MaxLinear, Inc. Announces Fourth Quarter 2016 Financial Results and the Acquisition of Marvell's G.hn Business

___________________________________________
(1) Includes eight months of Entropic cash flows.


MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
   December 31, 2016  September 30, 2016  December 31, 2015
Assets      
Current assets:      
Cash and cash equivalents $82,896  $56,076  $67,956 
Short-term investments, available-for-sale 47,918  42,146  43,300 
Accounts receivable, net 50,487  49,672  42,399 
Inventory 26,583  32,119  32,443 
Prepaid expenses and other current assets 6,159  6,831  3,904 
Total current assets 214,043  186,844  190,002 
Property and equipment, net 20,549  21,950  21,858 
Long-term investments, available-for-sale 5,991  12,020  19,242 
Intangible assets, net 104,261  109,885  51,355 
Goodwill 76,015  75,794  49,779 
Other long-term assets 1,793  1,883  2,269 
Total assets $422,652  $408,376  $334,505 
       
Liabilities and stockholders’ equity      
Current liabilities $54,543  $54,491  $55,832 
Other long-term liabilities 15,685  15,182  15,749 
Total stockholders’ equity 352,424  338,703  262,924 
Total liabilities and stockholders’ equity $422,652  $408,376  $334,505 



MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
 
   Three Months Ended
   December 31, 2016   September 30, 2016   December 31, 2015
GAAP cost of net revenue   $ 36,733     $ 40,820     $ 43,189  
Stock-based compensation   (59 )   (57 )   (44 )
Performance based equity   (31 )   (23 )   (97 )
Amortization of inventory step-up   (2,652 )   (2,653 )    
Amortization of purchased intangible assets   (2,572 )   (2,571 )   (1,578 )
Non-GAAP cost of net revenue   31,419     35,516     41,470  
             
GAAP R&D expenses   24,035     25,921     22,640  
Stock-based compensation   (3,319 )   (4,163 )   (2,850 )
Incentive award compensation   (169 )   (169 )   (1,106 )
Performance based equity   (1,133 )   (838 )   (1,227 )
Amortization of purchased intangible assets   (97 )   (45 )   (96 )
Severance charges           (22 )
Restricted merger proceeds and contingent consideration   (35 )   (243 )   (210 )
Non-GAAP R&D expenses   19,282     20,463     17,129  
             
GAAP SG&A expenses   16,720     17,619     17,960  
Stock-based compensation   (1,724 )   (1,857 )   (1,278 )
Incentive award compensation   (18 )   (18 )   (86 )
Performance based equity   (673 )   (896 )   (642 )
Amortization of purchased intangible assets   (2,914 )   (3,080 )   (4,938 )
Acquisition and integration costs   (572 )   (590 )   (13 )
Restricted merger proceeds and contingent consideration   (11 )   (99 )   (251 )
Severance charges           (143 )
IP litigation costs, net   (28 )   (12 )   (325 )
Non-GAAP SG&A expenses   10,780     11,067     10,284  
             
GAAP IPR&D impairment losses       1,300     21,600  
IPR&D impairment losses       (1,300 )   (21,600 )
Non-GAAP IPR&D impairment losses            
             
GAAP restructuring expenses   1,326         2,272  
Restructuring charges   (1,326 )       (2,272 )
Non-GAAP restructuring expenses            
             
GAAP income before income taxes   8,591     10,763     (8,488 )
Total non-GAAP adjustments   17,333     18,614     38,778  
Non-GAAP income before income taxes   25,924     29,377     30,290  
             
GAAP income tax expense   243     1,084     56  
Tax impact of non-GAAP adjustments   (13 )   (537 )   350  
Non-GAAP income tax expense   230     547     406  
             
GAAP net income (loss)   $ 8,348     $ 9,679     $ (8,544 )
Total non-GAAP adjustments before income taxes   17,333     18,614     38,778  
Total tax adjustments   (13 )   (537 )   350  
Non-GAAP net income   $ 25,694     $ 28,830     $ 29,884  
             
Shares used in computing non-GAAP basic net income per share   64,752     64,241     61,895  
Shares used in computing GAAP diluted net income (loss) per share   68,421     67,832     61,895  
Dilutive common stock equivalents           3,284  
Shares used in computing non-GAAP diluted net income per share   68,421     67,832     65,179  
Non-GAAP basic net income per share   $ 0.40     $ 0.45     $ 0.48  
Non-GAAP diluted net income per share   $ 0.38     $ 0.43     $ 0.46  

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