Maxim Integrated Reports Results For The First Quarter Of Fiscal 2021

 


ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)




Three Months Ended




September 26, 2020


June 27, 2020


September 28, 2019




(in thousands, except per share data)



Reconciliation of GAAP gross profit to GAAP gross
profit excluding special items:








GAAP gross profit

$                         417,014


$                    362,368


$                       343,323



GAAP gross profit %

67.3%


66.4%


64.4%



Special items:








Intangible asset amortization

4,363


3,528


3,111



Merger related expenses (1)

1,335





Cost of COVID-19 response programs

938


1,591




 Total special items 

6,636


5,119


3,111



 GAAP gross profit excluding special items 

$                         423,650


$                    367,487


$                       346,434



 GAAP gross profit % excluding special items 

68.4%


67.4%


65.0%



Reconciliation of GAAP operating expenses to GAAP
operating expenses excluding special items:








GAAP operating expenses

$                         215,580


$                    184,381


$                       187,319



Special items:








Merger related expenses (1)

6,607





Intangible asset amortization

918


810


756



Severance and restructuring

8,813


678


1,434



Other operating expenses (income), net (1)

7,428


(173)


25



 Total special items 

23,766


1,315


2,215



 GAAP operating expenses excluding special items 

$                         191,814


$                    183,066


$                       185,104



Reconciliation of GAAP net income to GAAP net income
excluding special items:








GAAP net income

$                         169,514


$                    207,298


$                       140,156











Special items:








Intangible asset amortization

5,281


4,338


3,867



Merger related expenses (1)

7,942





Cost of COVID-19 response programs

938


1,591




Severance and restructuring

8,813


678


1,434



Other operating expenses (income), net (1)

7,428


(173)


25



Interest and other expense (income), net

(535)


1,484


(207)



Pre-tax total special items

29,867


7,918


5,119



Other income tax effects and adjustments (2)

(4,272)


(14,378)


(3,506)



Impact of U.S. tax legislation (3)


6,486




Impact of income tax audit settlements (4)


(51,197)




GAAP net income excluding special items

$                         195,109


$                    156,127


$                       141,769











GAAP net income per share excluding special items:








Basic

$                               0.73


$                          0.59


$                             0.52



Diluted

$                               0.72


$                          0.58


$                             0.52











Shares used in the calculation of earnings per share excluding special items:







Basic

266,831


266,639


271,388



Diluted

269,529


268,777


274,436











(1) Includes ADI merger related expenses such as accelerated stock-based compensation expense resulting from the acceleration of certain RSAs for tax withholding purposes, as well as other legal and professional services.





(2) Includes tax effect of pre-tax special items and miscellaneous tax adjustments.







(3) Includes effect of U.S. tax legislation enacted on December 22, 2017.







(4) Includes effect of income tax audit settlements.
















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