MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2015 Financial Results


MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
      
  December 31, 2015  September 30, 2015  December 31, 2014
Assets     
Current assets:     
Cash and cash equivalents$67,956  $58,149  $20,696 
Short-term investments, available-for-sale43,300  26,797  48,399 
Accounts receivable, net42,399  41,766  18,523 
Inventory32,443  36,265  10,858 
Prepaid expenses and other current assets3,904  4,500  2,438 
Total current assets190,002  167,477  100,914 
Property and equipment, net21,858  20,543  12,441 
Long-term investments, available-for-sale19,242  19,847  10,256 
Intangible assets, net51,355  79,655  10,386 
Goodwill49,779  49,373  1,201 
Other long-term assets2,269  5,715  513 
Total assets$334,505  $342,610  $135,711 
      
Liabilities and stockholders’ equity     
Current liabilities$55,832  $67,485  $33,246 
Other long-term liabilities15,749  10,597  3,363 
Total stockholders’ equity262,924  264,528  99,102 
Total liabilities and stockholders’ equity$334,505  $342,610  $135,711 


MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
  
  Three Months Ended
  December 31, 2015  September 30, 2015  December 31, 2014
GAAP cost of net revenue$43,189  $44,141  $12,728  
Stock based compensation (44 )   (73 )   (35 )
Performance based equity (97 )   (148 )   (6 )
Amortization of inventory step-up     (958 )    
Amortization of purchased intangible assets (1,578 )   (1,572 )    
Impairment of production masks     (153 )    
Non-GAAP cost of net Revenue 41,470     41,237     12,687  
           
GAAP R&D expenses 22,640     23,491     14,681  
Stock based compensation (2,850 )   (3,496 )   (2,534 )
Incentive award compensation (1,106 )   (169 )    
Performance based equity (1,227 )   (1,013 )   (790 )
Amortization of purchased intangible assets (96 )   (97 )   (45 )
Severance charges (22 )   (173 )    
Restricted merger proceeds and contingent consideration (210 )   (209 )   (139 )
Non-GAAP R&D expenses 17,129     18,334     11,173  
           
GAAP SG&A expenses 17,960     25,457     9,601  
Stock based compensation (1,278 )   (1,442 )   (1,359 )
Incentive award compensation (86 )   (13 )    
Performance based equity (642 )   (740 )   (328 )
Amortization of purchased intangible assets (4,938 )   (12,066 )    
Acquisition and integration costs (13 )   (32 )   (242 )
Restricted merger proceeds and contingent consideration (251 )   (9 )    
Severance charges (143 )   (270 )    
IP litigation costs, net (325 )   (144 )   (1,302 )
Non-GAAP SG&A expenses 10,284     10,741     6,370  
           
GAAP restructuring expenses 23,872     425      
Impairment losses (21,600 )        
Restructuring charges (2,272 )   (425 )    
Non-GAAP restructuring expenses          
           
GAAP income tax expense (benefit) 56     550     (2,160 )
Release (record) of valuation allowance due to net deferred liability acquired 165     (341 )   2,335  
Non-GAAP income tax expense 221     209     175  
           
GAAP net income (loss) (8,544 )   1,582     (2,362 )
Total Adjustments (38,613 )   (23,543 )   (4,445 )
Non-GAAP net income 30,069     25,125     2,083  
           
Shares used in computing non-GAAP basic net income per share 61,895     60,644     37,496  
Shares used in computing GAAP diluted net income (loss) per share 61,895     63,209     37,496  
Dilutive common stock equivalents 3,284         1,683  
Shares used in computing non-GAAP diluted net income per share 65,179     63,209     39,179  
Non-GAAP basic net income per share $ 0.49     $ 0.41     $ 0.06  
Non-GAAP diluted net income per share $ 0.46     $ 0.40     $ 0.05  

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