MaxLinear, Inc. Announces Third Quarter 2016 Financial Results
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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 depreciation | 18,743 | | | 31,162 | | | Impairment of IPR&D assets | 1,300 | | | — | | | Provision for losses on accounts receivable | 87 | | | — | | | Provision for inventory reserves | 9 | | | — | | | Amortization of investment premiums, net | 95 | | | 261 | | | Amortization of inventory step-up | 2,989 | | | 14,244 | | | Stock-based compensation | 16,475 | | | 15,052 | | | Deferred income taxes | 215 | | | (1,709 | ) | | (Gain) loss on disposal of property and equipment | 48 | | | (39 | ) | | (Gain) loss on sale of available-for-sale securities | (50 | ) | | 21 | | | Change in fair value of contingent consideration | 209 | | | (123 | ) | | Impairment of leases | — | | | 6,161 | | | Loss on foreign currency | 66 | | | — | | 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 | | | Inventory | 6,955 | | | (10,069 | ) | | Prepaid and other assets | (365 | ) | | 700 | | | Accounts payable, accrued expenses and other current liabilities | 2,497 | | | (8,822 | ) | | Accrued compensation | 3,357 | | | 4,845 | | | Deferred revenue and deferred profit | 1,228 | | | 526 | | | Accrued price protection liability | (2,914 | ) | | 6,200 | | | Other long-term liabilities | (772 | ) | | (264 | ) | | Net cash provided by operating activities | 89,714 | | | 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 securities | 88,711 | | | 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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