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Maxim Integrated Products, Inc$51.15($.30)(.58%)

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 Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2017, Increases Dividend By 9%
   Thursday, July 20, 2017 4:05:00 PM ET

Maxim Integrated Products, Inc. (MXIM ) reported net revenue of $602 million for its fourth quarter of fiscal 2017 ended June 24, 2017, a 4% increase from the $581 million revenue recorded in the prior quarter, and a 6% increase from the same quarter of last year.

https://mma.prnewswire.com/media/149839/maxim_integrated_products__inc__logo.jpg

Tunc Doluca, President and Chief Executive Officer, commented, "The June quarter marked the third consecutive quarter in our return to year-over-year growth, led by double-digit increases in Industrial and Automotive. Through solid execution in our manufacturing strategy, we exceeded our profitability targets and demonstrated strong earnings power and cash flow growth." Mr. Doluca continued, "Today, we are announcing a 9% increase in our dividend, reflecting our continued commitment to return cash to shareholders and confidence in our long-term outlook."

Fiscal Year 2017 Fourth Quarter Results Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $0.57. The results were affected by pre-tax special items which primarily consisted of $13 million in charges related to acquisitions and $3 million in charges related to restructuring activities. GAAP earnings per share, excluding special items was $0.63. 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 fourth quarter of fiscal 2017, total cash, cash equivalents and short term investments were $2.74 billion, an increase of $589 million from the prior quarter.

Notable items included:

-- Cash flow from operations: $237 million

-- Gross capital expenditures: $13 million

-- Bond offering: $496 million

-- Dividends: $93 million ($0.33 per share)

-- Stock repurchases: $76 million

Business Outlook The Company’s 90-day backlog at the beginning of the September 2017 quarter was $389 million. Based on the beginning backlog and expected turns, our results for the September 2017 quarter are forecasted to be as follows:

-- Revenue: $555 to $595 million

-- Gross Margin: 63% to 66% GAAP (65% to 68% excluding special items)

-- EPS: $0.48 to $0.54 GAAP ($0.52 to $0.58 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 and Share Repurchase Our Board of Directors approved a 9% increase in the quarterly dividend and a new share repurchase authorization of $1 billion. A cash dividend of $0.36 per share will be paid on September 14, 2017, to stockholders of record on August 31, 2017.

Conference Call Maxim Integrated has scheduled a conference call on July 20 at 2:00 p.m. Pacific Time to discuss its financial results for the fourth quarter of fiscal 2017 and its business outlook. This call will be webcast by Shareholder.com and can be accessed at the Company’s website at investor.maximintegrated.com.

A presentation summarizing financial information to be discussed on the conference call is posted at investor.maximintegrated.com.

 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
                                                              Three Months Ended                                                                  Year Ended
                                                              June 24,                    March 25,                   June 25,                    June 24,                    June 25,
                                                              2017                        2017                        2016                        2017                        2016
                                                              (in thousands, except per share data)
 Net revenues                                                 $     602,005               $      581,216              $    566,126                $     2,295,615             $    2,194,719
 Cost of goods sold (1) (2)                                   208,339                     214,312                     219,099                     849,135                     950,331
 Gross margin                                                 393,666                     366,904                     347,027                     1,446,480                   1,244,388
 Operating expenses:
 Research and development                                     114,011                     113,163                     113,491                     453,977                     467,161
 Selling, general and administrative                          75,129                      73,987                      71,483                      291,511                     288,899
 Intangible asset amortization                                2,050                       2,348                       2,538                       9,189                       12,205
 Impairment of long-lived assets (3)                          --                          1,000                       429                         7,517                       160,582
 Impairment of goodwill and intangible assets                 --                          --                          27,602                      --                          27,602
 Severance and restructuring expenses                         1,175                       450                         4,149                       12,453                      24,479
 Other operating expenses (income), net (4)                   1,923                       1,704                       4,962                       (22,944)                    (50,389)
 Total operating expenses (income), net                       194,288                     192,652                     224,654                     751,703                     930,539
 Operating income (loss)                                      199,378                     174,252                     122,373                     694,777                     313,849
 Interest and other income (expense), net (5)                 (3,798)                     (3,884)                     (6,427)                     (15,188)                    (28,795)
 Income (loss) before provision for income taxes              195,580                     170,368                     115,946                     679,589                     285,054
 Income tax provision (benefit)                               32,271                      30,155                      23,607                      107,976                     57,579
 Net income (loss)                                            $     163,309               $      140,213              $      92,339               $        571,613            $       227,475
 Earnings (loss) per share:
 Basic                                                        $           0.58            $            0.50           $          0.32             $              2.02         $             0.80
 Diluted                                                      $           0.57            $            0.49           $          0.32             $              1.98         $             0.79
 Shares used in the calculation of earnings (loss) per share:
 Basic                                                        282,747                     282,903                     285,354                     283,147                     285,081
 Diluted                                                      287,494                     287,882                     288,544                     287,974                     289,479
 Dividends paid per share                                     $           0.33            $            0.33           $          0.30             $              1.32         $             1.20
 SCHEDULE OF SPECIAL ITEMS
 (Unaudited)
                                                              Three Months Ended                                                                  Year Ended
                                                              June 24,                    March 25,                   June 25,                    June 24,                    June 25,
                                                              2017                        2017                        2016                        2017                        2016
                                                              (in thousands)
 Cost of goods sold:
 Intangible asset amortization                                $       11,064              $        11,064             $      11,829               $          46,485           $        55,030
 Accelerated depreciation (1)                                 --                          1,103                       4,098                       3,459                       53,827
 Other cost of goods sold (2)                                 --                          --                          --                          --                          6,123
 Total                                                        $       11,064              $        12,167             $      15,927               $          49,944           $       114,980
 Operating expenses:
 Intangible asset amortization                                $         2,050             $          2,348            $        2,538              $            9,189          $12,205
 Impairment of long-lived assets (3)                          --                          1,000                       429                         7,517                       160,582
 Impairment of goodwill and intangible assets                 --                          --                          27,602                      --                          27,602
 Severance and restructuring                                  1,175                       450                         4,149                       12,453                      24,479
 Other operating expenses (income), net (4)                   1,923                       1,704                       4,962                       (22,944)                    (50,389)
 Total                                                        $         5,148             $          5,502            $      39,680               $            6,215          $       174,479
 Interest and other expense (income), net (5)                 $            (90)           $             (48)          $          (247)            $          (5,661)          $              194
 Total                                                        $            (90)           $             (48)          $          (247)            $          (5,661)          $              194
 Income tax provision (benefit)
 Fiscal year 2015 & 2014 research & development tax credits   --                          --                          --                          --                          (2,475)
 Total                                                        $               -           $               -           $              -            $                 -         $         (2,475)
 (1) Includes building and equipment accelerated depreciation related to the San Jose and Dallas manufacturing facilities.
 (2) Includes expense related to a patent license settlement.
 (3) Includes impairment of investments in privately-held companies and other equipment impairment charges relating to the San Antonio wafer manufacturing facility.
 (4) Includes gain on sale of micro-electromechanical systems (MEMS) business line during the first quarter of fiscal year 2017, gain on sale of energy metering business during the third quarter of fiscal year 2016, loss (gain) relating to sale of assets, and expected loss on lease abandonment.
 (5) Includes gain on sale of shares received for the sale of the wafer manufacturing facility in San Antonio, Texas.
 CONSOLIDATED  BALANCE SHEETS
 (Unaudited)
                                                         June 24,      March 25,     June 25,
                                                         2017          2017          2016
                                                         (in thousands)
 ASSETS
 Current assets:
 Cash and cash equivalents                               $2,246,121    $1,656,727    $2,105,229
 Short-term investments                                  498,718       499,154       125,439
 Total cash, cash equivalents and short-term investments 2,744,839     2,155,881     2,230,668
 Accounts receivable, net                                256,454       257,592       256,531
 Inventories                                             247,242       241,439       227,929
 Other current assets                                    57,059        60,195        91,920
 Total current assets                                    3,305,594     2,715,107     2,807,048
 Property, plant and equipment, net                      606,581       636,835       692,551
 Intangible assets, net                                  90,867        103,981       146,540
 Goodwill                                                491,015       491,015       490,648
 Other assets                                            72,974        69,689        84,100
 Assets held for sale                                    3,202         1,156         13,729
 TOTAL ASSETS                                            $4,570,233    $4,017,783    $4,234,616
 LIABILITIES AND STOCKHOLDERS’ EQUITY
 Current liabilities:
 Accounts payable                                        $     77,373  $     82,938  $     82,535
 Income taxes payable                                    3,688         4,538         21,153
 Accrued salary and related expenses                     145,299       135,702       166,698
 Accrued expenses                                        37,663        35,208        50,521
 Deferred revenue on shipments to distributors           14,974        35,724        38,779
 Short term debt                                         --            --            249,717
 Total current liabilities                               278,997       294,110       609,403
 Long-term debt                                          1,487,678     991,877       990,090
 Income taxes payable                                    557,498       534,028       480,645
 Other liabilities                                       43,366        37,459        46,664
 Total liabilities                                       2,367,539     1,857,474     2,126,802
 Stockholders’ equity:
 Common stock and capital in excess of par value         283           284           284
 Retained earnings                                       2,212,301     2,169,760     2,121,749
 Accumulated other comprehensive loss                    (9,890)       (9,735)       (14,219)
 Total stockholders’ equity                              2,202,694     2,160,309     2,107,814
 TOTAL LIABILITIES & STOCKHOLDERS’ EQUITY                $4,570,233    $4,017,783    $4,234,616
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited)
                                                                                          Three Months Ended                                  Year Ended
                                                                                          June 24,         March 25,        June 25,          June 24,         June 25,
                                                                                          2017             2017             2016              2017             2016
                                                                                          (in thousands)
 Cash flows from operating activities:
 Net income (loss)                                                                        $       163,309  $       140,213  $         92,339  $       571,613  $       227,475
 Adjustments to reconcile net income (loss) to net cash provided by operating activities:
 Stock-based compensation                                                                 17,624           18,300           16,444            71,117           69,701
 Depreciation and amortization                                                            38,194           40,473           46,414            164,292          244,637
 Deferred taxes                                                                           1,697            (16,967)         (13,510)          (7,895)          (48,138)
 In Process Research & Development written-off                                            --               --               27,602            --               27,602
 Loss (gain) from sale of property, plant and equipment                                   7,006            4,809            5,048             16,365           2,283
 Loss (gain) on sale of business                                                          --               --               --                (26,620)         (58,944)
 Tax benefit (shortfall) related to stock-based compensation                              --               --               3,657             --               7,375
 Impairment of long-lived assets                                                          665              --               --                1,462            160,153
 Impairment of investments in privately-held companies                                    --               1,000            --                6,720            --
 Excess tax benefit from stock-based compensation                                         --               --               (1,890)           --               (9,550)
 Changes in assets and liabilities:
 Accounts receivable                                                                      1,138            (33,249)         21,971            78               22,313
 Inventories                                                                              (5,715)          (5,505)          7,657             (21,215)         44,086
 Other current assets                                                                     (727)            16,862           8,012             (3,547)          2,943
 Accounts payable                                                                         (5,235)          11,887           5,076             (6,205)          (3,676)
 Income taxes payable                                                                     22,619           20,931           19,792            60,798           56,641
 Deferred revenue on shipments to distributors                                            (20,751)         (412)            4,322             (23,805)         8,452
 Accrued salary and related expenses                                                      9,597            26,227           --                (21,399)         --
 All other accrued liabilities                                                            7,507            (3,872)          11,137            (8,102)          (31,468)
 Net cash provided by (used in) operating activities                                      236,928          220,697          254,071           773,657          721,885
 Cash flows from investing activities:
 Purchase of property, plant and equipment                                                (13,050)         (8,286)          (22,488)          (51,421)         (69,369)
 Proceeds from sales of property, plant and equipment                                     7,576            787              34,691            10,792           85,142
 Proceeds from sale of available-for-sale securities                                      --               --               --                50,994           --
 Proceeds from maturity of available-for-sale securities                                  50,000           --               50,000            75,000           50,000
 Proceeds from sale of business                                                           --               --               --                42,199           105,000
 Purchases of available-for-sale securities                                               (49,891)         (99,398)         (25,000)          (450,135)        (99,948)
 Purchases of privately-held companies’ securities                                        --               (162)            (1,554)           (2,825)          (10,483)
 Proceeds from other investing activities                                                 --               --               --                --               2,380
 Net cash provided by (used in) investing activities                                      (5,365)          (107,059)        35,649            (325,396)        62,722
 Cash flows from financing activities:
 Excess tax benefit from stock-based compensation                                         --               --               1,890             --               9,550
 Repayment of notes payable                                                               --               --               --                (250,000)        --
 Issuance of debt                                                                         500,000          --               250,000           500,000          250,000
 Debt issuance cost                                                                       (3,688)          --               (283)             (3,688)          (283)
 Net issuance of restricted stock units                                                   (7,471)          (8,268)          (2,687)           (25,183)         (24,084)
 Proceeds from stock options exercised                                                    18,434           17,502           12,272            63,003           79,608
 Issuance of common stock under employee stock purchase program                           19,805           (3,194)          19,625            34,269           33,975
 Repurchase of common stock                                                               (75,853)         (56,999)         (90,438)          (251,799)        (237,086)
 Dividends paid                                                                           (93,396)         (93,387)         (85,210)          (373,971)        (342,023)
 Net cash provided by (used in) financing activities                                      357,831          (144,346)        105,169           (307,369)        (230,343)
 Net increase (decrease) in cash and cash equivalents                                     589,394          (30,708)         394,889           140,892          554,264
 Cash and cash equivalents:
 Beginning of period                                                                      1,656,727        1,687,435        1,710,340         2,105,229        1,550,965
 End of period                                                                            $    2,246,121   $    1,656,727   $    2,105,229    $    2,246,121   $    2,105,229
 Total cash, cash equivalents, and short-term investments                                 $    2,744,839   $    2,155,881   $    2,230,668    $    2,744,839   $    2,230,668
 ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES
 (Unaudited)
                                                                                               Three Months Ended                                                                  Year Ended
                                                                                               June 24,                    March 25,                   June 25,                    June 24,                    June 25,
                                                                                               2017                        2017                        2016                        2017                        2016
                                                                                               (in thousands, except per share data)
 Reconciliation of GAAP gross profit to GAAP gross profit excluding special items:
 GAAP gross profit                                                                             $      393,666              $      366,904              $      347,027              $     1,446,480             $     1,244,388
 GAAP gross profit %                                                                           65.4%                       63.1%                       61.3%                       63.0%                       56.7%
 Special items:
 Intangible asset amortization                                                                 11,064                      11,064                      11,829                      46,485                      55,030
 Accelerated depreciation (1)                                                                  --                          1,103                       4,098                       3,459                       53,827
 Other cost of goods sold (2)                                                                  --                          --                          --                          --                          6,123
 Total special items                                                                           11,064                      12,167                      15,927                      49,944                      114,980
 GAAP gross profit excluding special items                                                     $      404,730              $      379,071              $      362,954              $     1,496,424             $     1,359,368
 GAAP gross profit % excluding special items                                                   67.2%                       65.2%                       64.1%                       65.2%                       61.9%
 Reconciliation of GAAP operating expenses to GAAP operating expenses excluding special items:
 GAAP operating expenses                                                                       $      194,288              $      192,652              $      224,654              $        751,703            $        930,539
 Special items:
 Intangible asset amortization                                                                 2,050                       2,348                       2,538                       9,189                       12,205
 Impairment of long-lived assets (3)                                                           --                          1,000                       429                         7,517                       160,582
 Impairment of goodwill and intangible assets                                                  --                          --                          27,602                      --                          27,602
 Severance and restructuring                                                                   1,175                       450                         4,149                       12,453                      24,479
 Other operating expenses (income), net (4)                                                    1,923                       1,704                       4,962                       (22,944)                    (50,389)
 Total special items                                                                           5,148                       5,502                       39,680                      6,215                       174,479
 GAAP operating expenses excluding special items                                               $      189,140              $      187,150              $      184,974              $        745,488            $        756,060
 Reconciliation of GAAP net income (loss) to GAAP net income excluding special items:
 GAAP net income (loss)                                                                        $      163,309              $      140,213              $        92,339             $        571,613            $        227,475
 Special items:
 Intangible asset amortization                                                                 13,114                      13,412                      14,367                      55,674                      67,235
 Accelerated depreciation (1)                                                                  --                          1,103                       4,098                       3,459                       53,827
 Other cost of goods sold (2)                                                                  --                          --                          --                          --                          6,123
 Impairment of long-lived assets (3)                                                           --                          1,000                       429                         7,517                       160,582
 Impairment of goodwill and intangible assets                                                  --                          --                          27,602                      --                          27,602
 Severance and restructuring                                                                   1,175                       450                         4,149                       12,453                      24,479
 Other operating expenses (income), net (4)                                                    1,923                       1,704                       4,962                       (22,944)                    (50,389)
 Interest and other expense (income), net (5)                                                  (90)                        (48)                        (247)                       (5,661)                     194
 Pre-tax total special items                                                                   16,122                      17,621                      55,360                      50,498                      289,653
 Fiscal year 2015 & 2014 research & development tax credits                                    --                          --                          --                          --                          (2,475)
 Other income tax effects and adjustments (6)                                                  499                         1,957                       (7,228)                     (11,465)                    (43,392)
 GAAP net income excluding special items                                                       $      179,930              $      159,791              $      140,471              $        610,646            $        471,261
 GAAP net income per share excluding special items:
 Basic                                                                                         $            0.64           $            0.56           $            0.49           $              2.16         $              1.65
 Diluted                                                                                       $            0.63           $            0.56           $            0.49           $              2.12         $              1.63
 Shares used in the calculation of earnings per share excluding special items:
 Basic                                                                                         282,747                     282,903                     285,354                     283,147                     285,081
 Diluted                                                                                       287,494                     287,882                     288,544                     287,974                     289,479
 (1) Includes building and equipment accelerated depreciation related to the San Jose and Dallas manufacturing facilities.
 (2) Includes expense related to a patent license settlement.
 (3) Includes impairment of investments in privately-held companies and other equipment impairment charges relating to the San Antonio wafer manufacturing facility.
 (4) Includes gain on sale of micro-electromechanical systems (MEMS) business line during the first quarter of fiscal year 2017, gain on sale of energy metering business during the third quarter of fiscal year 2016, loss (gain) relating to sale of assets, and expected loss on lease abandonment.
 (5) Includes gain on sale of shares received for the sale of the wafer manufacturing facility in San Antonio, Texas.
 (6) Includes tax effect of pre-tax special items and miscellaneous tax adjustments.

Non-GAAP MeasuresTo supplement the consolidated financial results prepared under GAAP, Maxim Integrated uses non-GAAP measures which are adjusted from the most directly comparable GAAP results to exclude special items related to intangible asset amortization; accelerated depreciation; other costs of goods sold; impairment of long-lived assets; impairment of goodwill and other intangible assets; severance and restructuring; other operating expenses (income), net; interest and other expense (income), net; fiscal year 2016 research and development tax credits, and other income tax effects and adjustments. Management uses these non-GAAP measures internally to make strategic decisions, forecast future results and evaluate Maxim Integrated’s current performance. Many analysts covering Maxim Integrated use the non-GAAP measures as well. Given management’s use of these non-GAAP measures, Maxim Integrated believes these measures are important to investors in understanding Maxim Integrated’s current and future operating results as seen through the eyes of management. In addition, management believes these non-GAAP measures are useful to investors in enabling them to better assess changes in Maxim Integrated’s core business across different time periods. These non-GAAP measures are not in accordance with or an alternative to GAAP financial data and may be different from non-GAAP measures used by other companies. Because non-GAAP financial measures are not standardized it may not be possible to compare these financial measures with other companies’ non-GAAP financial measures, even if they have similar names. The non-GAAP measures displayed in the table above include the following:

GAAP Gross Profit Excluding Special ItemsThe use of GAAP gross profit excluding special items allows management to evaluate the gross margin of the Company’s core businesses and trends across different reporting periods on a consistent basis, independent of special items including intangible asset amortization, accelerated depreciation, and other costs of goods sold. In addition, it is an important component of management’s internal performance measurement and reward process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents GAAP gross profit excluding special items to enable investors and analysts to evaluate our revenue generation performance relative to the direct costs of revenue of Maxim Integrated’s core businesses.

GAAP Operating Expenses Excluding Special ItemsThe use of GAAP operating expenses excluding special items allows management to evaluate the operating expenses of the Company’s core businesses and trends across different reporting periods on a consistent basis, independent of special items including intangible asset amortization; impairment of long-lived assets; impairment of goodwill and other intangible assets; severance and restructuring, and other operating expenses (income), net. In addition, it is an important component of management’s internal performance measurement and reward process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents GAAP operating expenses excluding special items to enable investors and analysts to evaluate our core business and its direct operating expenses.

GAAP Provision for Income Taxes Excluding Special ItemsThe use of a GAAP provision for income taxes excluding special items allows management to evaluate the provision for income taxes across different reporting periods on a consistent basis, independent of special items including the tax provision impact of pre-tax special items. In fiscal year 2016, we began using a long-term tax rate to compute the GAAP provision for income taxes excluding special items. This long-term tax rate considers the income tax impact of pre-tax special items and eliminates the effects of significant non-recurring and period specific tax items which vary in size and frequency. In the first and second quarter of fiscal year 2017, we used a long-term tax rate of 18%, which was our forecast of the weighted average of our normalized fiscal year GAAP tax rate excluding special items over a four-year period, that includes the past three fiscal years plus the current fiscal year projection at the beginning of fiscal year 2017. We review the long-term tax rate on an annual basis and more frequently whenever events occur that may materially affect the long-term tax rate such as tax law changes; significant changes in our geographic earnings mix; or changes in our corporate structure. Starting in the third quarter of fiscal year 2017, we transitioned to a long-term tax rate of 15%, which reflects the impact of changes in our manufacturing structure and focused research and development expenditures, resulting in improved projections for fiscal year 2017 and future periods.

GAAP Net Income and GAAP Net Income per Share Excluding Special ItemsThe use of GAAP net income and GAAP net income per share excluding special items allow management to evaluate the operating results of Maxim Integrated’s core businesses and trends across different reporting periods on a consistent basis, independent of special items including intangible asset amortization; accelerated depreciation; other costs of goods sold; impairment of long-lived assets; impairment of goodwill and other intangible assets; severance and restructuring; other operating expenses (income), net; interest and other expense (income), net; fiscal year 2016 research and development tax credits, and other income tax effects and adjustments. In addition, they are important components of management’s internal performance measurement and reward process as it is used to assess the current and historical financial results of the business, for strategic decision making, preparing budgets and forecasting future results. Management presents GAAP net income and GAAP net income per share excluding special items to enable investors and analysts to understand the results of operations of Maxim Integrated’s core businesses and to compare our results of operations on a more consistent basis against that of other companies in our industry.

"Safe Harbor" StatementThis press release 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 statements include the Company’s business outlook and financial projections for its first quarter of fiscal 2018 ending in September 2017, which includes revenue, gross margin and earnings per share. These statements involve risk and uncertainty. Actual results could differ materially from those forecasted, based upon, among other things, general market and economic conditions, market developments that could adversely affect the growth of the mixed-signal analog market, product mix shifts, the loss of all or a substantial portion of our sales to one or more of our large customers, customer cancellations and price competition, as well as other risks described in the Company’s Annual Report on Form 10-K for the fiscal year ended June 25, 2016 (the "Form 10-K"). The Form 10-K may be found at https://www.sec.gov/Archives/edgar/data/743316/000074331616000081/maxim10-kfy2016.htm.

All forward-looking statements included in this news release are made as of the date hereof and based on the information available to the Company as of the date hereof. The Company assumes no obligation to update any forward-looking statement except as required by law.

About Maxim IntegratedMaxim Integrated develops innovative analog and mixed-signal products and technologies to make systems smaller and smarter, with enhanced security and increased energy efficiency. We are empowering design innovation for our automotive, industrial, healthcare, mobile consumer, and cloud data center customers to deliver industry-leading solutions that help change the world. Learn more at http://www.maximintegrated.com .

ContactKathy TaManaging Director, Investor Relations (408) 601-5697

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