MaxLinear, Inc. Announces Third Quarter 2016 Financial Results


 
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
  Nine Months Ended
  September 30, 2016  September 30, 2015 (1)
Operating Activities   
Net income (loss)$52,944  $(33,787)
Adjustments to reconcile net income (loss) to cash provided by operating activities:   
Amortization and depreciation18,743  31,162 
Impairment of IPR&D assets1,300   
Provision for losses on accounts receivable87   
Provision for inventory reserves9   
Amortization of investment premiums, net95  261 
Amortization of inventory step-up2,989  14,244 
Stock-based compensation16,475  15,052 
Deferred income taxes215  (1,709)
(Gain) loss on disposal of property and equipment48  (39)
(Gain) loss on sale of available-for-sale securities(50) 21 
Change in fair value of contingent consideration209  (123)
Impairment of leases  6,161 
Loss on foreign currency66   
Excess tax benefits on stock-based awards
(6,042)  
Impairment of long-lived assets  153 
Changes in operating assets and liabilities:   
Accounts receivable(7,360) 5,971 
Inventory6,955  (10,069)
Prepaid and other assets(365) 700 
Accounts payable, accrued expenses and other current liabilities2,497  (8,822)
Accrued compensation3,357  4,845 
Deferred revenue and deferred profit1,228  526 
Accrued price protection liability(2,914) 6,200 
Other long-term liabilities(772) (264)
Net cash provided by operating activities89,714  30,483 
Investing Activities   
Purchases of property and equipment(6,828) (1,480)
Purchases of intangible assets(390) (100)
Cash used in acquisition, net of cash acquired(101,000) (3,615)
Purchases of available-for-sale securities(80,263) (45,680)
Maturities of available-for-sale securities88,711  57,508 
Net cash provided by (used in) investing activities(99,770) 6,633 
Financing Activities      
Repurchases of common stock (3 )   (101 )
Net proceeds from issuance of common stock 4,450     6,346  
Minimum tax withholding paid on behalf of employees for restricted stock units (6,184 )   (4,528 )
Equity issuance costs     (705 )
Net cash provided by (used in) financing activities (1,737 )   1,012  
Effect of exchange rate changes on cash and cash equivalents (87 )   (675 )
Increase (decrease) in cash and cash equivalents (11,880 )   37,453  
Cash and cash equivalents at beginning of period 67,956     20,696  
Cash and cash equivalents at end of period $ 56,076     $ 58,149  

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