(1) Includes five months of Entropic cash flows.
MAXLINEAR, INC. | |||||||||||
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
(in thousands) | |||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | 56,076 | $ | 147,582 | $ | 58,149 | |||||
Short-term investments, available-for-sale | 42,146 | 28,899 | 26,797 | ||||||||
Accounts receivable, net | 49,672 | 44,340 | 41,766 | ||||||||
Inventory | 32,119 | 25,604 | 36,265 | ||||||||
Prepaid expenses and other current assets | 6,831 | 4,982 | 4,500 | ||||||||
Total current assets | 186,844 | 251,407 | 167,477 | ||||||||
Property and equipment, net | 21,950 | 21,134 | 20,543 | ||||||||
Long-term investments, available-for-sale | 12,020 | — | 19,847 | ||||||||
Intangible assets, net | 109,885 | 60,675 | 79,655 | ||||||||
Goodwill | 75,794 | 56,714 | 49,373 | ||||||||
Other long-term assets | 1,883 | 1,982 | 5,715 | ||||||||
Total assets | $ | 408,376 | $ | 391,912 | $ | 342,610 | |||||
Liabilities and stockholders’ equity | |||||||||||
Current liabilities | $ | 54,491 | $ | 55,620 | $ | 67,485 | |||||
Other long-term liabilities | 15,182 | 15,104 | 10,597 | ||||||||
Total stockholders’ equity | 338,703 | 321,188 | 264,528 | ||||||||
Total liabilities and stockholders’ equity | $ | 408,376 | $ | 391,912 | $ | 342,610 |
MAXLINEAR, INC. | |||||||||||
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS | |||||||||||
(in thousands, except per share data) | |||||||||||
Three Months Ended | |||||||||||
September 30, 2016 | June 30, 2016 | September 30, 2015 | |||||||||
GAAP cost of net revenue | $ | 40,820 | $ | 38,774 | $ | 44,141 | |||||
Stock-based compensation | (57 | ) | (51 | ) | (73 | ) | |||||
Performance based equity | (23 | ) | 165 | (148 | ) | ||||||
Amortization of inventory step-up | (2,653 | ) | (336 | ) | (958 | ) | |||||
Amortization of purchased intangible assets | (2,571 | ) | (1,787 | ) | (1,572 | ) | |||||
Impairment of production masks | — | — | (153 | ) | |||||||
Non-GAAP cost of net revenue | 35,516 | 36,765 | 41,237 | ||||||||
GAAP R&D expenses | 25,921 | 24,037 | 23,491 | ||||||||
Stock-based compensation | (4,163 | ) | (3,136 | ) | (3,496 | ) | |||||
Incentive award compensation | (169 | ) | (168 | ) | — | ||||||
Performance based equity | (838 | ) | (1,555 | ) | (1,182 | ) | |||||
Amortization of purchased intangible assets | (45 | ) | (148 | ) | (97 | ) | |||||
Severance charges | — | — | (173 | ) | |||||||
Restricted merger proceeds and contingent consideration | (243 | ) | (208 | ) | (209 | ) | |||||
Non-GAAP R&D expenses | 20,463 | 18,822 | 18,334 | ||||||||
GAAP SG&A expenses | 17,619 | 16,505 | 25,457 | ||||||||
Stock-based compensation | (1,857 | ) | (1,696 | ) | (1,442 | ) | |||||
Incentive award compensation | (18 | ) | (51 | ) | — | ||||||
Performance based equity | (896 | ) | (787 | ) | (753 | ) | |||||
Amortization of purchased intangible assets | (3,080 | ) | (662 | ) | (12,066 | ) | |||||
Acquisition and integration costs | (590 | ) | (1,338 | ) | (32 | ) | |||||
Restricted merger proceeds and contingent consideration | (99 | ) | (24 | ) | (9 | ) | |||||
Severance charges | — | — | (270 | ) | |||||||
IP litigation costs, net | (12 | ) | (197 | ) | (144 | ) | |||||
Non-GAAP SG&A expenses | 11,067 | 11,750 | 10,741 | ||||||||
GAAP IPR&D impairment losses | 1,300 | — | — | ||||||||
IPR&D impairment losses | (1,300 | ) | — | — | |||||||
Non-GAAP IPR&D impairment losses | — | — | — | ||||||||
GAAP restructuring expenses | — | — | 425 | ||||||||
Restructuring charges | — | — | (425 | ) | |||||||
Non-GAAP restructuring expenses | — | — | — | ||||||||
GAAP income before income taxes | 10,763 | 22,662 | 2,131 | ||||||||
Total non-GAAP adjustments | 18,614 | 11,979 | 23,202 | ||||||||
Non-GAAP income before income taxes | 29,377 | 34,641 | 25,333 | ||||||||
GAAP income tax expense | 1,084 | 78 | 549 | ||||||||
Tax impact of non-GAAP adjustments | (537 | ) | 670 | 131 | |||||||
Release of valuation allowance due to net deferred tax liability acquired | — | — | (341 | ) | |||||||
Non-GAAP income tax expense | 547 | 748 | 339 | ||||||||
GAAP net income (loss) | $ | 9,679 | $ | 22,584 | $ | 1,582 | |||||
Total non-GAAP adjustments before income taxes | 18,614 | 11,979 | 23,202 | ||||||||
Total tax adjustments | (537 | ) | 670 | (210 | ) | ||||||
Non-GAAP net income | $ | 28,830 | $ | 33,893 | $ | 24,994 | |||||
Shares used in computing non-GAAP basic net income per share | 64,241 | 63,470 | 60,644 | ||||||||
Shares used in computing non-GAAP diluted net income per share | 67,832 | 67,520 | 63,209 | ||||||||
Non-GAAP basic net income per share | $ | 0.45 | $ | 0.53 | $ | 0.41 | |||||
Non-GAAP diluted net income per share | $ | 0.43 | $ | 0.50 | $ | 0.40 |