FORM |
Date of Report (Date of earliest event reported): |
(State or Other Jurisdiction of Incorporation or Organization) | (Commission file number) | (I.R.S. Employer Identification No.) |
Title of each class | Trading Symbol | Name of each exchange on which registered |
Exhibit | Description | |
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
MAXIM INTEGRATED PRODUCTS, INC. | |
By:/s/ Brian C. White | |
Brian C. White | |
Senior Vice President, Chief Financial Officer |
• | Revenue: $545 million |
• | Gross Margin: 66.4% GAAP (67.4% excluding special items) |
• | EPS: $0.77 GAAP ($0.58 excluding special items) |
• | Cash flow from operations: $212 million |
• | Capital expenditures: $16 million |
• | Dividends paid: $128 million ($0.48 per share) |
• | Stock repurchases: $82 million |
CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||
June 27, 2020 | March 28, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||
Net revenues | $ | 545,369 | $ | 561,916 | $ | 556,545 | $ | 2,191,395 | $ | 2,314,329 | |||||||||||
Cost of goods sold | 183,001 | 195,479 | 200,154 | 758,743 | 813,823 | ||||||||||||||||
Gross margin | 362,368 | 366,437 | 356,391 | 1,432,652 | 1,500,506 | ||||||||||||||||
Operating expenses: | |||||||||||||||||||||
Research and development | 110,173 | 109,091 | 105,136 | 440,166 | 435,222 | ||||||||||||||||
Selling, general and administrative | 72,893 | 71,643 | 75,130 | 296,722 | 308,617 | ||||||||||||||||
Intangible asset amortization | 810 | 756 | 756 | 3,078 | 3,041 | ||||||||||||||||
Impairment of long-lived assets | — | — | — | — | 753 | ||||||||||||||||
Severance and restructuring expenses | 678 | 523 | 1,715 | 5,363 | 5,632 | ||||||||||||||||
Other operating expenses (income), net | (173 | ) | 1,077 | 83 | 929 | 143 | |||||||||||||||
Total operating expenses | 184,381 | 183,090 | 182,820 | 746,258 | 753,408 | ||||||||||||||||
Operating income | 177,987 | 183,347 | 173,571 | 686,394 | 747,098 | ||||||||||||||||
Interest and other income (expense), net | (8,488 | ) | (1,622 | ) | 4,079 | (8,298 | ) | 7,323 | |||||||||||||
Income before taxes | 169,499 | 181,725 | 177,650 | 678,096 | 754,421 | ||||||||||||||||
Provision for (benefit from) income taxes (1)(2) | (37,799 | ) | 20,535 | (189,908 | ) | 23,402 | (73,065 | ) | |||||||||||||
Net income | $ | 207,298 | $ | 161,190 | $ | 367,558 | $ | 654,694 | $ | 827,486 | |||||||||||
Earnings per share: | |||||||||||||||||||||
Basic | $ | 0.78 | $ | 0.60 | $ | 1.35 | $ | 2.43 | $ | 3.01 | |||||||||||
Diluted | $ | 0.77 | $ | 0.59 | $ | 1.33 | $ | 2.41 | $ | 2.97 | |||||||||||
Shares used in the calculation of earnings per share: | |||||||||||||||||||||
Basic | 266,639 | 269,003 | 272,382 | 269,341 | 274,966 | ||||||||||||||||
Diluted | 268,777 | 271,579 | 275,834 | 272,028 | 278,777 | ||||||||||||||||
Dividends paid per share | $ | 0.48 | $ | 0.48 | $ | 0.46 | $ | 1.92 | $ | 1.84 | |||||||||||
SCHEDULE OF SPECIAL ITEMS | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three Months Ended | Year Ended | ||||||||||||||||||||
June 27, 2020 | March 28, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | |||||||||||||||||
(in thousands) | |||||||||||||||||||||
Cost of goods sold: | |||||||||||||||||||||
Intangible asset amortization | $ | 3,528 | $ | 3,111 | $ | 4,038 | $ | 12,860 | $ | 22,829 | |||||||||||
Cost of COVID-19 response programs | 1,591 | 2,025 | — | 3,616 | — | ||||||||||||||||
Total | $ | 5,119 | $ | 5,136 | $ | 11,759 | $ | 16,476 | $ | 22,829 | |||||||||||
Operating expenses: | |||||||||||||||||||||
Intangible asset amortization | $ | 810 | $ | 756 | $ | 756 | $ | 3,078 | $ | 3,041 | |||||||||||
Impairment of long-lived assets | — | — | — | — | 753 | ||||||||||||||||
Severance and restructuring | 678 | 523 | 1,715 | 5,363 | 5,632 | ||||||||||||||||
Other operating expenses (income), net | (173 | ) | 1,077 | (3) | 83 | 928 | 143 | ||||||||||||||
Total | $ | 1,315 | $ | 2,356 | $ | 2,554 | $ | 9,369 | $ | 9,569 | |||||||||||
Interest and other expense (income), net | $ | 1,484 | $ | (587 | ) | $ | (2,980 | ) | $ | (541 | ) | $ | (4,565 | ) | |||||||
Total | $ | 1,484 | $ | (587 | ) | $ | (2,980 | ) | $ | (541 | ) | $ | (4,565 | ) | |||||||
Provision for (benefit from) for income taxes: | |||||||||||||||||||||
Impact of U.S. tax legislation (1) | $ | 6,486 | $ | — | $ | 47,703 | $ | 6,486 | $ | 68,729 | |||||||||||
Impact of income tax audit settlements (2) | (51,197 | ) | — | (251,599 | ) | (51,197 | ) | (251,599 | ) | ||||||||||||
Total | $ | (44,711 | ) | $ | — | $ | (203,896 | ) | $ | (44,711 | ) | $ | (182,870 | ) | |||||||
(1) Includes effect of U.S. tax legislation enacted on December 22, 2017. | |||||||||||||||||||||
(2) Includes effect of income tax audit settlements. | |||||||||||||||||||||
(3) Includes approximately $0.5 million of acquisition-related costs and $0.5 million of cost related to COVID-19 response programs. | |||||||||||||||||||||
CONSOLIDATED BALANCE SHEETS | |||||||||||||
(Unaudited) | |||||||||||||
June 27, 2020 | March 28, 2020 | June 29, 2019 | |||||||||||
(in thousands) | |||||||||||||
ASSETS | |||||||||||||
Current assets: | |||||||||||||
Cash and cash equivalents | $ | 1,578,670 | $ | 1,638,667 | $ | 1,757,342 | |||||||
Short-term investments | 35,536 | 47,109 | 140,990 | ||||||||||
Total cash, cash equivalents and short-term investments | 1,614,206 | 1,685,776 | 1,898,332 | ||||||||||
Accounts receivable, net | 404,778 | 378,273 | 360,016 | ||||||||||
Inventories | 259,626 | 220,686 | 246,512 | ||||||||||
Other current assets | 39,219 | 25,288 | 34,640 | ||||||||||
Total current assets | 2,317,829 | 2,310,023 | 2,539,500 | ||||||||||
Property, plant and equipment, net | 550,406 | 564,636 | 577,722 | ||||||||||
Intangible assets, net | 87,959 | 44,642 | 56,242 | ||||||||||
Goodwill | 562,540 | 532,251 | 532,251 | ||||||||||
Other assets | 110,569 | 97,383 | 38,267 | ||||||||||
TOTAL ASSETS | $ | 3,629,303 | $ | 3,548,935 | $ | 3,743,982 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||
Current liabilities: | |||||||||||||
Accounts payable | $ | 91,982 | $ | 83,519 | $ | 84,335 | |||||||
Price adjustment and other revenue reserves | 148,916 | 111,235 | 100,490 | ||||||||||
Income taxes payable | 43,457 | 39,809 | 33,765 | ||||||||||
Accrued salary and related expenses | 126,751 | 122,220 | 118,704 | ||||||||||
Accrued expenses | 42,228 | 31,143 | 33,873 | ||||||||||
Total current liabilities | 453,334 | 387,926 | 371,167 | ||||||||||
Long-term debt | 994,022 | 993,663 | 992,584 | ||||||||||
Income taxes payable | 385,072 | 434,415 | 469,418 | ||||||||||
Other liabilities | 139,418 | 112,988 | 65,537 | ||||||||||
Total liabilities | 1,971,846 | 1,928,992 | 1,898,706 | ||||||||||
Stockholders' equity: | |||||||||||||
Common stock and capital in excess of par value | 266 | 267 | 272 | ||||||||||
Retained earnings | 1,671,786 | 1,632,325 | 1,856,358 | ||||||||||
Accumulated other comprehensive loss | (14,595 | ) | (12,649 | ) | (11,354 | ) | |||||||
Total stockholders' equity | 1,657,457 | 1,619,943 | 1,845,276 | ||||||||||
TOTAL LIABILITIES & STOCKHOLDERS' EQUITY | $ | 3,629,303 | $ | 3,548,935 | $ | 3,743,982 | |||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||||||||||||
(Unaudited) | |||||||||||||||||||||
Three months ended | Year Ended | ||||||||||||||||||||
June 27, 2020 | March 28, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | |||||||||||||||||
(in thousands, except per share data) | |||||||||||||||||||||
Cash flows from operating activities: | |||||||||||||||||||||
Net income | $ | 207,298 | $ | 161,190 | $ | 367,558 | $ | 654,694 | $ | 827,486 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||||||
Stock-based compensation | 23,290 | 23,403 | 22,004 | 95,431 | 86,977 | ||||||||||||||||
Depreciation and amortization | 36,384 | 24,141 | 25,569 | 108,533 | 110,745 | ||||||||||||||||
Deferred taxes | 14,386 | (3,161 | ) | 26,118 | 8,994 | 13,957 | |||||||||||||||
Loss from sale of property, plant and equipment | 557 | 145 | 643 | 1,191 | 3,967 | ||||||||||||||||
Other Adjustments | 2,127 | 3,265 | (268 | ) | 11,353 | (3 | ) | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||||||
Accounts receivable, price adjustment and other revenue reserves | 13,603 | (23,933 | ) | 15,615 | 6,091 | 21,090 | |||||||||||||||
Inventories | (34,562 | ) | 3,308 | 26,383 | (8,671 | ) | 36,003 | ||||||||||||||
Other assets | (25,769 | ) | (4,710 | ) | (11,875 | ) | (86,299 | ) | (14,901 | ) | |||||||||||
Accounts payable | 5,405 | (2,655 | ) | 699 | 7,594 | (10,272 | ) | ||||||||||||||
Income taxes payable | (45,855 | ) | 2,174 | (229,776 | ) | (74,814 | ) | (176,114 | ) | ||||||||||||
All other accrued liabilities | 15,465 | 26,624 | (5,203 | ) | 76,758 | (23,095 | ) | ||||||||||||||
Net cash provided by operating activities | 212,329 | 209,791 | 237,467 | 800,855 | 875,840 | ||||||||||||||||
Cash flows from investing activities: | |||||||||||||||||||||
Purchases of property, plant and equipment | (15,680 | ) | (17,068 | ) | (30,653 | ) | (67,049 | ) | (82,823 | ) | |||||||||||
Proceeds from sales of property, plant and equipment | 124 | 97 | 306 | 392 | 340 | ||||||||||||||||
Proceeds from sales of available-for-sale securities | 1,290 | — | — | 1,290 | 30,192 | ||||||||||||||||
Proceeds from maturity of available-for-sale securities | 10,734 | 15,485 | 103,431 | 104,286 | 1,130,514 | ||||||||||||||||
Payment in connection with business acquisition, net of cash acquired | (69,270 | ) | — | — | (69,270 | ) | (2,949 | ) | |||||||||||||
Purchases of available-for-sale securities | — | — | — | — | (214,587 | ) | |||||||||||||||
Purchases of investments in privately-held companies | (1,840 | ) | (120 | ) | (1,500 | ) | (1,960 | ) | (3,176 | ) | |||||||||||
Proceeds from sale of investments in privately-held companies | 205 | 173 | — | 378 | — | ||||||||||||||||
Other investing activities | 2 | (50 | ) | (60 | ) | (116 | ) | (600 | ) | ||||||||||||
Net cash provided by (used in) investing activities | (74,435 | ) | (1,483 | ) | 71,524 | (32,049 | ) | 856,911 | |||||||||||||
Cash flows from financing activities: | |||||||||||||||||||||
Contingent consideration paid | — | — | — | (8,000 | ) | (9,052 | ) | ||||||||||||||
Net issuance of restricted stock units | (6,741 | ) | (11,570 | ) | (6,663 | ) | (35,877 | ) | (29,689 | ) | |||||||||||
Repayment of notes payable | — | — | — | — | (500,000 | ) | |||||||||||||||
Proceeds from stock options exercised | 2,240 | 7,810 | 5,414 | 18,870 | 24,400 | ||||||||||||||||
Issuance of common stock under employee stock purchase program | 23,725 | — | 22,486 | 42,260 | 40,175 | ||||||||||||||||
Repurchase of common stock | (82,299 | ) | (157,003 | ) | (102,104 | ) | (440,811 | ) | (539,151 | ) | |||||||||||
Dividends paid | (128,058 | ) | (129,072 | ) | (125,345 | ) | (517,162 | ) | (505,576 | ) | |||||||||||
Net cash used in financing activities | (191,133 | ) | (289,835 | ) | (206,212 | ) | (940,720 | ) | (1,518,893 | ) | |||||||||||
Net increase (decrease) in cash, cash equivalents and restricted cash | (53,239 | ) | (81,527 | ) | 102,779 | (171,914 | ) | 213,858 | |||||||||||||
Cash, cash equivalents and restricted cash | |||||||||||||||||||||
Beginning of period | $ | 1,638,667 | $ | 1,720,194 | $ | 1,654,563 | $ | 1,757,342 | $ | 1,543,484 | |||||||||||
End of period | $ | 1,585,428 | $ | 1,638,667 | $ | 1,757,342 | $ | 1,585,428 | $ | 1,757,342 | |||||||||||
Total cash, cash equivalents, and short-term investments | $ | 1,614,206 | $ | 1,685,776 | $ | 1,898,332 | $ | 1,614,206 | $ | 1,898,332 | |||||||||||
Cash, cash equivalents and restricted cash: | |||||||||||||||||||||
Cash and cash equivalents | $ | 1,578,670 | $ | 1,638,667 | $ | 1,757,342 | $ | 1,578,670 | $ | 1,757,342 | |||||||||||
Restricted cash in Other assets | 6,758 | — | — | 6,758 | — | ||||||||||||||||
Total cash, cash equivalents and restricted cash | $ | 1,585,428 | $ | 1,638,667 | $ | 1,757,342 | $ | 1,585,428 | $ | 1,757,342 | |||||||||||
ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES | ||||||||||||||||||||||
(Unaudited) | ||||||||||||||||||||||
Three Months Ended | Year Ended | |||||||||||||||||||||
June 27, 2020 | March 28, 2020 | June 29, 2019 | June 27, 2020 | June 29, 2019 | ||||||||||||||||||
(in thousands, except per share data) | ||||||||||||||||||||||
Reconciliation of GAAP gross profit to GAAP gross profit excluding special items: | ||||||||||||||||||||||
GAAP gross profit | $ | 362,368 | $ | 366,437 | $ | 356,391 | $ | 1,432,652 | $ | 1,500,506 | ||||||||||||
GAAP gross profit % | 66.4 | % | 65.2 | % | 64.0 | % | 65.4 | % | 64.8 | % | ||||||||||||
Special items: | ||||||||||||||||||||||
Intangible asset amortization | 3,528 | 3,111 | 4,038 | 12,860 | 22,829 | |||||||||||||||||
Cost of COVID-19 response programs | 1,591 | 2,025 | — | 3,616 | — | |||||||||||||||||
Total special items | 5,119 | 5,136 | 4,038 | 16,476 | 22,829 | |||||||||||||||||
GAAP gross profit excluding special items | $ | 367,487 | $ | 371,573 | $ | 360,429 | $ | 1,449,128 | $ | 1,523,335 | ||||||||||||
GAAP gross profit % excluding special items | 67.4 | % | 66.1 | % | 64.8 | % | 66.1 | % | 65.8 | % | ||||||||||||
Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items: | ||||||||||||||||||||||
GAAP operating expenses | $ | 184,381 | $ | 183,090 | $ | 182,820 | $ | 746,258 | $ | 753,408 | ||||||||||||
Special items: | ||||||||||||||||||||||
Intangible asset amortization | 810 | 756 | 756 | 3,078 | 3,041 | |||||||||||||||||
Impairment of long-lived assets | — | — | — | — | 753 | |||||||||||||||||
Severance and restructuring | 678 | 523 | 1,715 | 5,363 | 5,632 | |||||||||||||||||
Other operating expenses (income), net | (173 | ) | 1,077 | (1) | 83 | 928 | 143 | |||||||||||||||
Total special items | 1,315 | 2,356 | 2,554 | 9,369 | 9,569 | |||||||||||||||||
GAAP operating expenses excluding special items | $ | 183,066 | $ | 180,734 | $ | 180,266 | $ | 736,889 | $ | 743,839 | ||||||||||||
Reconciliation of GAAP net income to GAAP net income excluding special items: | ||||||||||||||||||||||
GAAP net income | $ | 207,298 | $ | 161,190 | $ | 367,558 | $ | 654,694 | $ | 827,486 | ||||||||||||
Special items: | ||||||||||||||||||||||
Intangible asset amortization | 4,338 | 3,867 | 4,794 | 15,938 | 25,870 | |||||||||||||||||
Cost of COVID-19 response programs | 1,591 | 2,025 | — | 3,616 | — | |||||||||||||||||
Impairment of long-lived assets | — | — | — | — | 753 | |||||||||||||||||
Severance and restructuring | 678 | 523 | 1,715 | 5,363 | 5,632 | |||||||||||||||||
Other operating expenses (income), net | (173 | ) | 1,077 | (1) | 83 | 928 | 143 | |||||||||||||||
Interest and other expense (income), net | 1,484 | (587 | ) | (2,980 | ) | (541 | ) | (4,565 | ) | |||||||||||||
Pre-tax total special items | 7,918 | 6,905 | 3,612 | 25,304 | 27,833 | |||||||||||||||||
Other income tax effects and adjustments (2) | (14,378 | ) | (2,101 | ) | (11,271 | ) | (19,668 | ) | 4,747 | |||||||||||||
Impact of U.S. tax legislation (3) | 6,486 | — | 47,703 | 6,486 | 68,729 | |||||||||||||||||
Impact of income tax audit settlements (4) | (51,197 | ) | — | (251,599 | ) | (51,197 | ) | (251,599 | ) | |||||||||||||
GAAP net income excluding special items | $ | 156,127 | $ | 165,994 | $ | 156,003 | $ | 615,619 | $ | 677,196 | ||||||||||||
GAAP net income per share excluding special items: | ||||||||||||||||||||||
Basic | $ | 0.59 | $ | 0.62 | $ | 0.57 | $ | 2.29 | $ | 2.46 | ||||||||||||
Diluted | $ | 0.58 | $ | 0.61 | $ | 0.57 | $ | 2.26 | $ | 2.43 | ||||||||||||
Shares used in the calculation of earnings per share excluding special items: | ||||||||||||||||||||||
Basic | 266,639 | 269,003 | 272,382 | 269,341 | 274,966 | |||||||||||||||||
Diluted | 268,777 | 271,579 | 275,834 | 272,028 | 278,777 | |||||||||||||||||
(1) Includes approximately $0.5 million of acquisition-related costs and $0.5 million of cost related to COVID-19 response programs. | ||||||||||||||||||||||
(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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Document and Entity Information Document |
Jul. 28, 2020 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Jul. 28, 2020 |
Entity File Number | 1-34192 |
Entity Registrant Name | MAXIM INTEGRATED PRODUCTS, INC. |
Entity Central Index Key | 0000743316 |
Amendment Flag | false |
Entity Incorporation, State or Country Code | DE |
Entity Tax Identification Number | 94-2896096 |
Entity Address, Address Line One | 160 Rio Robles |
Entity Address, City or Town | San Jose |
Entity Address, State or Province | CA |
Entity Address, Postal Zip Code | 95134 |
City Area Code | 408 |
Local Phone Number | 601-1000 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Entity Emerging Growth Company | false |
Title of 12(b) Security | Common stock, $0.001 par value |
Trading Symbol | MXIM |
Security Exchange Name | NASDAQ |
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