MaxLinear, Inc. Announces Third Quarter 2016 Financial Results


 
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
 
  Nine Months Ended
  September 30, 2016  September 30, 2015
GAAP cost of net revenue40.3% 50.5%
Stock-based compensation(0.1)% (0.1)%
Performance based equity% (0.1)%
Amortization of inventory step-up(1.0)% (7.0)%
Amortization of purchased intangible assets(1.9)% (1.3)%
Impairment of production masks% (0.1)%
Non-GAAP cost of net revenue37.3% 41.9%
      
GAAP R&D expenses24.5% 31.2%
Stock-based compensation(3.4)% (4.4)%
Incentive award compensation(0.2)% %
Performance based equity(1.2)% (1.5)%
Amortization of purchased intangible assets(0.1)% (0.2)%
Severance charges% (0.4)%
Restricted merger proceeds and contingent consideration(0.2)% (0.3)%
Non-GAAP R&D expenses19.4% 24.4%
      
GAAP SG&A expenses15.9% 29.8%
Stock-based compensation(1.8)% (2.2)%
Incentive award compensation% %
Performance based equity(0.8)% (0.8)%
Amortization of purchased intangible assets(1.3)% (10.0)%
Acquisition and integration costs(0.6)% (2.6)%
Restricted merger proceeds and contingent consideration(0.1)% %
Change in fair value of contingent consideration% 0.1%
Severance charges% (0.2)%
IP litigation costs, net(0.2)% (0.6)%
Non-GAAP SG&A expenses11.1% 13.5%
      
GAAP impairment losses0.4% %
Impairment Losses(0.4)% %
Non-GAAP impairment losses% %
      
GAAP restructuring expenses0.7% 5.9%
Restructuring Charges(0.7)% (5.9)%
Non-GAAP restructuring expenses %   %
           
GAAP income (loss) before income taxes 18.3 %   (17.1 )%
Total non-GAAP adjustments before income taxes 14.1 %   37.6 %
Non-GAAP income before income taxes 32.4 %   20.5 %
           
GAAP income tax expense (benefit) 0.7 %   (0.3 )%
Tax impact of non-GAAP adjustments %   (0.2 )%
Record valuation allowance due to net deferred liability acquired %   0.8 %
Non-GAAP income tax expense (benefit) 0.7 %   0.3 %
           
GAAP net income (loss) 17.6 %   (16.8 )%
Total non-GAAP adjustments before income taxes 14.1 %   37.6 %
Total tax adjustments %   0.6 %
Non-GAAP net income 31.7 %   20.2 %

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