Maxim Integrated Reports Results For The First Quarter Of Fiscal 2020

 


ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended





September 28, 2019


June 29, 2019


September 29, 2018





(in thousands, except per share data)



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









GAAP gross profit


$                    343,323


$         356,391


$                    430,236



GAAP gross profit %


64.4%


64.0%


67.4%



Special items:









Intangible asset amortization


3,111


4,038


6,915



 Total special items 


3,111


4,038


6,915



 GAAP gross profit excluding special items 


$                    346,434


$         360,429


$                    437,151



 GAAP gross profit % excluding special items 


65.0%


64.8%


68.5%



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









GAAP operating expenses


$                    187,319


$         182,820


$                    196,053



Special items:









Intangible asset amortization


756


756


773



Severance and restructuring


1,434


1,715


994



Other operating expenses (income), net


25


83


60



 Total special items 


2,215


2,554


1,827



 GAAP operating expenses excluding special items 


$                    185,104


$         180,266


$                    194,226



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









GAAP net income (loss)


$                    140,156


$         367,558


$                    197,423



Special items:









Intangible asset amortization


3,867


4,794


7,688



Severance and restructuring


1,434


1,715


994



Other operating expenses (income), net


25


83


60



Interest and other expense (income), net


(207)


(2,980)


(378)



Total pre-tax special items


5,119


3,612


8,364



Other income tax effects and adjustments (1)


(3,506)


(11,271)


4,754



Impact of U.S. tax legislation (2)


-


47,703


-



Impact of income tax audit settlement (3)


-


(251,599)


-



GAAP net income excluding special items


$                    141,769


$         156,003


$                    210,541












GAAP net income per share excluding special items:









Basic


$                          0.52


$               0.57


$                          0.76



Diluted


$                          0.52


$               0.57


$                          0.75



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







Basic


271,388


272,382


278,045



Diluted


274,436


275,834


282,454












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



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



(3) Includes effect of income tax audit settlements.












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