MaxLinear, Inc. Announces Fourth Quarter 2017 Financial Results


 
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
 
  Years Ended
  December 31, 2017  December 31, 2016
Net revenue$420,318  $387,832 
Cost of net revenue212,355  157,842 
Gross profit207,963  229,990 
Operating expenses:   
Research and development112,279  97,745 
Selling, general and administrative105,831  64,454 
IPR&D impairment losses2,000  1,300 
Restructuring charges9,524  3,432 
Total operating expenses229,634  166,931 
Income (loss) from operations(21,671) 63,059 
Interest income274  572 
Interest expense(10,378) (104)
Other income (expense), net(2,223) 163 
Total interest and other income (expense), net(12,327) 631 
Income (loss) before income taxes(33,998) 63,690 
Income tax provision (benefit)(24,811) 2,398 
Net income (loss)$(9,187) $61,292 
Net income (loss) per share:   
Basic$(0.14) $0.96 
Diluted$(0.14) $0.91 
Shares used to compute net income (loss) per share:   
Basic66,252  63,781 
Diluted66,252  67,653 
      


 
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
  Three Months Ended
  December 31, 2017  September 30, 2017  December 31, 2016
Operating Activities        
Net income (loss) $ (19,448 )   $ (9,167 )   $ 8,348  
Adjustments to reconcile net income (loss) to cash provided by operating activities:          
Amortization and depreciation 20,236     21,342     7,960  
Impairment of IPR&D assets     2,000      
Provision for losses on accounts receivable     46      
Amortization of investment premiums, net         74  
Amortization of inventory step-up 9,715     10,207     2,652  
Amortization of debt issuance costs 287     301      
Stock-based compensation 7,770     7,796     5,290  
Deferred income taxes 16,650     (1,163 )   (114 )
(Gain) loss on disposal of property and equipment (33 )   286     318  
(Gain) loss on foreign currency 738     733     (282 )
Excess tax benefits on stock-based awards (1,961 )   (841 )   (2,249 )
Change in fair value of contingent consideration         11  
Impairment of leases         388  
Changes in operating assets and liabilities:          
Accounts receivable 9,492     7,063     (815 )
Inventory 543     5,060     2,882  
Prepaid expenses and other assets (424 )   2,374     767  
Accounts payable, accrued expenses and other current liabilities (2,494 )   (17,453 )   752  
Accrued compensation 1,351     1,498     2,252  
Deferred revenue and deferred profit (12,862 )   3,907     697  
Accrued price protection liability (6,658 )   3,606     (1,936 )
Other long-term liabilities (1,159 )   144     608  
Net cash provided by operating activities 21,743     37,739     27,603  
Investing Activities          
Purchases of property and equipment (3,070 )   (2,500 )   (1,684 )
Proceeds from sale of property and equipment 30          
Purchases of intangible assets     (53 )    
Purchases of available-for-sale securities         (10,044 )
Maturities of available-for-sale securities         10,185  
Net cash used in investing activities (3,040 )   (2,553 )   (1,543 )
Financing Activities          
Net proceeds from issuance of common stock 2,960     1,074     2,199  
Minimum tax withholding paid on behalf of employees for restricted stock units (1,718 )   (1,426 )   (1,132 )
Repayment of debt (20,000 )   (50,000 )    
Net cash provided by (used in) financing activities (18,758 )   (50,352 )   1,067  
Effect of exchange rate changes on cash and cash equivalents 371     (829 )   (307 )
Increase (decrease) in cash, cash equivalents and restricted cash 316     (15,995 )   26,820  
Cash, cash equivalents and restricted cash at beginning of period 74,096     90,091     56,076  
Cash, cash equivalents and restricted cash at end of period $ 74,412     $ 74,096     $ 82,896  
                       

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12  Next Page »



© 2024 Internet Business Systems, Inc.
670 Aberdeen Way, Milpitas, CA 95035
+1 (408) 882-6554 — Contact Us
ShareCG™ is a trademark of Internet Business Systems, Inc.

Report a Bug Report Abuse Make a Suggestion About Privacy Policy Contact Us User Agreement Advertise