MaxLinear, Inc. Announces Second Quarter 2016 Financial Results
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MAXLINEAR, INC. | |
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |
(in thousands, except per share data) | | | | |
Six Months Ended | | |
June 30, 2016 | |
June 30, 2015 | | GAAP cost of net revenue | $ | 80,289 | | | $ | 57,607 | | | Stock based compensation | (94 | ) | | (96 | ) | | Performance based equity | 64 | | | (11 | ) | | Amortization of inventory step-up | (336 | ) | | (13,286 | ) | | Amortization of purchased intangible assets | (3,369 | ) | | (1,052 | ) | | Non-GAAP cost of net revenue | 76,554 | | | 43,162 | | | | | | | | GAAP R&D expenses | 47,789 | | | 39,274 | | | Stock based compensation | (6,199 | ) | | (5,393 | ) | | Incentive award compensation | (384 | ) | | (192 | ) | | Performance based equity | (2,736 | ) | | (1,600 | ) | | Amortization of purchased intangible assets | (244 | ) | | (212 | ) | | Severance charges | — | | | (665 | ) | | Restricted merger proceeds and contingent consideration | (416 | ) | | (416 | ) | | Non-GAAP R&D expenses | 37,810 | | | 30,796 | | | | | | | | GAAP SG&A expenses | 30,115 | | | 34,564 | | | Stock based compensation | (3,433 | ) | | (3,024 | ) | | Incentive award compensation | (101 | ) | | (7 | ) | | Performance based equity | (1,382 | ) | | (895 | ) | | Amortization of purchased intangible assets | (958 | ) | | (7,985 | ) | | Acquisition and integration costs | (1,262 | ) | | (5,317 | ) | | Restricted merger proceeds and contingent consideration | (110 | ) | | 131 | | | Severance charges | — | | | (45 | ) | | IP litigation costs, net | (659 | ) | | (991 | ) | | Non-GAAP SG&A expenses | 22,210 | | | 16,431 | | | | | | | | GAAP restructuring expenses | 2,106 | | | 11,389 | | | Restructuring charges | (2,106 | ) | | (11,389 | ) | | Non-GAAP restructuring expenses | — | | | — | | | | | | | | GAAP income (loss) before income taxes | 44,336 | | | (36,549 | ) | | Total non-GAAP adjustments | 23,725 | | | 52,445 | | | Non-GAAP income before income taxes | 68,061 | | | 15,896 | | | | | | | | GAAP income tax expense (benefit) | 1,071 | | | (1,180 | ) | | Tax impact of non-GAAP adjustments | 399 | | | (540 | ) | | Record valuation allowance due to net deferred liability acquired | — | | | 1,933 | | | Non-GAAP income tax expense | 1,470 | | | 213 | | | | | | | | GAAP net income (loss) | 43,265 | | | (35,369 | ) | | Total non-GAAP adjustments before income taxes | 23,725 | | | 52,445 | | | Total tax adjustments | 399 | | | 1,393 | | | Non-GAAP net income | $ | 66,591 | | | $ | 15,683 | | | | | | | | Shares used in computing non-GAAP basic net income per share | 63,056 | | | 45,367 | | | Shares used in computing GAAP diluted net income (loss) per share | 67,110 | | | 45,367 | | | Dilutive common stock equivalents | — | | | 2,281 | | | Shares used in computing non-GAAP diluted net income per share | 67,110 | | | 47,648 | | | Non-GAAP basic net income per share | $ | 1.06 | | | $ | 0.35 | | | Non-GAAP diluted net income per share | $ | 0.99 | | | $ | 0.33 | | | | | | | | | | |
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