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 cash flows.

 
MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
      
  March 31, 2016  December 31, 2015  March 31, 2015
Assets     
Current assets:     
Cash and cash equivalents$76,840  $67,956  $22,769 
Short-term investments, available-for-sale73,210  43,300  42,173 
Accounts receivable, net41,040  42,399  20,666 
Inventory29,421  32,443  12,849 
Prepaid expenses and other current assets6,185  3,904  3,574 
Total current assets226,696  190,002  102,031 
Property and equipment, net21,538  21,858  11,264 
Long-term investments, available-for-sale16,782  19,242  16,332 
Intangible assets, net49,293  51,355  10,191 
Goodwill49,779  49,779  1,201 
Other long-term assets2,169  2,269  490 
Total assets$366,257  $334,505  $141,509 
      
Liabilities and stockholders’ equity     
Current liabilities$63,274  $55,832  $39,858 
Other long-term liabilities14,968  15,749  3,522 
Total stockholders’ equity288,015  262,924  98,129 
Total liabilities and stockholders’ equity$366,257  $334,505  $141,509 
            


MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
  
  Three Months Ended
  March 31, 2016  December 31, 2015  March 31, 2015
GAAP cost of net revenue$ 41,515     $ 43,189     $ 13,725  
Stock based compensation (43 )   (44 )   (35 )
Performance based equity (101 )   (97 )   (5 )
Amortization of purchased intangible assets (1,582 )   (1,578 )    
Non-GAAP cost of net revenue 39,789     41,470     13,685  
           
GAAP R&D expenses 23,752     22,640     15,281  
Stock based compensation (3,063 )   (2,850 )   (2,340 )
Incentive award compensation (216 )   (1,106 )   77  
Performance based equity (1,181 )   (1,227 )   (390 )
Amortization of purchased intangible assets (96 )   (96 )   (116 )
Severance charges     (22 )   (665 )
Restricted merger proceeds and contingent consideration (208 )   (210 )   (208 )
Non-GAAP R&D expenses 18,988     17,129     11,639  
           
GAAP SG&A expenses 13,610     17,960     10,944  
Stock based compensation (1,737 )   (1,278 )   (1,344 )
Incentive award compensation (50 )   (86 )   9  
Performance based equity (595 )   (642 )   (355 )
Amortization of purchased intangible assets (296 )   (4,938 )    
Acquisition and integration costs 76     (13 )   (2,504 )
Restricted merger proceeds and contingent consideration (86 )   (251 )   183  
Severance charges     (143 )   (7 )
IP litigation costs, net (462 )   (325 )   (627 )
Non-GAAP SG&A expenses 10,460     10,284     6,299  
           
GAAP restructuring expenses 2,106     23,872      
Impairment losses     (21,600 )    
Restructuring charges (2,106 )   (2,272 )    
Non-GAAP restructuring expenses          
           
GAAP income tax expense (benefit) 2,558     56      
Record valuation allowance due to net deferred liability acquired     165      
Non-GAAP income tax expense 2,558     221      
           
GAAP net income (loss) 19,116     (8,544 )   (4,722 )
Total Adjustments (11,746 )   (38,613 )   (8,327 )
Non-GAAP net income 30,862     30,069     3,605  
           
Shares used in computing non-GAAP basic net income per share 62,585     61,895     38,015  
Shares used in computing GAAP diluted net income (loss) per share 65,818     61,895     38,015  
Dilutive common stock equivalents     3,284     2,027  
Shares used in computing non-GAAP diluted net income per share 65,818     65,179     40,042  
Non-GAAP basic net income per share $ 0.49     $ 0.49     $ 0.09  
Non-GAAP diluted net income per share $ 0.47     $ 0.46     $ 0.09  
                       

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