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MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) | |||||||||||||||||||||||||
| Three Months Ended | |||||||||||||||||||||||||
| March 31, 2018 | December 31, 2017 | March 31, 2017 | |||||||||||||||||||||||
| GAAP gross profit | $ | 62,668 | $ | 52,093 | $ | 52,924 | |||||||||||||||||||
| Stock-based compensation | 106 | 101 | 59 | ||||||||||||||||||||||
| Performance based equity | 78 | 35 | 42 | ||||||||||||||||||||||
| Amortization of inventory step-up | — | 9,715 | — | ||||||||||||||||||||||
| Amortization of purchased intangible assets | 8,969 | 8,465 | 2,684 | ||||||||||||||||||||||
| Depreciation of fixed asset step-up | 112 | 112 | — | ||||||||||||||||||||||
| Non-GAAP gross profit | 71,933 | 70,521 | 55,709 | ||||||||||||||||||||||
| GAAP R&D expenses | 31,121 | 30,116 | 23,878 | ||||||||||||||||||||||
| Stock-based compensation | (4,374 | ) | (4,349 | ) | (3,493 | ) | |||||||||||||||||||
| Performance based equity | (1,140 | ) | (1,031 | ) | (954 | ) | |||||||||||||||||||
| Amortization of purchased intangible assets | — | (97 | ) | (96 | ) | ||||||||||||||||||||
| Depreciation of fixed asset step-up | (329 | ) | (297 | ) | — | ||||||||||||||||||||
| Non-GAAP R&D expenses | 25,278 | 24,342 | 19,335 | ||||||||||||||||||||||
| GAAP SG&A expenses | 27,117 | 26,843 | 18,613 | ||||||||||||||||||||||
| Stock-based compensation | (3,993 | ) | (3,105 | ) | (1,922 | ) | |||||||||||||||||||
| Performance based equity | (1,049 | ) | (937 | ) | (578 | ) | |||||||||||||||||||
| Amortization of purchased intangible assets | (7,994 | ) | (8,760 | ) | (1,881 | ) | |||||||||||||||||||
| Depreciation of fixed asset step-up | (10 | ) | (20 | ) | — | ||||||||||||||||||||
| Acquisition and integration costs | — | (54 | ) | (3,394 | ) | ||||||||||||||||||||
| IP litigation costs, net | (42 | ) | (38 | ) | (105 | ) | |||||||||||||||||||
| Non-GAAP SG&A expenses | 14,029 | 13,929 | 10,733 | ||||||||||||||||||||||
| GAAP restructuring expenses | — | 800 | — | ||||||||||||||||||||||
| Restructuring charges | — | (800 | ) | — | |||||||||||||||||||||
| Non-GAAP restructuring expenses | — | — | — | ||||||||||||||||||||||
| GAAP income (loss) from operations | 4,430 | (5,666 | ) | 10,433 | |||||||||||||||||||||
| Total non-GAAP adjustments | 28,196 | 37,916 | 15,208 | ||||||||||||||||||||||
| Non-GAAP income from operations | 32,626 | 32,250 | 25,641 | ||||||||||||||||||||||
| GAAP and non-GAAP interest and other income (expense), net | (4,447 | ) | (4,823 | ) | 51 | ||||||||||||||||||||
| GAAP income (loss) before income taxes | (17 | ) | (10,489 | ) | 10,484 | ||||||||||||||||||||
| Total non-GAAP adjustments | 28,196 | 37,916 | 15,208 | ||||||||||||||||||||||
| Non-GAAP income before income taxes | 28,179 | 27,427 | 25,692 | ||||||||||||||||||||||
| GAAP income tax provision (benefit) | (1,864 | ) | 8,959 | 2,021 | |||||||||||||||||||||
| Adjustment for non-cash tax benefits/expenses | 3,837 | (7,853 | ) | 510 | |||||||||||||||||||||
| Non-GAAP income tax provision | 1,973 | 1,106 | 2,531 | ||||||||||||||||||||||
| GAAP net income (loss) | 1,847 | (19,448 | ) | 8,463 | |||||||||||||||||||||
| Total non-GAAP adjustments before income taxes | 28,196 | 37,916 | 15,208 | ||||||||||||||||||||||
| Less: total tax adjustments | 3,837 | (7,853 | ) | 510 | |||||||||||||||||||||
| Non-GAAP net income | $ | 26,206 | $ | 26,321 | $ | 23,161 | |||||||||||||||||||
| Shares used in computing non-GAAP basic net income per share | 67,674 | 67,147 | 65,238 | ||||||||||||||||||||||
| Shares used in computing non-GAAP diluted net income per share | 70,440 | 70,175 | 69,149 | ||||||||||||||||||||||
| Non-GAAP basic net income per share | $ | 0.39 | $ | 0.39 | $ | 0.36 | |||||||||||||||||||
| Non-GAAP diluted net income per share | $ | 0.37 | $ | 0.38 | $ | 0.33 | |||||||||||||||||||
MaxLinear, Inc. Announces First Quarter 2018 Financial Results
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