MaxLinear, Inc. Announces Second Quarter 2017 Financial Results

MAXLINEAR, INC. UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME (in thousands, except per share data)

	Six Months Ended
	June 30, 2017			June 30, 2016
Net revenue	$	193,016		$	204,372
Cost of net revenue	88,988			80,289
Gross profit	104,028			124,083
Operating expenses:
Research and development	52,893			47,789
Selling, general and administrative	49,951			30,115
Restructuring charges	6,546			2,106
Total operating expenses	109,390			80,010
Income (loss) from operations	(5,362		)	44,073
Interest income	259			337
Interest expense	(2,201		)	—
Other expense, net	(762		)	(74		)
Total interest and other income (expense), net	(2,704		)	263
Income (loss) before income taxes	(8,066		)	44,336
Income tax provision (benefit)	(27,494		)	1,071
Net income	$	19,428		$	43,265
Net income per share:
Basic	$	0.30		$	0.69
Diluted	$	0.28		$	0.64
Shares used to compute net income per share:
Basic	65,564			63,056
Diluted	69,398			67,110

MAXLINEAR, INC. UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)

	Three Months Ended
	June 30, 2017			March 31, 2017			June 30, 2016
Operating Activities
Net income	$	10,965		8,463			$	22,584
Adjustments to reconcile net income to cash provided by (used in) operating activities:
Amortization and depreciation	18,261			6,899			4,163
Provision for losses on accounts receivable	—			87			—
Amortization (accretion) of investment premiums (discount), net	(107		)	47			(66		)
Amortization of inventory step-up	5,635			—			336
Amortization of debt issuance costs	175			—			—
Stock-based compensation	11,628			5,474			5,102
Deferred income taxes	(53,297		)	155			(100		)
(Gain) loss on disposal of property and equipment	3			(88		)	48
(Gain) loss on sale of available-for-sale securities	38			—			(50		)
(Gain) loss on foreign currency	898			(216		)	(170		)
Excess tax benefits on stock-based awards	(2,376		)	(914		)	(3,549		)
Change in fair value of contingent consideration	—			—			24
Changes in operating assets and liabilities:
Accounts receivable	(13,496		)	(7,436		)	(3,300		)
Inventory	(2,289		)	(5,102		)	4,396
Prepaid expenses and other assets	4,385			825			1,611
Accounts payable, accrued expenses and other current liabilities	7,610			7,952			1,887
Accrued compensation	(1,664		)	382			309
Deferred revenue and deferred profit	7,633			(307		)	(725		)
Accrued price protection liability	2,676			6,771			(173		)
Other long-term liabilities	(3,768		)	(320		)	18
Net cash provided by (used in) operating activities ⁽¹⁾	(7,090		)	22,672			32,345
Investing Activities
Purchases of property and equipment	(1,155		)	(743		)	(1,488		)
Purchases of intangible assets	(5,205		)	(120		)	(390		)
Cash used in acquisition, net of cash acquired	(473,304		)	—			(21,000		)
Purchases of available-for-sale securities	—			(30,577		)	(9,504		)
Maturities of available-for-sale securities	63,761			20,785			70,711
Net cash provided by (used in) investing activities	(415,903		)	(10,655		)	38,329
Financing Activities
Repurchases of common stock	—			(334		)	—
Net proceeds from issuance of common stock	7,657			361			2,558
Minimum tax withholding paid on behalf of employees for restricted stock units	(3,496		)	(4,903		)	(2,501		)
Proceeds from issuance of debt	416,846			—			—
Net cash provided by (used in) financing activities	421,007			(4,876		)	57
Effect of exchange rate changes on cash and cash equivalents	839			1,201			11
Increase (decrease) in cash, cash equivalents and restricted cash	(1,147		)	8,342			70,742
Cash, cash equivalents and restricted cash at beginning of period	91,238			82,896			76,840
Cash, cash equivalents and restricted cash at end of period	$	90,091		$	91,238		$	147,582

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