MaxLinear, Inc. Announces Second Quarter 2017 Financial Results

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(1) Net cash used in operating activities for the three months ended June 30, 2017 of $7.1 million includes the impact of payments of $18.0 million in assumed Exar pre-close liabilities and $7.6 million in aggregate transaction and cash restructuring costs.

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
  Six Months Ended
  June 30, 2017  June 30, 2016
Operating Activities   
Net income$19,428  $43,265 
Adjustments to reconcile net income to cash provided by operating activities:   
Amortization and depreciation25,160  9,935 
Provision for losses on accounts receivable87   
Amortization (accretion) of investment premiums (discount), net(60) 83 
Amortization of inventory step-up5,635  336 
Amortization of debt issuance costs175   
Stock-based compensation17,102  10,211 
Deferred income taxes(53,142) 133 
(Gain) loss on disposal of property and equipment(85) 48 
(Gain) loss on sale of available-for-sale securities38  (50)
(Gain) loss on foreign currency682  (46)
Excess tax benefits on stock-based awards(3,290) (5,114)
Change in fair value of contingent consideration  110 
Changes in operating assets and liabilities:   
Accounts receivable(20,932) (1,941)
Inventory(7,391) 7,418 
Prepaid expenses and other assets5,210  (805)
Accounts payable, accrued expenses and other current liabilities15,562  4,967 
Accrued compensation(1,282) 3,540 
Deferred revenue and deferred profit7,326  1,732 
Accrued price protection liability9,447  (1,756)
Other long-term liabilities(4,088) (767)
Net cash provided by operating activities15,582  71,299 
Investing Activities   
Purchases of property and equipment(1,898) (4,710)
Purchases of intangible assets(5,325) (390)
Cash used in acquisition, net of cash acquired(473,304) (21,000)
Purchases of available-for-sale securities(30,577) (47,277)
Maturities of available-for-sale securities84,546  81,011 
Net cash provided by (used in) investing activities(426,558) 7,634 
Financing Activities   
Repurchases of common stock(334) (3)
Net proceeds from issuance of common stock 8,018     4,285  
Minimum tax withholding paid on behalf of employees for restricted stock units (8,399 )   (3,593 )
Proceeds from issuance of debt 416,846      
Net cash provided by financing activities 416,131     689  
Effect of exchange rate changes on cash and cash equivalents 2,040     4  
Increase in cash, cash equivalents and restricted cash 7,195     79,626  
Cash, cash equivalents and restricted cash at beginning of period 82,896     67,956  
Cash, cash equivalents and restricted cash at end of period $ 90,091     $ 147,582  

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