MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2015 Financial Results


MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
  
  Years Ended December 31,
  2015  2014
GAAP cost of net revenue$144,937  $51,154 
Stock based compensation(213) (131)
Performance based equity(256) (28)
Amortization of inventory step-up(14,244)  
Amortization of purchased intangible assets(4,202)  
Impairment of production masks(153)  
Non-GAAP cost of net Revenue125,869  50,995 
    
GAAP R&D expenses85,405  56,625 
Stock based compensation(11,739) (9,686)
Incentive award compensation(1,466)  
Performance based equity(4,032) (1,944)
Amortization of purchased intangible assets(405) (45)
Severance charges(862)  
Restricted merger proceeds and contingent consideration(834) (139)
Non-GAAP R&D expenses66,067  44,811 
    
GAAP SG&A expenses77,981  34,191 
Stock based compensation(5,744) (5,191)
Incentive award compensation(106)  
Performance based equity(2,086) (1,330)
Amortization of purchased intangible assets(24,989)  
Acquisition and integration costs(5,362) (242)
Restricted merger proceeds and contingent consideration(129)  
Severance charges(456)  
IP litigation costs, net(1,460) (3,186)
Non-GAAP SG&A expenses37,649  24,242 
    
GAAP restructuring expenses35,686   
Impairment losses(21,600)  
Restructuring charges(14,086)  
Non-GAAP restructuring expenses   
    
GAAP income tax benefit(575) (1,704)
Release of valuation allowance due to net deferred liability acquired1,757  2,335 
Non-GAAP income tax expense1,182  631 
       
GAAP net loss (42,331 )   (7,041 )
Total Adjustments (112,667 )   (19,587 )
Non-GAAP net income 70,336     12,546  
       
Shares used in computing non-GAAP basic net income per share 53,378     36,472  
Shares used in computing GAAP diluted net income (loss) per share 53,378     36,472  
Dilutive common stock equivalents 1,962     2,418  
Shares used in computing non-GAAP diluted net income per share 55,340     38,890  
Non-GAAP basic net income per share $ 1.32     $ 0.34  
Non-GAAP diluted net income per share $ 1.27     $ 0.32  

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