MaxLinear, Inc. Announces Third Quarter 2015 Financial Results
| * | Share-based bonus plan for the three months ended September 30, 2015 and June 30, 2015 relates to an accrual related to our performance based bonus plan for 2015, which will be settled in stock in 2016. For the three months ended September 30, 2015 and June 30, 2015, the share-based bonus plan also included an increase of $0.3 million and $0.3 million, respectively, for the accrual of restricted stock unit awards and incentives to be granted to Physpeed and Entropic continuing employees contingent upon continued employment and the achievement of certain 2015 and 2016 revenue milestones. Share-based bonus plan for the three months ended September 30, 2014 relates to an accrual related to our performance based bonus plan for 2014, which was settled in stock in May 2015. |
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
| |
Nine Months Ended |
| |
September 30, 2015 | |
September 30, 2014 |
| GAAP net loss | $ | (33,787 | ) | | $ | (4,679 | ) |
| Stock-based compensation: | | | |
| Cost of net revenue | 169 | | | 96 | |
| Research and development | 8,889 | | | 7,152 | |
| Selling, general and administrative | 4,466 | | | 3,832 | |
| Total stock-based compensation | 13,524 | | | 11,080 | |
| Share-based bonus plan*: | | | |
| Cost of net revenue | 159 | | | 22 | |
| Research and development | 2,974 | | | 1,154 | |
| Selling, general and administrative | 1,655 | | | 1,002 | |
| Total share-based bonus plan | 4,788 | | | 2,178 | |
| Amortization of purchased intangible assets: | | | |
| Cost of net revenue | 2,624 | | | — | |
| Research and development | 309 | | | — | |
| Selling, general and administrative | 20,051 | | | — | |
| Total amortization of purchased intangible assets | 22,984 | | | — | |
| Amortization of inventory step-up | 14,244 | | | — | |
| Acquisition and integration costs | 5,349 | | | — | |
| Restricted merger proceeds | 625 | | | — | |
| Change in fair value of contingent consideration | (122 | ) | | — | |
| Severance charges | 1,153 | | | — | |
| Restructuring charges | 11,814 | | | — | |
| Impairment of production masks | 153 | | | — | |
| IP litigation costs, net | 1,135 | | | 1,884 | |
| Release of valuation allowance due to net deferred tax liability acquired | (1,592 | ) | | — | |
| Non-GAAP net income | $ | 40,268 | | | $ | 10,463 | |
| Shares used in computing non-GAAP basic net income per share | 50,528 | | | 36,127 | |
| Shares used in computing GAAP diluted net loss per share | 50,528 | | | 36,127 | |
| Dilutive common stock equivalents | 2,376 | | | 2,663 | |
| Shares used in computing non-GAAP diluted net income per share | 52,904 | | | 38,790 | |
| Non-GAAP basic net income per share | $ | 0.80 | | | $ | 0.29 | |
| Non-GAAP diluted net income per share | $ | 0.76 | | | $ | 0.27 | |
