MaxLinear, Inc. Announces Fourth Quarter 2016 Financial Results and the Acquisition of Marvell's G.hn Business


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  

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