MaxLinear, Inc. Announces Fourth Quarter 2016 Financial Results and the Acquisition of Marvell's G.hn Business


MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
 
     Year ended
     December 31, 2016  December 31, 2015
GAAP cost of net revenue   40.7% 48.3%
Stock-based compensation   (0.1)% (0.1)%
Performance based equity   % (0.1)%
Amortization of inventory step-up   (1.4)% (4.7)%
Amortization of purchased intangible assets   (2.2)% (1.4)%
Impairment of production masks   % (0.1)%
Non-GAAP cost of net revenue   37.0% 41.9%
       
GAAP R&D expenses   25.2% 28.4%
Stock-based compensation   (3.5)% (3.9)%
Incentive award compensation   (0.2)% (0.5)%
Performance based equity   (1.2)% (1.3)%
Amortization of purchased intangible assets   (0.1)% (0.1)%
Severance charges   % (0.3)%
Restricted merger proceeds and contingent consideration   (0.2)% (0.3)%
Non-GAAP R&D expenses   20.0% 22.0%
       
GAAP SG&A expenses   16.6% 26.0%
Stock-based compensation   (1.8)% (1.9)%
Incentive award compensation   % %
Performance based equity   (0.7)% (0.7)%
Amortization of purchased intangible assets   (1.8)% (8.3)%
Acquisition and integration costs   (0.6)% (1.8)%
Restricted merger proceeds and contingent consideration   (0.1)% %
Severance charges   % (0.2)%
IP litigation costs, net    (0.2 )%   (0.5 )%
Non-GAAP SG&A expenses       11.4 %   12.5 %
             
GAAP IPR&D impairment losses       0.3 %   7.2 %
IPR&D impairment Losses       (0.3 )%   (7.2 )%
Non-GAAP IPR&D impairment losses       %   %
             
GAAP restructuring expenses       0.9 %   4.7 %
Restructuring Charges       (0.9 )%   (4.7 )%
Non-GAAP restructuring expenses       %   %
             
GAAP income (loss) before income taxes       16.4 %   (14.3 )%
Total non-GAAP adjustments before income taxes       15.4 %   38.1 %
Non-GAAP income before income taxes       31.8 %   23.8 %
             
GAAP income tax expense (benefit)       0.6 %   (0.2 )%
Tax impact of non-GAAP adjustments       %   (0.1 )%
Release of valuation allowance due to net deferred liability acquired       %   0.6 %
Non-GAAP income tax expense       0.6 %   0.3 %
             
GAAP net income (loss)       15.8 %   (14.1 )%
Total non-GAAP adjustments before income taxes       15.4 %   38.1 %
Total tax adjustments       %   0.5 %
Non-GAAP net income       31.2 %   23.5 %

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