our customers, our associates, and their families and we are pleased to be acknowledged for these efforts.”

Launched in 1999 as one of the first global sustainability benchmarks, the DJSI measures the performance of the world’s leading companies based on financially material environmental, social, and governance factors. The DJSI helps to evaluate a company’s impact on people, communities and the planet for socially-conscious investors.

“We congratulate Kohl’s for being included in the DJSI North America. A DJSI distinction is a reflection of being a sustainability leader in your industry. With a record number of companies participating in the 2020 Corporate Sustainability Assessment and more stringent rules for inclusion this year, this sets your company apart and rewards your continued commitment to people and planet,” said Manjit Jus, Global Head of ESG Research and Data, S&P Global.

Earlier this month, Kohl’s was also recognized with a SmartWay® 2020 Excellence Award from the U.S. Environmental Protection Agency (EPA) as an industry leader in freight supply chain, environmental performance and energy efficiency. Kohl’s was one of just 17 shipper and logistics companies to receive the distinction this year, in recognition of the company’s sustainability efforts and exceptional performance moving goods in the cleanest and most energy-efficient way possible, leading to cleaner and healthier communities.

For more details about Kohl’s commitment to sustainability, please refer to the company’s 2019 CSR Report. Additional information about Kohl’s Environmental, Social, and Governance (ESG) efforts can be found on the company’s corporate website, Corporate.Kohls.com.

About Kohl’s

Kohl’s (NYSE: KSS) is a leading omnichannel retailer with more than 1,100 stores in 49 states. With a commitment to inspiring and empowering families to lead fulfilled lives, Kohl’s offers amazing national and exclusive brands, incredible savings and an easy shopping experience in our stores, online at Kohls.com and on the Kohl’s mobile app. Since its founding, Kohl’s has given more than $750 million to support communities nationwide, with a focus on family health and wellness. For a list of store locations or to shop online, visit Kohls.com. For more information about Kohl’s impact in the community or how to join our winning team, visit Corporate.Kohls.com or follow @KohlsNews on Twitter.

KSS-IR

View source version on businesswire.com: https://www.businesswire.com/news/home/20201124005296/en/

Julia Fennelly, [email protected], 262.703.1710

 

KEYWORDS: Wisconsin United States North America

INDUSTRY KEYWORDS: Other Retail Online Retail Philanthropy Discount/Variety Department Stores Specialty Consumer Catalog Environment Fashion Retail Other Philanthropy Home Goods

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