MaxLinear, Inc. Announces Second Quarter 2016 Financial Results


MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
 
  Three Months Ended
  June 30, 2016  March 31, 2016  June 30, 2015
GAAP cost of net revenue38.1% 40.4% 62.0%
Stock based compensation(0.1)% % (0.1)%
Performance based equity0.2% (0.1)% %
Amortization of inventory step-up(0.3)% % (18.8)%
Amortization of purchased intangible assets(1.7)% (1.6)% (1.5)%
Non-GAAP cost of net revenue36.2% 38.7% 41.6%
         
GAAP R&D expenses23.6% 23.1% 33.9%
Stock based compensation(3.1)% (3.0)% (4.3)%
Incentive award compensation(0.2)% (0.2)% (0.5)%
Performance based equity(1.5)% (1.1)% (1.7)%
Amortization of purchased intangible assets(0.1)% (0.1)% (0.1)%
Restricted merger proceeds and contingent consideration(0.2)% (0.2)% (0.3)%
Non-GAAP R&D expenses18.5% 18.5% 27.0%
         
GAAP SG&A expenses16.2% 13.3% 33.4%
Stock based compensation(1.7)% (1.7)% (2.4)%
Incentive award compensation% % %
Performance based equity(0.8)% (0.6)% (0.8)%
Amortization of purchased intangible assets(0.6)% (0.3)% (11.3)%
Acquisition and integration costs(1.3)% 0.1% (4.0)%
Restricted merger proceeds and contingent consideration% (0.1)% (0.1)%
Severance charges% % %
IP litigation costs, net(0.2)% (0.5)% (0.5)%
Non-GAAP SG&A expenses11.6%   10.2 %   14.3 %
                 
GAAP restructuring expenses %   2.1 %   16.1 %
Restructuring Charges %   (2.1 )%   (16.1 )%
Non-GAAP restructuring expenses %   %   %
                 
GAAP income (loss) before income taxes 22.3 %   21.1 %   (45.2 )%
Total non-GAAP adjustments before income taxes 11.8 %   11.4 %   62.3 %
Non-GAAP income before income taxes 34.1 %   32.5 %   17.1 %
                 
GAAP income tax expense (benefit) 0.1 %   1.0 %   (2.0 )%
Tax impact of non-GAAP adjustments 0.7 %   (0.3 )%   (0.5 )%
Record valuation allowance due to net deferred liability acquired %   %   2.7 %
Non-GAAP income tax expense (benefit) 0.8 %   0.7 %   0.2 %
                 
GAAP net income (loss) 22.2 %   20.1 %   (43.3 )%
Total non-GAAP adjustments before income taxes 11.8 %   11.4 %   62.3 %
Total tax adjustments 0.7 %   (0.3 )%   2.2 %
Non-GAAP net income 33.3 %   31.8 %   16.8 %
                 

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