Maxim Integrated Reports Results For The Second Quarter Of Fiscal 2021

- Revenue: $628 million

SAN JOSE, Calif., Jan. 26, 2021 — (PRNewswire) — Maxim Integrated Products, Inc. (NASDAQ: MXIM) reported net revenue of $628 million for its second quarter of fiscal 2021 ended December 26, 2020, a 1% increase from the $619 million revenue recorded in the prior quarter, and a 14% increase from the same quarter of last year.

"Our strong performance in the December quarter relative to the same quarter last year benefitted from robust demand from automotive, industrial and consumer customers. Automotive and Industrial reached a record revenue level and comprised 63 percent of Maxim's total revenue. In addition, progress toward closure of our merger with Analog Devices is on track," said Tunc Doluca, President and Chief Executive Officer.

Fiscal Year 2021 Second Quarter Results

Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the December quarter was $0.68. The results were affected by $15 million in pre-tax special items which primarily consisted of $9 million in charges related to the upcoming combination with Analog Devices, $3 million in restructuring costs unrelated to the merger, and $7 million of expenses related to prior acquisitions, which were partially offset by $5 million of unrealized other income from private company investments. GAAP earnings per share, excluding special items was $0.73. An analysis of GAAP versus GAAP excluding special items is provided in this press release.

Cash Flow Items

At the end of the second quarter of fiscal 2021, total cash, cash equivalents and short-term investments were $1.8 billion, up $194 million from the prior quarter.

Notable items included:

  • Cash flow from operations: $210 million
  • Capital expenditures: $16 million

Trailing twelve months free cash flow was $733 million. Free cash flow is a non-GAAP measure and is defined by cash flow from operations less capital expenditures.

Dividend and Stock Repurchase

Per the terms of the Merger Agreement between the Company and Analog Devices, we will not declare dividends that would have been paid in the upcoming months of March, June and September and have suspended our open market stock repurchase program.

Due to the pending merger with Analog Devices, Maxim Integrated will not be hosting a quarterly earnings conference call and has suspended the practice of providing forward-looking guidance. Investors are requested to review our Investor Relations website for the quarterly financial highlights and SEC filings for the latest updates on the pending transaction. 

 



CONSOLIDATED STATEMENTS OF INCOME



(Unaudited)




Three Months Ended




December 26, 2020


September 26, 2020


December 28, 2019




(in thousands, except per share data)



Net revenues

$                       628,288


$                        619,357


$                       551,070



Cost of goods sold

211,866


202,343


190,546



Gross margin

416,422


417,014


360,524



Operating expenses:








Research and development

114,802


115,466


111,914



Selling, general and administrative

80,153


82,954


76,071



Intangible asset amortization

943


919


756



Severance and restructuring expenses

3,327


8,813


2,728



Other operating expenses (income), net

3,532


7,428


(1)



Total operating expenses

202,757


215,580


191,468



Operating income

213,665


201,434


169,056



Interest and other income (expense), net

(3,202)


(7,037)


(17)



Income before taxes

210,463


194,397


169,039



Provision for (benefit from) income taxes

26,518


24,883


22,989



Net income

$                       183,945


$                        169,514


$                       146,050











Earnings per share:








Basic

$                             0.69


$                              0.64


$                             0.54



Diluted

$                             0.68


$                              0.63


$                             0.53











Shares used in the calculation of earnings per share:








Basic

267,299


266,831


270,330



Diluted

270,792


269,529


273,269











Dividends paid per share

$                                -


$                              0.48


$                             0.48











SCHEDULE OF SPECIAL ITEMS



(Unaudited)




Three Months Ended




December 26, 2020


September 26, 2020


December 28, 2019




(in thousands)



Cost of goods sold:








Intangible asset amortization

$                           5,569


$                            4,363


$                           3,111



Merger-related expenses (1)

1,059


1,335


-



Cost of COVID-19 response programs

565


938


-



Total

$                           7,193


$                            6,636


$                           3,111











Operating expenses:








Merger-related expenses (1)

$                           4,750


$                            6,607


$                                -



Intangible asset amortization

943


918


756



Severance and restructuring

3,327


8,813


2,728



Other operating expenses (income), net (1)

3,531


7,428


(1)



Total

$                         12,551


$                          23,766


$                           3,483











Interest and other expense (income), net

$                         (5,131)


$                             (535)


$                         (1,230)



Total

$                         (5,131)


$                             (535)


$                         (1,230)



















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






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