MaxLinear, Inc. Announces Third Quarter 2016 Financial Results


 
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
 
  Nine Months Ended
  September 30, 2016  September 30, 2015
GAAP cost of net revenue$121,109  $101,748 
Stock-based compensation(151) (169)
Performance based equity41  (159)
Amortization of inventory step-up(2,989) (14,244)
Amortization of purchased intangible assets(5,940) (2,624)
Impairment of production masks  (153)
Non-GAAP cost of net revenue112,070  84,399 
    
GAAP R&D expenses73,710  62,765 
Stock-based compensation(10,362) (8,889)
Incentive award compensation(553)  
Performance based equity(3,574) (2,974)
Amortization of purchased intangible assets(289) (309)
Severance charges  (838)
Restricted merger proceeds and contingent consideration(659) (625)
Non-GAAP R&D expenses58,273  49,130 
    
GAAP SG&A expenses47,734  60,021 
Stock-based compensation(5,290) (4,466)
Incentive award compensation(119)  
Performance based equity(2,278) (1,655)
Amortization of purchased intangible assets(4,038) (20,051)
Acquisition and integration costs(1,852) (5,349)
Restricted merger proceeds and contingent consideration(209)  
Change in fair value of contingent consideration  122 
Severance charges  (315)
IP litigation costs, net(671) (1,135)
Non-GAAP SG&A expenses33,277  27,172 
    
GAAP impairment losses1,300   
Impairment losses(1,300)  
Non-GAAP impairment losses   
    
GAAP restructuring expenses2,106  11,814 
Restructuring charges(2,106) (11,814)
Non-GAAP restructuring expenses   
       
GAAP income (loss) before income taxes 55,099     (34,418 )
Total non-GAAP adjustments 42,339     75,647  
Non-GAAP income before income taxes 97,438     41,229  
       
GAAP income tax expense (benefit) 2,155     (631 )
Tax impact of non-GAAP adjustments (138 )   (409 )
Record valuation allowance due to net deferred liability acquired     1,592  
Non-GAAP income tax expense 2,017     552  
       
GAAP net income (loss) $ 52,944     $ (33,787 )
Total non-GAAP adjustments before income taxes 42,339     75,647  
Total tax adjustments (138 )   1,183  
Non-GAAP net income $ 95,421     $ 40,677  
       
Shares used in computing non-GAAP basic net income per share 63,454     50,528  
Shares used in computing GAAP diluted net income (loss) per share 67,354     50,528  
Dilutive common stock equivalents     2,376  
Shares used in computing non-GAAP diluted net income per share 67,354     52,904  
Non-GAAP basic net income per share $ 1.50     $ 0.81  
Non-GAAP diluted net income per share $ 1.42     $ 0.77  

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