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ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES |
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(Unaudited) |
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Three Months Ended |
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September 26, |
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June 27, |
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September 27, |
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2015 |
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2015 |
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2014 |
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(in thousands, except per share data) |
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Reconciliation of GAAP gross profit to GAAP gross profit excluding special items: |
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GAAP gross profit |
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$ 286,351 |
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$ 303,701 |
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$ 338,821 |
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GAAP gross profit % |
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50.9% |
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52.1% |
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58.4% |
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Special items: |
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Intangible asset amortization |
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16,638 |
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18,116 |
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18,750 |
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Accelerated depreciation (1) |
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43,631 |
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32,765 |
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- |
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Total special items |
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60,269 |
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50,881 |
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18,750 |
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GAAP gross profit excluding special items |
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$ 346,620 |
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$ 354,582 |
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$ 357,571 |
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GAAP gross profit % excluding special items |
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61.6% |
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60.9% |
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61.6% |
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Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items: |
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GAAP operating expenses |
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$ 362,116 |
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$ 208,753 |
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$ 237,863 |
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Special items: |
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Intangible asset amortization |
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3,591 |
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3,618 |
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4,327 |
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Impairment of long-lived assets (2) |
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157,697 |
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549 |
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10,226 |
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Severance and restructuring (3) |
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7,126 |
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12,798 |
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1,385 |
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Other operating expenses (income), net (4) |
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315 |
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(2,296) |
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1,574 |
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Total special items |
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168,729 |
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14,669 |
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17,512 |
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GAAP operating expenses excluding special items |
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$ 193,387 |
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$ 194,084 |
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$ 220,351 |
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Reconciliation of GAAP net income (loss) to GAAP net income excluding special items: |
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GAAP net income (loss) |
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$ (72,143) |
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$ 98,659 |
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$ 99,980 |
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Special items: |
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Intangible asset amortization |
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20,229 |
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21,734 |
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23,077 |
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Accelerated depreciation (1) |
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43,631 |
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32,765 |
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- |
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Impairment of long-lived assets (2) |
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157,697 |
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549 |
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10,226 |
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Severance and restructuring (3) |
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7,126 |
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12,798 |
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1,385 |
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Other operating expenses (income), net (4) |
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315 |
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(2,296) |
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1,574 |
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Interest and other expense (income), net (5) |
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(109) |
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(35,849) |
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- |
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Pre-tax total special items |
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228,889 |
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29,701 |
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36,262 |
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Reversal of tax reserves (6) |
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- |
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- |
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(21,747) |
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Other income tax effects and adjustments (7) |
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(36,434) |
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(4,267) |
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(5,873) |
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GAAP net income excluding special items |
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$ 120,312 |
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$ 124,093 |
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$ 108,622 |
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GAAP net income per share excluding special items: |
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Basic |
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$ 0.42 |
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$ 0.44 |
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$ 0.38 |
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Diluted |
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$ 0.42 |
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$ 0.43 |
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$ 0.38 |
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Shares used in the calculation of earnings per share excluding special items: |
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Basic |
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284,588 |
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284,202 |
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284,086 |
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Diluted (8) |
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288,897 |
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289,346 |
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289,430 |
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(1) |
Building and equipment accelerated depreciation related to San Jose and Dallas manufacturing facilities. |
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(2) |
Includes impairment charges related to the San Antonio wafer manufacturing facility, and other impairment of wafer manufacturing equipment, end of line test equipment, and software. |
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(3) |
Includes severance charges associated with several reorganizations, primarily various business units and manufacturing operations. |
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(4) |
Other operating expenses (income), net are primarily for loss (gain) relating to sale of assets, and expected loss on lease abandonment. |
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(5) |
Includes sale of a business and impairment of investments in privately-held companies. |
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(6) |
Includes reversal of tax reserves related to the favorable settlement of a foreign tax issue. |
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(7) |
Includes tax effect of pre-tax special items and miscellaneous tax adjustments. |
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(8) |
Shares used in diluted earnings per share excluding special items differs from GAAP loss per share due to net income on a non-GAAP basis. |
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Maxim Integrated Reports Results For The First Quarter Of Fiscal 2016
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