Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses as a percentage of net revenue, non-GAAP income (loss) from operations as percentage of revenue, non-GAAP interest and other expenses, non-GAAP diluted earnings (loss) per share, and non-GAAP diluted share count. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance-based bonus plan for 2024, which we currently intend to settle in shares of our common stock; (iii) accruals related to our performance-based bonus plan for 2023, which we settled in shares of common stock in February 2024; (iv) amortization of purchased intangible assets; (v) research and development funded by others; (vi) acquisition and integration costs related to our acquisitions, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion; (vii) impairment of intangible assets; (viii) severance and other restructuring charges; (ix) other non-recurring interest and other income (expenses), net attributable to acquisitions; and (x) non-cash income tax benefits and expenses. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non-GAAP financial measures are subject to limitations, and should be read only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.
We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and other one-time expenses that we believe are not indicative of our core operating results. Among other uses, our management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management’s incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance.
The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:
Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Our equity incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results. Stock-based compensation expense has been and will continue to be a significant recurring expense for MaxLinear. While we include the dilutive impact of equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income.
Performance-based equity consists of accruals related to our executive and non-executive bonus programs, and have been excluded from our non-GAAP net income for all periods reported. Bonus payments for the 2023 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2024. We currently expect that bonus awards under our fiscal 2024 program will be settled in common stock in the first quarter of fiscal 2025.
Expenses incurred in relation to acquisitions include amortization of purchased intangible assets, acquisition and integration costs primarily consisting of professional and consulting fees, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion; ticking fees paid to lenders following the termination of such merger which were recorded in other expense; and accretion of discount on contingent consideration to interest expense.
Research and development funded by others represents proceeds received under contracts for jointly funded R&D projects to develop technology that may be commercialized into a product in the future. Initially such proceeds may not yet be recognized in GAAP results if, pursuant to contract terms, the Company may be required to repay all or a portion of the funds provided by the other party under certain conditions. Management believes it is not probable that it will trigger such conditions. Once such conditions have been resolved, the proceeds are recognized in GAAP results, and accordingly, reversed from non-GAAP results.
Impairment losses are related to abandonment of acquired or purchased intangible assets.
Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to impairment of leased right-of-use assets or from exiting certain facilities.
Income tax benefits and expense adjustments are those that do not affect cash income taxes payable.
Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, we are also unable to predict their probable significance, particularly related to stock-based compensation and its related tax effects as well as potential impairments, a quantitative reconciliation is not available without unreasonable efforts and accordingly, in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not provided a reconciliation for non-GAAP guidance provided for the second quarter 2024.
About MaxLinear, Inc.
MaxLinear, Inc. (Nasdaq: MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.
MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.
MAXLINEAR, INC. UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) |
|||||||||||
|
Three Months Ended |
||||||||||
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
||||||
Net revenue |
$ |
95,269 |
|
|
$ |
125,353 |
|
|
$ |
248,442 |
|
Cost of net revenue |
|
46,001 |
|
|
|
56,814 |
|
|
|
108,135 |
|
| Gross profit |
|
49,268 |
|
|
|
68,539 |
|
|
|
140,307 |
|
| Operating expenses: |
|
|
|
|
|
||||||
| Research and development |
|
64,766 |
|
|
|
65,250 |
|
|
|
67,291 |
|
| Selling, general and administrative |
|
36,488 |
|
|
|
34,384 |
|
|
|
38,653 |
|
| Impairment losses |
|
— |
|
|
|
— |
|
|
|
2,438 |
|
| Restructuring charges |
|
22,630 |
|
|
|
10,648 |
|
|
|
4,648 |
|
| Total operating expenses |
|
123,884 |
|
|
|
110,282 |
|
|
|
113,030 |
|
| Income (loss) from operations |
|
(74,616 |
) |
|
|
(41,743 |
) |
|
|
27,277 |
|
| Interest income |
|
1,822 |
|
|
|
1,781 |
|
|
|
633 |
|
| Interest expense |
|
(2,711 |
) |
|
|
(2,909 |
) |
|
|
(2,487 |
) |
| Other income (expense), net |
|
1,434 |
|
|
|
240 |
|
|
|
(324 |
) |
| Total other income (expense), net |
|
545 |
|
|
|
(888 |
) |
|
|
(2,178 |
) |
| Income (loss) before income taxes |
|
(74,071 |
) |
|
|
(42,631 |
) |
|
|
25,099 |
|
| Income tax provision (benefit) |
|
(1,762 |
) |
|
|
(4,131 |
) |
|
|
15,566 |
|
| Net income (loss) |
$ |
(72,309 |
) |
|
$ |
(38,500 |
) |
|
$ |
9,533 |
|
| Net income (loss) per share: |
|
|
|
|
|
||||||
| Basic |
$ |
(0.88 |
) |
|
$ |
(0.47 |
) |
|
$ |
0.12 |
|
| Diluted |
$ |
(0.88 |
) |
|
$ |
(0.47 |
) |
|
$ |
0.12 |
|
| Shares used to compute net income (loss) per share: |
|
|
|
|
|
||||||
| Basic |
|
82,349 |
|
|
|
81,681 |
|
|
|
79,471 |
|
| Diluted |
|
82,349 |
|
|
|
81,681 |
|
|
|
81,338 |
|
| MAXLINEAR, INC. UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
|||||||||||
| Three Months Ended |
|||||||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
||||||
| Operating Activities |
|
|
|
|
|
||||||
| Net income (loss) |
$ |
(72,309 |
) |
|
$ |
(38,500 |
) |
|
$ |
9,533 |
|
| Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: |
|
|
|
|
|
||||||
| Amortization and depreciation |
|
16,684 |
|
|
|
16,593 |
|
|
|
19,202 |
|
| Impairment losses |
|
— |
|
|
|
— |
|
|
|
2,438 |
|
| Amortization of debt issuance costs and accretion of discount on debt and leases |
|
688 |
|
|
|
703 |
|
|
|
548 |
|
| Stock-based compensation |
|
17,061 |
|
|
|
16,413 |
|
|
|
16,448 |
|
| Deferred income taxes |
|
(2,685 |
) |
|
|
(10,954 |
) |
|
|
8,128 |
|
| Loss on disposal of property and equipment |
|
390 |
|
|
|
— |
|
|
|
40 |
|
| Gain on sale of investments |
|
— |
|
|
|
(434 |
) |
|
|
— |
|
| Unrealized holding gain on investments |
|
— |
|
|
|
(2,152 |
) |
|
|
(152 |
) |
| Impairment of leased right-of-use assets |
|
2,038 |
|
|
|
— |
|
|
|
— |
|
| (Gain) loss on extinguishment of lease liabilities |
|
(569 |
) |
|
|
— |
|
|
|
— |
|
| (Gain) loss on foreign currency and other |
|
(968 |
) |
|
|
2,335 |
|
|
|
362 |
|
| Excess tax (benefits) deficiencies on stock based awards |
|
1,367 |
|
|
|
276 |
|
|
|
(507 |
) |
| Changes in operating assets and liabilities: |
|
|
|
|
|
||||||
| Accounts receivable, net |
|
44,389 |
|
|
|
(12,363 |
) |
|
|
(16,931 |
) |
| Inventory |
|
3,783 |
|
|
|
15,034 |
|
|
|
10,959 |
|
| Prepaid expenses and other assets |
|
(2,044 |
) |
|
|
887 |
|
|
|
(4,338 |
) |
| Accounts payable, accrued expenses and other current liabilities |
|
9,275 |
|
|
|
(11,514 |
) |
|
|
(886 |
) |
| Accrued compensation |
|
8,707 |
|
|
|
932 |
|
|
|
7,210 |
|
| Accrued price protection liability |
|
(6,451 |
) |
|
|
3,474 |
|
|
|
(9,877 |
) |
| Lease liabilities |
|
(2,505 |
) |
|
|
(2,780 |
) |
|
|
(3,095 |
) |
| Other long-term liabilities |
|
(881 |
) |
|
|
5,477 |
|
|
|
3,077 |
|
| Net cash provided by (used in) operating activities |
|
15,970 |
|
|
|
(16,573 |
) |
|
|
42,159 |
|
| Investing Activities |
|
|
|
|
|
||||||
| Purchases of property and equipment |
|
(8,342 |
) |
|
|
(1,274 |
) |
|
|
(5,216 |
) |
| Purchases of intangible assets |
|
(368 |
) |
|
|
(157 |
) |
|
|
(630 |
) |
| Cash used in acquisitions, net of cash acquired |
|
— |
|
|
|
(940 |
) |
|
|
(9,665 |
) |
| Sales of trading securities |
|
— |
|
|
|
17,198 |
|
|
|
— |
|
| Net cash provided by (used in) investing activities |
|
(8,710 |
) |
|
|
14,827 |
|
|
|
(15,511 |
) |
| Financing Activities |
|
|
|
|
|
||||||
| Net proceeds from issuance of common stock |
|
— |
|
|
|
1,391 |
|
|
|
3 |
|
| Minimum tax withholding paid on behalf of employees for restricted stock units |
|
(2,103 |
) |
|
|
(220 |
) |
|
|
(6,173 |
) |
| Net cash provided by (used in) financing activities |
|
(2,103 |
) |
|
|
1,171 |
|
|
|
(6,170 |
) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(583 |
) |
|
|
779 |
|
|
|
1 |
|
| Increase in cash, cash equivalents and restricted cash |
|
4,574 |
|
|
|
204 |
|
|
|
20,479 |
|
| Cash, cash equivalents and restricted cash at beginning of period |
|
188,356 |
|
|
|
188,152 |
|
|
|
188,357 |
|
| Cash, cash equivalents and restricted cash at end of period |
$ |
192,930 |
|
|
$ |
188,356 |
|
|
$ |
208,836 |
|
|
|
|
|
|
|
|
||||||
| MAXLINEAR, INC. UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
||||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
|||
| Assets |
|
|
|
|
|
|||
| Current assets: |
|
|
|
|
|
|||
| Cash and cash equivalents |
$ |
191,882 |
|
$ |
187,288 |
|
$ |
207,850 |
| Short-term restricted cash |
|
1,028 |
|
|
1,051 |
|
|
964 |
| Short-term investments |
|
— |
|
|
— |
|
|
18,681 |
| Accounts receivable, net |
|
126,230 |
|
|
170,619 |
|
|
188,733 |
| Inventory |
|
96,125 |
|
|
99,908 |
|
|
149,585 |
| Prepaid expenses and other current assets |
|
29,414 |
|
|
29,159 |
|
|
27,773 |
| Total current assets |
|
444,679 |
|
|
488,025 |
|
|
593,586 |
| Long-term restricted cash |
|
20 |
|
|
17 |
|
|
22 |
| Property and equipment, net |
|
68,338 |
|
|
66,431 |
|
|
77,691 |
| Leased right-of-use assets |
|
27,468 |
|
|
31,264 |
|
|
26,357 |
| Intangible assets, net |
|
64,939 |
|
|
73,630 |
|
|
96,352 |
| Goodwill |
|
318,588 |
|
|
318,588 |
|
|
318,910 |
| Deferred tax assets |
|
72,176 |
|
|
69,493 |
|
|
57,515 |
| Other long-term assets |
|
34,417 |
|
|
32,809 |
|
|
28,045 |
| Total assets |
$ |
1,030,625 |
|
$ |
1,080,257 |
|
$ |
1,198,478 |
|
|
|
|
|
|
|
|||
| Liabilities and stockholders’ equity |
|
|
|
|
|
|||
| Current liabilities |
$ |
223,854 |
|
$ |
222,129 |
|
$ |
300,162 |
| Long-term lease liabilities |
|
23,897 |
|
|
26,243 |
|
|
21,239 |
| Long-term debt |
|
122,529 |
|
|
122,375 |
|
|
121,910 |
| Other long-term liabilities |
|
22,362 |
|
|
23,245 |
|
|
21,055 |
| Stockholders’ equity |
|
637,983 |
|
|
686,265 |
|
|
734,112 |
| Total liabilities and stockholders’ equity |
$ |
1,030,625 |
|
$ |
1,080,257 |
|
$ |
1,198,478 |
| MAXLINEAR, INC. UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) |
|||||||||||
|
|
Three Months Ended |
||||||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
||||||
| GAAP gross profit |
$ |
49,268 |
|
|
$ |
68,539 |
|
|
$ |
140,307 |
|
| Stock-based compensation |
|
181 |
|
|
|
137 |
|
|
|
210 |
|
| Performance based equity |
|
72 |
|
|
|
17 |
|
|
|
91 |
|
| Amortization of purchased intangible assets |
|
8,221 |
|
|
|
8,332 |
|
|
|
9,321 |
|
| Non-GAAP gross profit |
|
57,742 |
|
|
|
77,025 |
|
|
|
149,929 |
|
|
|
|
|
|
|
|
||||||
| GAAP R&D expenses |
|
64,766 |
|
|
|
65,250 |
|
|
|
67,291 |
|
| Stock-based compensation |
|
(10,441 |
) |
|
|
(11,061 |
) |
|
|
(11,455 |
) |
| Performance based equity |
|
(4,929 |
) |
|
|
(1,918 |
) |
|
|
(3,635 |
) |
| Research and development funded by others |
|
(1,000 |
) |
|
|
(2,000 |
) |
|
|
(1,000 |
) |
| Non-GAAP R&D expenses |
|
48,396 |
|
|
|
50,271 |
|
|
|
51,201 |
|
|
|
|
|
|
|
|
||||||
| GAAP SG&A expenses |
|
36,488 |
|
|
|
34,384 |
|
|
|
38,653 |
|
| Stock-based compensation |
|
(6,439 |
) |
|
|
(5,215 |
) |
|
|
(4,784 |
) |
| Performance based equity |
|
(2,427 |
) |
|
|
(1,324 |
) |
|
|
(1,744 |
) |
| Amortization of purchased intangible assets |
|
(591 |
) |
|
|
(591 |
) |
|
|
(928 |
) |
| Acquisition and integration costs |
|
(664 |
) |
|
|
(1,799 |
) |
|
|
(1,601 |
) |
| Non-GAAP SG&A expenses |
|
26,367 |
|
|
|
25,455 |
|
|
|
29,596 |
|
|
|
|
|
|
|
|
||||||
| GAAP impairment losses |
|
— |
|
|
|
— |
|
|
|
2,438 |
|
| Impairment losses |
|
— |
|
|
|
— |
|
|
|
(2,438 |
) |
| Non-GAAP impairment losses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
||||||
| GAAP restructuring expenses |
|
22,630 |
|
|
|
10,648 |
|
|
|
4,648 |
|
| Restructuring charges |
|
(22,630 |
) |
|
|
(10,648 |
) |
|
|
(4,648 |
) |
| Non-GAAP restructuring expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
||||||
| GAAP income (loss) from operations |
|
(74,616 |
) |
|
|
(41,743 |
) |
|
|
27,277 |
|
| Total non-GAAP adjustments |
|
57,595 |
|
|
|
43,042 |
|
|
|
41,855 |
|
| Non-GAAP income (loss) from operations |
|
(17,021 |
) |
|
|
1,299 |
|
|
|
69,132 |
|
|
|
|
|
|
|
|
||||||
| GAAP interest and other income (expense), net |
|
545 |
|
|
|
(888 |
) |
|
|
(2,178 |
) |
| Non-recurring interest and other income (expense), net |
|
73 |
|
|
|
54 |
|
|
|
111 |
|
| Non-GAAP interest and other income (expense), net |
|
618 |
|
|
|
(834 |
) |
|
|
(2,067 |
) |
|
|
|
|
|
|
|
||||||
| GAAP income (loss) before income taxes |
|
(74,071 |
) |
|
|
(42,631 |
) |
|
|
25,099 |
|
| Total non-GAAP adjustments |
|
57,668 |
|
|
|
43,096 |
|
|
|
41,966 |
|
| Non-GAAP income (loss) before income taxes |
|
(16,403 |
) |
|
|
465 |
|
|
|
67,065 |
|
|
|
|
|
|
|
|
||||||
| GAAP income tax provision (benefit) |
|
(1,762 |
) |
|
|
(4,131 |
) |
|
|
15,566 |
|
| Adjustment for non-cash tax benefits/expenses |
|
2,762 |
|
|
|
4,177 |
|
|
|
(8,859 |
) |
| Non-GAAP income tax provision |
|
1,000 |
|
|
|
46 |
|
|
|
6,707 |
|
|
|
|
|
|
|
|
||||||
| GAAP net income (loss) |
|
(72,309 |
) |
|
|
(38,500 |
) |
|
|
9,533 |
|
| Total non-GAAP adjustments before income taxes |
|
57,668 |
|
|
|
43,096 |
|
|
|
41,966 |
|
| Less: total tax adjustments |
|
2,762 |
|
|
|
4,177 |
|
|
|
(8,859 |
) |
| Non-GAAP net income (loss) |
$ |
(17,403 |
) |
|
$ |
419 |
|
|
$ |
60,358 |
|
|
|
|
|
|
|
|
||||||
| Shares used in computing non-GAAP basic net income per share |
|
82,349 |
|
|
|
81,681 |
|
|
|
79,471 |
|
| Shares used in computing non-GAAP diluted net income per share |
|
82,349 |
|
|
|
82,681 |
|
|
|
81,338 |
|
| Non-GAAP basic net income (loss) per share |
$ |
(0.21 |
) |
|
$ |
0.01 |
|
|
$ |
0.76 |
|
| Non-GAAP diluted net income (loss) per share |
$ |
(0.21 |
) |
|
$ |
0.01 |
|
|
$ |
0.74 |
|
| MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
||||||||
|
|
Three Months Ended |
|||||||
|
|
March 31, 2024 |
|
December 31, 2023 |
|
March 31, 2023 |
|||
| GAAP gross margin |
51.7 |
% |
|
54.7 |
% |
|
56.5 |
% |
| Stock-based compensation |
0.2 |
% |
|
0.1 |
% |
|
0.1 |
% |
| Performance based equity |
0.1 |
% |
|
— |
% |
|
— |
% |
| Amortization of purchased intangible assets |
8.6 |
% |
|
6.7 |
% |
|
3.8 |
% |
| Non-GAAP gross margin |
60.6 |
% |
|
61.4 |
% |
|
60.3 |
% |
|
|
|
|
|
|
|
|||
| GAAP R&D expenses |
68.0 |
% |
|
52.1 |
% |
|
27.1 |
% |
| Stock-based compensation |
(11.0 |
)% |
|
(8.8 |
)% |
|
(4.6 |
)% |
| Performance based equity |
(5.2 |
)% |
|
(1.5 |
)% |
|
(1.5 |
)% |
| Research and development funded by others |
(1.1 |
)% |
|
(1.6 |
)% |
|
(0.4 |
)% |
| Non-GAAP R&D expenses |
50.8 |
% |
|
40.1 |
% |
|
20.6 |
% |
|
|
|
|
|
|
|
|||
| GAAP SG&A expenses |
38.3 |
% |
|
27.4 |
% |
|
15.6 |
% |
| Stock-based compensation |
(6.8 |
)% |
|
(4.2 |
)% |
|
(1.9 |
)% |
| Performance based equity |
(2.6 |
)% |
|
(1.1 |
)% |
|
(0.7 |
)% |
| Amortization of purchased intangible assets |
(0.6 |
)% |
|
(0.5 |
)% |
|
(0.4 |
)% |
| Acquisition and integration costs |
(0.7 |
)% |
|
(1.4 |
)% |
|
(0.6 |
)% |
| Non-GAAP SG&A expenses |
27.7 |
% |
|
20.3 |
% |
|
11.9 |
% |
|
|
|
|
|
|
|
|||
| GAAP impairment losses |
— |
% |
|
— |
% |
|
1.0 |
% |
| Impairment losses |
— |
% |
|
— |
% |
|
(1.0 |
)% |
| Non-GAAP impairment losses |
— |
% |
|
— |
% |
|
— |
% |
|
|
|
|
|
|
|
|||
| GAAP restructuring expenses |
23.8 |
% |
|
8.5 |
% |
|
1.9 |
% |
| Restructuring charges |
(23.8 |
)% |
|
(8.5 |
)% |
|
(1.9 |
)% |
| Non-GAAP restructuring expenses |
— |
% |
|
— |
% |
|
— |
% |
|
|
|
|
|
|
|
|||
| GAAP income (loss) from operations |
(78.3 |
)% |
|
(33.3 |
)% |
|
11.0 |
% |
| Total non-GAAP adjustments |
60.5 |
% |
|
34.3 |
% |
|
16.9 |
% |
| Non-GAAP income (loss) from operations |
(17.9 |
)% |
|
1.0 |
% |
|
27.7 |
% |
|
|
|
|
|
|
|
|||
| GAAP interest and other income (expense), net |
0.6 |
% |
|
(0.7 |
)% |
|
(0.9 |
)% |
| Non-recurring interest and other income (expense), net |
0.1 |
% |
|
— |
% |
|
— |
% |
| Non-GAAP interest and other income (expense), net |
0.7 |
% |
|
(0.7 |
)% |
|
(0.8 |
)% |
|
|
|
|
|
|
|
|||
| GAAP income (loss) before income taxes |
(77.8 |
)% |
|
(34.0 |
)% |
|
10.1 |
% |
| Total non-GAAP adjustments before income taxes |
60.5 |
% |
|
34.4 |
% |
|
16.9 |
% |
| Non-GAAP income (loss) before income taxes |
(17.2 |
)% |
|
0.4 |
% |
|
27.0 |
% |
|
|
|
|
|
|
|
|||
| GAAP income tax provision (benefit) |
(1.9 |
)% |
|
(3.3 |
)% |
|
6.3 |
% |
| Adjustment for non-cash tax benefits/expenses |
2.9 |
% |
|
3.3 |
% |
|
(3.6 |
)% |
| Non-GAAP income tax provision |
1.1 |
% |
|
— |
% |
|
2.7 |
% |
|
|
|
|
|
|
|
|||
| GAAP net income (loss) |
(75.9 |
)% |
|
(30.7 |
)% |
|
3.8 |
% |
| Total non-GAAP adjustments before income taxes |
60.5 |
% |
|
34.4 |
% |
|
16.9 |
% |
| Less: total tax adjustments |
2.9 |
% |
|
3.3 |
% |
|
(3.6 |
)% |
| Non-GAAP net income (loss) |
(18.3 |
)% |
|
0.3 |
% |
|
24.3 |
% |
