| MAXLINEAR, INC. | |||||||||||
| UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (in thousands) | |||||||||||
| Three Months Ended | |||||||||||
| March 31, 2017 | December 31, 2016 | March 31, 2016 | |||||||||
| Operating Activities | |||||||||||
| Net income | $ | 8,463 | $ | 8,348 | $ | 20,681 | |||||
| Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
| Amortization and depreciation | 6,899 | 7,960 | 5,772 | ||||||||
| Provision for losses on accounts receivable | 87 | — | — | ||||||||
| Amortization of investment premiums, net | 47 | 74 | 149 | ||||||||
| Amortization of inventory step-up | — | 2,652 | — | ||||||||
| Stock-based compensation | 5,474 | 5,290 | 5,109 | ||||||||
| Deferred income taxes | 155 | (114 | ) | 233 | |||||||
| (Gain) loss on disposal of property and equipment | (88 | ) | 318 | — | |||||||
| (Gain) loss on foreign currency | (216 | ) | (282 | ) | 124 | ||||||
| Excess tax benefits on stock-based awards | (914 | ) | (2,249 | ) | (1,565 | ) | |||||
| Change in fair value of contingent consideration | — | 11 | 86 | ||||||||
| Impairment of leases | — | 388 | — | ||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (7,436 | ) | (815 | ) | 1,359 | ||||||
| Inventory | (5,102 | ) | 2,882 | 3,022 | |||||||
| Prepaid expenses and other assets | 825 | 767 | (2,416 | ) | |||||||
| Accounts payable, accrued expenses and other current liabilities | 7,952 | 752 | 3,080 | ||||||||
| Accrued compensation | 382 | 2,252 | 3,231 | ||||||||
| Deferred revenue and deferred profit | (307 | ) | 697 | 2,457 | |||||||
| Accrued price protection liability | 6,771 | (1,936 | ) | (1,583 | ) | ||||||
| Other long-term liabilities | (320 | ) | 608 | (785 | ) | ||||||
| Net cash provided by operating activities | 22,672 | 27,603 | 38,954 | ||||||||
| Investing Activities | |||||||||||
| Purchases of property and equipment | (743 | ) | (1,684 | ) | (3,222 | ) | |||||
| Purchases of intangible assets | (120 | ) | — | — | |||||||
| Purchases of available-for-sale securities | (30,577 | ) | (10,044 | ) | (37,773 | ) | |||||
| Maturities of available-for-sale securities | 20,785 | 10,185 | 10,300 | ||||||||
| Net cash used in investing activities | (10,655 | ) | (1,543 | ) | (30,695 | ) | |||||
| Financing Activities | |||||||||||
| Repurchases of common stock | (334 | ) | — | (3 | ) | ||||||
| Net proceeds from issuance of common stock | 361 | 2,199 | 1,727 | ||||||||
| Minimum tax withholding paid on behalf of employees for restricted stock units | (4,903 | ) | (1,132 | ) | (1,092 | ) | |||||
| Net cash provided by (used in) financing activities | (4,876 | ) | 1,067 | 632 | |||||||
| Effect of exchange rate changes on cash and cash equivalents | 1,201 | (307 | ) | (7 | ) | ||||||
| Increase in cash, cash equivalents and restricted cash | 8,342 | 26,820 | 8,884 | ||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 82,896 | 56,076 | 67,956 | ||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 91,238 | $ | 82,896 | $ | 76,840 | |||||
MaxLinear, Inc. Announces First Quarter 2017 Financial Results
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