| MAXLINEAR, INC. | |||||||
| UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS | |||||||
| (in thousands, except per share data) | |||||||
| Nine Months Ended | |||||||
| September 30, 2016 | September 30, 2015 | ||||||
| GAAP cost of net revenue | $ | 121,109 | $ | 101,748 | |||
| Stock-based compensation | (151 | ) | (169 | ) | |||
| Performance based equity | 41 | (159 | ) | ||||
| Amortization of inventory step-up | (2,989 | ) | (14,244 | ) | |||
| Amortization of purchased intangible assets | (5,940 | ) | (2,624 | ) | |||
| Impairment of production masks | — | (153 | ) | ||||
| Non-GAAP cost of net revenue | 112,070 | 84,399 | |||||
| GAAP R&D expenses | 73,710 | 62,765 | |||||
| Stock-based compensation | (10,362 | ) | (8,889 | ) | |||
| Incentive award compensation | (553 | ) | — | ||||
| Performance based equity | (3,574 | ) | (2,974 | ) | |||
| Amortization of purchased intangible assets | (289 | ) | (309 | ) | |||
| Severance charges | — | (838 | ) | ||||
| Restricted merger proceeds and contingent consideration | (659 | ) | (625 | ) | |||
| Non-GAAP R&D expenses | 58,273 | 49,130 | |||||
| GAAP SG&A expenses | 47,734 | 60,021 | |||||
| Stock-based compensation | (5,290 | ) | (4,466 | ) | |||
| Incentive award compensation | (119 | ) | — | ||||
| Performance based equity | (2,278 | ) | (1,655 | ) | |||
| Amortization of purchased intangible assets | (4,038 | ) | (20,051 | ) | |||
| Acquisition and integration costs | (1,852 | ) | (5,349 | ) | |||
| Restricted merger proceeds and contingent consideration | (209 | ) | — | ||||
| Change in fair value of contingent consideration | — | 122 | |||||
| Severance charges | — | (315 | ) | ||||
| IP litigation costs, net | (671 | ) | (1,135 | ) | |||
| Non-GAAP SG&A expenses | 33,277 | 27,172 | |||||
| GAAP impairment losses | 1,300 | — | |||||
| Impairment losses | (1,300 | ) | — | ||||
| Non-GAAP impairment losses | — | — | |||||
| GAAP restructuring expenses | 2,106 | 11,814 | |||||
| Restructuring charges | (2,106 | ) | (11,814 | ) | |||
| Non-GAAP restructuring expenses | — | — | |||||
| GAAP income (loss) before income taxes | 55,099 | (34,418 | ) | ||||
| Total non-GAAP adjustments | 42,339 | 75,647 | |||||
| Non-GAAP income before income taxes | 97,438 | 41,229 | |||||
| GAAP income tax expense (benefit) | 2,155 | (631 | ) | ||||
| Tax impact of non-GAAP adjustments | (138 | ) | (409 | ) | |||
| Record valuation allowance due to net deferred liability acquired | — | 1,592 | |||||
| Non-GAAP income tax expense | 2,017 | 552 | |||||
| GAAP net income (loss) | $ | 52,944 | $ | (33,787 | ) | ||
| Total non-GAAP adjustments before income taxes | 42,339 | 75,647 | |||||
| Total tax adjustments | (138 | ) | 1,183 | ||||
| Non-GAAP net income | $ | 95,421 | $ | 40,677 | |||
| Shares used in computing non-GAAP basic net income per share | 63,454 | 50,528 | |||||
| Shares used in computing GAAP diluted net income (loss) per share | 67,354 | 50,528 | |||||
| Dilutive common stock equivalents | — | 2,376 | |||||
| Shares used in computing non-GAAP diluted net income per share | 67,354 | 52,904 | |||||
| Non-GAAP basic net income per share | $ | 1.50 | $ | 0.81 | |||
| Non-GAAP diluted net income per share | $ | 1.42 | $ | 0.77 | |||
MaxLinear, Inc. Announces Third Quarter 2016 Financial Results
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