MaxLinear, Inc. Announces Second Quarter 2016 Financial Results

⁽¹⁾ Includes two months of Entropic cash flows.

MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

	June 30, 2016		March 31, 2016		June 30, 2015
Assets
Current assets:
Cash and cash equivalents	$	147,582	76,840		$	56,731
Short-term investments, available-for-sale	28,899		73,210		16,638
Accounts receivable, net	44,340		41,040		41,561
Inventory	25,604		29,421		38,822
Prepaid expenses and other current assets	4,982		$	6,185	5,297
Total current assets	251,407		226,696		159,049
Property and equipment, net	21,134		21,538		23,123
Long-term investments, available-for-sale	—		16,782		8,706
Intangible assets, net	60,675		49,293		93,377
Goodwill	56,714		49,779		48,888
Other long-term assets	1,982		2,169		6,158
Total assets	$	391,912	$	366,257	$	339,301

Liabilities and stockholders’ equity
Current liabilities	$	55,620	$	61,709	$	74,236
Other long-term liabilities	15,104		14,968		10,723
Total stockholders’ equity	321,188		289,580		254,342
Total liabilities and stockholders’ equity	$	391,912	$	366,257	$	339,301

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

	Three Months Ended
	June 30, 2016			March 31, 2016			June 30, 2015
GAAP cost of net revenue	$	38,774		$	41,515		$	43,882
Stock based compensation	(51		)	(43		)	(61		)
Performance based equity	165			(101		)	(6		)
Amortization of inventory step-up	(336		)	—			(13,286		)
Amortization of purchased intangible assets	(1,787		)	(1,582		)	(1,052		)
Non-GAAP cost of net revenue	36,765			39,789			29,477

GAAP R&D expenses	24,037			23,752			23,993
Stock based compensation	(3,136		)	(3,063		)	(3,053		)
Incentive award compensation	(168		)	(216		)	(269		)
Performance based equity	(1,555		)	(1,181		)	(1,210		)
Amortization of purchased intangible assets	(148		)	(96		)	(96		)
Restricted merger proceeds and contingent consideration	(208		)	(208		)	(208		)
Non-GAAP R&D expenses	18,822			18,988			19,157

GAAP SG&A expenses	16,505			13,610			23,620
Stock based compensation	(1,696		)	(1,737		)	(1,680		)
Incentive award compensation	(51		)	(50		)	(16		)
Performance based equity	(787		)	(595		)	(540		)
Amortization of purchased intangible assets	(662		)	(296		)	(7,985		)
Acquisition and integration costs	(1,338		)	76			(2,813		)
Restricted merger proceeds and contingent consideration	(24		)	(86		)	(51		)
Severance charges	—			—			(38		)
IP litigation costs, net	(197		)	(462		)	(364		)
Non-GAAP SG&A expenses	11,750			10,460			10,133

GAAP restructuring expenses	—			2,106			11,389
Restructuring charges	—			(2,106		)	(11,389		)
Non-GAAP restructuring expenses	—			—			—

GAAP income (loss) before income taxes	22,662			21,674			(32,031		)
Total non-GAAP adjustments	11,979			11,746			44,117
Non-GAAP income before income taxes	34,641			33,420			12,086

GAAP income tax expense (benefit)	78			993			(1,384		)
Tax impact of non-GAAP adjustments	670			(271		)	(387		)
Record valuation allowance due to net deferred liability acquired	—			—			1,933
Non-GAAP income tax expense	748			722			162

GAAP net income (loss)	22,584			20,681			(30,647		)
Total non-GAAP adjustments before income taxes	11,979			11,746			44,117
Total tax adjustments	670			(271		)	1,546
Non-GAAP net income	$	33,893		$	32,698		$	11,924

Shares used in computing non-GAAP basic net income per share	63,470			62,585			52,586
Shares used in computing GAAP diluted net income (loss) per share	67,520			66,643			52,586
Dilutive common stock equivalents	—			—			2,536
Shares used in computing non-GAAP diluted net income per share	67,520			66,643			55,122
Non-GAAP basic net income per share	$	0.53		$	0.52		$	0.23
Non-GAAP diluted net income per share	$	0.50		$	0.49		$	0.22

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