MaxLinear, Inc. Announces First Quarter 2018 Financial Results

MaxLinear, Inc. Investor Relations Contact:
Gideon Massey
Investor Relations Specialist
Tel: 949-333-0056
gmassey@maxlinear.com


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

	Three Months Ended
	March 31, 2018				December 31, 2017				March 31, 2017

Net revenue		$	110,827			$	113,721			$	88,841
Cost of net revenue	48,159				61,628				35,917
Gross profit	62,668				52,093				52,924
Operating expenses:
Research and development	31,121				30,116				23,878
Selling, general and administrative	27,117				26,843				18,613
Restructuring charges	—				800				—
Total operating expenses	58,238				57,759				42,491
Income (loss) from operations	4,430				(5,666			)	10,433
Interest income	18				14				195
Interest expense	(3,894			)	(4,044			)	(1			)
Other expense, net	(571			)	(793			)	(143			)
Total interest and other income (expense), net	(4,447			)	(4,823			)	51
Income (loss) before income taxes	(17			)	(10,489			)	10,484
Income tax provision (benefit)	(1,864			)	8,959				2,021
Net income (loss)	$		1,847		$		(19,448	)	$		8,463
Net income (loss) per share:
Basic	$		0.03		$		(0.29	)	$		0.13
Diluted	$		0.03		$		(0.29	)	$		0.12
Shares used to compute net income (loss) per share:
Basic	67,674				67,147				65,238
Diluted	70,440				67,147				69,149


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

	Three Months Ended
	March 31, 2018			December 31, 2017			March 31, 2017
Operating Activities

Net income (loss)	$	1,847		$	(19,448	)	$	8,463
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Amortization and depreciation	20,084			20,236			6,899
Provision for losses on accounts receivable	—			—			87
Amortization of investment premiums	—			—			47
Amortization of inventory step-up	—			9,715			—
Amortization of debt issuance costs	287			287			—
Stock-based compensation	8,473			7,770			5,474
Deferred income taxes	(2,332		)	16,650			155
Gain on disposal of property and equipment	—			(33		)	(88		)
(Gain) loss on foreign currency	471			738			(216		)
Excess tax benefits on stock-based awards	(797		)	(1,961		)	(914		)
Changes in operating assets and liabilities:
Accounts receivable	(24,533		)	9,492			(7,436		)
Inventory	7,676			543			(5,102		)
Prepaid expenses and other assets	1,003			(424		)	825
Accounts payable, accrued expenses and other current liabilities	(421		)	(2,494		)	7,952
Accrued compensation	2,502			1,351			382
Deferred revenue and deferred profit	(138		)	(12,862		)	(307		)
Accrued price protection liability	(1,359		)	(6,658		)	6,771
Other long-term liabilities	(792		)	(1,159		)	(320		)
Net cash provided by operating activities	11,971			21,743			22,672

Investing Activities
Purchases of property and equipment	(2,381		)	(3,070		)	(743		)
Proceeds from sale of property and equipment	—			30			—
Purchases of intangible assets	—			—			(120		)
Purchases of available-for-sale securities	—			—			(30,577		)
Maturities of available-for-sale securities	—			—			20,785
Net cash used in investing activities	(2,381		)	(3,040		)	(10,655		)

Financing Activities
Repayment of debt	(25,000		)	(20,000		)	—
Repurchases of common stock	—			—			(334		)
Net proceeds from issuance of common stock	980			2,960			361
Minimum tax withholding paid on behalf of employees for restricted stock units	(2,391		)	(1,718		)	(4,903		)
Net cash used in financing activities	(26,411		)	(18,758		)	(4,876		)
Effect of exchange rate changes on cash and cash equivalents	(258		)	371			1,201
Increase (decrease) in cash, cash equivalents and restricted cash	(17,079		)	316			8,342
Cash, cash equivalents and restricted cash at beginning of period	74,412			74,096			82,896
Cash, cash equivalents and restricted cash at end of period	$	57,333		$	74,412		$	91,238

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