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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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March 25, |
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December 24, |
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March 26, |
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2017 |
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2016 |
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2016 |
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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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$ 366,904 |
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$ 340,178 |
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$ 318,841 |
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GAAP gross profit % |
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63.1% |
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61.7% |
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57.4% |
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Special items: |
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Intangible asset amortization |
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11,064 |
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11,755 |
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11,829 |
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Accelerated depreciation (1) |
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1,103 |
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1,178 |
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4,066 |
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Other cost of goods sold (2) |
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— |
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— |
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6,123 |
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Total special items |
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12,167 |
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12,933 |
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22,018 |
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GAAP gross profit excluding special items |
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$ 379,071 |
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$ 353,111 |
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$ 340,859 |
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GAAP gross profit % excluding special items |
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65.2% |
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64.1% |
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61.4% |
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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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$ 192,652 |
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$ 191,104 |
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$ 141,133 |
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Special items: |
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Intangible asset amortization |
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2,348 |
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2,348 |
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2,538 |
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Impairment of long-lived assets (3) |
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1,000 |
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383 |
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506 |
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Severance and restructuring |
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450 |
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864 |
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2,552 |
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Other operating expenses (income), net |
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1,704 |
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1,909 |
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(55,419) |
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Total special items |
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5,502 |
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5,504 |
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(49,823) |
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GAAP operating expenses excluding special items |
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$ 187,150 |
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$ 185,600 |
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$ 190,956 |
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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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$ 140,213 |
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$ 130,477 |
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$ 139,810 |
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Special items: |
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Intangible asset amortization |
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13,412 |
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14,103 |
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14,367 |
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Accelerated depreciation (1) |
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1,103 |
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1,178 |
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4,066 |
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Other cost of goods sold (2) |
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— |
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— |
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6,123 |
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Impairment of long-lived assets (3) |
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1,000 |
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383 |
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506 |
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Severance and restructuring |
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450 |
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864 |
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2,552 |
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Other operating expenses (income), net |
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1,704 |
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1,909 |
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(55,419) |
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Interest and other expense (income), net (4) |
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(48) |
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(5,052) |
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(45) |
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Pre-tax total special items |
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17,621 |
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13,385 |
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(27,850) |
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Other income tax effects and adjustments (5) |
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1,957 |
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(11,167) |
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5,698 |
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GAAP net income excluding special items |
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$ 159,791 |
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$ 132,695 |
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$ 117,658 |
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GAAP net income per share excluding special items: |
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Basic |
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$ 0.56 |
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$ 0.47 |
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$ 0.41 |
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Diluted |
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$ 0.56 |
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$ 0.46 |
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$ 0.41 |
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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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282,903 |
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283,294 |
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285,854 |
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Diluted |
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287,882 |
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288,106 |
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289,783 |
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(1) Includes building and equipment accelerated depreciation related to the Dallas manufacturing facility. |
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(2) Includes expense related to patent license settlement. |
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(3) Includes impairment of investments in privately-held companies and other equipment impairment charges. |
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(4) Includes gain on sale of shares received for the sale of the wafer manufacturing facility in San Antonio, Texas. |
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(5) Includes tax effect of pre-tax special items and miscellaneous tax adjustments. |
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Maxim Integrated Reports Results For The Third Quarter Of Fiscal 2017
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