MaxLinear, Inc. Announces First Quarter 2019 Financial Results
_____________
(1) Long-term lease liabilities have been reclassified from other
long-term liabilities to conform to current period presentation.
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MAXLINEAR, INC.
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UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
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(in thousands, except per share data)
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Three Months Ended
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March 31,
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December 31,
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March 31,
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2019
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2018
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2018
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GAAP gross profit
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$
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45,077
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$
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45,900
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$
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62,668
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Stock-based compensation
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130
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132
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106
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Performance based equity
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73
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56
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78
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Amortization of purchased intangible assets
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8,424
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8,875
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8,969
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Depreciation of fixed asset step-up
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—
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—
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112
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Non-GAAP gross profit
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53,704
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54,963
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71,933
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GAAP R&D expenses
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27,399
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29,667
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31,121
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Stock-based compensation
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(4,213
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)
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(4,399
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)
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(4,374
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)
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Performance based equity
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(925
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(1,254
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)
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(1,140
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)
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Depreciation of fixed asset step-up
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(6
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)
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(76
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)
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(329
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)
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Non-GAAP R&D expenses
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22,255
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23,938
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25,278
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GAAP SG&A expenses
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23,591
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25,208
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27,117
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Stock-based compensation
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(3,404
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)
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(3,481
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)
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(3,993
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)
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Performance based equity
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(939
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)
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(948
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)
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(1,049
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)
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Amortization of purchased intangible assets
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(5,798
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)
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(7,994
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)
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(7,994
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)
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Depreciation of fixed asset step-up
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—
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(2
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)
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(10
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)
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IP litigation costs, net
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—
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(3
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)
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(42
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)
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Non-GAAP SG&A expenses
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13,450
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12,780
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14,029
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GAAP restructuring expenses
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1,917
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1,737
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—
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Restructuring charges
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(1,917
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)
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(1,737
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)
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—
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Non-GAAP restructuring expenses
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—
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—
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—
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GAAP income (loss) from operations
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(7,830
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)
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(10,712
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)
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4,430
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Total non-GAAP adjustments
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25,829
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28,957
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28,196
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Non-GAAP income from operations
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17,999
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18,245
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32,626
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GAAP and non-GAAP interest and other income (expense), net
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(3,483
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(2,941
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(4,447
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)
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GAAP loss before income taxes
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(11,313
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)
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(13,653
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)
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(17
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)
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Total non-GAAP adjustments
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25,829
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28,957
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28,196
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Non-GAAP income before income taxes
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14,516
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15,304
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28,179
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GAAP income tax benefit
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(6,462
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)
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(13,964
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)
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(1,864
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)
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Adjustment for non-cash tax benefits/expenses and effects of the Tax
Act
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7,478
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15,035
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3,837
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Non-GAAP income tax provision
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1,016
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1,071
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1,973
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GAAP net income (loss)
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(4,851
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)
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311
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1,847
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Total non-GAAP adjustments before income taxes
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25,829
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28,957
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28,196
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Less: total tax adjustments
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7,478
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15,035
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3,837
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Non-GAAP net income
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$
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13,500
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$
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14,233
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$
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26,206
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Shares used in computing non-GAAP basic net income per share
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69,968
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69,186
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67,674
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Shares used in computing non-GAAP diluted net income per share
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71,900
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71,267
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70,440
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Non-GAAP basic net income per share
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$
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0.19
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$
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0.21
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$
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0.39
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Non-GAAP diluted net income per share
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$
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0.19
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$
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0.20
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$
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0.37
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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,
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December 31,
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March 31,
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2019
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2018
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2018
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GAAP gross profit
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53.3
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%
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52.4
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%
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56.5
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%
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Stock-based compensation
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0.2
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%
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0.2
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%
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0.1
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%
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Performance based equity
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0.1
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%
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0.1
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%
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0.1
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%
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Amortization of purchased intangible assets
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10.0
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%
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10.1
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%
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8.1
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%
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Depreciation of fixed asset step-up
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—
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%
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—
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%
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0.1
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%
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Non-GAAP gross profit
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63.5
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%
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62.7
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%
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64.9
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%
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GAAP R&D expenses
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32.4
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%
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33.9
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%
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28.1
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%
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Stock-based compensation
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(5.0
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)%
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(5.0
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)%
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(3.9
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)%
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Performance based equity
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(1.1
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)%
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(1.4
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)%
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(1.0
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)%
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Depreciation of fixed asset step-up
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—
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%
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(0.1
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)%
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(0.4
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)%
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Non-GAAP R&D expenses
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26.3
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%
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27.3
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%
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22.8
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%
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GAAP SG&A expenses
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27.9
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%
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28.8
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%
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24.5
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%
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Stock-based compensation
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(4.0
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)%
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(4.0
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)%
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(3.6
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)%
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Performance based equity
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(1.1
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)%
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(1.1
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)%
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(0.9
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)%
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Amortization of purchased intangible assets
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(6.9
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)%
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(9.1
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)%
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(7.2
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)%
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Depreciation of fixed asset step-up
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—
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%
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—
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%
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(0.1
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)%
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IP litigation costs, net
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—
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%
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—
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%
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—
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%
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Non-GAAP SG&A expenses
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15.9
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%
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14.6
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%
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12.7
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%
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GAAP restructuring expenses
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2.3
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%
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2.0
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%
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—
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%
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Restructuring charges
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(2.3
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)%
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(2.0
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)%
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—
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%
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Non-GAAP restructuring expenses
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—
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%
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—
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%
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—
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%
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|
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|
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GAAP income (loss) from operations
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(9.3
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)%
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(12.2
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)%
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4.0
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%
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Total non-GAAP adjustments
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30.5
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%
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33.0
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%
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25.4
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%
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Non-GAAP income from operations
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21.3
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%
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20.8
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%
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29.4
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%
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GAAP and non-GAAP interest and other income (expense), net
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(4.1
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)%
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(3.4
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)%
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(4.0
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)%
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|
|
|
|
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GAAP loss before income taxes
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(13.4
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)%
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(15.6
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)%
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—
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%
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Total non-GAAP adjustments before income taxes
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30.5
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%
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33.0
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%
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25.4
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%
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Non-GAAP income before income taxes
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17.2
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%
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17.5
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%
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25.4
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%
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|
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|
|
|
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GAAP income tax benefit
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(7.6
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)%
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(15.9
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)%
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(1.7
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)%
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Adjustment for non-cash tax benefits/expenses and the effects of the
Tax Act
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8.8
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%
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17.2
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%
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3.5
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%
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Non-GAAP income tax provision
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1.2
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%
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1.2
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%
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1.8
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%
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|
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|
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GAAP net income (loss)
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(5.7
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)%
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0.4
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%
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1.7
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%
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Total non-GAAP adjustments before income taxes
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30.5
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%
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33.0
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%
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25.4
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%
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Less: total tax adjustments
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8.8
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%
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17.2
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%
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3.5
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%
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Non-GAAP net income
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16.0
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%
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16.2
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%
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23.6
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%
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