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Maxim Integrated Q2 2016 Earnings Report

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Fiscal 2016 Second Quarter Results January 21st, 2016


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Safe Harbor This presentation contains forward-looking statements within the meaning of Section 27A of the Securities act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, without limitation, the Company’s projections and statements regarding revenue, gross margin, earnings per share, capital expenditures and other financial and business metrics. These statements involve risks and uncertainties that could cause actual results to differ materially from expectations. Please refer to the Company’s Annual Report on Form 10-K for the fiscal year ended June 27, 2015 for a description of some of the risk factors that could cause actual results to differ materially from such forward-looking statements. All forward-looking statements included in this presentation are made as of the date hereof, based on the information available to the Company as of the date hereof, and the Company assumes no obligation to update any forward-looking statement. 2


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Fiscal 2016 Second Quarter Results Summary • Net Revenue of $511 million • Gross Margin of 60.5% (excluding special items); 57.2% (GAAP) • Earnings Per Share of $0.32 profit (excluding special items); $0.23 profit (GAAP) • Returned $109 million to shareholders • Dividend payout: $86 million • Stock repurchases: $23 million • TTM1 Free Cash Flow of $703 million, 32% of TTM revenue 1TTM: Trailing Twelve Months Note: Free Cash Flow = Cash Flow from Operations – Net Capital Expenditures Net Capital Expenditures = Gross Capital Expenditures – Asset Sales 3


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Results and Guidance 4


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Fiscal 2016 Second Quarter Results vs. Last Year Revenue Earnings per Share TTM1 Free Cash Flow3 (Excluding Special Items2) +6% -3% -10% $0.33 $567M $0.32 $662M FY16 Q2 FY15 Q2 $703M $511M FY15 Q2 1TTM: FY15 Q2 Trailing Twelve Months Items definition in appendix Note: Free Cash Flow: Cash Flow from Operations – Net Capital Expenditures Net Capital Expenditures: Gross Capital Expenditures – Asset Sales 2Special 5 FY16 Q2 FY16 Q2


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Fiscal 2016 Second Quarter Results by End Market -23% 29% Consumer Industrial -5% -18% +34% 28% 21% 5% Computing 17% Communications & Data Center -19% Automotive Comms & Computing Data Center FY16 Q2 Revenue: $511M Note: Due to nature of our general purpose products, estimates by Major Markets are imprecise 6 Consumer Industrial FY15 Q2 vs. FY16 Q2 Revenue Automotive


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Fiscal 2016 Third Quarter Guidance FY16 Q3 Guidance Revenue $535M – $575M Gross Margin 60% – 63% GAAP excl. Special Items2 (57% – 60% GAAP) Earnings Per Share $0.38 – $0.44 GAAP excl. Special Items2 ($0.35 – $0.41 GAAP) Capital Expenditures FY16 Q3 End Market Guidance vs. FY16 Q2  Automotive strongly up  Industrial strongly up1  Data Center & Comms strongly up  Consumer strongly up  Computing down Target range of 1 – 3% of revenue 1”Strongly up” is normalized for impact of energy meter business divestiture; revenue guidance includes impact of divestiture Items definition in Appendix Note: Maxim Integrated’s business outlook does not include the potential impact of any restructuring activity, acquisitions, or other business combinations that may be completed during the quarter. 2Special 7


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Key Metrics 8


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TTM1 Free Cash Flow $M As % of Revenue $900 32% 30% $600 20% $300 10% $0 0% FY11 Q2 1TTM: 9 FY12 Q2 FY13 Q2 Trailing Twelve Months Note: Free Cash Flow: Cash from Operations – Net Capital Expenditures Net Capital Expenditures: Gross Capital Expenditures – Asset Sales FY14 Q2 FY15 Q2 FY16 Q2


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TTM1 Free Cash Flow vs. Net Income (excluding Special Items) $M $900 Free Cash Flow, TTM Net Income (ex-SI), TTM $600 $300 $0 FY11 Q2 1TTM: 10 FY12 Q2 FY13 Q2 Trailing Twelve Month Note: Free Cash Flow = Cash from Operations – Net Capital Expenditures Net Capital Expenditures = Gross Capital Expenditures – Asset Sales FY14 Q2 FY15 Q2 FY16 Q2


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Capital Expenditures vs. Depreciation (excluding Special Items) % of Revenue 15% Accelerated Depreciation Series3 Depreciation 12% Capital Expenditures 9% 6% 3% CapEx Target: 1 to 3% of Revenue 0% FY11 Q2 11 FY12 Q2 FY13 Q2 FY14 Q2 FY15 Q2 FY16 Q2


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Return of Cash to Shareholders Dividends & Share Repurchases Quarterly Cash Dividend Per Share $0.30 $250 $0.30 +7% $200 $0.28 +8% $150 $0.26 +8% $100 Buyback $0.24 +9% Dividend $50 $0 +5% $0.20 FY12 Q2 FY14 Q2 FY16 Q2 $504M remaining in share repurchase program as of FY16 Q2 end 12 $0.22 FY12 Q1 FY14Q1 FY16 Q1


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Appendix 2Special Items: intangible asset amortization; accelerated depreciation; acquisition-related inventory write-up; impairment of long-lived assets; impairment of goodwill and intangible assets; severance and restructuring; acquisition-related costs; contingent consideration adjustments relating to certain acquisitions; expected loss on rent expense for vacated office space; loss related to sale of land and buildings; impairment of investments in privately-held companies; tax provision impacts due to fixed asset tax basis adjustment relating to prior year depreciation expense. 14


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Accelerated depreciation (1) Total special items GAAP gross profit excluding special items $ GAAP gross profit % excluding special items 2,032 16,766 308,935 $ 60.5% 43,631 60,269 346,620 61.6% Reconciliation of GAAP vs. GAAP Excluding Special Items (Unaudited) Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items: GAAP operating expenses ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES (Unaudited) Three Months Ended December 26, September 26, December 27, 2015 2015 2014 (in thousands, except per share data) Reconciliation of GAAP gross profit to GAAP gross profit excluding special items: GAAP gross profit $ GAAP gross profit % Special items: Intangible asset amortization Accelerated depreciation (1) Total special items GAAP gross profit excluding special items Special items: Intangible asset amortization Impairment of long-lived assets (2) Impairment of goodwill and intangible assets (3) Severance and restructuring (4) Other operating expenses (income), net Total special items GAAP operating expenses excluding special items Reconciliation of GAAP net income (loss) to GAAP net income excluding special items: GAAP net income (loss) Special items: Intangible asset amortization Accelerated depreciation (1) Impairment of long-lived assets (2) Impairment of goodwill and intangible assets (3) Severance and restructuring (4) Other operating expenses (income), net Interest and other expense (income), net Pre-tax total special items Fiscal year 2015 & 2014 research & development tax credits Other income tax effects and adjustments (5) GAAP net income excluding special items GAAP net income per share excluding special items: Basic Diluted 15 Shares used in the calculation of earnings per share excluding special items: Basic Diluted (6) $ 286,351 $ 314,077 57.2% $ GAAP gross profit % excluding special items Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items: GAAP operating expenses 292,169 50.9% 55.4% 14,734 2,032 16,766 308,935 16,638 43,631 60,269 346,620 18,750 8,895 27,645 341,722 $ 60.5% $ 202,636 $ 3,538 1,950 10,652 (247) 15,893 186,743 $ 61.6% $ 362,116 $ 3,591 157,697 7,126 315 168,729 193,387 $ 202,636 Special items: Intangible asset amortization Impairment of long-lived assets (2) Impairment of goodwill and intangible assets (3) Severance and restructuring (4) Other operating expenses (income), net Total special items GAAP operating expenses excluding special items Reconciliation of GAAP net income (loss) to GAAP net income excluding special items: GAAP net income (loss) 67,469 $ 18,272 2,032 1,950 10,652 (247) 595 33,254 (2,475) (5,428) 92,820 $ $ 0.33 0.32 285,526 290,521 (1) Building and equipment accelerated depreciation related to San Jose and Dallas manufacturing facilities. $ (72,143) $ 378,153 $ 4,155 50,745 93,010 13,635 885 162,430 215,723 $ 362,116 $ 378,153 $ 3,538 1,950 10,652 (247) 15,893 186,743 $ 3,591 157,697 7,126 315 168,729 193,387 $ 4,155 50,745 93,010 13,635 885 162,430 215,723 $ 67,469 $ (72,143) $ (72,034) Special items: Intangible asset amortization Accelerated depreciation (1) Impairment of long-lived assets (2) Impairment of goodwill and intangible assets (3) Severance and restructuring (4) Other operating expenses (income), net Interest and other expense (income), net Pre-tax total special items Fiscal year 2015 & 2014 research & development tax credits Other income tax effects and adjustments (5) GAAP net income excluding special items $ 18,272 2,032 1,950 10,652 (247) 595 33,254 (2,475) (5,428) 92,820 $ 20,229 43,631 157,697 7,126 315 (109) 228,889 (36,434) 120,312 $ 22,905 8,895 50,745 93,010 13,635 885 (217) 189,858 (2,863) (21,283) 93,678 $ $ 0.33 0.32 $ $ 0.42 0.42 $ $ 0.33 0.33 (72,034) $ 20,229 43,631 157,697 7,126 315 (109) 228,889 (36,434) 120,312 $ 22,905 8,895 50,745 93,010 13,635 885 (217) 189,858 (2,863) (21,283) 93,678 $ $ 0.42 0.42 $ $ 0.33 0.33 284,588 288,897 $ 60.3% 60.3% GAAP net income per share excluding special items: Basic Diluted $ $ 8,895 27,645 341,722 282,992 287,954 Shares used in the calculation of earnings per share excluding special items: Basic Diluted (6) 285,526 290,521 284,588 288,897 282,992 287,954 (1) Building and equipment accelerated depreciation related to San Jose and Dallas manufacturing facilities. (2) Includes impairment charges related to the San Antonio wafer manufacturing facility, MEMS wafer manufacturing equipment, end of line test equipment and certain research and development equipment. (3) Includes impairment of goodwill and write-off of in-process research and development related to MEMS business unit. (4) Includes severance charges associated with several reorganizations, primarily various business units and manufacturing operations. (5) Includes tax effect of pre-tax special items and miscellaneous tax adjustments. (6) Shares used in diluted earnings per share excluding special items differs from GAAP loss per share due to net income on a non-GAAP basis.


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