MaxLinear, Inc. Announces First Quarter 2018 Financial Results

MaxLinear, Inc. Investor Relations Contact:
Gideon Massey
Investor Relations Specialist
Tel: 949-333-0056
gmassey@maxlinear.com

 
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 revenue48,159  61,628  35,917 
Gross profit62,668  52,093  52,924 
Operating expenses:     
Research and development31,121  30,116  23,878 
Selling, general and administrative27,117  26,843  18,613 
Restructuring charges  800   
Total operating expenses58,238  57,759  42,491 
Income (loss) from operations4,430  (5,666) 10,433 
Interest income18  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:     
Basic67,674  67,147  65,238 
Diluted70,440  67,147  69,149 


 
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  

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