MaxLinear, Inc. Announces First Quarter 2017 Financial Results

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)

	Three Months Ended
	March 31, 2017			December 31, 2016			March 31, 2016
GAAP cost of net revenue	$	35,917		$	36,733		$	41,515
Stock-based compensation	(59		)	(59		)	(43		)
Performance based equity	(42		)	(31		)	(101		)
Amortization of inventory step-up	—			(2,652		)	—
Amortization of purchased intangible assets	(2,684		)	(2,572		)	(1,582		)
Non-GAAP cost of net revenue	33,132			31,419			39,789

GAAP R&D expenses	23,878			24,035			23,752
Stock-based compensation	(3,493		)	(3,319		)	(3,063		)
Incentive award compensation	—			(169		)	(216		)
Performance based equity	(954		)	(1,133		)	(1,181		)
Amortization of purchased intangible assets	(96		)	(97		)	(96		)
Restricted merger proceeds and contingent consideration	—			(35		)	(208		)
Non-GAAP R&D expenses	19,335			19,282			18,988

GAAP SG&A expenses	18,613			16,720			13,610
Stock-based compensation	(1,922		)	(1,724		)	(1,737		)
Incentive award compensation	—			(18		)	(50		)
Performance based equity	(578		)	(673		)	(595		)
Amortization of purchased intangible assets	(1,881		)	(2,914		)	(296		)
Acquisition and integration costs	(3,394		)	(572		)	76
Restricted merger proceeds and contingent consideration	—			(11		)	(86		)
IP litigation costs, net	(105		)	(28		)	(462		)
Non-GAAP SG&A expenses	10,733			10,780			10,460

GAAP restructuring expenses	—			1,326			2,106
Restructuring charges	—			(1,326		)	(2,106		)
Non-GAAP restructuring expenses	—			—			—

GAAP income before income taxes	10,484			8,591			21,674
Total non-GAAP adjustments	15,208			17,333			11,746
Non-GAAP income before income taxes	25,692			25,924			33,420

GAAP income tax expense	2,021			243			993
Tax impact of non-GAAP adjustments	510			(13		)	(271		)
Non-GAAP income tax expense	2,531			230			722

GAAP net income	8,463			8,348			20,681
Total non-GAAP adjustments before income taxes	15,208			17,333			11,746
Less: total tax adjustments	510			(13		)	(271		)
Non-GAAP net income	$	23,161		$	25,694		$	32,698

Shares used in computing non-GAAP basic net income per share	65,238			64,752			62,585
Shares used in computing non-GAAP diluted net income per share	69,149			68,421			66,643
Non-GAAP basic net income per share	$	0.36		$	0.40		$	0.52
Non-GAAP diluted net income per share	$	0.33		$	0.38		$	0.49

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 Next Page »