MaxLinear, Inc. Announces First Quarter 2016 Financial Results and the Acquisition of Broadcom Corporation's Wireless Infrastructure Backhaul Business
(1) Includes three months of Entropic cash flows.
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MAXLINEAR, INC. |
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UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS |
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(in thousands) |
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March 31, 2016 | |
December 31, 2015 | |
March 31, 2015 |
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Assets | | | | | |
| Current assets: | | | | | |
| Cash and cash equivalents | $ | 76,840 | | | $ | 67,956 | | | $ | 22,769 | |
| Short-term investments, available-for-sale | 73,210 | | | 43,300 | | | 42,173 | |
| Accounts receivable, net | 41,040 | | | 42,399 | | | 20,666 | |
| Inventory | 29,421 | | | 32,443 | | | 12,849 | |
| Prepaid expenses and other current assets | 6,185 | | | 3,904 | | | 3,574 | |
| Total current assets | 226,696 | | | 190,002 | | | 102,031 | |
| Property and equipment, net | 21,538 | | | 21,858 | | | 11,264 | |
| Long-term investments, available-for-sale | 16,782 | | | 19,242 | | | 16,332 | |
| Intangible assets, net | 49,293 | | | 51,355 | | | 10,191 | |
| Goodwill | 49,779 | | | 49,779 | | | 1,201 | |
| Other long-term assets | 2,169 | | | 2,269 | | | 490 | |
| Total assets | $ | 366,257 | | | $ | 334,505 | | | $ | 141,509 | |
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Liabilities and stockholders’ equity | | | | | |
| Current liabilities | $ | 63,274 | | | $ | 55,832 | | | $ | 39,858 | |
| Other long-term liabilities | 14,968 | | | 15,749 | | | 3,522 | |
| Total stockholders’ equity | 288,015 | | | 262,924 | | | 98,129 | |
| Total liabilities and stockholders’ equity | $ | 366,257 | | | $ | 334,505 | | | $ | 141,509 | |
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MAXLINEAR, INC. |
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UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS |
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(in thousands, except per share data) |
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Three Months Ended |
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March 31, 2016 | |
December 31, 2015 | |
March 31, 2015 |
| GAAP cost of net revenue | $ | 41,515 | | | $ | 43,189 | | | $ | 13,725 | |
| Stock based compensation | (43 | ) | | (44 | ) | | (35 | ) |
| Performance based equity | (101 | ) | | (97 | ) | | (5 | ) |
| Amortization of purchased intangible assets | (1,582 | ) | | (1,578 | ) | | — | |
| Non-GAAP cost of net revenue | 39,789 | | | 41,470 | | | 13,685 | |
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| GAAP R&D expenses | 23,752 | | | 22,640 | | | 15,281 | |
| Stock based compensation | (3,063 | ) | | (2,850 | ) | | (2,340 | ) |
| Incentive award compensation | (216 | ) | | (1,106 | ) | | 77 | |
| Performance based equity | (1,181 | ) | | (1,227 | ) | | (390 | ) |
| Amortization of purchased intangible assets | (96 | ) | | (96 | ) | | (116 | ) |
| Severance charges | — | | | (22 | ) | | (665 | ) |
| Restricted merger proceeds and contingent consideration | (208 | ) | | (210 | ) | | (208 | ) |
| Non-GAAP R&D expenses | 18,988 | | | 17,129 | | | 11,639 | |
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| GAAP SG&A expenses | 13,610 | | | 17,960 | | | 10,944 | |
| Stock based compensation | (1,737 | ) | | (1,278 | ) | | (1,344 | ) |
| Incentive award compensation | (50 | ) | | (86 | ) | | 9 | |
| Performance based equity | (595 | ) | | (642 | ) | | (355 | ) |
| Amortization of purchased intangible assets | (296 | ) | | (4,938 | ) | | — | |
| Acquisition and integration costs | 76 | | | (13 | ) | | (2,504 | ) |
| Restricted merger proceeds and contingent consideration | (86 | ) | | (251 | ) | | 183 | |
| Severance charges | — | | | (143 | ) | | (7 | ) |
| IP litigation costs, net | (462 | ) | | (325 | ) | | (627 | ) |
| Non-GAAP SG&A expenses | 10,460 | | | 10,284 | | | 6,299 | |
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| GAAP restructuring expenses | 2,106 | | | 23,872 | | | — | |
| Impairment losses | — | | | (21,600 | ) | | — | |
| Restructuring charges | (2,106 | ) | | (2,272 | ) | | — | |
| Non-GAAP restructuring expenses | — | | | — | | | — | |
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| GAAP income tax expense (benefit) | 2,558 | | | 56 | | | — | |
| Record valuation allowance due to net deferred liability acquired | — | | | 165 | | | — | |
| Non-GAAP income tax expense | 2,558 | | | 221 | | | — | |
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| GAAP net income (loss) | 19,116 | | | (8,544 | ) | | (4,722 | ) |
| Total Adjustments | (11,746 | ) | | (38,613 | ) | | (8,327 | ) |
| Non-GAAP net income | 30,862 | | | 30,069 | | | 3,605 | |
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| Shares used in computing non-GAAP basic net income per share | 62,585 | | | 61,895 | | | 38,015 | |
| Shares used in computing GAAP diluted net income (loss) per share | 65,818 | | | 61,895 | | | 38,015 | |
| Dilutive common stock equivalents | — | | | 3,284 | | | 2,027 | |
| Shares used in computing non-GAAP diluted net income per share | 65,818 | | | 65,179 | | | 40,042 | |
| Non-GAAP basic net income per share | $ | 0.49 | | | $ | 0.49 | | | $ | 0.09 | |
| Non-GAAP diluted net income per share | $ | 0.47 | | | $ | 0.46 | | | $ | 0.09 | |
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