Maxim Integrated Reports Results For The Third Quarter Of Fiscal 2021

- Revenue: $665 million

SAN JOSE, Calif., April 27, 2021 — (PRNewswire) —  Maxim Integrated Products, Inc. (NASDAQ: MXIM) reported net revenue of $665 million for its third quarter of fiscal 2021 ended March 27, 2021, a 6% increase from the $628 million revenue recorded in the prior quarter, and a 18% increase from the same quarter of last year.

"Maxim delivered record revenue in the March quarter, with sequential growth in all end markets. On a year-over-year basis, Automotive and Industrial revenue grew the strongest and comprised 64 percent of the total, up from 58 percent in the same quarter last year. 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 Third Quarter Results
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the March quarter was $0.81. The results were affected by $8 million in pre-tax special items which primarily consisted of $3 million in charges related to the upcoming combination with Analog Devices, and $11 million of expenses related to prior acquisitions, which were partially offset by $7 million of other income from settlement of extinguished debt. GAAP earnings per share, excluding special items was $0.82. An analysis of GAAP versus GAAP excluding special items is provided in this press release.

Cash Flow Items
At the end of the third quarter of fiscal 2021, total cash, cash equivalents and short-term investments were $2.0 billion, up $228 million from the prior quarter.

Notable items included:

  • Cash flow from operations: $271 million
  • Capital expenditures: $16 million

Trailing twelve months free cash flow was $796 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 June and September and our stock repurchase program remains suspended.

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 with Analog Devices. 

CONSOLIDATED STATEMENTS OF INCOME

(Unaudited)


Three Months Ended


March 27, 2021


December 26, 2020


March 28, 2020


(in thousands, except per share data)

Net revenues

$                                665,029


$                         628,288


$                               561,916

Cost of goods sold

222,144


211,866


195,479

Gross margin

442,885


416,422


366,437

Operating expenses:






Research and development

109,228


114,802


109,091

Selling, general and administrative

76,544


80,153


71,643

Intangible asset amortization

846


943


756

Severance and restructuring expenses

155


3,327


523

Other operating expenses (income), net

8,848


3,532


1,077

Total operating expenses

195,621


202,757


183,090

Operating income

247,264


213,665


183,347

Interest and other income (expense), net

(2)


(3,202)


(1,622)

Income before taxes

247,262


210,463


181,725

Provision for (benefit from) income taxes

27,199


26,518


20,535

Net income

$                                220,063


$                         183,945


$                               161,190







Earnings per share:






Basic

$                                      0.82


$                               0.69


$                                     0.60

Diluted

$                                      0.81


$                               0.68


$                                     0.59







Shares used in the calculation of earnings per share:






Basic

267,892


267,299


269,003

Diluted

271,396


270,792


271,579







Dividends paid per share

$                                         -


$                                   -


$                                     0.48







SCHEDULE OF SPECIAL ITEMS

(Unaudited)


Three Months Ended


March 27, 2021


December 26, 2020


March 28, 2020


(in thousands)

Cost of goods sold:






Intangible asset amortization

$                                    4,430


$                             5,569


$                                   3,111

Merger-related expenses (1)

-


1,059


-

Cost of COVID-19 response programs

638


565


2,025

Total

$                                    5,068


$                             7,193


$                                   5,136







Operating expenses:






Merger-related expenses (1)

$                                    2,546


$                             8,161


$                                           -

Intangible asset amortization

846


943


756

Severance and restructuring

155


3,327


523

Other operating expenses (income), net

6,302


120


1,077

Total

$                                    9,849


$                           12,551


$                                   2,356







Interest and other expense (income), net

$                                  (7,359)


$                           (5,131)


$                                    (587)

Total

$                                  (7,359)


$                           (5,131)


$                                    (587)













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


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