MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2015 Financial Results
|
MAXLINEAR, INC. |
|
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS |
|
(in thousands) |
| | | | | | |
| |
December 31, 2015 | |
September 30, 2015 | |
December 31, 2014 |
|
Assets | | | | | |
| Current assets: | | | | | |
| Cash and cash equivalents | $ | 67,956 | | | $ | 58,149 | | | $ | 20,696 | |
| Short-term investments, available-for-sale | 43,300 | | | 26,797 | | | 48,399 | |
| Accounts receivable, net | 42,399 | | | 41,766 | | | 18,523 | |
| Inventory | 32,443 | | | 36,265 | | | 10,858 | |
| Prepaid expenses and other current assets | 3,904 | | | 4,500 | | | 2,438 | |
| Total current assets | 190,002 | | | 167,477 | | | 100,914 | |
| Property and equipment, net | 21,858 | | | 20,543 | | | 12,441 | |
| Long-term investments, available-for-sale | 19,242 | | | 19,847 | | | 10,256 | |
| Intangible assets, net | 51,355 | | | 79,655 | | | 10,386 | |
| Goodwill | 49,779 | | | 49,373 | | | 1,201 | |
| Other long-term assets | 2,269 | | | 5,715 | | | 513 | |
| Total assets | $ | 334,505 | | | $ | 342,610 | | | $ | 135,711 | |
| | | | | | |
|
Liabilities and stockholders’ equity | | | | | |
| Current liabilities | $ | 55,832 | | | $ | 67,485 | | | $ | 33,246 | |
| Other long-term liabilities | 15,749 | | | 10,597 | | | 3,363 | |
| Total stockholders’ equity | 262,924 | | | 264,528 | | | 99,102 | |
| Total liabilities and stockholders’ equity | $ | 334,505 | | | $ | 342,610 | | | $ | 135,711 | |
|
MAXLINEAR, INC. |
|
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS |
|
(in thousands, except per share data) |
| | |
| |
Three Months Ended |
| |
December 31, 2015 | |
September 30, 2015 | |
December 31, 2014 |
| GAAP cost of net revenue | $ | 43,189 | | | $ | 44,141 | | | $ | 12,728 | |
| Stock based compensation | (44 | ) | | (73 | ) | | (35 | ) |
| Performance based equity | (97 | ) | | (148 | ) | | (6 | ) |
| Amortization of inventory step-up | — | | | (958 | ) | | — | |
| Amortization of purchased intangible assets | (1,578 | ) | | (1,572 | ) | | — | |
| Impairment of production masks | — | | | (153 | ) | | — | |
| Non-GAAP cost of net Revenue | 41,470 | | | 41,237 | | | 12,687 | |
| | | | | | |
| GAAP R&D expenses | 22,640 | | | 23,491 | | | 14,681 | |
| Stock based compensation | (2,850 | ) | | (3,496 | ) | | (2,534 | ) |
| Incentive award compensation | (1,106 | ) | | (169 | ) | | — | |
| Performance based equity | (1,227 | ) | | (1,013 | ) | | (790 | ) |
| Amortization of purchased intangible assets | (96 | ) | | (97 | ) | | (45 | ) |
| Severance charges | (22 | ) | | (173 | ) | | — | |
| Restricted merger proceeds and contingent consideration | (210 | ) | | (209 | ) | | (139 | ) |
| Non-GAAP R&D expenses | 17,129 | | | 18,334 | | | 11,173 | |
| | | | | | |
| GAAP SG&A expenses | 17,960 | | | 25,457 | | | 9,601 | |
| Stock based compensation | (1,278 | ) | | (1,442 | ) | | (1,359 | ) |
| Incentive award compensation | (86 | ) | | (13 | ) | | — | |
| Performance based equity | (642 | ) | | (740 | ) | | (328 | ) |
| Amortization of purchased intangible assets | (4,938 | ) | | (12,066 | ) | | — | |
| Acquisition and integration costs | (13 | ) | | (32 | ) | | (242 | ) |
| Restricted merger proceeds and contingent consideration | (251 | ) | | (9 | ) | | — | |
| Severance charges | (143 | ) | | (270 | ) | | — | |
| IP litigation costs, net | (325 | ) | | (144 | ) | | (1,302 | ) |
| Non-GAAP SG&A expenses | 10,284 | | | 10,741 | | | 6,370 | |
| | | | | | |
| GAAP restructuring expenses | 23,872 | | | 425 | | | — | |
| Impairment losses | (21,600 | ) | | — | | | — | |
| Restructuring charges | (2,272 | ) | | (425 | ) | | — | |
| Non-GAAP restructuring expenses | — | | | — | | | — | |
| | | | | | |
| GAAP income tax expense (benefit) | 56 | | | 550 | | | (2,160 | ) |
| Release (record) of valuation allowance due to net deferred liability acquired | 165 | | | (341 | ) | | 2,335 | |
| Non-GAAP income tax expense | 221 | | | 209 | | | 175 | |
| | | | | | |
| GAAP net income (loss) | (8,544 | ) | | 1,582 | | | (2,362 | ) |
| Total Adjustments | (38,613 | ) | | (23,543 | ) | | (4,445 | ) |
| Non-GAAP net income | 30,069 | | | 25,125 | | | 2,083 | |
| | | | | | |
| Shares used in computing non-GAAP basic net income per share | 61,895 | | | 60,644 | | | 37,496 | |
| Shares used in computing GAAP diluted net income (loss) per share | 61,895 | | | 63,209 | | | 37,496 | |
| Dilutive common stock equivalents | 3,284 | | | — | | | 1,683 | |
| Shares used in computing non-GAAP diluted net income per share | 65,179 | | | 63,209 | | | 39,179 | |
| Non-GAAP basic net income per share | $ | 0.49 | | | $ | 0.41 | | | $ | 0.06 | |
| Non-GAAP diluted net income per share | $ | 0.46 | | | $ | 0.40 | | | $ | 0.05 | |
