MaxLinear, Inc. Announces Second Quarter 2018 Financial Results


MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
 
  Six Months Ended
  June 30, 2018  June 30, 2017
Net revenue$212,360  $193,016 
Cost of net revenue93,362  88,988 
Gross profit118,998  104,028 
Operating expenses:   
Research and development61,332  52,893 
Selling, general and administrative51,618  49,951 
Restructuring charges1,865  6,546 
Total operating expenses114,815  109,390 
Income (loss) from operations4,183  (5,362)
Interest income37  259 
Interest expense(7,588) (2,201)
Other income (expense), net154  (762)
Total interest and other income (expense), net(7,397) (2,704)
Loss before income taxes(3,214) (8,066)
Income tax provision (benefit)9,361  (27,494)
Net income (loss)$(12,575) $19,428 
Net income (loss) per share:   
Basic$(0.18) $0.30 
Diluted$(0.18) $0.28 
Shares used to compute net income (loss) per share:   
Basic68,008  65,564 
Diluted68,008  69,398 


MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
  Three Months Ended
  June 30, 2018  March 31, 2018  June 30, 2017
Operating Activities     
Net income (loss)$(14,422) $1,847  $10,965 
Adjustments to reconcile net income (loss) to cash provided by operating activities     
Amortization and depreciation20,051  20,084  18,261 
Accretion of investment discount    (107)
Amortization of inventory step-up    5,635 
Amortization of debt issuance costs and discount 287     287     175  
Stock-based compensation 7,309     8,473     11,628  
Deferred income taxes (1,289 )   (2,332 )   (53,297 )
Loss on disposal of property and equipment         3  
Loss on sale of available-for-sale securities         38  
(Gain) loss on foreign currency (828 )   471     898  
Excess tax benefits on stock-based awards (318 )   (797 )   (2,376 )
Impairment of leasehold improvements 700          
Changes in operating assets and liabilities:          
Accounts receivable 6,979     (24,533 )   (13,496 )
Inventory 1,420     7,676     (2,289 )
Prepaid expenses and other assets 2,213     1,003     4,385  
Accounts payable, accrued expenses and other current liabilities 11,540     (421 )   7,610  
Accrued compensation 1,401     2,502     (1,664 )
Deferred revenue and deferred profit     (138 )   7,633  
Accrued price protection liability (132 )   (1,359 )   2,676  
Other long-term liabilities 913     (792 )   (3,768 )
Net cash provided by (used in) operating activities 35,824     11,971     (7,090 )
           
Investing Activities          
Purchases of property and equipment (2,423 )   (2,381 )   (1,155 )
Purchases of intangible assets         (5,205 )
Cash used in acquisition, net of cash acquired         (473,304 )
Maturities of available-for-sale securities         63,761  
Net cash used in investing activities (2,423 )   (2,381 )   (415,903 )
           
Financing Activities          
Net proceeds from issuance of debt         416,846  
Repayment of debt (18,000 )   (25,000 )    
Net proceeds from issuance of common stock 3,036     980     7,657  
Minimum tax withholding paid on behalf of employees for restricted stock units (1,448 )   (2,391 )   (3,496 )
Net cash provided by (used in) financing activities (16,412 )   (26,411 )   421,007  
Effect of exchange rate changes on cash and cash equivalents 793     (258 )   839  
Increase (decrease) in cash, cash equivalents and restricted cash 17,782     (17,079 )   (1,147 )
Cash, cash equivalents and restricted cash at beginning of period 57,333     74,412     91,238  
Cash, cash equivalents and restricted cash at end of period $ 75,115     $ 57,333     $ 90,091  

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