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MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||||||||
| Three Months Ended | |||||||||||||||||
| March 31, 2018 | December 31, 2017 | March 31, 2017 | |||||||||||||||
| GAAP gross profit | 56.5 | % | 45.8 | % | 59.6 | % | |||||||||||
| Stock-based compensation | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||
| Performance based equity | 0.1 | % | — | % | — | % | |||||||||||
| Amortization of inventory step-up | — | % | 8.5 | % | — | % | |||||||||||
| Amortization of purchased intangible assets | 8.1 | % | 7.4 | % | 3.0 | % | |||||||||||
| Depreciation of fixed asset step-up | 0.1 | % | 0.2 | % | — | % | |||||||||||
| Non-GAAP gross profit | 64.9 | % | 62.0 | % | 62.7 | % | |||||||||||
| GAAP R&D expenses | 28.1 | % | 26.5 | % | 26.9 | % | |||||||||||
| Stock-based compensation | (3.9 | )% | (3.8 | )% | (3.9 | )% | |||||||||||
| Performance based equity | (1.0 | )% | (1.0 | )% | (1.1 | )% | |||||||||||
| Amortization of purchased intangible assets | — | % | (0.1 | )% | (0.1 | )% | |||||||||||
| Depreciation of fixed asset step-up | (0.4 | )% | (0.2 | )% | — | % | |||||||||||
| Non-GAAP R&D expenses | 22.8 | % | 21.4 | % | 21.8 | % | |||||||||||
| GAAP SG&A expenses | 24.5 | % | 23.6 | % | 21.0 | % | |||||||||||
| Stock-based compensation | (3.6 | )% | (2.7 | )% | (2.2 | )% | |||||||||||
| Performance based equity | (0.9 | )% | (1.0 | )% | (0.7 | )% | |||||||||||
| Amortization of purchased intangible assets | (7.2 | )% | (7.7 | )% | (2.1 | )% | |||||||||||
| Depreciation of fixed asset step-up | (0.1 | )% | — | % | — | % | |||||||||||
| Acquisition and integration costs | — | % | — | % | (3.8 | )% | |||||||||||
| IP litigation costs, net | — | % | — | % | (0.1 | )% | |||||||||||
| Non-GAAP SG&A expenses | 12.7 | % | 12.2 | % | 12.1 | % | |||||||||||
| GAAP restructuring expenses | — | % | 0.7 | % | — | % | |||||||||||
| Restructuring charges | — | % | (0.7 | )% | — | % | |||||||||||
| Non-GAAP restructuring expenses | — | % | — | % | — | % | |||||||||||
| GAAP income (loss) from operations | 4.0 | % | (5.0 | )% | 11.8 | % | |||||||||||
| Total non-GAAP adjustments | 25.4 | % | 33.3 | % | 17.1 | % | |||||||||||
| Non-GAAP income from operations | 29.4 | % | 28.3 | % | 28.9 | % | |||||||||||
| GAAP and non-GAAP interest and other income (expense), net | (4.0 | )% | (4.2 | )% | 0.1 | % | |||||||||||
| GAAP income (loss) before income taxes | — | % | (9.2 | )% | 11.8 | % | |||||||||||
| Total non-GAAP adjustments before income taxes | 25.4 | % | 33.3 | % | 17.1 | % | |||||||||||
| Non-GAAP income before income taxes | 25.4 | % | 24.1 | % | 28.9 | % | |||||||||||
| GAAP income tax provision (benefit) | (1.7 | )% | 7.9 | % | 2.3 | % | |||||||||||
| Adjustment for non-cash tax benefits/expenses | 3.5 | % | (7.0 | )% | 0.5 | % | |||||||||||
| Non-GAAP income tax provision | 1.8 | % | 0.9 | % | 2.8 | % | |||||||||||
| GAAP net income (loss) | 1.7 | % | (17.1 | )% | 9.5 | % | |||||||||||
| Total non-GAAP adjustments before income taxes | 25.4 | % | 33.3 | % | 17.1 | % | |||||||||||
| Less: total tax adjustments | 3.5 | % | (7.0 | )% | 0.5 | % | |||||||||||
| Non-GAAP net income | 23.6 | % | 23.1 | % | 26.1 | % | |||||||||||
MaxLinear, Inc. Announces First Quarter 2018 Financial Results
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