Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2019, Increases Dividend By 4%

 














ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)




Three Months Ended


Year Ended




June 29,


March 30, 


June 30,


June 29,


June 30,




2019


2019


2018


2019


2018




(in thousands, except per share data)



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












GAAP gross profit

$ 356,391


$ 340,831


$ 418,668


$ 1,500,506


$ 1,626,121



GAAP gross profit %

64.0%


62.8%


66.1%


64.8%


65.6%















Special items:












Intangible asset amortization 

4,038


5,008


11,759


22,829


46,064



 Total special items 

4,038


5,008


11,759


22,829


46,064



  GAAP gross profit excluding special items 

$ 360,429


$ 345,839


$ 430,427


$ 1,523,335


$ 1,672,185



  GAAP gross profit % excluding special items 

64.8%


63.8%


68.0%


65.8%


67.4%















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












GAAP operating expenses

$ 182,820


$ 183,691


$ 196,273


$    753,408


$    792,674















Special items:












Intangible asset amortization

756


756


844


3,041


4,467



Impairment of long-lived assets 

-


-


-


753


892



Severance and restructuring

1,715


1,744


833


5,632


15,060



Other operating expenses (income), net

83


-


(71)


143


(1,607)



 Total special items 

2,554


2,500


1,605


9,569


18,812



 GAAP operating expenses excluding special items 

$ 180,266


$ 181,191


$ 194,667


$    743,839


$    773,862















Reconciliation of GAAP net income to GAAP net income excluding special items:












GAAP net income

$ 367,558


$ 130,613


$ 194,172


$    827,486


$    467,318















Special items:












Intangible asset amortization

4,794


5,764


12,603


25,870


50,531



Impairment of long-lived assets 

-


-


-


753


892



Severance and restructuring

1,715


1,744


833


5,632


15,060



Other operating expenses (income), net

83


-


(71)


143


(1,607)



Interest and other expense (income), net 

(2,980)


(857)


(941)


(4,565)


(1,243)



 Pre-tax total special items 

3,612


6,651


12,424


27,833


63,633



Other income tax effects and adjustments (1)

(11,271)


7,506


1,194


4,747


(898)



Impact of U.S. tax legislation (2)

47,703


(1,056)


-


68,729


243,550



Impact of income tax audit settlements (3)

(251,599)


-


-


(251,599)


-



 GAAP net income excluding special items 

$ 156,003


$ 143,714


$ 207,790


$    677,196


$    773,603















 GAAP net income per share excluding special items: 












Basic

$       0.57


$       0.53


$       0.74


$          2.46


$          2.75



Diluted

$       0.57


$       0.52


$       0.73


$          2.43


$          2.71















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









Basic

272,382


273,221


279,304


274,966


280,979



Diluted

275,834


276,610


283,934


278,777


285,674















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



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



(3) Includes effect of income tax audit settlements.










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