MaxLinear, Inc. Announces Third Quarter 2015 Financial Results

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(1) Included three months of Entropic operations.
(2) Included two months of Entropic operations.


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

  Nine Months Ended
  September 30, 2015 (1)  September 30, 2014
Net revenue$201,411  $100,634 
Cost of net revenue101,748  38,426 
Gross profit99,663  62,208 
Operating expenses:   
Research and development62,765  41,944 
Selling, general and administrative60,021  24,590 
Restructuring charges11,814   
Total operating expenses134,600  66,534 
Loss from operations(34,937) (4,326)
Interest income168  182 
Other income (expense), net351  (79)
Loss before income taxes(34,418) (4,223)
(Benefit) provision for income taxes(631) 456 
Net loss$(33,787) $(4,679)
Net loss per share:   
Basic$(0.67) $(0.13)
Diluted$(0.67) $(0.13)
Shares used to compute net loss per share:   
Basic50,528  36,127 
Diluted50,528  36,127 

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(1) Included five months of Entropic operations.


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

  Three Months Ended
  September 30, 2015  June 30, 2015  September 30, 2014
Operating Activities     
Net income (loss)$1,582  $(30,647) $(3,205)
Adjustments to reconcile net loss to cash provided by operating activities:     
Amortization and depreciation17,296  12,227  1,322 
Amortization of investment premiums, net57  55  168 
Amortization of inventory step-up958  13,286   
Stock-based compensation5,032  6,301  4,002 
Deferred income taxes251  (1,960)  
Gain on disposal of property and equipment (39 )        
Loss on sale of available-for-sale securities 21          
Impairment of long-lived assets 153         8  
Impairment of lease 568     5,593      
Changes in operating assets and liabilities:          
Accounts receivable (205 )   8,319     233  
Inventory 1,581     (9,659 )   187  
Prepaid and other assets (2,684 )   3,800     (60 )
Accounts payable, accrued expenses and other current liabilities (9,370 )   (2,530 )   (1,086 )
Accrued compensation 3,342     (371 )   1,461  
Deferred revenue and deferred profit 3     502     2,256  
Accrued price protection liability 3,925     (372 )   973  
Other long-term liabilities (513 )   90     102  
Net cash provided by operating activities 21,958     4,634     6,361  
Investing Activities          
Purchases of property and equipment 103     (436 )   (3,126 )
Purchases of intangible assets (100 )        
Cash used in acquisition, net of cash acquired     (3,615 )    
Purchases of available-for-sale securities (25,712 )   (3,815 )   (6,693 )
Maturities of available-for-sale securities 4,400     36,918     6,900  
Net cash (used in) provided by investing activities (21,309 )   29,052     (2,919 )
Financing Activities          
Repurchases of common stock     (101 )    
Net proceeds from issuance of common stock 2,891     3,207     25  
Minimum tax withholding paid on behalf of employees for restricted stock units (1,367 )   (2,896 )   (653 )
Equity issuance costs     (8 )    
Net cash provided by (used in) financing activities 1,524     202     (628 )
Effect of exchange rate changes on cash and cash equivalents (755 )   74     (7 )
Increase in cash and cash equivalents 1,418     33,962     2,807  
Cash and cash equivalents at beginning of period 56,731     22,769     31,248  
Cash and cash equivalents at end of period $ 58,149     $ 56,731     $ 34,055  



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