(1) Certain balances have been reclassified to conform to current period presentation.
MAXLINEAR, INC. UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) |
|||||||||||
|
|
||||||||||
|
Three Months Ended |
||||||||||
|
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
||||||
GAAP gross profit |
$ |
36,624 |
|
|
$ |
41,904 |
|
|
$ |
45,900 |
|
Stock-based compensation |
149 |
|
|
151 |
|
|
132 |
|
|||
Performance based equity |
(21 |
) |
|
— |
|
|
56 |
|
|||
Amortization of purchased intangible assets |
8,513 |
|
|
8,477 |
|
|
8,875 |
|
|||
Non-GAAP gross profit |
45,265 |
|
|
50,532 |
|
|
54,963 |
|
|||
|
|
|
|
|
|
||||||
GAAP R&D expenses |
23,467 |
|
|
23,174 |
|
|
29,667 |
|
|||
Stock-based compensation |
(3,955 |
) |
|
(4,155 |
) |
|
(4,399 |
) |
|||
Performance based equity |
(421 |
) |
|
(45 |
) |
|
(1,254 |
) |
|||
Depreciation of fixed asset step-up |
— |
|
|
— |
|
|
(76 |
) |
|||
| Non-GAAP R&D expenses |
19,091 |
|
|
18,974 |
|
|
23,938 |
|
|||
|
|
|
|
|
|
|
||||||
| GAAP SG&A expenses |
20,924 |
|
|
21,920 |
|
|
25,208 |
|
|||
| Stock-based compensation |
(3,643 |
) |
|
(4,068 |
) |
|
(3,481 |
) |
|||
| Performance based equity |
(604 |
) |
|
(279 |
) |
|
(948 |
) |
|||
| Amortization of purchased intangible assets |
(5,723 |
) |
|
(5,722 |
) |
|
(7,994 |
) |
|||
| Depreciation of fixed asset step-up |
— |
|
|
— |
|
|
(2 |
) |
|||
| IP litigation costs, net |
3 |
|
|
(71 |
) |
|
(3 |
) |
|||
| Non-GAAP SG&A expenses |
10,957 |
|
|
11,780 |
|
|
12,780 |
|
|||
|
|
|
|
|
|
|
||||||
| GAAP restructuring expenses |
159 |
|
|
144 |
|
|
1,737 |
|
|||
| Restructuring charges |
(159 |
) |
|
(144 |
) |
|
(1,737 |
) |
|||
| Non-GAAP restructuring expenses |
— |
|
|
— |
|
|
— |
|
|||
|
|
|
|
|
|
|
||||||
| GAAP loss from operations |
(7,926 |
) |
|
(3,334 |
) |
|
(10,712 |
) |
|||
| Total non-GAAP adjustments |
23,143 |
|
|
23,112 |
|
|
28,957 |
|
|||
| Non-GAAP income from operations |
15,217 |
|
|
19,778 |
|
|
18,245 |
|
|||
|
|
|
|
|
|
|
||||||
| GAAP and non-GAAP interest and other income (expense), net |
(2,863 |
) |
|
(1,406 |
) |
|
(2,941 |
) |
|||
| Non-recurring gain on reversal of liability |
— |
|
|
(1,006 |
) |
|
— |
|
|||
| Non-GAAP interest and other income (expense), net |
(2,863 |
) |
|
(2,412 |
) |
|
(2,941 |
) |
|||
|
|
|
|
|
|
|
||||||
| GAAP loss before income taxes |
(10,789 |
) |
|
(4,740 |
) |
|
(13,653 |
) |
|||
| Total non-GAAP adjustments |
23,143 |
|
|
22,106 |
|
|
28,957 |
|
|||
| Non-GAAP income before income taxes |
12,354 |
|
|
17,366 |
|
|
15,304 |
|
|||
|
|
|
|
|
|
|
||||||
| GAAP income tax benefit |
(2,685 |
) |
|
(26 |
) |
|
(13,964 |
) |
|||
| Adjustment for non-cash tax benefits/expenses and effects of the Tax Act |
3,303 |
|
|
894 |
|
|
15,035 |
|
|||
| Non-GAAP income tax provision |
618 |
|
|
868 |
|
|
1,071 |
|
|||
|
|
|
|
|
|
|
||||||
| GAAP net income (loss) |
(8,104 |
) |
|
(4,714 |
) |
|
311 |
|
|||
| Total non-GAAP adjustments before income taxes |
23,143 |
|
|
22,106 |
|
|
28,957 |
|
|||
| Less: total tax adjustments |
3,303 |
|
|
894 |
|
|
15,035 |
|
|||
| Non-GAAP net income |
$ |
11,736 |
|
|
$ |
16,498 |
|
|
$ |
14,233 |
|
|
|
|
|
|
|
|
||||||
| Shares used in computing non-GAAP basic net income per share |
71,746 |
|
|
71,366 |
|
|
69,186 |
|
|||
| Shares used in computing non-GAAP diluted net income per share |
72,707 |
|
|
72,506 |
|
|
71,267 |
|
|||
| Non-GAAP basic net income per share |
$ |
0.16 |
|
|
$ |
0.23 |
|
|
$ |
0.21 |
|
| Non-GAAP diluted net income per share |
$ |
0.16 |
|
|
$ |
0.23 |
|
|
$ |
0.20 |
|
| MAXLINEAR, INC. UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) |
|||||||
|
|
|
||||||
|
|
Twelve Months Ended |
||||||
|
|
December 31, 2019 |
|
December 31, 2018 |
||||
| GAAP gross profit |
$ |
167,685 |
|
|
$ |
208,774 |
|
| Stock-based compensation |
577 |
|
|
489 |
|
||
| Performance based equity |
52 |
|
|
234 |
|
||
| Amortization of purchased intangible assets |
33,892 |
|
|
35,781 |
|
||
| Depreciation of fixed asset step-up |
— |
|
|
303 |
|
||
| Non-GAAP gross profit |
202,206 |
|
|
245,581 |
|
||
|
|
|
|
|
||||
| GAAP R&D expenses |
98,344 |
|
|
120,046 |
|
||
| Stock-based compensation |
(16,545 |
) |
|
(17,953 |
) |
||
| Performance based equity |
(1,391 |
) |
|
(5,208 |
) |
||
| Depreciation of fixed asset step-up |
(6 |
) |
|
(1,050 |
) |
||
| Non-GAAP R&D expenses |
80,402 |
|
|
95,835 |
|
||
|
|
|
|
|
||||
| GAAP SG&A expenses |
88,762 |
|
|
101,789 |
|
||
| Stock-based compensation |
(14,938 |
) |
|
(13,279 |
) |
||
| Performance based equity |
(1,822 |
) |
|
(3,512 |
) |
||
| Amortization of purchased intangible assets |
(23,035 |
) |
|
(31,976 |
) |
||
| Depreciation of fixed asset step-up |
— |
|
|
(36 |
) |
||
| IP litigation costs, net |
(81 |
) |
|
(83 |
) |
||
| Non-GAAP SG&A expenses |
48,886 |
|
|
52,903 |
|
||
|
|
|
|
|
||||
| GAAP impairment losses |
— |
|
|
2,198 |
|
||
| Impairment losses |
— |
|
|
(2,198 |
) |
||
| Non-GAAP impairment losses |
— |
|
|
— |
|
||
|
|
|
|
|
||||
| GAAP restructuring expenses |
2,636 |
|
|
3,838 |
|
||
| Restructuring charges |
(2,636 |
) |
|
(3,838 |
) |
||
| Non-GAAP restructuring expenses |
— |
|
|
— |
|
||
|
|
|
|
|
||||
| GAAP loss from operations |
(22,057 |
) |
|
(19,097 |
) |
||
| Total non-GAAP adjustments |
94,975 |
|
|
115,940 |
|
||
| Non-GAAP income from operations |
72,918 |
|
|
96,843 |
|
||
|
|
|
|
|
||||
| GAAP and non-GAAP interest and other income (expense), net |
(10,427 |
) |
|
(13,755 |
) |
||
| Non-recurring gain on reversal of liability |
(1,006 |
) |
|
— |
|
||
| Non-GAAP interest and other income (expense), net |
(11,433 |
) |
|
(13,755 |
) |
||
|
|
|
|
|
||||
| GAAP loss before income taxes |
(32,484 |
) |
|
(32,852 |
) |
||
| Total non-GAAP adjustments |
93,969 |
|
|
115,940 |
|
||
| Non-GAAP income before income taxes |
61,485 |
|
|
83,088 |
|
||
|
|
|
|
|
||||
| GAAP income tax benefit |
(12,586 |
) |
|
(6,653 |
) |
||
| Adjustment for non-cash tax benefits/expenses and effects of the Tax Act |
16,296 |
|
|
12,469 |
|
||
| Non-GAAP income tax provision |
3,710 |
|
|
5,816 |
|
||
|
|
|
|
|
||||
| GAAP net loss |
(19,898 |
) |
|
(26,199 |
) |
||
| Total non-GAAP adjustments before income taxes |
93,969 |
|
|
115,940 |
|
||
| Less: total tax adjustments |
16,296 |
|
|
12,469 |
|
||
| Non-GAAP net income |
$ |
57,775 |
|
|
$ |
77,272 |
|
|
|
|
|
|
||||
| Shares used in computing non-GAAP basic net income per share |
71,005 |
|
|
68,490 |
|
||
| Shares used in computing non-GAAP diluted net income per share |
72,381 |
|
|
70,709 |
|
||
| Non-GAAP basic net income per share |
$ |
0.81 |
|
|
$ |
1.13 |
|
| Non-GAAP diluted net income per share |
$ |
0.80 |
|
|
$ |
1.09 |
|
| MAXLINEAR, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||
| Three Months Ended |
||||||||
|
|
December 31, 2019 |
|
September 30, 2019 |
|
December 31, 2018 |
|||
| GAAP gross profit |
52.3 |
% |
|
52.4 |
% |
|
52.4 |
% |
| Stock-based compensation |
0.2 |
% |
|
0.2 |
% |
|
0.2 |
% |
| Performance based equity |
— |
% |
|
— |
% |
|
0.1 |
% |
| Amortization of purchased intangible assets |
12.2 |
% |
|
10.6 |
% |
|
10.1 |
% |
| Non-GAAP gross profit |
64.6 |
% |
|
63.1 |
% |
|
62.7 |
% |
|
|
|
|
|
|
|
|||
| GAAP R&D expenses |
33.5 |
% |
|
29.0 |
% |
|
33.9 |
% |
| Stock-based compensation |
(5.6 |
)% |
|
(5.2 |
)% |
|
(5.0 |
)% |
| Performance based equity |
(0.6 |
)% |
|
(0.1 |
)% |
|
(1.4 |
)% |
| Depreciation of fixed asset step-up |
— |
% |
|
— |
% |
|
(0.1 |
)% |
| Non-GAAP R&D expenses |
27.3 |
% |
|
23.7 |
% |
|
27.3 |
% |
|
|
|
|
|
|
|
|||
| GAAP SG&A expenses |
29.9 |
% |
|
27.4 |
% |
|
28.8 |
% |
| Stock-based compensation |
(5.2 |
)% |
|
(5.1 |
)% |
|
(4.0 |
)% |
| Performance based equity |
(0.9 |
)% |
|
(0.3 |
)% |
|
(1.1 |
)% |
| Amortization of purchased intangible assets |
(8.2 |
)% |
|
(7.2 |
)% |
|
(9.1 |
)% |
| Depreciation of fixed asset step-up |
— |
% |
|
— |
% |
|
— |
% |
| IP litigation costs, net |
— |
% |
|
(0.1 |
)% |
|
— |
% |
| Non-GAAP SG&A expenses |
15.6 |
% |
|
14.7 |
% |
|
14.6 |
% |
|
|
|
|
|
|
|
|||
| GAAP restructuring expenses |
0.2 |
% |
|
0.2 |
% |
|
2.0 |
% |
| Restructuring charges |
(0.2 |
)% |
|
(0.2 |
)% |
|
(2.0 |
)% |
| Non-GAAP restructuring expenses |
— |
% |
|
— |
% |
|
— |
% |
|
|
|
|
|
|
|
|||
| GAAP loss from operations |
(11.3 |
)% |
|
(4.2 |
)% |
|
(12.2 |
)% |
| Total non-GAAP adjustments |
33.1 |
% |
|
28.9 |
% |
|
33.0 |
% |
| Non-GAAP income from operations |
21.7 |
% |
|
24.7 |
% |
|
20.8 |
% |
|
|
|
|
|
|
|
|||
| GAAP interest and other income (expense), net |
(4.1 |
)% |
|
(1.8 |
)% |
|
(3.4 |
)% |
| Nonrecurring gain on reversal of liability |
— |
% |
|
(1.3 |
)% |
|
— |
% |
| Non-GAAP interest and other income (expense), net |
(4.1 |
)% |
|
(3.0 |
)% |
|
(3.4 |
)% |
|
|
|
|
|
|
|
|||
| GAAP loss before income taxes |
(15.4 |
)% |
|
(5.9 |
)% |
|
(15.6 |
)% |
| Total non-GAAP adjustments before income taxes |
33.1 |
% |
|
27.6 |
% |
|
33.0 |
% |
| Non-GAAP income before income taxes |
17.6 |
% |
|
21.7 |
% |
|
17.5 |
% |
|
|
|
|
|
|
|
|||
| GAAP income tax benefit |
(3.8 |
)% |
|
— |
% |
|
(15.9 |
)% |
| Adjustment for non-cash tax benefits/expenses and the effects of the Tax Act |
4.7 |
% |
|
1.1 |
% |
|
17.2 |
% |
| Non-GAAP income tax provision |
0.9 |
% |
|
1.1 |
% |
|
1.2 |
% |
|
|
|
|
|
|
|
|||
| GAAP net income (loss) |
(11.6 |
)% |
|
(5.9 |
)% |
|
0.4 |
% |
| Total non-GAAP adjustments before income taxes |
33.1 |
% |
|
27.6 |
% |
|
33.0 |
% |
| Less: total tax adjustments |
4.7 |
% |
|
1.1 |
% |
|
17.2 |
% |
| Non-GAAP net income |
16.8 |
% |
|
20.6 |
% |
|
16.2 |
% |
| MAXLINEAR, INC. UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||
|
|
|
||||
|
|
Twelve Months Ended |
||||
|
|
December 31, 2019 |
|
December 31, 2018 |
||
| GAAP gross profit |
52.9 |
% |
|
54.2 |
% |
| Stock-based compensation |
0.2 |
% |
|
0.1 |
% |
| Performance based equity |
— |
% |
|
0.1 |
% |
| Amortization of purchased intangible assets |
10.7 |
% |
|
9.3 |
% |
| Depreciation of fixed asset step-up |
— |
% |
|
0.1 |
% |
| Non-GAAP gross profit |
63.8 |
% |
|
63.8 |
% |
|
|
|
|
|
||
| GAAP R&D expenses |
31.0 |
% |
|
31.2 |
% |
| Stock-based compensation |
(5.2 |
)% |
|
(4.7 |
)% |
| Performance based equity |
(0.4 |
)% |
|
(1.4 |
)% |
| Depreciation of fixed asset step-up |
— |
% |
|
(0.3 |
)% |
| Non-GAAP R&D expenses |
25.3 |
% |
|
24.9 |
% |
|
|
|
|
|
||
| GAAP SG&A expenses |
28.0 |
% |
|
26.4 |
% |
| Stock-based compensation |
(4.7 |
)% |
|
(3.4 |
)% |
| Performance based equity |
(0.6 |
)% |
|
(0.9 |
)% |
| Amortization of purchased intangible assets |
(7.3 |
)% |
|
(8.3 |
)% |
| Depreciation of fixed asset step-up |
— |
% |
|
— |
% |
| IP litigation costs, net |
— |
% |
|
— |
% |
| Non-GAAP SG&A expenses |
15.4 |
% |
|
13.7 |
% |
|
|
|
|
|
||
| GAAP impairment losses |
— |
% |
|
0.6 |
% |
| Impairment losses |
— |
% |
|
(0.6 |
)% |
| Non-GAAP impairment losses |
— |
% |
|
— |
% |
|
|
|
|
|
||
| GAAP restructuring expenses |
0.8 |
% |
|
1.0 |
% |
| Restructuring charges |
(0.8 |
)% |
|
(1.0 |
)% |
| Non-GAAP restructuring expenses |
— |
% |
|
— |
% |
|
|
|
|
|
||
| GAAP loss from operations |
(7.0 |
)% |
|
(5.0 |
)% |
| Total non-GAAP adjustments |
29.9 |
% |
|
30.1 |
% |
| Non-GAAP income from operations |
23.0 |
% |
|
25.2 |
% |
|
|
|
|
|
||
| GAAP interest and other income (expense), net |
(3.3 |
)% |
|
(3.6 |
)% |
| Nonrecurring gain on reversal of liability |
(0.3 |
)% |
|
— |
% |
| Non-GAAP interest and other income (expense), net |
(3.6 |
)% |
|
(3.6 |
)% |
|
|
|
|
|
||
| GAAP loss before income taxes |
(10.2 |
)% |
|
(8.5 |
)% |
| Total non-GAAP adjustments before income taxes |
29.6 |
% |
|
30.1 |
% |
| Non-GAAP income before income taxes |
19.4 |
% |
|
21.6 |
% |
|
|
|
|
|
||
| GAAP income tax benefit |
(4.0 |
)% |
|
(1.7 |
)% |
| Adjustment for non-cash tax benefits/expenses and the effects of the Tax Act |
5.1 |
% |
|
3.2 |
% |
| Non-GAAP income tax provision |
1.2 |
% |
|
1.5 |
% |
|
|
|
|
|
||
| GAAP net loss |
(6.3 |
)% |
|
(6.8 |
)% |
| Total non-GAAP adjustments before income taxes |
29.6 |
% |
|
30.1 |
% |
| Less: total tax adjustments |
5.1 |
% |
|
3.2 |
% |
| Non-GAAP net income |
18.2 |
% |
|
20.1 |
% |
