MaxLinear, Inc. Announces Third 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 in 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 three months ended September 30, 2016 was a reduction to the provision for income taxes and increase to net income of $0.9 million and increases to basic earnings per share of $0.01 and diluted earnings per share of $0.01.  Diluted earnings per share for the three months ended September 30, 2016 was also impacted by an increase of 833,000 shares in the number of incremental shares used in computing diluted EPS.

 
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
 
  Nine Months Ended
  September 30, 2016(1)  September 30, 2015 (2)
Net revenue$300,696  $201,411 
Cost of net revenue121,109  101,748 
Gross profit179,587  99,663 
Operating expenses:   
Research and development73,710  62,765 
Selling, general and administrative47,734  60,021 
IPR&D impairment losses1,300   
Restructuring charges2,106  11,814 
Total operating expenses124,850  134,600 
Income (loss) from operations54,737  (34,937)
Interest income426  168 
Other income (expense), net(64) 351 
Income (loss) before income taxes55,099  (34,418)
Provision (benefit) for income taxes2,155  (631)
Net income (loss)$52,944  $(33,787)
Net income (loss) per share:   
Basic$0.83  $(0.67)
Diluted$0.79  $(0.67)
Shares used to compute net income (loss) per share:   
Basic63,454  50,528 
Diluted67,354  50,528 

___________________________________________

(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 nine months ended September 30, 2016 was a reduction to the provision for income taxes and increase to net income of $6.0 million and increase to basic earnings per share of $0.09 and diluted earnings per share of $0.08.  Diluted earnings per share for the nine months ended September 30, 2016 was also impacted by an increase of 856,000 shares in the number of incremental shares used in computing diluted EPS.

(2) Includes five months of Entropic operations.

 
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
  Three Months Ended
  September 30, 2016  June 30, 2016  September 30, 2015
Operating Activities         
Net income $ 9,679     22,584     1,582  
Adjustments to reconcile net income to cash provided by operating activities:          
Amortization and depreciation 8,808     4,163     17,296  
Impairment of IPR&D assets 1,300          
Provision for losses on accounts receivable 87          
Provision for inventory reserves     (29 )    
Amortization (reduction in) of investment premiums, net 12     (66 )   57  
Amortization of inventory step-up 2,653     336     958  
Stock-based compensation 6,264     5,102     5,032  
Deferred income taxes 82     (100 )   251  
(Gain) loss on disposal of property and equipment     48     (39 )
(Gain) loss on sale of available-for-sale securities     (50 )   21  
(Gain) loss on foreign currency 112     (170 )    
Excess tax benefits on stock-based awards (928 )   (3,549 )    
Change in fair value of contingent consideration
99     24     9  
Impairment of long-lived assets         153  
Impairment of leases         568  
Changes in operating assets and liabilities:          
Accounts receivable (5,419 )   (3,300 )   (205 )
Inventory (454 )   4,425     1,581  
Prepaid expenses and other assets 440     1,611     (2,684 )
Accounts payable, accrued expenses and other current liabilities (2,470 )   1,887     (9,256 )
Accrued compensation (183 )   309     3,342  
Deferred revenue and deferred profit (504 )   (725 )   3  
Accrued price protection liability (1,158 )   (173 )   3,925  
Other long-term liabilities (5 )   18     (513 )
Net cash provided by operating activities 18,415     32,345     22,081  
Investing Activities          
Purchases of property and equipment (2,118 )   (1,488 )   (20 )
Purchases of intangible assets     (390 )   (100 )
Cash used in acquisition, net of cash acquired (80,000 )   (21,000 )    
Purchases of available-for-sale securities (32,986 )   (9,504 )   (25,712 )
Maturities of available-for-sale securities 7,700     70,711     4,400  
Net cash provided by (used in) investing activities (107,404 )   38,329     (21,432 )
Financing Activities          
Net proceeds from issuance of common stock 165     2,558     2,891  
Minimum tax withholding paid on behalf of employees for restricted stock units (2,591 )   (2,501 )   (1,367 )
Net cash provided by (used in) financing activities (2,426 )   57     1,524  
Effect of exchange rate changes on cash and cash equivalents (91 )   11     (755 )
Increase (decrease) in cash and cash equivalents (91,506 )   70,742     1,418  
Cash and cash equivalents at beginning of period 147,582     76,840     56,731  
Cash and cash equivalents at end of period $ 56,076     $ 147,582     $ 58,149  

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