MaxLinear, Inc. Announces Second Quarter 2016 Financial Results

(1) We adopted ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting in the second quarter of 2016, and included excess tax benefits in the provision for income taxes instead of additional paid-in capital.  As a result, when computing diluted EPS using the treasury stock method, fewer hypothetical shares can be repurchased resulting in a greater number of incremental shares being issued upon the exercise of share-based payment awards. The impact of adoption for the six months ended June 30, 2016 was a reduction to the provision for income taxes and increase to net income of $5.1 million and increase to basic earnings per share of $0.08 and diluted earnings per share of $0.06.  Diluted earnings per share for the six months ended June 30, 2016 was also impacted by an increase of 868,000 shares in the number of incremental shares used in computing diluted EPS.

(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 depreciation4,163  5,772  12,227 
Provision for inventory reserves(29) 38   
Amortization (reduction in) of investment premiums, net(66) 149  55 
Amortization of inventory step-up336    13,286 
Stock-based compensation5,102  5,109  6,301 
Deferred income taxes(100) 233  (1,960)
Loss on disposal of property and equipment48     
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 
Inventory4,425  2,984  (9,659)
Prepaid and other assets1,611  (2,416) 3,800 
Accounts payable, accrued expenses and other current liabilities1,887  3,080  (2,581)
Accrued compensation309  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  
 

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