MaxLinear, Inc. Announces Second Quarter 2018 Financial Results

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

	Six Months Ended
	June 30, 2018			June 30, 2017
Net revenue	$	212,360		$	193,016
Cost of net revenue	93,362			88,988
Gross profit	118,998			104,028
Operating expenses:
Research and development	61,332			52,893
Selling, general and administrative	51,618			49,951
Restructuring charges	1,865			6,546
Total operating expenses	114,815			109,390
Income (loss) from operations	4,183			(5,362		)
Interest income	37			259
Interest expense	(7,588		)	(2,201		)
Other income (expense), net	154			(762		)
Total interest and other income (expense), net	(7,397		)	(2,704		)
Loss before income taxes	(3,214		)	(8,066		)
Income tax provision (benefit)	9,361			(27,494		)
Net income (loss)	$	(12,575	)	$	19,428
Net income (loss) per share:
Basic	$	(0.18	)	$	0.30
Diluted	$	(0.18	)	$	0.28
Shares used to compute net income (loss) per share:
Basic	68,008			65,564
Diluted	68,008			69,398

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

	Three Months Ended
	June 30, 2018			March 31, 2018			June 30, 2017
Operating Activities
Net income (loss)	$	(14,422	)	$	1,847		$	10,965
Adjustments to reconcile net income (loss) to cash provided by operating activities
Amortization and depreciation	20,051			20,084			18,261
Accretion of investment discount	—			—			(107		)
Amortization of inventory step-up	—			—			5,635
Amortization of debt issuance costs and discount	287			287			175
Stock-based compensation	7,309			8,473			11,628
Deferred income taxes	(1,289		)	(2,332		)	(53,297		)
Loss on disposal of property and equipment	—			—			3
Loss on sale of available-for-sale securities	—			—			38
(Gain) loss on foreign currency	(828		)	471			898
Excess tax benefits on stock-based awards	(318		)	(797		)	(2,376		)
Impairment of leasehold improvements	700			—			—
Changes in operating assets and liabilities:
Accounts receivable	6,979			(24,533		)	(13,496		)
Inventory	1,420			7,676			(2,289		)
Prepaid expenses and other assets	2,213			1,003			4,385
Accounts payable, accrued expenses and other current liabilities	11,540			(421		)	7,610
Accrued compensation	1,401			2,502			(1,664		)
Deferred revenue and deferred profit	—			(138		)	7,633
Accrued price protection liability	(132		)	(1,359		)	2,676
Other long-term liabilities	913			(792		)	(3,768		)
Net cash provided by (used in) operating activities	35,824			11,971			(7,090		)

Investing Activities
Purchases of property and equipment	(2,423		)	(2,381		)	(1,155		)
Purchases of intangible assets	—			—			(5,205		)
Cash used in acquisition, net of cash acquired	—			—			(473,304		)
Maturities of available-for-sale securities	—			—			63,761
Net cash used in investing activities	(2,423		)	(2,381		)	(415,903		)

Financing Activities
Net proceeds from issuance of debt	—			—			416,846
Repayment of debt	(18,000		)	(25,000		)	—
Net proceeds from issuance of common stock	3,036			980			7,657
Minimum tax withholding paid on behalf of employees for restricted stock units	(1,448		)	(2,391		)	(3,496		)
Net cash provided by (used in) financing activities	(16,412		)	(26,411		)	421,007
Effect of exchange rate changes on cash and cash equivalents	793			(258		)	839
Increase (decrease) in cash, cash equivalents and restricted cash	17,782			(17,079		)	(1,147		)
Cash, cash equivalents and restricted cash at beginning of period	57,333			74,412			91,238
Cash, cash equivalents and restricted cash at end of period	$	75,115		$	57,333		$	90,091

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