Maxim Integrated Reports Results For The Third Quarter Of Fiscal 2018

 











ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended





March 31, 


December 30, 


March 25, 





2018


2017


2017





(in thousands, except per share data)



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









GAAP gross profit


$   423,946


$        409,676


$   366,904



GAAP gross profit %


65.4%


65.8%


63.1%












Special items:









Intangible asset amortization 


12,101


11,139


11,064



Accelerated depreciation (1)




1,103



 Total special items 


12,101


11,139


12,167



  GAAP gross profit excluding special items 


$   436,047


$        420,815


$   379,071



  GAAP gross profit % excluding special items 


67.2%


67.6%


65.2%












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









GAAP operating expenses


$   199,108


$        208,628


$   192,652












Special items:









Intangible asset amortization


876


995


2,348



Impairment of long-lived assets (2)



850


1,000



Severance and restructuring 


2,272


6,523


450



Other operating expenses (income), net


266


(959)


1,704



  Total special items 


3,414


7,409


5,502



  GAAP operating expenses excluding special items 


$   195,694


$        201,219


$   187,150












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









GAAP net income (loss)


$   193,627


$        (75,015)


$   140,213












Special items:









Intangible asset amortization 


12,977


12,134


13,412



Accelerated depreciation (1)




1,103



Impairment of long-lived assets (2)



850


1,000



Severance and restructuring 


2,272


6,523


450



Other operating expenses (income), net


266


(959)


1,704



Interest and other expense (income), net 


(97)


(119)


(48)



 Pre-tax total special items


15,418


18,429


17,621



Other income tax effects and adjustments (3)


151


(897)


1,957



Impact of U.S. tax legislation (4)



243,550




 GAAP net income excluding special items 


$   209,196


$        186,067


$   159,791












 GAAP net income per share excluding special items: 









Basic


$         0.74


$              0.66


$         0.56



Diluted


$         0.73


$              0.65


$         0.56












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









Basic


280,850


281,560


282,903



Diluted (5)


285,881


286,356


287,882












(1) Includes building and equipment accelerated depreciation related to the Dallas manufacturing facility during the third quarter of fiscal year 2017.



(2) Includes impairment of investments in privately-held companies.



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



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



(5) 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 during second quarter of fiscal year 2018.






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