| MAXLINEAR, INC. | |||||||||||
| UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS | |||||||||||
| (in thousands, except per share data) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
| GAAP cost of net revenue | $ | 35,917 | $ | 36,733 | $ | 41,515 | |||||
| Stock-based compensation | (59 | ) | (59 | ) | (43 | ) | |||||
| Performance based equity | (42 | ) | (31 | ) | (101 | ) | |||||
| Amortization of inventory step-up | — | (2,652 | ) | — | |||||||
| Amortization of purchased intangible assets | (2,684 | ) | (2,572 | ) | (1,582 | ) | |||||
| Non-GAAP cost of net revenue | 33,132 | 31,419 | 39,789 | ||||||||
| GAAP R&D expenses | 23,878 | 24,035 | 23,752 | ||||||||
| Stock-based compensation | (3,493 | ) | (3,319 | ) | (3,063 | ) | |||||
| Incentive award compensation | — | (169 | ) | (216 | ) | ||||||
| Performance based equity | (954 | ) | (1,133 | ) | (1,181 | ) | |||||
| Amortization of purchased intangible assets | (96 | ) | (97 | ) | (96 | ) | |||||
| Restricted merger proceeds and contingent consideration | — | (35 | ) | (208 | ) | ||||||
| Non-GAAP R&D expenses | 19,335 | 19,282 | 18,988 | ||||||||
| GAAP SG&A expenses | 18,613 | 16,720 | 13,610 | ||||||||
| Stock-based compensation | (1,922 | ) | (1,724 | ) | (1,737 | ) | |||||
| Incentive award compensation | — | (18 | ) | (50 | ) | ||||||
| Performance based equity | (578 | ) | (673 | ) | (595 | ) | |||||
| Amortization of purchased intangible assets | (1,881 | ) | (2,914 | ) | (296 | ) | |||||
| Acquisition and integration costs | (3,394 | ) | (572 | ) | 76 | ||||||
| Restricted merger proceeds and contingent consideration | — | (11 | ) | (86 | ) | ||||||
| IP litigation costs, net | (105 | ) | (28 | ) | (462 | ) | |||||
| Non-GAAP SG&A expenses | 10,733 | 10,780 | 10,460 | ||||||||
| GAAP restructuring expenses | — | 1,326 | 2,106 | ||||||||
| Restructuring charges | — | (1,326 | ) | (2,106 | ) | ||||||
| Non-GAAP restructuring expenses | — | — | — | ||||||||
| GAAP income before income taxes | 10,484 | 8,591 | 21,674 | ||||||||
| Total non-GAAP adjustments | 15,208 | 17,333 | 11,746 | ||||||||
| Non-GAAP income before income taxes | 25,692 | 25,924 | 33,420 | ||||||||
| GAAP income tax expense | 2,021 | 243 | 993 | ||||||||
| Tax impact of non-GAAP adjustments | 510 | (13 | ) | (271 | ) | ||||||
| Non-GAAP income tax expense | 2,531 | 230 | 722 | ||||||||
| GAAP net income | 8,463 | 8,348 | 20,681 | ||||||||
| Total non-GAAP adjustments before income taxes | 15,208 | 17,333 | 11,746 | ||||||||
| Less: total tax adjustments | 510 | (13 | ) | (271 | ) | ||||||
| Non-GAAP net income | $ | 23,161 | $ | 25,694 | $ | 32,698 | |||||
| Shares used in computing non-GAAP basic net income per share | 65,238 | 64,752 | 62,585 | ||||||||
| Shares used in computing non-GAAP diluted net income per share | 69,149 | 68,421 | 66,643 | ||||||||
| Non-GAAP basic net income per share | $ | 0.36 | $ | 0.40 | $ | 0.52 | |||||
| Non-GAAP diluted net income per share | $ | 0.33 | $ | 0.38 | $ | 0.49 | |||||
MaxLinear, Inc. Announces First Quarter 2017 Financial Results
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