MaxLinear, Inc. Announces Fourth Quarter 2017 Financial Results


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

	Years Ended
	December 31, 2017			December 31, 2016
Net revenue	$	420,318		$	387,832
Cost of net revenue	212,355			157,842
Gross profit	207,963			229,990
Operating expenses:
Research and development	112,279			97,745
Selling, general and administrative	105,831			64,454
IPR&D impairment losses	2,000			1,300
Restructuring charges	9,524			3,432
Total operating expenses	229,634			166,931
Income (loss) from operations	(21,671		)	63,059
Interest income	274			572
Interest expense	(10,378		)	(104		)
Other income (expense), net	(2,223		)	163
Total interest and other income (expense), net	(12,327		)	631
Income (loss) before income taxes	(33,998		)	63,690
Income tax provision (benefit)	(24,811		)	2,398
Net income (loss)	$	(9,187	)	$	61,292
Net income (loss) per share:
Basic	$	(0.14	)	$	0.96
Diluted	$	(0.14	)	$	0.91
Shares used to compute net income (loss) per share:
Basic	66,252			63,781
Diluted	66,252			67,653


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

	Three Months Ended
	December 31, 2017			September 30, 2017			December 31, 2016
Operating Activities
Net income (loss)	$	(19,448	)	$	(9,167	)	$	8,348
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Amortization and depreciation	20,236			21,342			7,960
Impairment of IPR&D assets	—			2,000			—
Provision for losses on accounts receivable	—			46			—
Amortization of investment premiums, net	—			—			74
Amortization of inventory step-up	9,715			10,207			2,652
Amortization of debt issuance costs	287			301			—
Stock-based compensation	7,770			7,796			5,290
Deferred income taxes	16,650			(1,163		)	(114		)
(Gain) loss on disposal of property and equipment	(33		)	286			318
(Gain) loss on foreign currency	738			733			(282		)
Excess tax benefits on stock-based awards	(1,961		)	(841		)	(2,249		)
Change in fair value of contingent consideration	—			—			11
Impairment of leases	—			—			388
Changes in operating assets and liabilities:
Accounts receivable	9,492			7,063			(815		)
Inventory	543			5,060			2,882
Prepaid expenses and other assets	(424		)	2,374			767
Accounts payable, accrued expenses and other current liabilities	(2,494		)	(17,453		)	752
Accrued compensation	1,351			1,498			2,252
Deferred revenue and deferred profit	(12,862		)	3,907			697
Accrued price protection liability	(6,658		)	3,606			(1,936		)
Other long-term liabilities	(1,159		)	144			608
Net cash provided by operating activities	21,743			37,739			27,603
Investing Activities
Purchases of property and equipment	(3,070		)	(2,500		)	(1,684		)
Proceeds from sale of property and equipment	30			—			—
Purchases of intangible assets	—			(53		)	—
Purchases of available-for-sale securities	—			—			(10,044		)
Maturities of available-for-sale securities	—			—			10,185
Net cash used in investing activities	(3,040		)	(2,553		)	(1,543		)
Financing Activities
Net proceeds from issuance of common stock	2,960			1,074			2,199
Minimum tax withholding paid on behalf of employees for restricted stock units	(1,718		)	(1,426		)	(1,132		)
Repayment of debt	(20,000		)	(50,000		)	—
Net cash provided by (used in) financing activities	(18,758		)	(50,352		)	1,067
Effect of exchange rate changes on cash and cash equivalents	371			(829		)	(307		)
Increase (decrease) in cash, cash equivalents and restricted cash	316			(15,995		)	26,820
Cash, cash equivalents and restricted cash at beginning of period	74,096			90,091			56,076
Cash, cash equivalents and restricted cash at end of period	$	74,412		$	74,096		$	82,896

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