Maxim Integrated Reports Results For The Third Quarter Of Fiscal 2021

 

ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES

(Unaudited)


Three Months Ended


March 27, 2021


December 26, 2020


March 28, 2020


(in thousands, except per share data)

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






GAAP gross profit

$                      442,885


$                416,422


$                    366,437

GAAP gross profit %

66.6%


66.3%


65.2%

Special items:






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 special items 

5,068


7,193


5,136

 GAAP gross profit excluding special items 

$                      447,953


$                423,615


$                    371,573

 GAAP gross profit % excluding special items 

67.4%


67.4%


66.1%

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






GAAP operating expenses

$                      195,621


$                202,757


$                    183,090

Special items:






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 special items 

9,849


12,551


2,356

 GAAP operating expenses excluding special items 

$                      185,772


$                190,206


$                    180,734

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






GAAP net income

$                      220,063


$                183,945


$                    161,190







Special items:






Intangible asset amortization

5,276


6,512


3,867

Merger-related expenses (1)

2,546


9,220


-

Cost of COVID-19 response programs

638


565


2,025

Severance and restructuring

155


3,327


523

Other operating expenses (income), net

6,302


120


1,077

Interest and other expense (income), net

(7,359)


(5,131)


(587)

Pre-tax total special items

7,558


14,613


6,905

Other income tax effects and adjustments (2)

(5,928)


(1,616)


(2,101)

GAAP net income excluding special items

$                      221,693


$                196,942


$                    165,994







GAAP net income per share excluding special items:






Basic

$                            0.83


$                      0.74


$                          0.62

Diluted

$                            0.82


$                      0.73


$                          0.61







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





Basic

267,892


267,299


269,003

Diluted

271,396


270,792


271,579








(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.

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







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