Maxim Integrated Reports Results For The Third Quarter Of Fiscal 2016

 


CONSOLIDATED STATEMENTS OF CASH FLOWS



(Unaudited)




Three Months Ended




March 26, 


December 26, 


March 28, 




2016


2015


2015




(in thousands)



Cash flows from operating activities:








Net income (loss)

$   139,810


$      67,469


$     79,433



Adjustments to reconcile net income (loss) to net cash provided by operating activities:








Stock-based compensation

17,875


18,419


18,586



Depreciation and amortization

47,088


49,082


71,439



Deferred taxes

(333)


18,816


(15,658)



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

3,098


(4,517)


(441)



Loss (gain) on sale of business

(58,944)





Tax benefit (shortfall) related to stock-based compensation 

545


1,980


7,635



Impairment of long-lived assets

506


1,950


5,522



Excess tax benefit from stock-based compensation

(1,491)


(3,920)


(5,997)



Changes in assets and liabilities:








Accounts receivable

(47,322)


51,291


(19,921)



Inventories

22,785


15,811


9,194



Other current assets

(8,947)


(918)


(156)



Accounts payable

8,683


(7,659)


477



Income taxes payable

29,597


(26,875)


22,587



Deferred revenue on shipments to distributors

2,390


(3,024)


3,447



All other accrued liabilities

12,646


4,584


5,917



Net cash provided by (used in) operating activities

167,986


182,489


182,064



Cash flows from investing activities:








Payments for property, plant and equipment

(17,530)


(13,530)


(10,185)



Proceeds from sales of property, plant and equipment

136


49,709


1,615



Proceeds from sales of business

105,000


-


-



Purchases of available-for-sale securities

(24,861)


(25,032)


-



Purchases of privately-held companies' securities

(1,921)


(6,008)


(200)



Other investing activities

-


2,380


-



Proceeds from maturity of debt investment in privately-held companies

-


-


500



Net cash provided by (used in) investing activities

60,824


7,519


(8,270)



Cash flows from financing activities:








Excess tax benefit from stock-based compensation 

1,491


3,920


5,997



Net issuance of restricted stock units

(8,853)


(7,722)


(8,369)



Proceeds from stock options exercised

9,889


48,477


31,098



Issuance of common stock under employee stock purchase program


14,350




Repurchase of common stock

(83,801)


(23,150)


(36,774)



Dividends paid

(85,714)


(85,712)


(79,419)



Net cash provided by (used in) financing activities

(166,988)


(49,837)


(87,467)



Net increase (decrease) in cash and cash equivalents

61,822


140,171


86,327



Cash and cash equivalents:








Beginning of period

1,648,518


1,508,347


1,305,870



End of period

$1,710,340


$ 1,648,518


$1,392,197











Total cash, cash equivalents, and short-term investments

$1,860,416


$ 1,773,473


$1,467,339




































ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES



(Unaudited)





Three Months Ended





March 26, 


December 26, 


March 28, 





2016


2015


2015





(in thousands, except per share data)



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









GAAP gross profit


$   318,841


$        292,169


$   315,268



GAAP gross profit %


57.4%


57.2%


54.6%












Special items:









Intangible asset amortization


11,829


14,734


18,750



Accelerated depreciation (1)


4,066


2,032


9,834



Other cost of goods sold (2)


6,123


-


-



 Total special items 


22,018


16,766


28,584



 GAAP gross profit excluding special items 


$   340,859


$        308,935


$   343,852



 GAAP gross profit % excluding special items 


61.4%


60.5%


59.6%












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









GAAP operating expenses


$   141,133


$        202,636


$   209,818












Special items:









Intangible asset amortization


2,538


3,538


3,977



Impairment of long-lived assets


506


1,950


5,522



Severance and restructuring


2,552


10,652


2,824



Other operating expenses (income), net (3)


(55,419)


(247)


(2,184)



 Total special items 


(49,823)


15,893


10,139



 GAAP operating expenses excluding special items 


$   190,956


$        186,743


$   199,679












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









GAAP net income (loss)


$   139,810


$          67,469


$     79,433












Special items:









Intangible asset amortization


14,367


18,272


22,727



Accelerated depreciation (1)


4,066


2,032


9,834



Other cost of goods sold (2)


6,123


-


-



Impairment of long-lived assets 


506


1,950


5,522



Severance and restructuring


2,552


10,652


2,824



Other operating expenses (income), net (3)


(55,419)


(247)


(2,184)



Interest and other expense (income), net 


(45)


595


-



 Pre-tax total special items 


(27,850)


33,254


38,723



Fiscal year 2015 research & development tax credits


-


(2,475)


-



Other income tax effects and adjustments (4)


5,698


(5,428)


(3,910)



 GAAP net income excluding special items 


$   117,658


$          92,820


$   114,246












 GAAP net income per share excluding special items: 









Basic


$     0.41


$          0.33


$     0.40



Diluted


$     0.41


$          0.32


$     0.40












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









Basic


285,854


285,526


283,418



Diluted 


289,783


290,521


288,840















(1) Includes building and equipment accelerated depreciation related to San Jose and Dallas manufacturing facilities.



(2) Includes expense related to patent license settlement.



(3) Includes gain on sale of energy metering business during the third quarter of fiscal year 2016.



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















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