| MAXLINEAR, INC. | |||||||||||
| UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS | |||||||||||
| (in thousands) | |||||||||||
| June 30, 2016 | March 31, 2016 | June 30, 2015 | |||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 147,582 | 76,840 | $ | 56,731 | ||||||
| Short-term investments, available-for-sale | 28,899 | 73,210 | 16,638 | ||||||||
| Accounts receivable, net | 44,340 | 41,040 | 41,561 | ||||||||
| Inventory | 25,604 | 29,421 | 38,822 | ||||||||
| Prepaid expenses and other current assets | 4,982 | $ | 6,185 | 5,297 | |||||||
| Total current assets | 251,407 | 226,696 | 159,049 | ||||||||
| Property and equipment, net | 21,134 | 21,538 | 23,123 | ||||||||
| Long-term investments, available-for-sale | — | 16,782 | 8,706 | ||||||||
| Intangible assets, net | 60,675 | 49,293 | 93,377 | ||||||||
| Goodwill | 56,714 | 49,779 | 48,888 | ||||||||
| Other long-term assets | 1,982 | 2,169 | 6,158 | ||||||||
| Total assets | $ | 391,912 | $ | 366,257 | $ | 339,301 | |||||
| Liabilities and stockholders’ equity | |||||||||||
| Current liabilities | $ | 55,620 | $ | 61,709 | $ | 74,236 | |||||
| Other long-term liabilities | 15,104 | 14,968 | 10,723 | ||||||||
| Total stockholders’ equity | 321,188 | 289,580 | 254,342 | ||||||||
| Total liabilities and stockholders’ equity | $ | 391,912 | $ | 366,257 | $ | 339,301 | |||||
| MAXLINEAR, INC. | |||||||||||
| UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES | |||||||||||
| (in thousands, except per share data) | |||||||||||
| Three Months Ended | |||||||||||
| June 30, 2016 | March 31, 2016 | June 30, 2015 | |||||||||
| GAAP cost of net revenue | $ | 38,774 | $ | 41,515 | $ | 43,882 | |||||
| Stock based compensation | (51 | ) | (43 | ) | (61 | ) | |||||
| Performance based equity | 165 | (101 | ) | (6 | ) | ||||||
| Amortization of inventory step-up | (336 | ) | — | (13,286 | ) | ||||||
| Amortization of purchased intangible assets | (1,787 | ) | (1,582 | ) | (1,052 | ) | |||||
| Non-GAAP cost of net revenue | 36,765 | 39,789 | 29,477 | ||||||||
| GAAP R&D expenses | 24,037 | 23,752 | 23,993 | ||||||||
| Stock based compensation | (3,136 | ) | (3,063 | ) | (3,053 | ) | |||||
| Incentive award compensation | (168 | ) | (216 | ) | (269 | ) | |||||
| Performance based equity | (1,555 | ) | (1,181 | ) | (1,210 | ) | |||||
| Amortization of purchased intangible assets | (148 | ) | (96 | ) | (96 | ) | |||||
| Restricted merger proceeds and contingent consideration | (208 | ) | (208 | ) | (208 | ) | |||||
| Non-GAAP R&D expenses | 18,822 | 18,988 | 19,157 | ||||||||
| GAAP SG&A expenses | 16,505 | 13,610 | 23,620 | ||||||||
| Stock based compensation | (1,696 | ) | (1,737 | ) | (1,680 | ) | |||||
| Incentive award compensation | (51 | ) | (50 | ) | (16 | ) | |||||
| Performance based equity | (787 | ) | (595 | ) | (540 | ) | |||||
| Amortization of purchased intangible assets | (662 | ) | (296 | ) | (7,985 | ) | |||||
| Acquisition and integration costs | (1,338 | ) | 76 | (2,813 | ) | ||||||
| Restricted merger proceeds and contingent consideration | (24 | ) | (86 | ) | (51 | ) | |||||
| Severance charges | — | — | (38 | ) | |||||||
| IP litigation costs, net | (197 | ) | (462 | ) | (364 | ) | |||||
| Non-GAAP SG&A expenses | 11,750 | 10,460 | 10,133 | ||||||||
| GAAP restructuring expenses | — | 2,106 | 11,389 | ||||||||
| Restructuring charges | — | (2,106 | ) | (11,389 | ) | ||||||
| Non-GAAP restructuring expenses | — | — | — | ||||||||
| GAAP income (loss) before income taxes | 22,662 | 21,674 | (32,031 | ) | |||||||
| Total non-GAAP adjustments | 11,979 | 11,746 | 44,117 | ||||||||
| Non-GAAP income before income taxes | 34,641 | 33,420 | 12,086 | ||||||||
| GAAP income tax expense (benefit) | 78 | 993 | (1,384 | ) | |||||||
| Tax impact of non-GAAP adjustments | 670 | (271 | ) | (387 | ) | ||||||
| Record valuation allowance due to net deferred liability acquired | — | — | 1,933 | ||||||||
| Non-GAAP income tax expense | 748 | 722 | 162 | ||||||||
| GAAP net income (loss) | 22,584 | 20,681 | (30,647 | ) | |||||||
| Total non-GAAP adjustments before income taxes | 11,979 | 11,746 | 44,117 | ||||||||
| Total tax adjustments | 670 | (271 | ) | 1,546 | |||||||
| Non-GAAP net income | $ | 33,893 | $ | 32,698 | $ | 11,924 | |||||
| Shares used in computing non-GAAP basic net income per share | 63,470 | 62,585 | 52,586 | ||||||||
| Shares used in computing GAAP diluted net income (loss) per share | 67,520 | 66,643 | 52,586 | ||||||||
| Dilutive common stock equivalents | — | — | 2,536 | ||||||||
| Shares used in computing non-GAAP diluted net income per share | 67,520 | 66,643 | 55,122 | ||||||||
| Non-GAAP basic net income per share | $ | 0.53 | $ | 0.52 | $ | 0.23 | |||||
| Non-GAAP diluted net income per share | $ | 0.50 | $ | 0.49 | $ | 0.22 | |||||
