MaxLinear, Inc. Announces Second Quarter 2016 Financial Results

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

	Six Months Ended
	June 30, 2016		June 30, 2015
GAAP cost of net revenue	39.3	%	54.2	%
Stock based compensation	—	%	(0.1	)%
Performance based equity	—	%	—	%
Amortization of inventory step-up	(0.2	)%	(12.5	)%
Amortization of purchased intangible assets	(1.6	)%	(1.0	)%
Non-GAAP cost of net revenue	37.5	%	40.6	%

GAAP R&D expenses	23.3	%	37.0	%
Stock based compensation	(3.0	)%	(5.1	)%
Incentive award compensation	(0.2	)%	(0.2	)%
Performance based equity	(1.3	)%	(1.5	)%
Amortization of purchased intangible assets	(0.1	)%	(0.2	)%
Severance charges	—	%	(0.6	)%
Restricted merger proceeds and contingent consideration	(0.2	)%	(0.4	)%
Non-GAAP R&D expenses	18.5	%	29.0	%

GAAP SG&A expenses	14.7	%	32.5	%
Stock based compensation	(1.7	)%	(2.9	)%
Performance based equity	(0.7	)%	(0.8	)%
Amortization of purchased intangible assets	(0.4	)%	(7.5	)%
Acquisition and integration costs	(0.6	)%	(5.0	)%
Restricted merger proceeds and contingent consideration	(0.1	)%	0.1	%
Severance charges	—	%	—	%
IP litigation costs, net	(0.3	)%	(0.9	)%
Non-GAAP SG&A expenses	10.9	%	15.5	%

GAAP restructuring expenses	1.0	%	10.7	%
Restructuring Charges	(1.0	)%	(10.7	)%
Non-GAAP restructuring expenses	—	%	—	%

GAAP income (loss) before income taxes	21.7	%	(34.4	)%
Total non-GAAP adjustments before income taxes	11.6	%	49.4	%
Non-GAAP income before income taxes	33.3	%	15.0	%

GAAP income tax expense (benefit)	0.5	%	(1.1	)%
Tax impact of non-GAAP adjustments	0.2	%	(0.5	)%
Record valuation allowance due to net deferred liability acquired	—	%	1.8	%
Non-GAAP income tax expense (benefit)	0.7	%	0.2	%

GAAP net income (loss)	21.2	%	(33.3	)%
Total non-GAAP adjustments before income taxes	11.6	%	49.4	%
Total tax adjustments	0.2	%	1.3	%
Non-GAAP net income	32.6	%	14.8	%

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