MaxLinear, Inc. Announces Second Quarter 2018 Financial Results

MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

	June 30, 2018		March 31, 2018		June 30, 2017
Assets
Current assets:
Cash and cash equivalents	$	74,059	$	55,645	$	87,568
Short-term restricted cash	345		617		615
Accounts receivable, net	83,648		90,632		82,695
Inventory	44,338		45,758		77,559
Prepaid expenses and other current assets	7,305		8,413		9,732
Total current assets	209,695		201,065		258,169
Long-term restricted cash	711		1,071		1,908
Property and equipment, net	20,886		21,993		24,469
Intangible assets, net	281,017		298,031		353,524
Goodwill	238,330		237,810		238,838
Deferred tax assets	42,995		41,426		53,878
Other long-term assets	4,732		7,318		6,841
Total assets	$	798,366	$	808,714	$	937,627

Liabilities and stockholders’ equity
Current liabilities	$	80,160	$	67,061	$	110,197
Long-term debt	305,183		322,896		415,032
Other long-term liabilities	13,102		12,309		14,491
Total stockholders’ equity	399,921		406,448		397,907
Total liabilities and stockholders’ equity	$	798,366	$	808,714	$	937,627

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)

	Three Months Ended
	June 30, 2018			March 31, 2018			June 30, 2017
GAAP gross profit	$	56,330		$	62,668		$	51,104
Stock-based compensation	120			106			79
Performance based equity	47			78			28
Amortization of inventory step-up	—			—			5,635
Amortization of purchased intangible assets	8,968			8,969			6,260
Depreciation of fixed asset step-up	96			112			112
Deferred profit eliminated in purchase price accounting	—			—			3,872
Non-GAAP gross profit	65,561			71,933			67,090

GAAP R&D expenses	30,211			31,121			29,015
Stock-based compensation	(4,454		)	(4,374		)	(4,011		)
Performance based equity	(1,297		)	(1,140		)	(1,055		)
Amortization of purchased intangible assets	—			—			(97		)
Depreciation of fixed asset step-up	(324		)	(329		)	(760		)
Non-GAAP R&D expenses	24,136			25,278			23,092

GAAP SG&A expenses	24,501			27,117			31,338
Stock-based compensation	(2,735		)	(3,993		)	(3,024		)
Performance based equity	(730		)	(1,049		)	(482		)
Amortization of purchased intangible assets	(7,994		)	(7,994		)	(8,262		)
Depreciation of fixed asset step-up	(12		)	(10		)	(56		)
Acquisition and integration costs	—			—			(5,609		)
IP litigation costs, net	(19		)	(42		)	(125		)
Non-GAAP SG&A expenses	13,011			14,029			13,780

GAAP restructuring expenses	1,865			—			6,546
Restructuring charges	(1,865		)	—			(6,546		)
Non-GAAP restructuring expenses	—			—			—

GAAP income (loss) from operations	(247		)	4,430			(15,795		)
Total non-GAAP adjustments	28,661			28,196			46,013
Non-GAAP income from operations	28,414			32,626			30,218

GAAP and non-GAAP interest and other income (expense), net	(2,950		)	(4,447		)	(2,755		)

GAAP loss before income taxes	(3,197		)	(17		)	(18,550		)
Total non-GAAP adjustments	28,661			28,196			46,013
Non-GAAP income before income taxes	25,464			28,179			27,463

GAAP income tax provision (benefit)	11,225			(1,864		)	(29,515		)
Adjustment for non-cash tax benefits/expenses	(9,443		)	3,837			32,300
Non-GAAP income tax provision	1,782			1,973			2,785

GAAP net income (loss)	(14,422		)	1,847			10,965
Total non-GAAP adjustments before income taxes	28,661			28,196			46,013
Less: total tax adjustments	(9,443		)	3,837			32,300
Non-GAAP net income	$	23,682		$	26,206		$	24,678

Shares used in computing non-GAAP basic net income per share	68,335			67,674			65,889
Shares used in computing non-GAAP diluted net income per share	70,473			70,440			69,645
Non-GAAP basic net income per share	$	0.35		$	0.39		$	0.37
Non-GAAP diluted net income per share	$	0.34		$	0.37		$	0.35

« Previous Page 1 | 2 | 3 | 4 | 5 | 6 | 7 | 8 Next Page »