MaxLinear, Inc. Announces Second Quarter 2016 Financial Results


MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
  (in thousands, except per share data)
 
  Six Months Ended
  June 30, 2016  June 30, 2015
GAAP cost of net revenue$80,289  $57,607 
Stock based compensation(94) (96)
Performance based equity64  (11)
Amortization of inventory step-up(336) (13,286)
Amortization of purchased intangible assets(3,369) (1,052)
Non-GAAP cost of net revenue76,554  43,162 
    
GAAP R&D expenses47,789  39,274 
Stock based compensation(6,199) (5,393)
Incentive award compensation(384) (192)
Performance based equity(2,736) (1,600)
Amortization of purchased intangible assets(244) (212)
Severance charges  (665)
Restricted merger proceeds and contingent consideration(416) (416)
Non-GAAP R&D expenses37,810  30,796 
    
GAAP SG&A expenses30,115  34,564 
Stock based compensation(3,433) (3,024)
Incentive award compensation(101) (7)
Performance based equity(1,382) (895)
Amortization of purchased intangible assets(958) (7,985)
Acquisition and integration costs(1,262) (5,317)
Restricted merger proceeds and contingent consideration(110) 131 
Severance charges  (45)
IP litigation costs, net(659) (991)
Non-GAAP SG&A expenses22,210  16,431 
    
GAAP restructuring expenses2,106  11,389 
Restructuring charges(2,106) (11,389)
Non-GAAP restructuring expenses   
    
GAAP income (loss) before income taxes44,336  (36,549)
Total non-GAAP adjustments23,725  52,445 
Non-GAAP income before income taxes68,061  15,896 
    
GAAP income tax expense (benefit)1,071  (1,180)
Tax impact of non-GAAP adjustments399     (540 )
Record valuation allowance due to net deferred liability acquired     1,933  
Non-GAAP income tax expense 1,470     213  
       
GAAP net income (loss) 43,265     (35,369 )
Total non-GAAP adjustments before income taxes 23,725     52,445  
Total tax adjustments 399     1,393  
Non-GAAP net income $ 66,591     $ 15,683  
       
Shares used in computing non-GAAP basic net income per share 63,056     45,367  
Shares used in computing GAAP diluted net income (loss) per share 67,110     45,367  
Dilutive common stock equivalents     2,281  
Shares used in computing non-GAAP diluted net income per share 67,110     47,648  
Non-GAAP basic net income per share $ 1.06     $ 0.35  
Non-GAAP diluted net income per share $ 0.99     $ 0.33  
               

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