| MAXLINEAR, INC. | |||||||
| UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS | |||||||
| (in thousands, except per share data) | |||||||
| Years Ended December 31, | |||||||
| 2015 | 2014 | ||||||
| GAAP cost of net revenue | $ | 144,937 | $ | 51,154 | |||
| Stock based compensation | (213 | ) | (131 | ) | |||
| Performance based equity | (256 | ) | (28 | ) | |||
| Amortization of inventory step-up | (14,244 | ) | — | ||||
| Amortization of purchased intangible assets | (4,202 | ) | — | ||||
| Impairment of production masks | (153 | ) | — | ||||
| Non-GAAP cost of net Revenue | 125,869 | 50,995 | |||||
| GAAP R&D expenses | 85,405 | 56,625 | |||||
| Stock based compensation | (11,739 | ) | (9,686 | ) | |||
| Incentive award compensation | (1,466 | ) | — | ||||
| Performance based equity | (4,032 | ) | (1,944 | ) | |||
| Amortization of purchased intangible assets | (405 | ) | (45 | ) | |||
| Severance charges | (862 | ) | — | ||||
| Restricted merger proceeds and contingent consideration | (834 | ) | (139 | ) | |||
| Non-GAAP R&D expenses | 66,067 | 44,811 | |||||
| GAAP SG&A expenses | 77,981 | 34,191 | |||||
| Stock based compensation | (5,744 | ) | (5,191 | ) | |||
| Incentive award compensation | (106 | ) | — | ||||
| Performance based equity | (2,086 | ) | (1,330 | ) | |||
| Amortization of purchased intangible assets | (24,989 | ) | — | ||||
| Acquisition and integration costs | (5,362 | ) | (242 | ) | |||
| Restricted merger proceeds and contingent consideration | (129 | ) | — | ||||
| Severance charges | (456 | ) | — | ||||
| IP litigation costs, net | (1,460 | ) | (3,186 | ) | |||
| Non-GAAP SG&A expenses | 37,649 | 24,242 | |||||
| GAAP restructuring expenses | 35,686 | — | |||||
| Impairment losses | (21,600 | ) | — | ||||
| Restructuring charges | (14,086 | ) | — | ||||
| Non-GAAP restructuring expenses | — | — | |||||
| GAAP income tax benefit | (575 | ) | (1,704 | ) | |||
| Release of valuation allowance due to net deferred liability acquired | 1,757 | 2,335 | |||||
| Non-GAAP income tax expense | 1,182 | 631 | |||||
| GAAP net loss | (42,331 | ) | (7,041 | ) | |||
| Total Adjustments | (112,667 | ) | (19,587 | ) | |||
| Non-GAAP net income | 70,336 | 12,546 | |||||
| Shares used in computing non-GAAP basic net income per share | 53,378 | 36,472 | |||||
| Shares used in computing GAAP diluted net income (loss) per share | 53,378 | 36,472 | |||||
| Dilutive common stock equivalents | 1,962 | 2,418 | |||||
| Shares used in computing non-GAAP diluted net income per share | 55,340 | 38,890 | |||||
| Non-GAAP basic net income per share | $ | 1.32 | $ | 0.34 | |||
| Non-GAAP diluted net income per share | $ | 1.27 | $ | 0.32 | |||
MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2015 Financial Results
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