MaxLinear, Inc. Announces Fourth Quarter 2017 Financial Results


 
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
  Years Ended
  December 31, 2017  December 31, 2016
Operating Activities   
Net income (loss)$(9,187) $61,292 
Adjustments to reconcile net income (loss) to cash provided by operating activities:   
Amortization and depreciation66,738  26,703 
Impairment of IPR&D assets2,000  1,300 
Provision for losses on accounts receivable133  87 
Amortization (accretion) of investment premiums (discount), net(60) 169 
Amortization of inventory step-up25,557  5,641 
Amortization of debt issuance costs763   
Stock-based compensation32,668  21,765 
Deferred income taxes(31,767) 101 
Loss on disposal of property and equipment168  366 
(Gain) loss on sale of available-for-sale securities38  (50)
(Gain) loss on foreign currency2,153  (216)
Excess tax benefits on stock-based awards(8,559) (8,291)
Change in fair value of contingent consideration  220 
Impairment of leases  388 
Changes in operating assets and liabilities:   
Accounts receivable(4,377) (8,175)
Inventory(1,788) 9,846 
Prepaid expenses and other assets1,272  402 
Accounts payable, accrued expenses and other current liabilities(1,918) 3,249 
Accrued compensation1,567  5,609 
Deferred revenue and deferred profit(1,629) 1,925 
Accrued price protection liability6,395  (4,850)
Other long-term liabilities(5,103) (164)
Net cash provided by operating activities75,064  117,317 
Investing Activities   
Purchases of property and equipment(7,468) (8,512)
Proceeds from sale of property and equipment30   
Purchases of intangible assets(5,378) (390)
Cash used in acquisition, net of cash acquired(473,304) (101,000 )
Purchases of available-for-sale securities (30,577 )   (90,307 )
Maturities of available-for-sale securities 84,546     98,896  
Net cash used in investing activities (432,151 )   (101,313 )
Financing Activities      
Repurchases of common stock (334 )   (3 )
Net proceeds from issuance of common stock 12,052     6,649  
Minimum tax withholding paid on behalf of employees for restricted stock units (11,543 )   (7,316 )
Proceeds from issuance of debt 416,846      
Repayment of debt (70,000 )    
Net cash provided by (used in) financing activities 347,021     (670 )
Effect of exchange rate changes on cash and cash equivalents 1,582     (394 )
Increase (decrease) in cash, cash equivalents and restricted cash (8,484 )   14,940  
Cash, cash equivalents and restricted cash at beginning of period 82,896     67,956  
Cash, cash equivalents and restricted cash at end of period $ 74,412     $ 82,896  
               

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