Stock Analysis on Net

Analog Devices Inc. (NASDAQ:ADI)

$24.99

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Analog Devices Inc., consolidated cash flow statement

US$ in thousands

Microsoft Excel
12 months ended: Nov 2, 2024 Oct 28, 2023 Oct 29, 2022 Oct 30, 2021 Oct 31, 2020 Nov 2, 2019
Net income
Depreciation
Amortization of intangibles
Cost of goods sold for inventory acquired
Stock-based compensation expense
Non-cash contribution to charitable foundation
Loss on extinguishment of debt
Non-cash impairment charge
Deferred income taxes
Other
Accounts receivable
Inventories
Prepaid expenses and other current assets
Accounts payable and accrued liabilities
Income taxes payable, current
Other assets
Other liabilities
Change in operating assets and liabilities
Adjustments to reconcile net income to net cash provided by operations
Net cash provided by operating activities
Purchases of short-term investments
Maturities of short-term investments
Additions to property, plant and equipment, net
Cash received from acquisition of Maxim, net of cash paid
Other
Net cash (used for) provided by investing activities
Proceeds from debt
Early termination of debt
Debt repayments
Payments on revolver
Proceeds from revolver
Proceeds from commercial paper notes
Payments of commercial paper notes
Payment on derivative instrument
Prepayment for stock repurchases
Dividend payments to shareholders
Repurchase of common stock
Proceeds from employee stock plans
Other
Net cash used for financing activities
Effect of exchange rate changes on cash
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year

Based on: 10-K (reporting date: 2024-11-02), 10-K (reporting date: 2023-10-28), 10-K (reporting date: 2022-10-29), 10-K (reporting date: 2021-10-30), 10-K (reporting date: 2020-10-31), 10-K (reporting date: 2019-11-02).


The financial data presented demonstrates several notable trends in the company’s income, cash flow, and balance sheet activities over the examined periods.

Net Income
Net income showed moderate fluctuation from 2019 through 2021, with values ranging between approximately 1.22 billion and 1.39 billion USD. A significant increase occurred in 2022 and 2023, peaking at over 3.3 billion USD in 2023, followed by a sharp decline to around 1.63 billion USD in 2024, indicating volatility in profitability.
Depreciation and Amortization of Intangibles
Depreciation expense steadily increased from 240.7 million USD in 2019 to 362.8 million USD in 2024, reflecting growing investment in fixed assets. Amortization of intangibles rose substantially from about 570.6 million USD in 2019 to more than 2 billion USD in 2022 and 1.95 billion USD in 2023, before decreasing to approximately 1.74 billion USD in 2024. This pattern suggests significant intangible asset acquisitions or write-downs in prior years.
Stock-based Compensation Expense
Stock-based compensation almost doubled from 150.3 million USD in 2019 to a peak of 323.5 million USD in 2022 before declining to 262.7 million USD in 2024, indicating heightened employee compensation expenses through equity incentives during the middle years.
Deferred Income Taxes
Deferred income taxes consistently presented negative values, increasing in absolute magnitude from approximately -91.3 million USD in 2019 to -367.6 million USD in 2024, signaling ongoing deferred tax liabilities or tax asset adjustments.
Operating Assets and Liabilities
Changes in accounts receivable, inventories, and accounts payable showed significant volatility, with notable negative swings in operating assets and liabilities, especially during 2022 and 2023. For example, accounts receivable moved from negative adjustments in earlier years to a positive increase of 330.7 million USD in 2023, then decreased in 2024. Inventories and accounts payable also fluctuated, reflecting dynamic working capital management.
Cash Flows from Operating Activities
Net cash provided by operating activities increased substantially from 2.25 billion USD in 2019 to over 4.8 billion USD in 2023, before declining to 3.85 billion USD in 2024. This indicates strong cash generation capabilities despite fluctuations in net income.
Investing Activities
Investing cash flows were negative in most years, except for 2021 which showed a large positive inflow due to acquisition activity (over 2.45 billion USD net cash received). Capital expenditures increased notably over time, peaking at over 1.26 billion USD in 2023, reflecting significant investment in property, plant, and equipment, before decreasing in 2024.
Financing Activities
Financing cash flows were predominantly negative across the periods, with outflows driven by dividend payments, stock repurchases, and debt repayments. Dividend payments steadily increased from 777 million USD in 2019 to near 1.8 billion USD in 2024, demonstrating a commitment to returning capital to shareholders. Stock repurchases fluctuated, reaching a high of nearly 2.96 billion USD in 2023 before a sharp reduction in 2024. Debt activities were marked by significant issuances and repayments, including large proceeds from commercial paper notes in 2023 and 2024, suggesting active liquidity management.
Cash and Cash Equivalents
Cash balances were variable with increases in 2020 and 2021, peaking near 2 billion USD at the end of 2021, then declining over the next two years before sharply rising again in 2024. This pattern highlights fluctuating liquidity resulting from the combination of operating, investing, and financing cash flow activities.

Overall, the company exhibited strong operational cash generation and invested significantly in intangible assets and fixed assets during the period. Financing activities reflected aggressive capital return strategies along with active debt management. The volatility in net income and cash flows in recent years could be attributed to acquisitions, asset amortization, and fluctuating market or operational conditions.