MaxLinear, Inc. Announces First Quarter 2018 Financial Results


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

	Three Months Ended
	March 31, 2018				December 31, 2017					March 31, 2017

GAAP gross profit		$	62,668				$	52,093				$	52,924
Stock-based compensation	106					101					59
Performance based equity	78					35					42
Amortization of inventory step-up	—					9,715					—
Amortization of purchased intangible assets	8,969					8,465					2,684
Depreciation of fixed asset step-up	112					112					—
Non-GAAP gross profit	71,933					70,521					55,709

GAAP R&D expenses	31,121					30,116					23,878
Stock-based compensation	(4,374			)		(4,349			)		(3,493			)
Performance based equity	(1,140			)		(1,031			)		(954			)
Amortization of purchased intangible assets	—					(97			)		(96			)
Depreciation of fixed asset step-up	(329			)		(297			)		—
Non-GAAP R&D expenses	25,278					24,342					19,335

GAAP SG&A expenses	27,117					26,843					18,613
Stock-based compensation	(3,993			)		(3,105			)		(1,922			)
Performance based equity	(1,049			)		(937			)		(578			)
Amortization of purchased intangible assets	(7,994			)		(8,760			)		(1,881			)
Depreciation of fixed asset step-up	(10			)		(20			)		—
Acquisition and integration costs	—					(54			)		(3,394			)
IP litigation costs, net	(42			)		(38			)		(105			)
Non-GAAP SG&A expenses	14,029					13,929					10,733

GAAP restructuring expenses	—					800					—
Restructuring charges	—					(800			)		—
Non-GAAP restructuring expenses	—					—					—

GAAP income (loss) from operations	4,430					(5,666			)		10,433
Total non-GAAP adjustments	28,196					37,916					15,208
Non-GAAP income from operations	32,626					32,250					25,641

GAAP and non-GAAP interest and other income (expense), net	(4,447			)		(4,823			)		51

GAAP income (loss) before income taxes	(17			)		(10,489			)		10,484
Total non-GAAP adjustments	28,196					37,916					15,208
Non-GAAP income before income taxes	28,179					27,427					25,692

GAAP income tax provision (benefit)	(1,864			)		8,959					2,021
Adjustment for non-cash tax benefits/expenses	3,837					(7,853			)		510
Non-GAAP income tax provision	1,973					1,106					2,531

GAAP net income (loss)	1,847					(19,448			)		8,463
Total non-GAAP adjustments before income taxes	28,196					37,916					15,208
Less: total tax adjustments	3,837					(7,853			)		510
Non-GAAP net income	$		26,206			$		26,321			$		23,161

Shares used in computing non-GAAP basic net income per share	67,674					67,147					65,238
Shares used in computing non-GAAP diluted net income per share	70,440					70,175					69,149
Non-GAAP basic net income per share	$		0.39			$		0.39			$		0.36
Non-GAAP diluted net income per share	$		0.37			$		0.38			$		0.33

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