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MaxLinear, Inc. Announces First Quarter 2021 Financial Results

CARLSBAD, Calif. — (BUSINESS WIRE) — April 28, 2021 — MaxLinear, Inc. (NYSE: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced financial results for the first quarter ended March 31, 2021.

First Quarter Financial Highlights

GAAP basis:

Non-GAAP basis:

Recent Business Highlights

Management Commentary

“In the first quarter, we posted record revenue, up 8% sequentially, due to strong demand for infrastructure and broadband access products. Solid demand for our broadband access and connectivity products is being driven by a combination of end-market strength and company-specific drivers including silicon content increases and share gains. Our cash flow from operations was approximately $40.3 million with non-GAAP gross margin of 58.6% in the quarter. In Q1, we also started mass production shipments of our 5G 4x4 radio transceiver SoCs. Despite the anticipated challenging manufacturing supply-chain dynamics throughout the rest of the year, owing to the strong demand backdrop for our connectivity and broadband access business, combined with the expected revenue contributions from the continued ramp of our infrastructure products in the latter half of 2021, we feel increasingly confident in the Company’s outlook for the remainder of this year and heading into 2022,” commented Kishore Seendripu, Ph.D., Chairman and CEO.

Second Quarter 2021 Business Outlook

The company expects revenue in the second quarter 2021 to be approximately $200 million to $210 million. The Company also estimates the following:

Webcast and Conference Call

MaxLinear will host its first quarter financial results conference call today, April 28, 2021 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access this call, dial US toll free: 1-877-407-3109 / International: 1-201-493-6798. A live webcast of the conference call will be accessible from the investor relations section of the MaxLinear website at https://investors.maxlinear.com, and will be archived and available after the call at https://investors.maxlinear.com until May 12, 2021. A replay of the conference call will also be available until May 12, 2021 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13719103.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning our future financial performance (including specifically our current guidance for second quarter 2021 revenue, gross margins, and operating expenses as well as statements with respect to confidence in the Company’s outlook for the balance of 2021 and into 2022) and statements concerning expectations of potential developments in our target markets, including (without limitation) management’s views with respect to the prospects for and trends in our broadband, connectivity and 5G wireless and fiber-optic high-speed interconnect infrastructure markets. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. In particular, our future operating results are substantially dependent on our assumptions about market trends and conditions and our expectations with respect to the impact of our acquisitions of the Home Gateway Platform Division of Intel Corporation, which we refer to as the Wi-Fi and Broadband assets business and NanoSemi, Inc. In addition, we have incurred incremental acquisition-related indebtedness, which enhances specific risks relating to our ability to service interest and principal payments on our combined indebtedness and limitations on our operating flexibility based on financial and operating covenants in the applicable term loan agreements, including (without limitation) debt covenant restrictions that may limit our ability to obtain additional financing, issue guarantees, create liens, make certain restricted payments or repay certain obligations or to pursue future acquisitions. Additional risks and uncertainties affecting our business and future operating results include, without limitation, the on-going impact of the COVID-19 pandemic, including whether and the extent to which we will continue to benefit from work-from-home and similar initiatives as the pandemic abates and conditions begin to normalize; the adverse impact of the pandemic and global semiconductor chip shortage on our operations around the world; increasing supply chain risks within our industry, including increases in shipping and material costs and substantial shipping delays resulting in extended lead-times; risks associated with our ability to realize improved profitability from our Wi-Fi and Broadband assets business; intense competition in our industry; our dependence on a limited number of customers for a substantial portion of our revenues; potential uncertainties arising from continued consolidation among cable television and satellite operators in our target markets and continued consolidation among competitors within the semiconductor industry generally; our ability to develop and introduce new and enhanced products on a timely basis and achieve market acceptance of those products, particularly as we seek to expand outside of our historic markets; potential decreases in average selling prices for our products; risks relating to intellectual property protection and the prevalence of intellectual property litigation in our industry; our reliance on a limited number of third party manufacturers; our lack of long-term supply contracts and dependence on limited sources of supply, which may be adversely affected by the pandemic; uncertainties concerning how end user markets for our products will develop, including in particular markets we have entered more recently such as broadband and Wi-Fi and 5G wireless and fiber-optic data center high-speed interconnect infrastructure markets but also existing markets which we previously referred to as connected home; and uncertainties concerning the outcome of global trade negotiations, export control limitations, and heightened geopolitical risks generally.

In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 11, 2021, and our Current Reports on Form 8-K, as well as the information to be set forth under the caption “Risk Factors” in MaxLinear’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, which we expect to file soon. All forward-looking statements are based on the estimates, projections and assumptions of management as of April 28, 2021, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.

Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating expenses as a percentage of revenue, income from operations as percentage of revenue, and diluted earnings per share. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance based bonus plan for 2021, which we currently intend to settle in shares of our common stock; (iii) accruals related to our performance based bonus plan for 2020, which we settled in shares of common stock in 2021; (iv) amortization of inventory fair value adjustments; (v) amortization of purchased intangible assets; (vi) depreciation of fixed asset fair value adjustments; (vii) acquisition and integration costs related to our acquisitions; (viii) professional fees and settlement costs related to IP and commercial litigation matters; (ix) severance and other restructuring charges; (x) impairment losses on intangible assets; (xi) other non-recurring interest and other income (expenses), net attributable to acquisitions and (xii) non-cash income tax benefits and expenses. These non-GAAP measures are not in accordance with and do not serve as an alternative for GAAP. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. These non-GAAP measures should only be viewed in conjunction with corresponding GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and other one-time expenses that are not indicative of our core operating results. Among other uses, our management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management’s incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance.

The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:

Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Our equity incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results. Stock-based compensation expense has been and will continue to be a significant recurring expense for MaxLinear. While we include the dilutive impact of equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income.

Bonuses under our executive and non-executive bonus programs have been excluded from our non-GAAP net income for all periods reported. Bonus payments for the 2020 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in March 2021. We currently expect that bonus awards under our fiscal 2021 program will be settled in common stock in the first quarter of fiscal 2021.

Expenses incurred in relation to acquisitions include amortization of inventory fair value adjustments, amortization of purchased intangible assets, depreciation of fixed asset fair value adjustments, acquisition and integration costs primarily consisting of professional and consulting fees, and amortization of discount on deferred purchase price payments to interest expense.

Impairment losses relate to certain intangible assets.

Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to impairment of leased right-of-use assets or from exiting certain facilities.

Expenses incurred in relation to our intellectual property and commercial litigation include professional fees incurred.

Income tax benefits and expense adjustments are those that do not affect cash income taxes payable.

Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, particularly related to stock-based compensation and its related tax effects as well as potential impairments, we have not provided a reconciliation for non-GAAP guidance provided for the second quarter 2021.

About MaxLinear, Inc.

MaxLinear, Inc. (NYSE: MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.

MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

 

 

Three Months Ended

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

Net revenue

$

209,359

 

 

$

194,716

 

 

$

62,027

 

Cost of net revenue

97,640

 

 

111,629

 

 

31,265

 

Gross profit

111,719

 

 

83,087

 

 

30,762

 

Operating expenses:

 

 

 

 

 

Research and development

63,166

 

 

70,504

 

 

25,689

 

Selling, general and administrative

36,469

 

 

36,238

 

 

24,632

 

Impairment losses

 

 

 

 

86

 

Restructuring charges

2,166

 

 

 

 

489

 

Total operating expenses

101,801

 

 

106,742

 

 

50,896

 

Income (loss) from operations

9,918

 

 

(23,655

)

 

(20,134

)

Interest income

 

 

126

 

 

225

 

Interest expense

(4,206

)

 

(4,724

)

 

(2,476

)

Other income (expense), net

(104

)

 

(550

)

 

180

 

Total interest and other income (expense), net

(4,310

)

 

(5,148

)

 

(2,071

)

Income (loss) before income taxes

5,608

 

 

(28,803

)

 

(22,205

)

Income tax provision (benefit)

1,806

 

 

(4,131

)

 

(6,736

)

Net income (loss)

$

3,802

 

 

$

(24,672

)

 

$

(15,469

)

Net income (loss) per share:

 

 

 

 

 

Basic

$

0.05

 

 

$

(0.33

)

 

$

(0.21

)

Diluted

$

0.05

 

 

$

(0.33

)

 

$

(0.21

)

Shares used to compute net income (loss) per share:

 

 

 

 

 

Basic

74,852

 

 

74,335

 

 

72,039

 

Diluted

78,283

 

 

74,335

 

 

72,039

 

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

Three Months Ended

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

Operating Activities

 

 

 

 

 

Net income (loss)

$

3,802

 

 

$

(24,672

)

 

$

(15,469

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

Amortization and depreciation

22,325

 

 

22,694

 

 

16,733

 

Impairment losses

 

 

 

 

86

 

Amortization of inventory fair value adjustments

 

 

18,500

 

 

 

Amortization of debt issuance costs and accretion of discount on debt and leases

844

 

 

815

 

 

410

 

Stock-based compensation

12,955

 

 

14,540

 

 

6,827

 

Deferred income taxes

541

 

 

(13,235

)

 

(6,208

)

Loss on disposal of property and equipment

368

 

 

 

 

 

Impairment of leasehold improvements

226

 

 

 

 

163

 

Impairment of leased right-of-use assets

429

 

 

 

 

44

 

(Gain) loss on foreign currency and other

21

 

 

914

 

 

(246

)

Excess tax (benefits) deficiencies on stock based awards

(1,809

)

 

(147

)

 

94

 

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

(20,079

)

 

37,736

 

 

5,615

 

Inventory

5,658

 

 

(11,657

)

 

353

 

Prepaid expenses and other assets

29,860

 

 

(4,597

)

 

1,443

 

Leased right-of-use assets

36

 

 

36

 

 

640

 

Accounts payable, accrued expenses and other current liabilities

(22,032

)

 

(10,099

)

 

(785

)

Accrued compensation

1,376

 

 

9,485

 

 

3,361

 

Accrued price protection liability

7,299

 

 

29,280

 

 

(4,537

)

Lease liabilities

(2,002

)

 

(2,111

)

 

(1,430

)

Other long-term liabilities

454

 

 

6,787

 

 

(446

)

Net cash provided by operating activities

40,272

 

 

74,269

 

 

6,648

 

Investing Activities

 

 

 

 

 

Purchases of property and equipment

(6,152

)

 

(2,355

)

 

(1,035

)

Purchases of intangible assets

(1,112

)

 

(2,411

)

 

 

Purchases of long-term investments

(5,000

)

 

 

 

 

Net cash used in investing activities

(12,264

)

 

(4,766

)

 

(1,035

)

Financing Activities

 

 

 

 

 

Repayment of debt

(20,000

)

 

(17,188

)

 

 

Net proceeds from issuance of common stock

1,298

 

 

2,798

 

 

488

 

Minimum tax withholding paid on behalf of employees for restricted stock units

(7,442

)

 

(643

)

 

(475

)

Repurchase of common stock

(2,673

)

 

 

 

 

Net cash provided by (used in) financing activities

(28,817

)

 

(15,033

)

 

13

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

(32

)

 

(1,178

)

 

(303

)

Increase (decrease) in cash, cash equivalents and restricted cash

(841

)

 

53,292

 

 

5,323

 

Cash, cash equivalents and restricted cash at beginning of period

150,034

 

 

96,742

 

 

93,117

 

Cash, cash equivalents and restricted cash at end of period

$

149,193

 

 

$

150,034

 

 

$

98,440

 

MAXLINEAR, INC.

UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

148,095

 

 

$

148,901

 

 

$

98,373

 

Short-term restricted cash

114

 

 

115

 

 

10

 

Accounts receivable, net

87,521

 

 

67,442

 

 

44,796

 

Inventory

92,154

 

 

97,839

 

 

31,088

 

Prepaid expenses and other current assets

17,096

 

 

47,421

 

 

6,342

 

Total current assets

344,980

 

 

361,718

 

 

180,609

 

Long-term restricted cash

984

 

 

1,018

 

 

57

 

Property and equipment, net

40,787

 

 

39,470

 

 

15,751

 

Leased right-of-use assets

24,403

 

 

21,886

 

 

9,864

 

Intangible assets, net

191,542

 

 

207,266

 

 

173,570

 

Goodwill

302,828

 

 

302,828

 

 

238,330

 

Deferred tax assets

85,524

 

 

86,065

 

 

73,492

 

Other long-term assets

7,551

 

 

2,191

 

 

1,752

 

Total assets

$

998,599

 

 

$

1,022,442

 

 

$

693,425

 

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

Current liabilities

$

197,637

 

 

$

233,661

 

 

$

62,428

 

Long-term lease liabilities

22,419

 

 

20,862

 

 

8,029

 

Long-term debt

344,116

 

 

363,592

 

 

207,197

 

Other long-term liabilities

13,649

 

 

13,210

 

 

7,614

 

Stockholders’ equity

420,778

 

 

391,117

 

 

408,157

 

Total liabilities and stockholders’ equity

$

998,599

 

 

$

1,022,442

 

 

$

693,425

 

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS

(in thousands, except per share data)

 

 

Three Months Ended

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

GAAP gross profit

$

111,719

 

 

$

83,087

 

 

$

30,762

 

Stock-based compensation

169

 

 

160

 

 

148

 

Performance based equity

82

 

 

124

 

 

69

 

Amortization of inventory fair value adjustments

 

 

18,500

 

 

 

Amortization of purchased intangible assets

10,747

 

 

10,667

 

 

8,581

 

Non-GAAP gross profit

122,717

 

 

112,538

 

 

39,560

 

 

 

 

 

 

 

GAAP R&D expenses

63,166

 

 

70,504

 

 

25,689

 

Stock-based compensation

(7,162

)

 

(7,410

)

 

(3,746

)

Performance based equity

(4,598

)

 

(6,124

)

 

(1,750

)

Acquisition and integration costs

(92

)

 

 

 

 

Non-GAAP R&D expenses

51,314

 

 

56,970

 

 

20,193

 

 

 

 

 

 

 

GAAP SG&A expenses

36,469

 

 

36,238

 

 

24,632

 

Stock-based compensation

(5,624

)

 

(6,970

)

 

(2,933

)

Performance based equity

(1,890

)

 

(2,991

)

 

(1,136

)

Amortization of purchased intangible assets

(6,070

)

 

(6,200

)

 

(5,723

)

Acquisition and integration costs

(1,561

)

 

(1,200

)

 

(3,270

)

IP litigation costs, net

(11

)

 

(32

)

 

(60

)

Non-GAAP SG&A expenses

21,313

 

 

18,845

 

 

11,510

 

 

 

 

 

 

 

GAAP impairment losses

 

 

 

 

86

 

Impairment losses

 

 

 

 

(86

)

Non-GAAP impairment losses

 

 

 

 

 

 

 

 

 

 

 

GAAP restructuring expenses

2,166

 

 

 

 

489

 

Restructuring charges

(2,166

)

 

 

 

(489

)

Non-GAAP restructuring expenses

 

 

 

 

 

 

 

 

 

 

 

GAAP income (loss) from operations

9,918

 

 

(23,655

)

 

(20,134

)

Total non-GAAP adjustments

40,172

 

 

60,378

 

 

27,991

 

Non-GAAP income from operations

50,090

 

 

36,723

 

 

7,857

 

 

 

 

 

 

 

GAAP and non-GAAP interest and other income (expense), net

(4,310

)

 

(5,148

)

 

(2,071

)

Non-recurring interest and other income (expense), net

310

 

 

384

 

 

 

Non-GAAP interest and other income (expense), net

(4,000

)

 

(4,764

)

 

(2,071

)

 

 

 

 

 

 

GAAP income (loss) before income taxes

5,608

 

 

(28,803

)

 

(22,205

)

Total non-GAAP adjustments

40,482

 

 

60,762

 

 

27,991

 

Non-GAAP income before income taxes

46,090

 

 

31,959

 

 

5,786

 

 

 

 

 

 

 

GAAP income tax provision (benefit)

1,806

 

 

(4,131

)

 

(6,736

)

Adjustment for non-cash tax benefits/expenses

959

 

 

6,048

 

 

7,083

 

Non-GAAP income tax provision

2,765

 

 

1,917

 

 

347

 

 

 

 

 

 

 

GAAP net income (loss)

3,802

 

 

(24,672

)

 

(15,469

)

Total non-GAAP adjustments before income taxes

40,482

 

 

60,762

 

 

27,991

 

Less: total tax adjustments

959

 

 

6,048

 

 

7,083

 

Non-GAAP net income

$

43,325

 

 

$

30,042

 

 

$

5,439

 

 

 

 

 

 

 

Shares used in computing non-GAAP basic net income per share

74,852

 

 

74,335

 

 

72,039

 

Shares used in computing non-GAAP diluted net income per share

78,283

 

 

77,926

 

 

72,673

 

Non-GAAP basic net income per share

$

0.58

 

 

$

0.40

 

 

$

0.08

 

Non-GAAP diluted net income per share

$

0.55

 

 

$

0.39

 

 

$

0.07

 

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

 

 

Three Months Ended

 

March 31, 2021

 

December 31, 2020

 

March 31, 2020

GAAP gross profit

53.4

%

 

42.7

%

 

49.6

%

Stock-based compensation

0.1

%

 

0.1

%

 

0.2

%

Performance based equity

%

 

0.1

%

 

0.1

%

Amortization of inventory fair value adjustments

%

 

9.5

%

 

%

Amortization of purchased intangible assets

5.1

%

 

5.5

%

 

13.8

%

Non-GAAP gross profit

58.6

%

 

57.8

%

 

63.8

%

 

 

 

 

 

 

GAAP R&D expenses

30.2

%

 

36.2

%

 

41.4

%

Stock-based compensation

(3.4

)%

 

(3.8

)%

 

(6.0

)%

Performance based equity

(2.2

)%

 

(3.2

)%

 

(2.8

)%

Acquisition and integration costs

%

 

%

 

%

Non-GAAP R&D expenses

24.5

%

 

29.3

%

 

32.6

%

 

 

 

 

 

 

GAAP SG&A expenses

17.4

%

 

18.6

%

 

39.7

%

Stock-based compensation

(2.7

)%

 

(3.6

)%

 

(4.7

)%

Performance based equity

(0.9

)%

 

(1.5

)%

 

(1.8

)%

Amortization of purchased intangible assets

(2.9

)%

 

(3.2

)%

 

(9.2

)%

Acquisition and integration costs

(0.8

)%

 

(0.6

)%

 

(5.3

)%

IP litigation costs, net

%

 

%

 

(0.1

)%

Non-GAAP SG&A expenses

10.2

%

 

9.7

%

 

18.6

%

 

 

 

 

 

 

GAAP impairment losses

%

 

%

 

0.1

%

Impairment losses

%

 

%

 

(0.1

)%

Non-GAAP impairment losses

%

 

%

 

%

 

 

 

 

 

 

GAAP restructuring expenses

1.0

%

 

%

 

0.8

%

Restructuring charges

(1.0

)%

 

%

 

(0.8

)%

Non-GAAP restructuring expenses

%

 

%

 

%

 

 

 

 

 

 

GAAP income (loss) from operations

4.7

%

 

(12.2

)%

 

(32.5

)%

Total non-GAAP adjustments

19.2

%

 

31.0

%

 

45.1

%

Non-GAAP income from operations

23.9

%

 

18.9

%

 

12.7

%

 

 

 

 

 

 

GAAP and non-GAAP interest and other income (expense), net

(2.1

)%

 

(2.6

)%

 

(3.3

)%

Non-recurring interest and other income (expense), net

0.1

%

 

0.2

%

 

%

Non-GAAP interest and other income (expense), net

(1.9

)%

 

(2.4

)%

 

(3.3

)%

 

 

 

 

 

 

GAAP income (loss) before income taxes

2.7

%

 

(14.8

)%

 

(35.8

)%

Total non-GAAP adjustments before income taxes

19.3

%

 

31.2

%

 

45.1

%

Non-GAAP income before income taxes

22.0

%

 

16.4

%

 

9.3

%

 

 

 

 

 

 

GAAP income tax provision (benefit)

0.9

%

 

(2.1

)%

 

(10.9

)%

Adjustment for non-cash tax benefits/expenses

0.5

%

 

3.1

%

 

11.4

%

Non-GAAP income tax provision

1.3

%

 

1.0

%

 

0.6

%

 

 

 

 

 

 

GAAP net income (loss)

1.8

%

 

(12.7

)%

 

(24.9

)%

Total non-GAAP adjustments before income taxes

19.3

%

 

31.2

%

 

45.1

%

Less: total tax adjustments

0.5

%

 

3.1

%

 

11.4

%

Non-GAAP net income

20.7

%

 

15.4

%

 

8.8

%

 



Contact:

MaxLinear, Inc. Investor Relations Contact:
Steven Litchfield
Tel: 949-333-0080
IR@maxlinear.com