Investor Relations

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    Financial Results


    Quarterly Highlights

    • Revenue: $576 million
    • Gross Margin: 64.9% GAAP (66.9% excluding special items)
    • EPS: $0.54 GAAP ($0.60 excluding special items)
    • Fiscal second quarter revenue outlook: $600 million to $640 million (See Business Outlook section)

    SAN JOSE, CA.-- October 19, 2017 -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $576 million for its first quarter of fiscal 2018 ended September 23, 2017, a 4% decrease from the $602 million revenue recorded in the prior quarter, and a 3% increase from the same quarter of last year.

    Tunc Doluca, President and Chief Executive Officer, commented, "We are pleased with our performance in the September quarter. Revenue growth was led by double-digit increases in Industrial and Automotive from the same quarter last year.” Mr. Doluca continued, “Looking forward, we expect strong growth in Automotive, Industrial and Data Center in the December quarter with continued solid profitability.”

    Fiscal Year 2018 First Quarter Results

    Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the September quarter was $0.54. The results were affected by pre-tax special items which primarily consisted of $13 million in charges related to acquisitions and $5 million in charges related to restructuring activities. GAAP earnings per share, excluding special items was $0.60. An analysis of GAAP versus GAAP excluding special items is provided in the last table of this press release.

    Cash Flow Items

    At the end of the first quarter of fiscal 2018, total cash, cash equivalents and short term investments were $2.77 billion, an increase of $29 million from the prior quarter. Notable items included:

    • Cash flow from operations: $220 million
    • Gross capital expenditures: $14 million
    • Dividends paid: $101 million ($0.36 per share)
    • Stock repurchases: $75 million

    Trailing twelve months free cash flow was $819 million. Free cash flow is a non-GAAP measure and is defined by net cash flow from operations less gross capital expenditures.

    Business Outlook

    The Company’s 90-day backlog at the beginning of the December 2017 quarter was $426 million. Based on the beginning backlog and expected turns, the final transition to sell-in revenue accounting for distribution, and a 14-week quarter, our results for the December 2017 quarter are forecasted to be as follows:

    • Revenue: $600 million to $640 million (including $18 to $22 million for sell-in transition)
    • Gross Margin: 64% to 66% GAAP (66% to 68% excluding special items)
    • EPS: $0.57 to $0.63 GAAP ($0.61 to $0.67 excluding special items)

    Maxim Integrated's business outlook does not include the potential impact of any special items related to restructuring activity, acquisitions, or other business combinations that may be completed during the quarter.

    A cash dividend of $0.36 per share will be paid on December 14, 2017, to stockholders of record on November 30, 2017.

    Financial Statements

    For further information and disclosures, please see Maxim's press release.

    $819 Million

    TTM Free Cash Flow at 35% of Revenue

    Analyst Coverage

    Firm Analyst
    Bank of America Merrill Lynch (US) Arya, Vivek
    Barclays Capital Inc. Curtis, Blayne P.
    Bloomberg Ho, Woo Jin
    BMO Capital Markets (Canada) Srivastava, Ambrish
    B. Riley & Co., LLC Ellis, Craig A.
    Citi Investment Research (US) Danley, Christopher
    Cleveland Research Company Rottinghaus, Kevin G.
    Credit Suisse Securities (USA) LLC Pitzer, John W.
    Deutsche Bank Securities Inc. Seymore, Ross C.
    Drexel Hamilton Acree, Cody
    Evercore ISI Institutional Equities Muse, Christopher J.
    Goldman Sachs & Company, Inc. Hari, Toshiya
    Jefferies LLC Lipacis, Mark J.
    J.P. Morgan Securities LLC Sur, Harlan L.
    KeyBanc Capital Markets McConnell, Michael C.
    Loop Capital Van Hees, Betsy
    Macquarie Pajjuri, Srini
    MKM Partners Roy, Ruben
    Morgan Stanley & Co. LLC Hettenbach, Craig M.
    Morningstar, Inc. (Research) Colello, Brian
    Oppenheimer & Co. Inc. Schafer, Richard E.
    Raymond James Caso, Christopher
    RBC Capital Markets Wealth Management Daryanani, Amit J.
    Stifel, Nicolaus & Company, Inc. Svanberg, Tore E.
    SunTrust Robinson Humphrey, Inc. Stein, William S.
    Susquehanna Rolland, Christopher 
    UBS Securities LLC Chin, Steven
    Wells Fargo Securities, LLC Wong, David M.

    Contact Investor Relations

    Kathy Ta Vice President, Investor Relations 408-601-5697
    Mike Chu Director, Investor Relations 408-601-3370

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