Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2020

 

 















ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended


Year Ended





June 27, 2020


March 28, 2020


June 29, 2019


June 27, 2020


June 29, 2019





(in thousands, except per share data)



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













GAAP gross profit


$                 362,368


$                 366,437


$                 356,391


$             1,432,652


$             1,500,506



GAAP gross profit %


66.4%


65.2%


64.0%


65.4%


64.8%



Special items:













Intangible asset amortization


3,528


3,111


4,038


12,860


22,829



Cost of COVID-19 response programs


1,591


2,025


-


3,616


-



 Total special items 


5,119


5,136


4,038


16,476


22,829



 GAAP gross profit excluding special items 


$                 367,487


$                 371,573


$                 360,429


$             1,449,128


$             1,523,335



 GAAP gross profit % excluding special items 


67.4%


66.1%


64.8%


66.1%


65.8%
















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













GAAP operating expenses


$                 184,381


$                 183,090


$                 182,820


$                 746,258


$                 753,408



Special items:













Intangible asset amortization


810


756


756


3,078


3,041



Impairment of long-lived assets


-


-


-


-


753



Severance and restructuring


678


523


1,715


5,363


5,632



Other operating expenses (income), net


(173)


1,077

(1)

83


928


143



 Total special items 


1,315


2,356


2,554


9,369


9,569



 GAAP operating expenses excluding special items 


$                 183,066


$                 180,734


$                 180,266


$                 736,889


$                 743,839
















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













GAAP net income


$                 207,298


$                 161,190


$                 367,558


$                 654,694


$                 827,486
















Special items:













Intangible asset amortization


4,338


3,867


4,794


15,938


25,870



Cost of COVID-19 response programs


1,591


2,025


-


3,616


-



Impairment of long-lived assets


-


-


-


-


753



Severance and restructuring


678


523


1,715


5,363


5,632



Other operating expenses (income), net


(173)


1,077

(1)

83


928


143



Interest and other expense (income), net


1,484


(587)


(2,980)


(541)


(4,565)



 Pre-tax total special items 


7,918


6,905


3,612


25,304


27,833



Other income tax effects and adjustments (2)


(14,378)


(2,101)


(11,271)


(19,668)


4,747



Impact of U.S. tax legislation (3)


6,486


-


47,703


6,486


68,729



Impact of income tax audit settlements (4)


(51,197)


-


(251,599)


(51,197)


(251,599)



 GAAP net income excluding special items 


$                 156,127


$                 165,994


$                 156,003


$                 615,619


$                 677,196
















 GAAP net income per share excluding special items: 













Basic


$                       0.59


$                       0.62


$                       0.57


$                       2.29


$                       2.46



Diluted


$                       0.58


$                       0.61


$                       0.57


$                       2.26


$                       2.43
















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













Basic


266,639


269,003


272,382


269,341


274,966



Diluted


268,777


271,579


275,834


272,028


278,777
















(1) Includes approximately $0.5 million of acquisition-related costs and $0.5 million of cost related to COVID-19 response programs.



(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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