UNITED STATES SECURITIES AND EXCHANGE COMMISSION | ||
Washington, D.C. 20549 |
Delaware | 001-34666 | 14-1896129 | ||||||
(State or other jurisdiction of incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification No.) |
☑ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | ||||
☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | ||||
☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | ||||
☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Common stock | MXL | The NASDAQ Stock Market LLC |
Exhibit | Description | ||||
99.1 | |||||
99.2 | |||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
Date: | July 27, 2022 | MAXLINEAR, INC. | ||||||||||||
(Registrant) | ||||||||||||||
By: | /s/ Steven G. Litchfield | |||||||||||||
Steven G. Litchfield | ||||||||||||||
Chief Financial Officer and Chief Corporate Strategy Officer | ||||||||||||||
(Principal Financial Officer) | ||||||||||||||
Three Months Ended | |||||||||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2021 | |||||||||||||||
Net revenue | $ | 280,009 | $ | 263,927 | $ | 205,376 | |||||||||||
Cost of net revenue | 115,658 | 109,337 | 92,833 | ||||||||||||||
Gross profit | 164,351 | 154,590 | 112,543 | ||||||||||||||
Operating expenses: | |||||||||||||||||
Research and development | 80,395 | 65,886 | 74,416 | ||||||||||||||
Selling, general and administrative | 44,487 | 40,577 | 35,885 | ||||||||||||||
Restructuring charges | 462 | — | 38 | ||||||||||||||
Total operating expenses | 125,344 | 106,463 | 110,339 | ||||||||||||||
Income from operations | 39,007 | 48,127 | 2,204 | ||||||||||||||
Interest income | 82 | 31 | 18 | ||||||||||||||
Interest expense | (2,416) | (2,349) | (3,741) | ||||||||||||||
Loss on extinguishment of debt | — | — | (5,221) | ||||||||||||||
Other income (expense), net | 7,179 | (770) | (537) | ||||||||||||||
Total other income (expense), net | 4,845 | (3,088) | (9,481) | ||||||||||||||
Income (loss) before income taxes | 43,852 | 45,039 | (7,277) | ||||||||||||||
Income tax provision (benefit) | 11,886 | 11,453 | (8,010) | ||||||||||||||
Net income | $ | 31,966 | $ | 33,586 | $ | 733 | |||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.41 | $ | 0.44 | $ | 0.01 | |||||||||||
Diluted | $ | 0.40 | $ | 0.42 | $ | 0.01 | |||||||||||
Shares used to compute net income per share: | |||||||||||||||||
Basic | 77,858 | 77,192 | 75,930 | ||||||||||||||
Diluted | 80,279 | 80,641 | 79,026 |
Six Months Ended | ||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||
Net revenue | $ | 543,936 | $ | 414,735 | ||||||||||
Cost of net revenue | 224,995 | 190,473 | ||||||||||||
Gross profit | 318,941 | 224,262 | ||||||||||||
Operating expenses: | ||||||||||||||
Research and development | 146,281 | 137,582 | ||||||||||||
Selling, general and administrative | 85,064 | 72,354 | ||||||||||||
Restructuring charges | 462 | 2,204 | ||||||||||||
Total operating expenses | 231,807 | 212,140 | ||||||||||||
Income from operations | 87,134 | 12,122 | ||||||||||||
Interest income | 113 | 18 | ||||||||||||
Interest expense | (4,765) | (7,947) | ||||||||||||
Loss on extinguishment of debt | — | (5,221) | ||||||||||||
Other income (expense), net | 6,409 | (641) | ||||||||||||
Total other income (expense), net | 1,757 | (13,791) | ||||||||||||
Income (loss) before income taxes | 88,891 | (1,669) | ||||||||||||
Income tax provision (benefit) | 23,339 | (6,204) | ||||||||||||
Net income | $ | 65,552 | $ | 4,535 | ||||||||||
Net income per share: | ||||||||||||||
Basic | $ | 0.85 | $ | 0.06 | ||||||||||
Diluted | $ | 0.81 | $ | 0.06 | ||||||||||
Shares used to compute net income per share: | ||||||||||||||
Basic | 77,527 | 75,394 | ||||||||||||
Diluted | 80,462 | 78,657 | ||||||||||||
Three Months Ended | |||||||||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2021 | |||||||||||||||
Operating Activities | |||||||||||||||||
Net income | $ | 31,966 | $ | 33,586 | $ | 733 | |||||||||||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||||||||
Amortization and depreciation | 19,569 | 23,880 | 21,997 | ||||||||||||||
Amortization of debt issuance costs and accretion of discount on debt and leases | 471 | 486 | 918 | ||||||||||||||
Stock-based compensation | 19,469 | 18,554 | 13,966 | ||||||||||||||
Deferred income taxes | 517 | 6,842 | (6,002) | ||||||||||||||
Loss on disposal of property and equipment | 5 | 159 | 20 | ||||||||||||||
Unrealized holding (gain) loss on investments | (4,813) | 954 | — | ||||||||||||||
Impairment of leased right-of-use assets | 462 | — | — | ||||||||||||||
Loss on extinguishment of debt | — | — | 5,221 | ||||||||||||||
(Gain) loss on foreign currency and other | (2,359) | (316) | 387 | ||||||||||||||
Excess tax benefits on stock based awards | (2,309) | (7,120) | (2,822) | ||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||
Accounts receivable | (11,000) | (5,969) | (47,800) | ||||||||||||||
Inventory | (7,390) | (7,338) | (6,254) | ||||||||||||||
Prepaid expenses and other assets | (1,675) | 3,503 | 3,588 | ||||||||||||||
Leased right-of-use assets | — | — | 36 | ||||||||||||||
Accounts payable, accrued expenses and other current liabilities | 29,669 | 32,952 | 8,652 | ||||||||||||||
Accrued compensation | 9,118 | 12,237 | 13,857 | ||||||||||||||
Accrued price protection liability | 42,822 | 27,975 | (344) | ||||||||||||||
Lease liabilities | (2,210) | (3,301) | (2,345) | ||||||||||||||
Other long-term liabilities | 1,125 | (2,918) | 4,043 | ||||||||||||||
Net cash provided by operating activities | 123,437 | 134,166 | 7,851 | ||||||||||||||
Investing Activities | |||||||||||||||||
Purchases of property and equipment | (10,706) | (4,800) | (11,158) | ||||||||||||||
Purchases of intangible assets | (567) | (4,637) | — | ||||||||||||||
Cash used in acquisitions, net of cash acquired | — | — | (7,500) | ||||||||||||||
Proceeds loaned under notes receivable | — | (10,000) | — | ||||||||||||||
Purchases of investments | (5,000) | (23,325) | — | ||||||||||||||
Net cash used in investing activities | (16,273) | (42,762) | (18,658) | ||||||||||||||
Financing Activities | |||||||||||||||||
Proceeds from the issuance of debt | — | — | 350,000 | ||||||||||||||
Payment of debt issuance cost | — | — | (4,127) | ||||||||||||||
Repayment of debt | (40,000) | (20,000) | (349,813) | ||||||||||||||
Net proceeds from issuance of common stock | 3,046 | 87 | 4,796 | ||||||||||||||
Minimum tax withholding paid on behalf of employees for restricted stock units | (3,698) | (24,449) | (2,663) | ||||||||||||||
Repurchase of common stock | (5,214) | (26,297) | (4,464) | ||||||||||||||
Net cash used in financing activities | (45,866) | (70,659) | (6,271) | ||||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,132) | (230) | (681) | ||||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 60,166 | 20,515 | (17,759) | ||||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 152,253 | 131,738 | 149,193 | ||||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 212,419 | $ | 152,253 | $ | 131,434 | |||||||||||
Six Months Ended | ||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||
Operating Activities | ||||||||||||||
Net income | $ | 65,552 | $ | 4,535 | ||||||||||
Adjustments to reconcile net income to cash provided by operating activities: | ||||||||||||||
Amortization and depreciation | 43,449 | 44,322 | ||||||||||||
Amortization of debt issuance costs and accretion of discount on debt and leases | 957 | 2,071 | ||||||||||||
Stock-based compensation | 38,023 | 26,921 | ||||||||||||
Deferred income taxes | 7,359 | (5,461) | ||||||||||||
Loss on disposal of property and equipment | 164 | 388 | ||||||||||||
Unrealized holding gain on investments | (3,859) | — | ||||||||||||
Impairment of leasehold improvements | — | 226 | ||||||||||||
Impairment of leased right-of-use assets | 462 | 429 | ||||||||||||
Loss on extinguishment of debt | — | 5,221 | ||||||||||||
(Gain) loss on foreign currency | (2,675) | 408 | ||||||||||||
Excess tax benefits on stock-based awards | (9,429) | (4,631) | ||||||||||||
Changes in operating assets and liabilities: | ||||||||||||||
Accounts receivable | (16,969) | (67,879) | ||||||||||||
Inventory | (14,728) | (596) | ||||||||||||
Prepaid expenses and other assets | 1,828 | 33,448 | ||||||||||||
Leased right-of-use assets | — | 72 | ||||||||||||
Accounts payable, accrued expenses and other current liabilities | 62,621 | 6,311 | ||||||||||||
Accrued compensation | 21,355 | 15,233 | ||||||||||||
Accrued price protection liability | 70,797 | 6,955 | ||||||||||||
Lease liabilities | (5,511) | (4,347) | ||||||||||||
Other long-term liabilities | (1,793) | 4,497 | ||||||||||||
Net cash provided by operating activities | 257,603 | 68,123 | ||||||||||||
Investing Activities | ||||||||||||||
Purchases of property and equipment | (15,506) | (17,310) | ||||||||||||
Purchases of intangible assets | (5,204) | (1,112) | ||||||||||||
Cash used in acquisitions, net of cash acquired | — | (27,500) | ||||||||||||
Proceeds loaned under notes receivable | (10,000) | — | ||||||||||||
Purchases of investments | (28,325) | (5,000) | ||||||||||||
Net cash used in investing activities | (59,035) | (50,922) | ||||||||||||
Financing Activities | ||||||||||||||
Proceeds from the issuance of debt | — | 350,000 | ||||||||||||
Payment of debt issuance cost | — | (4,127) | ||||||||||||
Repayment of debt | (60,000) | (369,813) | ||||||||||||
Net proceeds from issuance of common stock | 3,133 | 6,094 | ||||||||||||
Minimum tax withholding paid on behalf of employees for restricted stock units |
(28,147) | (10,105) | ||||||||||||
Repurchase of common stock | (31,511) | (7,137) | ||||||||||||
Net cash used in financing activities | (116,525) | (35,088) | ||||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (1,362) | (713) | ||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | 80,681 | (18,600) | ||||||||||||
Cash, cash equivalents and restricted cash at beginning of period | 131,738 | 150,034 | ||||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 212,419 | $ | 131,434 | ||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2021 | |||||||||||||||
Assets | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | $ | 211,363 | $ | 151,111 | $ | 130,312 | |||||||||||
Short-term restricted cash | 162 | 105 | 107 | ||||||||||||||
Short-term investments | 23,864 | 19,051 | — | ||||||||||||||
Accounts receivable, net | 137,065 | 125,693 | 135,321 | ||||||||||||||
Inventory | 146,431 | 139,041 | 98,502 | ||||||||||||||
Prepaid expenses and other current assets | 19,739 | 19,575 | 13,866 | ||||||||||||||
Total current assets | 538,624 | 454,576 | 378,108 | ||||||||||||||
Long-term restricted cash | 894 | 1,037 | 1,015 | ||||||||||||||
Property and equipment, net | 64,136 | 60,022 | 48,104 | ||||||||||||||
Leased right-of-use assets | 33,154 | 32,919 | 22,847 | ||||||||||||||
Intangible assets, net | 127,928 | 140,153 | 174,964 | ||||||||||||||
Goodwill | 306,739 | 306,713 | 302,828 | ||||||||||||||
Deferred tax assets | 81,762 | 82,326 | 91,526 | ||||||||||||||
Other long-term assets | 27,456 | 21,381 | 7,235 | ||||||||||||||
Total assets | $ | 1,180,693 | $ | 1,099,127 | $ | 1,026,627 | |||||||||||
Liabilities and stockholders’ equity | |||||||||||||||||
Current liabilities | $ | 316,081 | $ | 234,795 | $ | 211,789 | |||||||||||
Long-term lease liabilities | 27,838 | 30,208 | 20,445 | ||||||||||||||
Long-term debt | 246,450 | 286,298 | 343,022 | ||||||||||||||
Other long-term liabilities | 20,727 | 19,980 | 17,704 | ||||||||||||||
Stockholders’ equity | 569,597 | 527,846 | 433,667 | ||||||||||||||
Total liabilities and stockholders’ equity | $ | 1,180,693 | $ | 1,099,127 | $ | 1,026,627 |
Three Months Ended | |||||||||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2021 | |||||||||||||||
GAAP gross profit | $ | 164,351 | $ | 154,590 | $ | 112,543 | |||||||||||
Stock-based compensation | 162 | 163 | 148 | ||||||||||||||
Performance based equity | 146 | 112 | 127 | ||||||||||||||
Amortization of purchased intangible assets | 9,820 | 10,811 | 10,743 | ||||||||||||||
Non-GAAP gross profit | 174,479 | 165,676 | 123,561 | ||||||||||||||
GAAP R&D expenses | 80,395 | 65,886 | 74,416 | ||||||||||||||
Stock-based compensation | (9,983) | (9,676) | (7,268) | ||||||||||||||
Performance based equity | (7,231) | (5,337) | (8,249) | ||||||||||||||
Research and development funded by others | (2,000) | 2,800 | (3,800) | ||||||||||||||
Acquisition and integration costs | — | — | (38) | ||||||||||||||
Non-GAAP R&D expenses | 61,181 | 53,673 | 55,061 | ||||||||||||||
GAAP SG&A expenses | 44,487 | 40,577 | 35,885 | ||||||||||||||
Stock-based compensation | (9,324) | (8,715) | (6,551) | ||||||||||||||
Performance based equity | (2,708) | (2,068) | (3,357) | ||||||||||||||
Amortization of purchased intangible assets | (2,926) | (6,176) | (5,816) | ||||||||||||||
Acquisition and integration costs | (6,369) | 5 | (25) | ||||||||||||||
Non-GAAP SG&A expenses | 23,160 | 23,623 | 20,136 | ||||||||||||||
GAAP restructuring expenses | 462 | — | 38 | ||||||||||||||
Restructuring charges | (462) | — | (38) | ||||||||||||||
Non-GAAP restructuring expenses | — | — | — | ||||||||||||||
GAAP income from operations | 39,007 | 48,127 | 2,204 | ||||||||||||||
Total non-GAAP adjustments | 51,131 | 40,253 | 46,160 | ||||||||||||||
Non-GAAP income from operations | 90,138 | 88,380 | 48,364 | ||||||||||||||
GAAP loss on extinguishment of debt | — | — | (5,221) | ||||||||||||||
Loss on extinguishment of debt | — | — | 5,221 | ||||||||||||||
Non-GAAP loss on extinguishment of debt | — | — | — | ||||||||||||||
GAAP interest and other income (expense), net | 4,845 | (3,088) | (4,260) | ||||||||||||||
Non-recurring interest and other income (expense), net | 56 | 68 | 133 | ||||||||||||||
Non-GAAP interest and other income (expense), net | 4,901 | (3,020) | (4,127) | ||||||||||||||
GAAP income (loss) before income taxes | 43,852 | 45,039 | (7,277) | ||||||||||||||
Total non-GAAP adjustments | 51,187 | 40,321 | 51,514 | ||||||||||||||
Non-GAAP income before income taxes | 95,039 | 85,360 | 44,237 | ||||||||||||||
GAAP income tax provision (benefit) | 11,886 | 11,453 | (8,010) | ||||||||||||||
Adjustment for non-cash tax benefits/expenses | (6,184) | (6,331) | 10,665 | ||||||||||||||
Non-GAAP income tax provision | 5,702 | 5,122 | 2,655 | ||||||||||||||
GAAP net income | 31,966 | 33,586 | 733 | ||||||||||||||
Total non-GAAP adjustments before income taxes | 51,187 | 40,321 | 51,514 | ||||||||||||||
Less: total tax adjustments | (6,184) | (6,331) | 10,665 | ||||||||||||||
Non-GAAP net income | $ | 89,337 | $ | 80,238 | $ | 41,582 | |||||||||||
Shares used in computing non-GAAP basic net income per share | 77,858 | 77,192 | 75,930 | ||||||||||||||
Shares used in computing non-GAAP diluted net income per share | 80,279 | 80,641 | 79,026 | ||||||||||||||
Non-GAAP basic net income per share | $ | 1.15 | $ | 1.04 | $ | 0.55 | |||||||||||
Non-GAAP diluted net income per share | $ | 1.11 | $ | 1.00 | $ | 0.53 |
Six Months Ended | ||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||
GAAP gross profit | $ | 318,941 | $ | 224,262 | ||||||||||
Stock-based compensation | 325 | 317 | ||||||||||||
Performance based equity | 258 | 209 | ||||||||||||
Amortization of purchased intangible assets | 20,631 | 21,490 | ||||||||||||
Non-GAAP gross profit | 340,155 | 246,278 | ||||||||||||
GAAP R&D expenses | 146,281 | 137,582 | ||||||||||||
Stock-based compensation | (19,659) | (14,430) | ||||||||||||
Performance based equity | (12,568) | (12,847) | ||||||||||||
Research and development funded by others | 800 | (3,800) | ||||||||||||
Acquisition and integration costs | — | (130) | ||||||||||||
Non-GAAP R&D expenses | 114,854 | 106,375 | ||||||||||||
GAAP SG&A expenses | 85,064 | 72,354 | ||||||||||||
Stock-based compensation | (18,039) | (12,175) | ||||||||||||
Performance based equity | (4,776) | (5,247) | ||||||||||||
Amortization of purchased intangible assets | (9,102) | (11,886) | ||||||||||||
Acquisition and integration costs | (6,364) | (1,586) | ||||||||||||
IP litigation costs, net | — | (11) | ||||||||||||
Non-GAAP SG&A expenses | 46,783 | 41,449 | ||||||||||||
GAAP restructuring expenses | 462 | 2,204 | ||||||||||||
Restructuring charges | (462) | (2,204) | ||||||||||||
Non-GAAP restructuring expenses | — | — | ||||||||||||
GAAP income from operations | 87,134 | 12,122 | ||||||||||||
Total non-GAAP adjustments | 91,384 | 86,332 | ||||||||||||
Non-GAAP income from operations | 178,518 | 98,454 | ||||||||||||
GAAP income (loss) on extinguishment of debt | — | (5,221) | ||||||||||||
Loss on extinguishment of debt | — | 5,221 | ||||||||||||
Non-GAAP loss on extinguishment of debt | — | — | ||||||||||||
GAAP interest and other income (expense), net | 1,757 | (8,570) | ||||||||||||
Non-recurring interest and other income (expense), net | 124 | 443 | ||||||||||||
Non-GAAP interest and other income (expense), net | 1,881 | (8,127) | ||||||||||||
GAAP income (loss) before income taxes | 88,891 | (1,669) | ||||||||||||
Total non-GAAP adjustments | 91,508 | 91,996 | ||||||||||||
Non-GAAP income before income taxes | 180,399 | 90,327 | ||||||||||||
GAAP income tax provision (benefit) | 23,339 | (6,204) | ||||||||||||
Adjustment for non-cash tax benefits/expenses | (12,515) | 11,624 | ||||||||||||
Non-GAAP income tax provision | 10,824 | 5,420 | ||||||||||||
GAAP net income | 65,552 | 4,535 | ||||||||||||
Total non-GAAP adjustments before income taxes | 91,508 | 91,996 | ||||||||||||
Less: total tax adjustments | (12,515) | 11,624 | ||||||||||||
Non-GAAP net income | $ | 169,575 | $ | 84,907 | ||||||||||
Shares used in computing non-GAAP basic net income per share | 77,527 | 75,394 | ||||||||||||
Shares used in computing non-GAAP diluted net income per share | 80,462 | 78,657 | ||||||||||||
Non-GAAP basic net income per share | $ | 2.19 | $ | 1.13 | ||||||||||
Non-GAAP diluted net income per share | $ | 2.11 | $ | 1.08 | ||||||||||
Three Months Ended | |||||||||||||||||
June 30, 2022 | March 31, 2022 | June 30, 2021 | |||||||||||||||
GAAP gross profit | 58.7 | % | 58.6 | % | 54.8 | % | |||||||||||
Stock-based compensation | 0.1 | % | 0.1 | % | 0.1 | % | |||||||||||
Performance based equity | 0.1 | % | — | % | 0.1 | % | |||||||||||
Amortization of purchased intangible assets | 3.5 | % | 4.1 | % | 5.2 | % | |||||||||||
Non-GAAP gross profit | 62.3 | % | 62.8 | % | 60.2 | % | |||||||||||
GAAP R&D expenses | 28.7 | % | 25.0 | % | 36.2 | % | |||||||||||
Stock-based compensation | (3.6) | % | (3.7) | % | (3.5) | % | |||||||||||
Performance based equity | (2.6) | % | (2.0) | % | (4.0) | % | |||||||||||
Research and development funded by others | (0.7) | % | 1.1 | % | (1.9) | % | |||||||||||
Acquisition and integration costs | — | % | — | % | — | % | |||||||||||
Non-GAAP R&D expenses | 21.9 | % | 20.3 | % | 26.8 | % | |||||||||||
GAAP SG&A expenses | 15.9 | % | 15.4 | % | 17.5 | % | |||||||||||
Stock-based compensation | (3.3) | % | (3.3) | % | (3.2) | % | |||||||||||
Performance based equity | (1.0) | % | (0.8) | % | (1.6) | % | |||||||||||
Amortization of purchased intangible assets | (1.0) | % | (2.3) | % | (2.8) | % | |||||||||||
Acquisition and integration costs | (2.3) | % | — | % | — | % | |||||||||||
Non-GAAP SG&A expenses | 8.3 | % | 9.0 | % | 9.8 | % | |||||||||||
GAAP restructuring expenses | 0.2 | % | — | % | — | % | |||||||||||
Restructuring charges | (0.2) | % | — | % | — | % | |||||||||||
Non-GAAP restructuring expenses | — | % | — | % | — | % | |||||||||||
GAAP income from operations | 13.9 | % | 18.2 | % | 1.1 | % | |||||||||||
Total non-GAAP adjustments | 18.3 | % | 15.3 | % | 22.5 | % | |||||||||||
Non-GAAP income from operations | 32.2 | % | 33.5 | % | 23.6 | % | |||||||||||
GAAP loss on extinguishment of debt | — | % | — | % | (2.5) | % | |||||||||||
Loss on extinguishment of debt | — | % | — | % | 2.5 | % | |||||||||||
Non-GAAP loss on extinguishment of debt | — | % | — | % | — | % | |||||||||||
GAAP interest and other income (expense), net | 1.7 | % | (1.2) | % | (2.1) | % | |||||||||||
Non-recurring interest and other income (expense), net | — | % | — | % | 0.1 | % | |||||||||||
Non-GAAP interest and other income (expense), net | 1.8 | % | (1.1) | % | (2.0) | % | |||||||||||
GAAP income (loss) before income taxes | 15.7 | % | 17.1 | % | (3.5) | % | |||||||||||
Total non-GAAP adjustments before income taxes | 18.3 | % | 15.3 | % | 25.1 | % | |||||||||||
Non-GAAP income before income taxes | 33.9 | % | 32.3 | % | 21.5 | % | |||||||||||
GAAP income tax provision (benefit) | 4.2 | % | 4.3 | % | (3.9) | % | |||||||||||
Adjustment for non-cash tax benefits/expenses | (2.2) | % | (2.4) | % | 5.2 | % | |||||||||||
Non-GAAP income tax provision | 2.0 | % | 1.9 | % | 1.3 | % | |||||||||||
GAAP net income | 11.4 | % | 12.7 | % | 0.4 | % | |||||||||||
Total non-GAAP adjustments before income taxes | 18.3 | % | 15.3 | % | 25.1 | % | |||||||||||
Less: total tax adjustments | (2.2) | % | (2.4) | % | 5.2 | % | |||||||||||
Non-GAAP net income | 31.9 | % | 30.4 | % | 20.3 | % |
Six Months Ended | ||||||||||||||
June 30, 2022 | June 30, 2021 | |||||||||||||
GAAP gross profit | 58.6 | % | 54.1 | % | ||||||||||
Stock-based compensation | 0.1 | % | 0.1 | % | ||||||||||
Performance based equity | 0.1 | % | 0.1 | % | ||||||||||
Amortization of purchased intangible assets | 3.8 | % | 5.2 | % | ||||||||||
Non-GAAP gross profit | 62.5 | % | 59.4 | % | ||||||||||
GAAP R&D expenses | 26.9 | % | 33.2 | % | ||||||||||
Stock-based compensation | (3.6) | % | (3.5) | % | ||||||||||
Performance based equity | (2.3) | % | (3.1) | % | ||||||||||
Research and development funded by others | 0.2 | % | (0.9) | % | ||||||||||
Acquisition and integration costs | — | % | — | % | ||||||||||
Non-GAAP R&D expenses | 21.1 | % | 25.7 | % | ||||||||||
GAAP SG&A expenses | 15.6 | % | 17.4 | % | ||||||||||
Stock-based compensation | (3.3) | % | (2.9) | % | ||||||||||
Performance based equity | (0.9) | % | (1.3) | % | ||||||||||
Amortization of purchased intangible assets | (1.7) | % | (2.9) | % | ||||||||||
Acquisition and integration costs | (1.2) | % | (0.4) | % | ||||||||||
Non-GAAP SG&A expenses | 8.6 | % | 10.0 | % | ||||||||||
GAAP restructuring expenses | 0.1 | % | 0.5 | % | ||||||||||
Restructuring charges | (0.1) | % | (0.5) | % | ||||||||||
Non-GAAP restructuring expenses | — | % | — | % | ||||||||||
GAAP income from operations | 16.0 | % | 2.9 | % | ||||||||||
Total non-GAAP adjustments | 16.8 | % | 20.8 | % | ||||||||||
Non-GAAP income from operations | 32.8 | % | 23.7 | % | ||||||||||
GAAP income (loss) on extinguishment of debt | — | % | (1.3) | % | ||||||||||
Loss on extinguishment of debt | — | % | 1.3 | % | ||||||||||
Non-GAAP loss on extinguishment of debt | — | % | — | % | ||||||||||
GAAP interest and other income (expense), net | 0.3 | % | (2.1) | % | ||||||||||
Non-recurring interest and other income (expense), net | — | % | 0.1 | % | ||||||||||
Non-GAAP interest and other income (expense), net | 0.4 | % | (2.0) | % | ||||||||||
GAAP income (loss) before income taxes | 16.3 | % | (0.4) | % | ||||||||||
Total non-GAAP adjustments | 16.8 | % | 22.2 | % | ||||||||||
Non-GAAP income before income taxes | 33.2 | % | 21.8 | % | ||||||||||
GAAP income tax provision (benefit) | 4.3 | % | (1.5) | % | ||||||||||
Adjustment for non-cash tax benefits/expenses | (2.3) | % | 2.8 | % | ||||||||||
Non-GAAP income tax provision | 2.0 | % | 1.3 | % | ||||||||||
GAAP net income | 12.1 | % | 1.1 | % | ||||||||||
Total non-GAAP adjustments before income taxes | 16.8 | % | 22.2 | % | ||||||||||
Less: total tax adjustments | (2.3) | % | 2.8 | % | ||||||||||
Non-GAAP net income | 31.2 | % | 20.5 | % | ||||||||||