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    Financial Results

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    Quarterly Highlights

    • Revenue: $551 million
    • Gross Margin: 65.4% GAAP (66.0% excluding special items)
    • EPS: $0.53 GAAP ($0.56 excluding special items)
    • Fiscal third quarter revenue outlook: $555 million to $595 million

    SAN JOSE, CA.-- January 28, 2020 -- Maxim Integrated Products, Inc. (NASDAQ:MXIM) reported net revenue of $551 million for its second quarter of fiscal 2020 ended December 28, 2019, a 3% increase from the $533 million revenue recorded in the prior quarter, and a 4% decrease from the same quarter of last year.

    “Our December quarter results met our expectations, while also maintaining lean inventory levels,” said Tunc Doluca, President and Chief Executive Officer. “Looking forward to the March quarter, we expect a return to revenue growth for the company from the same quarter last year, driven by growth in Communications and Data Center, Industrial and Automotive markets.”

    Fiscal Year 2020 Second Quarter Results

    Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the December quarter was $0.53. 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 $0.56. An analysis of GAAP versus GAAP excluding special items is provided in this press release.

    Cash Flow Items

    At the end of the second quarter of fiscal 2020, total cash, cash equivalents and short-term investments were $1.8 billion, down $10 million from the prior quarter. Notable items included:

    • Cash flow from operations: $237 million
    • Capital expenditures: $14 million
    • Dividends paid: $130 million ($0.48 per share)
    • Stock repurchases: $108 million

    Trailing twelve months free cash flow was $737 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 March 2020 quarter was $456 million. Based on the beginning backlog and expected turns, our results for the March 2020 quarter are forecasted to be as follows:

    • Revenue: $555 to $595 million
    • Gross Margin: 65% to 67% GAAP (65.5% to 67.5% excluding special items)
    • EPS: $0.56 to $0.64 GAAP ($0.57 to $0.65 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 March 13, 2020, to stockholders of record on February 27, 2020.

    Financial Statements



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


    $737 Million

    TTM Free Cash Flow at 34% 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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