Analog Devices CFO Confirms Cyclical Upturn, Sees 'Continued Growth'
The company's quarterly revenue increased 22% year-on-year to $2.64 billion, beating the analyst consensus estimate of $2.51 billion. Adjusted EPS of $1.85 beat the analyst consensus estimate of $1.70.
Analog Devices' Industrial revenue grew by 16.8% Y/Y to $1.16 billion. Automotive revenue climbed 24.2% Y/Y to $849.51 million.Consumer revenue grew by 29.7% to $317.76 million, and Communications revenue increased by 32.1% to $315.06 million.
The adjusted gross margin improved by 270 bps to 69.4%. The adjusted operating margin climbed by 220 bps to 41.2%.
Analog Devices held $2.38 billion in cash and equivalents as of May 3, 2025, generating $819.5 million in operating cash flow.
The Analog Devices Board declared a quarterly cash dividend of $0.99 per outstanding share of common stock. The dividend will be paid on June 18, 2025, to all shareholders of record at the close of business on June 4, 2025.
CEO and Chair Vincent Roche said that against a backdrop of global trade volatility, the company's performance reflects the ongoing cyclical recovery and the strength and resiliency of its business model.
CFO Richard Puccio said second-quarter bookings accelerated across all end markets and regions, resulting in continued sequential backlog growth. The improving demand signals it saw throughout its fiscal second quarter support its outlook for continued growth in the third quarter and reinforce its view that it is in a cyclical upturn.
Analog Devices expects fiscal third-quarter 2025 revenue of $2.65 billion-$2.85 billion, above the analyst consensus estimate of $2.62 billion. The company projects adjusted EPS of $1.82-$2.02 against the analyst consensus estimate of $1.83.
Price Action: ADI stock is trading higher by 3.15% to $229.22 premarket at last check Thursday.
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23 minutes ago
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Analog Devices Reports Fiscal Third Quarter 2025 Financial Results
Revenue of $2.88 billion, with double-digit year-over-year growth across all end markets Operating cash flow of $4.2 billion and free cash flow of $3.7 billion on a trailing twelve-month basis or 40% and 35% of revenue, respectively Returned $1.6 billion to shareholders during the third quarter via $0.5 billion in dividends and $1.1 billion in repurchases WILMINGTON, Mass., Aug. 20, 2025 /PRNewswire/ -- Analog Devices, Inc. (Nasdaq: ADI), a global semiconductor leader, today announced financial results for its fiscal third quarter 2025, which ended August 2, 2025. "Despite geopolitical challenges, ADI's third-quarter revenue and earnings per share exceeded the high end of our expectations," stated CEO and Chair Vincent Roche. "While tariffs and trade fluctuations are creating market uncertainty, the demand for ADI's products remains robust. The company's relentless focus on cutting-edge innovation positions us to capitalize on the growth of the intelligent physical edge. In addition, our diverse and resilient business model enables ADI to navigate various market conditions and consistently create long-term value for our shareholders." CFO Richard Puccio added, "We closed the third quarter with continued backlog growth and healthy bookings trends, notably in the Industrial end market. Our favorable third quarter results and outlook for continued growth in the fourth quarter, position us well to finish fiscal 2025 from a position of strength." Performance for the Third Quarter of Fiscal 2025 Results Summary(1)(in millions, except per-share amounts and percentages) Three Months EndedAug. 2, 2025Aug. 3, 2024Change Revenue $ 2,880$ 2,31225 % Gross margin $ 1,790$ 1,31136 % Gross margin percentage 62.1 %56.7 %540 bps Operating income $ 818$ 49167 % Operating margin 28.4 %21.2 %720 bps Diluted earnings per share $ 1.04$ 0.7932 % Adjusted Results(2)Adjusted gross margin $ 1,995$ 1,57127 % Adjusted gross margin percentage 69.2 %67.9 %130 bps Adjusted operating income $ 1,215$ 95228 % Adjusted operating margin 42.2 %41.2 %100 bps Adjusted diluted earnings per share $ 2.05$ 1.5830 % Three Months EndedTrailing Twelve Months Cash Generation Aug. 2, 2025Aug. 2, 2025 Net cash provided by operating activities $ 1,165$ 4,162 % of revenue 40 %40 % Capital expenditures $ (79)$ (484) Free cash flow(2) $ 1,086$ 3,678 % of revenue 38 %35 % Three Months EndedTrailing Twelve Months Cash Return Aug. 2, 2025Aug. 2, 2025 Dividend paid $ (490)$ (1,894) Stock repurchases (1,075)(1,579) Total cash returned $ (1,565)$ (3,473) (1) The sum and/or computation of the individual amounts may not equal the total due to rounding. (2) Reconciliations of 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 the "Non-GAAP Financial Information" section for additional information. Outlook for the Fourth Quarter of Fiscal Year 2025 For the fourth quarter of fiscal 2025, we are forecasting revenue of $3.0 billion, +/- $100 million. At the midpoint of this revenue outlook, we expect reported operating margin of approximately 30.5%, +/-150 bps, and adjusted operating margin of approximately 43.5%, +/-100 bps. We are planning for reported EPS to be $1.53, +/-$0.10, and adjusted EPS to be $2.22, +/-$0.10. Our fourth quarter fiscal 2025 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. The statements about our fourth quarter fiscal 2025 outlook 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 release. See also the "Non-GAAP Financial Information" section for additional information. Dividend Payment The ADI Board of Directors has declared a quarterly cash dividend of $0.99 per outstanding share of common stock. The dividend will be paid on September 16, 2025 to all shareholders of record at the close of business on September 2, 2025. Conference Call Scheduled for Today, Wednesday, August 20, 2025 at 10:00 am ET ADI will host a conference call to discuss our third quarter fiscal 2025 results and short-term outlook today, beginning at 10:00 am ET. Investors may join via webcast, accessible at Non-GAAP Financial Information This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, U.S. 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 financial measures to their most directly comparable GAAP financial measures 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 primary performance measurements 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 free cash flow, a non-GAAP liquidity measure, is useful both internally and to investors because it is indicative of the Company's ability to pay dividends, purchase common stock, make investments and fund acquisitions and, in the absence of refinancings, to repay its debt obligations. 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 nonoperating expense (income), 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 revenue 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 and special charges, net2, which 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 and special charges, net2, which are described further below. Adjusted operating margin represents adjusted operating income divided by revenue. Adjusted nonoperating expense (income) is defined as nonoperating expense (income), determined in accordance with GAAP, excluding: certain acquisition related expenses1, which is described further below. Adjusted income before income taxes is defined as income before income taxes, determined in accordance with GAAP, excluding: acquisition related expenses1 and special charges, net2, which are described further below. Adjusted provision for income taxes is defined as provision for income taxes, determined in accordance with GAAP, excluding tax related items3, 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, special charges, net2, and tax related items3, 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 revenue 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 debt, property, plant and equipment and amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology and customer relationships. Expenses also include fair value adjustments associated with the replacement of share-based awards related to the Maxim Integrated Products, Inc. (Maxim) 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. 2Special Charges, Net: Expenses, net, incurred as part of the integration of Maxim, 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. 3Tax Related Items: Income tax effect of the non-GAAP items discussed above, deferred tax expense related to the remeasurement of GILTI-related deferred tax assets and liabilities attributable to the One Big Beautiful Bill Act and certain other income tax expenses associated with prior periods. We excluded the income tax effect of these tax related items from our non-GAAP measures because they are not associated with the tax expense on our current operating results. About Analog Devices, Inc. Analog Devices, Inc. (NASDAQ: ADI) is a global semiconductor leader that bridges the physical and digital worlds to enable breakthroughs at the Intelligent Edge. ADI combines analog, digital, and software technologies into solutions that help drive advancements in digitized factories, mobility, and digital healthcare, combat climate change, and reliably connect humans and the world. With revenue of more than $9 billion in FY24 and approximately 24,000 people globally, ADI ensures today's innovators stay Ahead of What's Possible. Learn more at and on LinkedIn and Twitter (X). Forward-Looking Statements This press release contains forward-looking statements, which address a variety of subjects including, for example, our statements regarding future financial performance; impacts related to tariffs and other trade restrictions; economic uncertainty; macroeconomic, geopolitical, demand and other market conditions, business cycles, and supply chains; our capital allocation strategy, including future dividends, share repurchases, capital expenditures, investments, and free cash flow returns; expected revenue, operating margin, nonoperating expenses, tax rate, earnings per share, and other financial results; expected market and technology trends and acceleration of those trends; market size, market share gains, market position, and growth opportunities; expected product solutions, offerings, technologies, capabilities, and applications; the value and importance of, and other benefits related to, our product solutions, offerings, and technologies to our customers; and other future events. 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: economic, political, legal and regulatory uncertainty or conflict, including increased uncertainty and volatility with respect to tariffs, export controls and other trade restrictions, actions taken or which may be taken by the presidential administration, executive offices of the U.S. government, or U.S. Congress, monetary policy, political, geopolitical, trade, or other issues in the United States or internationally, and the ongoing conflicts between Russia and Ukraine and in Israel and the Middle East; changes in demand for semiconductor products; manufacturing delays, product and raw materials availability and supply chain disruptions; diversion of products from our authorized distribution channels; changes in export classifications, import and export regulations or duties and tariffs; our development of technologies and research and development investments; our future liquidity, capital needs and capital expenditures; our ability to compete successfully in the markets in which we operate; our ability to recruit and retain key personnel; risks related to acquisitions or other strategic transactions; security breaches or other cyber incidents; risks related to the use of artificial intelligence in our business operations, products, and services; adverse results in litigation matters; reputational damage; changes in our estimates of our expected tax rates based on current tax law; risks related to our indebtedness; the discretion of our Board of Directors to declare dividends and our ability to pay dividends in the future; factors impacting our ability to repurchase shares; and uncertainty as to the long-term value of our common stock. 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, including the risk factors contained in our most recent 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. CONSOLIDATED STATEMENTS OF INCOME (Unaudited) (In thousands, except per share amounts) Three Months EndedNine Months EndedAug. 2, 2025Aug. 3, 2024Aug. 2, 2025Aug. 3, 2024 Revenue $ 2,880,348$ 2,312,209$ 7,943,590$ 6,983,952 Cost of sales 1,090,6001,000,9703,111,9293,018,737 Gross margin 1,789,7481,311,2394,831,6613,965,215 Operating expenses: Research and development 454,251362,6711,298,9801,108,960 Selling, marketing, general and administrative 325,706257,213913,171791,420 Amortization of intangibles 187,415187,754562,245567,030 Special charges, net 4,34812,28269,98034,399 Total operating expenses 971,720819,9202,844,3762,501,809 Operating income 818,028491,3191,987,2851,463,406 Nonoperating expense (income): Interest expense 79,59285,179229,559239,423 Interest income (27,083)(26,432)(72,295)(50,870) Other, net 2,1109,5815,10813,841 Total nonoperating expense (income) 54,61968,328162,372202,394 Income before income taxes 763,409422,9911,824,9131,261,012 Provision for income taxes 244,89130,759345,309103,811 Net income $ 518,518$ 392,232$ 1,479,604$ 1,157,201 Shares used to compute earnings per common share - basic 494,390496,338495,560496,077 Shares used to compute earnings per common share - diluted 496,726498,794497,865498,689 Basic earnings per common share $ 1.05$ 0.79$ 2.99$ 2.33 Diluted earnings per common share $ 1.04$ 0.79$ 2.97$ 2.32 ANALOG DEVICES, INC. CONSOLIDATED BALANCE SHEETS (Unaudited) (In thousands, except share and per share amounts) Aug. 2, 2025Nov. 2, 2024 ASSETSCurrent AssetsCash and cash equivalents $ 2,321,191$ 1,991,342 Short-term investments 1,148,096371,822 Accounts receivable 1,553,2591,336,331 Inventories 1,596,8531,447,687 Prepaid expenses and other current assets 305,170337,472 Total current assets 6,924,5695,484,654 Non-current AssetsNet property, plant and equipment 3,299,2783,415,550 Goodwill 26,945,18026,909,775 Intangible assets, net 8,402,6309,585,464 Deferred tax assets 1,925,4422,083,752 Other assets 695,502749,082 Total non-current assets 41,268,03242,743,623 TOTAL ASSETS $ 48,192,601$ 48,228,277 LIABILITIES AND SHAREHOLDERS' EQUITYCurrent LiabilitiesAccounts payable $ 490,723$ 487,457 Income taxes payable 475,033447,379 Debt, current —399,636 Commercial paper notes 548,665547,738 Accrued liabilities 1,464,6171,106,070 Total current liabilities 2,979,0382,988,280 Non-current LiabilitiesLong-term debt 8,139,9386,634,313 Deferred income taxes 2,371,5362,624,392 Income taxes payable 99,880260,486 Other non-current liabilities 516,367544,489 Total non-current liabilities 11,127,72110,063,680 Shareholders' EquityPreferred stock, $1.00 par value, 471,934 shares authorized, none outstanding —— Common stock, $0.16 2/3 par value, 1,200,000,000 shares authorized, 491,955,436 shares outstanding (496,296,854 on November 2, 2024) 81,99482,718 Capital in excess of par value 23,938,23825,082,243 Retained earnings 10,238,69510,196,612 Accumulated other comprehensive loss (173,085)(185,256) Total shareholders' equity 34,085,84235,176,317 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 48,192,601$ 48,228,277 ANALOG DEVICES, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (In thousands) Three Months EndedNine Months EndedAug. 2, 2025Aug. 3, 2024Aug. 2, 2025Aug. 3, 2024 Cash flows from operating activities: Net income $ 518,518$ 392,232$ 1,479,604$ 1,157,201 Adjustments to reconcile net income to net cash provided by operations: Depreciation 102,54292,358301,323265,530 Amortization of intangibles 384,750437,9491,202,1791,318,325 Stock-based compensation expense 84,70364,051235,108192,262 Deferred income taxes 52,052(105,218)(97,318)(269,566) Other (5,699)10,456(1,496)23,826 Changes in operating assets and liabilities 28,239(36,801)(8,008)114,134 Total adjustments 646,587462,7951,631,7881,644,511 Net cash provided by operating activities 1,165,105855,0273,111,3922,801,712 Cash flows from investing activities: Purchases of short-term available-for-sale investments (1,150,240)(14,784)(1,150,240)(438,901) Maturities of short-term available-for-sale investments ——372,778— Additions to property, plant and equipment, net (79,153)(153,886)(318,399)(565,053) Proceeds from sale of property, plant and equipment, net ——58,892— Payments for acquisitions, net of cash acquired ——(45,652)— Other (715)(3,396)(13,595)10,710 Net cash used for investing activities (1,230,108)(172,066)(1,096,216)(993,244) Cash flows from financing activities: Proceeds from debt 1,490,785—1,490,7851,087,856 Debt repayments ——(399,998)— Proceeds from commercial paper notes 2,551,1682,326,0916,867,5087,709,492 Payments of commercial paper notes (2,551,223)(2,326,883)(6,866,581)(7,709,273) Repurchase of common stock (1,075,152)(117,980)(1,484,166)(520,712) Dividend payments to shareholders (490,161)(456,485)(1,437,521)(1,338,703) Proceeds from employee stock plans 42,76752,019104,329116,355 Other 41,7756,61440,317(5,512) Net cash provided by (used for) financing activities 9,959(516,624)(1,685,327)(660,497) Net (decrease) increase in cash and cash equivalents (55,044)166,337329,8491,147,971 Cash and cash equivalents at beginning of period 2,376,2351,939,6951,991,342958,061 Cash and cash equivalents at end of period $ 2,321,191$ 2,106,032$ 2,321,191$ 2,106,032 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 Months EndedAugust 2, 2025August 3, 2024Revenue% of Revenue1Y/Y%Revenue% of Revenue1 Industrial $ 1,285,04145 %23 %$ 1,045,29145 % Automotive 850,61930 %22 %694,90530 % Consumer 372,19713 %21 %306,83213 % Communications 372,49113 %40 %265,18111 % Total revenue $ 2,880,348100 %25 %$ 2,312,209100 % Nine Months EndedAugust 2, 2025August 3, 2024Revenue% of Revenue1Y/Y%Revenue% of Revenue1 Industrial $ 3,502,75144 %9 %$ 3,223,11146 % Automotive 2,445,39131 %14 %2,136,17331 % Consumer 1,009,61413 %24 %817,43612 % Communications 985,83412 %22 %807,23212 % Total revenue $ 7,943,590100 %14 %$ 6,983,952100 % 1) 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 EndedNine Months EndedAug. 2, 2025Aug. 3, 2024Aug. 2, 2025Aug. 3, 2024 Gross margin $ 1,789,748$ 1,311,239$ 4,831,661$ 3,965,215 Gross margin percentage 62.1 %56.7 %60.8 %56.8 % Acquisition related expenses 204,756259,296662,865778,821 Adjusted gross margin $ 1,994,504$ 1,570,535$ 5,494,526$ 4,744,036 Adjusted gross margin percentage 69.2 %67.9 %69.2 %67.9 % Operating expenses $ 971,720$ 819,920$ 2,844,376$ 2,501,809 Percent of revenue 33.7 %35.5 %35.8 %35.8 % Acquisition related expenses (188,015)(188,882)(564,045)(571,504) Special charges, net (4,348)(12,282)(69,980)(34,399) Adjusted operating expenses $ 779,357$ 618,756$ 2,210,351$ 1,895,906 Adjusted operating expenses percentage 27.1 %26.8 %27.8 %27.1 % Operating income $ 818,028$ 491,319$ 1,987,285$ 1,463,406 Operating margin 28.4 %21.2 %25.0 %21.0 % Acquisition related expenses 392,771448,1781,226,9101,350,325 Special charges, net 4,34812,28269,98034,399 Adjusted operating income $ 1,215,147$ 951,779$ 3,284,175$ 2,848,130 Adjusted operating margin 42.2 %41.2 %41.3 %40.8 % Nonoperating expense (income) $ 54,619$ 68,328$ 162,372$ 202,394 Acquisition related expenses 2,1502,1506,4506,450 Adjusted nonoperating expense (income) $ 56,769$ 70,478$ 168,822$ 208,844 Income before income taxes $ 763,409$ 422,991$ 1,824,913$ 1,261,012 Acquisition related expenses 390,621446,0281,220,4601,343,875 Special charges, net 4,34812,28269,98034,399 Adjusted income before income taxes $ 1,158,378$ 881,301$ 3,115,353$ 2,639,286 Provision for income taxes $ 244,891$ 30,759$ 345,309$ 103,811 Effective income tax rate 32.1 %7.3 %18.9 %8.2 % Tax related items (106,855)64,03615,780188,995 Adjusted provision for income taxes $ 138,036$ 94,795$ 361,089$ 292,806 Adjusted tax rate 11.9 %10.8 %11.6 %11.1 % Diluted EPS $ 1.04$ 0.79$ 2.97$ 2.32 Acquisition related expenses 0.790.892.452.69 Special charges, net 0.010.020.140.07 Tax related items 0.22(0.13)(0.03)(0.38) Adjusted diluted EPS* $ 2.05$ 1.58$ 5.53$ 4.71* 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 MonthsThree Months EndedAug. 2, 2025Aug. 2, 2025May 3, 2025Feb. 1, 2025Nov. 2, 2024 Revenue $ 10,386,795$ 2,880,348$ 2,640,068$ 2,423,174$ 2,443,205 Net cash provided by operating activities $ 4,162,209$ 1,165,105$ 819,478$ 1,126,809$ 1,050,817 % of Revenue 40 %40 %31 %47 %43 % Capital expenditures $ (483,809)$ (79,153)$ (90,268)$ (148,978)$ (165,410) Free cash flow $ 3,678,400$ 1,085,952$ 729,210$ 977,831$ 885,407 % of Revenue 35 %38 %28 %40 %36 % ANALOG DEVICES, INC. RECONCILIATION OF PROJECTED GAAP TO NON-GAAP RESULTS (Unaudited) Three Months Ending November 1, 2025ReportedAdjusted Revenue $3.0 Billion $3.0 Billion (+/- $100 Million)(+/- $100 Million) Operating margin 30.5 %43.5 %(1)(+/-150 bps)(+/-100 bps) Nonoperating expenses ~ $55-$60 Million~ $55-$60 Million Tax rate 11% - 13%11% - 13% (2) Earnings per share $1.53$2.22 (3)(+/- $0.10)(+/- $0.10)(1) Includes $391 million of adjustments related to acquisition related expenses as previously defined in the Non-GAAP Financial Information section of this press release. (2) Includes $51 million of tax effects associated with the adjustment for acquisition related expenses noted above. (3) Includes $0.69 of adjustments related to the net impact of acquisition related expenses and the tax effects on those items. For more information, please contact: Jeff Ambrosi781-461-3282Senior Director, Investor View original content to download multimedia: SOURCE Analog Devices, Inc.
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Adjusted EBITDA margin (non-GAAP) was 47.3% in the second quarter of 2025 (2Q2024: 47.8%).Total area committed and pre-committed increased by 8.1% Y-o-Y to 663,959 sqm as of June 30, 2025 (June 30, 2024: 614,094 sqm). Area utilized increased by 14.1% Y-o-Y to 479,186 sqm as of June 30, 2025 (June 30, 2024: 419,976 sqm). Area in service increased by 6.5% Y-o-Y to 618,060 sqm as of June 30, 2025 (June 30, 2024: 580,165 sqm) Utilization rate (area utilized divided by area in service) was 77.5% as of June 30, 2025 (June 30, 2024: 72.4%). 'Our disciplined execution drove another quarter of solid operational and financial performance,' stated Mr. William Huang, Chairman and CEO of GDS. 'We continued to accelerate the delivery of our backlog while maintaining a selective approach to new orders. The successful initial public offering of our C-REIT on the Shanghai Stock Exchange marks a key strategic milestone. Moving forward to the second half of the year, we are well-positioned to capture new business opportunities in Tier 1 markets, driven by tailwinds of AI evolution.' 'In the second quarter of 2025, our revenue increased by 12.4% and adjusted EBITDA grew by 11.2% year-over-year, with an adjusted EBITDA margin of 47.3%. On the funding side, we raised net proceeds of US$676 million through new convertible senior notes and equity. Our new C-REIT platform provides us with enhanced financing flexibility. We remain focused on creating sustainable, long-term value for our business partners and shareholders,' Mr. Dan Newman, Chief Financial Officer, revenue in the second quarter of 2025 was RMB2,900.3 million (US$404.9 million), a 12.4% increase over the same period last year of RMB2,579.6 million. The Y-o-Y increase was mainly due to continued ramp-up of our data centers. Cost of revenue in the second quarter of 2025 was RMB2,211.4 million (US$308.7 million), a 9.8% increase over the same period last year of RMB2,013.9 million. The Y-o-Y increase was in line with the continued ramp-up of our data centers. Gross profit was RMB688.9 million (US$96.2 million) in the second quarter of 2025, a 21.8% increase over the same period last year of RMB565.7 million. Gross profit margin was 23.8% in the second quarter of 2025, compared with 21.9% in the same period last year. The Y-o-Y increase was mainly due to a lower level of operating costs as a percentage of net revenue as our data centers continue to ramp up. Adjusted Gross Profit ('Adjusted GP') (non-GAAP) is defined as gross profit excluding depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and share-based compensation expenses allocated to cost of revenue. Adjusted GP was RMB1,509.5 million (US$210.7 million) in the second quarter of 2025, a 14.0% increase over the same period last year of RMB1,324.3 million. See 'Non-GAAP Disclosure' and 'Reconciliations of GAAP and non-GAAP results' elsewhere in this earnings release. Adjusted GP margin (non-GAAP) was 52.0% in the second quarter of 2025, compared with 51.3% in the same period last year. The Y-o-Y increase was mainly due to a lower level of cash operating costs as a percentage of net revenue as our data centers continue to ramp up. Selling and marketing expenses, excluding share-based compensation expenses of RMB5.5 million (US$0.8 million), were RMB28.5 million (US$4.0 million) in the second quarter of 2025, a 47.9% increase over the same period last year of RMB19.3 million (excluding share-based compensation of RMB4.0 million). The Y-o-Y increase was mainly due to higher sales-related personnel costs. General and administrative expenses, excluding share-based compensation expenses of RMB40.4 million (US$5.6 million), depreciation and amortization expenses of RMB62.6 million (US$8.7 million) and operating lease cost relating to prepaid land use rights of RMB15.6 million (US$2.2 million), were RMB113.0 million (US$15.8 million) in the second quarter of 2025, a 46.6% increase over the same period last year of RMB77.1 million (excluding share-based compensation expenses of RMB39.7 million, depreciation and amortization expenses of RMB71.2 million and operating lease cost relating to prepaid land use rights of RMB16.9 million). The Y-o-Y increase was mainly due to an increase in corporate expenses in line with business growth. Research and development costs were RMB8.8 million (US$1.2 million) in the second quarter of 2025, compared with RMB10.9 million in the same period last year. Net interest expenses for the second quarter of 2025 were RMB405.0 million (US$56.5 million), a 10.1% decrease over the same period last year of RMB450.3 million. The Y-o-Y decrease was mainly due to a lower level of total borrowings, lower interest rates and higher interest income earned on cash proceeds from our recent capital market transactions which was put on deposit. Foreign currency exchange gain for the second quarter of 2025 was RMB1.4 million (US$0.2 million), compared with RMB3.4 million in the same period last year. Others, net for the second quarter of 2025 was positive RMB9.2 million (US$1.3 million), compared with positive RMB7.2 million in the same period last year. Income tax expenses for the second quarter of 2025 were RMB64.9 million (US$9.1 million), compared with RMB59.9 million in the same period last year. Share of results of equity method investees for the second quarter of 2025 was a loss of RMB25.9 million (US$3.6 million), mainly arising from our investment in DayOne Data Centers Limited, compared with nil in the same period last year. Net loss in the second quarter of 2025 was RMB70.6 million (US$9.9 million), compared with RMB231.8 million in the same period last year. The Y-o-Y decrease was mainly due to the faster ramp-up of our data centers. Basic loss per ordinary share in the second quarter of 2025 was RMB0.06 (US$0.01), compared with RMB0.16 in the same period last year. Diluted loss per ordinary share in the second quarter of 2025 was RMB0.06 (US$0.01), compared with RMB0.16 in the same period last year. Basic loss per American Depositary Share ('ADS') in the second quarter of 2025 was RMB0.46 (US$0.06), compared with RMB1.30 in the same period last year. Diluted loss per ADS in the second quarter of 2025 was RMB0.46 (US$0.06), compared with RMB1.30 in the same period last year. Adjusted EBITDA (non-GAAP) is defined as net income (loss) excluding income (loss) from discontinued operations, net interest expenses, income tax expenses (benefits), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment, impairment losses of long-lived assets, share of results of equity method investees and gain on deconsolidation of subsidiaries. Adjusted EBITDA was RMB1,371.8 million (US$191.5 million) in the second quarter of 2025, an 11.2% increase over the same period last year of RMB1,233.2 million. Adjusted EBITDA margin (non-GAAP) was 47.3% in the second quarter of 2025, compared with 47.8% in the same period last year. The Y-o-Y decrease was mainly due to an increase in corporate expenses as a percentage of net of June 30, 2025, cash was RMB13,123.8 million (US$1,832.0 million). Total short-term debt was RMB4,493.1 million (US$627.2 million), comprised of short-term borrowings and the current portion of long-term borrowings of RMB3,819.8 million (US$533.2 million) and the current portion of finance lease and other financing obligations of RMB673.3 million (US$94.0 million). Total long-term debt was RMB41,942.2 million (US$5,854.9 million), comprised of long-term borrowings (excluding current portion) of RMB22,321.2 million (US$3,115.9 million), the non-current portion of convertible bonds payable of RMB12,344.7 million (US$1,723.3 million) and the non-current portion of finance lease and other financing obligations of RMB7,276.3 million (US$1,015.7 million). During the second quarter of 2025, the Company obtained new debt financing and refinancing facilities of RMB4,451.0 million (US$621.3 million). During the second quarter of 2025, the Company also raised net cash proceeds of approximately US$534.9 million through the issuance of new convertible senior notes and US$141.6 million through the issuance of new equity (US$676.5 million in aggregate).Sales Total area committed and pre-committed at the end of the second quarter of 2025 was 663,959 sqm, compared with 614,094 sqm at the end of the second quarter of 2024 and 649,561 sqm at the end of the first quarter of 2025, an increase of 8.1% Y-o-Y and 2.2% quarter-over-quarter ('Q-o-Q'), respectively. In the second quarter of 2025, gross additional total area committed was 22,741 sqm. Net additional total area committed was 14,398 sqm. The difference is mainly due to a churn of 8,343 sqm of area committed. Data Center Resources Area in service at the end of the second quarter of 2025 was 618,060 sqm, compared with 580,165 sqm at the end of the second quarter of 2024 and 610,685 sqm at the end of the first quarter of 2025, an increase of 6.5% Y-o-Y and 1.2% Q-o-Q. Area under construction at the end of the second quarter of 2025 was 132,235 sqm, compared with 117,861 sqm at the end of the second quarter of 2024 and 132,208 sqm at the end of the first quarter of 2025, an increase of 12.2% Y-o-Y and remaining flat Q-o-Q, respectively. Commitment rate for area in service was 91.5% at the end of the second quarter of 2025, compared with 92.3% at the end of the second quarter of 2024 and 90.9% at the end of the first quarter of 2025. Pre-commitment rate for area under construction was 74.7% at the end of the second quarter of 2025, compared with 66.9% at the end of the second quarter of 2024 and 71.6% at the end of the first quarter of 2025. Move-In Area utilized at the end of the second quarter of 2025 was 479,186 sqm, compared with 419,976 sqm at the end of the second quarter of 2024 and 462,423 sqm at the end of the first quarter of 2025, an increase of 14.1% Y-o-Y and 3.6% Q-o-Q. In the second quarter of 2025, gross additional area utilized was 22,448 sqm. Net additional area utilized was 16,763 sqm. The difference is mainly due to churn of 5,685 sqm of area utilized. Utilization rate for area in service was 77.5% at the end of the second quarter of 2025, compared with 72.4% at the end of the second quarter of 2024 and 75.7% at the end of the first quarter of of C-REIT IPO and Listing on the Shanghai Stock Exchange The Company recently announced the launch, pricing and completion of the initial public offering ('IPO') of its China REIT (C-REIT). The C-REIT acquired from GDS a 100% equity interest in a project company which holds stabilized data center assets. The acquisition was funded by an IPO on the Shanghai Stock Exchange. The units issued by the C-REIT in the IPO were 20% subscribed by GDS, 50% by cornerstone institutional investors in a pre-placement subject to lock-up commitments of between one to three years, and the remaining 30% through an institutional bookbuilding process and retail public offering which were heavily over-subscribed. The C-REIT issued 800,000,000 units in the IPO at an offering price of RMB3.00 per unit. The total gross proceeds received by the C-REIT was RMB2,400 million. The implied EV / EBITDA at the offering price was 16.9 times, based on projected EBITDA for 2026 of RMB141.8 million as stated in the offering memorandum. The implied dividend yield per unit at the offering price was 5.2 per cent, based on projected cash flow available for distribution for 2026 of RMB124.8 million as stated in the offering memorandum. On completion of the sale and purchase of the project company in late July 2025, GDS is entitled to receive total net cash proceeds of approximately RMB2,073 million net of income tax. GDS has de-consolidated the project company. The net debt and other liabilities (total liabilities net of current assets) were approximately RMB30 million at the time of deconsolidation. In conjunction with the sale, GDS concurrently reinvested RMB480 million for 20% of the C-REIT. The C-REIT started trading on the Shanghai Stock Exchange on August 8, 2025 under fund code taking into consideration the impact of the C-REIT transaction which was not included in its original guidance, the Company confirms that the previously provided guidance of total revenues for the year of 2025 of RMB11,290 – RMB11,590 million and Adjusted EBITDA of RMB5,190 – RMB5,390 million remain unchanged. The Company revises its guidance of total capex (investment cashflow) for the year of 2025 down from approximately RMB4,300 million to approximately RMB2,700 million. This comprises approximately RMB4,800 million of organic capex (which remains unchanged), less the net cash proceeds received to date of approximately RMB500 million from the ABS transaction (which was included in the original guidance), and less the net cash proceeds after reinvestment of approximately RMB1,600 million from the C-REIT transaction (which was not included in the original guidance). This forecast reflects the Company's preliminary view on the current business situation and market conditions, which are subject to will hold a conference call at 8:00 a.m. U.S. Eastern Time on August 20, 2025 (8:00 p.m. Beijing Time on August 20, 2025) to discuss financial results and answer questions from investors and analysts. Participants should complete online registration using the link provided below at least 15 minutes before the scheduled start time. Upon registration, participants will receive the conference call access information, including dial-in numbers, a personal PIN and an e-mail with detailed instructions to join the conference call. Participant Online Registration: A live and archived webcast of the conference call will be available on the Company's investor relations website at management and board of directors use Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP and Adjusted GP margin, which are non-GAAP financial measures, to evaluate our operating performance, establish budgets and develop operational goals for managing our business. We believe that the exclusion of the income and expenses eliminated in calculating Adjusted EBITDA and Adjusted GP can provide useful and supplemental measures of our core operating performance. In particular, we believe that the use of Adjusted EBITDA as a supplemental performance measure captures the trend in our operating performance by excluding from our operating results the impact of our capital structure (primarily interest expense), asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs and impairment losses of long-lived assets), other non-cash expenses (primarily share-based compensation expenses), and other income and expenses which we believe are not reflective of our operating performance (primarily gain or loss on deconsolidation of subsidiaries and share of results of equity method investees), whereas the use of adjusted gross profit as a supplemental performance measure captures the trend in gross profit performance of our data centers in service by excluding from our gross profit the impact of asset base charges (primarily depreciation and amortization, operating lease cost relating to prepaid land use rights and accretion expenses for asset retirement costs) and other non-cash expenses (primarily share-based compensation expenses) included in cost of revenue. In addition, we exclude the income (loss) from discontinued operation from our Adjusted EBITDA and Adjusted EBITDA margin to measure our financial performance from continuing operations, which will be consistent with our future financial performance disclosure. We note that depreciation and amortization is a fixed cost which commences as soon as each data center enters service. However, it usually takes several years for new data centers to reach high levels of utilization and profitability. The Company incurs significant depreciation and amortization costs for its early stage data center assets. Accordingly, gross profit, which is a measure of profitability after taking into account depreciation and amortization, does not accurately reflect the Company's core operating performance. We also present these non-GAAP measures because we believe these non-GAAP measures are frequently used by securities analysts, investors and other interested parties as measures of the financial performance of companies in our industry. These non-GAAP financial measures are not defined under U.S. GAAP and are not presented in accordance with U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools, and when assessing our operating performance, cash flows or our liquidity, investors should not consider them in isolation, or as a substitute for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operations and cash flow data prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of these non-GAAP financial measures instead of their nearest GAAP equivalent. First, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted GP, and Adjusted GP margin are not substitutes for gross profit, net income (loss), cash flows provided by (used in) operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Second, other companies may calculate these non-GAAP financial measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of these non-GAAP financial measures as tools for comparison. Finally, these non-GAAP financial measures do not reflect the impact of income (loss) from discontinued operations, net interest expenses, incomes tax benefits (expenses), depreciation and amortization, operating lease cost relating to prepaid land use rights, accretion expenses for asset retirement costs, share-based compensation expenses, gain from purchase price adjustment, impairment losses of long-lived assets, gain on deconsolidation of subsidiaries and share of results of equity method investees, each of which have been and may continue to be incurred in our business. We mitigate these limitations by reconciling the non-GAAP financial measure to the most comparable U.S. GAAP performance measure, all of which should be considered when evaluating our performance. We do not provide forward-looking guidance for certain financial data, such as depreciation, amortization, accretion, share-based compensation, share of results of equity method investees and net income (loss); the impact of such data and related adjustments can be significant. As a result, we are not able to provide a reconciliation of forward-looking U.S. GAAP to forward-looking non-GAAP financial measures without unreasonable effort. Such forward-looking non-GAAP financial measures include the forecast for Adjusted EBITDA in the section captioned 'Business Outlook' set forth in this press release. For more information on these non-GAAP financial measures, please see the table captioned 'Reconciliations of GAAP and non-GAAP results' set forth at the end of this press announcement contains translations of certain RMB amounts into U.S. dollars ('USD') at specified rates solely for the convenience of the reader. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB7.1636 to US$1.00, the noon buying rate in effect on June 30, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at unaudited financial information set out in this earnings release is preliminary and subject to potential adjustments. Adjustments to the consolidated financial statements may be identified when audit work has been performed for the Company's year-end audit, which could result in significant differences from this preliminary unaudited financial information. About GDS Holdings Limited GDS Holdings Limited (NASDAQ: GDS; HKEX: 9698) is a leading developer and operator of high-performance data centers in China. The Company's facilities are strategically located in and around primary economic hubs where demand for high-performance data center services is concentrated. The Company's data centers have large net floor area, high power capacity, density and efficiency, and multiple redundancies across all critical systems. GDS is carrier and cloud-neutral, which enables its customers to access the major telecommunications networks, as well as the largest PRC and global public clouds, which are hosted in many of its facilities. The Company offers co-location and a suite of value-added services, including managed hybrid cloud services through direct private connection to leading public clouds, managed network services, and, where required, the resale of public cloud services. The Company has a 24-year track record of service delivery, successfully fulfilling the requirements of some of the largest and most demanding customers for outsourced data center services in China. The Company's customer base consists predominantly of hyperscale cloud service providers, large internet companies, financial institutions, telecommunications carriers, IT service providers, and large domestic private sector and multinational corporations. The Company also holds a non-controlling 35.6% equity interest in DayOne Data Centers Limited which develops and operates data centers in International markets. Safe Harbor Statement This announcement contains forward-looking statements. These statements are made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as 'aim,' 'anticipate,' 'believe,' 'continue,' 'estimate,' 'expect,' 'future,' 'guidance,' 'intend,' 'is/are likely to,' 'may,' 'ongoing,' 'plan,' 'potential,' 'target,' 'will,' and similar statements. Among other things, statements that are not historical facts, including statements about GDS Holdings' beliefs and expectations regarding the growth of its businesses and its revenue for the full fiscal year, the business outlook and quotations from management in this announcement, as well as GDS Holdings' strategic and operational plans, are or contain forward-looking statements. GDS Holdings may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the 'SEC') on Forms 20-F and 6-K, in its current, interim and annual reports to shareholders, in announcements, circulars or other publications made on the website of the Stock Exchange of Hong Kong Limited (the 'Hong Kong Stock Exchange'), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause GDS Holdings' actual results or financial performance to differ materially from those contained in any forward-looking statement, including but not limited to the following: GDS Holdings' goals and strategies; GDS Holdings' future business development, financial condition and results of operations; the expected growth of the market for high-performance data centers, data center solutions and related services in China and regions in which GDS Holdings' major equity investees operate, such as South East Asia; GDS Holdings' expectations regarding demand for and market acceptance of its high-performance data centers, data center solutions and related services; GDS Holdings' expectations regarding building, strengthening and maintaining its relationships with new and existing customers; the results of operations, growth prospects, financial condition, regulatory environment, competitive landscape and other uncertainties associated with the business and operations of GDS Holdings' major equity investee DayOne; the continued adoption of cloud computing and cloud service providers in China and other major markets that may impact the results of our equity investees, such as South East Asia; risks and uncertainties associated with increased investments in GDS Holdings' business and new data center initiatives; risks and uncertainties associated with strategic acquisitions and investments; GDS Holdings' ability to maintain or grow its revenue or business; fluctuations in GDS Holdings' operating results; changes in laws, regulations and regulatory environment that affect GDS Holdings' business operations and those of its major equity investees; competition in GDS Holdings' industry in China and in markets that affect the business operations of its major equity investees, such as South East Asia; GDS Holdings' ability to monetize its existing data center assets through transactions such as public REITs, ABS Scheme, data center funds, joint ventures, sale and lease-back arrangements and private asset sales; security breaches; power outages; and fluctuations in general economic and business conditions in China and globally, and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks, uncertainties or factors is included in GDS Holdings' filings with the SEC, including its annual report on Form 20-F, and with the Hong Kong Stock Exchange. All information provided in this press release is as of the date of this press release and are based on assumptions that GDS Holdings believes to be reasonable as of such date, and GDS Holdings does not undertake any obligation to update any forward-looking statement, except as required under applicable law. For investor and media inquiries, please contact: GDS Holdings LimitedLaura ChenPhone: +86 (21) 2029-2203Email: ir@ Piacente Financial CommunicationsRoss WarnerPhone: +86 (10) 6508-0677Email: GDS@ Brandi PiacentePhone: +1 (212) 481-2050Email: GDS@ GDS Holdings Limited GDS HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) As of December 31, 2024 As of June 30, 2025 RMB RMB US$ Assets Current assets Cash 7,867,659 13,123,751 1,832,005 Accounts receivable, net of allowance for credit losses 3,021,956 2,939,817 410,383 Value-added-tax ('VAT') recoverable 240,506 245,932 34,331 Prepaid expenses and other current assets 482,950 571,703 79,807 Held for sale assets, current 0 1,057,213 147,581 Total current assets 11,613,071 17,938,416 2,504,107 Non-current assets Long-term investments in equity investees 7,544,555 7,992,290 1,115,681 Property and equipment, net 40,204,133 39,483,401 5,511,670 Prepaid land use rights, net 21,774 16,357 2,283 Operating lease right-of-use assets 5,193,408 5,026,725 701,704 Goodwill and intangible assets, net 6,367,493 5,640,294 787,355 Other non-current assets 2,704,194 3,101,572 432,963 Total non-current assets 62,035,557 61,260,639 8,551,656 Total assets 73,648,628 79,199,055 11,055,763 Liabilities, Mezzanine Equity and Equity Current liabilities Short-term borrowings and current portion of long-term borrowings 4,341,649 3,819,780 533,221 Convertible bonds payable, current 575 0 0 Accounts payable 2,593,305 2,691,358 375,699 Accrued expenses and other payables 1,389,072 1,481,129 206,758 Operating lease liabilities, current 117,345 114,565 15,993 Finance lease and other financing obligations, current 636,152 673,303 93,989 Held for sale liabilities, current 0 202,918 28,326 Total current liabilities 9,078,098 8,983,053 1,253,986 Non-current liabilities Long-term borrowings, excluding current portion 21,905,985 22,321,232 3,115,924 Convertible bonds payable, non-current 8,576,583 12,344,675 1,723,250 Operating lease liabilities, non-current 1,279,726 1,250,300 174,535 Finance lease and other financing obligations, non-current 7,601,651 7,276,321 1,015,735 Other long-term liabilities 1,537,952 1,432,400 199,955 Total non-current liabilities 40,901,897 44,624,928 6,229,399 Total liabilities 49,979,995 53,607,981 7,483,385 Mezzanine equity Redeemable preferred shares 1,080,656 1,076,027 150,208 Total mezzanine equity 1,080,656 1,076,027 150,208 GDS Holdings Limited shareholders' equity Ordinary shares 527 562 78 Additional paid-in capital 29,596,268 30,701,491 4,285,763 Accumulated other comprehensive loss (1,094,377) (947,243) (132,228) Accumulated deficit (6,044,372) (5,353,651) (747,341) Total GDS Holdings Limited shareholders' equity 22,458,046 24,401,159 3,406,272 Non-controlling interests 129,931 113,888 15,898 Total equity 22,587,977 24,515,047 3,422,170 Total liabilities, mezzanine equity and equity 73,648,628 79,199,055 11,055,763 GDS HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")except for number of shares and per share data) Three months ended Six months ended June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 RMB RMB RMB US$ RMB RMB US$ Net revenue Service revenue 2,579,594 2,722,908 2,898,398 404,601 5,011,828 5,621,306 784,704 Equipment sales 0 250 1,890 264 0 2,140 299 Total net revenue 2,579,594 2,723,158 2,900,288 404,865 5,011,828 5,623,446 785,003 Cost of revenue (2,013,868) (2,078,333) (2,211,362) (308,694) (3,924,899) (4,289,695) (598,818) Gross profit 565,726 644,825 688,926 96,171 1,086,929 1,333,751 186,185 Operating expenses Selling and marketing expenses (23,237) (32,764) (33,977) (4,743) (53,513) (66,741) (9,317) General and administrative expenses (204,959) (238,936) (231,536) (32,321) (447,437) (470,472) (65,675) Research and development expenses (10,889) (7,889) (8,826) (1,232) (20,869) (16,715) (2,333) Income from continuing operations 326,641 365,236 414,587 57,875 565,110 779,823 108,860 Other income (expenses): Net interest expenses (450,271) (441,477) (404,989) (56,534) (912,779) (846,466) (118,162) Foreign currency exchange gain, net 3,404 1,018 1,376 192 10,239 2,394 334 Others, net 7,245 9,685 9,245 1,291 14,329 18,930 2,643 Gain on deconsolidation of subsidiaries 0 1,057,045 0 0 0 1,057,045 147,558 (Loss) income from continuing operations before income taxes and share of results of equity method investees (112,981) 991,507 20,219 2,824 (323,101) 1,011,726 141,233 Income tax expenses (59,864) (199,701) (64,858) (9,054) (122,256) (264,559) (36,931) Share of results of equity method investees 0 (27,732) (25,945) (3,622) 0 (53,677) (7,493) Net (loss) income from continuing operations (172,845) 764,074 (70,584) (9,852) (445,357) 693,490 96,809 Discontinued operations Loss from operations of discontinued operations, net of income taxes (58,923) 0 0 0 (131,342) 0 0 Gain on deconsolidation of subsidiaries 0 0 0 0 0 0 0 Loss from discontinued operations (58,923) 0 0 0 (131,342) 0 0 Net (loss) income (231,768) 764,074 (70,584) (9,852) (576,699) 693,490 96,809 Net (loss) income from continuing operations (172,845) 764,074 (70,584) (9,852) (445,357) 693,490 96,809 Net income from continuing operations attributable to non-controlling interests (2,008) (1,053) (1,716) (240) (3,186) (2,769) (387) Net (loss) income from continuing operations attributable to GDS Holdings Limited shareholders (174,853) 763,021 (72,300) (10,092) (448,543) 690,721 96,422 Loss from discontinued operations (58,923) 0 0 0 (131,342) 0 0 Net income from discontinued operations attributable to non-controlling interests (1,430) 0 0 0 (1,148) 0 0 Net loss from discontinued operations attributable to redeemable non-controlling interests 9,465 0 0 0 9,465 0 0 Net loss from discontinued operations attributable to GDS Holdings Limited shareholders (50,888) 0 0 0 (123,025) 0 0 Net (loss) income attributable to GDS Holdings Limited shareholders (225,741) 763,021 (72,300) (10,092) (571,568) 690,721 96,422 Cumulative dividend on redeemable preferred shares (13,477) (13,455) (13,621) (1,901) (26,935) (27,076) (3,780) Net (loss) income available to GDS Holdings Limited ordinary shareholders (239,218) 749,566 (85,921) (11,993) (598,503) 663,645 92,642 (Loss) income per ordinary share Basic (0.16) 0.49 (0.06) (0.01) (0.41) 0.44 0.06 Diluted (0.16) 0.43 (0.06) (0.01) (0.41) 0.41 0.06 Weighted average number of ordinary share outstanding Basic 1,470,013,200 1,484,257,047 1,500,872,881 1,500,872,881 1,469,997,608 1,492,610,864 1,492,610,864 Diluted 1,470,013,200 1,797,675,770 1,500,872,881 1,500,872,881 1,469,997,608 1,665,829,316 1,665,829,316GDS HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) Three months ended Six months ended June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 RMB RMB RMB US$ RMB RMB US$ Net (loss) income (231,768) 764,074 (70,584) (9,852) (576,699) 693,490 96,809 Foreign currency translation adjustments, net of nil tax (16,334) 16,434 30,947 4,320 (72,359) 47,381 6,614 Other comprehensive (loss) income from share of results of equity method investees 0 (3,394) 103,682 14,473 0 100,288 14,000 Comprehensive (loss) income (248,102) 777,114 64,045 8,941 (649,058) 841,159 117,423 Comprehensive income attributable to non-controlling interests (2,323) (1,161) (2,143) (299) (2,420) (3,304) (461) Comprehensive loss attributable to redeemable non-controlling interests 5,548 0 0 0 5,548 0 0 Comprehensive (loss) income attributable to GDS Holdings Limited shareholders (244,877) 775,953 61,902 8,642 (645,930) 837,855 116,962 GDS HOLDINGS LIMITEDUNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")) Three months ended Six months ended June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 RMB RMB RMB US$ RMB RMB US$ Net (loss) income (231,768) 764,074 (70,584) (9,852) (576,699) 693,490 96,809 Net loss from discontinued operations 58,923 0 0 0 131,342 0 0 Depreciation and amortization 790,901 856,519 856,615 119,579 1,573,573 1,713,134 239,144 Amortization of debt issuance cost and debt discount 23,983 31,804 22,169 3,094 58,967 53,973 7,534 Share-based compensation expense 75,682 61,977 61,202 8,543 152,328 123,179 17,194 Share of results of equity method investees 0 27,732 25,945 3,622 0 53,677 7,493 Gain on deconsolidation of subsidiaries 0 (1,057,045) 0 0 0 (1,057,045) (147,558) Others (34,365) 8,172 (9,980) (1,393) (22,428) (1,808) (252) Changes in operating assets and liabilities (83,913) 86,839 (20,244) (2,827) (817,159) 66,595 9,297 Net cash provided by operating activities from continuing operations 599,443 780,072 865,123 120,766 499,924 1,645,195 229,661 Net cash used in operating activities from discontinued operations (106,926) 0 0 0 (132,379) 0 0 Net cash provided by operating activities 492,517 780,072 865,123 120,766 367,545 1,645,195 229,661 Purchase of property and equipment and land use rights (852,847) (1,009,328) (1,264,798) (176,559) (1,795,879) (2,274,126) (317,456) Receipts (payments) related to acquisitions and investments 1,507,298 (360,085) 900,272 125,673 1,098,023 540,187 75,407 Net cash provided by (used in) investing activities from continuing operations 654,451 (1,369,413) (364,526) (50,886) (697,856) (1,733,939) (242,049) Net cash used in investing activities from discontinued operations (1,146,380) 0 0 0 (1,798,455) 0 0 Net cash used in investing activities (491,929) (1,369,413) (364,526) (50,886) (2,496,311) (1,733,939) (242,049) Net cash (used in) provided by financing activities from continuing operations (119,209) 275,032 5,144,746 718,179 1,179,067 5,419,778 756,572 Net cash provided by financing activities from discontinued operations 2,374,514 0 0 0 3,107,482 0 0 Net cash provided by financing activities 2,255,305 275,032 5,144,746 718,179 4,286,549 5,419,778 756,572 Effect of exchange rate changes on cash and restricted cash 30,883 (242) (15,673) (2,188) 20,974 (15,915) (2,222) Net increase (decrease) of cash and restricted cash 2,286,776 (314,551) 5,629,670 785,871 2,178,757 5,315,119 741,962 Cash and restricted cash at beginning of period 7,809,913 8,093,530 7,778,979 1,085,904 7,917,932 8,093,530 1,129,813 Reclassification as assets of disposal group classified as held for sale 0 0 (87,260) (12,181) 0 (87,260) (12,181) Cash and restricted cash at end of period 10,096,689 7,778,979 13,321,389 1,859,594 10,096,689 13,321,389 1,859,594 Less: Cash and restricted cash of discontinued operations at end of period (1,584,813) 0 0 0 (1,584,813) 0 0 Cash and restricted cash of continuing operations at end of period 8,511,876 7,778,979 13,321,389 1,859,594 8,511,876 13,321,389 1,859,594 GDS HOLDINGS LIMITEDRECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")except for percentage data) Three months ended Six months ended June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 RMB % of net revenue RMB % of net revenue RMB US$ % of net revenue RMB % of net revenue RMB US$ % of net revenue Gross profit 565,726 21.9 644,825 23.7 688,926 96,171 23.8 1,086,929 21.7 1,333,751 186,185 23.7 Depreciation and amortization 718,446 27.9 790,737 29.0 793,632 110,787 27.3 1,428,945 28.5 1,584,369 221,169 28.1 Operating lease cost relating to prepaid land use rights 10,706 0.3 12,016 0.4 11,399 1,591 0.4 21,340 0.4 23,415 3,269 0.4 Accretion expenses for asset retirement costs 1,690 0.1 1,828 0.1 1,817 254 0.1 3,388 0.1 3,645 509 0.1 Share-based compensation expenses 27,755 1.1 6,016 0.2 13,728 1,916 0.4 53,851 1.1 19,744 2,756 0.4 Adjusted GP 1,324,323 51.3 1,455,422 53.4 1,509,502 210,719 52.0 2,594,453 51.8 2,964,924 413,888 52.7 GDS HOLDINGS LIMITEDRECONCILIATIONS OF GAAP AND NON-GAAP RESULTS(Amount in thousands of Renminbi ("RMB") and US dollars ("US$")except for percentage data) Three months ended Six months ended June 30, 2024 March 31, 2025 June 30, 2025 June 30, 2024 June 30, 2025 RMB % of net revenue RMB % of net revenue RMB US$ % of net revenue RMB % of net revenue RMB US$ % of net revenue Net (loss) income (231,768) (9.0) 764,074 28.1 (70,584) (9,852) (2.4) (576,699) (11.5) 693,490 96,809 12.3 Loss from discontinued operations 58,923 2.3 0 0.0 0 0 0.0 131,342 2.6 0 0 0.0 Net (loss) income from continuing operations (172,845) (6.7) 764,074 28.1 (70,584) (9,852) (2.4) (445,357) (8.9) 693,490 96,809 12.3 Net interest expenses 450,271 17.5 441,477 16.2 404,989 56,534 14.0 912,779 18.2 846,466 118,162 15.1 Income tax expenses 59,864 2.3 199,701 7.3 64,858 9,054 2.2 122,256 2.4 264,559 36,931 4.7 Share of results of equity method investees 0 0.0 27,732 1.0 25,945 3,622 0.9 0 0.0 53,677 7,493 1.0 Gain on deconsolidation of subsidiaries 0 0.0 (1,057,045) (38.8) 0 0 0.0 0 0.0 (1,057,045) (147,558) (18.9) Depreciation and amortization 790,901 30.6 856,519 31.4 856,615 119,579 29.5 1,573,573 31.5 1,713,134 239,144 30.4 Operating lease cost relating to prepaid land use rights 27,603 1.1 27,584 1.0 26,951 3,762 0.9 54,915 1.1 54,535 7,613 1.0 Accretion expenses for asset retirement costs 1,690 0.1 1,828 0.1 1,817 254 0.1 3,388 0.1 3,645 509 0.1 Share-based compensation expenses 75,682 2.9 61,977 2.3 61,202 8,543 2.1 152,328 3.0 123,179 17,194 2.2 Adjusted EBITDA 1,233,166 47.8 1,323,847 48.6 1,371,793 191,496 47.3 2,373,882 47.4 2,695,640 376,297 47.9 Error while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
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STEALTHGAS INC. Announces the Date for the Release of the Second Quarter and Six Months 2025 Financial and Operating Results, Conference Call and Webcast
ATHENS, Greece, Aug. 20, 2025 (GLOBE NEWSWIRE) -- STEALTHGAS INC. (NASDAQ: GASS) (the 'Company'), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today that it will release its second quarter operating and financial results for the period ended June 30, 2025 before the market opens in New York on August 25, 2025. On August 25, 2025 at 10:00 am ET, the company's management will host a conference call to discuss the results and the company's operations and outlook. Conference Call details: Conference call participants should pre-register using the below link to receive the dial-in numbers and a personal PIN, which are required to access the conference call. Online Registration: Slides and audio webcast: There will also be a live and then archived webcast of the conference call, through the STEALTHGAS INC. website ( Participants to the live webcast should register on the website approximately 10 minutes prior to the start of the webcast. About STEALTHGAS INC. StealthGas Inc. is a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry. StealthGas Inc.'s fleet consists of fully pressurised, semi refrigerated and fully refrigerated vessels. StealthGas Inc.'s shares are listed on the Nasdaq Global Select Market and trade under the symbol 'GASS.'Visit our website at CONTACT: Company Contact: Konstantinos Sistovaris Investor Relations E-mail: info@ while retrieving data Sign in to access your portfolio Error while retrieving data Error while retrieving data Error while retrieving data Error while retrieving data
