MaxLinear, Inc. Announces First Quarter 2016 Financial Results and the Acquisition of Broadcom Corporation's Wireless Infrastructure Backhaul Business
|
MAXLINEAR, INC. |
|
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
| | |
| |
Three Months Ended |
| |
March 31, 2016 | |
December 31, 2015 | |
March 31, 2015 |
| GAAP cost of net revenue | 40.4 | % | | 43.6 | % | | 38.8 | % |
| Stock based compensation | — | % | | — | % | | (0.1 | )% |
| Performance based equity | (0.1 | )% | | (0.1 | )% | | — | % |
| Amortization of purchased intangible assets | (1.6 | )% | | (1.6 | )% | | — | % |
| Non-GAAP cost of net revenue | 38.7 | % | | 41.9 | % | | 38.7 | % |
| | | | | | |
| GAAP R&D expenses | 23.1 | % | | 22.9 | % | | 43.2 | % |
| Stock based compensation | (3.0 | )% | | (2.9 | )% | | (6.6 | )% |
| Incentive award compensation | (0.2 | )% | | (1.1 | )% | | 0.2 | % |
| Performance based equity | (1.1 | )% | | (1.2 | )% | | (1.1 | )% |
| Amortization of purchased intangible assets | (0.1 | )% | | (0.1 | )% | | (0.3 | )% |
| Severance charges | — | % | | — | % | | (1.9 | )% |
| Restricted merger proceeds and contingent consideration | (0.2 | )% | | (0.2 | )% | | (0.6 | )% |
| Non-GAAP R&D expenses | 18.5 | % | | 17.3 | % | | 32.9 | % |
| | | | | | |
| GAAP SG&A expenses | 13.3 | % | | 18.2 | % | | 30.9 | % |
| Stock based compensation | (1.7 | )% | | (1.3 | )% | | (3.8 | )% |
| Incentive award compensation | — | % | | (0.1 | )% | | — | % |
| Performance based equity | (0.6 | )% | | (0.6 | )% | | (0.9 | )% |
| Amortization of purchased intangible assets | (0.3 | )% | | (5.0 | )% | | — | % |
| Acquisition and integration costs | 0.1 | % | | — | % | | (7.1 | )% |
| Restricted merger proceeds and contingent consideration | (0.1 | )% | | (0.3 | )% | | 0.5 | % |
| Severance charges | — | % | | (0.1 | )% | | — | % |
| IP litigation costs, net | (0.5 | )% | | (0.3 | )% | | (1.8 | )% |
| Non-GAAP SG&A expenses | 10.2 | % | | 10.4 | % | | 17.8 | % |
| | | | | | |
| GAAP restructuring expenses | 2.1 | % | | 24.1 | % | | — | % |
| Impairment Losses | — | % | | (21.8 | )% | | — | % |
| Restructuring Charges | (2.1 | )% | | (2.3 | )% | | — | % |
| Non-GAAP restructuring expenses | — | % | | — | % | | — | % |
| | | | | | |
| GAAP income tax expense | 2.5 | % | | 0.1 | % | | — | % |
| Record valuation allowance due to net deferred liability acquired | — | % | | 0.2 | % | | — | % |
| Non-GAAP income tax expense | 2.5 | % | | 0.3 | % | | — | % |
| | | | | | |
| GAAP net income (loss) | 18.6 | % | | (8.6 | )% | | (13.3 | )% |
| Total adjustments | (11.5 | )% | | (39.0 | )% | | (23.5 | )% |
| Non-GAAP net income | 30.1 | % | | 30.4 | % | | 10.2 | % |
| | | | | | | | | |
