Investor Relations

SEC Filings

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    Financial Results

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    Quarterly Highlights

    • Revenue: $619 million
    • Gross Margin: 67.3% GAAP (68.4% excluding special items)
    • EPS: $0.63 GAAP ($0.72 excluding special items)

    SAN JOSE, CA.-- October 27, 2020 -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $619 million for its first quarter of fiscal 2021 ended September 26, 2020, a 14% increase from the $545 million revenue recorded in the prior quarter, and a 16% increase from the same quarter of last year.

    “Revenue in the September quarter increased strongly in Consumer and Automotive on a sequential basis. The robust uptick was driven by infotainment, driver assistance and electric vehicle content in Automotive, and across smartphones, gaming, wearables, tablets and broad-based personal electronics in Consumer. Revenue also grew across all of our major end markets compared to the same quarter a year ago, with double-digit growth in Communications and Data Center, Industrial and Automotive. Additionally, we are progressing per plan towards closure of our merger with Analog Devices,” said Tunc Doluca, President and Chief Executive Officer.

    Fiscal Year 2021 First Quarter Results

    Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the September quarter was $0.63. The results were affected by $30 million in pre-tax special items which primarily consisted of $15 million in charges related to the upcoming combination with Analog Devices, $9 million in restructuring costs unrelated to the merger, and $5 million of expenses related to prior acquisitions. GAAP earnings per share, excluding special items was $0.72. 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 2021, total cash, cash equivalents and short-term investments were $1.6 billion, down $2 million from the prior quarter. Notable items included:

    • Cash flow from operations: $163 million
    • Capital expenditures: $13 million
    • Dividends paid: $128 million ($0.48 per share)
    • Stock repurchases: $9 million

    Trailing twelve months free cash flow was $763 million. Free cash flow is a non-GAAP measure and is defined by cash flow from operations less capital expenditures.

    Dividend and Stock Repurchase

    Per the terms of the Merger Agreement between the Company and Analog Devices, we will not declare dividends that would have been paid in the upcoming months of December, March, June and September and have suspended our open market stock repurchase program.

    Due to the pending merger with Analog Devices, Maxim Integrated will not be hosting a quarterly earnings conference call and has suspended the practice of providing forward-looking guidance. Investors are requested to review our Investor Relations website for the quarterly financial highlights and SEC filings for the latest updates on the pending transaction.

    Financial Statements



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

    $763 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
    Cowen Equity Research Ramsay, Matthew D.
    Credit Suisse Securities (USA) LLC Pitzer, John W.
    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
    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.
    Susquehanna Rolland, Christopher 
    The Benchmark Company Roy, Ruben
    Truist Securities, Inc. Stein, William S.

    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 Senior Manager, Investor Relations 408-601-3982 eric.chow@maximintegrated.com

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