MaxLinear, Inc. Announces Second Quarter 2016 Financial Results

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

	Three Months Ended
	June 30, 2016		March 31, 2016		June 30, 2015
GAAP cost of net revenue	38.1	%	40.4	%	62.0	%
Stock based compensation	(0.1	)%	—	%	(0.1	)%
Performance based equity	0.2	%	(0.1	)%	—	%
Amortization of inventory step-up	(0.3	)%	—	%	(18.8	)%
Amortization of purchased intangible assets	(1.7	)%	(1.6	)%	(1.5	)%
Non-GAAP cost of net revenue	36.2	%	38.7	%	41.6	%

GAAP R&D expenses	23.6	%	23.1	%	33.9	%
Stock based compensation	(3.1	)%	(3.0	)%	(4.3	)%
Incentive award compensation	(0.2	)%	(0.2	)%	(0.5	)%
Performance based equity	(1.5	)%	(1.1	)%	(1.7	)%
Amortization of purchased intangible assets	(0.1	)%	(0.1	)%	(0.1	)%
Restricted merger proceeds and contingent consideration	(0.2	)%	(0.2	)%	(0.3	)%
Non-GAAP R&D expenses	18.5	%	18.5	%	27.0	%

GAAP SG&A expenses	16.2	%	13.3	%	33.4	%
Stock based compensation	(1.7	)%	(1.7	)%	(2.4	)%
Incentive award compensation	—	%	—	%	—	%
Performance based equity	(0.8	)%	(0.6	)%	(0.8	)%
Amortization of purchased intangible assets	(0.6	)%	(0.3	)%	(11.3	)%
Acquisition and integration costs	(1.3	)%	0.1	%	(4.0	)%
Restricted merger proceeds and contingent consideration	—	%	(0.1	)%	(0.1	)%
Severance charges	—	%	—	%	—	%
IP litigation costs, net	(0.2	)%	(0.5	)%	(0.5	)%
Non-GAAP SG&A expenses	11.6	%	10.2	%	14.3	%

GAAP restructuring expenses	—	%	2.1	%	16.1	%
Restructuring Charges	—	%	(2.1	)%	(16.1	)%
Non-GAAP restructuring expenses	—	%	—	%	—	%

GAAP income (loss) before income taxes	22.3	%	21.1	%	(45.2	)%
Total non-GAAP adjustments before income taxes	11.8	%	11.4	%	62.3	%
Non-GAAP income before income taxes	34.1	%	32.5	%	17.1	%

GAAP income tax expense (benefit)	0.1	%	1.0	%	(2.0	)%
Tax impact of non-GAAP adjustments	0.7	%	(0.3	)%	(0.5	)%
Record valuation allowance due to net deferred liability acquired	—	%	—	%	2.7	%
Non-GAAP income tax expense (benefit)	0.8	%	0.7	%	0.2	%

GAAP net income (loss)	22.2	%	20.1	%	(43.3	)%
Total non-GAAP adjustments before income taxes	11.8	%	11.4	%	62.3	%
Total tax adjustments	0.7	%	(0.3	)%	2.2	%
Non-GAAP net income	33.3	%	31.8	%	16.8	%

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