MaxLinear, Inc. Announces Fourth Quarter 2016 Financial Results and the Acquisition of Marvell's G.hn Business
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MAXLINEAR, INC. |
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UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
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Year ended |
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December 31, 2016 | |
December 31, 2015 |
| GAAP cost of net revenue | | | | 40.7 | % | | 48.3 | % |
| Stock-based compensation | | | | (0.1 | )% | | (0.1 | )% |
| Performance based equity | | | | — | % | | (0.1 | )% |
| Amortization of inventory step-up | | | | (1.4 | )% | | (4.7 | )% |
| Amortization of purchased intangible assets | | | | (2.2 | )% | | (1.4 | )% |
| Impairment of production masks | | | | — | % | | (0.1 | )% |
| Non-GAAP cost of net revenue | | | | 37.0 | % | | 41.9 | % |
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| GAAP R&D expenses | | | | 25.2 | % | | 28.4 | % |
| Stock-based compensation | | | | (3.5 | )% | | (3.9 | )% |
| Incentive award compensation | | | | (0.2 | )% | | (0.5 | )% |
| Performance based equity | | | | (1.2 | )% | | (1.3 | )% |
| Amortization of purchased intangible assets | | | | (0.1 | )% | | (0.1 | )% |
| Severance charges | | | | — | % | | (0.3 | )% |
| Restricted merger proceeds and contingent consideration | | | | (0.2 | )% | | (0.3 | )% |
| Non-GAAP R&D expenses | | | | 20.0 | % | | 22.0 | % |
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| GAAP SG&A expenses | | | | 16.6 | % | | 26.0 | % |
| Stock-based compensation | | | | (1.8 | )% | | (1.9 | )% |
| Incentive award compensation | | | | — | % | | — | % |
| Performance based equity | | | | (0.7 | )% | | (0.7 | )% |
| Amortization of purchased intangible assets | | | | (1.8 | )% | | (8.3 | )% |
| Acquisition and integration costs | | | | (0.6 | )% | | (1.8 | )% |
| Restricted merger proceeds and contingent consideration | | | | (0.1 | )% | | — | % |
| Severance charges | | | | — | % | | (0.2 | )% |
| IP litigation costs, net | | | | (0.2 | )% | | (0.5 | )% |
| Non-GAAP SG&A expenses | | | | 11.4 | % | | 12.5 | % |
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| GAAP IPR&D impairment losses | | | | 0.3 | % | | 7.2 | % |
| IPR&D impairment Losses | | | | (0.3 | )% | | (7.2 | )% |
| Non-GAAP IPR&D impairment losses | | | | — | % | | — | % |
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| GAAP restructuring expenses | | | | 0.9 | % | | 4.7 | % |
| Restructuring Charges | | | | (0.9 | )% | | (4.7 | )% |
| Non-GAAP restructuring expenses | | | | — | % | | — | % |
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| GAAP income (loss) before income taxes | | | | 16.4 | % | | (14.3 | )% |
| Total non-GAAP adjustments before income taxes | | | | 15.4 | % | | 38.1 | % |
| Non-GAAP income before income taxes | | | | 31.8 | % | | 23.8 | % |
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| GAAP income tax expense (benefit) | | | | 0.6 | % | | (0.2 | )% |
| Tax impact of non-GAAP adjustments | | | | — | % | | (0.1 | )% |
| Release of valuation allowance due to net deferred liability acquired | | | | — | % | | 0.6 | % |
| Non-GAAP income tax expense | | | | 0.6 | % | | 0.3 | % |
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| GAAP net income (loss) | | | | 15.8 | % | | (14.1 | )% |
| Total non-GAAP adjustments before income taxes | | | | 15.4 | % | | 38.1 | % |
| Total tax adjustments | | | | — | % | | 0.5 | % |
| Non-GAAP net income | | | | 31.2 | % | | 23.5 | % |
