|
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) | |||||||||||
| Three Months Ended | |||||||||||
| June 30, 2017 | March 31, 2017 | June 30, 2016 | |||||||||
| GAAP gross profit | $ | 51,104 | $ | 52,924 | $ | 62,913 | |||||
| Stock-based compensation | 79 | 59 | 51 | ||||||||
| Performance based equity | 28 | 42 | (165 | ) | |||||||
| Amortization of inventory step-up | 5,635 | — | 336 | ||||||||
| Amortization of purchased intangible assets | 6,260 | 2,684 | 1,787 | ||||||||
| Depreciation of fixed asset step-up | 112 | — | — | ||||||||
| Deferred profit eliminated in purchase price accounting | 3,872 | — | — | ||||||||
| Non-GAAP gross profit | 67,090 | 55,709 | 64,922 | ||||||||
| GAAP R&D expenses | 29,015 | 23,878 | 24,037 | ||||||||
| Stock-based compensation | (4,011 | ) | (3,493 | ) | (3,136 | ) | |||||
| Incentive award compensation | — | — | (168 | ) | |||||||
| Performance based equity | (1,055 | ) | (954 | ) | (1,555 | ) | |||||
| Amortization of purchased intangible assets | (97 | ) | (96 | ) | (148 | ) | |||||
| Depreciation of fixed asset step-up | (760 | ) | — | — | |||||||
| Restricted merger proceeds and contingent consideration | — | — | (208 | ) | |||||||
| Non-GAAP R&D expenses | 23,092 | 19,335 | 18,822 | ||||||||
| GAAP SG&A expenses | 31,338 | 18,613 | 16,505 | ||||||||
| Stock-based compensation | (3,024 | ) | (1,922 | ) | (1,696 | ) | |||||
| Incentive award compensation | — | — | (51 | ) | |||||||
| Performance based equity | (482 | ) | (578 | ) | (787 | ) | |||||
| Amortization of purchased intangible assets | (8,262 | ) | (1,881 | ) | (662 | ) | |||||
| Depreciation of fixed asset step-up | (56 | ) | — | — | |||||||
| Acquisition and integration costs | (5,609 | ) | (3,394 | ) | (1,338 | ) | |||||
| Restricted merger proceeds and contingent consideration | — | — | (24 | ) | |||||||
| IP litigation costs, net | (125 | ) | (105 | ) | (197 | ) | |||||
| Non-GAAP SG&A expenses | 13,780 | 10,733 | 11,750 | ||||||||
| GAAP restructuring expenses | 6,546 | — | — | ||||||||
| Restructuring charges | (6,546 | ) | — | — | |||||||
| Non-GAAP restructuring expenses | — | — | — | ||||||||
| GAAP and non-GAAP interest and other income (expense), net | (2,755 | ) | 51 | 291 | |||||||
| GAAP income (loss) before income taxes | (18,550 | ) | 10,484 | 22,662 | |||||||
| Total non-GAAP adjustments | 46,013 | 15,208 | 11,979 | ||||||||
| Non-GAAP income before income taxes | 27,463 | 25,692 | 34,641 | ||||||||
| GAAP income tax provision (benefit) | (29,515 | ) | 2,021 | 78 | |||||||
| Adjustment for non-cash tax benefits/expenses | 32,300 | 510 | 670 | ||||||||
| Non-GAAP income tax provision | 2,785 | 2,531 | 748 | ||||||||
| GAAP net income | 10,965 | 8,463 | 22,584 | ||||||||
| Total non-GAAP adjustments before income taxes | 46,013 | 15,208 | 11,979 | ||||||||
| Less: total tax adjustments | 32,300 | 510 | 670 | ||||||||
| Non-GAAP net income | $ | 24,678 | $ | 23,161 | $ | 33,893 | |||||
| Shares used in computing non-GAAP basic net income per share | 65,889 | 65,238 | 63,470 | ||||||||
| Shares used in computing non-GAAP diluted net income per share | 69,645 | 69,149 | 67,520 | ||||||||
| Non-GAAP basic net income per share | $ | 0.37 | $ | 0.36 | $ | 0.53 | |||||
| Non-GAAP diluted net income per share | $ | 0.35 | $ | 0.33 | $ | 0.50 | |||||
