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MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) | |||||||
| Six Months Ended | |||||||
| June 30, 2017 | June 30, 2016 | ||||||
| GAAP gross profit | $ | 104,028 | $ | 124,083 | |||
| Stock-based compensation | 138 | 94 | |||||
| Performance based equity | 70 | (64 | ) | ||||
| Amortization of inventory step-up | 5,635 | 336 | |||||
| Amortization of purchased intangible assets | 8,944 | 3,369 | |||||
| Depreciation of fixed asset step-up | 112 | — | |||||
| Deferred profit eliminated in purchase price accounting | 3,872 | — | |||||
| Non-GAAP gross profit | 122,799 | 127,818 | |||||
| GAAP R&D expenses | 52,893 | 47,789 | |||||
| Stock-based compensation | (7,504 | ) | (6,199 | ) | |||
| Incentive award compensation | — | (384 | ) | ||||
| Performance based equity | (2,009 | ) | (2,736 | ) | |||
| Amortization of purchased intangible assets | (193 | ) | (244 | ) | |||
| Depreciation of fixed asset step-up | (760 | ) | — | ||||
| Restricted merger proceeds and contingent consideration | — | (416 | ) | ||||
| Non-GAAP R&D expenses | 42,427 | 37,810 | |||||
| GAAP SG&A expenses | 49,951 | 30,115 | |||||
| Stock-based compensation | (4,946 | ) | (3,433 | ) | |||
| Incentive award compensation | — | (101 | ) | ||||
| Performance based equity | (1,060 | ) | (1,382 | ) | |||
| Amortization of purchased intangible assets | (10,143 | ) | (958 | ) | |||
| Depreciation of fixed asset step-up | (56 | ) | — | ||||
| Acquisition and integration costs | (9,003 | ) | (1,262 | ) | |||
| Restricted merger proceeds and contingent consideration | — | (110 | ) | ||||
| IP litigation costs, net | (230 | ) | (659 | ) | |||
| Non-GAAP SG&A expenses | 24,513 | 22,210 | |||||
| GAAP restructuring expenses | 6,546 | 2,106 | |||||
| Restructuring charges | (6,546 | ) | (2,106 | ) | |||
| Non-GAAP restructuring expenses | — | — | |||||
| GAAP and non-GAAP interest and other income (expense), net | (2,704 | ) | 263 | ||||
| GAAP income (loss) before income taxes | (8,066 | ) | 44,336 | ||||
| Total non-GAAP adjustments | 61,221 | 23,725 | |||||
| Non-GAAP income before income taxes | 53,155 | 68,061 | |||||
| GAAP income tax provision (benefit) | (27,494 | ) | 1,071 | ||||
| Adjustment for non-cash tax benefits/expenses | 32,810 | 399 | |||||
| Non-GAAP income tax provision | 5,316 | 1,470 | |||||
| GAAP net income | 19,428 | 43,265 | |||||
| Total non-GAAP adjustments before income taxes | 61,221 | 23,725 | |||||
| Less: total tax adjustments | 32,810 | 399 | |||||
| Non-GAAP net income | $ | 47,839 | $ | 66,591 | |||
| Shares used in computing non-GAAP basic net income per share | 65,564 | 63,056 | |||||
| Shares used in computing non-GAAP diluted net income per share | 69,398 | 67,110 | |||||
| Non-GAAP basic net income per share | $ | 0.73 | $ | 1.06 | |||
| Non-GAAP diluted net income per share | $ | 0.69 | $ | 0.99 | |||
MaxLinear, Inc. Announces Second Quarter 2017 Financial Results
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