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Share Name | Share Symbol | Market | Type |
---|---|---|---|
MaxLinear Inc | NASDAQ:MXL | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.14 | -0.77% | 18.00 | 16.07 | 18.09 | 399 | 13:39:17 |
MaxLinear, Inc. (Nasdaq: MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, today announced financial results for the fourth quarter and fiscal year ended December 31, 2023.
Fourth Quarter Financial Highlights
GAAP basis:
Non-GAAP basis:
Fiscal Year 2023 Financial Highlights
Management Commentary
In the fourth quarter, we delivered $125.4 million in revenues, with solid gross margin performance and positive cash flow. For 2023, revenues were $693.3 million, with wireless infrastructure continuing to be a highlight, growing 30% over the previous year.
“As we look ahead, we believe 2024 will be the start of an exciting period of growth and opportunity for MaxLinear. Market headwinds of the past year in broadband and connectivity are likely to become tailwinds over time when customer inventory rationalization winds down and incentive programs begin to provide new market stimulus. Most importantly, the investments we made in product innovations in wireless and optical datacenter network infrastructure, Wi-Fi, ethernet, and fiber broadband access gateways are beginning to open up new and significant revenue opportunities that are expected to drive our growth for many years to come,” commented Kishore Seendripu, Ph.D., Chairman and CEO.
First Quarter 2024 Business Outlook
The company expects net revenue in the first quarter of 2024 to be approximately $85 million to $105 million. The Company also estimates the following:
Webcast and Conference Call
MaxLinear will host its fourth quarter financial results conference call today, January 31, 2024 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access this call, dial US toll free: 1-877-407-3109 / International: 1-201-493-6798. A live webcast of the conference call will be accessible from the investor relations section of the MaxLinear website at https://investors.maxlinear.com, and will be archived and available after the call at https://investors.maxlinear.com until February 14, 2024. A replay of the conference call will also be available until February 14, 2024 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13743453.
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning our future financial performance (including our current guidance for first quarter 2024 net revenue, and GAAP and non-GAAP amounts for each of the following: gross margins, operating expenses, interest and other expenses, and diluted share counts); our potential growth and revenue opportunities; changes in customer inventory and market stimulus from government incentive programs and their effects on the broadband and connectivity markets; and settlement of bonus awards for our 2023 performance period. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements and our future financial performance and operating results forecasts generally. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. In particular, our future operating results are substantially dependent on our assumptions about market trends and conditions. Additional risks and uncertainties affecting our business, future operating results and financial condition include, without limitation; risks relating to our terminated merger with Silicon Motion and related arbitration and class action complaint and the risks related to potential payment of damages; the effect of intense and increasing competition; impacts of global economic conditions; the cyclical nature of the semiconductor industry; a significant variance in our operating results and impact on volatility in our stock price, and our ability to sustain our current level of revenue, which has declined, and/or manage future growth effectively, and the impact of excess inventory in the channel on our customers’ expected demand for certain of our products; the geopolitical and economic tensions among the countries in which we conduct business; increased tariffs, export controls or imposition of other trade barriers; our ability to obtain or retain government authorization to export certain of our products or technology; risks related to the loss of, or a significant reduction in orders from major customers; costs of legal proceedings; information technology failures; a decrease in the average selling prices of our products; failure to penetrate new applications and markets; development delays and consolidation trends in our industry; inability to make substantial research and development investments; delays or expenses caused by undetected defects or bugs in our products; failure to timely develop and introduce new or enhanced products; order and shipment uncertainties; failure to accurately predict our future revenue and appropriately budget expenses; lengthy and expensive customer qualification processes; customer product plan cancellations; failure to maintain compliance with government regulations; failure to attract and retain qualified personnel; any adverse impact of rising interest rates on us, our customers, and our distributors and related demand; risks related to compliance with privacy, data protection and cybersecurity laws and regulations; risks related to conforming our products to industry standards; risks related to business acquisitions and investments; claims of intellectual property infringement; our ability to protect our intellectual property; risks related to security vulnerabilities of our products; use of open source software in our products; and failure to manage our relationships with, or negative impacts from, third parties.
In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including our Current Reports on Form 8-K, as well as the information to be set forth under the caption "Risk Factors" in MaxLinear's Annual Report on Form 10-K for the year ended December 31, 2023. All forward-looking statements are based on the estimates, projections and assumptions of management as of January 31, 2024, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses as a percentage of net revenue, non-GAAP income from operations as percentage of revenue, non-GAAP interest and other expenses, non-GAAP diluted earnings per share, and non-GAAP diluted share count. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance-based bonus plan for 2023, which we currently intend to settle in shares of our common stock; (iii) accruals related to our performance-based bonus plan for 2022, which we settled in shares of common stock in 2023; (iv) amortization of purchased intangible assets; (v) research and development funded by others; (vi) acquisition and integration costs related to our acquisitions, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion; (vii) impairment of intangible assets; (viii) severance and other restructuring charges; (ix) other non-recurring interest and other income (expenses), net attributable to acquisitions, including ticking fees paid to lenders following the termination of the previously pending (now terminated) merger with Silicon Motion; and (x) non-cash income tax benefits and expenses. Non-GAAP financial measures are not meant to be considered in isolation or as a substitute for the comparable GAAP financial measures. Non-GAAP financial measures are subject to limitations, and should be read only in conjunction with the company’s consolidated financial statements prepared in accordance with GAAP. Non-GAAP financial measures do not have any standardized meaning and are therefore unlikely to be comparable to similarly titled measures presented by other companies. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.
We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and other one-time expenses that we believe are not indicative of our core operating results. Among other uses, our management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management’s incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance.
The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:
Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Our equity incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results. Stock-based compensation expense has been and will continue to be a significant recurring expense for MaxLinear. While we include the dilutive impact of equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income.
Performance-based equity consists of accruals related to our executive and non-executive bonus programs, and have been excluded from our non-GAAP net income for all periods reported. Bonus payments for the 2022 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2023. We currently expect that bonus awards under our fiscal 2023 program will be settled in common stock in the first quarter of fiscal 2024.
Expenses incurred in relation to acquisitions include amortization of purchased intangible assets, acquisition and integration costs primarily consisting of professional and consulting fees, including costs incurred related to the termination of the previously pending (now terminated) merger with Silicon Motion; ticking fees paid to lenders following the termination of such merger which were recorded in other expense; and accretion of discount on contingent consideration to interest expense.
Research and development funded by others represents proceeds received under contracts for jointly funded R&D projects to develop technology that may be commercialized into a product in the future. Initially such proceeds may not yet be recognized in GAAP results if, pursuant to contract terms, the Company may be required to repay all or a portion of the funds provided by the other party under certain conditions. Management believes it is not probable that it will trigger such conditions. Once such conditions have been resolved, the proceeds are recognized in GAAP results, and accordingly, reversed from non-GAAP results.
Impairment losses are related to abandonment of acquired or purchased intangible assets.
Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to impairment of leased right-of-use assets or from exiting certain facilities.
Income tax benefits and expense adjustments are those that do not affect cash income taxes payable.
Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, we are also unable to predict their probable significance, particularly related to stock-based compensation and its related tax effects as well as potential impairments, a quantitative reconciliation is not available without unreasonable efforts and accordingly, in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not provided a reconciliation for non-GAAP guidance provided for the first quarter 2024.
About MaxLinear, Inc.
MaxLinear, Inc. (Nasdaq:MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.
MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)
Three Months Ended
December 31, 2023
September 30, 2023
December 31, 2022
Net revenue
$
125,353
$
135,530
$
290,586
Cost of net revenue
56,814
61,586
127,246
Gross profit
68,539
73,944
163,340
Operating expenses:
Research and development
65,250
66,306
73,724
Selling, general and administrative
34,384
25,402
44,472
Impairment losses
—
—
2,811
Restructuring charges
10,648
54
1,172
Total operating expenses
110,282
91,762
122,179
Income (loss) from operations
(41,743
)
(17,818
)
41,161
Interest income
1,781
1,736
70
Interest expense
(2,909
)
(2,715
)
(2,292
)
Other income (expense), net
240
(22,721
)
1,774
Total other income (expense), net
(888
)
(23,700
)
(448
)
Income (loss) before income taxes
(42,631
)
(41,518
)
40,713
Income tax provision (benefit)
(4,131
)
(1,689
)
9,633
Net income (loss)
$
(38,500
)
$
(39,829
)
$
31,080
Net income (loss) per share:
Basic
$
(0.47
)
$
(0.49
)
$
0.40
Diluted
$
(0.47
)
$
(0.49
)
$
0.38
Shares used to compute net income (loss) per share:
Basic
81,681
81,249
78,649
Diluted
81,681
81,249
82,406
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Year Ended
December 31, 2023
December 31, 2022
Net revenue
$
693,263
$
1,120,252
Cost of net revenue
307,600
470,483
Gross profit
385,663
649,769
Operating expenses:
Research and development
269,504
296,442
Selling, general and administrative
132,156
168,008
Impairment losses
2,438
2,811
Restructuring charges
19,786
2,265
Total operating expenses
423,884
469,526
Income (loss) from operations
(38,221
)
180,243
Interest income
6,053
245
Interest expense
(10,702
)
(9,768
)
Other income (expense), net
(20,940
)
3,478
Total other income (expense), net
(25,589
)
(6,045
)
Income (loss) before income taxes
(63,810
)
174,198
Income tax provision
9,337
49,158
Net income (loss)
$
(73,147
)
$
125,040
Net income (loss) per share:
Basic
$
(0.91
)
$
1.60
Diluted
$
(0.91
)
$
1.55
Shares used to compute net income (loss) per share:
Basic
80,719
78,039
Diluted
80,719
80,852
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
December 31, 2023
September 30, 2023
December 31, 2022
Operating Activities
Net income (loss)
$
(38,500
)
$
(39,829
)
$
31,080
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization and depreciation
16,593
17,014
18,825
Impairment losses
—
—
2,811
Amortization of debt issuance costs and accretion of discount on debt and leases
703
685
513
Stock-based compensation
16,413
5,118
23,550
Deferred income taxes
(10,954
)
(2,384
)
133
Loss on disposal of property and equipment
—
16
3
Gain on sale of investments
(434
)
—
(3,375
)
Unrealized holding (gain) loss on investments
(2,152
)
5,876
58
(Gain) loss on settlement of pension
—
(1,008
)
—
(Gain) loss on foreign currency and other
2,335
(13
)
1,416
Excess tax (benefits) deficiencies on stock based awards
276
769
(219
)
Changes in operating assets and liabilities:
Accounts receivable, net
(12,363
)
(2,398
)
7,101
Inventory
15,034
11,210
5,426
Prepaid expenses and other assets
887
(4,563
)
(2,168
)
Accounts payable, accrued expenses and other current liabilities
(11,514
)
9,347
(16,574
)
Accrued compensation
932
4,914
9,816
Accrued price protection liability
3,474
(11,995
)
(3,394
)
Lease liabilities
(2,780
)
(2,882
)
(2,955
)
Other long-term liabilities
5,477
(2,669
)
(2,690
)
Net cash provided by (used in) operating activities
(16,573
)
(12,792
)
69,357
Investing Activities
Purchases of property and equipment
(1,274
)
(1,927
)
(16,628
)
Purchases of intangible assets
(157
)
(674
)
(744
)
Cash used in acquisitions, net of cash acquired
(940
)
—
—
Sales of trading securities
17,198
—
—
Net cash provided by (used in) investing activities
14,827
(2,601
)
(17,372
)
Financing Activities
Payment of debt commitment fees
—
(18,325
)
—
Repayment of debt
—
—
(50,000
)
Net proceeds from issuance of common stock
1,391
92
1,792
Minimum tax withholding paid on behalf of employees for restricted stock units
(220
)
(3,232
)
(369
)
Net cash provided by (used in) financing activities
1,171
(21,465
)
(48,577
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
779
(633
)
2,456
Increase (decrease) in cash, cash equivalents and restricted cash
204
(37,491
)
5,864
Cash, cash equivalents and restricted cash at beginning of period
188,152
225,643
182,493
Cash, cash equivalents and restricted cash at end of period
$
188,356
$
188,152
$
188,357
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended
December 31, 2023
December 31, 2022
Operating Activities
Net income (loss)
$
(73,147
)
$
125,040
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Amortization and depreciation
71,516
80,731
Impairment losses
2,438
2,811
Amortization of debt issuance costs and accretion of discount on debt and leases
2,561
1,975
Stock-based compensation
55,176
81,704
Deferred income taxes
(4,452
)
23,454
Loss on disposal of property and equipment
2,057
170
Gain on sale of investments
(434
)
(3,375
)
Unrealized holding loss on investments
1,765
1,476
Impairment of leased right-of-use assets
—
462
(Gain) loss on settlement of pension
(1,008
)
—
(Gain) loss on foreign currency
2,475
(1,829
)
Excess tax benefits on stock-based awards
(253
)
(9,921
)
Changes in operating assets and liabilities:
Accounts receivable, net
1,406
(50,875
)
Inventory
60,636
(28,841
)
Prepaid expenses and other assets
(9,328
)
1,789
Accounts payable, accrued expenses and other current liabilities
(29,431
)
65,815
Accrued compensation
9,708
42,003
Accrued price protection liability
(41,562
)
73,574
Lease liabilities
(11,671
)
(11,440
)
Other long-term liabilities
4,920
(5,997
)
Net cash provided by operating activities
43,372
388,726
Investing Activities
Purchases of property and equipment
(13,454
)
(41,253
)
Purchases of intangible assets
(6,355
)
(11,184
)
Cash used in acquisitions, net of cash acquired
(13,324
)
—
Proceeds loaned under notes receivable
—
(10,000
)
Purchases of investments
—
(29,325
)
Sales of trading securities
17,198
—
Net cash used in investing activities
(15,935
)
(91,762
)
Financing Activities
Payment of debt commitment fees
(18,325
)
—
Repayment of debt
—
(185,000
)
Net proceeds from issuance of common stock
4,559
5,006
Minimum tax withholding paid on behalf of employees for restricted stock units
(12,590
)
(28,896
)
Repurchase of common stock
—
(31,511
)
Net cash used in financing activities
(26,356
)
(240,401
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,082
)
56
Increase (decrease) in cash, cash equivalents and restricted cash
(1
)
56,619
Cash, cash equivalents and restricted cash at beginning of period
188,357
131,738
Cash, cash equivalents and restricted cash at end of period
$
188,356
$
188,357
MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, 2023
September 30, 2023
December 31, 2022
Assets
Current assets:
Cash and cash equivalents
$
187,288
$
187,028
$
187,353
Short-term restricted cash
1,051
1,105
982
Short-term investments
—
14,612
18,529
Accounts receivable, net
170,619
158,232
170,971
Inventory
99,908
114,942
160,544
Prepaid expenses and other current assets
29,159
32,688
24,745
Total current assets
488,025
508,607
563,124
Long-term restricted cash
17
19
22
Property and equipment, net
66,431
69,484
79,018
Leased right-of-use assets
31,264
32,647
28,515
Intangible assets, net
73,630
82,643
109,316
Goodwill
318,588
318,456
306,739
Deferred tax assets
69,493
59,121
66,491
Other long-term assets
32,809
32,810
26,800
Total assets
$
1,080,257
$
1,103,787
$
1,180,025
Liabilities and stockholders’ equity
Current liabilities
$
222,129
$
232,910
$
341,086
Long-term lease liabilities
26,243
28,017
23,353
Long-term debt
122,375
122,219
121,757
Other long-term liabilities
23,245
17,964
17,444
Stockholders’ equity
686,265
702,677
676,385
Total liabilities and stockholders’ equity
$
1,080,257
$
1,103,787
$
1,180,025
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
Three Months Ended
December 31, 2023
September 30, 2023
December 31, 2022
GAAP gross profit
$
68,539
$
73,944
$
163,340
Stock-based compensation
137
170
222
Performance based equity
17
19
175
Amortization of purchased intangible assets
8,332
8,332
9,325
Non-GAAP gross profit
77,025
82,465
173,062
GAAP R&D expenses
65,250
66,306
73,724
Stock-based compensation
(11,061
)
(9,436
)
(10,341
)
Performance based equity
(1,918
)
(2,288
)
(8,205
)
Research and development funded by others
(2,000
)
(5,500
)
(2,000
)
Non-GAAP R&D expenses
50,271
49,082
53,178
GAAP SG&A expenses
34,384
25,402
44,472
Stock-based compensation
(5,215
)
4,488
(12,988
)
Performance based equity
(1,324
)
(999
)
(3,791
)
Amortization of purchased intangible assets
(591
)
(653
)
(1,312
)
Acquisition and integration costs
(1,799
)
(2,172
)
(1,069
)
Non-GAAP SG&A expenses
25,455
26,066
25,312
GAAP impairment losses
—
—
2,811
Impairment losses
—
—
(2,811
)
Non-GAAP impairment losses
—
—
—
GAAP restructuring expenses
10,648
54
1,172
Restructuring charges
(10,648
)
(54
)
(1,172
)
Non-GAAP restructuring expenses
—
—
—
GAAP income (loss) from operations
(41,743
)
(17,818
)
41,161
Total non-GAAP adjustments
43,042
25,135
53,411
Non-GAAP income from operations
1,299
7,317
94,572
GAAP interest and other income (expense), net
(888
)
(23,700
)
(448
)
Non-recurring interest and other income (expense), net
54
18,395
59
Non-GAAP interest and other income (expense), net
(834
)
(5,305
)
(389
)
GAAP income (loss) before income taxes
(42,631
)
(41,518
)
40,713
Total non-GAAP adjustments
43,096
43,530
53,470
Non-GAAP income before income taxes
465
2,012
94,183
GAAP income tax provision (benefit)
(4,131
)
(1,689
)
9,633
Adjustment for non-cash tax benefits/expenses
4,177
1,891
(3,982
)
Non-GAAP income tax provision
46
202
5,651
GAAP net income (loss)
(38,500
)
(39,829
)
31,080
Total non-GAAP adjustments before income taxes
43,096
43,530
53,470
Less: total tax adjustments
4,177
1,891
(3,982
)
Non-GAAP net income
$
419
$
1,810
$
88,532
Shares used in computing non-GAAP basic net income per share
81,681
81,249
78,649
Shares used in computing non-GAAP diluted net income per share
82,681
81,968
82,406
Non-GAAP basic net income per share
$
0.01
$
0.02
$
1.13
Non-GAAP diluted net income per share
$
0.01
$
0.02
$
1.07
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
Year Ended
December 31, 2023
December 31, 2022
GAAP gross profit
$
385,663
$
649,769
Stock-based compensation
763
735
Performance based equity
111
569
Amortization of purchased intangible assets
35,102
39,288
Non-GAAP gross profit
421,639
690,361
GAAP R&D expenses
269,504
296,442
Stock-based compensation
(44,189
)
(40,635
)
Performance based equity
(7,568
)
(28,463
)
Research and development funded by others
(9,500
)
(2,200
)
Non-GAAP R&D expenses
208,247
225,144
GAAP SG&A expenses
132,156
168,008
Stock-based compensation
(10,224
)
(40,335
)
Performance based equity
(3,874
)
(11,610
)
Amortization of purchased intangible assets
(2,881
)
(11,955
)
Acquisition and integration costs
(9,286
)
(8,711
)
Non-GAAP SG&A expenses
105,891
95,397
GAAP impairment losses
2,438
2,811
Impairment losses
(2,438
)
(2,811
)
Non-GAAP impairment losses
—
—
GAAP restructuring expenses
19,786
2,265
Restructuring charges
(19,786
)
(2,265
)
Non-GAAP restructuring expenses
—
—
GAAP income (loss) from operations
(38,221
)
180,243
Total non-GAAP adjustments
145,722
189,577
Non-GAAP income from operations
107,501
369,820
GAAP interest and other income (expense), net
(25,589
)
(6,045
)
Non-recurring interest and other income (expense), net
18,628
241
Non-GAAP interest and other income (expense), net
(6,961
)
(5,804
)
GAAP income (loss) before income taxes
(63,810
)
174,198
Total non-GAAP adjustments
164,350
189,818
Non-GAAP income (loss) before income taxes
100,540
364,016
GAAP income tax provision
9,337
49,158
Adjustment for non-cash tax benefits/expenses
717
(27,317
)
Non-GAAP income tax provision
10,054
21,841
GAAP net income (loss)
(73,147
)
125,040
Total non-GAAP adjustments before income taxes
164,350
189,818
Less: total tax adjustments
717
(27,317
)
Non-GAAP net income
$
90,486
$
342,175
Shares used in computing non-GAAP basic net income per share
80,719
78,039
Shares used in computing non-GAAP diluted net income per share
81,929
80,852
Non-GAAP basic net income per share
$
1.12
$
4.38
Non-GAAP diluted net income per share
$
1.10
$
4.23
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AS A PERCENTAGE OF NET REVENUE
Three Months Ended
December 31, 2023
September 30, 2023
December 31, 2022
GAAP gross margin
54.7
%
54.6
%
56.2
%
Stock-based compensation
0.1
%
0.1
%
0.1
%
Performance based equity
—
%
—
%
0.1
%
Amortization of purchased intangible assets
6.7
%
6.2
%
3.2
%
Non-GAAP gross margin
61.4
%
60.8
%
59.6
%
GAAP R&D expenses
52.1
%
48.9
%
25.4
%
Stock-based compensation
(8.8
)%
(7.0
)%
(3.6
)%
Performance based equity
(1.5
)%
(1.7
)%
(2.8
)%
Research and development funded by others
(1.6
)%
(4.1
)%
(0.7
)%
Non-GAAP R&D expenses
40.1
%
36.2
%
18.3
%
GAAP SG&A expenses
27.4
%
18.7
%
15.3
%
Stock-based compensation
(4.2
)%
3.3
%
(4.5
)%
Performance based equity
(1.1
)%
(0.7
)%
(1.3
)%
Amortization of purchased intangible assets
(0.5
)%
(0.5
)%
(0.5
)%
Acquisition and integration costs
(1.4
)%
(1.6
)%
(0.4
)%
Non-GAAP SG&A expenses
20.3
%
19.2
%
8.7
%
GAAP impairment losses
—
%
—
%
1.0
%
Impairment losses
—
%
—
%
(1.0
)%
Non-GAAP impairment losses
—
%
—
%
—
%
GAAP restructuring expenses
8.5
%
—
%
0.4
%
Restructuring charges
(8.5
)%
—
%
(0.4
)%
Non-GAAP restructuring expenses
—
%
—
%
—
%
GAAP income (loss) from operations
(33.3
)%
(13.2
)%
14.2
%
Total non-GAAP adjustments
34.3
%
18.6
%
18.4
%
Non-GAAP income from operations
1.0
%
5.4
%
32.5
%
GAAP interest and other income (expense), net
(0.7
)%
(17.5
)%
(0.2
)%
Non-recurring interest and other income (expense), net
—
%
13.6
%
—
%
Non-GAAP interest and other income (expense), net
(0.7
)%
(3.9
)%
(0.1
)%
GAAP income (loss) before income taxes
(34.0
)%
(30.6
)%
14.0
%
Total non-GAAP adjustments before income taxes
34.4
%
32.1
%
18.4
%
Non-GAAP income before income taxes
0.4
%
1.5
%
32.4
%
GAAP income tax provision (benefit)
(3.3
)%
(1.3
)%
3.3
%
Adjustment for non-cash tax benefits/expenses
3.3
%
1.4
%
(1.4
)%
Non-GAAP income tax provision
—
%
0.2
%
1.9
%
GAAP net income (loss)
(30.7
)%
(29.4
)%
10.7
%
Total non-GAAP adjustments before income taxes
34.4
%
32.1
%
18.4
%
Less: total tax adjustments
3.3
%
1.4
%
(1.4
)%
Non-GAAP net income
0.3
%
1.3
%
30.5
%
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES AS A PERCENTAGE OF NET REVENUE
Year Ended
December 31, 2023
December 31, 2022
GAAP gross margin
55.6
%
58.0
%
Stock-based compensation
0.1
%
0.1
%
Performance based equity
—
%
0.1
%
Amortization of purchased intangible assets
5.1
%
3.5
%
Non-GAAP gross margin
60.8
%
61.6
%
GAAP R&D expenses
38.9
%
26.5
%
Stock-based compensation
(6.4
)%
(3.6
)%
Performance based equity
(1.1
)%
(2.5
)%
Research and development funded by others
(1.4
)%
(0.2
)%
Non-GAAP R&D expenses
30.0
%
20.1
%
GAAP SG&A expenses
19.1
%
15.0
%
Stock-based compensation
(1.5
)%
(3.6
)%
Performance based equity
(0.6
)%
(1.0
)%
Amortization of purchased intangible assets
(0.4
)%
(1.1
)%
Acquisition and integration costs
(1.3
)%
(0.8
)%
Non-GAAP SG&A expenses
15.3
%
8.5
%
GAAP impairment losses
0.4
%
0.3
%
Impairment losses
(0.4
)%
(0.3
)%
Non-GAAP impairment losses
—
%
—
%
GAAP restructuring expenses
2.9
%
0.2
%
Restructuring charges
(2.9
)%
(0.2
)%
Non-GAAP restructuring expenses
—
%
—
%
GAAP income (loss) from operations
(5.5
)%
16.1
%
Total non-GAAP adjustments
21.0
%
16.9
%
Non-GAAP income from operations
15.5
%
33.0
%
GAAP interest and other income (expense), net
(3.7
)%
(0.5
)%
Non-recurring interest and other income (expense), net
2.7
%
—
%
Non-GAAP interest and other income (expense), net
(1.0
)%
(0.5
)%
GAAP income (loss) before income taxes
(9.2
)%
15.6
%
Total non-GAAP adjustments
23.7
%
16.9
%
Non-GAAP income (loss) before income taxes
14.5
%
32.5
%
GAAP income tax provision
1.4
%
4.4
%
Adjustment for non-cash tax benefits/expenses
0.1
%
(2.4
)%
Non-GAAP income tax provision
1.5
%
2.0
%
GAAP net income (loss)
(10.6
)%
11.2
%
Total non-GAAP adjustments before income taxes
23.7
%
16.9
%
Less: total tax adjustments
0.1
%
(2.4
)%
Non-GAAP net income
13.1
%
30.5
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20240131692708/en/
MaxLinear, Inc. Investor Relations Contact: Leslie Green Tel: +1 650-312-9060 lgreen@maxlinear.com
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