MaxLinear, Inc. Announces Second Quarter 2016 Financial Results


MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
  Six Months Ended
  June 30, 2016  June 30, 2015 (1)
Operating Activities   
Net income (loss)$43,265  $(35,369)
Adjustments to reconcile net income (loss) to cash provided by operating activities:   
Amortization and depreciation9,935  13,866 
Provision for inventory reserves9   
Amortization of investment premiums, net83  204 
Amortization of inventory step-up336  13,286 
Stock-based compensation10,211  10,020 
Deferred income taxes133  (1,960)
Loss on disposal of property and equipment48   
Gain on sale of available-for-sale securities(50)  
Change in fair value of contingent consideration110  (132)
Impairment of leases  5,593 
Gain on foreign currency(46)  
Excess tax benefits on stock based awards
(5,114)  
Changes in operating assets and liabilities:   
Accounts receivable(1,941) 6,176 
Inventory7,409  (11,650)
Prepaid and other assets(805) 3,384 
Accounts payable, accrued expenses and other current liabilities4,967  434 
Accrued compensation3,540  1,503 
Deferred revenue and deferred profit1,732  523 
Accrued price protection liability(1,756) 2,275 
Other long-term liabilities(767) 249 
Net cash provided by operating activities71,299  8,402 
Investing Activities   
Purchases of property and equipment(4,710) (1,460)
Purchases of intangible assets(390)  
Cash used in acquisition, net of cash acquired(21,000) (3,615)
Purchases of available-for-sale securities(47,277) (19,968)
Maturities of available-for-sale securities81,011  53,108 
Net cash provided by investing activities7,634  28,065 
Financing Activities   
Repurchases of common stock(3) (101)
Net proceeds from issuance of common stock4,285  3,455 
Minimum tax withholding paid on behalf of employees for restricted stock units (3,593 )   (3,161 )
Equity issuance costs     (705 )
Net cash provided by (used in) financing activities 689     (512 )
Effect of exchange rate changes on cash and cash equivalents 4     80  
Increase in cash and cash equivalents 79,626     36,035  
Cash and cash equivalents at beginning of period 67,956     20,696  
Cash and cash equivalents at end of period $ 147,582     $ 56,731  
               

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