MaxLinear, Inc. Announces Fourth Quarter 2016 Financial Results and the Acquisition of Marvell's G.hn Business

___________________________________________

(1) We adopted ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting in the second quarter of 2016, and included excess tax benefits in the provision for income taxes instead of in additional paid-in capital. As a result, when computing diluted EPS using the treasury stock method, fewer hypothetical shares can be repurchased resulting in a greater number of incremental shares being issued upon the exercise of share-based payment awards. The impact of adoption for the three months ended December 31, 2016 was a reduction to the provision for income taxes and increase to net income of $2.2 million and increases to basic earnings per share of $0.04 and diluted earnings per share of $0.03.  Diluted earnings per share for the three months ended December 31, 2016 was also impacted by an increase of 814,000 shares in the number of incremental shares used in computing diluted EPS.

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
 
   Year Ended
   December 31, 2016(1)  December 31, 2015(2)
Net revenue $387,832  $300,360 
Cost of net revenue 157,842  144,937 
Gross profit 229,990  155,423 
Operating expenses:    
Research and development 97,745  85,405 
Selling, general and administrative 64,454  77,981 
IPR&D impairment losses 1,300  21,600 
Restructuring charges 3,432  14,086 
Total operating expenses 166,931  199,072 
Income (loss) from operations 63,059  (43,649)
Interest income 572  275 
Other income (expense), net 59  468 
Income (loss) before income taxes 63,690  (42,906)
Provision (benefit) for income taxes 2,398  (575)
Net income (loss) $61,292  $(42,331)
Net income (loss) per share:    
Basic $0.96  $(0.79)
Diluted $0.91  $(0.79)
Shares used to compute net income (loss) per share:    
Basic 63,781  53,378 
Diluted 67,653  53,378 

___________________________________________

(1) We adopted ASU No. 2016-09, Improvements to Employee Share-Based Payment Accounting in the second quarter of 2016, and included excess tax benefits in the provision for income taxes instead of additional paid-in capital.  As a result, when computing diluted EPS using the treasury stock method, fewer hypothetical shares can be repurchased resulting in a greater number of incremental shares being issued upon the exercise of share-based payment awards. The impact of adoption for the year ended December 31, 2016 was a reduction to the provision for income taxes and increase to net income of $8.3 million and increase to basic earnings per share of $0.13 and diluted earnings per share of $0.12.  Diluted earnings per share for the year ended December 31, 2016 was also impacted by an increase of 846,000 shares in the number of incremental shares used in computing diluted EPS.

(2) Includes eight months of Entropic operations.


MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
 
    Three Months Ended
    December 31,
2016
  September 30,
2016
  December 31,
2015
Operating Activities            
Net income (loss)   $ 8,348     9,679     (8,544 )
Adjustments to reconcile net income to cash provided by operating activities:            
Amortization and depreciation   7,960     8,808     9,479  
Impairment of IPR&D assets       1,300     21,600  
Provision for losses on accounts receivable       87     178  
Amortization of investment premiums, net   74     12     293  
Amortization of inventory step-up   2,652     2,653      
Stock-based compensation   5,290     6,264     4,216  
Deferred income taxes   (114 )   82     (197 )
Loss on disposal of property and equipment   318         113  
Gain on sale of available-for-sale securities           (42 )
(Gain) loss on foreign currency   (282 )   112      
Excess tax benefits on stock-based awards   (2,249 )   (928 )    
Change in fair value of contingent consideration
  11     99     253  
Impairment of leases   388         2,002  
Changes in operating assets and liabilities:            
Accounts receivable   (815 )   (5,419 )   (811 )
Inventory   2,882     (454 )   3,822  
Prepaid expenses and other assets   767     440     3,795  
Accounts payable, accrued expenses and other current liabilities   752     (2,470 )   (13,211 )
Accrued compensation   2,252     (183 )   475  
Deferred revenue and deferred profit   697     (504 )   (72 )
Accrued price protection liability   (1,936 )   (1,158 )   322  
Other long-term liabilities   608     (5 )   887  
Net cash provided by operating activities   27,603     18,415     24,558  
Investing Activities            
Purchases of property and equipment   (1,684 )   (2,118 )   (1,516 )
Cash used in acquisition, net of cash acquired       (80,000 )    
Purchases of available-for-sale securities   (10,044 )   (32,986 )   (27,697 )
Maturities of available-for-sale securities   10,185     7,700     11,521  
Net cash used in investing activities   (1,543 )   (107,404 )   (17,692 )
Financing Activities            
Net proceeds from issuance of common stock   2,199     165     3,604  
Minimum tax withholding paid on behalf of employees for restricted stock units   (1,132 )   (2,591 )   (613 )
Net cash provided by (used in) financing activities   1,067     (2,426 )   2,991  
Effect of exchange rate changes on cash and cash equivalents   (307 )   (91 )   (50 )
Increase (decrease) in cash and cash equivalents   26,820     (91,506 )   9,807  
Cash and cash equivalents at beginning of period   56,076     147,582     58,149  
Cash and cash equivalents at end of period   $ 82,896     $ 56,076     $ 67,956  

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