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MaxLinear, Inc. Announces First Quarter 2022 Financial Results

CARLSBAD, Calif. — (BUSINESS WIRE) — April 27, 2022 — MaxLinear, Inc. (NASDAQ: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced financial results for the first quarter ended March 31, 2022.

First Quarter Financial Highlights

GAAP basis:

Non-GAAP basis:

Management Commentary

“In the first quarter, revenue was up 6% sequentially and up 26% year-over-year, driven by strong growth across all our markets, and in particular, our connectivity market, which grew 14% sequentially. Our Wi-Fi growth has continued to be robust as we continue to win market share based on our leading differentiated feature set. We are confident in our ability to more than double this business in 2022, and are on a firm trajectory to deliver at least $200 million of Wi-Fi revenue in 2023. Along with the market share wins, we are also making tremendous progress in continued innovation for next generation Wi-Fi 7, which will drive future growth opportunities. Cash flow from operations was approximately $134.2 million, and non-GAAP gross margin for Q1 improved to 62.8%. We are excited about our prospects for continued future growth driven by our comprehensive product portfolio, and the accelerating pace of new product launches particularly in connectivity, fiber-to-the home broadband, optical, and wireless infrastructure markets,” commented Kishore Seendripu, Ph.D., Chairman and CEO.

Second Quarter 2022 Business Outlook

The company expects revenue in the second quarter 2022 to be approximately $275 million to $285 million. The Company also estimates the following:

Webcast and Conference Call

MaxLinear will host its first quarter financial results conference call today, April 27, 2022 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 May 11, 2022. A replay of the conference call will also be available until May 11, 2022 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13728910.

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 second quarter 2022 revenue, gross margins, operating expenses, and interest and other expenses, as well as statements with respect to confidence in the Company’s outlook for second quarter 2022) and statements concerning expectations of potential developments in our target markets, including (without limitation) management’s views with respect to the prospects for and trends in our broadband, connectivity and infrastructure markets, and in particular, expectations concerning the development of our Wi-Fi market, including the Company’s ability to continue to increase market share and drive future growth opportunities in such market. 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. 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. 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, intense competition in our industry; increasing supply chain risks within our industry, including increases in shipping and material costs and substantial shipping delays resulting in extended lead-times; inflation trends in our supply chain and in the global economy generally; uncertainties concerning the outcome of global trade negotiations, export control limitations, and heightened geopolitical risks generally; our dependence on a limited number of customers for a substantial portion of our revenues; potential decreases in average selling prices for our products; our ability to develop and introduce new and enhanced products on a timely basis and achieve market acceptance of those products, particularly as we seek to expand outside of our historic markets; potential uncertainties arising from continued consolidation among cable television and satellite operators in our target markets and continued consolidation among competitors within the semiconductor industry generally; uncertainties concerning how end user markets for our products will develop, including in particular markets we have entered more recently such as broadband, Wi-Fi and 5G wireless and fiber-optic data center high-speed interconnect infrastructure markets but also existing markets; the impact of our indebtedness and limitations on our operating flexibility based on financial and operating covenants in the applicable term loan agreements, including (without limitation) debt covenant restrictions that may limit our ability to obtain additional financing, granting liens, undergoing certain fundamental changes, or making investments or certain restricted payments, and selling assets; risks relating to intellectual property protection and the prevalence of intellectual property litigation in our industry; our reliance on a limited number of third party manufacturers; the impact of the COVID-19 pandemic; and our lack of long-term supply contracts and dependence on limited sources of supply.

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 Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 2, 2022, and our Current Reports on Form 8-K, as well as the information to be set forth under the caption “Risk Factors” in MaxLinear’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2022, which we expect to file soon. All forward-looking statements are based on the estimates, projections and assumptions of management as of April 27, 2022, 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) severance and other restructuring charges; (ix) other non-recurring interest and other income (expenses), net attributable to acquisitions and (x) non-cash income tax benefits and expenses. These non-GAAP measures are not in accordance with and do not serve as an alternative for GAAP. 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. These non-GAAP measures should only be viewed in conjunction with corresponding GAAP measures. 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 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.

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 deferred purchase price payments to interest expense. Gains related to acquisitions include a gain on sale of an investment in a privately-held entity included in interest and other income in the fourth quarter of 2021.

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 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.

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 second quarter 2022.

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.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

 

Three Months Ended

March 31,
2022

December 31,
2021

March 31,
2021

Net revenue

$

263,927

 

 

$

247,889

 

 

$

209,359

 

Cost of net revenue

 

109,337

 

 

 

106,112

 

 

 

97,640

 

Gross profit

 

154,590

 

 

 

141,777

 

 

 

111,719

 

Operating expenses:

 

 

 

 

 

Research and development

 

65,886

 

 

 

73,320

 

 

 

63,166

 

Selling, general and administrative

 

40,577

 

 

 

39,120

 

 

 

36,469

 

Restructuring charges

 

 

 

 

 

 

 

2,166

 

Total operating expenses

 

106,463

 

 

 

112,440

 

 

 

101,801

 

Income from operations

 

48,127

 

 

 

29,337

 

 

 

9,918

 

Interest income

 

31

 

 

 

32

 

 

 

 

Interest expense

 

(2,349

)

 

 

(2,400

)

 

 

(4,206

)

Other income (expense), net

 

(770

)

 

 

1,510

 

 

 

(104

)

Total other income (expense), net

 

(3,088

)

 

 

(858

)

 

 

(4,310

)

Income before income taxes

 

45,039

 

 

 

28,479

 

 

 

5,608

 

Income tax provision

 

11,453

 

 

 

303

 

 

 

1,806

 

Net income

$

33,586

 

 

$

28,176

 

 

$

3,802

 

Net income per share:

 

 

 

 

 

Basic

$

0.44

 

 

$

0.37

 

 

$

0.05

 

Diluted

$

0.42

 

 

$

0.35

 

 

$

0.05

 

Shares used to compute net income per share:

 

 

 

 

 

Basic

 

77,192

 

 

 

76,755

 

 

 

74,852

 

Diluted

 

80,641

 

 

 

81,567

 

 

 

78,283

 

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

Three Months Ended

 

March 31,
2022

 

December 31,
2021

 

March 31,
2021

Operating Activities

 

 

 

 

 

Net income

$

33,586

 

 

$

28,176

 

 

$

3,802

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Amortization and depreciation

 

23,880

 

 

 

24,353

 

 

 

22,325

 

Amortization of debt issuance costs and accretion of discount on debt and leases

 

486

 

 

 

416

 

 

 

844

 

Stock-based compensation

 

18,554

 

 

 

16,415

 

 

 

12,955

 

Deferred income taxes

 

6,842

 

 

 

(4,640

)

 

 

541

 

Loss on disposal of property and equipment

 

159

 

 

 

 

 

 

368

 

Unrealized holding loss on investments

 

954

 

 

 

 

 

 

 

Impairment of leasehold improvements

 

 

 

 

 

 

 

226

 

Impairment of leased right-of-use assets

 

 

 

 

 

 

 

429

 

(Gain) loss on foreign currency and other

 

(316

)

 

 

250

 

 

 

21

 

Excess tax benefits on stock based awards

 

(7,120

)

 

 

(2,046

)

 

 

(1,809

)

Changes in operating assets and liabilities, net of effects of acquisitions:

 

 

 

 

 

Accounts receivable

 

(5,969

)

 

 

(12,265

)

 

 

(20,079

)

Inventory

 

(7,338

)

 

 

(4,249

)

 

 

5,658

 

Prepaid expenses and other assets

 

3,503

 

 

 

(9,301

)

 

 

29,860

 

Leased right-of-use assets

 

 

 

 

 

 

 

36

 

Accounts payable, accrued expenses and other current liabilities

 

32,952

 

 

 

(22,283

)

 

 

(22,032

)

Accrued compensation

 

12,237

 

 

 

9,746

 

 

 

1,376

 

Accrued price protection liability

 

27,975

 

 

 

(8,956

)

 

 

7,299

 

Lease liabilities

 

(3,301

)

 

 

(2,835

)

 

 

(2,002

)

Other long-term liabilities

 

(2,918

)

 

 

3,252

 

 

 

454

 

Net cash provided by operating activities

 

134,166

 

 

 

16,033

 

 

 

40,272

 

Investing Activities

 

 

 

 

 

Purchases of property and equipment

 

(4,800

)

 

 

(12,242

)

 

 

(6,152

)

Purchases of intangible assets

 

(4,637

)

 

 

(965

)

 

 

(1,112

)

Cash used in acquisitions, net of cash acquired

 

 

 

 

(5,000

)

 

 

 

Proceeds loaned under notes receivable

 

(10,000

)

 

 

 

 

 

 

Purchases of investments

 

(23,325

)

 

 

 

 

 

(5,000

)

Net cash used in investing activities

 

(42,762

)

 

 

(18,207

)

 

 

(12,264

)

Financing Activities

 

 

 

 

 

Payment of debt issuance cost

 

 

 

 

(29

)

 

 

 

Repayment of debt

 

(20,000

)

 

 

(20,000

)

 

 

(20,000

)

Net proceeds from issuance of common stock

 

87

 

 

 

2,494

 

 

 

1,298

 

Minimum tax withholding paid on behalf of employees for restricted stock units

 

(24,449

)

 

 

(2,068

)

 

 

(7,442

)

Repurchase of common stock

 

(26,297

)

 

 

(15,403

)

 

 

(2,673

)

Net cash used in financing activities

 

(70,659

)

 

 

(35,006

)

 

 

(28,817

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(230

)

 

 

(1,636

)

 

 

(32

)

Increase (decrease) in cash, cash equivalents and restricted cash

 

20,515

 

 

 

(38,816

)

 

 

(841

)

Cash, cash equivalents and restricted cash at beginning of period

 

131,738

 

 

 

170,554

 

 

 

150,034

 

Cash, cash equivalents and restricted cash at end of period

$

152,253

 

 

$

131,738

 

 

$

149,193

 

 

 

 

 

 

 

MAXLINEAR, INC.

UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

March 31,
2022

 

December 31,
2021

 

March 31,
2021

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

151,111

 

$

130,572

 

$

148,095

Short-term restricted cash

 

105

 

 

105

 

 

114

Short-term investments

 

19,051

 

 

 

 

Accounts receivable, net

 

125,693

 

 

119,724

 

 

87,521

Inventory

 

139,041

 

 

131,703

 

 

92,154

Prepaid expenses and other current assets

 

19,575

 

 

22,000

 

 

17,096

Total current assets

 

454,576

 

 

404,104

 

 

344,980

Long-term restricted cash

 

1,037

 

 

1,061

 

 

984

Property and equipment, net

 

60,022

 

 

60,924

 

 

40,787

Leased right-of-use assets

 

32,919

 

 

27,269

 

 

24,403

Intangible assets, net

 

140,153

 

 

152,540

 

 

191,542

Goodwill

 

306,713

 

 

306,668

 

 

302,828

Deferred tax assets

 

82,326

 

 

89,168

 

 

85,524

Other long-term assets

 

21,381

 

 

8,650

 

 

7,551

Total assets

$

1,099,127

 

$

1,050,384

 

$

998,599

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

Current liabilities

$

234,795

 

$

207,395

 

$

197,637

Long-term lease liabilities

 

30,208

 

 

24,640

 

 

22,419

Long-term debt

 

286,298

 

 

306,153

 

 

344,116

Other long-term liabilities

 

19,980

 

 

22,998

 

 

13,649

Stockholders’ equity

 

527,846

 

 

489,198

 

 

420,778

Total liabilities and stockholders’ equity

$

1,099,127

 

$

1,050,384

 

$

998,599

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS

(in thousands, except per share data)

 

Three Months Ended

 

March 31,
2022

 

December 31,
2021

 

March 31,
2021

GAAP gross profit

$

154,590

 

 

$

141,777

 

 

$

111,719

 

Stock-based compensation

 

163

 

 

 

152

 

 

 

169

 

Performance based equity

 

112

 

 

 

137

 

 

 

82

 

Amortization of purchased intangible assets

 

10,811

 

 

 

10,759

 

 

 

10,747

 

Non-GAAP gross profit

 

165,676

 

 

 

152,825

 

 

 

122,717

 

 

 

 

 

 

 

GAAP R&D expenses

 

65,886

 

 

 

73,320

 

 

 

63,166

 

Stock-based compensation

 

(9,676

)

 

 

(8,243

)

 

 

(7,162

)

Performance based equity

 

(5,337

)

 

 

(8,224

)

 

 

(4,598

)

Research and development funded by others

 

2,800

 

 

 

(2,000

)

 

 

 

Acquisition and integration costs

 

 

 

 

(25

)

 

 

(92

)

Non-GAAP R&D expenses

 

53,673

 

 

 

54,828

 

 

 

51,314

 

 

 

 

 

 

 

GAAP SG&A expenses

 

40,577

 

 

 

39,120

 

 

 

36,469

 

Stock-based compensation

 

(8,715

)

 

 

(8,020

)

 

 

(5,624

)

Performance based equity

 

(2,068

)

 

 

(3,934

)

 

 

(1,890

)

Amortization of purchased intangible assets

 

(6,176

)

 

 

(5,928

)

 

 

(6,070

)

Acquisition and integration costs

 

5

 

 

 

(192

)

 

 

(1,561

)

IP litigation costs, net

 

 

 

 

 

 

 

(11

)

Non-GAAP SG&A expenses

 

23,623

 

 

 

21,046

 

 

 

21,313

 

 

 

 

 

 

 

GAAP restructuring expenses

 

 

 

 

 

 

 

2,166

 

Restructuring charges

 

 

 

 

 

 

 

(2,166

)

Non-GAAP restructuring expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP income from operations

 

48,127

 

 

 

29,337

 

 

 

9,918

 

Total non-GAAP adjustments

 

40,253

 

 

 

47,614

 

 

 

40,172

 

Non-GAAP income from operations

 

88,380

 

 

 

76,951

 

 

 

50,090

 

 

 

 

 

 

 

GAAP interest and other income (expense), net

 

(3,088

)

 

 

(858

)

 

 

(4,310

)

Non-recurring interest and other income (expense), net

 

68

 

 

 

(1,893

)

 

 

310

 

Non-GAAP interest and other income (expense), net

 

(3,020

)

 

 

(2,751

)

 

 

(4,000

)

 

 

 

 

 

 

GAAP income before income taxes

 

45,039

 

 

 

28,479

 

 

 

5,608

 

Total non-GAAP adjustments

 

40,321

 

 

 

45,721

 

 

 

40,482

 

Non-GAAP income before income taxes

 

85,360

 

 

 

74,200

 

 

 

46,090

 

 

 

 

 

 

 

GAAP income tax provision

 

11,453

 

 

 

303

 

 

 

1,806

 

Adjustment for non-cash tax benefits/expenses

 

(6,331

)

 

 

4,149

 

 

 

959

 

Non-GAAP income tax provision

 

5,122

 

 

 

4,452

 

 

 

2,765

 

 

 

 

 

 

 

GAAP net income

 

33,586

 

 

 

28,176

 

 

 

3,802

 

Total non-GAAP adjustments before income taxes

 

40,321

 

 

 

45,721

 

 

 

40,482

 

Less: total tax adjustments

 

(6,331

)

 

 

4,149

 

 

 

959

 

Non-GAAP net income

$

80,238

 

 

$

69,748

 

 

$

43,325

 

 

 

 

 

 

 

Shares used in computing non-GAAP basic net income per share

 

77,192

 

 

 

76,755

 

 

 

74,852

 

Shares used in computing non-GAAP diluted net income per share

 

80,641

 

 

 

81,567

 

 

 

78,283

 

Non-GAAP basic net income per share

$

1.04

 

 

$

0.91

 

 

$

0.58

 

Non-GAAP diluted net income per share

$

1.00

 

 

$

0.86

 

 

$

0.55

 

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

 

Three Months Ended

 

March 31,
2022

 

December 31,
2021

 

March 31,
2021

GAAP gross profit

58.6

%

 

57.2

%

 

53.4

%

Stock-based compensation

0.1

%

 

0.1

%

 

0.1

%

Performance based equity

%

 

0.1

%

 

%

Amortization of purchased intangible assets

4.1

%

 

4.3

%

 

5.1

%

Non-GAAP gross profit

62.8

%

 

61.7

%

 

58.6

%

 

 

 

 

 

 

GAAP R&D expenses

25.0

%

 

29.6

%

 

30.2

%

Stock-based compensation

(3.7

) %

 

(3.3

) %

 

(3.4

) %

Performance based equity

(2.0

) %

 

(3.3

) %

 

(2.2

) %

Research and development funded by others

1.1

%

 

(0.8

) %

 

%

Acquisition and integration costs

%

 

%

 

%

Non-GAAP R&D expenses

20.3

%

 

22.1

%

 

24.5

%

 

 

 

 

 

 

GAAP SG&A expenses

15.4

%

 

15.8

%

 

17.4

%

Stock-based compensation

(3.3

) %

 

(3.2

) %

 

(2.7

) %

Performance based equity

(0.8

) %

 

(1.6

) %

 

(0.9

) %

Amortization of purchased intangible assets

(2.3

) %

 

(2.4

) %

 

(2.9

) %

Acquisition and integration costs

%

 

(0.1

) %

 

(0.8

) %

IP litigation costs, net

%

 

%

 

%

Non-GAAP SG&A expenses

9.0

%

 

8.5

%

 

10.2

%

 

 

 

 

 

 

GAAP restructuring expenses

%

 

%

 

1.0

%

Restructuring charges

%

 

%

 

(1.0

) %

Non-GAAP restructuring expenses

%

 

%

 

%

 

 

 

 

 

 

GAAP income from operations

18.2

%

 

11.8

%

 

4.7

%

Total non-GAAP adjustments

15.3

%

 

19.2

%

 

19.2

%

Non-GAAP income from operations

33.5

%

 

31.0

%

 

23.9

%

 

 

 

 

 

 

GAAP interest and other income (expense), net

(1.2

) %

 

(0.4

) %

 

(2.1

) %

Non-recurring interest and other income (expense), net

%

 

(0.8

) %

 

0.2

%

Non-GAAP interest and other income (expense), net

(1.1

) %

 

(1.1

) %

 

(1.9

) %

 

 

 

 

 

 

GAAP income before income taxes

17.1

%

 

11.5

%

 

2.7

%

Total non-GAAP adjustments before income taxes

15.3

%

 

18.4

%

 

19.3

%

Non-GAAP income before income taxes

32.3

%

 

29.9

%

 

22.0

%

 

 

 

 

 

 

GAAP income tax provision

4.3

%

 

0.1

%

 

0.9

%

Adjustment for non-cash tax benefits/expenses

(2.4

) %

 

1.7

%

 

0.5

%

Non-GAAP income tax provision

1.9

%

 

1.8

%

 

1.3

%

 

 

 

 

 

 

GAAP net income

12.7

%

 

11.4

%

 

1.8

%

Total non-GAAP adjustments before income taxes

15.3

%

 

18.4

%

 

19.3

%

Less: total tax adjustments

(2.4

) %

 

1.7

%

 

0.5

%

Non-GAAP net income

30.4

%

 

28.1

%

 

20.7

%

 



Contact:

MaxLinear, Inc. Investor Relations Contact:
Leslie Green
Tel: +1 650-312-9060
lgreen@maxlinear.com