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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