MaxLinear, Inc. Announces Second Quarter 2017 Financial Results



MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
 
  Six Months Ended
  June 30, 2017  June 30, 2016
GAAP gross profit53.9% 60.7%
Stock-based compensation0.1% %
Performance based equity% %
Amortization of inventory step-up2.9% 0.2%
Amortization of purchased intangible assets4.6% 1.6%
Depreciation of fixed asset step-up0.1% %
Deferred profit eliminated in purchase price accounting2.0% %
Non-GAAP gross profit63.6% 62.5%
      
GAAP R&D expenses27.4% 23.3%
Stock-based compensation(3.9)% (3.0)%
Incentive award compensation% (0.2)%
Performance based equity(1.0)% (1.3)%
Amortization of purchased intangible assets(0.1)% (0.1)%
Depreciation of fixed asset step-up(0.4)% %
Restricted merger proceeds and contingent consideration% (0.2)%
Non-GAAP R&D expenses22.0% 18.5%
    
GAAP SG&A expenses25.9% 14.7%
Stock-based compensation(2.6)% (1.7)%
Performance based equity(0.5)% (0.7)%
Amortization of purchased intangible assets(5.2)% (0.4)%
Depreciation of fixed asset step-up(0.1)% %
Acquisition and integration costs(4.7)% (0.6)%
Restricted merger proceeds and contingent consideration% (0.1)%
IP litigation costs, net(0.1)% (0.3)%
Non-GAAP SG&A expenses12.7% 10.9%
    
GAAP restructuring expenses3.4% 1.0%
Restructuring charges(3.4)% (1.0)%
Non-GAAP restructuring expenses% %
      
GAAP and non-GAAP interest and other income (expense), net(1.4)% 0.1%
      
GAAP income (loss) before income taxes(4.2)% 21.7%
Total non-GAAP adjustments before income taxes31.7 %   11.6 %
Non-GAAP income before income taxes 27.5 %   33.3 %
           
GAAP income tax provision (benefit) (14.2 )%   0.5 %
Adjustment for non-cash tax benefits/expenses 16.9 %   0.2 %
Non-GAAP income tax provision 2.8 %   0.7 %
           
GAAP net income 10.0 %   21.2 %
Total non-GAAP adjustments before income taxes 31.7 %   11.6 %
Less: total tax adjustments 16.9 %   0.2 %
Non-GAAP net income 24.8 %   32.6 %

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