MaxLinear, Inc. Announces First Quarter 2016 Financial Results and the Acquisition of Broadcom Corporation's Wireless Infrastructure Backhaul Business


MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
  
  Three Months Ended
  March 31, 2016  December 31, 2015  March 31, 2015
GAAP cost of net revenue40.4% 43.6% 38.8%
Stock based compensation% % (0.1)%
Performance based equity(0.1)% (0.1)% %
Amortization of purchased intangible assets(1.6)% (1.6)% %
Non-GAAP cost of net revenue38.7% 41.9% 38.7%
      
GAAP R&D expenses23.1% 22.9% 43.2%
Stock based compensation(3.0)% (2.9)% (6.6)%
Incentive award compensation(0.2)% (1.1)% 0.2%
Performance based equity(1.1)% (1.2)% (1.1)%
Amortization of purchased intangible assets(0.1)% (0.1)% (0.3)%
Severance charges% % (1.9)%
Restricted merger proceeds and contingent consideration(0.2)% (0.2)% (0.6)%
Non-GAAP R&D expenses18.5% 17.3% 32.9%
      
GAAP SG&A expenses13.3% 18.2% 30.9%
Stock based compensation(1.7)% (1.3)% (3.8)%
Incentive award compensation% (0.1)% %
Performance based equity(0.6)% (0.6)% (0.9)%
Amortization of purchased intangible assets(0.3)% (5.0)% %
Acquisition and integration costs0.1% % (7.1)%
Restricted merger proceeds and contingent consideration(0.1)% (0.3)% 0.5%
Severance charges% (0.1)% %
IP litigation costs, net(0.5)% (0.3)% (1.8)%
Non-GAAP SG&A expenses10.2% 10.4% 17.8 %
           
GAAP restructuring expenses 2.1 %   24.1 %   %
Impairment Losses %   (21.8 )%   %
Restructuring Charges (2.1 )%   (2.3 )%   %
Non-GAAP restructuring expenses %   %   %
           
GAAP income tax expense 2.5 %   0.1 %   %
Record valuation allowance due to net deferred liability acquired %   0.2 %   %
Non-GAAP income tax expense 2.5 %   0.3 %   %
           
GAAP net income (loss) 18.6 %   (8.6 )%   (13.3 )%
Total adjustments (11.5 )%   (39.0 )%   (23.5 )%
Non-GAAP net income 30.1 %   30.4 %   10.2 %
                 

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