MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2015 Financial Results
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MAXLINEAR, INC. | |
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS | |
(in thousands, except per share data) | | | | | |
Years Ended December 31, | | |
2015 | |
2014 | | GAAP cost of net revenue | $ | 144,937 | | | $ | 51,154 | | | Stock based compensation | (213 | ) | | (131 | ) | | Performance based equity | (256 | ) | | (28 | ) | | Amortization of inventory step-up | (14,244 | ) | | — | | | Amortization of purchased intangible assets | (4,202 | ) | | — | | | Impairment of production masks | (153 | ) | | — | | | Non-GAAP cost of net Revenue | 125,869 | | | 50,995 | | | | | | | | GAAP R&D expenses | 85,405 | | | 56,625 | | | Stock based compensation | (11,739 | ) | | (9,686 | ) | | Incentive award compensation | (1,466 | ) | | — | | | Performance based equity | (4,032 | ) | | (1,944 | ) | | Amortization of purchased intangible assets | (405 | ) | | (45 | ) | | Severance charges | (862 | ) | | — | | | Restricted merger proceeds and contingent consideration | (834 | ) | | (139 | ) | | Non-GAAP R&D expenses | 66,067 | | | 44,811 | | | | | | | | GAAP SG&A expenses | 77,981 | | | 34,191 | | | Stock based compensation | (5,744 | ) | | (5,191 | ) | | Incentive award compensation | (106 | ) | | — | | | Performance based equity | (2,086 | ) | | (1,330 | ) | | Amortization of purchased intangible assets | (24,989 | ) | | — | | | Acquisition and integration costs | (5,362 | ) | | (242 | ) | | Restricted merger proceeds and contingent consideration | (129 | ) | | — | | | Severance charges | (456 | ) | | — | | | IP litigation costs, net | (1,460 | ) | | (3,186 | ) | | Non-GAAP SG&A expenses | 37,649 | | | 24,242 | | | | | | | | GAAP restructuring expenses | 35,686 | | | — | | | Impairment losses | (21,600 | ) | | — | | | Restructuring charges | (14,086 | ) | | — | | | Non-GAAP restructuring expenses | — | | | — | | | | | | | | GAAP income tax benefit | (575 | ) | | (1,704 | ) | | Release of valuation allowance due to net deferred liability acquired | 1,757 | | | 2,335 | | | Non-GAAP income tax expense | 1,182 | | | 631 | | | | | | | | GAAP net loss | (42,331 | ) | | (7,041 | ) | | Total Adjustments | (112,667 | ) | | (19,587 | ) | | Non-GAAP net income | 70,336 | | | 12,546 | | | | | | | | Shares used in computing non-GAAP basic net income per share | 53,378 | | | 36,472 | | | Shares used in computing GAAP diluted net income (loss) per share | 53,378 | | | 36,472 | | | Dilutive common stock equivalents | 1,962 | | | 2,418 | | | Shares used in computing non-GAAP diluted net income per share | 55,340 | | | 38,890 | | | Non-GAAP basic net income per share | $ | 1.32 | | | $ | 0.34 | | | Non-GAAP diluted net income per share | $ | 1.27 | | | $ | 0.32 | |
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