| MAXLINEAR, INC. | |||||||||||
| UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (in thousands) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2016 (1) | December 31, 2015 (1) | March 31, 2015 | |||||||||
| Operating Activities | |||||||||||
| Net income (loss) | $ | 19,116 | $ | (8,544 | ) | $ | (4,722 | ) | |||
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||||||
| Amortization and depreciation | 5,772 | 9,479 | 1,639 | ||||||||
| Impairment of intangible assets | — | 21,600 | — | ||||||||
| Provision for losses on accounts receivable | — | 178 | — | ||||||||
| Provision for inventory reserves | 38 | 155 | — | ||||||||
| Amortization of investment premiums, net | 149 | 293 | 149 | ||||||||
| Stock-based compensation | 5,109 | 5,364 | 3,719 | ||||||||
| Deferred income taxes | 233 | (197 | ) | — | |||||||
| Loss on disposal of property and equipment | — | 113 | — | ||||||||
| Gain on sale of available-for-sale securities | — | (42 | ) | — | |||||||
| Change in fair value of contingent consideration | 86 | 253 | (183 | ) | |||||||
| Loss on foreign currency | 124 | — | — | ||||||||
| Impairment of leases | — | 2,002 | — | ||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | 1,359 | (811 | ) | (2,143 | ) | ||||||
| Inventory | 2,984 | 3,667 | (1,991 | ) | |||||||
| Prepaid and other assets | (2,416 | ) | 3,795 | (416 | ) | ||||||
| Accounts payable, accrued expenses and other current liabilities | 3,080 | (14,755 | ) | 3,015 | |||||||
| Accrued compensation | 3,231 | (673 | ) | 1,874 | |||||||
| Deferred revenue and deferred profit | 2,457 | (72 | ) | 21 | |||||||
| Accrued price protection liability | (1,583 | ) | 322 | 2,647 | |||||||
| Other long-term liabilities | (785 | ) | 2,431 | 159 | |||||||
| Net cash provided by operating activities | 38,954 | 24,558 | 3,768 | ||||||||
| Investing Activities | |||||||||||
| Purchases of property and equipment | (3,222 | ) | (1,516 | ) | (1,024 | ) | |||||
| Purchases of available-for-sale securities | (37,773 | ) | (27,697 | ) | (16,153 | ) | |||||
| Maturities of available-for-sale securities | 10,300 | 11,521 | 16,190 | ||||||||
| Net cash used in investing activities | (30,695 | ) | (17,692 | ) | (987 | ) | |||||
| Financing Activities | |||||||||||
| Repurchases of common stock | (3 | ) | — | — | |||||||
| Net proceeds from issuance of common stock | 1,727 | 3,604 | 248 | ||||||||
| Minimum tax withholding paid on behalf of employees for restricted stock units | (1,092 | ) | (613 | ) | (265 | ) | |||||
| Equity issuance costs | — | — | (697 | ) | |||||||
| Net cash provided by (used in) financing activities | 632 | 2,991 | (714 | ) | |||||||
| Effect of exchange rate changes on cash and cash equivalents | (7 | ) | (50 | ) | 6 | ||||||
| Increase in cash and cash equivalents | 8,884 | 9,807 | 2,073 | ||||||||
| Cash and cash equivalents at beginning of period | 67,956 | 58,149 | 20,696 | ||||||||
| Cash and cash equivalents at end of period | $ | 76,840 | $ | 67,956 | $ | 22,769 | |||||
MaxLinear, Inc. Announces First Quarter 2016 Financial Results and the Acquisition of Broadcom Corporation's Wireless Infrastructure Backhaul Business
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(1) Includes three months of Entropic operations.
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