| MAXLINEAR, INC. | |||||||
| UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS | |||||||
| (in thousands, except per share data) | |||||||
| Six Months Ended | |||||||
| June 30, 2018 | June 30, 2017 | ||||||
| GAAP gross profit | $ | 118,998 | $ | 104,028 | |||
| Stock-based compensation | 226 | 138 | |||||
| Performance based equity | 125 | 70 | |||||
| Amortization of inventory step-up | — | 5,635 | |||||
| Amortization of purchased intangible assets | 17,937 | 8,944 | |||||
| Depreciation of fixed asset step-up | 208 | 112 | |||||
| Deferred profit eliminated in purchase price accounting | — | 3,872 | |||||
| Non-GAAP gross profit | 137,494 | 122,799 | |||||
| GAAP R&D expenses | 61,332 | 52,893 | |||||
| Stock-based compensation | (8,828 | ) | (7,504 | ) | |||
| Performance based equity | (2,437 | ) | (2,009 | ) | |||
| Amortization of purchased intangible assets | — | (193 | ) | ||||
| Depreciation of fixed asset step-up | (653 | ) | (760 | ) | |||
| Non-GAAP R&D expenses | 49,414 | 42,427 | |||||
| GAAP SG&A expenses | 51,617 | 49,951 | |||||
| Stock-based compensation | (6,728 | ) | (4,946 | ) | |||
| Performance based equity | (1,779 | ) | (1,060 | ) | |||
| Amortization of purchased intangible assets | (15,988 | ) | (10,143 | ) | |||
| Depreciation of fixed asset step-up | (22 | ) | (56 | ) | |||
| Acquisition and integration costs | — | (9,003 | ) | ||||
| IP litigation costs, net | (61 | ) | (230 | ) | |||
| Non-GAAP SG&A expenses | 27,039 | 24,513 | |||||
| GAAP restructuring expenses | 1,865 | 6,546 | |||||
| Restructuring charges | (1,865 | ) | (6,546 | ) | |||
| Non-GAAP restructuring expenses | — | — | |||||
| GAAP income (loss) from operations | 4,183 | (5,362 | ) | ||||
| Total non-GAAP adjustments | 56,857 | 61,221 | |||||
| Non-GAAP income from operations | 61,041 | 55,859 | |||||
| GAAP and non-GAAP interest and other expense, net | (7,397 | ) | (2,704 | ) | |||
| GAAP loss before income taxes | (3,214 | ) | (8,066 | ) | |||
| Total non-GAAP adjustments | 56,857 | 61,221 | |||||
| Non-GAAP income before income taxes | 53,643 | 53,155 | |||||
| GAAP income tax provision (benefit) | 9,361 | (27,494 | ) | ||||
| Adjustment for non-cash tax benefits/expenses | (5,606 | ) | 32,810 | ||||
| Non-GAAP income tax provision | 3,755 | 5,316 | |||||
| GAAP net income (loss) | (12,575 | ) | 19,428 | ||||
| Total non-GAAP adjustments before income taxes | 56,857 | 61,221 | |||||
| Less: total tax adjustments | (5,606 | ) | 32,810 | ||||
| Non-GAAP net income | $ | 49,888 | $ | 47,839 | |||
| Shares used in computing non-GAAP basic net income per share | 68,008 | 65,564 | |||||
| Shares used in computing non-GAAP diluted net income per share | 70,460 | 69,398 | |||||
| Non-GAAP basic net income per share | $ | 0.73 | $ | 0.73 | |||
| Non-GAAP diluted net income per share | $ | 0.71 | $ | 0.69 | |||
MaxLinear, Inc. Announces Second Quarter 2018 Financial Results
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