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    Financial Results

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    Quarterly Highlights

    • Revenue: $533 million
    • Gross Margin: 64.4% GAAP (65.0% excluding special items)
    • EPS: $0.51 GAAP ($0.52 excluding special items)
    • Fiscal second quarter revenue outlook: $525 million to $565 million

    SAN JOSE, CA.-- October 29, 2019 -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $533 million for its first quarter of fiscal 2020 ended September 28, 2019, a 4% decrease from the $557 million revenue recorded in the prior quarter, and a 17% decrease from the same quarter of last year.

    “Our September quarter results met our expectations, while also maintaining lean inventory levels,” said Tunc Doluca, President and Chief Executive Officer. “Looking forward to the December quarter, we expect sequential growth in Communications and Data Center, Automotive and Industrial, partially offset by smartphone-related headwinds and holiday seasonality in Consumer.”

    Fiscal Year 2020 First Quarter Results

    Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the September quarter was $0.51. The results were affected by $5 million in pre-tax special items which primarily consisted of charges related to acquisitions. GAAP earnings per share, excluding special items was $0.52. An analysis of GAAP versus GAAP excluding special items is provided in this press release.

    Cash Flow Items

    At the end of the first quarter of fiscal 2020, total cash, cash equivalents and short-term investments were $1.8 billion, down $105 million from the prior quarter. Notable items included:

    • Cash flow from operations: $141 million
    • Capital expenditures: $21 million
    • Dividends paid: $130 million ($0.48 per share)
    • Stock repurchases: $94 million

    Trailing twelve months free cash flow was $725 million. Free cash flow is a non-GAAP measure and is defined by cash flow from operations less capital expenditures.

    Business Outlook

    The Company’s 90-day backlog at the beginning of the December 2019 quarter was $402 million. Based on the beginning backlog and expected turns, our results for the December 2019 quarter are forecasted to be as follows:

    • Revenue: $525 to $565 million
    • Gross Margin: 63.5% to 65.5% GAAP (64% to 66% excluding special items)
    • EPS: $0.47 to $0.55 GAAP ($0.49 to $0.57 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.

    Dividend

    A cash dividend of $0.48 per share will be paid on December 13, 2019, to stockholders of record on November 27, 2019.

    Financial Statements



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

    $725 Million

    TTM Free Cash Flow at 33% 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
    Citi Investment Research (US) Danely, Christopher
    Credit Suisse Securities (USA) LLC Pitzer, John W.
    Cowen Equity ResearchRamsay, Matthew D.
    Deutsche Bank Securities Inc. Seymore, Ross C.
    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 Vinh, John
    Loop Capital Markets Acree, Cody
    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
    Steves, Mitch
    Stifel, Nicolaus & Company, Inc. Svanberg, Tore E.
    SunTrust Robinson Humphrey, Inc. Stein, William S.
    Susquehanna Rolland, Christopher 

    Contact Investor Relations

    Kathy Ta Vice President, Investor Relations 408-601-5697 kathy.ta@maximintegrated.com
    Evan Wang Senior Manager, Investor Relations 408-601-5451 evan.wang@maximintegrated.com
    Eric Chow Manager, Investor Relations 408-601-3982 eric.chow@maximintegrated.com

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