MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2015 Financial Results
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MAXLINEAR, INC. | |
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS | |
(in thousands) | | | | | |
Years Ended December 31, | | |
2015 | |
2014 | |
Operating Activities | | | | | Net loss | $ | (42,331 | ) | | $ | (7,041 | ) | | Adjustments to reconcile net loss to cash provided by operating activities: | | | | | Amortization and depreciation | 40,641 | | | 5,107 | | | Impairment of intangible assets | 21,600 | | | — | | | Provision for losses on accounts receivable | 178 | | | — | | | Provision for inventory reserves | 155 | | | — | | | Amortization of investment premiums, net | 554 | | | 724 | | | Amortization of inventory step-up | 14,244 | | | — | | | Stock-based compensation | 19,268 | | | 15,008 | | | Deferred income taxes | (1,906 | ) | | (2,281 | ) | | Loss (gain) on disposal of property and equipment | 74 | | | (3 | ) | | Gain sale of available-for-sale securities | (21 | ) | | — | | | Impairment of long-lived assets | 153 | | | 29 | | | Impairment of leases | 8,163 | | | — | | | Changes in operating assets and liabilities: | | | | | Accounts receivable | 5,160 | | | 1,982 | | | Inventory | (6,402 | ) | | (757 | ) | | Prepaid and other assets | 4,495 | | | (752 | ) | | Accounts payable, accrued expenses and other current liabilities | (23,447 | ) | | 83 | | | Accrued compensation | 5,320 | | | 3,911 | | | Deferred revenue and deferred profit | 454 | | | 961 | | | Accrued price protection liability | 6,522 | | | (4,999 | ) | | Other long-term liabilities | 2,167 | | | 262 | | | Net cash provided by operating activities | 55,041 | | | 12,234 | | |
Investing Activities | | | | | Purchases of property and equipment | (2,996 | ) | | (8,800 | ) | | Purchases of intangible assets | (100 | ) | | — | | | Cash used in acquisition, net of cash acquired | (3,615 | ) | | (9,136 | ) | | Purchases of available-for-sale securities | (73,377 | ) | | (56,702 | ) | | Maturities of available-for-sale securities | 69,029 | | | 57,172 | | | Net cash used in investing activities | (11,059 | ) | | (17,466 | ) | |
Financing Activities | | | | | Repurchases of common stock | (101 | ) | | — | | | Net proceeds from issuance of common stock | 9,950 | | | 3,304 | | | Minimum tax withholding paid on behalf of employees for restricted stock units | (5,141 | ) | | (3,810 | ) | | Equity issuance costs | (705 | ) | | — | | | Net cash provided by (used in) financing activities | 4,003 | | | (506 | ) | | Effect of exchange rate changes on cash and cash equivalents | (725 | ) | | (16 | ) | | Increase (decrease) in cash and cash equivalents | 47,260 | | | (5,754 | ) | | Cash and cash equivalents at beginning of period | 20,696 | | | 26,450 | | | Cash and cash equivalents at end of period | $ | 67,956 | | | $ | 20,696 | |
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