MaxLinear, Inc. Announces First Quarter 2017 Financial Results
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MAXLINEAR, INC. |
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UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
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Three Months Ended |
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March 31, 2017 | |
December 31, 2016 | |
March 31, 2016 |
| GAAP cost of net revenue | 40.4 | % | | 42.2 | % | | 40.4 | % |
| Stock-based compensation | (0.1 | )% | | (0.1 | )% | | — | % |
| Performance based equity | — | % | | — | % | | (0.1 | )% |
| Amortization of inventory step-up | — | % | | (3.0 | )% | | — | % |
| Amortization of purchased intangible assets | (3.0 | )% | | (3.0 | )% | | (1.6 | )% |
| Non-GAAP cost of net revenue | 37.3 | % | | 36.1 | % | | 38.7 | % |
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| GAAP R&D expenses | 26.9 | % | | 27.6 | % | | 23.1 | % |
| Stock-based compensation | (3.9 | )% | | (3.9 | )% | | (3.0 | )% |
| Incentive award compensation | — | % | | (0.2 | )% | | (0.2 | )% |
| Performance based equity | (1.1 | )% | | (1.3 | )% | | (1.1 | )% |
| Amortization of purchased intangible assets | (0.1 | )% | | (0.1 | )% | | (0.1 | )% |
| Restricted merger proceeds and contingent consideration | — | % | | — | % | | (0.2 | )% |
| Non-GAAP R&D expenses | 21.8 | % | | 22.1 | % | | 18.5 | % |
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| GAAP SG&A expenses | 21.0 | % | | 19.2 | % | | 13.3 | % |
| Stock-based compensation | (2.2 | )% | | (2.0 | )% | | (1.7 | )% |
| Performance based equity | (0.7 | )% | | (0.8 | )% | | (0.6 | )% |
| Amortization of purchased intangible assets | (2.1 | )% | | (3.3 | )% | | (0.3 | )% |
| Acquisition and integration costs | (3.8 | )% | | (0.7 | )% | | 0.1 | % |
| Restricted merger proceeds and contingent consideration | — | % | | — | % | | (0.1 | )% |
| IP litigation costs, net | (0.1 | )% | | — | % | | (0.5 | )% |
| Non-GAAP SG&A expenses | 12.1 | % | | 12.4 | % | | 10.2 | % |
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| GAAP restructuring expenses | — | % | | 1.5 | % | | 2.1 | % |
| Restructuring Charges | — | % | | (1.5 | )% | | (2.1 | )% |
| Non-GAAP restructuring expenses | — | % | | — | % | | — | % |
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| GAAP income before income taxes | 11.8 | % | | 9.9 | % | | 21.1 | % |
| Total non-GAAP adjustments before income taxes | 17.1 | % | | 19.8 | % | | 11.4 | % |
| Non-GAAP income before income taxes | 28.9 | % | | 29.7 | % | | 32.5 | % |
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| GAAP income tax expense | 2.3 | % | | 0.3 | % | | 1.0 | % |
| Tax impact of non-GAAP adjustments | 0.5 | % | | — | % | | (0.3 | )% |
| Non-GAAP income tax expense | 2.8 | % | | 0.3 | % | | 0.7 | % |
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| GAAP net income | 9.5 | % | | 9.6 | % | | 20.1 | % |
| Total non-GAAP adjustments before income taxes | 17.1 | % | | 19.8 | % | | 11.4 | % |
| Less: total tax adjustments | 0.5 | % | | — | % | | (0.3 | )% |
| Non-GAAP net income | 26.1 | % | | 29.4 | % | | 31.8 | % |
