MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2015

MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2015 Financial Results

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

	December 31, 2015		September 30, 2015		December 31, 2014
Assets
Current assets:
Cash and cash equivalents	$	67,956	$	58,149	$	20,696
Short-term investments, available-for-sale	43,300		26,797		48,399
Accounts receivable, net	42,399		41,766		18,523
Inventory	32,443		36,265		10,858
Prepaid expenses and other current assets	3,904		4,500		2,438
Total current assets	190,002		167,477		100,914
Property and equipment, net	21,858		20,543		12,441
Long-term investments, available-for-sale	19,242		19,847		10,256
Intangible assets, net	51,355		79,655		10,386
Goodwill	49,779		49,373		1,201
Other long-term assets	2,269		5,715		513
Total assets	$	334,505	$	342,610	$	135,711

Liabilities and stockholders’ equity
Current liabilities	$	55,832	$	67,485	$	33,246
Other long-term liabilities	15,749		10,597		3,363
Total stockholders’ equity	262,924		264,528		99,102
Total liabilities and stockholders’ equity	$	334,505	$	342,610	$	135,711

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

	Three Months Ended
	December 31, 2015			September 30, 2015			December 31, 2014
GAAP cost of net revenue	$	43,189		$	44,141		$	12,728
Stock based compensation	(44		)	(73		)	(35		)
Performance based equity	(97		)	(148		)	(6		)
Amortization of inventory step-up	—			(958		)	—
Amortization of purchased intangible assets	(1,578		)	(1,572		)	—
Impairment of production masks	—			(153		)	—
Non-GAAP cost of net Revenue	41,470			41,237			12,687

GAAP R&D expenses	22,640			23,491			14,681
Stock based compensation	(2,850		)	(3,496		)	(2,534		)
Incentive award compensation	(1,106		)	(169		)	—
Performance based equity	(1,227		)	(1,013		)	(790		)
Amortization of purchased intangible assets	(96		)	(97		)	(45		)
Severance charges	(22		)	(173		)	—
Restricted merger proceeds and contingent consideration	(210		)	(209		)	(139		)
Non-GAAP R&D expenses	17,129			18,334			11,173

GAAP SG&A expenses	17,960			25,457			9,601
Stock based compensation	(1,278		)	(1,442		)	(1,359		)
Incentive award compensation	(86		)	(13		)	—
Performance based equity	(642		)	(740		)	(328		)
Amortization of purchased intangible assets	(4,938		)	(12,066		)	—
Acquisition and integration costs	(13		)	(32		)	(242		)
Restricted merger proceeds and contingent consideration	(251		)	(9		)	—
Severance charges	(143		)	(270		)	—
IP litigation costs, net	(325		)	(144		)	(1,302		)
Non-GAAP SG&A expenses	10,284			10,741			6,370

GAAP restructuring expenses	23,872			425			—
Impairment losses	(21,600		)	—			—
Restructuring charges	(2,272		)	(425		)	—
Non-GAAP restructuring expenses	—			—			—

GAAP income tax expense (benefit)	56			550			(2,160		)
Release (record) of valuation allowance due to net deferred liability acquired	165			(341		)	2,335
Non-GAAP income tax expense	221			209			175

GAAP net income (loss)	(8,544		)	1,582			(2,362		)
Total Adjustments	(38,613		)	(23,543		)	(4,445		)
Non-GAAP net income	30,069			25,125			2,083

Shares used in computing non-GAAP basic net income per share	61,895			60,644			37,496
Shares used in computing GAAP diluted net income (loss) per share	61,895			63,209			37,496
Dilutive common stock equivalents	3,284			—			1,683
Shares used in computing non-GAAP diluted net income per share	65,179			63,209			39,179
Non-GAAP basic net income per share	$	0.49		$	0.41		$	0.06
Non-GAAP diluted net income per share	$	0.46		$	0.40		$	0.05

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