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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Nine Months Ended |
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September 30, 2016 | |
September 30, 2015 |
| GAAP cost of net revenue | 40.3 | % | | 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 revenue | 37.3 | % | | 41.9 | % |
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| GAAP R&D expenses | 24.5 | % | | 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 expenses | 19.4 | % | | 24.4 | % |
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| GAAP SG&A expenses | 15.9 | % | | 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 expenses | 11.1 | % | | 13.5 | % |
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| GAAP impairment losses | 0.4 | % | | — | % |
| Impairment Losses | (0.4 | )% | | — | % |
| Non-GAAP impairment losses | — | % | | — | % |
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| GAAP restructuring expenses | 0.7 | % | | 5.9 | % |
| Restructuring Charges | (0.7 | )% | | (5.9 | )% |
| Non-GAAP restructuring expenses | — | % | | — | % |
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| 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 | % |
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| 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 | % |
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| 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 | % |
