| MAXLINEAR, INC. | |||||||
| UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||
| (in thousands) | |||||||
| Six Months Ended | |||||||
| June 30, 2018 | June 30, 2017 | ||||||
| Operating Activities | |||||||
| Net income (loss) | $ | (12,575 | ) | $ | 19,428 | ||
| Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||
| Amortization and depreciation | 40,135 | 25,160 | |||||
| Provision for losses on accounts receivable | — | 87 | |||||
| Accretion of investment discount | — | (60 | ) | ||||
| Amortization of inventory step-up | — | 5,635 | |||||
| Amortization of debt issuance costs and discount | 574 | 175 | |||||
| Stock-based compensation | 15,782 | 17,102 | |||||
| Deferred income taxes | (3,621 | ) | (53,142 | ) | |||
| Gain on disposal of property and equipment | — | (85 | ) | ||||
| Loss on sale of available-for-sale securities | — | 38 | |||||
| (Gain) loss on foreign currency | (357 | ) | 682 | ||||
| Excess tax benefits on stock-based awards | (1,115 | ) | (3,290 | ) | |||
| Impairment of leasehold improvements | 700 | — | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | (17,554 | ) | (20,932 | ) | |||
| Inventory | 9,096 | (7,391 | ) | ||||
| Prepaid expenses and other assets | 3,216 | 5,210 | |||||
| Accounts payable, accrued expenses and other current liabilities | 11,119 | 15,562 | |||||
| Accrued compensation | 3,903 | (1,282 | ) | ||||
| Deferred revenue and deferred profit | (138 | ) | 7,326 | ||||
| Accrued price protection liability | (1,491 | ) | 9,447 | ||||
| Other long-term liabilities | 121 | (4,088 | ) | ||||
| Net cash provided by operating activities | 47,795 | 15,582 | |||||
| Investing Activities | |||||||
| Purchases of property and equipment | (4,804 | ) | (1,898 | ) | |||
| Purchases of intangible assets | — | (5,325 | ) | ||||
| Cash used in acquisition, net of cash acquired | — | (473,304 | ) | ||||
| Purchases of available-for-sale securities | — | (30,577 | ) | ||||
| Maturities of available-for-sale securities | — | 84,546 | |||||
| Net cash used in investing activities | (4,804 | ) | (426,558 | ) | |||
| Financing Activities | |||||||
| Net proceeds from issuance of debt | — | 416,846 | |||||
| Repayment of debt | (43,000 | ) | — | ||||
| Repurchases of common stock | — | (334 | ) | ||||
| Net proceeds from issuance of common stock | 4,016 | 8,018 | |||||
| Minimum tax withholding paid on behalf of employees for restricted stock units | (3,839 | ) | (8,399 | ) | |||
| Net cash provided by (used in) financing activities | (42,823 | ) | 416,131 | ||||
| Effect of exchange rate changes on cash and cash equivalents | 535 | 2,040 | |||||
| Increase in cash, cash equivalents and restricted cash | 703 | 7,195 | |||||
| Cash, cash equivalents and restricted cash at beginning of period | 74,412 | 82,896 | |||||
| Cash, cash equivalents and restricted cash at end of period | $ | 75,115 | $ | 90,091 | |||
MaxLinear, Inc. Announces Second Quarter 2018 Financial Results
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