MaxLinear, Inc. Announces Fourth Quarter 2017 Financial Results


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

	Years Ended
	December 31, 2017			December 31, 2016
GAAP gross profit	$	207,963		$	229,990
Stock-based compensation	332			210
Performance based equity	139			(10		)
Amortization of inventory step-up	25,557			5,641
Amortization of purchased intangible assets	25,316			8,512
Depreciation of fixed asset step-up	337			—
Deferred profit eliminated in purchase price accounting	4,682			—
Non-GAAP gross profit	264,326			244,343

GAAP R&D expenses	112,279			97,745
Stock-based compensation	(16,190		)	(13,681		)
Incentive award compensation	—			(722		)
Performance based equity	(4,001		)	(4,707		)
Amortization of purchased intangible assets	(386		)	(386		)
Depreciation of fixed asset step-up	(1,618		)	—
Restricted merger proceeds and contingent consideration	—			(694		)
Non-GAAP R&D expenses	90,084			77,555

GAAP SG&A expenses	105,831			64,454
Stock-based compensation	(11,016		)	(7,014		)
Incentive award compensation	—			(137		)
Performance based equity	(2,514		)	(2,951		)
Amortization of purchased intangible assets	(28,827		)	(6,952		)
Depreciation of fixed asset step-up	(106		)	—
Acquisition and integration costs	(10,062		)	(2,424		)
Restricted merger proceeds and contingent consideration	—			(220		)
IP litigation costs, net	(272		)	(699		)
Non-GAAP SG&A expenses	53,034			44,057

GAAP IPR&D impairment losses	2,000			1,300
IPR&D impairment losses	(2,000		)	(1,300		)
Non-GAAP IPR&D impairment losses	—			—

GAAP restructuring expenses	9,524			3,432
Restructuring charges	(9,524		)	(3,432		)
Non-GAAP restructuring expenses	—			—

GAAP income (loss) from operations	(21,671		)	63,059
Total non-GAAP adjustments	142,879			59,672
Non-GAAP income from operations	121,208			122,731

GAAP and non-GAAP interest and other income (expense), net	(12,327		)	631

GAAP income (loss) before income taxes	(33,998		)	63,690
Total non-GAAP adjustments	142,879			59,672
Non-GAAP income before income taxes	108,881			123,362

GAAP income tax provision (benefit)	(24,811		)	2,398
Adjustment for non-cash tax benefits/expenses and effects of the Tax Act	32,433			(151		)
Non-GAAP income tax provision	7,622			2,247

GAAP net income (loss)	(9,187		)	61,292
Total non-GAAP adjustments before income taxes	142,879			59,672
Less: total tax adjustments	32,433			(151		)
Non-GAAP net income	$	101,259		$	121,115

Shares used in computing non-GAAP basic net income per share	66,252			63,781
Shares used in computing non-GAAP diluted net income per share	69,665			67,653
Non-GAAP basic net income per share	$	1.53		$	1.90
Non-GAAP diluted net income per share	$	1.45		$	1.79

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