Maxim Integrated Reports Results For The Third Quarter Of Fiscal 2015

    


CONSOLIDATED STATEMENTS OF CASH FLOWS




(Unaudited)





Three Months Ended





March 28,


December 27,


March 29,





2015


2014


2014





(in thousands)




Cash flows from operating activities: 









Net income (loss)

$     79,433


$    (72,034)


$   122,544




Adjustments to reconcile net income to net cash provided by operating activities: 









      Stock-based compensation 

18,586


20,776


22,057




      Depreciation and amortization 

71,439


71,625


64,665




      Deferred taxes 

(15,658)


(30,849)


(36,482)




      Loss (gain) from sale of property, plant and equipment

(441)


1,844


818




      Tax benefit (shortfall) related to stock-based compensation 

7,635


(229)


3,204




      Impairment of long-lived assets

5,522


50,745


-




      Impairment of goodwill and intangible assets

-


93,010


2,580




      Impairment of investments in privately-held companies

-


-


3,723




      Excess tax benefit from stock-based compensation

(5,997)


(1,931)


(5,139)




      Changes in assets and liabilities: 









          Accounts receivable 

(19,921)


23,426


(15,566)




          Inventories 

9,194


(1,486)


7,717




          Other current assets 

(156)


1,009


7,194




          Accounts payable 

477


(12,007)


(4,044)




          Income taxes payable 

22,587


12,835


14,244




          Deferred revenue on shipments to distributors 

3,447


282


(1,283)




          All other accrued liabilities 

5,917


15,839


25,466




Net cash provided by (used in) operating activities 

182,064


172,855


211,698













Cash flows from investing activities: 









          Purchase of property, plant and equipment

(10,185)


(18,585)


(26,407)




          Proceeds from sales of property, plant and equipment

1,615


24,467


618




          Payments in connection with business acquisition, net of cash acquired

-


-


(5,750)




          Purchases of investments in privately-held companies securities

(200)


-


-




          Proceeds from maturity of debt investment in privately-held companies

500


-


-




Net cash provided by (used in) investing activities 

(8,270)


5,882


(31,539)













Cash flows from financing activities: 









         Excess tax benefit from stock-based compensation

5,997


1,931


5,139




    Contingent consideration paid

-


-


(104)




         Repayment of notes payable

-


-


(439)




         Net issuance of restricted stock units

(8,369)


(6,822)


(8,390)




         Proceeds from stock options exercised

31,098


8,323


29,538




         Issuance of ESPP shares under employee stock purchase program

-


18,653


-




         Repurchase of common stock

(36,774)


(59,666)


(51,083)




         Dividends paid

(79,419)


(79,169)


(73,481)




Net cash provided by (used in) financing activities 

(87,467)


(116,750)


(98,820)




Net increase (decrease) in cash and cash equivalents 

86,327


61,987


81,339




Cash and cash equivalents: 









          Beginning of period

1,305,870


1,243,883


1,149,909




          End of period

$1,392,197


$1,305,870


$1,231,248













Total cash, cash equivalents and short-term investments

$1,467,339


$1,380,882


$1,231,248
































ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES




(Unaudited)






Three Months Ended






March 28,


December 27,


March 29,






2015


2014


2014






(in thousands, except per share data)




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










GAAP gross profit


$ 315,268


$       314,077


$ 339,937




GAAP gross profit %


54.6%


55.4%


56.1%














Special items:










      Intangible asset amortization


18,750


18,750


18,542




      Accelerated depreciation (1)


9,834


8,895


-




      Acquisition-related inventory write-up


-


-


5,518




 Total special items 


28,584


27,645


24,060




 GAAP gross profit excluding special items 


$ 343,852


$       341,722


$ 363,997




 GAAP gross profit % excluding special items 


59.6%


60.3%


60.1%














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










GAAP operating expenses


$ 209,818


$       378,153


$ 233,199














Special items:










      Intangible asset amortization 


3,977


4,155


4,863




      Impairment of long-lived assets (2)


5,522


50,745


-




      Impairment of goodwill and intangible assets (3)


-


93,010


2,580




      Severance and restructuring (4) 


2,824


13,635


3,338




     Acquisition-related costs 


-


-


(88)




      Other operating expenses (income), net  


(2,184)


885


333




 Total special items 


10,139


162,430


11,026




 GAAP operating expenses excluding special items 


$ 199,679


$       215,723


$ 222,173














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










GAAP net income (loss)


$   79,433


$       (72,034)


$ 122,544














Special items:










      Intangible asset amortization 


22,727


22,905


23,405




      Accelerated depreciation (1)


9,834


8,895


-




    Acquisition-related inventory write-up


-


-


5,518




      Impairment of long-lived assets (2)


5,522


50,745


-




      Impairment of goodwill and intangible assets (3)


-


93,010


2,580




      Severance and restructuring (4) 


2,824


13,635


3,338




     Acquisition-related costs 


-


-


(88)




      Other operating expenses (income), net 


(2,184)


885


333




      Interest and other expense (income), net (5) 


-


(217)


3,723




              Pre-tax total special items 


38,723


189,858


38,809




     Tax effect of special items  


(3,910)


(21,283)


(3,658)




     Fixed Asset Tax Basis Adjustment (6) 


-


-


(34,562)




    Fiscal year 2014 research & development tax credits 


-


(2,863)


-




 GAAP net income excluding special items 


$ 114,246


$         93,678


$ 123,133














 GAAP net income per share excluding special items: 










    Basic 


$   0.40


$         0.33


$   0.44




    Diluted 


$   0.40


$         0.33


$   0.43














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










    Basic


283,418


282,992


282,627




    Diluted 


288,840


287,954


288,575














(1) Accelerated depreciation related to San Jose wafer manufacturing building and equipment.




(2) Includes impairment charges related to MEMS and non-MEMS wafer manufacturing equipment and end of line test equipment.




(3) Includes impairment of goodwill and write-off of in-process research and development related to MEMS and other business units.




(4) Include severance charges associated with the reorganization of various business units and manufacturing operations.




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










(6) Includes one-time fixed asset tax basis adjustments relating to prior year depreciation expense.






















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