MaxLinear, Inc. Announces Third Quarter 2016 Financial Results
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MAXLINEAR, INC. |
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UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
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Three Months Ended |
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September 30, 2016 | |
June 30, 2016 | |
September 30, 2015 |
| GAAP cost of net revenue | 42.4 | % | | 38.1 | % | | 46.4 | % |
| Stock-based compensation | (0.1 | )% | | (0.1 | )% | | (0.1 | )% |
| Performance based equity | — | % | | 0.2 | % | | (0.2 | )% |
| Amortization of inventory step-up | (2.7 | )% | | (0.3 | )% | | (1.0 | )% |
| Amortization of purchased intangible assets | (2.7 | )% | | (1.7 | )% | | (1.6 | )% |
| Impairment of production masks | — | % | | — | % | | (0.2 | )% |
| Non-GAAP cost of net revenue | 36.9 | % | | 36.2 | % | | 43.3 | % |
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| GAAP R&D expenses | 26.9 | % | | 23.6 | % | | 24.7 | % |
| Stock-based compensation | (4.3 | )% | | (3.1 | )% | | (3.7 | )% |
| Incentive award compensation | (0.2 | )% | | (0.2 | )% | | — | % |
| Performance based equity | (0.9 | )% | | (1.5 | )% | | (1.2 | )% |
| Amortization of purchased intangible assets | — | % | | (0.1 | )% | | (0.1 | )% |
| Severance charges | — | % | | — | % | | (0.2 | )% |
| Restricted merger proceeds and contingent consideration | (0.3 | )% | | (0.2 | )% | | (0.2 | )% |
| Non-GAAP R&D expenses | 21.2 | % | | 18.5 | % | | 19.3 | % |
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| GAAP SG&A expenses | 18.3 | % | | 16.2 | % | | 26.7 | % |
| Stock-based compensation | (1.9 | )% | | (1.7 | )% | | (1.5 | )% |
| Incentive award compensation | — | % | | — | % | | — | % |
| Performance based equity | (1.0 | )% | | (0.8 | )% | | (0.8 | )% |
| Amortization of purchased intangible assets | (3.2 | )% | | (0.6 | )% | | (12.6 | )% |
| Acquisition and integration costs | (0.6 | )% | | (1.3 | )% | | — | % |
| Restricted merger proceeds and contingent consideration | (0.1 | )% | | — | % | | — | % |
| Severance charges | — | % | | — | % | | (0.3 | )% |
| IP litigation costs, net | — | % | | (0.2 | )% | | (0.2 | )% |
| Non-GAAP SG&A expenses | 11.5 | % | | 11.6 | % | | 11.3 | % |
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| GAAP impairment losses | 1.3 | % | | — | % | | — | % |
| Impairment Losses | (1.3 | )% | | — | % | | — | % |
| Non-GAAP impairment losses | — | % | | — | % | | — | % |
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| GAAP restructuring expenses | — | % | | — | % | | 0.4 | % |
| Restructuring Charges | — | % | | — | % | | (0.4 | )% |
| Non-GAAP restructuring expenses | — | % | | — | % | | — | % |
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| GAAP income (loss) before income taxes | 11.2 | % | | 22.3 | % | | 2.2 | % |
| Total non-GAAP adjustments before income taxes | 19.3 | % | | 11.8 | % | | 24.4 | % |
| Non-GAAP income before income taxes | 30.5 | % | | 34.1 | % | | 26.6 | % |
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| GAAP income tax expense (benefit) | 1.1 | % | | 0.1 | % | | 0.6 | % |
| Tax impact of non-GAAP adjustments | (0.6 | )% | | 0.7 | % | | 0.1 | % |
| Record valuation allowance due to net deferred liability acquired | — | % | | — | % | | (0.4 | )% |
| Non-GAAP income tax expense (benefit) | 0.5 | % | | 0.8 | % | | 0.3 | % |
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| GAAP net income (loss) | 10.0 | % | | 22.2 | % | | 1.7 | % |
| Total non-GAAP adjustments before income taxes | 19.3 | % | | 11.8 | % | | 24.4 | % |
| Total tax adjustments | (0.6 | )% | | 0.7 | % | | (0.2 | )% |
| Non-GAAP net income | 29.9 | % | | 33.3 | % | | 26.3 | % |
