(2) Includes two months of Entropic operations.
MAXLINEAR, INC. | |||||||||||
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
(in thousands) | |||||||||||
Three Months Ended | |||||||||||
June 30, 2016 | March 31, 2016 | June 30, 2015 | |||||||||
Operating Activities | |||||||||||
Net income (loss) | $ | 22,584 | $ | 20,681 | $ | (30,647 | ) | ||||
Adjustments to reconcile net income (loss) to cash provided by operating activities: | |||||||||||
Amortization and depreciation | 4,163 | 5,772 | 12,227 | ||||||||
Provision for inventory reserves | (29 | ) | 38 | — | |||||||
Amortization (reduction in) of investment premiums, net | (66 | ) | 149 | 55 | |||||||
Amortization of inventory step-up | 336 | — | 13,286 | ||||||||
Stock-based compensation | 5,102 | 5,109 | 6,301 | ||||||||
Deferred income taxes | (100 | ) | 233 | (1,960 | ) | ||||||
Loss on disposal of property and equipment | 48 | — | — | ||||||||
Gain on sale of available-for-sale securities | (50 | ) | — | — | |||||||
(Gain) loss on foreign currency | (170 | ) | 124 | — | |||||||
Excess tax benefits on stock based awards | (3,549 | ) | (1,565 | ) | — | ||||||
Change in fair value of contingent consideration
| 24 | 86 | 51 | ||||||||
Impairment of leases | — | — | 5,593 | ||||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | (3,300 | ) | 1,359 | 8,319 | |||||||
Inventory | 4,425 | 2,984 | (9,659 | ) | |||||||
Prepaid and other assets | 1,611 | (2,416 | ) | 3,800 | |||||||
Accounts payable, accrued expenses and other current liabilities | 1,887 | 3,080 | (2,581 | ) | |||||||
Accrued compensation | 309 | 3,231 | (371 | ) | |||||||
Deferred revenue and deferred profit | (725 | ) | 2,457 | 502 | |||||||
Accrued price protection liability | (173 | ) | (1,583 | ) | (372 | ) | |||||
Other long-term liabilities | 18 | (785 | ) | 90 | |||||||
Net cash provided by operating activities | 32,345 | 38,954 | 4,634 | ||||||||
Investing Activities | |||||||||||
Purchases of property and equipment | (1,488 | ) | (3,222 | ) | (436 | ) | |||||
Purchases of intangible assets | (390 | ) | — | — | |||||||
Cash used in acquisition, net of cash acquired | (21,000 | ) | — | (3,615 | ) | ||||||
Purchases of available-for-sale securities | (9,504 | ) | (37,773 | ) | (3,815 | ) | |||||
Maturities of available-for-sale securities | 70,711 | 10,300 | 36,918 | ||||||||
Net cash provided by (used in) investing activities | 38,329 | (30,695 | ) | 29,052 | |||||||
Financing Activities | |||||||||||
Repurchases of common stock | — | (3 | ) | (101 | ) | ||||||
Net proceeds from issuance of common stock | 2,558 | 1,727 | 3,207 | ||||||||
Minimum tax withholding paid on behalf of employees for restricted stock units | (2,501 | ) | (1,092 | ) | (2,896 | ) | |||||
Equity issuance costs | — | — | (8 | ) | |||||||
Net cash provided by financing activities | 57 | 632 | 202 | ||||||||
Effect of exchange rate changes on cash and cash equivalents | 11 | (7 | ) | 74 | |||||||
Increase in cash and cash equivalents | 70,742 | 8,884 | 33,962 | ||||||||
Cash and cash equivalents at beginning of period | 76,840 | 67,956 | 22,769 | ||||||||
Cash and cash equivalents at end of period | $ | 147,582 | $ | 76,840 | $ | 56,731 | |||||