MaxLinear, Inc. Announces Second Quarter 2018 Financial Results
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MAXLINEAR, INC. | |
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS | |
(in thousands) | | | | |
Six Months Ended | | |
June 30, 2018 | |
June 30, 2017 | |
Operating Activities | | | | | Net income (loss) | $ | (12,575 | ) | | $ | 19,428 | | | Adjustments to reconcile net income (loss) to cash provided by operating activities: | | | | | Amortization and depreciation | 40,135 | | | 25,160 | | | Provision for losses on accounts receivable | — | | | 87 | | | Accretion of investment discount | — | | | (60 | ) | | Amortization of inventory step-up | — | | | 5,635 | | | Amortization of debt issuance costs and discount | 574 | | | 175 | | | Stock-based compensation | 15,782 | | | 17,102 | | | Deferred income taxes | (3,621 | ) | | (53,142 | ) | | Gain on disposal of property and equipment | — | | | (85 | ) | | Loss on sale of available-for-sale securities | — | | | 38 | | | (Gain) loss on foreign currency | (357 | ) | | 682 | | | Excess tax benefits on stock-based awards | (1,115 | ) | | (3,290 | ) | | Impairment of leasehold improvements | 700 | | | — | | | Changes in operating assets and liabilities: | | | | | Accounts receivable | (17,554 | ) | | (20,932 | ) | | Inventory | 9,096 | | | (7,391 | ) | | Prepaid expenses and other assets | 3,216 | | | 5,210 | | | Accounts payable, accrued expenses and other current liabilities | 11,119 | | | 15,562 | | | Accrued compensation | 3,903 | | | (1,282 | ) | | Deferred revenue and deferred profit | (138 | ) | | 7,326 | | | Accrued price protection liability | (1,491 | ) | | 9,447 | | | Other long-term liabilities | 121 | | | (4,088 | ) | | Net cash provided by operating activities | 47,795 | | | 15,582 | | | | | | | |
Investing Activities | | | | | Purchases of property and equipment | (4,804 | ) | | (1,898 | ) | | Purchases of intangible assets | — | | | (5,325 | ) | | Cash used in acquisition, net of cash acquired | — | | | (473,304 | ) | | Purchases of available-for-sale securities | — | | | (30,577 | ) | | Maturities of available-for-sale securities | — | | | 84,546 | | | Net cash used in investing activities | (4,804 | ) | | (426,558 | ) | | | | | | |
Financing Activities | | | | | Net proceeds from issuance of debt | — | | | 416,846 | | | Repayment of debt | (43,000 | ) | | — | | | Repurchases of common stock | — | | | (334 | ) | | Net proceeds from issuance of common stock | 4,016 | | | 8,018 | | | Minimum tax withholding paid on behalf of employees for restricted stock units | (3,839 | ) | | (8,399 | ) | | Net cash provided by (used in) financing activities | (42,823 | ) | | 416,131 | | | Effect of exchange rate changes on cash and cash equivalents | 535 | | | 2,040 | | | Increase in cash, cash equivalents and restricted cash | 703 | | | 7,195 | | | Cash, cash equivalents and restricted cash at beginning of period | 74,412 | | | 82,896 | | | Cash, cash equivalents and restricted cash at end of period | $ | 75,115 | | | $ | 90,091 | |
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