MaxLinear, Inc. Announces Third Quarter 2020 Financial Results

In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including our most recent Annual Report on Form 10-K for the year ended December 31, 2019 filed with the SEC on February 5, 2020, our Quarterly Report on Form 10-Q for the quarter ended June 30, 2020 filed with the SEC on July 23, 2020, and our Current Reports on Form 8-K, as well as the information to be set forth under the caption “Risk Factors” in MaxLinear’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2020, which we expect to file shortly. All forward-looking statements are based on the estimates, projections and assumptions of management as of November 5, 2020, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating expenses as a percentage of revenue, income from operations as percentage of revenue, and diluted earnings per share. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance based bonus plan for 2020, which we currently intend to settle in shares of our common stock; (iii) accruals related to our performance based bonus plan for 2019, which we settled in shares of common stock in 2020; (iv) amortization of purchased intangible assets and inventory step-up to fair value; (v) depreciation of fixed assets step-up to fair value; (vi) acquisition and integration costs related to our acquisitions; (vii) professional fees and settlement costs related to IP and commercial litigation matters; (viii) severance and other restructuring charges; (ix) impairment losses on intangible assets; and (x) non-cash income tax benefits and expenses. These non-GAAP measures are not in accordance with and do not serve as an alternative for GAAP. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. These non-GAAP measures should only be viewed in conjunction with corresponding GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and other one-time expenses that are not indicative of our core operating results. Among other uses, our management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management’s incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance.

The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:

Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Our equity incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results. Stock-based compensation expense has been and will continue to be a significant recurring expense for MaxLinear. While we include the dilutive impact of equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income.

Bonuses under our executive and non-executive bonus programs have been excluded from our non-GAAP net income for all periods reported. Bonus payments for the 2019 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in March 2020. We currently expect that bonus awards under our fiscal 2020 program will be settled in common stock in the first quarter of fiscal 2021.

Expenses incurred in relation to acquisitions primarily include amortization of purchased intangible assets and step-up of inventory and fixed assets to fair value, and acquisition and integration costs primarily consisting of professional and consulting fees.

Impairment losses relate to certain intangible assets.

Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to impairment of leased right-of-use assets or from exiting certain facilities.

Expenses incurred in relation to our intellectual property and commercial litigation include professional fees incurred.

Income tax benefits and expense adjustments are those that do not affect cash income taxes payable.

Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, particularly related to stock-based compensation and its related tax effects as well as potential impairments, we have not provided a reconciliation for non-GAAP guidance provided for the fourth quarter 2020.

About MaxLinear, Inc.

MaxLinear, Inc. (NYSE: MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.

MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.


MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

	Three Months Ended
	September 30, 2020			June 30, 2020			September 30, 2019
Net revenue	$	156,633		$	65,220		$	80,020
Cost of net revenue	90,427			32,477			38,116
Gross profit	66,206			32,743			41,904
Operating expenses:
Research and development	55,816			27,984			23,174
Selling, general and administrative	41,685			27,470			21,920
Restructuring charges	3,280			64			144
Total operating expenses	100,781			55,518			45,238
Loss from operations	(34,575		)	(22,775		)	(3,334		)
Interest income	27			31			214
Interest expense	(3,569		)	(2,183		)	(2,718		)
Other income (expense), net	(719		)	(81		)	1,098
Total interest and other income (expense), net	(4,261		)	(2,233		)	(1,406		)
Loss before income taxes	(38,836		)	(25,008		)	(4,740		)
Income tax benefit	(2,191		)	(3,201		)	(26		)
Net loss	$	(36,645	)	$	(21,807	)	$	(4,714	)
Net loss per share:
Basic	$	(0.50	)	$	(0.30	)	$	(0.07	)
Diluted	$	(0.50	)	$	(0.30	)	$	(0.07	)
Shares used to compute net loss per share:
Basic	73,402			72,740			71,366
Diluted	73,402			72,740			71,366

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

	Nine Months Ended
	September 30, 2020			September 30, 2019
Net revenue	$	283,880		$	247,162
Cost of net revenue	154,169			116,101
Gross profit	129,711			131,061
Operating expenses:
Research and development	109,489			74,877
Selling, general and administrative	93,787			67,838
Impairment losses	86			—
Restructuring charges	3,833			2,477
Total operating expenses	207,195			145,192
Loss from operations	(77,484		)	(14,131		)
Interest income	283			553
Interest expense	(8,228		)	(8,546		)
Other income (expense), net	(620		)	429
Total interest and other income (expense), net	(8,565		)	(7,564		)
Loss before income taxes	(86,049		)	(21,695		)
Income tax benefit	(12,128		)	(9,901		)
Net loss	$	(73,921	)	$	(11,794	)
Net loss per share:
Basic	$	(1.02	)	$	(0.17	)
Diluted	$	(1.02	)	$	(0.17	)
Shares used to compute net loss per share:
Basic	72,729			70,755
Diluted	72,729			70,755

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Three Months Ended
	September 30, 2020			June 30, 2020			September 30, 2019
Operating Activities
Net loss	$	(36,645	)	$	(21,807	)	$	(4,714	)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Amortization and depreciation	20,554			16,532			16,419
Amortization of inventory step-up	14,445			—			—
Amortization of debt issuance costs and accretion of discount on debt and leases	579			397			380
Stock-based compensation	14,145			12,085			8,359
Deferred income taxes	3,834			(2,879		)	(1,379		)
Impairment of leasehold improvements	156			—			—
Impairment of leased right-of-use assets	1,464			—			—
(Gain) loss on foreign currency	601			20			(183		)
Excess tax benefits on stock based awards	(152		)	(472		)	(61		)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(63,569		)	3,362			280
Inventory	(17,349		)	(3,184		)	5,108
Prepaid expenses and other assets	(35,131		)	(669		)	960
Leased right-of-use assets	79			(314		)	1,309
Accounts payable, accrued expenses and other current liabilities	61,958			6,020			(6,313		)
Accrued compensation	15,364			4,396			730
Accrued price protection liability	12,108			(2,132		)	2,291
Lease liabilities	(1,566		)	(1,279		)	(2,183		)
Other long-term liabilities	(7,459		)	(816		)	749
Net cash provided by (used in) operating activities	(16,584		)	9,260			21,752
Investing Activities
Purchases of property and equipment	(5,196		)	(3,901		)	(1,219		)
Purchases of intangible assets	(375		)	(13		)	(86		)
Cash used in acquisitions, net of cash acquired	(160,000		)	—			—
Net cash used in investing activities	(165,571		)	(3,914		)	(1,305		)
Financing Activities
Proceeds from the issuance of debt	175,000			—			—
Payment of debt issuance cost	(2,696		)	—			—
Repayment of debt	—			—			(20,000		)
Net proceeds from issuance of common stock	628			4,154			288
Minimum tax withholding paid on behalf of employees for restricted stock units	(1,393		)	(1,024		)	(1,339		)
Net cash provided by (used in) financing activities	171,539			3,130			(21,051		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(71		)	513			90
Increase (decrease) in cash, cash equivalents and restricted cash	(10,687		)	8,989			(514		)
Cash, cash equivalents and restricted cash at beginning of period	107,429			98,440			67,038
Cash, cash equivalents and restricted cash at end of period	$	96,742		$	107,429		$	66,524

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Nine months ended
	September 30, 2020			September 30, 2019
Operating Activities
Net loss	$	(73,921	)	$	(11,794	)
Adjustments to reconcile net loss to cash provided by (used in) operating activities:
Amortization and depreciation	53,819			49,928
Impairment losses	86			—
Amortization of inventory step-up	14,445			—
Amortization of debt issuance costs and accretion of discount on debt and leases	1,386			1,173
Stock-based compensation	33,057			24,313
Deferred income taxes	(5,253		)	(12,455		)
Loss on disposal of property and equipment	—			46
Impairment of leasehold improvements	319			1,442
Impairment of leased right-of-use assets	1,508			2,182
Gain on extinguishment of lease liabilities	—			(2,880		)
Loss on foreign currency	375			330
Excess tax benefits on stock-based awards	(530		)	(3,872		)
Changes in operating assets and liabilities, net of effects of acquisitions:
Accounts receivable	(54,592		)	3,160
Inventory	(20,180		)	3,971
Prepaid expenses and other assets	(34,357		)	916
Leased right-of-use assets	405			2,935
Accounts payable, accrued expenses and other current liabilities	67,193			(1,431		)
Accrued compensation	23,121			1,414
Accrued price protection liability	5,439			(2,869		)
Lease liabilities	(4,275		)	(6,487		)
Other long-term liabilities	(8,721		)	219
Net cash provided by (used in) operating activities	(676		)	50,241
Investing Activities
Purchases of property and equipment	(10,132		)	(3,898		)
Purchases of intangible assets	(388		)	(86		)
Cash used in acquisitions, net of cash acquired	(160,000		)	—
Net cash used in investing activities	(170,520		)	(3,984		)
Financing Activities
Proceeds from the issuance of debt	175,000			—
Payment of debt issuance cost	(2,696		)	—
Repayment of debt	—			(50,000		)
Net proceeds from issuance of common stock	5,270			6,221
Minimum tax withholding paid on behalf of employees for restricted stock units	(2,892		)	(11,166		)
Net cash provided by (used in) financing activities	174,682			(54,945		)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	139			1,021
Increase (decrease) in cash, cash equivalents and restricted cash	3,625			(7,667		)
Cash, cash equivalents and restricted cash at beginning of period	93,117			74,191
Cash, cash equivalents and restricted cash at end of period	$	96,742		$	66,524

MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)


	September 30, 2020		June 30, 2020		September 30, 2019
Assets
Current assets:
Cash and cash equivalents	$	96,570	$	107,362	$	66,115
Short-term restricted cash	111		9		345
Accounts receivable, net	105,355		41,434		56,339
Inventory	104,471		34,284		37,642
Prepaid expenses and other current assets	43,546		7,489		4,679
Total current assets	350,053		190,578		165,120
Long-term restricted cash	61		58		64
Property and equipment, net	37,258		18,059		15,204
Leased right-of-use assets	11,876		8,942		18,719
Intangible assets, net	232,148		159,441		202,217
Goodwill	302,576		238,330		238,330
Deferred tax assets	72,537		76,371		64,046
Other long-term assets	1,270		1,281		3,065
Total assets	$	1,007,779	$	693,060	$	706,765

Liabilities and stockholders’ equity
Current liabilities	$	211,374	$	69,964	$	63,119
Long-term lease liabilities	9,406		6,833		14,995
Long-term debt	372,457		207,486		206,622
Other long-term liabilities	17,734		6,802		8,678
Stockholders’ equity	396,808		401,975		413,351
Total liabilities and stockholders’ equity	$	1,007,779	$	693,060	$	706,765

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)

	Three Months Ended
	September 30, 2020			June 30, 2020			September 30, 2019
GAAP gross profit	$	66,206		$	32,743		$	41,904
Stock-based compensation	143			126			151
Performance based equity	180			109			—
Amortization of inventory step-up	14,445			—			—
Amortization of purchased intangible assets	9,901			8,581			8,477
Non-GAAP gross profit	90,875			41,559			50,532

GAAP R&D expenses	55,816			27,984			23,174
Stock-based compensation	(6,056		)	(5,040		)	(4,155		)
Performance based equity	(6,190		)	(2,054		)	(45		)
Non-GAAP R&D expenses	43,570			20,890			18,974

GAAP SG&A expenses	41,685			27,470			21,920
Stock-based compensation	(7,349		)	(6,920		)	(4,068		)
Performance based equity	(2,991		)	(1,144		)	(279		)
Amortization of purchased intangible assets	(6,057		)	(5,549		)	(5,722		)
Acquisition and integration costs	(7,762		)	(2,090		)	—
IP litigation costs, net	(35		)	(54		)	(71		)
Non-GAAP SG&A expenses	17,491			11,713			11,780

GAAP restructuring expenses	3,280			64			144
Restructuring charges	(3,280		)	(64		)	(144		)
Non-GAAP restructuring expenses	—			—			—

GAAP loss from operations	(34,575		)	(22,775		)	(3,334		)
Total non-GAAP adjustments	64,389			31,731			23,112
Non-GAAP income from operations	29,814			8,956			19,778

GAAP and non-GAAP interest and other income (expense), net	(4,261		)	(2,233		)	(1,406		)
Non-recurring gain on reversal of liability	—			—			(1,006		)
Non-GAAP interest and other income (expense), net	(4,261		)	(2,233		)	(2,412		)

GAAP loss before income taxes	(38,836		)	(25,008		)	(4,740		)
Total non-GAAP adjustments	64,389			31,731			22,106
Non-GAAP income before income taxes	25,553			6,723			17,366

GAAP income tax benefit	(2,191		)	(3,201		)	(26		)
Adjustment for non-cash tax benefits/expenses	3,724			3,605			894
Non-GAAP income tax provision	1,533			404			868

GAAP net loss	(36,645		)	(21,807		)	(4,714		)
Total non-GAAP adjustments before income taxes	64,389			31,731			22,106
Less: total tax adjustments	3,724			3,605			894
Non-GAAP net income	$	24,020		$	6,319		$	16,498

Shares used in computing non-GAAP basic net income per share	73,402			72,740			71,366
Shares used in computing non-GAAP diluted net income per share	75,324			73,772			72,506
Non-GAAP basic net income per share	$	0.33		$	0.09		$	0.23
Non-GAAP diluted net income per share	$	0.32		$	0.09		$	0.23

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)

	Nine Months Ended
	September 30, 2020			September 30, 2019
GAAP gross profit	$	129,711		$	131,061
Stock-based compensation	417			428
Performance based equity	358			73
Amortization of inventory step-up	14,445			—
Amortization of purchased intangible assets	27,063			25,379
Non-GAAP gross profit	171,994			156,941

GAAP R&D expenses	109,489			74,877
Stock-based compensation	(14,842		)	(12,590		)
Performance based equity	(9,994		)	(970		)
Depreciation of fixed asset step-up	—			(6		)
Non-GAAP R&D expenses	84,653			61,311

GAAP SG&A expenses	93,787			67,838
Stock-based compensation	(17,202		)	(11,295		)
Performance based equity	(5,271		)	(1,218		)
Amortization of purchased intangible assets	(17,329		)	(17,312		)
Acquisition and integration costs	(13,122		)	—
IP litigation costs, net	(149		)	(84		)
Non-GAAP SG&A expenses	40,714			37,929

GAAP impairment losses	86			—
Impairment losses	(86		)	—
Non-GAAP impairment losses	—			—

GAAP restructuring expenses	3,833			2,477
Restructuring charges	(3,833		)	(2,477		)
Non-GAAP restructuring expenses	—			—

GAAP loss from operations	(77,484		)	(14,131		)
Total non-GAAP adjustments	124,111			71,832
Non-GAAP income from operations	46,627			57,701

GAAP and non-GAAP interest and other income (expense), net	(8,565		)	(7,564		)
Non-recurring gain on reversal of liability	—			(1,006		)
Non-GAAP interest and other income (expense), net	(8,565		)	(8,570		)

GAAP loss before income taxes	(86,049		)	(21,695		)
Total non-GAAP adjustments	124,111			70,826
Non-GAAP income before income taxes	38,062			49,131

GAAP income tax benefit	(12,128		)	(9,901		)
Adjustment for non-cash tax benefits/expenses	14,412			12,993
Non-GAAP income tax provision	2,284			3,092

GAAP net loss	(73,921		)	(11,794		)
Total non-GAAP adjustments before income taxes	124,111			70,826
Less: total tax adjustments	14,412			12,993
Non-GAAP net income	$	35,778		$	46,039

Shares used in computing non-GAAP basic net income per share	72,729			70,755
Shares used in computing non-GAAP diluted net income per share	73,925			72,270
Non-GAAP basic net income per share	$	0.49		$	0.65
Non-GAAP diluted net income per share	$	0.48		$	0.64


MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

	Three Months Ended
	September 30, 2020			June 30, 2020			September 30, 2019
GAAP gross profit	42.3		%	50.2		%	52.4		%
Stock-based compensation	0.1		%	0.2		%	0.2		%
Performance based equity	0.1		%	0.2		%	—		%
Amortization of inventory step-up	9.2		%	—		%	—		%
Amortization of purchased intangible assets	6.3		%	13.2		%	10.6		%
Non-GAAP gross profit	58.0		%	63.7		%	63.1		%

GAAP R&D expenses	35.6		%	42.9		%	29.0		%
Stock-based compensation	(3.9	)	%	(7.7	)	%	(5.2	)	%
Performance based equity	(4.0	)	%	(3.2	)	%	(0.1	)	%
Amortization of purchased intangible assets	—		%	—		%	—		%
Non-GAAP R&D expenses	27.8		%	32.0		%	23.7		%

GAAP SG&A expenses	26.6		%	42.1		%	27.4		%
Stock-based compensation	(4.7	)	%	(10.6	)	%	(5.1	)	%
Performance based equity	(1.9	)	%	(1.8	)	%	(0.4	)	%
Amortization of purchased intangible assets	(3.9	)	%	(8.5	)	%	(7.2	)	%
Acquisition and integration costs	(5.0	)	%	(3.2	)	%	—		%
IP litigation costs, net	—		%	(0.1	)	%	(0.1	)	%
Non-GAAP SG&A expenses	11.2		%	18.0		%	14.7		%

GAAP restructuring expenses	2.1		%	0.1		%	0.2		%
Restructuring charges	(2.1	)	%	(0.1	)	%	(0.2	)	%
Non-GAAP restructuring expenses	—		%	—		%	—		%

GAAP loss from operations	(22.1	)	%	(34.9	)	%	(4.2	)	%
Total non-GAAP adjustments	41.1		%	48.7		%	28.9		%
Non-GAAP income from operations	19.0		%	13.7		%	24.7		%

GAAP interest and other income (expense), net	(2.7	)	%	(3.4	)	%	(1.8	)	%
Nonrecurring gain on reversal of liability	—		%	—		%	(1.3	)	%
Non-GAAP interest and other income (expense), net	(2.7	)	%	(3.4	)	%	(3.0	)	%

GAAP loss before income taxes	(24.8	)	%	(38.3	)	%	(5.9	)	%
Total non-GAAP adjustments before income taxes	41.1		%	48.7		%	27.6		%
Non-GAAP income before income taxes	16.3		%	10.3		%	21.7		%

GAAP income tax benefit	(1.4	)	%	(4.9	)	%	—		%
Adjustment for non-cash tax benefits/expenses	2.4		%	5.5		%	1.1		%
Non-GAAP income tax provision	1.0		%	0.6		%	1.1		%

GAAP net loss	(23.4	)	%	(33.4	)	%	(5.9	)	%
Total non-GAAP adjustments before income taxes	41.1		%	48.7		%	27.6		%
Less: total tax adjustments	2.4		%	5.5		%	1.1		%
Non-GAAP net income	15.3		%	9.7		%	20.6		%


MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

	Nine Months Ended
	September 30, 2020			September 30, 2019
GAAP gross profit	45.7		%	53.0		%
Stock-based compensation	0.2		%	0.2		%
Performance based equity	0.1		%	0.0		%
Amortization of inventory step-up	5.1		%	0.0		%
Amortization of purchased intangible assets	9.5		%	10.3		%
Non-GAAP gross profit	60.6		%	63.5		%

GAAP R&D expenses	38.6		%	30.3		%
Stock-based compensation	(5.2	)	%	(5.1	)	%
Performance based equity	(3.5	)	%	(0.4	)	%
Amortization of purchased intangible assets	0.0		%	0.0		%
Depreciation of fixed asset step-up	—		%	—		%
Non-GAAP R&D expenses	29.8		%	24.8		%

GAAP SG&A expenses	33.0		%	27.4		%
Stock-based compensation	(6.1	)	%	(4.6	)	%
Performance based equity	(1.9	)	%	(0.5	)	%
Amortization of purchased intangible assets	(6.1	)	%	(7.0	)	%
Acquisition and integration costs	(4.6	)	%	—		%
IP litigation costs, net	(0.1	)	%	—		%
Non-GAAP SG&A expenses	14.3		%	15.3		%

GAAP impairment losses	0.03		%	—		%
Impairment losses	(0.03	)	%	—		%
Non-GAAP impairment losses	—		%	—		%

GAAP restructuring expenses	1.4		%	1.0		%
Restructuring charges	(1.4	)	%	(1.0	)	%
Non-GAAP restructuring expenses	—		%	—		%

GAAP loss from operations	(27.3	)	%	(5.7	)	%
Total non-GAAP adjustments	43.7		%	29.1		%
Non-GAAP income from operations	16.4		%	23.4		%

GAAP interest and other income (expense), net	(3.0	)	%	(3.1	)	%
Nonrecurring gain on reversal of liability	0.0		%	(0.4	)	%
Non-GAAP interest and other income (expense), net	(3.0	)	%	(3.5	)	%

GAAP loss before income taxes	(30.3	)	%	(8.8	)	%
Total non-GAAP adjustments before income taxes	43.7		%	28.7		%
Non-GAAP income before income taxes	13.4		%	19.9		%

GAAP income tax benefit	(4.3	)	%	(4.0	)	%
Adjustment for non-cash tax benefits/expenses	5.1		%	5.3		%
Non-GAAP income tax provision	0.8		%	1.3		%

GAAP net loss	(26.0	)	%	(4.8	)	%
Total non-GAAP adjustments before income taxes	43.7		%	28.7		%
Less: total tax adjustments	5.1		%	5.3		%
Non-GAAP net income	12.6		%	18.6		%

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