Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2021

 


ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended


Year Ended





June 26, 2021


March 27, 2021


June 27, 2020


June 26, 2021


June 27, 2020





(in thousands, except per share data)



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













GAAP gross profit


$         484,025


$             442,885


$         362,368


$      1,760,346


$      1,432,652



GAAP gross profit %


67.2%


66.6%


66.4%


66.9%


65.4%



Special items:













Intangible asset amortization


3,047


4,430


3,528


17,408


12,860



Merger-related expenses(1)


-


-


-


2,381


-



Cost of COVID-19 response programs


609


638


1,591


2,750


3,616



Severance and restructuring


-


-


-


13


-



 Total special items 


3,656


5,068


5,119


22,552


16,476



 GAAP gross profit excluding special items 


$         487,681


$             447,953


$         367,487


$      1,782,898


$      1,449,128



 GAAP gross profit % excluding special items 


67.7%


67.4%


67.4%


67.7%


66.1%
















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













GAAP operating expenses


$         200,688


$             195,621


$         184,381


$         814,646


$         746,258



Special items:













Merger-related expenses (1)


2,058


2,546


-


26,617


-



Intangible asset amortization


846


846


810


3,553


3,078



Severance and restructuring


1,139


155


678


13,434


5,363



Other operating expenses (income), net


831


6,302


(173)


7,436


928



 Total special items 


4,874


9,849


1,315


51,040


9,369



 GAAP operating expenses excluding special items 


$         195,814


$             185,772


$         183,066


$         763,606


$         736,889
















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













GAAP net income


$         253,739


$             220,063


$         207,298


$         827,261


$         654,694
















Special items:













Intangible asset amortization


3,893


5,276


4,338


20,961


15,938



Merger-related expenses (1)


2,058


2,546


-


29,011


-



Cost of COVID-19 response programs


609


638


1,591


2,750


3,616



Severance and restructuring


1,139


155


678


13,434


5,363



Other operating expenses (income), net


831


6,302


(173)


7,436


928



Interest and other expense (income), net


(2,878)


(7,359)


1,484


(15,903)


(541)



 Pre-tax total special items 


5,652


7,558


7,918


57,689


25,304



Other income tax effects and adjustments (2)


(12,950)


(5,928)


(14,378)


(24,765)


(19,668)



Impact of U.S. tax legislation (3)


-


-


6,486


-


6,486



Impact of income tax audit settlements (4)


-


-


(51,197)


-


(51,197)



 GAAP net income excluding special items 


$         246,441


$             221,693


$         156,127


$         860,185


$         615,619
















 GAAP net income per share excluding special items: 













Basic


$               0.92


$                   0.83


$               0.59


$               3.22


$               2.29



Diluted


$               0.91


$                   0.82


$               0.58


$               3.18


$               2.26
















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













Basic


268,160


267,892


266,639


267,546


269,341



Diluted


271,445


271,396


268,777


270,872


272,028
















(1) Includes ADI merger related expenses such as accelerated stock-based compensation expense resulting from the acceleration of certain RSAs and RSUs, and other legal and professional services.



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



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



(4) Includes effect of income tax audit settlements.










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