MaxLinear, Inc. Investor Relations Contact:
Gideon Massey
Investor Relations Specialist
Tel: 949-333-0056
gmassey@maxlinear.com
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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) | |||||||||||||||||
| Three Months Ended | |||||||||||||||||
| March 31, 2018 | December 31, 2017 | March 31, 2017 | |||||||||||||||
| Net revenue | $ | 110,827 | $ | 113,721 | $ | 88,841 | |||||||||||
| Cost of net revenue | 48,159 | 61,628 | 35,917 | ||||||||||||||
| Gross profit | 62,668 | 52,093 | 52,924 | ||||||||||||||
| Operating expenses: | |||||||||||||||||
| Research and development | 31,121 | 30,116 | 23,878 | ||||||||||||||
| Selling, general and administrative | 27,117 | 26,843 | 18,613 | ||||||||||||||
| Restructuring charges | — | 800 | — | ||||||||||||||
| Total operating expenses | 58,238 | 57,759 | 42,491 | ||||||||||||||
| Income (loss) from operations | 4,430 | (5,666 | ) | 10,433 | |||||||||||||
| Interest income | 18 | 14 | 195 | ||||||||||||||
| Interest expense | (3,894 | ) | (4,044 | ) | (1 | ) | |||||||||||
| Other expense, net | (571 | ) | (793 | ) | (143 | ) | |||||||||||
| Total interest and other income (expense), net | (4,447 | ) | (4,823 | ) | 51 | ||||||||||||
| Income (loss) before income taxes | (17 | ) | (10,489 | ) | 10,484 | ||||||||||||
| Income tax provision (benefit) | (1,864 | ) | 8,959 | 2,021 | |||||||||||||
| Net income (loss) | $ | 1,847 | $ | (19,448 | ) | $ | 8,463 | ||||||||||
| Net income (loss) per share: | |||||||||||||||||
| Basic | $ | 0.03 | $ | (0.29 | ) | $ | 0.13 | ||||||||||
| Diluted | $ | 0.03 | $ | (0.29 | ) | $ | 0.12 | ||||||||||
| Shares used to compute net income (loss) per share: | |||||||||||||||||
| Basic | 67,674 | 67,147 | 65,238 | ||||||||||||||
| Diluted | 70,440 | 67,147 | 69,149 | ||||||||||||||
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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) | |||||||||||||||||
| Three Months Ended | |||||||||||||||||
| March 31, 2018 | December 31, 2017 | March 31, 2017 | |||||||||||||||
| Operating Activities | |||||||||||||||||
| Net income (loss) | $ | 1,847 | $ | (19,448 | ) | $ | 8,463 | ||||||||||
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||||||||||||
| Amortization and depreciation | 20,084 | 20,236 | 6,899 | ||||||||||||||
| Provision for losses on accounts receivable | — | — | 87 | ||||||||||||||
| Amortization of investment premiums | — | — | 47 | ||||||||||||||
| Amortization of inventory step-up | — | 9,715 | — | ||||||||||||||
| Amortization of debt issuance costs | 287 | 287 | — | ||||||||||||||
| Stock-based compensation | 8,473 | 7,770 | 5,474 | ||||||||||||||
| Deferred income taxes | (2,332 | ) | 16,650 | 155 | |||||||||||||
| Gain on disposal of property and equipment | — | (33 | ) | (88 | ) | ||||||||||||
| (Gain) loss on foreign currency | 471 | 738 | (216 | ) | |||||||||||||
| Excess tax benefits on stock-based awards | (797 | ) | (1,961 | ) | (914 | ) | |||||||||||
| Changes in operating assets and liabilities: | |||||||||||||||||
| Accounts receivable | (24,533 | ) | 9,492 | (7,436 | ) | ||||||||||||
| Inventory | 7,676 | 543 | (5,102 | ) | |||||||||||||
| Prepaid expenses and other assets | 1,003 | (424 | ) | 825 | |||||||||||||
| Accounts payable, accrued expenses and other current liabilities | (421 | ) | (2,494 | ) | 7,952 | ||||||||||||
| Accrued compensation | 2,502 | 1,351 | 382 | ||||||||||||||
| Deferred revenue and deferred profit | (138 | ) | (12,862 | ) | (307 | ) | |||||||||||
| Accrued price protection liability | (1,359 | ) | (6,658 | ) | 6,771 | ||||||||||||
| Other long-term liabilities | (792 | ) | (1,159 | ) | (320 | ) | |||||||||||
| Net cash provided by operating activities | 11,971 | 21,743 | 22,672 | ||||||||||||||
| Investing Activities | |||||||||||||||||
| Purchases of property and equipment | (2,381 | ) | (3,070 | ) | (743 | ) | |||||||||||
| Proceeds from sale of property and equipment | — | 30 | — | ||||||||||||||
| Purchases of intangible assets | — | — | (120 | ) | |||||||||||||
| Purchases of available-for-sale securities | — | — | (30,577 | ) | |||||||||||||
| Maturities of available-for-sale securities | — | — | 20,785 | ||||||||||||||
| Net cash used in investing activities | (2,381 | ) | (3,040 | ) | (10,655 | ) | |||||||||||
| Financing Activities | |||||||||||||||||
| Repayment of debt | (25,000 | ) | (20,000 | ) | — | ||||||||||||
| Repurchases of common stock | — | — | (334 | ) | |||||||||||||
| Net proceeds from issuance of common stock | 980 | 2,960 | 361 | ||||||||||||||
| Minimum tax withholding paid on behalf of employees for restricted stock units | (2,391 | ) | (1,718 | ) | (4,903 | ) | |||||||||||
| Net cash used in financing activities | (26,411 | ) | (18,758 | ) | (4,876 | ) | |||||||||||
| Effect of exchange rate changes on cash and cash equivalents | (258 | ) | 371 | 1,201 | |||||||||||||
| Increase (decrease) in cash, cash equivalents and restricted cash | (17,079 | ) | 316 | 8,342 | |||||||||||||
| Cash, cash equivalents and restricted cash at beginning of period | 74,412 | 74,096 | 82,896 | ||||||||||||||
| Cash, cash equivalents and restricted cash at end of period | $ | 57,333 | $ | 74,412 | $ | 91,238 | |||||||||||
