MaxLinear, Inc. Announces First Quarter 2016 Financial Results

MaxLinear, Inc. Announces First Quarter 2016 Financial Results and the Acquisition of Broadcom Corporation's Wireless Infrastructure Backhaul Business

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⁽¹⁾ Includes three months of Entropic cash flows.


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

	March 31, 2016		December 31, 2015		March 31, 2015
Assets
Current assets:
Cash and cash equivalents	$	76,840	$	67,956	$	22,769
Short-term investments, available-for-sale	73,210		43,300		42,173
Accounts receivable, net	41,040		42,399		20,666
Inventory	29,421		32,443		12,849
Prepaid expenses and other current assets	6,185		3,904		3,574
Total current assets	226,696		190,002		102,031
Property and equipment, net	21,538		21,858		11,264
Long-term investments, available-for-sale	16,782		19,242		16,332
Intangible assets, net	49,293		51,355		10,191
Goodwill	49,779		49,779		1,201
Other long-term assets	2,169		2,269		490
Total assets	$	366,257	$	334,505	$	141,509

Liabilities and stockholders’ equity
Current liabilities	$	63,274	$	55,832	$	39,858
Other long-term liabilities	14,968		15,749		3,522
Total stockholders’ equity	288,015		262,924		98,129
Total liabilities and stockholders’ equity	$	366,257	$	334,505	$	141,509

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

	Three Months Ended
	March 31, 2016			December 31, 2015			March 31, 2015
GAAP cost of net revenue	$	41,515		$	43,189		$	13,725
Stock based compensation	(43		)	(44		)	(35		)
Performance based equity	(101		)	(97		)	(5		)
Amortization of purchased intangible assets	(1,582		)	(1,578		)	—
Non-GAAP cost of net revenue	39,789			41,470			13,685

GAAP R&D expenses	23,752			22,640			15,281
Stock based compensation	(3,063		)	(2,850		)	(2,340		)
Incentive award compensation	(216		)	(1,106		)	77
Performance based equity	(1,181		)	(1,227		)	(390		)
Amortization of purchased intangible assets	(96		)	(96		)	(116		)
Severance charges	—			(22		)	(665		)
Restricted merger proceeds and contingent consideration	(208		)	(210		)	(208		)
Non-GAAP R&D expenses	18,988			17,129			11,639

GAAP SG&A expenses	13,610			17,960			10,944
Stock based compensation	(1,737		)	(1,278		)	(1,344		)
Incentive award compensation	(50		)	(86		)	9
Performance based equity	(595		)	(642		)	(355		)
Amortization of purchased intangible assets	(296		)	(4,938		)	—
Acquisition and integration costs	76			(13		)	(2,504		)
Restricted merger proceeds and contingent consideration	(86		)	(251		)	183
Severance charges	—			(143		)	(7		)
IP litigation costs, net	(462		)	(325		)	(627		)
Non-GAAP SG&A expenses	10,460			10,284			6,299

GAAP restructuring expenses	2,106			23,872			—
Impairment losses	—			(21,600		)	—
Restructuring charges	(2,106		)	(2,272		)	—
Non-GAAP restructuring expenses	—			—			—

GAAP income tax expense (benefit)	2,558			56			—
Record valuation allowance due to net deferred liability acquired	—			165			—
Non-GAAP income tax expense	2,558			221			—

GAAP net income (loss)	19,116			(8,544		)	(4,722		)
Total Adjustments	(11,746		)	(38,613		)	(8,327		)
Non-GAAP net income	30,862			30,069			3,605

Shares used in computing non-GAAP basic net income per share	62,585			61,895			38,015
Shares used in computing GAAP diluted net income (loss) per share	65,818			61,895			38,015
Dilutive common stock equivalents	—			3,284			2,027
Shares used in computing non-GAAP diluted net income per share	65,818			65,179			40,042
Non-GAAP basic net income per share	$	0.49		$	0.49		$	0.09
Non-GAAP diluted net income per share	$	0.47		$	0.46		$	0.09

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