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 cash345  617  615 
Accounts receivable, net83,648  90,632  82,695 
Inventory44,338  45,758  77,559 
Prepaid expenses and other current assets7,305  8,413  9,732 
Total current assets209,695  201,065  258,169 
Long-term restricted cash711  1,071  1,908 
Property and equipment, net20,886  21,993  24,469 
Intangible assets, net281,017  298,031  353,524 
Goodwill238,330  237,810  238,838 
Deferred tax assets42,995  41,426  53,878 
Other long-term assets4,732  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 debt305,183  322,896  415,032 
Other long-term liabilities13,102  12,309  14,491 
Total stockholders’ equity399,921  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  

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