| MAXLINEAR, INC. | |||||||
| UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in thousands) | |||||||
| Nine Months Ended | |||||||
| September 30, 2016 | September 30, 2015 (1) | ||||||
| Operating Activities | |||||||
| Net income (loss) | $ | 52,944 | $ | (33,787 | ) | ||
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||
| Amortization and depreciation | 18,743 | 31,162 | |||||
| Impairment of IPR&D assets | 1,300 | — | |||||
| Provision for losses on accounts receivable | 87 | — | |||||
| Provision for inventory reserves | 9 | — | |||||
| Amortization of investment premiums, net | 95 | 261 | |||||
| Amortization of inventory step-up | 2,989 | 14,244 | |||||
| Stock-based compensation | 16,475 | 15,052 | |||||
| Deferred income taxes | 215 | (1,709 | ) | ||||
| (Gain) loss on disposal of property and equipment | 48 | (39 | ) | ||||
| (Gain) loss on sale of available-for-sale securities | (50 | ) | 21 | ||||
| Change in fair value of contingent consideration | 209 | (123 | ) | ||||
| Impairment of leases | — | 6,161 | |||||
| Loss on foreign currency | 66 | — | |||||
| Excess tax benefits on stock-based awards
| (6,042 | ) | — | ||||
| Impairment of long-lived assets | — | 153 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (7,360 | ) | 5,971 | ||||
| Inventory | 6,955 | (10,069 | ) | ||||
| Prepaid and other assets | (365 | ) | 700 | ||||
| Accounts payable, accrued expenses and other current liabilities | 2,497 | (8,822 | ) | ||||
| Accrued compensation | 3,357 | 4,845 | |||||
| Deferred revenue and deferred profit | 1,228 | 526 | |||||
| Accrued price protection liability | (2,914 | ) | 6,200 | ||||
| Other long-term liabilities | (772 | ) | (264 | ) | |||
| Net cash provided by operating activities | 89,714 | 30,483 | |||||
| Investing Activities | |||||||
| Purchases of property and equipment | (6,828 | ) | (1,480 | ) | |||
| Purchases of intangible assets | (390 | ) | (100 | ) | |||
| Cash used in acquisition, net of cash acquired | (101,000 | ) | (3,615 | ) | |||
| Purchases of available-for-sale securities | (80,263 | ) | (45,680 | ) | |||
| Maturities of available-for-sale securities | 88,711 | 57,508 | |||||
| Net cash provided by (used in) investing activities | (99,770 | ) | 6,633 | ||||
| Financing Activities | |||||||
| Repurchases of common stock | (3 | ) | (101 | ) | |||
| Net proceeds from issuance of common stock | 4,450 | 6,346 | |||||
| Minimum tax withholding paid on behalf of employees for restricted stock units | (6,184 | ) | (4,528 | ) | |||
| Equity issuance costs | — | (705 | ) | ||||
| Net cash provided by (used in) financing activities | (1,737 | ) | 1,012 | ||||
| Effect of exchange rate changes on cash and cash equivalents | (87 | ) | (675 | ) | |||
| Increase (decrease) in cash and cash equivalents | (11,880 | ) | 37,453 | ||||
| Cash and cash equivalents at beginning of period | 67,956 | 20,696 | |||||
| Cash and cash equivalents at end of period | $ | 56,076 | $ | 58,149 | |||
MaxLinear, Inc. Announces Third Quarter 2016 Financial Results
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