MaxLinear, Inc. Announces First Quarter 2017 Financial Results

 

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
 
  Three Months Ended
  March 31, 2017  December 31, 2016  March 31, 2016
GAAP cost of net revenue40.4% 42.2% 40.4%
Stock-based compensation(0.1)% (0.1)% %
Performance based equity% % (0.1)%
Amortization of inventory step-up% (3.0)% %
Amortization of purchased intangible assets(3.0)% (3.0)% (1.6)%
Non-GAAP cost of net revenue37.3% 36.1% 38.7%
                  
GAAP R&D expenses26.9% 27.6% 23.1%
Stock-based compensation(3.9)% (3.9)% (3.0)%
Incentive award compensation% (0.2)% (0.2)%
Performance based equity(1.1)% (1.3)% (1.1)%
Amortization of purchased intangible assets(0.1)% (0.1)% (0.1)%
Restricted merger proceeds and contingent consideration% % (0.2)%
Non-GAAP R&D expenses21.8% 22.1% 18.5%
                  
GAAP SG&A expenses21.0% 19.2% 13.3%
Stock-based compensation(2.2)% (2.0)% (1.7)%
Performance based equity(0.7)% (0.8)% (0.6)%
Amortization of purchased intangible assets(2.1)% (3.3)% (0.3)%
Acquisition and integration costs(3.8)% (0.7)% 0.1%
Restricted merger proceeds and contingent consideration% % (0.1)%
IP litigation costs, net(0.1)%   %   (0.5 )%
Non-GAAP SG&A expenses 12.1 %   12.4 %   10.2 %
                                   
GAAP restructuring expenses %   1.5 %   2.1 %
Restructuring Charges %   (1.5 )%   (2.1 )%
Non-GAAP restructuring expenses %   %   %
                                   
GAAP income before income taxes 11.8 %   9.9 %   21.1 %
Total non-GAAP adjustments before income taxes 17.1 %   19.8 %   11.4 %
Non-GAAP income before income taxes 28.9 %   29.7 %   32.5 %
                                   
GAAP income tax expense 2.3 %   0.3 %   1.0 %
Tax impact of non-GAAP adjustments 0.5 %   %   (0.3 )%
Non-GAAP income tax expense 2.8 %   0.3 %   0.7 %
                                   
GAAP net income 9.5 %   9.6 %   20.1 %
Total non-GAAP adjustments before income taxes 17.1 %   19.8 %   11.4 %
Less: total tax adjustments 0.5 %   %   (0.3 )%
Non-GAAP net income 26.1 %   29.4 %   31.8 %

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