MaxLinear, Inc. Announces Second Quarter 2016 Financial Results

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

	Six Months Ended
	June 30, 2016			June 30, 2015
GAAP cost of net revenue	$	80,289		$	57,607
Stock based compensation	(94		)	(96		)
Performance based equity	64			(11		)
Amortization of inventory step-up	(336		)	(13,286		)
Amortization of purchased intangible assets	(3,369		)	(1,052		)
Non-GAAP cost of net revenue	76,554			43,162

GAAP R&D expenses	47,789			39,274
Stock based compensation	(6,199		)	(5,393		)
Incentive award compensation	(384		)	(192		)
Performance based equity	(2,736		)	(1,600		)
Amortization of purchased intangible assets	(244		)	(212		)
Severance charges	—			(665		)
Restricted merger proceeds and contingent consideration	(416		)	(416		)
Non-GAAP R&D expenses	37,810			30,796

GAAP SG&A expenses	30,115			34,564
Stock based compensation	(3,433		)	(3,024		)
Incentive award compensation	(101		)	(7		)
Performance based equity	(1,382		)	(895		)
Amortization of purchased intangible assets	(958		)	(7,985		)
Acquisition and integration costs	(1,262		)	(5,317		)
Restricted merger proceeds and contingent consideration	(110		)	131
Severance charges	—			(45		)
IP litigation costs, net	(659		)	(991		)
Non-GAAP SG&A expenses	22,210			16,431

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

GAAP income (loss) before income taxes	44,336			(36,549		)
Total non-GAAP adjustments	23,725			52,445
Non-GAAP income before income taxes	68,061			15,896

GAAP income tax expense (benefit)	1,071			(1,180		)
Tax impact of non-GAAP adjustments	399			(540		)
Record valuation allowance due to net deferred liability acquired	—			1,933
Non-GAAP income tax expense	1,470			213

GAAP net income (loss)	43,265			(35,369		)
Total non-GAAP adjustments before income taxes	23,725			52,445
Total tax adjustments	399			1,393
Non-GAAP net income	$	66,591		$	15,683

Shares used in computing non-GAAP basic net income per share	63,056			45,367
Shares used in computing GAAP diluted net income (loss) per share	67,110			45,367
Dilutive common stock equivalents	—			2,281
Shares used in computing non-GAAP diluted net income per share	67,110			47,648
Non-GAAP basic net income per share	$	1.06		$	0.35
Non-GAAP diluted net income per share	$	0.99		$	0.33

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