MaxLinear, Inc. Announces Second Quarter 2018 Financial Results
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MAXLINEAR, INC. | |
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS | |
(in thousands, except per share data) | | | | |
Six Months Ended | | |
June 30, 2018 | |
June 30, 2017 | | GAAP gross profit | $ | 118,998 | | | $ | 104,028 | | | Stock-based compensation | 226 | | | 138 | | | Performance based equity | 125 | | | 70 | | | Amortization of inventory step-up | — | | | 5,635 | | | Amortization of purchased intangible assets | 17,937 | | | 8,944 | | | Depreciation of fixed asset step-up | 208 | | | 112 | | | Deferred profit eliminated in purchase price accounting | — | | | 3,872 | | | Non-GAAP gross profit | 137,494 | | | 122,799 | | | | | | | | GAAP R&D expenses | 61,332 | | | 52,893 | | | Stock-based compensation | (8,828 | ) | | (7,504 | ) | | Performance based equity | (2,437 | ) | | (2,009 | ) | | Amortization of purchased intangible assets | — | | | (193 | ) | | Depreciation of fixed asset step-up | (653 | ) | | (760 | ) | | Non-GAAP R&D expenses | 49,414 | | | 42,427 | | | | | | | | GAAP SG&A expenses | 51,617 | | | 49,951 | | | Stock-based compensation | (6,728 | ) | | (4,946 | ) | | Performance based equity | (1,779 | ) | | (1,060 | ) | | Amortization of purchased intangible assets | (15,988 | ) | | (10,143 | ) | | Depreciation of fixed asset step-up | (22 | ) | | (56 | ) | | Acquisition and integration costs | — | | | (9,003 | ) | | IP litigation costs, net | (61 | ) | | (230 | ) | | Non-GAAP SG&A expenses | 27,039 | | | 24,513 | | | | | | | | GAAP restructuring expenses | 1,865 | | | 6,546 | | | Restructuring charges | (1,865 | ) | | (6,546 | ) | | Non-GAAP restructuring expenses | — | | | — | | | | | | | | GAAP income (loss) from operations | 4,183 | | | (5,362 | ) | | Total non-GAAP adjustments | 56,857 | | | 61,221 | | | Non-GAAP income from operations | 61,041 | | | 55,859 | | | | | | | | GAAP and non-GAAP interest and other expense, net | (7,397 | ) | | (2,704 | ) | | | | | | | GAAP loss before income taxes | (3,214 | ) | | (8,066 | ) | | Total non-GAAP adjustments | 56,857 | | | 61,221 | | | Non-GAAP income before income taxes | 53,643 | | | 53,155 | | | | | | | | GAAP income tax provision (benefit) | 9,361 | | | (27,494 | ) | | Adjustment for non-cash tax benefits/expenses | (5,606 | ) | | 32,810 | | | Non-GAAP income tax provision | 3,755 | | | 5,316 | | | | | | | | GAAP net income (loss) | (12,575 | ) | | 19,428 | | | Total non-GAAP adjustments before income taxes | 56,857 | | | 61,221 | | | Less: total tax adjustments | (5,606 | ) | | 32,810 | | | Non-GAAP net income | $ | 49,888 | | | $ | 47,839 | | | | | | | | Shares used in computing non-GAAP basic net income per share | 68,008 | | | 65,564 | | | Shares used in computing non-GAAP diluted net income per share | 70,460 | | | 69,398 | | | Non-GAAP basic net income per share | $ | 0.73 | | | $ | 0.73 | | | Non-GAAP diluted net income per share | $ | 0.71 | | | $ | 0.69 | |
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