MaxLinear, Inc. Announces First Quarter 2016 Financial Results and the Acquisition of Broadcom Corporation's Wireless Infrastructure Backhaul Business

(1) Includes three months of Entropic operations.

 
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
  
  Three Months Ended
  March 31, 2016 (1)  December 31, 2015 (1)  March 31, 2015
Operating Activities     
Net income (loss)$19,116  $(8,544) $(4,722)
Adjustments to reconcile net income (loss) to cash provided by operating activities:     
Amortization and depreciation5,772  9,479  1,639 
Impairment of intangible assets  21,600   
Provision for losses on accounts receivable  178   
Provision for inventory reserves38  155   
Amortization of investment premiums, net149  293  149 
Stock-based compensation5,109  5,364  3,719 
Deferred income taxes233  (197)  
Loss on disposal of property and equipment  113   
Gain on sale of available-for-sale securities  (42)  
Change in fair value of contingent consideration86  253  (183)
Loss on foreign currency124     
Impairment of leases  2,002   
Changes in operating assets and liabilities:     
Accounts receivable1,359  (811) (2,143)
Inventory2,984  3,667  (1,991)
Prepaid and other assets(2,416) 3,795  (416)
Accounts payable, accrued expenses and other current liabilities3,080  (14,755) 3,015 
Accrued compensation3,231  (673) 1,874 
Deferred revenue and deferred profit2,457  (72) 21 
Accrued price protection liability(1,583) 322  2,647 
Other long-term liabilities(785) 2,431  159 
Net cash provided by operating activities 38,954     24,558     3,768  
Investing Activities          
Purchases of property and equipment (3,222 )   (1,516 )   (1,024 )
Purchases of available-for-sale securities (37,773 )   (27,697 )   (16,153 )
Maturities of available-for-sale securities 10,300     11,521     16,190  
Net cash used in investing activities (30,695 )   (17,692 )   (987 )
Financing Activities          
Repurchases of common stock (3 )        
Net proceeds from issuance of common stock 1,727     3,604     248  
Minimum tax withholding paid on behalf of employees for restricted stock units (1,092 )   (613 )   (265 )
Equity issuance costs         (697 )
Net cash provided by (used in) financing activities 632     2,991     (714 )
Effect of exchange rate changes on cash and cash equivalents (7 )   (50 )   6  
Increase in cash and cash equivalents 8,884     9,807     2,073  
Cash and cash equivalents at beginning of period 67,956     58,149     20,696  
Cash and cash equivalents at end of period $ 76,840     $ 67,956     $ 22,769  
                       

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