MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2015

MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2015 Financial Results

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

	Years Ended
	December, 31, 2015 ⁽¹⁾			December 31, 2014
Net revenue	$	300,360		$	133,112
Cost of net revenue	144,937			51,154
Gross profit	155,423			81,958
Operating expenses:
Research and development	85,405			56,625
Selling, general and administrative	77,981			34,191
Impairment losses	21,600			—
Restructuring charges	14,086			—
Total operating expenses	199,072			90,816
Loss from operations	(43,649		)	(8,858		)
Interest income	275			236
Other income (expense), net	468			(123		)
Loss before income taxes	(42,906		)	(8,745		)
Benefit for income taxes	(575		)	(1,704		)
Net loss	$	(42,331	)	$	(7,041	)
Net loss per share:
Basic	$	(0.79	)	$	(0.19	)
Diluted	$	(0.79	)	$	(0.19	)
Shares used to compute net loss per share:
Basic	53,378			36,472
Diluted	53,378			36,472

___________________________________________
⁽¹⁾ Included eight months of Entropic operations.

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

	Three Months Ended
	December 31, 2015			September 30, 2015			December 31, 2014
Operating Activities
Net (loss) income	$	(8,544	)	$	1,582		$	(2,362	)
Adjustments to reconcile net loss to cash provided by operating activities:
Amortization and depreciation	9,479			17,296			1,580
Impairment of intangible assets	21,600			—			—
Provision for losses on accounts receivable	178			—			—
Provision for inventory reserves	155			—			—
Amortization of investment premiums, net	293			57			146
Amortization of inventory step-up	—			958			—
Stock-based compensation	5,364			5,193			3,928
Deferred income taxes	(197		)	251			(2,292		)
Loss (gain) on disposal of property and equipment	113			(39		)	—
Loss (gain) on sale of available-for-sale securities	(42		)	21			(3		)
Impairment of long-lived assets	—			153			21
Impairment of leases	2,002			568			—
Changes in operating assets and liabilities:
Accounts receivable	(811		)	(205		)	2,379
Inventory	3,667			1,581			(1,213		)
Prepaid and other assets	3,795			(2,684		)	(350		)
Accounts payable, accrued expenses and other current liabilities	(14,502		)	(9,247		)	17
Accrued compensation	(673		)	3,181			241
Deferred revenue and deferred profit	(72		)	3			(1,273		)
Accrued price protection liability	322			3,925			(6,467		)
Other long-term liabilities	2,431			(513		)	(120		)
Net cash provided by (used in) operating activities	24,558			22,081			(5,768		)
Investing Activities
Purchases of property and equipment	(1,516		)	(20		)	(1,033		)
Purchases of intangible assets	—			(100		)	—
Cash used in acquisition, net of cash acquired	—			—			(9,136		)
Purchases of available-for-sale securities	(27,697		)	(25,712		)	(20,245		)
Maturities of available-for-sale securities	11,521			4,400			21,277
Net cash used in investing activities	(17,692		)	(21,432		)	(9,137		)
Financing Activities
Net proceeds from issuance of common stock	3,604			2,891			1,720
Minimum tax withholding paid on behalf of employees for restricted stock units	(613		)	(1,367		)	(169		)
Net cash provided by (used in) financing activities	2,991			1,524			1,551
Effect of exchange rate changes on cash and cash equivalents	(50		)	(755		)	(5		)
Increase (decrease) in cash and cash equivalents	9,807			1,418			(13,359		)
Cash and cash equivalents at beginning of period	58,149			56,731			34,055
Cash and cash equivalents at end of period	$	67,956		$	58,149		$	20,696

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