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Analog Devices 20
18 A
nnual Report
ANNUAL REPORT2018
One Technology WayP.O. Box 9106Norwood, MA 02062-9106
1-800-262-5643
www.analog.com
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Fiscal 2018 was a banner year for Analog Devices, marked by record fi nancial results and a signifi cantly fortifi ed business position. During the year we made stellar progress in extending our cutting-edge technology portfolio, broadening and deepening our customer engagements, and integrating Linear Technology (LTC). We enter fi scal 2019 better positioned than ever to grow profi tably and gain market share over the long term.
Fiscal 2018 Financial ResultsRevenue surpassed $6 billion for the fi rst time in our over 50-year history. Growth was led by our B2B markets comprised of industrial, communications, and automotive, which, in the aggregate, increased well into the double digits year-over-year, more than offsetting weakness in our consumer market. We posted record non-GAAP gross and operating margins of 71% and 42%, respectively, and non-GAAP diluted earnings per share increased more than 20% year-over-year.1
Most notably, we generated more than $2 billion of free cash fl ow, translating to a 35% free cash fl ow margin and placing ADI among the top 5% of the S&P 500.2 This enabled us to rapidly reduce our debt by over $1.5 billion and return cash to our shareholders. In 2018, we updated our capital allocation framework and now plan to return 100% of our free cash fl ow after debt payments to investors through dividends and share repurchases. Since 2005, in aggregate, we have returned more than $10 billion through dividends and share repurchases.
Business ProgressBeyond being a strong year fi nancially, it was a year of exceptional business progress for ADI as well.
We made great strides in the integration of LTC in 2018, and we enter fi scal 2019 with employees across the organization unifi ed and working towards the common goal of delivering long-term profi table growth.
Our R&D teams have synergized product roadmaps and combined development activities, and are busily redefi ning the possible in analog, mixed-signal, power, and sensors to ensure we deliver leading-edge, impactful solutions for our customers.
Our combined sales force has enabled us to broaden and deepen our customer engagement activities. As a result, our opportunity pipeline has signifi cantly expanded as we reach more customers directly and cross-sell the combined portfolio. Given the complementarity of the ADI and LTC product portfolios and customer relationships, we are increasingly confi dent in our objective to double LTC’s revenue growth rate over the next few years.
In short, we have created an industry-leading product portfolio and a team of world-class technologists, with an unparalleled suite of capabilities that range from sensor to cloud, from DC to 100 GHz, and from nanowatts to kilowatts.
Opportunities AheadI believe that we are very well prepared strategically and operationally to grow and capture new market opportu-nities in the years ahead. Beyond our own preparedness, our confi dence is grounded in a few externalities:
• An insatiable appetite for data is driving enterprises to reconfi gure their existing business models, and entirely new models are emerging that were unimaginable just a decade ago. Those enterprises are increasingly turning to us because ADI is where data is born.
• Technology macrotrends such as autonomous and electric vehicles, 5G connectivity, Industry 4.0, and digital healthcare are creating secular tailwinds for ADI.
• ADI’s analog experience and expertise in bridging the physical and digital domains is increasingly critical to our customers’ business success.
• Our customers are partnering more deeply with us than ever before to leverage the full benefi t of our technology capabilities and domain expertise to meet the growing innovation demands of their customers.
Key MarketsADI’s diversity in products and markets is one of our signifi cant strengths, providing long-term stability and a launch pad for future growth. I’d like to outline just a few of the opportunities on which we are focused.
To manage the explosion in data and its effi cient move-ment, wireless and wireline networks will undergo a revolution in the near term and, indeed, for many years to come. For example, in the wireless communications sector, 5G is emerging and will enable up to 20 times the
Dear Fellow Shareholders,
1 The non-GAAP fi nancial measures included in this letter to shareholders exclude certain items. Please refer to Page 103 of this Annual Report for additional information regarding these non-GAAP fi nancial measures and reconciliations of these non-GAAP fi nancial measures to their most directly comparable GAAP fi nancial measures.
2 Free cash fl ow is defi ned as cash provided by (used in) operating activities, less capital expenditures. Please refer to Page 104 of this Annual Report for a reconciliation of free cash fl ow to net cash provided by operating activities.
Board of Directors
Executive Offi cers
Ray StataChairman of the BoardAnalog Devices, Inc.
Vincent RochePresident and Chief Executive Offi cerAnalog Devices, Inc.
James A. Champy Former Vice President of the Dell/Perot Systems business unit of Dell, Inc.
Anantha P. Chandrakasan, Ph.D.Dean of the MIT School of Engineering and Vannevar Bush Professor of Electrical Engineering and Computer Science
Bruce R. EvansChairman of the Board and Senior AdvisorSummit Partners
Edward H. Frank, Ph.D.Co-founder and former Chief Executive Offi cerCloud Parity
Karen M. GolzFormer Global Vice ChairErnst & Young
Mark M. Little, Ph.D.Former SVP, GE Global Research and Chief Technology Offi cer GE
Neil NovichFormer Chairman, President and Chief Executive Offi cerRyerson Inc.
Kenton J. SicchitanoFormer Global Managing PartnerPricewaterhouseCoopers LLP
Lisa T. Su, Ph.D.President and Chief Executive Offi cer Advanced Micro Devices, Inc.
Vincent RochePresident and Chief Executive Offi cer
Martin CotterSenior Vice President, Worldwide Sales and Digital Marketing
Joseph (John) HassettSenior Vice President, Global Operations and Technology
Greg HendersonSenior Vice President, Automotive, Communications, and Aerospace and Defense
Yusuf JamalSenior Vice President, Industrial, Healthcare, Consumer, IoT Solutions and Security
Prashanth Mahendra-RajahSenior Vice President, Finance and Chief Financial Offi cer
Steve PietkiewiczSenior Vice President, Power Products
Margaret SeifChief People Offi cer, Chief Legal Offi cer and Secretary
Eileen WynneVice President and Chief Accounting Offi cer
Independent Registered Public Accounting FirmErnst & Young LLP200 Clarendon StreetBoston, MA 02116
Transfer AgentComputershare Investor Services P.O. Box 505000Louisville, KY 40233(877) 282-1168 (U.S.)(781) 575-2715 (Outside U.S.)http://www.computershare.com/investor
Shareholder InquiriesShareholders of record should contact Computershare with inquiries about their holdings, dividends, transfers of ownership, address changes, or account consolidations.
Stock TradingAnalog Devices’ common stock trades on The Nasdaq Global Select Market under the symbol ADI.
Other InformationTo obtain a free copy of the 2018 Annual Report on Form 10-K, Corporate Governance Guidelines, Code of Business Conduct and Ethics, or additional information, visit investor.analog.com or write to:Analog Devices, Inc. Investor Relations One Technology Way P.O. Box 9106Norwood, MA 02062-9106Email: [email protected]
Annual MeetingAnalog Devices will hold its Annual Shareholders’ Meeting at 9:00 a.m. (local time) on Wednesday, March 13, 2019, at 125 Summer Street, Boston, MA.
Analog Devices, the Analog Devices logo, and Ahead of What’s Possible are registered trademarks of Analog Devices, Inc. All other marks are trademarks of their respective owners.
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data throughput when compared to 4G systems. ADI’s strong position in more advanced 4G systems will continue to fuel growth in the near term and positions us well to collaborate with our customers to enable them to make the leaps necessary to deploy 5G networks.
Much of the innovation in these 5G systems is taking place in the radio subsystem where ADI enjoys a leadership position. Here, the signal processing and thermal management challenges are amplifi ed by the fact that physical space is constrained to that of prior generations. In response, customers are using new beam-steered, multiple antenna (massive MIMO) implementations to drive higher spectral effi ciency. Massive MIMO represents a signifi cant growth opportunity for ADI as our comprehensive portfolio of software-defi ned, mixed-signal, algorithmic, RF & microwave, and power management technologies enable us to solve these immense radio challenges.
In the industrial sector, our customers are deploying new sensing modalities and communications technologies, thereby changing the nature of automation systems and how value will be created. ADI has the heritage, the domain expertise, and the vast breadth of technologies and capabilities across sensing, measuring, interpret-ing, and power management that are necessary for the realization of the digital factory envisioned by Industry 4.0. Beyond data capture, conversion, and digital isola-tion technologies, we are adding rugged, secure, and deterministic communications technologies, along with a broader array of chip-scale sensors to further expand our addressable market.
In the automotive sector, we see the attention of customers shifting from creating value through differen-tiated engine technologies to rapidly evolving the human experience. This is being achieved through the deploy-ment of increasing semiconductor and software content. For example, ADI’s wide-ranging portfolio in radar, LiDAR, and inertial measurement solutions, coupled with power management, is strengthening our position across auton-omous driving programs. In addition, our customers are increasingly looking to ADI to help achieve the necessary levels of compute effi ciency and visual acuity needed to achieve their plans for fully autonomous vehicles.
In the vehicle electrifi cation area, our current generation battery management solutions (BMS) deliver more miles per charge compared to our competitors and signifi cantly extend battery life. And we are working on architectural innovations that will change the way the BMS problems of power density, accuracy, safety, and weight are solved in the future.
And fi nally, in healthcare, the convergence of burgeon-ing sector economic challenges and the need for more sophisticated diagnostics technologies position us for strong growth. For example, in digital x-ray imaging, we are leveraging our heritage of high-end signal processing components to create highly integrated “photons to bits” sub-subsystems that dramatically simplify our customers’ design challenges while enabling them to deliver increas-ingly high image fi delity at lower radiation dosages.
Closing ThoughtsOur strong success over the past fi ve-plus decades has been guided by a consistent set of beliefs. Firstly, superior innovation drives superior results. We focus on markets that value our innovation. Secondly, technology and business diversity create a broad array of opportunity and greater resilience. And thirdly, we maniacally focus on continuously improving every aspect of our performance. Our 15,000+ employees are dedicated to expanding our capabilities and creating innovative solutions for our customers each and every day. This ethos drives a sustainable business model that generates superior revenue growth, profi tability, and cash fl ow.
ADI has successfully navigated many business and technology transitions over its history. But success can be a sleeping pill, so we do not take anything for granted. We know, however, that over the long term, the combina-tion of our unparalleled technology portfolio, ingenious problem solvers, and exceptional operational execution will continue to fuel our success and drive returns for you, our investors.
Sincerely,
Vincent RochePresident and Chief Executive Offi cerAnalog Devices, Inc.
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ADIS&P
111PERCENT80
PERCENT
2014 2015 2016 2017 20180%
5%
10%
15%
20%
25%
30%
35%
40%
45%
OPERATING MARGIN*
50%Industrial16%
Automotive
14%Consumer
20%
CommunicationsInfrastructure
86% B2B
$6.2BREVENUE
2018 Financial Performance
42.4%OPERATING
MARGIN*
$5.94EARNINGSPER SHARE*
$2.2BFREE CASH FLOW*Target to return 100% after debt payments Top 5% of S&P 500
35%FREE CASH
TOTAL SHAREHOLDER RETURN vs. S&P 500FIVE-YEAR PERFORMANCE**
FLOW MARGIN*
EARNINGS PER SHARE*
$0
$1
$2
$3
$4
$5
$6
$7
2014 2015 2016 2017 2018
FREE CASH FLOW*
$0
$0.5
$1.0
$1.5
$2.0
$2.5B
2014 2015 2016 2017 2018
$1
$2
$3
$4
$5
$6
$0
$7B
REVENUE*
2014 2015 2016 2017 2018
** Operating Margin, Earnings Per Share, Free Cash Flow, and Free Cash Flow Margins for all periods presented, as well as Revenue for FY17 and FY14, are presented on a non-GAAP basis. Please refer to Pages 103 and 104 of this Annual Report for additional information regarding non-GAAP fi nancial measures and reconciliations of non-GAAP fi nancial measures to their most directly comparable GAAP fi nancial measures.
** Total Shareholder Return calculation is share price appreciation plus cumulative cash dividend payments for the fi ve years ended November 3, 2018, utilizing the 90-day average of the beginning and ending closing prices.
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Note About Forward Looking Statements
Certain statements contained in this Annual Report may be deemed “forward looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward looking statements include, among other things, our statements regarding expected growth, profitability and performance of our business and the markets and customers we serve; expected R&D investment levels and returns, technology development and achievements, and product development efforts, and product offerings; expected financial results, including revenue, earnings per share, free cash flow and free cash flow margins; expected cash generation; our capital allocation framework and target returns to our shareholders; expected market and macro trends; expected market share gains; expected customer demand and order rates for our products; expected customer engagement levels; and the expected benefits and synergies of the acquisition of Linear Technology Corporation (“Linear Technology”), including the expected growth rates of the combined companies, Analog Devices’ expected product offerings, product development, marketing position and technical advances resulting from the acquisition, that are based on our current expectations, beliefs, assumptions, estimates, forecasts, and projections about our business and the markets in which Analog Devices operates. The statements contained in this Annual Report, are not guarantees of future performance, are inherently uncertain and involve certain risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual results may differ materially from such forward-looking statements, and such statements should not be relied upon as representing Analog Devices’ expectations or beliefs as of any date subsequent to the date of this letter. Important factors that may affect future operating results include: 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; higher than expected costs associated with or relating to the integration of acquired businesses, including Linear Technology; the risk that expected benefits, synergies and growth prospects of acquired businesses, including Linear Technology may not be achieved in a timely manner or at all; the risk that Analog Devices will be unable to retain and hire key personnel; and other risk factors described in our most recent filings with the Securities and Exchange Commission, including our most recent Annual Report on Form 10-K and subsequent Quarterly Reports on Form 10-Q. Analog Devices assumes no obligation to update any of these forward-looking statements to reflect subsequent events or circumstances.
FY 18 FY 17 FY 16 FY 15 FY 14
Nov. 3, 2018 Oct. 28, 2017 Oct. 29, 2016 Oct. 31, 2015 Nov. 1, 2014
GAAP Revenue 6,200,942$ 5,107,503$ 3,421,409$ 3,435,092$ 2,864,773$ Y/Y Revenue growth % 21.4% 49.3% —% 20.0% 9.0%Hittite Operations — — — — (5,392)Acquisition-Related Deferred Revenues — 85,334 — — —Non-GAAP Revenue 6,200,942$ 5,192,837$ 3,421,409$ 3,435,092$ 2,859,381$ Y/Y Revenue growth % 19.4 % 51.8 % —% 20.0 % 9.0 %
GAAP Gross Margin 4,233,302$ 3,061,596$ 2,227,173$ 2,259,262$ 1,830,188$ Gross Margin Percentage 68.3 % 59.9 % 65.1 % 65.8 % 63.9 %Hittite Operations — — — — (3,015)Acquisition-Related Deferred Revenues — 66,261 — — —Acquisition-Related Expenses 180,903 480,438 6,849 7,199 61,225Accelerated Stock-Based Compensation Expense — — — 113 (113)Non-GAAP Gross Margin 4,414,205$ 3,608,295$ 2,234,022$ 2,266,574$ 1,888,285$ Gross Margin Percentage 71.2 % 69.5 % 65.3 % 66.0 % 66.0 %
GAAP Operating Income/Margin 1,881,735$ 1,055,134$ 1,028,112$ 830,841$ 752,484$ Percent of Revenue 30.3 % 20.7 % 30.0 % 24.2 % 26.3 %Other Operating Expense — — — 223,672Hittite Operations — — — — (982)Acquisition-Related Deferred Revenues — 66,261 — — —Acquisition-Related Expenses 658,035 808,497 77,404 96,937 93,675Acquisition-Related Transaction Costs 22,197 70,401 13,519 10,016 27,110Restructuring-Related Expense 61,318 49,463 13,684 — 37,322Accelerated Stock-Based Compensation Expense 3,402 — — 4,277 (1,415)Non-GAAP Operating Income/Margin 2,626,687$ 2,049,756$ 1,132,719$ 1,165,743$ 908,194$ Percent of Non-GAAP Revenue 42.4 % 39.5 % 33.1 % 33.9 % 31.8 %
GAAP Diluted EPS 3.97$ 2.07$ 2.76$ 2.20$ 1.98$ Impact of Loss on Extinguishment of Debt — — 0.01 — —Hittite Operations — — — — —Other Operating Expense — — — 0.71 —Acquisition-Related Deferred Revenue — 0.19 — — —Acquisition-Related Expenses 1.76 2.31 0.25 0.31 0.28 Acquisition-Related Transaction Costs 0.06 0.20 0.04 0.03 0.08 Amortization of Deferred Financing Costs — 0.02 0.04 — - Acquisition-Related Debt Costs — — — — 0.02 Restructuring-Related Expense 0.16 0.14 0.04 — 0.12 Accelerated Stock-Based Compensation Expense 0.01 — — 0.01 —Income Tax Effect of Above Items (0.09) (0.33) (0.06) (0.02) (0.07) Acquisition-Related Tax Impact — — — (0.01) (0.02) Impact of State Tax Valuation Release (0.03) (0.05) — — —Impact of Prior Period Tax Liabilities 0.03 0.04 — (0.04) —Impact of the Reinstatement of the R&D Tax Credit — — (0.02) (0.02) —Impact of Uncertain Tax Positions (0.09) 0.13 — — —Impact of Toll Tax 1.84 — — — —Impact of Deferred Tax Recalibration (1.69) — — — —Non-GAAP Diluted EPS (1) 5.94$ 4.72$ 3.07$ 3.17$ 2.39$
(1) the sum of the individual per share amounts may not equal the total due to rounding
(In thousands, except per-share amounts)Reconciliation from GAAP to Non-GAAP Revenue and Earnings Measures (Unaudited)
Twelve Months Ended
This Annual Report includes non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures are not based on any comprehensive set of accounting rules or principles. Management uses non-GAAP measures internally to evaluate the Company's operating performance from continuing operationsffagainst past periods and to budget and allocate resources in future periods. These non-GAAP measures also assist management in evaluating the Company'score business and trends across different reporting periods on a consistent basis.
103
FY 18 FY 17 FY 16 FY 15 FY 14
Nov. 3, 2018 Oct. 28, 2017 Oct. 29, 2016 Oct. 31, 2015 Nov. 1, 2014Net cash provided by operating activities 2,442,361$ 1,154,365$ 1,280,895$ 907,798$ 871,602$ Non-GAAP adjustments:Pension conversion payments — — — 223,672 —Federal income tax payments — 750,000 — — —Adjusted cash flows from operations 2,442,361$ 1,904,365$ 1,280,895$ 1,131,470$ 871,602$ Capital expenditures (254,876) (204,098) (127,397) (153,960) (177,913)Adjusted free cash flow 2,187,485$ 1,700,267$ 1,153,498$ 977,510$ 693,689$
% of non-GAAP revenue 35.3 % 32.7 % 33.7 % 28.5 % 24.3 %
Twelve Months Ended
Reconciliation of Net Cash Provided by Operating Activities to Adjusted Free Cash Flow (Unaudited)(In thousands)
Notes
Notes
Fiscal 2018 was a banner year for Analog Devices, marked by record fi nancial results and a signifi cantly fortifi ed business position. During the year we made stellar progress in extending our cutting-edge technology portfolio, broadening and deepening our customer engagements, and integrating Linear Technology (LTC). We enter fi scal 2019 better positioned than ever to grow profi tably and gain market share over the long term.
Fiscal 2018 Financial ResultsRevenue surpassed $6 billion for the fi rst time in our over 50-year history. Growth was led by our B2B markets comprised of industrial, communications, and automotive, which, in the aggregate, increased well into the double digits year-over-year, more than offsetting weakness in our consumer market. We posted record non-GAAP gross and operating margins of 71% and 42%, respectively, and non-GAAP diluted earnings per share increased more than 20% year-over-year.1
Most notably, we generated more than $2 billion of free cash fl ow, translating to a 35% free cash fl ow margin and placing ADI among the top 5% of the S&P 500.2 This enabled us to rapidly reduce our debt by over $1.5 billion and return cash to our shareholders. In 2018, we updated our capital allocation framework and now plan to return 100% of our free cash fl ow after debt payments to investors through dividends and share repurchases. Since 2005, in aggregate, we have returned more than $10 billion through dividends and share repurchases.
Business ProgressBeyond being a strong year fi nancially, it was a year of exceptional business progress for ADI as well.
We made great strides in the integration of LTC in 2018, and we enter fi scal 2019 with employees across the organization unifi ed and working towards the common goal of delivering long-term profi table growth.
Our R&D teams have synergized product roadmaps and combined development activities, and are busily redefi ning the possible in analog, mixed-signal, power, and sensors to ensure we deliver leading-edge, impactful solutions for our customers.
Our combined sales force has enabled us to broaden and deepen our customer engagement activities. As a result, our opportunity pipeline has signifi cantly expanded as we reach more customers directly and cross-sell the combined portfolio. Given the complementarity of the ADI and LTC product portfolios and customer relationships, we are increasingly confi dent in our objective to double LTC’s revenue growth rate over the next few years.
In short, we have created an industry-leading product portfolio and a team of world-class technologists, with an unparalleled suite of capabilities that range from sensor to cloud, from DC to 100 GHz, and from nanowatts to kilowatts.
Opportunities AheadI believe that we are very well prepared strategically and operationally to grow and capture new market opportu-nities in the years ahead. Beyond our own preparedness, our confi dence is grounded in a few externalities:
• An insatiable appetite for data is driving enterprises to reconfi gure their existing business models, and entirely new models are emerging that were unimaginable just a decade ago. Those enterprises are increasingly turning to us because ADI is where data is born.
• Technology macrotrends such as autonomous and electric vehicles, 5G connectivity, Industry 4.0, and digital healthcare are creating secular tailwinds for ADI.
• ADI’s analog experience and expertise in bridging the physical and digital domains is increasingly critical to our customers’ business success.
• Our customers are partnering more deeply with us than ever before to leverage the full benefi t of our technology capabilities and domain expertise to meet the growing innovation demands of their customers.
Key MarketsADI’s diversity in products and markets is one of our signifi cant strengths, providing long-term stability and a launch pad for future growth. I’d like to outline just a few of the opportunities on which we are focused.
To manage the explosion in data and its effi cient move-ment, wireless and wireline networks will undergo a revolution in the near term and, indeed, for many years to come. For example, in the wireless communications sector, 5G is emerging and will enable up to 20 times the
Dear Fellow Shareholders,
1 The non-GAAP fi nancial measures included in this letter to shareholders exclude certain items. Please refer to Page 103 of this Annual Report for additional information regarding these non-GAAP fi nancial measures and reconciliations of these non-GAAP fi nancial measures to their most directly comparable GAAP fi nancial measures.
2 Free cash fl ow is defi ned as cash provided by (used in) operating activities, less capital expenditures. Please refer to Page 104 of this Annual Report for a reconciliation of free cash fl ow to net cash provided by operating activities.
Board of Directors
Executive Offi cers
Ray StataChairman of the BoardAnalog Devices, Inc.
Vincent RochePresident and Chief Executive Offi cerAnalog Devices, Inc.
James A. Champy Former Vice President of the Dell/Perot Systems business unit of Dell, Inc.
Anantha P. Chandrakasan, Ph.D.Dean of the MIT School of Engineering and Vannevar Bush Professor of Electrical Engineering and Computer Science
Bruce R. EvansChairman of the Board and Senior AdvisorSummit Partners
Edward H. Frank, Ph.D.Co-founder and former Chief Executive Offi cerCloud Parity
Karen M. GolzFormer Global Vice ChairErnst & Young
Mark M. Little, Ph.D.Former SVP, GE Global Research and Chief Technology Offi cer GE
Neil NovichFormer Chairman, President and Chief Executive Offi cerRyerson Inc.
Kenton J. SicchitanoFormer Global Managing PartnerPricewaterhouseCoopers LLP
Lisa T. Su, Ph.D.President and Chief Executive Offi cer Advanced Micro Devices, Inc.
Vincent RochePresident and Chief Executive Offi cer
Martin CotterSenior Vice President, Worldwide Sales and Digital Marketing
Joseph (John) HassettSenior Vice President, Global Operations and Technology
Greg HendersonSenior Vice President, Automotive, Communications, and Aerospace and Defense
Yusuf JamalSenior Vice President, Industrial, Healthcare, Consumer, IoT Solutions and Security
Prashanth Mahendra-RajahSenior Vice President, Finance and Chief Financial Offi cer
Steve PietkiewiczSenior Vice President, Power Products
Margaret SeifChief People Offi cer, Chief Legal Offi cer and Secretary
Eileen WynneVice President and Chief Accounting Offi cer
Independent Registered Public Accounting FirmErnst & Young LLP200 Clarendon StreetBoston, MA 02116
Transfer AgentComputershare Investor Services P.O. Box 505000Louisville, KY 40233(877) 282-1168 (U.S.)(781) 575-2715 (Outside U.S.)http://www.computershare.com/investor
Shareholder InquiriesShareholders of record should contact Computershare with inquiries about their holdings, dividends, transfers of ownership, address changes, or account consolidations.
Stock TradingAnalog Devices’ common stock trades on The Nasdaq Global Select Market under the symbol ADI.
Other InformationTo obtain a free copy of the 2018 Annual Report on Form 10-K, Corporate Governance Guidelines, Code of Business Conduct and Ethics, or additional information, visit investor.analog.com or write to:Analog Devices, Inc. Investor Relations One Technology Way P.O. Box 9106Norwood, MA 02062-9106Email: [email protected]
Annual MeetingAnalog Devices will hold its Annual Shareholders’ Meeting at 9:00 a.m. (local time) on Wednesday, March 13, 2019, at 125 Summer Street, Boston, MA.
Analog Devices, the Analog Devices logo, and Ahead of What’s Possible are registered trademarks of Analog Devices, Inc. All other marks are trademarks of their respective owners.
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Analog Devices 20
18 A
nnual Report
ANNUAL REPORT2018
One Technology WayP.O. Box 9106Norwood, MA 02062-9106
1-800-262-5643
www.analog.com
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