MaxLinear, Inc. Announces Third Quarter 2016 Financial Results

___________________________________________
(1) Includes five months of Entropic cash flows.

 
MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
 
  September 30, 2016  June 30, 2016  September 30, 2015
Assets     
Current assets:     
Cash and cash equivalents$56,076  $147,582  $58,149 
Short-term investments, available-for-sale42,146  28,899  26,797 
Accounts receivable, net49,672  44,340  41,766 
Inventory32,119  25,604  36,265 
Prepaid expenses and other current assets6,831  4,982  4,500 
Total current assets186,844  251,407  167,477 
Property and equipment, net21,950  21,134  20,543 
Long-term investments, available-for-sale12,020    19,847 
Intangible assets, net109,885  60,675  79,655 
Goodwill75,794  56,714  49,373 
Other long-term assets1,883  1,982  5,715 
Total assets$408,376  $391,912  $342,610 
      
Liabilities and stockholders’ equity     
Current liabilities$54,491  $55,620  $67,485 
Other long-term liabilities15,182  15,104  10,597 
Total stockholders’ equity338,703  321,188  264,528 
Total liabilities and stockholders’ equity$408,376  $391,912  $342,610 


 
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
 
  Three Months Ended
  September 30, 2016  June 30, 2016  September 30, 2015
GAAP cost of net revenue$40,820  $38,774  $44,141 
Stock-based compensation (57 )   (51 )   (73 )
Performance based equity (23 )   165     (148 )
Amortization of inventory step-up (2,653 )   (336 )   (958 )
Amortization of purchased intangible assets (2,571 )   (1,787 )   (1,572 )
Impairment of production masks         (153 )
Non-GAAP cost of net revenue 35,516     36,765     41,237  
           
GAAP R&D expenses 25,921     24,037     23,491  
Stock-based compensation (4,163 )   (3,136 )   (3,496 )
Incentive award compensation (169 )   (168 )    
Performance based equity (838 )   (1,555 )   (1,182 )
Amortization of purchased intangible assets (45 )   (148 )   (97 )
Severance charges         (173 )
Restricted merger proceeds and contingent consideration (243 )   (208 )   (209 )
Non-GAAP R&D expenses 20,463     18,822     18,334  
           
GAAP SG&A expenses 17,619     16,505     25,457  
Stock-based compensation (1,857 )   (1,696 )   (1,442 )
Incentive award compensation (18 )   (51 )    
Performance based equity (896 )   (787 )   (753 )
Amortization of purchased intangible assets (3,080 )   (662 )   (12,066 )
Acquisition and integration costs (590 )   (1,338 )   (32 )
Restricted merger proceeds and contingent consideration (99 )   (24 )   (9 )
Severance charges         (270 )
IP litigation costs, net (12 )   (197 )   (144 )
Non-GAAP SG&A expenses 11,067     11,750     10,741  
           
GAAP IPR&D impairment losses 1,300          
IPR&D impairment losses (1,300 )        
Non-GAAP IPR&D impairment losses          
           
GAAP restructuring expenses         425  
Restructuring charges         (425 )
Non-GAAP restructuring expenses          
           
GAAP income before income taxes 10,763     22,662     2,131  
Total non-GAAP adjustments 18,614     11,979     23,202  
Non-GAAP income before income taxes 29,377     34,641     25,333  
           
GAAP income tax expense 1,084     78     549  
Tax impact of non-GAAP adjustments (537 )   670     131  
Release of valuation allowance due to net deferred tax liability acquired         (341 )
Non-GAAP income tax expense 547     748     339  
           
GAAP net income (loss) $ 9,679     $ 22,584     $ 1,582  
Total non-GAAP adjustments before income taxes 18,614     11,979     23,202  
Total tax adjustments (537 )   670     (210 )
Non-GAAP net income $ 28,830     $ 33,893     $ 24,994  
           
Shares used in computing non-GAAP basic net income per share 64,241     63,470     60,644  
Shares used in computing non-GAAP diluted net income per share 67,832     67,520     63,209  
Non-GAAP basic net income per share $ 0.45     $ 0.53     $ 0.41  
Non-GAAP diluted net income per share $ 0.43     $ 0.50     $ 0.40  

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