Maxim Integrated Reports Results For The Second Quarter Of Fiscal 2021

 



ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)




Three Months Ended




December 26, 2020


September 26, 2020


December 28, 2019




(in thousands, except per share data)



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








GAAP gross profit

$                     416,422


$                      417,014


$                     360,524



GAAP gross profit %

66.3%


67.3%


65.4%



Special items:








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 special items 

7,193


6,636


3,111



 GAAP gross profit excluding special items 

$                     423,615


$                      423,650


$                     363,635



 GAAP gross profit % excluding special items 

67.4%


68.4%


66.0%



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








GAAP operating expenses

$                     202,757


$                      215,580


$                     191,468



Special items:








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 special items 

12,551


23,766


3,483



 GAAP operating expenses excluding special items 

$                     190,206


$                      191,814


$                     187,985



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








GAAP net income

$                     183,945


$                      169,514


$                     146,050











Special items:








Intangible asset amortization

6,512


5,281


3,867



Merger-related expenses (1)

5,809


7,942


-



Cost of COVID-19 response programs

565


938


-



Severance and restructuring

3,327


8,813


2,728



Other operating expenses (income), net (1)

3,531


7,428


(1)



Interest and other expense (income), net

(5,131)


(535)


(1,230)



Pre-tax total special items

14,613


29,867


5,364



Other income tax effects and adjustments (2)

(1,616)


(4,272)


317



GAAP net income excluding special items

$                     196,942


$                      195,109


$                     151,731











GAAP net income per share excluding special items:








Basic

$                           0.74


$                            0.73


$                           0.56



Diluted

$                           0.73


$                            0.72


$                           0.56











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






Basic

267,299


266,831


270,330



Diluted

270,792


269,529


273,269











(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.





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















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