MaxLinear, Inc. Announces Second Quarter 2017 Financial Results

MAXLINEAR, INC. UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data)

	Three Months Ended
	June 30, 2017			March 31, 2017			June 30, 2016
GAAP gross profit	$	51,104		$	52,924		$	62,913
Stock-based compensation	79			59			51
Performance based equity	28			42			(165		)
Amortization of inventory step-up	5,635			—			336
Amortization of purchased intangible assets	6,260			2,684			1,787
Depreciation of fixed asset step-up	112			—			—
Deferred profit eliminated in purchase price accounting	3,872			—			—
Non-GAAP gross profit	67,090			55,709			64,922

GAAP R&D expenses	29,015			23,878			24,037
Stock-based compensation	(4,011		)	(3,493		)	(3,136		)
Incentive award compensation	—			—			(168		)
Performance based equity	(1,055		)	(954		)	(1,555		)
Amortization of purchased intangible assets	(97		)	(96		)	(148		)
Depreciation of fixed asset step-up	(760		)	—			—
Restricted merger proceeds and contingent consideration	—			—			(208		)
Non-GAAP R&D expenses	23,092			19,335			18,822

GAAP SG&A expenses	31,338			18,613			16,505
Stock-based compensation	(3,024		)	(1,922		)	(1,696		)
Incentive award compensation	—			—			(51		)
Performance based equity	(482		)	(578		)	(787		)
Amortization of purchased intangible assets	(8,262		)	(1,881		)	(662		)
Depreciation of fixed asset step-up	(56		)	—			—
Acquisition and integration costs	(5,609		)	(3,394		)	(1,338		)
Restricted merger proceeds and contingent consideration	—			—			(24		)
IP litigation costs, net	(125		)	(105		)	(197		)
Non-GAAP SG&A expenses	13,780			10,733			11,750

GAAP restructuring expenses	6,546			—			—
Restructuring charges	(6,546		)	—			—
Non-GAAP restructuring expenses	—			—			—

GAAP and non-GAAP interest and other income (expense), net	(2,755		)	51			291

GAAP income (loss) before income taxes	(18,550		)	10,484			22,662
Total non-GAAP adjustments	46,013			15,208			11,979
Non-GAAP income before income taxes	27,463			25,692			34,641

GAAP income tax provision (benefit)	(29,515		)	2,021			78
Adjustment for non-cash tax benefits/expenses	32,300			510			670
Non-GAAP income tax provision	2,785			2,531			748

GAAP net income	10,965			8,463			22,584
Total non-GAAP adjustments before income taxes	46,013			15,208			11,979
Less: total tax adjustments	32,300			510			670
Non-GAAP net income	$	24,678		$	23,161		$	33,893

Shares used in computing non-GAAP basic net income per share	65,889			65,238			63,470
Shares used in computing non-GAAP diluted net income per share	69,645			69,149			67,520
Non-GAAP basic net income per share	$	0.37		$	0.36		$	0.53
Non-GAAP diluted net income per share	$	0.35		$	0.33		$	0.50

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