Maxim Integrated Reports Results For The Third Quarter Of Fiscal 2017

 











ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended





March 25, 


December 24, 


March 26, 





2017


2016


2016





(in thousands, except per share data)



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









GAAP gross profit


$      366,904


$             340,178


$      318,841



GAAP gross profit %


63.1%


61.7%


57.4%












Special items:









Intangible asset amortization 


11,064


11,755


11,829



Accelerated depreciation (1)


1,103


1,178


4,066



Other cost of goods sold (2)




6,123



 Total special items 


12,167


12,933


22,018



  GAAP gross profit excluding special items 


$      379,071


$             353,111


$      340,859



  GAAP gross profit % excluding special items 


65.2%


64.1%


61.4%












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









GAAP operating expenses


$      192,652


$             191,104


$      141,133












Special items:









Intangible asset amortization


2,348


2,348


2,538



Impairment of long-lived assets (3)


1,000


383


506



Severance and restructuring 


450


864


2,552



Other operating expenses (income), net 


1,704


1,909


(55,419)



  Total special items 


5,502


5,504


(49,823)



  GAAP operating expenses excluding special items 


$      187,150


$             185,600


$      190,956












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









GAAP net income (loss)


$      140,213


$             130,477


$      139,810












Special items:









Intangible asset amortization 


13,412


14,103


14,367



Accelerated depreciation (1)


1,103


1,178


4,066



Other cost of goods sold (2)




6,123



Impairment of long-lived assets (3)


1,000


383


506



Severance and restructuring 


450


864


2,552



Other operating expenses (income), net 


1,704


1,909


(55,419)



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


(48)


(5,052)


(45)



  Pre-tax total special items 


17,621


13,385


(27,850)



Other income tax effects and adjustments (5)


1,957


(11,167)


5,698



 GAAP net income excluding special items 


$      159,791


$             132,695


$      117,658












 GAAP net income per share excluding special items: 









Basic


$            0.56


$                   0.47


$            0.41



Diluted


$            0.56


$                   0.46


$            0.41












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









Basic


282,903


283,294


285,854



Diluted


287,882


288,106


289,783












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



(2) Includes expense related to patent license settlement.



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



(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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