MaxLinear, Inc. Announces Second Quarter 2016 Financial Results
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MAXLINEAR, INC. | |
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS | |
(in thousands) | | | | |
Six Months Ended | | |
June 30, 2016 | |
June 30, 2015 (1) | |
Operating Activities | | | | | Net income (loss) | $ | 43,265 | | | $ | (35,369 | ) | | Adjustments to reconcile net income (loss) to cash provided by operating activities: | | | | | Amortization and depreciation | 9,935 | | | 13,866 | | | Provision for inventory reserves | 9 | | | — | | | Amortization of investment premiums, net | 83 | | | 204 | | | Amortization of inventory step-up | 336 | | | 13,286 | | | Stock-based compensation | 10,211 | | | 10,020 | | | Deferred income taxes | 133 | | | (1,960 | ) | | Loss on disposal of property and equipment | 48 | | | — | | | Gain on sale of available-for-sale securities | (50 | ) | | — | | | Change in fair value of contingent consideration | 110 | | | (132 | ) | | Impairment of leases | — | | | 5,593 | | | Gain on foreign currency | (46 | ) | | — | | Excess tax benefits on stock based awards
| (5,114 | ) | | — | | | Changes in operating assets and liabilities: | | | | | Accounts receivable | (1,941 | ) | | 6,176 | | | Inventory | 7,409 | | | (11,650 | ) | | Prepaid and other assets | (805 | ) | | 3,384 | | | Accounts payable, accrued expenses and other current liabilities | 4,967 | | | 434 | | | Accrued compensation | 3,540 | | | 1,503 | | | Deferred revenue and deferred profit | 1,732 | | | 523 | | | Accrued price protection liability | (1,756 | ) | | 2,275 | | | Other long-term liabilities | (767 | ) | | 249 | | | Net cash provided by operating activities | 71,299 | | | 8,402 | | |
Investing Activities | | | | | Purchases of property and equipment | (4,710 | ) | | (1,460 | ) | | Purchases of intangible assets | (390 | ) | | — | | | Cash used in acquisition, net of cash acquired | (21,000 | ) | | (3,615 | ) | | Purchases of available-for-sale securities | (47,277 | ) | | (19,968 | ) | | Maturities of available-for-sale securities | 81,011 | | | 53,108 | | | Net cash provided by investing activities | 7,634 | | | 28,065 | | |
Financing Activities | | | | | Repurchases of common stock | (3 | ) | | (101 | ) | | Net proceeds from issuance of common stock | 4,285 | | | 3,455 | | | Minimum tax withholding paid on behalf of employees for restricted stock units | (3,593 | ) | | (3,161 | ) | | Equity issuance costs | — | | | (705 | ) | | Net cash provided by (used in) financing activities | 689 | | | (512 | ) | | Effect of exchange rate changes on cash and cash equivalents | 4 | | | 80 | | | Increase in cash and cash equivalents | 79,626 | | | 36,035 | | | Cash and cash equivalents at beginning of period | 67,956 | | | 20,696 | | | Cash and cash equivalents at end of period | $ | 147,582 | | | $ | 56,731 | | | | | | | | | | |
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