MaxLinear, Inc. Announces Fourth Quarter 2017 Financial Results


 
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
 
  Years Ended
  December 31, 2017  December 31, 2016
GAAP gross profit49.5%  59.3% 
Stock-based compensation0.1%  0.1% 
Performance based equity—%  —% 
Amortization of inventory step-up6.0%  1.5% 
Amortization of purchased intangible assets6.0%  2.1% 
Depreciation of fixed asset step-up0.2%  —% 
Deferred profit eliminated in purchase price accounting1.1%  —% 
Non-GAAP gross profit62.9%  63.0% 
    
GAAP R&D expenses26.7%  25.2% 
Stock-based compensation(3.9)%  (3.5)% 
Incentive award compensation—%  (0.2)% 
Performance based equity(1.0)%  (1.2)% 
Amortization of purchased intangible assets(0.1)%  (0.1)% 
Depreciation of fixed asset step-up(0.3)%  —% 
Restricted merger proceeds and contingent consideration—%  (0.2)% 
Non-GAAP R&D expenses21.4%  20.0% 
    
GAAP SG&A expenses25.2%  16.6% 
Stock-based compensation(2.6)%  (1.8)% 
Incentive award compensation—%  —% 
Performance based equity(0.6)%  (0.7)% 
Amortization of purchased intangible assets(6.9)%  (1.8)% 
Depreciation of fixed asset step-up—%  —% 
Acquisition and integration costs(2.4)%  (0.6)% 
Restricted merger proceeds and contingent consideration—%  (0.1)% 
IP litigation costs, net(0.1)%  (0.2)% 
Non-GAAP SG&A expenses12.6%  11.4% 
    
GAAP IPR&D impairment losses0.5%  0.3% 
IPR&D impairment losses(0.5)%  (0.3)% 
Non-GAAP IPR&D impairment losses—%  —% 
    
GAAP restructuring expenses 2.3%     0.9%  
Restructuring charges (2.3)%     (0.9)%  
Non-GAAP restructuring expenses —%     —%  
       
GAAP income (loss) from operations (5.2)%     16.2%  
Total non-GAAP adjustments 34.0%     15.4%  
Non-GAAP income from operations 28.8%     31.6%  
       
GAAP and non-GAAP interest and other income (expense), net (2.9)%     0.2%  
       
GAAP income (loss) before income taxes (8.1)%     16.4%  
Total non-GAAP adjustments before income taxes 34.0%     15.4%  
Non-GAAP income before income taxes 25.9%     31.8%  
       
GAAP income tax provision (benefit) (5.9)%     0.6%  
Adjustment for non-cash tax benefits/expenses and the effects of the Tax Act 7.7%     —%  
Non-GAAP income tax provision 1.8%     0.6%  
       
GAAP net income (loss) (2.2)%     15.8%  
Total non-GAAP adjustments before income taxes 34.0%     15.4%  
Less: total tax adjustments 7.7%     —%  
Non-GAAP net income 24.1%     31.2%  

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