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.
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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 depreciation | 5,772 | | | 9,479 | | | 1,639 | | | Impairment of intangible assets | — | | | 21,600 | | | — | | | Provision for losses on accounts receivable | — | | | 178 | | | — | | | Provision for inventory reserves | 38 | | | 155 | | | — | | | Amortization of investment premiums, net | 149 | | | 293 | | | 149 | | | Stock-based compensation | 5,109 | | | 5,364 | | | 3,719 | | | Deferred income taxes | 233 | | | (197 | ) | | — | | | Loss on disposal of property and equipment | — | | | 113 | | | — | | | Gain on sale of available-for-sale securities | — | | | (42 | ) | | — | | | Change in fair value of contingent consideration | 86 | | | 253 | | | (183 | ) | | Loss on foreign currency | 124 | | | — | | | — | | | Impairment of leases | — | | | 2,002 | | | — | | | Changes in operating assets and liabilities: | | | | | | | Accounts receivable | 1,359 | | | (811 | ) | | (2,143 | ) | | Inventory | 2,984 | | | 3,667 | | | (1,991 | ) | | Prepaid and other assets | (2,416 | ) | | 3,795 | | | (416 | ) | | Accounts payable, accrued expenses and other current liabilities | 3,080 | | | (14,755 | ) | | 3,015 | | | Accrued compensation | 3,231 | | | (673 | ) | | 1,874 | | | Deferred revenue and deferred profit | 2,457 | | | (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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