MaxLinear, Inc. Announces Third Quarter 2015 Financial Results


*Share-based bonus plan for the three months ended September 30, 2015 and June 30, 2015 relates to an accrual related to our performance based bonus plan for 2015, which will be settled in stock in 2016.  For the three months ended September 30, 2015 and June 30, 2015, the share-based bonus plan also included an increase of $0.3 million and $0.3 million, respectively, for the accrual of restricted stock unit awards and incentives to be granted to Physpeed and Entropic continuing employees contingent upon continued employment and the achievement of certain 2015 and 2016 revenue milestones. Share-based bonus plan for the three months ended September 30, 2014 relates to an accrual related to our performance based bonus plan for 2014, which was settled in stock in May 2015.


MAXLINEAR, INC. 
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS 
(in thousands, except per share data)

  Nine Months Ended
  September 30, 2015  September 30, 2014
GAAP net loss$(33,787) $(4,679)
Stock-based compensation:   
Cost of net revenue169  96 
Research and development8,889  7,152 
Selling, general and administrative4,466  3,832 
Total stock-based compensation13,524  11,080 
Share-based bonus plan*:   
Cost of net revenue159  22 
Research and development2,974  1,154 
Selling, general and administrative1,655  1,002 
Total share-based bonus plan4,788  2,178 
Amortization of purchased intangible assets:   
Cost of net revenue2,624   
Research and development309   
Selling, general and administrative20,051   
Total amortization of purchased intangible assets22,984   
Amortization of inventory step-up14,244   
Acquisition and integration costs5,349   
Restricted merger proceeds625   
Change in fair value of contingent consideration(122)  
Severance charges1,153   
Restructuring charges11,814   
Impairment of production masks153   
IP litigation costs, net1,135  1,884 
Release of valuation allowance due to net deferred tax liability acquired(1,592)  
Non-GAAP net income$40,268  $10,463 
Shares used in computing non-GAAP basic net income per share50,528  36,127 
Shares used in computing GAAP diluted net loss per share50,528  36,127 
Dilutive common stock equivalents2,376  2,663 
Shares used in computing non-GAAP diluted net income per share52,904  38,790 
Non-GAAP basic net income per share$0.80   $ 0.29  
Non-GAAP diluted net income per share $ 0.76     $ 0.27  

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