Helix Energy Solutions Group Inc
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Energy : Energy Equipment & Services | Small Cap Value
Company profile

Helix Energy Solutions Group, Inc. is an international offshore energy services company. The Company provides services to the offshore energy industry, with a focus on well intervention and robotics operations. The Company operates in three segments: Well Intervention, Robotics and Production Facilities. Its Well Intervention segment includes the Company's vessels and equipment used to perform well intervention services primarily in the Gulf of Mexico and North Sea regions. Its Robotics segment includes remotely operated vehicles (ROVs), trenchers and ROVDrills designed to complement offshore construction and well intervention services, and operates chartered ROV support vessels. Its Production Facilities segment includes the Helix Producer I (the HP I), a floating production vessel, the Helix Fast Response System (the HFRS), and its ownership interest in Independence Hub, LLC (Independence Hub).

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Maxim Integrated Reports Results For The Fourth Quarter Of Fiscal 2020

4:03 pm ET July 28, 2020 (PR Newswire) Print

Maxim Integrated Products, Inc. (NASDAQ: MXIM) reported net revenue of $545 million for its fourth quarter of fiscal 2020 ended June 27, 2020, a 3% decrease from the $562 million revenue recorded in the prior quarter, and a 2% decrease from the same quarter of last year.

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"Strong performance by our manufacturing operations, including our test facilities in the Philippines, resulted in better-than-expected June quarter revenue and earnings per share. I'm very proud of the resilience of our company, as shown by our ability to navigate these unprecedented times. We remain highly profitable due to our diversified business model and outstanding product portfolio," said Tunc Doluca, President and Chief Executive Officer.

Fiscal Year 2020 Fourth Quarter Results

Based on Generally Accepted Accounting Principles (GAAP), diluted earnings per share in the June quarter was $0.77, which benefitted from a net tax reserve release of $45 million. The results were affected by $9 million in pre-tax special items which primarily consisted of charges related to acquisitions and expenses related to COVID-19 response programs. GAAP earnings per share, excluding special items was $0.58. An analysis of GAAP versus GAAP excluding special items is provided in this press release.

Cash Flow Items

At the end of the fourth quarter of fiscal 2020, total cash, cash equivalents and short-term investments were $1.6 billion, down $72 million from the prior quarter.

Notable items included:

-- Cash flow from operations: $212 million

-- Capital expenditures: $16 million

-- Dividends paid: $128 million ($0.48 per share)

-- Stock repurchases: $82 million

Trailing twelve months free cash flow was $734 million. Free cash flow is a non-GAAP measure and is defined by cash flow from operations less capital expenditures.

Dividend and Stock Repurchase

A cash dividend of $0.48 per share will be paid on September 11, 2020, to stockholders of record on August 27, 2020. We will not declare or pay a dividend in any of the next succeeding four fiscal quarters and have suspended our open market stock repurchase program as the Merger Agreement between the Company and Analog Devices restricts our ability to declare dividends and repurchase shares of our common stock.

Due to the pending transaction 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.

 CONSOLIDATED STATEMENTS OF INCOME
 (Unaudited)
                                                       Three Months Ended                                                                                 Year Ended
                                                       June 27, 2020               March 28, 2020                            June 29, 2019                June 27, 2020                June 29, 2019
                                                       (in thousands, except per share data)
 Net revenues                                          $              545,369      $              561,916                    $               556,545      $            2,191,395       $            2,314,329
 Cost of goods sold                                    183,001                     195,479                                   200,154                      758,743                      813,823
 Gross margin                                          362,368                     366,437                                   356,391                      1,432,652                    1,500,506
 Operating expenses:
 Research and development                              110,173                     109,091                                   105,136                      440,166                      435,222
 Selling, general and administrative                   72,893                      71,643                                    75,130                       296,722                      308,617
 Intangible asset amortization                         810                         756                                       756                          3,078                        3,041
 Impairment of long-lived assets                       -                           -                                         -                            -                            753
 Severance and restructuring expenses                  678                         523                                       1,715                        5,363                        5,632
 Other operating expenses (income), net                (173)                       1,077                                     83                           929                          143
 Total operating expenses                              184,381                     183,090                                   182,820                      746,258                      753,408
 Operating income                                      177,987                     183,347                                   173,571                      686,394                      747,098
 Interest and other income (expense), net              (8,488)                     (1,622)                                   4,079                        (8,298)                      7,323
 Income before taxes                                   169,499                     181,725                                   177,650                      678,096                      754,421
 Provision for (benefit from) income taxes (1)(2)      (37,799)                    20,535                                    (189,908)                    23,402                       (73,065)
 Net income                                            $              207,298      $              161,190                    $               367,558      $               654,694      $               827,486
 Earnings per share:
 Basic                                                 $                     0.78  $                     0.60                $                      1.35  $                      2.43  $                      3.01
 Diluted                                               $                     0.77  $                     0.59                $                      1.33  $                      2.41  $                      2.97
 Shares used in the calculation of earnings per share:
 Basic                                                 266,639                     269,003                                   272,382                      269,341                      274,966
 Diluted                                               268,777                     271,579                                   275,834                      272,028                      278,777
 Dividends paid per share                              $                     0.48  $                     0.48                $                      0.46  $                      1.92  $                      1.84
 SCHEDULE OF SPECIAL ITEMS
 (Unaudited)
                                                       Three Months Ended                                                                                 Year Ended
                                                       June 27, 2020               March 28, 2020                            June 29, 2019                June 27, 2020                June 29, 2019
                                                       (in thousands)
 Cost of goods sold:
 Intangible asset amortization                         $                   3,528   $                   3,111                 $                   4,038    $                 12,860     $                 22,829
 Cost of COVID-19 response programs                    1,591                       2,025                                     -                            3,616                        -
 Total                                                 $                   5,119   $                   5,136                 $                 11,759     $                 16,476     $                 22,829
 Operating expenses:
 Intangible asset amortization                         $                      810  $                      756                $                       756  $                   3,078    $                   3,041
 Impairment of long-lived assets                       -                           -                                         -                            -                            753
 Severance and restructuring                           678                         523                                       1,715                        5,363                        5,632
 Other operating expenses (income), net                (173)                       1,077                       (3)           83                           928                          143
 Total                                                 $                   1,315   $                   2,356                 $                   2,554    $                   9,369    $                   9,569
 Interest and other expense (income), net              $                   1,484   $                    (587)                $                 (2,980)    $                     (541)  $                 (4,565)
 Total                                                 $                   1,484   $                    (587)                $                 (2,980)    $                     (541)  $                 (4,565)
 Provision for (benefit from) for income taxes:
 Impact of U.S. tax legislation (1)                    $                   6,486   $                         -               $                 47,703     $                   6,486    $                 68,729
 Impact of income tax audit settlements (2)            (51,197)                    -                                         (251,599)                    (51,197)                     (251,599)
 Total                                                 $               (44,711)    $                         -               $             (203,896)      $               (44,711)     $             (182,870)
 (1) Includes effect of U.S. tax legislation enacted on December 22, 2017.
 (2) Includes effect of income tax audit settlements.
 (3) Includes approximately $0.5 million of acquisition-related costs and $0.5 million of cost related to COVID-19 response programs.
 CONSOLIDATED  BALANCE SHEETS
 (Unaudited)
                                                         June 27, 2020         March 28, 2020        June 29, 2019
                                                         (in thousands)
 ASSETS
 Current assets:
 Cash and cash equivalents                               $        1,578,670    $        1,638,667    $        1,757,342
 Short-term investments                                  35,536                47,109                140,990
 Total cash, cash equivalents and short-term investments 1,614,206             1,685,776             1,898,332
 Accounts receivable, net                                404,778               378,273               360,016
 Inventories                                             259,626               220,686               246,512
 Other current assets                                    39,219                25,288                34,640
 Total current assets                                    2,317,829             2,310,023             2,539,500
 Property, plant and equipment, net                      550,406               564,636               577,722
 Intangible assets, net                                  87,959                44,642                56,242
 Goodwill                                                562,540               532,251               532,251
 Other assets                                            110,569               97,383                38,267
 TOTAL ASSETS                                            $        3,629,303    $        3,548,935    $        3,743,982
 LIABILITIES AND STOCKHOLDERS' EQUITY
 Current liabilities:
 Accounts payable                                        $             91,982  $             83,519  $              84,335
 Price adjustment and other revenue reserves             148,916               111,235               100,490
 Income taxes payable                                    43,457                39,809                33,765
 Accrued salary and related expenses                     126,751               122,220               118,704
 Accrued expenses                                        42,228                31,143                33,873
 Total current liabilities                               453,334               387,926               371,167
 Long-term debt                                          994,022               993,663               992,584
 Income taxes payable                                    385,072               434,415               469,418
 Other liabilities                                       139,418               112,988               65,537
 Total liabilities                                       1,971,846             1,928,992             1,898,706
 Stockholders' equity:
 Common stock and capital in excess of par value         266                   267                   272
 Retained earnings                                       1,671,786             1,632,325             1,856,358
 Accumulated other comprehensive loss                    (14,595)              (12,649)              (11,354)
 Total stockholders' equity                              1,657,457             1,619,943             1,845,276
 TOTAL LIABILITIES & STOCKHOLDERS' EQUITY                $        3,629,303    $        3,548,935    $        3,743,982
 CONSOLIDATED STATEMENTS OF CASH FLOWS
 (Unaudited)
                                                                       Three Months Ended                                            Year Ended
                                                                       June 27, 2020       March 28, 2020        June 29, 2019       June 27, 2020       June 29, 2019
                                                                       (in thousands, except per share data)
 Cash flows from operating activities:
 Net income                                                            $          207,298  $            161,190  $          367,558  $          654,694  $          827,486
 Adjustments to reconcile net income to net cash provided by operating
 activities:
 Stock-based compensation                                              23,290              23,403                22,004              95,431              86,977
 Depreciation and amortization                                         36,384              24,141                25,569              108,533             110,745
 Deferred taxes                                                        14,386              (3,161)               26,118              8,994               13,957
 Loss from sale or disposal of property, plant and equipment           557                 145                   643                 1,191               3,967
 Other adjustments                                                     2,127               3,265                 (268)               11,353              (3)
 Changes in assets and liabilities:
 Accounts receivable, price adjustment and other revenue reserves      13,603              (23,933)              15,615              6,091               21,090
 Inventories                                                           (34,562)            3,308                 26,383              (8,671)             36,003
 Other assets                                                          (25,769)            (4,710)               (11,875)            (86,299)            (14,901)
 Accounts payable                                                      5,405               (2,655)               699                 7,594               (10,272)
 Income taxes payable                                                  (45,855)            2,174                 (229,776)           (74,814)            (176,114)
 All other accrued liabilities                                         15,465              26,624                (5,203)             76,758              (23,095)
 Net cash provided by operating activities                             212,329             209,791               237,467             800,855             875,840
 Cash flows from investing activities:
 Purchases of property, plant and equipment                            (15,680)            (17,068)              (30,653)            (67,049)            (82,823)
 Proceeds from sales of property, plant and equipment                  124                 97                    306                 392                 340
 Proceeds from sales of available-for-sale securities                  1,290               -                     -                   1,290               30,192
 Proceeds from maturity of available-for-sale securities               10,734              15,485                103,431             104,286             1,130,514
 Payment in connection with business acquisition, net of cash acquired (69,270)            -                     -                   (69,270)            (2,949)
 Purchases of available-for-sale securities                            -                   -                     -                   -                   (214,587)
 Purchases of investments in privately-held companies                  (1,840)             (120)                 (1,500)             (1,960)             (3,176)
 Proceeds from sale of investments in privately-held companies         205                 173                   -                   378                 -
 Other investing activities                                            2                   (50)                  (60)                (116)               (600)
 Net cash provided by (used in) investing activities                   (74,435)            (1,483)               71,524              (32,049)            856,911
 Cash flows from financing activities:
 Contingent consideration paid                                         -                   -                     -                   (8,000)             (9,052)
 Net issuance of restricted stock units                                (6,741)             (11,570)              (6,663)             (35,877)            (29,689)
 Repayment of notes payable                                            -                   -                     -                   -                   (500,000)
 Proceeds from stock options exercised                                 2,240               7,810                 5,414               18,870              24,400
 Issuance of common stock under employee stock purchase program        23,725              -                     22,486              42,260              40,175
 Repurchase of common stock                                            (82,299)            (157,003)             (102,104)           (440,811)           (539,151)
 Dividends paid                                                        (128,058)           (129,072)             (125,345)           (517,162)           (505,576)
 Net cash used in financing activities                                 (191,133)           (289,835)             (206,212)           (940,720)           (1,518,893)
 Net increase (decrease) in cash, cash equivalents and restricted cash (53,239)            (81,527)              102,779             (171,914)           213,858
 Cash, cash equivalents and restricted cash
 Beginning of period                                                   $       1,638,667   $        1,720,194    $       1,654,563   $       1,757,342   $       1,543,484
 End of period                                                         $       1,585,428   $        1,638,667    $       1,757,342   $       1,585,428   $       1,757,342
 Total cash, cash equivalents, and short-term investments              $       1,614,206   $        1,685,776    $       1,898,332   $       1,614,206   $       1,898,332
 Cash, cash equivalents and restricted cash:
 Cash and cash equivalents                                             $       1,578,670   $        1,638,667    $       1,757,342   $       1,578,670   $       1,757,342
 Restricted cash in Other assets                                       6,758               -                     -                   6,758               -
 Total cash, cash equivalents and restricted cash                      $       1,585,428   $        1,638,667    $       1,757,342   $       1,585,428   $       1,757,342
 ANALYSIS OF GAAP VERSUS GAAP EXCLUDING SPECIAL ITEMS DISCLOSURES
 (Unaudited)
                                                       Three Months Ended                                                                                    Year Ended
                                                       June 27, 2020                 March 28, 2020                            June 29, 2019                 June 27, 2020                 June 29, 2019
                                                       (in thousands, except per share data)
 Reconciliation of GAAP gross profit to GAAP gross
 profit excluding special items:
 GAAP gross profit                                     $                 362,368     $                 366,437                 $                 356,391     $             1,432,652       $             1,500,506
 GAAP gross profit %                                   66.4%                         65.2%                                     64.0%                         65.4%                         64.8%
 Special items:
 Intangible asset amortization                         3,528                         3,111                                     4,038                         12,860                        22,829
 Cost of COVID-19 response programs                    1,591                         2,025                                     -                             3,616                         -
 Total special items                                   5,119                         5,136                                     4,038                         16,476                        22,829
 GAAP gross profit excluding special items             $                 367,487     $                 371,573                 $                 360,429     $             1,449,128       $             1,523,335
 GAAP gross profit % excluding special items           67.4%                         66.1%                                     64.8%                         66.1%                         65.8%
 Reconciliation of GAAP operating expenses to GAAP
 operating expenses excluding special items:
 GAAP operating expenses                               $                 184,381     $                 183,090                 $                 182,820     $                 746,258     $                 753,408
 Special items:
 Intangible asset amortization                         810                           756                                       756                           3,078                         3,041
 Impairment of long-lived assets                       -                             -                                         -                             -                             753
 Severance and restructuring                           678                           523                                       1,715                         5,363                         5,632
 Other operating expenses (income), net                (173)                         1,077                        (1)          83                            928                           143
 Total special items                                   1,315                         2,356                                     2,554                         9,369                         9,569
 GAAP operating expenses excluding special items       $                 183,066     $                 180,734                 $                 180,266     $                 736,889     $                 743,839
 Reconciliation of GAAP net income to GAAP net income
 excluding special items:
 GAAP net income                                       $                 207,298     $                 161,190                 $                 367,558     $                 654,694     $                 827,486
 Special items:
 Intangible asset amortization                         4,338                         3,867                                     4,794                         15,938                        25,870
 Cost of COVID-19 response programs                    1,591                         2,025                                     -                             3,616                         -
 Impairment of long-lived assets                       -                             -                                         -                             -                             753
 Severance and restructuring                           678                           523                                       1,715                         5,363                         5,632
 Other operating expenses (income), net                (173)                         1,077                        (1)          83                            928                           143
 Interest and other expense (income), net              1,484                         (587)                                     (2,980)                       (541)                         (4,565)
 Pre-tax total special items                           7,918                         6,905                                     3,612                         25,304                        27,833
 Other income tax effects and adjustments (2)          (14,378)                      (2,101)                                   (11,271)                      (19,668)                      4,747
 Impact of U.S. tax legislation (3)                    6,486                         -                                         47,703                        6,486                         68,729
 Impact of income tax audit settlements (4)            (51,197)                      -                                         (251,599)                     (51,197)                      (251,599)
 GAAP net income excluding special items               $                 156,127     $                 165,994                 $                 156,003     $                 615,619     $                 677,196
 GAAP net income per share excluding special items:
 Basic                                                 $                       0.59  $                       0.62              $                       0.57  $                       2.29  $                       2.46
 Diluted                                               $                       0.58  $                       0.61              $                       0.57  $                       2.26  $                       2.43
 Shares used in the calculation of earnings per share
 excluding special items:
 Basic                                                 266,639                       269,003                                   272,382                       269,341                       274,966
 Diluted                                               268,777                       271,579                                   275,834                       272,028                       278,777
 (1) Includes approximately $0.5 million of acquisition-related costs and $0.5 million of cost related to COVID-19 response programs.
 (2) Includes tax effect of pre-tax special items and miscellaneous tax adjustments.
 (3) Includes effect of U.S. tax legislation enacted on December 22, 2017.
 (4) Includes effect of income tax audit settlements.

Non-GAAP Measures

To 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 the cost of COVID-19 response programs; intangible asset amortization; severance and restructuring; other operating expenses (income), net; interest and other expense (income), net; and other income tax effects and adjustments. We defined free cash flow as net cash provided from operations less gross capital expenditures. 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 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 Items

The 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 and cost of COVID-19 response programs. 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 Items

The 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; 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 Items

The 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. Special items include the tax impact of pre-tax special items, significant tax audit settlements, significant prior year tax reserve adjustments, significant tax legislation, and significant non-recurring and period specific tax items, which vary in size and frequency.

GAAP Net Income and GAAP Net Income per Share Excluding Special Items

The 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; cost of COVID-19 response programs; severance and restructuring; other operating expenses (income), net; interest and other expense (income), net; 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" Statement

Except for historical information, this press release may contain 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 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 29, 2019 (the "Form 10-K"). The Form 10-K may be found at https://www.sec.gov/Archives/edgar/data/743316/000074331619000024/0000743316-19-000024-index.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 Integrated

Maxim 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 TaVice President, Investor Relations (408) 601-5697

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