Maxim Integrated Reports Results For The Second Quarter Of Fiscal 2017

 











ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended





December 24, 


September 24, 


December 26, 





2016


2016


2015





(in thousands, except per share data)



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









GAAP gross profit


$        340,178


$         345,732


$        292,169



GAAP gross profit %


61.7%


61.6%


57.2%












Special items:









Intangible asset amortization 


11,755


12,602


14,734



Accelerated depreciation (1)


1,178


1,178


2,032



 Total special items 


12,933


13,780


16,766



  GAAP gross profit excluding special items 


$        353,111


$         359,512


$        308,935



  GAAP gross profit % excluding special items 


64.1%


64.0%


60.5%












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









GAAP operating expenses


$        191,104


$         173,659


$        202,636












Special items:









Intangible asset amortization


2,348


2,443


3,538



Impairment of long-lived assets (2)


383


6,134


1,950



Severance and restructuring 


864


9,965


10,652



Other operating expenses (income), net  (3)


1,909


(28,481)


(247)



  Total special items 


5,504


(9,939)


15,893



  GAAP operating expenses excluding special items 


$        185,600


$         183,598


$        186,743












Reconciliation of GAAP net income (loss) to GAAP net income excluding special items:









GAAP net income (loss)


$        130,477


$         137,614


$          67,469












Special items:









Intangible asset amortization 


14,103


15,045


18,272



Accelerated depreciation (1)


1,178


1,178


2,032



Impairment of long-lived assets (2)


383


6,134


1,950



Severance and restructuring 


864


9,965


10,652



Other operating expenses (income), net (3)


1,909


(28,481)


(247)



Interest and other expense (income), net (4)


(5,052)


(471)


595



  Pre-tax total special items 


13,385


3,370


33,254



Other income tax effects and adjustments (5)


(11,167)


(2,754)


(7,903)



 GAAP net income excluding special items 


$        132,695


$         138,230


$          92,820












 GAAP net income per share excluding special items: 









Basic


$              0.47


$               0.49


$              0.33



Diluted


$              0.46


$               0.48


$              0.32












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









Basic


283,294


283,633


285,526



Diluted


288,106


288,574


290,521












(1) Includes building and equipment accelerated depreciation related to the Dallas manufacturing facility.



(2) Includes impairment of investments in privately-held companies and other equipment impairment charges.



(3) Includes gain on sale of micro-electromechanical systems (MEMS) business line during the first quarter of fiscal year 2017.



(4) Includes gain on sale of shares received for the sale of the wafer manufacturing facility in San Antonio, Texas.




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






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