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MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||
| Six Months Ended | |||||
| June 30, 2017 | June 30, 2016 | ||||
| GAAP gross profit | 53.9 | % | 60.7 | % | |
| Stock-based compensation | 0.1 | % | — | % | |
| Performance based equity | — | % | — | % | |
| Amortization of inventory step-up | 2.9 | % | 0.2 | % | |
| Amortization of purchased intangible assets | 4.6 | % | 1.6 | % | |
| Depreciation of fixed asset step-up | 0.1 | % | — | % | |
| Deferred profit eliminated in purchase price accounting | 2.0 | % | — | % | |
| Non-GAAP gross profit | 63.6 | % | 62.5 | % | |
| GAAP R&D expenses | 27.4 | % | 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 expenses | 22.0 | % | 18.5 | % | |
| GAAP SG&A expenses | 25.9 | % | 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 expenses | 12.7 | % | 10.9 | % | |
| GAAP restructuring expenses | 3.4 | % | 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 taxes | 31.7 | % | 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 | % | |
MaxLinear, Inc. Announces Second Quarter 2017 Financial Results
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