Maxim Integrated Reports Results For The Second Quarter Of Fiscal 2019

 


ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended





December 29,
 2018


September 29,
 2018


December 30,
 2017





(in thousands, except per share data)



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









GAAP gross profit


$

373,048



$

430,236



$

409,676




GAAP gross profit %


64.7

%


67.4

%


65.8

%



Special items:









Intangible asset amortization


6,868



6,915



11,139




Total special items


6,868



6.915



11,139




 GAAP gross profit excluding special items


$

379,916



$

437.151



$

420,815




 GAAP gross profit % excluding special items


65.9

%


68.5

%


67.6

%



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









GAAP operating expenses


$

190,844



$

196,053



$

208,628




Special items:









Intangible asset amortization


756



773



995




Impairment of long-lived assets


753





850




Severance and restructuring


1,179



994



6,523




Other operating expenses (income), net




60



(959)




 Total special items


2,688



1.827



7,409




 GAAP operating expenses excluding special items


$

188,156



$

194.226



$

201,219




Reconciliation of GAAP net income (loss) to GAAP net income excluding special items:









GAAP net income (loss)


$

131,892



$

197,423



$

(75,015)




Special items:









Intangible asset amortization


7,624



7,688



12,134




Impairment of long-lived assets (1)


753





850




Severance and restructuring


1,179



994



6,523




Other operating expenses (income), net




60



(959)




Interest and other expense (income), net


(351)



(378)



(119)




 Total pre-tax special items


9,205



8,364



18,429




Other income tax effects and adjustments (2)


3,758



4,754



(897)




Impact of U.S. tax effects and adjustments (3)


22,082





243,550




 GAAP net income excluding special items


$

166,937



$

210,541



$

186,067













 GAAP net income per share excluding special items:









Basic


$

0.60



$

0.76



$

0.66




Diluted


$

0.60



$

0.75



$

0.65




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









Basic


276,252



278,045



281,560




Diluted (4)


280,008



282,454



286,356













(1) Includes impairment of investments in privately-held companies and other equipment impairment charges.



(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) Shares used in diluted earnings per share excluding special items differs from GAAP loss per share due to net income on a non-GAAP basis.













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