Exhibit 99.1
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FOR IMMEDIATE RELEASE

MaxLinear, Inc. Announces Fourth Quarter 2022 Financial Results

•Record net revenue of $290.6 million in Q4, up 2% sequentially and up 17% year-over-year
•FY22 revenue exceeded $1 billion for the first time in company history
•Connectivity revenue, led by our Wi-Fi product offering, delivered $105 million in Q4, up 27% sequentially and 99% YoY
Carlsbad, Calif. – February 1, 2023 – MaxLinear, Inc. (Nasdaq: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced financial results for the fourth quarter and fiscal year ended December 31, 2022.

Fourth Quarter Financial Highlights
GAAP basis:
•Net revenue was $290.6 million, up 2% sequentially and up 17% year-over-year.
•GAAP gross margin was 56.2%, compared to 58.6% in the prior quarter, and 57.2% in the year-ago quarter.
•GAAP operating expenses were $122.2 million in the fourth quarter 2022, or 42% of net revenue, compared to $115.5 million in the prior quarter, or 40% of net revenue, and $112.4 million in the year-ago quarter, or 45% of net revenue.
•GAAP income from operations was 14% of revenue, compared to income from operations of 18% in the prior quarter, and income from operations of 12% in the year-ago quarter.
•Net cash flow provided by operating activities was $69.4 million, compared to net cash flow provided by operating activities of $61.8 million in the prior quarter, and net cash flow provided by operating activities of $16.0 million in the year-ago quarter.
•GAAP diluted earnings per share was $0.38, compared to diluted earnings per share of $0.35 in the prior quarter, and diluted earnings per share of $0.35 in the year-ago quarter.
Non-GAAP basis:
•Non-GAAP gross margin was 59.6%. This compares to 62.0% in the prior quarter, and 61.7% in the year-ago quarter.
•Non-GAAP operating expenses were $78.5 million, or 27% of revenue, compared to $80.4 million or 28% of revenue in the prior quarter, and $75.9 million or 31% of revenue in the year-ago quarter.
•Non-GAAP income from operations was 33% of revenue, compared to 34% in the prior quarter, and 31% in the year-ago quarter.
•Non-GAAP diluted earnings per share was $1.07, compared to diluted earnings per share of $1.05 in the prior quarter, and diluted earnings per share of $0.86 in the year-ago quarter.
Fiscal Year 2022 Financial Highlights
•Net revenue was $1.1 billion, up 26% over fiscal 2021.
•GAAP gross margin was 58.0%, up from 55.6% the prior year, and GAAP net income was $125.0 million, an increase of 198% from $42.0 million for 2021.
•Non-GAAP gross margin was 61.6%, up from 60.5% the prior year, and non-GAAP net income was $342.2 million, a 59% increase from $214.6 million for 2021.
•Net cash flow provided by operating activities was $388.7 million in 2022, compared to net cash flow provided by operating activities of $168.2 million in 2021.
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Management Commentary

“In the fourth quarter, we continued our strong execution with revenue up 2% sequentially and up 17% year-over-year, bringing fiscal 2022 revenues to over $1 billion. In particular, in Q4, our Wi-Fi business delivered substantial sequential and year-over-year growth. Our connectivity category almost doubled in Q4 year-over-year, driven by our differentiated Wi-Fi6 feature set. Our results included strong cash flows from operations of approximately $69 million in Q4 and approximately $389 million for the full year. Over the last two years, we have delivered transformative growth and strong financials while balancing disciplined expense management along with investments in technology innovation. Now, as we enter 2023, we have conviction in our strong long-term growth prospects, owing to our developing technology leadership, accelerating design-win momentum, and expanding target markets, including Wi-Fi, fiber access, wireless and optical infrastructure. We are also looking forward to our pending acquisition of Silicon Motion, and are excited for the future growth opportunities of our comprehensive product portfolio,” commented Kishore Seendripu, Ph.D., Chairman and CEO.

First Quarter 2023 Business Outlook

The company expects revenue in the first quarter 2023 to be approximately $240 million to $260 million. The Company also estimates the following:
•GAAP gross margin of approximately 55% to 58%;
•Non-GAAP gross margin of approximately 59% to 62%;
•GAAP operating expenses of approximately $113 million to $119 million;
•Non-GAAP operating expenses of approximately $80 to $86 million;
•GAAP and non-GAAP interest and other expenses of approximately $4 million; and
•GAAP and non-GAAP diluted share count of 81 to 83 million.

Webcast and Conference Call
MaxLinear will host its fourth quarter financial results conference call today, February 1, 2023 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access this call, dial US toll free: 1-877-407-3109 / International: 1-201-493-6798. A live webcast of the conference call will be accessible from the investor relations section of the MaxLinear website at https://investors.maxlinear.com, and will be archived and available after the call at https://investors.maxlinear.com until February 15, 2023. A replay of the conference call will also be available until February 15, 2023 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13735369.
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Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning our future financial performance (including specifically our current guidance for first quarter 2023 revenue, and GAAP and non-GAAP gross margins, operating expenses, interest and other expenses, and diluted share counts; statements concerning the Company’s pending merger with Silicon Motion; and statements regarding potential growth opportunities of our product portfolio and target markets including Wi-Fi, fiber access, wireless and optical infrastructure. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements and our future financial performance and operating results forecasts generally. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. In particular, our future operating results are substantially dependent on our assumptions about market trends and conditions. Additional risks and uncertainties affecting our business, future operating results and financial condition include, without limitation, risks relating to our proposed merger with Silicon Motion and the risks related to increased indebtedness; the effect of intense and increasing competition; impacts of a global economic downturn and high inflation; our ability to obtain government authorization to export certain of our products or technology; the political and economic conditions of the countries in which we conduct business and other factors related to our international operations; increased tariffs or imposition of other trade barriers; risks related to international geopolitical conflicts; risks related to the loss of, or a significant reduction in orders from major customers; a decrease in the average selling prices of our products; failure to penetrate new applications and markets; development delays and consolidation trends in our industry; inability to make substantial research and development investments; a significant variance in our operating results or rates of growth; claims of intellectual property infringement; our ability to protect our intellectual property; and a failure to manage our relationships with, or negative impacts from, third parties.
In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including our Current Reports on Form 8-K, as well as the information to be set forth under the caption “Risk Factors” in MaxLinear’s Annual Report on Form 10-K for the year ended December 31, 2022. All forward-looking statements are based on the estimates, projections and assumptions of management as of February 1, 2023, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating expenses as a percentage of revenue, income from operations as percentage of revenue, and diluted earnings per share. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance based bonus plan for 2022, which we currently intend to settle in shares of our common stock; (iii) accruals related to our performance-based bonus plan for 2021, which we settled in shares of common stock in 2022; (iv) amortization of purchased intangible assets; (v) research and development funded by others; (vi) acquisition and integration costs related to our acquisitions; (vii) professional fees and settlement costs related to IP and commercial litigation matters; (viii) impairment of intangible assets; (ix) severance and other restructuring charges; (x) other non-recurring interest and other income (expenses), net attributable to acquisitions and (xi) non-cash income tax benefits and expenses. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non-GAAP financial measures are subject to limitations, and should be read only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.
We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and other one-time expenses that we believe are not indicative of our core operating results. Among other uses, our management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management’s incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance.
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The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:
Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Our equity incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results. Stock-based compensation expense has been and will continue to be a significant recurring expense for MaxLinear. While we include the dilutive impact of equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income.
Bonuses under our executive and non-executive bonus programs have been excluded from our non-GAAP net income for all periods reported. Bonus payments for the 2021 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2022. We currently expect that bonus awards under our fiscal 2022 program will be settled in common stock in the first quarter of fiscal 2023.
Expenses incurred in relation to acquisitions include amortization of purchased intangible assets, acquisition and integration costs primarily consisting of professional and consulting fees, and accretion of discount on contingent consideration or deferred purchase price payments to interest expense.
Research and development funded by others represents proceeds received under contracts for jointly funded R&D projects to develop technology that may be commercialized into a product in the future. Initially such proceeds may not yet be recognized in GAAP results if, pursuant to contract terms, the Company may be required to repay all or a portion of the funds provided by the other party under certain conditions. Management believes it is not probable that it will trigger such conditions. Once such conditions have been resolved, the proceeds are recognized in GAAP results, and accordingly, reversed from non-GAAP results.
Impairment losses are related to abandonment of acquired or purchased intangible assets.
Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to impairment of leased right-of-use assets or from exiting certain facilities.
Expenses incurred in relation to our intellectual property and commercial litigation include professional fees incurred.
Income tax benefits and expense adjustments are those that do not affect cash income taxes payable.
Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, particularly related to stock-based compensation and its related tax effects as well as potential impairments, a quantitative reconciliation is not available without unreasonable efforts and accordingly we have not provided a reconciliation for non-GAAP guidance provided for the first quarter 2023.
Additional Information and Where to Find It
This press release makes reference to a proposed merger involving MaxLinear and Silicon Motion. In connection with the proposed transaction, MaxLinear has filed with the Securities and Exchange Commission (the “SEC”), and the SEC has declared effective, a Registration Statement on Form S-4 (File No. 333-265645), that includes a proxy statement of Silicon Motion and a prospectus of MaxLinear.
The proxy statement/prospectus and this press release are not offers to sell MaxLinear securities, and are not soliciting an offer to buy MaxLinear securities in any state where the offer and sale is not permitted.
MAXLINEAR AND SILICON MOTION URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND OTHER DOCUMENTS PROVIDED TO SILICON MOTION SECURITY HOLDERS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.
Investors and security holders are able to obtain the Registration Statement on Form S-4 free of charge at the SEC’s website, www.sec.gov. Copies of documents filed with the SEC by MaxLinear (when they become available) may be obtained free of charge on MaxLinear’s website at www.maxlinear.com or by contacting MaxLinear’s Investor Relations Department at IR@MaxLinear.com. Copies of documents filed or furnished by Silicon Motion (when they become available) may be obtained free of charge on Silicon Motion’s website at https://www.siliconmotion.com or by contacting Silicon Motion’s Investor Relations Department at IR@siliconmotion.com.
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About MaxLinear, Inc.
MaxLinear, Inc. (Nasdaq:MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.
MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.
MaxLinear, Inc. Investor Relations Contact:
Leslie Green
Tel: +1 650-312-9060
lgreen@maxlinear.com

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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)

Three Months Ended
December 31, 2022September 30, 2022December 31, 2021
Net revenue$290,586 $285,730 $247,889 
Cost of net revenue127,246 118,242 106,112 
Gross profit163,340 167,488 141,777 
Operating expenses:
Research and development73,724 76,437 73,320 
Selling, general and administrative44,472 38,472 39,120 
Impairment losses2,811 — — 
Restructuring charges1,172 631 — 
Total operating expenses122,179 115,540 112,440 
Income from operations41,161 51,948 29,337 
Interest income70 62 32 
Interest expense(2,292)(2,711)(2,400)
Other income (expense), net1,774 (4,705)1,510 
Total other income (expense), net(448)(7,354)(858)
Income before income taxes40,713 44,594 28,479 
Income tax provision9,633 16,186 303 
Net income$31,080 $28,408 $28,176 
Net income per share:
Basic$0.40 $0.36 $0.37 
Diluted$0.38 $0.35 $0.35 
Shares used to compute net income per share:
Basic78,649 78,436 76,755 
Diluted82,406 80,060 81,567 

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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)

Year Ended
December 31, 2022December 31, 2021
Net revenue$1,120,252 $892,398 
Cost of net revenue470,483 396,566 
Gross profit649,769 495,832 
Operating expenses:
Research and development296,442 278,440 
Selling, general and administrative168,008 149,943 
Impairment losses2,811 — 
Restructuring charges2,265 2,204 
Total operating expenses469,526 430,587 
Income from operations180,243 65,245 
Interest income245 78 
Interest expense(9,768)(12,996)
Loss on extinguishment of debt— (5,221)
Other income (expense), net3,478 764 
Total other income (expense), net(6,045)(17,375)
Income before income taxes174,198 47,870 
Income tax provision49,158 5,901 
Net income$125,040 $41,969 
Net income per share:
Basic$1.60 $0.55 
Diluted$1.55 $0.53 
Shares used to compute net income per share:
Basic78,039 76,037 
Diluted80,852 79,679 


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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Three Months Ended
December 31, 2022September 30, 2022December 31, 2021
Operating Activities
Net income$31,080 $28,408 $28,176 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization and depreciation18,825 18,457 24,353 
Impairment losses2,811 — — 
Amortization of debt issuance costs and accretion of discount on debt and leases513 505 416 
Stock-based compensation23,550 20,131 16,415 
Deferred income taxes133 15,962 (4,640)
Loss on disposal of property and equipment3 3 — 
Gain on sale of investments(3,375)— — 
Unrealized holding loss on investments58 5,277 — 
(Gain) loss on foreign currency and other1,416 (570)250 
Excess tax benefits on stock based awards(219)(273)(2,046)
Changes in operating assets and liabilities:
Accounts receivable7,101 (41,007)(12,265)
Inventory5,426 (19,539)(4,249)
Prepaid expenses and other assets(2,168)2,129 (9,301)
Accounts payable, accrued expenses and other current liabilities(16,574)19,768 (22,283)
Accrued compensation9,816 10,832 9,746 
Accrued price protection liability(3,394)6,171 (8,956)
Lease liabilities(2,955)(2,974)(2,835)
Other long-term liabilities(2,690)(1,514)3,252 
Net cash provided by operating activities69,357 61,766 16,033 
Investing Activities
Purchases of property and equipment(16,628)(9,119)(12,242)
Purchases of intangible assets(744)(5,236)(965)
Cash used in acquisitions, net of cash acquired— — (5,000)
Purchases of investments— (1,000)— 
Net cash used in investing activities(17,372)(15,355)(18,207)
Financing Activities
Payment of debt issuance cost— — (29)
Repayment of debt(50,000)(75,000)(20,000)
Net proceeds from issuance of common stock1,792 81 2,494 
Minimum tax withholding paid on behalf of employees for restricted stock units(369)(380)(2,068)
Repurchase of common stock— — (15,403)
Net cash used in financing activities(48,577)(75,299)(35,006)
Effect of exchange rate changes on cash, cash equivalents and restricted cash2,456 (1,038)(1,636)
Increase (decrease) in cash, cash equivalents and restricted cash5,864 (29,926)(38,816)
Cash, cash equivalents and restricted cash at beginning of period182,493 212,419 170,554 
Cash, cash equivalents and restricted cash at end of period$188,357 $182,493 $131,738 
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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Year Ended
December 31, 2022December 31, 2021
Operating Activities
Net income$125,040 $41,969 
Adjustments to reconcile net income to cash provided by operating activities:
Amortization and depreciation80,731 91,792 
Impairment losses2,811 — 
Amortization of debt issuance costs and accretion of discount on debt and leases1,975 3,000 
Stock-based compensation81,704 59,358 
Deferred income taxes23,454 (3,235)
Loss on disposal of property and equipment170 533 
Gain on sale of investments(3,375)— 
Unrealized holding loss on investments1,476 — 
Impairment of leasehold improvements— 226 
Impairment of leased right-of-use assets462 429 
Loss on extinguishment of debt— 5,221 
(Gain) loss on foreign currency(1,829)634 
Excess tax benefits on stock-based awards(9,921)(7,415)
Changes in operating assets and liabilities:
Accounts receivable(50,875)(51,690)
Inventory(28,841)(33,689)
Prepaid expenses and other assets1,789 24,186 
Leased right-of-use assets— 72 
Accounts payable, accrued expenses and other current liabilities65,815 12,771 
Accrued compensation42,003 33,595 
Accrued price protection liability73,574 (7,320)
Lease liabilities(11,440)(9,905)
Other long-term liabilities(5,997)7,701 
Net cash provided by operating activities388,726 168,233 
Investing Activities
Purchases of property and equipment(41,253)(39,176)
Purchases of intangible assets(11,184)(7,581)
Cash used in acquisitions, net of cash acquired— (40,000)
Proceeds loaned under notes receivable(10,000)— 
Purchases of investments(29,325)(5,000)
Net cash used in investing activities(91,762)(91,757)
Financing Activities
Proceeds from the issuance of debt— 350,000 
Payment of debt issuance cost— (4,173)
Repayment of debt(185,000)(409,813)
Net proceeds from issuance of common stock5,006 8,780 
Minimum tax withholding paid on behalf of employees for restricted stock units
(28,896)(13,149)
Repurchase of common stock(31,511)(23,548)
Net cash used in financing activities(240,401)(91,903)
Effect of exchange rate changes on cash, cash equivalents and restricted cash56 (2,869)
Increase (decrease) in cash, cash equivalents and restricted cash56,619 (18,296)
Cash, cash equivalents and restricted cash at beginning of period131,738 150,034 
Cash, cash equivalents and restricted cash at end of period$188,357 $131,738 
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MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

December 31, 2022September 30, 2022December 31, 2021
Assets
Current assets:
Cash and cash equivalents$187,353 $181,496 $130,572 
Short-term restricted cash982 971 105 
Short-term investments18,529 18,587 — 
Accounts receivable, net170,971 178,072 119,724 
Inventory160,544 165,970 131,703 
Prepaid expenses and other current assets24,745 17,879 22,000 
Total current assets563,124 562,975 404,104 
Long-term restricted cash22 26 1,061 
Property and equipment, net79,018 67,081 60,924 
Leased right-of-use assets28,515 30,041 27,269 
Intangible assets, net109,316 122,142 152,540 
Goodwill306,739 306,739 306,668 
Deferred tax assets66,491 65,767 89,168 
Other long-term assets26,800 27,927 8,650 
Total assets$1,180,025 $1,182,698 $1,050,384 
Liabilities and stockholders’ equity
Current liabilities$341,086 $351,318 $207,395 
Long-term lease liabilities23,353 25,040 24,640 
Long-term debt121,757 171,607 306,153 
Other long-term liabilities17,444 18,852 22,998 
Stockholders’ equity676,385 615,881 489,198 
Total liabilities and stockholders’ equity$1,180,025 $1,182,698 $1,050,384 

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MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)

Three Months Ended
December 31, 2022September 30, 2022December 31, 2021
GAAP gross profit$163,340 $167,488 $141,777 
Stock-based compensation222 188 152 
Performance based equity175 136 137 
Amortization of purchased intangible assets9,325 9,332 10,759 
Non-GAAP gross profit173,062 177,144 152,825 
GAAP R&D expenses73,724 76,437 73,320 
Stock-based compensation(10,341)(10,635)(8,243)
Performance based equity(8,205)(7,690)(8,224)
Research and development funded by others(2,000)(1,000)(2,000)
Acquisition and integration costs— — (25)
Non-GAAP R&D expenses53,178 57,112 54,828 
GAAP SG&A expenses44,472 38,472 39,120 
Stock-based compensation(12,988)(9,308)(8,020)
Performance based equity(3,791)(3,043)(3,934)
Amortization of purchased intangible assets(1,312)(1,541)(5,928)
Acquisition and integration costs(1,069)(1,278)(192)
Non-GAAP SG&A expenses25,312 23,302 21,046 
GAAP impairment losses2,811 — — 
Impairment losses(2,811)— — 
Non-GAAP impairment losses— — — 
GAAP restructuring expenses1,172 631 — 
Restructuring charges(1,172)(631)— 
Non-GAAP restructuring expenses— — — 
GAAP income from operations41,161 51,948 29,337 
Total non-GAAP adjustments53,411 44,782 47,614 
Non-GAAP income from operations94,572 96,730 76,951 
GAAP interest and other income (expense), net(448)(7,354)(858)
Non-recurring interest and other income (expense), net59 58 (1,893)
Non-GAAP interest and other income (expense), net(389)(7,296)(2,751)
GAAP income before income taxes40,713 44,594 28,479 
Total non-GAAP adjustments53,470 44,840 45,721 
Non-GAAP income before income taxes94,183 89,434 74,200 
GAAP income tax provision9,633 16,186 303 
Adjustment for non-cash tax benefits/expenses(3,982)(10,820)4,149 
Non-GAAP income tax provision5,651 5,366 4,452 
GAAP net income31,080 28,408 28,176 
Total non-GAAP adjustments before income taxes53,470 44,840 45,721 
Less: total tax adjustments(3,982)(10,820)4,149 
Non-GAAP net income$88,532 $84,068 $69,748 
Shares used in computing non-GAAP basic net income per share78,649 78,436 76,755 
Shares used in computing non-GAAP diluted net income per share82,406 80,060 81,567 
Non-GAAP basic net income per share$1.13 $1.07 $0.91 
Non-GAAP diluted net income per share$1.07 $1.05 $0.86 
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MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)

Year Ended
December 31, 2022December 31, 2021
GAAP gross profit$649,769 $495,832 
Stock-based compensation735 620 
Performance based equity569 469 
Amortization of purchased intangible assets39,288 42,992 
Non-GAAP gross profit690,361 539,913 
GAAP R&D expenses296,442 278,440 
Stock-based compensation(40,635)(30,364)
Performance based equity(28,463)(27,713)
Research and development funded by others(2,200)(5,800)
Acquisition and integration costs— (155)
Non-GAAP R&D expenses225,144 214,408 
GAAP SG&A expenses168,008 149,943 
Stock-based compensation(40,335)(28,374)
Performance based equity(11,610)(12,301)
Amortization of purchased intangible assets(11,955)(23,625)
Acquisition and integration costs(8,711)(1,913)
IP litigation costs, net— (11)
Non-GAAP SG&A expenses95,397 83,719 
GAAP impairment losses2,811 — 
Impairment losses(2,811)— 
Non-GAAP impairment losses— — 
GAAP restructuring expenses2,265 2,204 
Restructuring charges(2,265)(2,204)
Non-GAAP restructuring expenses— — 
GAAP income from operations180,243 65,245 
Total non-GAAP adjustments189,577 176,541 
Non-GAAP income from operations369,820 241,786 
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(6,045)(12,154)
Non-recurring interest and other income (expense), net241 (1,377)
Non-GAAP interest and other income (expense), net(5,804)(13,531)
GAAP income before income taxes174,198 47,870 
Total non-GAAP adjustments189,818 180,385 
Non-GAAP income before income taxes364,016 228,255 
GAAP income tax provision49,158 5,901 
Adjustment for non-cash tax benefits/expenses(27,317)7,794 
Non-GAAP income tax provision21,841 13,695 
GAAP net income125,040 41,969 
Total non-GAAP adjustments before income taxes189,818 180,385 
Less: total tax adjustments(27,317)7,794 
Non-GAAP net income$342,175 $214,560 
Shares used in computing non-GAAP basic net income per share78,039 76,037 
Shares used in computing non-GAAP diluted net income per share80,852 79,679 
Non-GAAP basic net income per share$4.38 $2.82 
Non-GAAP diluted net income per share$4.23 $2.69 
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MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Three Months Ended
December 31, 2022September 30, 2022December 31, 2021
GAAP gross profit56.2 %58.6 %57.2 %
Stock-based compensation0.1 %0.1 %0.1 %
Performance based equity0.1 %0.1 %0.1 %
Amortization of purchased intangible assets3.2 %3.3 %4.3 %
Non-GAAP gross profit59.6 %62.0 %61.7 %
GAAP R&D expenses25.4 %26.8 %29.6 %
Stock-based compensation(3.6)%(3.7)%(3.3)%
Performance based equity(2.8)%(2.7)%(3.3)%
Research and development funded by others(0.7)%(0.4)%(0.8)%
Non-GAAP R&D expenses18.3 %20.0 %22.1 %
GAAP SG&A expenses15.3 %13.5 %15.8 %
Stock-based compensation(4.5)%(3.3)%(3.2)%
Performance based equity(1.3)%(1.1)%(1.6)%
Amortization of purchased intangible assets(0.5)%(0.5)%(2.4)%
Acquisition and integration costs(0.4)%(0.5)%(0.1)%
Non-GAAP SG&A expenses8.7 %8.2 %8.5 %
GAAP impairment losses1.0 %— %— %
Impairment losses(1.0)%— %— %
Non-GAAP impairment losses— %— %— %
GAAP restructuring expenses0.4 %0.2 %— %
Restructuring charges(0.4)%(0.2)%— %
Non-GAAP restructuring expenses— %— %— %
GAAP income from operations14.2 %18.2 %11.8 %
Total non-GAAP adjustments18.4 %15.7 %19.2 %
Non-GAAP income from operations32.5 %33.9 %31.0 %
GAAP interest and other income (expense), net(0.2)%(2.6)%(0.4)%
Non-recurring interest and other income (expense), net— %— %(0.8)%
Non-GAAP interest and other income (expense), net(0.1)%(2.6)%(1.1)%
GAAP income before income taxes14.0 %15.6 %11.5 %
Total non-GAAP adjustments before income taxes18.4 %15.7 %18.4 %
Non-GAAP income before income taxes32.4 %31.3 %29.9 %
GAAP income tax provision3.3 %5.7 %0.1 %
Adjustment for non-cash tax benefits/expenses(1.4)%(3.8)%1.7 %
Non-GAAP income tax provision1.9 %1.9 %1.8 %
GAAP net income10.7 %9.9 %11.4 %
Total non-GAAP adjustments before income taxes18.4 %15.7 %18.4 %
Less: total tax adjustments(1.4)%(3.8)%1.7 %
Non-GAAP net income30.5 %29.4 %28.1 %
13

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Year Ended
December 31, 2022December 31, 2021
GAAP gross profit58.0 %55.6 %
Stock-based compensation0.1 %0.1 %
Performance based equity0.1 %0.1 %
Amortization of purchased intangible assets3.5 %4.8 %
Non-GAAP gross profit61.6 %60.5 %
GAAP R&D expenses26.5 %31.2 %
Stock-based compensation(3.6)%(3.4)%
Performance based equity(2.5)%(3.1)%
Research and development funded by others(0.2)%(0.7)%
Acquisition and integration costs— %— %
Non-GAAP R&D expenses20.1 %24.0 %
GAAP SG&A expenses15.0 %16.8 %
Stock-based compensation(3.6)%(3.2)%
Performance based equity(1.0)%(1.4)%
Amortization of purchased intangible assets(1.1)%(2.7)%
Acquisition and integration costs(0.8)%(0.2)%
Non-GAAP SG&A expenses8.5 %9.4 %
GAAP impairment losses0.3 %— %
Impairment losses(0.3)%— %
Non-GAAP impairment losses— %— %
GAAP restructuring expenses0.2 %0.3 %
Restructuring charges(0.2)%(0.3)%
Non-GAAP restructuring expenses(0.2)%— %
GAAP income from operations16.1 %7.3 %
Total non-GAAP adjustments16.9 %19.8 %
Non-GAAP income from operations33.0 %27.1 %
GAAP income (loss) on extinguishment of debt— %(0.6)%
Loss on extinguishment of debt— %0.6 %
Non-GAAP loss on extinguishment of debt— %— %
GAAP interest and other income (expense), net(0.5)%(1.4)%
Non-recurring interest and other income (expense), net— %(0.2)%
Non-GAAP interest and other income (expense), net(0.5)%(1.5)%
GAAP income before income taxes15.6 %5.4 %
Total non-GAAP adjustments16.9 %20.2 %
Non-GAAP income before income taxes32.5 %25.6 %
GAAP income tax provision4.4 %0.7 %
Adjustment for non-cash tax benefits/expenses(2.4)%0.9 %
Non-GAAP income tax provision2.0 %1.5 %
GAAP net income11.2 %4.7 %
Total non-GAAP adjustments before income taxes16.9 %20.2 %
Less: total tax adjustments(2.4)%0.9 %
Non-GAAP net income30.5 %24.0 %
14