MaxLinear, Inc. Announces Second Quarter 2016 Financial Results

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

	Six Months Ended
	June 30, 2016			June 30, 2015⁽¹⁾
Operating Activities
Net income (loss)	$	43,265		$	(35,369	)
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Amortization and depreciation	9,935			13,866
Provision for inventory reserves	9			—
Amortization of investment premiums, net	83			204
Amortization of inventory step-up	336			13,286
Stock-based compensation	10,211			10,020
Deferred income taxes	133			(1,960		)
Loss on disposal of property and equipment	48			—
Gain on sale of available-for-sale securities	(50		)	—
Change in fair value of contingent consideration	110			(132		)
Impairment of leases	—			5,593
Gain on foreign currency	(46		)	—
Excess tax benefits on stock based awards	(5,114		)	—
Changes in operating assets and liabilities:
Accounts receivable	(1,941		)	6,176
Inventory	7,409			(11,650		)
Prepaid and other assets	(805		)	3,384
Accounts payable, accrued expenses and other current liabilities	4,967			434
Accrued compensation	3,540			1,503
Deferred revenue and deferred profit	1,732			523
Accrued price protection liability	(1,756		)	2,275
Other long-term liabilities	(767		)	249
Net cash provided by operating activities	71,299			8,402
Investing Activities
Purchases of property and equipment	(4,710		)	(1,460		)
Purchases of intangible assets	(390		)	—
Cash used in acquisition, net of cash acquired	(21,000		)	(3,615		)
Purchases of available-for-sale securities	(47,277		)	(19,968		)
Maturities of available-for-sale securities	81,011			53,108
Net cash provided by investing activities	7,634			28,065
Financing Activities
Repurchases of common stock	(3		)	(101		)
Net proceeds from issuance of common stock	4,285			3,455
Minimum tax withholding paid on behalf of employees for restricted stock units	(3,593		)	(3,161		)
Equity issuance costs	—			(705		)
Net cash provided by (used in) financing activities	689			(512		)
Effect of exchange rate changes on cash and cash equivalents	4			80
Increase in cash and cash equivalents	79,626			36,035
Cash and cash equivalents at beginning of period	67,956			20,696
Cash and cash equivalents at end of period	$	147,582		$	56,731

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