MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2015 Financial Results



MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
  
  Years Ended
  December, 31, 2015 (1)  December 31, 2014
Net revenue$300,360  $133,112 
Cost of net revenue144,937  51,154 
Gross profit155,423  81,958 
Operating expenses:   
Research and development85,405  56,625 
Selling, general and administrative77,981  34,191 
Impairment losses21,600   
Restructuring charges14,086   
Total operating expenses199,072  90,816 
Loss from operations(43,649) (8,858)
Interest income275  236 
Other income (expense), net468  (123)
Loss before income taxes(42,906) (8,745)
Benefit for income taxes(575) (1,704)
Net loss$(42,331) $(7,041)
Net loss per share:   
Basic$(0.79) $(0.19)
Diluted$(0.79) $(0.19)
Shares used to compute net loss per share:   
Basic53,378  36,472 
Diluted53,378  36,472 
      
___________________________________________
(1) Included eight months of Entropic operations.


MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
  
  Three Months Ended
  December 31, 2015  September 30, 2015  December 31, 2014
Operating Activities     
Net (loss) income$(8,544) $1,582  $(2,362)
Adjustments to reconcile net loss to cash provided by operating activities:     
Amortization and depreciation9,479  17,296  1,580 
Impairment of intangible assets21,600     
Provision for losses on accounts receivable178      
Provision for inventory reserves 155          
Amortization of investment premiums, net 293     57     146  
Amortization of inventory step-up     958      
Stock-based compensation 5,364     5,193     3,928  
Deferred income taxes (197 )   251     (2,292 )
Loss (gain) on disposal of property and equipment 113     (39 )    
Loss (gain) on sale of available-for-sale securities (42 )   21     (3 )
Impairment of long-lived assets     153     21  
Impairment of leases 2,002     568      
Changes in operating assets and liabilities:          
Accounts receivable (811 )   (205 )   2,379  
Inventory 3,667     1,581     (1,213 )
Prepaid and other assets 3,795     (2,684 )   (350 )
Accounts payable, accrued expenses and other current liabilities (14,502 )   (9,247 )   17  
Accrued compensation (673 )   3,181     241  
Deferred revenue and deferred profit (72 )   3     (1,273 )
Accrued price protection liability 322     3,925     (6,467 )
Other long-term liabilities 2,431     (513 )   (120 )
Net cash provided by (used in) operating activities 24,558     22,081     (5,768 )
Investing Activities            
Purchases of property and equipment (1,516 )   (20 )   (1,033 )
Purchases of intangible assets     (100 )    
Cash used in acquisition, net of cash acquired         (9,136 )
Purchases of available-for-sale securities (27,697 )   (25,712 )   (20,245 )
Maturities of available-for-sale securities 11,521     4,400     21,277  
Net cash used in investing activities (17,692 )   (21,432 )   (9,137 )
Financing Activities            
Net proceeds from issuance of common stock 3,604     2,891     1,720  
Minimum tax withholding paid on behalf of employees for restricted stock units (613 )   (1,367 )   (169 )
Net cash provided by (used in) financing activities 2,991     1,524     1,551  
Effect of exchange rate changes on cash and cash equivalents (50 )   (755 )   (5 )
Increase (decrease) in cash and cash equivalents 9,807     1,418     (13,359 )
Cash and cash equivalents at beginning of period 58,149     56,731     34,055  
Cash and cash equivalents at end of period $ 67,956     $ 58,149     $ 20,696  

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