MaxLinear, Inc. Announces First Quarter 2017 Financial Results
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MAXLINEAR, INC. | |
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS | |
(in thousands) | | | | |
Three Months Ended | | |
March 31, 2017 | |
December 31, 2016 | |
March 31, 2016 | |
Operating Activities | | | | | | | Net income | $ | 8,463 | | | $ | 8,348 | | | $ | 20,681 | | | Adjustments to reconcile net income to cash provided by operating activities: | | | | | | | Amortization and depreciation | 6,899 | | | 7,960 | | | 5,772 | | | Provision for losses on accounts receivable | 87 | | | — | | | — | | | Amortization of investment premiums, net | 47 | | | 74 | | | 149 | | | Amortization of inventory step-up | — | | | 2,652 | | | — | | | Stock-based compensation | 5,474 | | | 5,290 | | | 5,109 | | | Deferred income taxes | 155 | | | (114 | ) | | 233 | | | (Gain) loss on disposal of property and equipment | (88 | ) | | 318 | | | — | | | (Gain) loss on foreign currency | (216 | ) | | (282 | ) | | 124 | | | Excess tax benefits on stock-based awards | (914 | ) | | (2,249 | ) | | (1,565 | ) | | Change in fair value of contingent consideration | — | | | 11 | | | 86 | | | Impairment of leases | — | | | 388 | | | — | | | Changes in operating assets and liabilities: | | | | | | | Accounts receivable | (7,436 | ) | | (815 | ) | | 1,359 | | | Inventory | (5,102 | ) | | 2,882 | | | 3,022 | | | Prepaid expenses and other assets | 825 | | | 767 | | | (2,416 | ) | | Accounts payable, accrued expenses and other current liabilities | 7,952 | | | 752 | | | 3,080 | | | Accrued compensation | 382 | | | 2,252 | | | 3,231 | | | Deferred revenue and deferred profit | (307 | ) | | 697 | | | 2,457 | | | Accrued price protection liability | 6,771 | | | (1,936 | ) | | (1,583 | ) | | Other long-term liabilities | (320 | ) | | 608 | | | (785 | ) | | Net cash provided by operating activities | 22,672 | | | 27,603 | | | 38,954 | | |
Investing Activities | | | | | | | Purchases of property and equipment | (743 | ) | | (1,684 | ) | | (3,222 | ) | | Purchases of intangible assets | (120 | ) | | — | | | — | | | Purchases of available-for-sale securities | (30,577 | ) | | (10,044 | ) | | (37,773 | ) | | Maturities of available-for-sale securities | 20,785 | | | 10,185 | | | 10,300 | | | Net cash used in investing activities | (10,655 | ) | | (1,543 | ) | | (30,695 | ) | |
Financing Activities | | | | | | | Repurchases of common stock | (334 | ) | | — | | | (3 | ) | | Net proceeds from issuance of common stock | 361 | | | 2,199 | | | 1,727 | | | Minimum tax withholding paid on behalf of employees for restricted stock units | (4,903 | ) | | (1,132 | ) | | (1,092 | ) | | Net cash provided by (used in) financing activities | (4,876 | ) | | 1,067 | | | 632 | | | Effect of exchange rate changes on cash and cash equivalents | 1,201 | | | (307 | ) | | (7 | ) | | Increase in cash, cash equivalents and restricted cash | 8,342 | | | 26,820 | | | 8,884 | | | Cash, cash equivalents and restricted cash at beginning of period | 82,896 | | | 56,076 | | | 67,956 | | | Cash, cash equivalents and restricted cash at end of period | $ | 91,238 | | | $ | 82,896 | | | $ | 76,840 | | | | | | | | | | | | | | |
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