MaxLinear, Inc. Announces Second Quarter 2017 Financial Results
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data) | | | | |
Six Months Ended | | |
June 30, 2017 | |
June 30, 2016 | | GAAP gross profit | $ | 104,028 | | | $ | 124,083 | | | Stock-based compensation | 138 | | | 94 | | | Performance based equity | 70 | | | (64 | ) | | Amortization of inventory step-up | 5,635 | | | 336 | | | Amortization of purchased intangible assets | 8,944 | | | 3,369 | | | Depreciation of fixed asset step-up | 112 | | | — | | | Deferred profit eliminated in purchase price accounting | 3,872 | | | — | | | Non-GAAP gross profit | 122,799 | | | 127,818 | | | | | | | | GAAP R&D expenses | 52,893 | | | 47,789 | | | Stock-based compensation | (7,504 | ) | | (6,199 | ) | | Incentive award compensation | — | | | (384 | ) | | Performance based equity | (2,009 | ) | | (2,736 | ) | | Amortization of purchased intangible assets | (193 | ) | | (244 | ) | | Depreciation of fixed asset step-up | (760 | ) | | — | | | Restricted merger proceeds and contingent consideration | — | | | (416 | ) | | Non-GAAP R&D expenses | 42,427 | | | 37,810 | | | | | | | | GAAP SG&A expenses | 49,951 | | | 30,115 | | | Stock-based compensation | (4,946 | ) | | (3,433 | ) | | Incentive award compensation | — | | | (101 | ) | | Performance based equity | (1,060 | ) | | (1,382 | ) | | Amortization of purchased intangible assets | (10,143 | ) | | (958 | ) | | Depreciation of fixed asset step-up | (56 | ) | | — | | | Acquisition and integration costs | (9,003 | ) | | (1,262 | ) | | Restricted merger proceeds and contingent consideration | — | | | (110 | ) | | IP litigation costs, net | (230 | ) | | (659 | ) | | Non-GAAP SG&A expenses | 24,513 | | | 22,210 | | | | | | | | GAAP restructuring expenses | 6,546 | | | 2,106 | | | Restructuring charges | (6,546 | ) | | (2,106 | ) | | Non-GAAP restructuring expenses | — | | | — | | | | | | | | GAAP and non-GAAP interest and other income (expense), net | (2,704 | ) | | 263 | | | | | | | | GAAP income (loss) before income taxes | (8,066 | ) | | 44,336 | | | Total non-GAAP adjustments | 61,221 | | | 23,725 | | | Non-GAAP income before income taxes | 53,155 | | | 68,061 | | | | | | | | GAAP income tax provision (benefit) | (27,494 | ) | | 1,071 | | | Adjustment for non-cash tax benefits/expenses | 32,810 | | | 399 | | | Non-GAAP income tax provision | 5,316 | | | 1,470 | | | | | | | | GAAP net income | 19,428 | | | 43,265 | | | Total non-GAAP adjustments before income taxes | 61,221 | | | 23,725 | | | Less: total tax adjustments | 32,810 | | | 399 | | | Non-GAAP net income | $ | 47,839 | | | $ | 66,591 | | | | | | | | Shares used in computing non-GAAP basic net income per share | 65,564 | | | 63,056 | | | Shares used in computing non-GAAP diluted net income per share | 69,398 | | | 67,110 | | | Non-GAAP basic net income per share | $ | 0.73 | | | $ | 1.06 | | | Non-GAAP diluted net income per share | $ | 0.69 | | | $ | 0.99 | |
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