| MAXLINEAR, INC. | ||||||||
| UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||||
| (in thousands) | ||||||||
| Years Ended | ||||||||
| December 31, 2016 | December 31, 2015(1) | |||||||
| Operating Activities | ||||||||
| Net income (loss) | $ | 61,292 | $ | (42,331 | ) | |||
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||||||||
| Amortization and depreciation | 26,703 | 40,641 | ||||||
| Impairment of IPR&D assets | 1,300 | 21,600 | ||||||
| Provision for losses on accounts receivable | 87 | 178 | ||||||
| Amortization of investment premiums, net | 169 | 554 | ||||||
| Amortization of inventory step-up | 5,641 | 14,244 | ||||||
| Stock-based compensation | 21,765 | 19,268 | ||||||
| Deferred income taxes | 101 | (1,906 | ) | |||||
| Loss on disposal of property and equipment | 366 | 74 | ||||||
| Gain on sale of available-for-sale securities | (50 | ) | (21 | ) | ||||
| Change in fair value of contingent consideration | 220 | 130 | ||||||
| Impairment of leases | 388 | 8,163 | ||||||
| Gain on foreign currency | (216 | ) | — | |||||
| Excess tax benefits on stock-based awards | (8,291 | ) | — | |||||
| Impairment of long-lived assets | — | 153 | ||||||
| Changes in operating assets and liabilities: | ||||||||
| Accounts receivable | (8,175 | ) | 5,160 | |||||
| Inventory | 9,846 | (6,247 | ) | |||||
| Prepaid and other assets | 402 | 4,495 | ||||||
| Accounts payable, accrued expenses and other current liabilities | 3,249 | (22,033 | ) | |||||
| Accrued compensation | 5,609 | 5,320 | ||||||
| Deferred revenue and deferred profit | 1,925 | 454 | ||||||
| Accrued price protection liability | (4,850 | ) | 6,522 | |||||
| Other long-term liabilities | (164 | ) | 623 | |||||
| Net cash provided by operating activities | 117,317 | 55,041 | ||||||
| Investing Activities | ||||||||
| Purchases of property and equipment | (8,512 | ) | (2,996 | ) | ||||
| Purchases of intangible assets | (390 | ) | (100 | ) | ||||
| Cash used in acquisition, net of cash acquired | (101,000 | ) | (3,615 | ) | ||||
| Purchases of available-for-sale securities | (90,307 | ) | (73,377 | ) | ||||
| Maturities of available-for-sale securities | 98,896 | 69,029 | ||||||
| Net cash used in investing activities | (101,313 | ) | (11,059 | ) | ||||
| Financing Activities | ||||||||
| Repurchases of common stock | (3 | ) | (101 | ) | ||||
| Net proceeds from issuance of common stock | 6,649 | 9,950 | ||||||
| Minimum tax withholding paid on behalf of employees for restricted stock units | (7,316 | ) | (5,141 | ) | ||||
| Equity issuance costs | — | (705 | ) | |||||
| Net cash provided by (used in) financing activities | (670 | ) | 4,003 | |||||
| Effect of exchange rate changes on cash and cash equivalents | (394 | ) | (725 | ) | ||||
| Increase in cash and cash equivalents | 14,940 | 47,260 | ||||||
| Cash and cash equivalents at beginning of period | 67,956 | 20,696 | ||||||
| Cash and cash equivalents at end of period | $ | 82,896 | $ | 67,956 | ||||
MaxLinear, Inc. Announces Fourth Quarter 2016 Financial Results and the Acquisition of Marvell's G.hn Business
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