Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2021

- Revenue: $720 million

SAN JOSE, Calif., July 27, 2021 — (PRNewswire) —  Maxim Integrated Products, Inc. (NASDAQ: MXIM) reported net revenue of $720 million for its fourth quarter of fiscal 2021 ended June 26, 2021, an 8% increase from the $665 million revenue recorded in the prior quarter, and a 32% increase from the same quarter of last year.

"Maxim delivered record revenue in the June quarter, with sequential growth in all end markets, led by Industrial, Automotive, and Comms & Data Center. On the merger front, we are seeking final regulatory clearance for our combination with Analog Devices," said Tunc Doluca, President and Chief Executive Officer.

Fiscal Year 2021 Fourth Quarter Results
Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $0.93, which benefited from a $13 million tax reserve release. The results were affected by $6 million in pre-tax special items which primarily consisted of $4 million of expenses related to prior acquisitions and $2 million in charges related to our upcoming combination with Analog Devices. GAAP earnings per share, excluding special items was $0.91. An analysis of GAAP versus GAAP excluding special items is provided in this press release.

Cash Flow Items
At the end of the fourth quarter of fiscal 2021, total cash, cash equivalents and short-term investments were $2.3 billion, up $257 million from the prior quarter.

Notable items included:

  • Cash flow from operations: $280 million
  • Capital expenditures: $20 million

Trailing twelve months free cash flow was $859 million. Free cash flow is a non-GAAP measure and is defined by cash flow from operations less capital expenditures.

Dividend and Stock Repurchase
Per the terms of the Merger Agreement between the Company and Analog Devices, we will not declare a dividend that would have been paid in September 2021 and our stock repurchase program remains suspended.

Due to the pending merger with Analog Devices, Maxim Integrated will not be hosting a quarterly earnings conference call and has suspended the practice of providing forward-looking guidance. Investors are requested to review our Investor Relations website for the quarterly financial highlights and SEC filings for the latest updates on the pending transaction with Analog Devices. 














CONSOLIDATED STATEMENTS OF INCOME


(Unaudited)















Three Months Ended


Year Ended




June 26, 2021


March 27, 2021


June 27, 2020


June 26, 2021


June 27, 2020




(in thousands, except per share data)



Net revenues

$         719,855


$             665,029


$         545,369


$      2,632,529


$      2,191,395



Cost of goods sold

235,830


222,144


183,001


872,183


758,743



Gross margin

484,025


442,885


362,368


1,760,346


1,432,652



Operating expenses:












Research and development

114,834


109,228


110,173


454,330


440,166



Selling, general and administrative

81,071


76,544


72,893


320,722


296,722



Intangible asset amortization

846


846


810


3,554


3,078



Severance and restructuring expenses

1,139


155


678


13,434


5,363



Other operating expenses (income), net

2,798


8,848


(173)


22,606


929



Total operating expenses

200,688


195,621


184,381


814,646


746,258



Operating income

283,337


247,264


177,987


945,700


686,394



Interest and other income (expense), net

(5,723)


(2)


(8,488)


(15,964)


(8,298)



Income before taxes

277,614


247,262


169,499


929,736


678,096



Provision for (benefit from) income taxes (1)(2)

23,875


27,199


(37,799)


102,475


23,402



Net income

$         253,739


$             220,063


$         207,298


$         827,261


$         654,694















Earnings per share:












Basic

$               0.95


$                   0.82


$               0.78


$               3.09


$               2.43



Diluted

$               0.93


$                   0.81


$               0.77


$               3.05


$               2.41















Shares used in the calculation of earnings per share:












Basic

268,160


267,892


266,639


267,546


269,341



Diluted

271,445


271,396


268,777


270,872


272,028















Dividends paid per share

$                   -


$                      -


$               0.48


$               0.48


$               1.92



























SCHEDULE OF SPECIAL ITEMS



(Unaudited)















Three Months Ended


Year Ended




June 26, 2021


March 27, 2021


June 27, 2020


June 26, 2021


June 27, 2020




(in thousands)



Cost of goods sold:












Intangible asset amortization

$             3,047


$                 4,430


$             3,528


$           17,408


$           12,860



Merger-related expenses (3)

-


-


-


2,394


-



Cost of COVID-19 response programs

609


638


1,591


2,750


3,616



 Total 

$             3,656


$                 5,068


$             5,119


$           22,552


$           16,476















 Operating expenses: 












Merger-related expenses (3)

$             2,058


$                 2,546


$                   -


$           26,617


$                   -



Intangible asset amortization

846


846


810


3,553


3,078



Severance and restructuring

1,139


155


678


13,434


5,363



Other operating expenses (income), net

831


6,302


(173)


7,436


928



 Total 

$             4,874


$                 9,849


$             1,315


$           51,040


$             9,369















Interest and other expense (income), net

$            (2,878)


$               (7,359)


$             1,484


$          (15,903)


$               (541)



 Total 

$            (2,878)


$               (7,359)


$             1,484


$          (15,903)


$               (541)















Provision for (benefit from) for income taxes:












Impact of U.S. tax legislation (1)

$                   -


$                      -


$             6,486


$                   -


$             6,486



Impact of income tax audit settlements (2)

-


-


(51,197)


-


(51,197)



 Total 

$                   -


$                      -


$          (44,711)


$                   -


$          (44,711)















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



(2) Includes effect of income tax audit settlements.



(3) 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.



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