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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.02 | 0.11% | 18.16 | 16.00 | 18.16 | 18.22 | 17.513 | 17.82 | 616,226 | 01:00:00 |
MaxLinear, Inc. (Nasdaq: MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, today announced financial results for the third quarter ended September 30, 2023.
Third Quarter Financial Highlights
GAAP basis:
Non-GAAP basis:
Management Commentary
“In the third quarter, we delivered $135.5 million in revenues. Our infrastructure category was up 1% sequentially and 40% year over year, primarily driven by the expanding roll-out of multi-band millimeter wave and microwave 5G wireless backhaul platform solutions.
“Even as we navigate a challenging demand environment with fiscal discipline and operational efficiency, our solid execution and innovative product offerings are enabling us to maximize strategic business opportunities across all our end markets. In 2023, we continue to lay important groundwork in Wi-Fi, ethernet, fiber broadband access gateways, and wireless and optical datacenter network infrastructure, which will be the foundation for potential future growth,” commented Kishore Seendripu, Ph.D., Chairman and CEO.
Fourth Quarter 2023 Business Outlook
The company expects net revenue in the fourth quarter of 2023 to be approximately $115 million to $135 million. The Company also estimates the following:
Webcast and Conference Call
MaxLinear will host its third quarter financial results conference call today, October 25, 2023 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 November 8, 2023. A replay of the conference call will also be available until November 8, 2023 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13741910.
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 specifically our current guidance for fourth quarter 2023 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; statements regarding our potential growth, including potential growth and demand environment, including potential growth opportunities of our product portfolio and target markets including Wi-Fi, ethernet, fiber access, wireless and optical infrastructure; statements regarding our ability to maximize strategic business opportunities, and statements by our Chairman and CEO. 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; 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; any delays or expenses caused by undetected defects or bugs in our products; failure to attract and retain qualified personnel; 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; information technology failures; any adverse impact of rising interest rates on us, our customers, and our distributors and related demand; claims of intellectual property infringement; our ability to protect our intellectual property; and a 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 Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 1, 2023, and our Current Reports on Form 8-K, as well as the information to be set forth under the caption "Risk Factors" in MaxLinear's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. All forward-looking statements are based on the estimates, projections and assumptions of management as of October 25, 2023, 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 fourth quarter 2023.
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
September 30, 2023
June 30, 2023
September 30, 2022
Net revenue
$
135,530
$
183,938
$
285,730
Cost of net revenue
61,586
81,065
118,242
Gross profit
73,944
102,873
167,488
Operating expenses:
Research and development
66,306
70,657
76,437
Selling, general and administrative
25,402
33,717
38,472
Restructuring charges
54
4,436
631
Total operating expenses
91,762
108,810
115,540
Income (loss) from operations
(17,818
)
(5,937
)
51,948
Interest income
1,736
1,903
62
Interest expense
(2,715
)
(2,591
)
(2,711
)
Other income (expense), net
(22,721
)
1,865
(4,705
)
Total other income (expense), net
(23,700
)
1,177
(7,354
)
Income (loss) before income taxes
(41,518
)
(4,760
)
44,594
Income tax provision (benefit)
(1,689
)
(409
)
16,186
Net income (loss)
$
(39,829
)
$
(4,351
)
$
28,408
Net income (loss) per share:
Basic
$
(0.49
)
$
(0.05
)
$
0.36
Diluted
$
(0.49
)
$
(0.05
)
$
0.35
Shares used to compute net income (loss) per share:
Basic
81,249
80,446
78,436
Diluted
81,249
80,446
80,060
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)
Nine Months Ended
September 30, 2023
September 30, 2022
Net revenue
$
567,910
$
829,666
Cost of net revenue
250,786
343,237
Gross profit
317,124
486,429
Operating expenses:
Research and development
204,254
222,718
Selling, general and administrative
97,772
123,536
Impairment losses
2,438
—
Restructuring charges
9,138
1,093
Total operating expenses
313,602
347,347
Income from operations
3,522
139,082
Interest income
4,272
175
Interest expense
(7,793
)
(7,476
)
Other income (expense), net
(21,180
)
1,704
Total other income (expense), net
(24,701
)
(5,597
)
Income (loss) before income taxes
(21,179
)
133,485
Income tax provision
13,468
39,525
Net income (loss)
$
(34,647
)
$
93,960
Net income (loss) per share:
Basic
$
(0.43
)
$
1.21
Diluted
$
(0.43
)
$
1.17
Shares used to compute net income (loss) per share:
Basic
80,395
77,833
Diluted
80,395
80,331
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
September 30, 2023
June 30, 2023
September 30, 2022
Operating Activities
Net income (loss)
$
(39,829
)
$
(4,351
)
$
28,408
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization and depreciation
17,014
18,707
18,457
Amortization of debt issuance costs and accretion of discount on debt and leases
685
625
505
Stock-based compensation
5,118
17,197
20,131
Deferred income taxes
(2,384
)
758
15,962
Loss on disposal of property and equipment
16
2,001
3
Unrealized holding (gain) loss on investments
5,876
(1,807
)
5,277
(Gain) loss on settlement of pension
(1,008
)
—
—
Gain on foreign currency and other
(13
)
(209
)
(570
)
Excess tax (benefits) deficiencies on stock based awards
769
(791
)
(273
)
Changes in operating assets and liabilities:
Accounts receivable
(2,398
)
33,098
(41,007
)
Inventory
11,210
23,433
(19,539
)
Prepaid expenses and other assets
(4,563
)
(1,314
)
2,129
Accounts payable, accrued expenses and other current liabilities
9,347
(26,378
)
19,768
Accrued compensation
4,914
(3,348
)
10,832
Accrued price protection liability
(11,995
)
(23,164
)
6,171
Lease liabilities
(2,882
)
(2,914
)
(2,974
)
Other long-term liabilities
(2,669
)
(965
)
(1,514
)
Net cash provided by (used in) operating activities
(12,792
)
30,578
61,766
Investing Activities
Purchases of property and equipment
(1,927
)
(5,037
)
(9,119
)
Purchases of intangible assets
(674
)
(4,894
)
(5,236
)
Cash used in acquisitions, net of cash acquired
—
(2,719
)
—
Purchases of investments
—
—
(1,000
)
Net cash used in investing activities
(2,601
)
(12,650
)
(15,355
)
Financing Activities
Payment of debt commitment fees
(18,325
)
—
—
Repayment of debt
—
—
(75,000
)
Net proceeds from issuance of common stock
92
3,073
81
Minimum tax withholding paid on behalf of employees for restricted stock units
(3,232
)
(2,965
)
(380
)
Net cash provided by (used in) financing activities
(21,465
)
108
(75,299
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(633
)
(1,229
)
(1,038
)
Increase (decrease) in cash, cash equivalents and restricted cash
(37,491
)
16,807
(29,926
)
Cash, cash equivalents and restricted cash at beginning of period
225,643
208,836
212,419
Cash, cash equivalents and restricted cash at end of period
$
188,152
$
225,643
$
182,493
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
Nine Months Ended
September 30, 2023
September 30, 2022
Operating Activities
Net income (loss)
$
(34,647
)
$
93,960
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Amortization and depreciation
54,923
61,906
Impairment losses
2,438
—
Amortization of debt issuance costs and accretion of discount on debt and leases
1,858
1,462
Stock-based compensation
38,763
58,154
Deferred income taxes
6,502
23,321
Loss on disposal of property and equipment
2,057
167
Unrealized holding loss on investments
3,917
1,418
Impairment of leased right-of-use assets
—
462
(Gain) loss on settlement of pension
(1,008
)
—
(Gain) loss on foreign currency
140
(3,245
)
Excess tax benefits on stock-based awards
(529
)
(9,702
)
Changes in operating assets and liabilities:
Accounts receivable
13,769
(57,976
)
Inventory
45,602
(34,267
)
Prepaid expenses and other assets
(10,215
)
3,957
Accounts payable, accrued expenses and other current liabilities
(17,917
)
82,389
Accrued compensation
8,776
32,187
Accrued price protection liability
(45,036
)
76,968
Lease liabilities
(8,891
)
(8,485
)
Other long-term liabilities
(557
)
(3,307
)
Net cash provided by operating activities
59,945
319,369
Investing Activities
Purchases of property and equipment
(12,180
)
(24,625
)
Purchases of intangible assets
(6,198
)
(10,440
)
Cash used in acquisitions, net of cash acquired
(12,384
)
—
Proceeds loaned under notes receivable
—
(10,000
)
Purchases of investments
—
(29,325
)
Net cash used in investing activities
(30,762
)
(74,390
)
Financing Activities
Payment of debt commitment fees
(18,325
)
—
Repayment of debt
—
(135,000
)
Net proceeds from issuance of common stock
3,168
3,214
Minimum tax withholding paid on behalf of employees for restricted stock units
(12,370
)
(28,527
)
Repurchase of common stock
—
(31,511
)
Net cash used in financing activities
(27,527
)
(191,824
)
Effect of exchange rate changes on cash, cash equivalents and restricted cash
(1,861
)
(2,400
)
Increase (decrease) in cash, cash equivalents and restricted cash
(205
)
50,755
Cash, cash equivalents and restricted cash at beginning of period
188,357
131,738
Cash, cash equivalents and restricted cash at end of period
$
188,152
$
182,493
MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
September 30, 2023
June 30, 2023
September 30, 2022
Assets
Current assets:
Cash and cash equivalents
$
187,028
$
224,579
$
181,496
Short-term restricted cash
1,105
1,042
971
Short-term investments
14,612
20,488
18,587
Accounts receivable, net
158,232
155,834
178,072
Inventory
114,942
126,152
165,970
Prepaid expenses and other current assets
32,688
26,396
17,879
Total current assets
508,607
554,491
562,975
Long-term restricted cash
19
22
26
Property and equipment, net
69,484
73,845
67,081
Leased right-of-use assets
32,647
35,112
30,041
Intangible assets, net
82,643
91,203
122,142
Goodwill
318,456
318,456
306,739
Deferred tax assets
59,121
56,757
65,767
Other long-term assets
32,810
31,594
27,927
Total assets
$
1,103,787
$
1,161,480
$
1,182,698
Liabilities and stockholders’ equity
Current liabilities
$
232,910
$
241,729
$
351,318
Long-term lease liabilities
28,017
30,712
25,040
Long-term debt
122,219
122,064
171,607
Other long-term liabilities
17,964
20,928
18,852
Stockholders’ equity
702,677
746,047
615,881
Total liabilities and stockholders’ equity
$
1,103,787
$
1,161,480
$
1,182,698
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
Three Months Ended
September 30, 2023
June 30, 2023
September 30, 2022
GAAP gross profit
$
73,944
$
102,873
$
167,488
Stock-based compensation
170
246
188
Performance based equity
19
(16
)
136
Amortization of purchased intangible assets
8,332
9,117
9,332
Non-GAAP gross profit
82,465
112,220
177,144
GAAP R&D expenses
66,306
70,657
76,437
Stock-based compensation
(9,436
)
(12,237
)
(10,635
)
Performance based equity
(2,288
)
273
(7,690
)
Research and development funded by others
(5,500
)
(1,000
)
(1,000
)
Non-GAAP R&D expenses
49,082
57,693
57,112
GAAP SG&A expenses
25,402
33,717
38,472
Stock-based compensation
4,488
(4,713
)
(9,308
)
Performance based equity
(999
)
193
(3,043
)
Amortization of purchased intangible assets
(653
)
(709
)
(1,541
)
Acquisition and integration costs
(2,172
)
(3,714
)
(1,278
)
Non-GAAP SG&A expenses
26,066
24,774
23,302
GAAP restructuring expenses
54
4,436
631
Restructuring charges
(54
)
(4,436
)
(631
)
Non-GAAP restructuring expenses
—
—
—
GAAP income (loss) from operations
(17,818
)
(5,937
)
51,948
Total non-GAAP adjustments
25,135
35,690
44,782
Non-GAAP income from operations
7,317
29,753
96,730
GAAP interest and other income (expense), net
(23,700
)
1,177
(7,354
)
Non-recurring interest and other income (expense), net
18,395
68
58
Non-GAAP interest and other income (expense), net
(5,305
)
1,245
(7,296
)
GAAP income (loss) before income taxes
(41,518
)
(4,760
)
44,594
Total non-GAAP adjustments
43,530
35,758
44,840
Non-GAAP income before income taxes
2,012
30,998
89,434
GAAP income tax provision (benefit)
(1,689
)
(409
)
16,186
Adjustment for non-cash tax benefits/expenses
1,891
3,508
(10,820
)
Non-GAAP income tax provision
202
3,099
5,366
GAAP net income (loss)
(39,829
)
(4,351
)
28,408
Total non-GAAP adjustments before income taxes
43,530
35,758
44,840
Less: total tax adjustments
1,891
3,508
(10,820
)
Non-GAAP net income
$
1,810
$
27,899
$
84,068
Shares used in computing non-GAAP basic net income per share
81,249
80,446
78,436
Shares used in computing non-GAAP diluted net income per share
81,968
81,698
80,060
Non-GAAP basic net income per share
$
0.02
$
0.35
$
1.07
Non-GAAP diluted net income per share
$
0.02
$
0.34
$
1.05
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(as a percentage of net revenue for the corresponding period)
Nine Months Ended
September 30, 2023
September 30, 2022
GAAP gross profit
$
317,124
$
486,429
Stock-based compensation
626
513
Performance based equity
94
394
Amortization of purchased intangible assets
26,770
29,963
Non-GAAP gross profit
344,614
517,299
GAAP R&D expenses
204,254
222,718
Stock-based compensation
(33,128
)
(30,294
)
Performance based equity
(5,650
)
(20,258
)
Research and development funded by others
(7,500
)
(200
)
Non-GAAP R&D expenses
157,976
171,966
GAAP SG&A expenses
97,772
123,536
Stock-based compensation
(5,009
)
(27,347
)
Performance based equity
(2,550
)
(7,819
)
Amortization of purchased intangible assets
(2,290
)
(10,643
)
Acquisition and integration costs
(7,487
)
(7,642
)
Non-GAAP SG&A expenses
80,436
70,085
GAAP impairment losses
2,438
—
Impairment losses
(2,438
)
—
Non-GAAP impairment losses
—
—
GAAP restructuring expenses
9,138
1,093
Restructuring charges
(9,138
)
(1,093
)
Non-GAAP restructuring expenses
—
—
GAAP income from operations
3,522
139,082
Total non-GAAP adjustments
102,680
136,166
Non-GAAP income from operations
106,202
275,248
GAAP interest and other income (expense), net
(24,701
)
(5,597
)
Non-recurring interest and other income (expense), net
18,574
182
Non-GAAP interest and other income (expense), net
(6,127
)
(5,415
)
GAAP income (loss) before income taxes
(21,179
)
133,485
Total non-GAAP adjustments
121,254
136,348
Non-GAAP income (loss) before income taxes
100,075
269,833
GAAP income tax provision
13,468
39,525
Adjustment for non-cash tax benefits/expenses
(3,460
)
(23,335
)
Non-GAAP income tax provision
10,008
16,190
GAAP net income (loss)
(34,647
)
93,960
Total non-GAAP adjustments before income taxes
121,254
136,348
Less: total tax adjustments
(3,460
)
(23,335
)
Non-GAAP net income
$
90,067
$
253,643
Shares used in computing non-GAAP basic net income per share
80,395
77,833
Shares used in computing non-GAAP diluted net income per share
81,674
80,331
Non-GAAP basic net income per share
$
1.12
$
3.26
Non-GAAP diluted net income per share
$
1.10
$
3.16
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET REVENUE
Three Months Ended
September 30, 2023
June 30, 2023
September 30, 2022
GAAP gross margin
54.6
%
55.9
%
58.6
%
Stock-based compensation
0.1
%
0.1
%
0.1
%
Performance based equity
—
%
—
%
0.1
%
Amortization of purchased intangible assets
6.2
%
5.0
%
3.3
%
Non-GAAP gross margin
60.8
%
61.0
%
62.0
%
GAAP R&D expenses
48.9
%
38.4
%
26.8
%
Stock-based compensation
(7.0
)%
(6.7
)%
(3.7
)%
Performance based equity
(1.7
)%
0.2
%
(2.7
)%
Research and development funded by others
(4.1
)%
(0.5
)%
(0.4
)%
Non-GAAP R&D expenses
36.2
%
31.4
%
20.0
%
GAAP SG&A expenses
18.7
%
18.3
%
13.5
%
Stock-based compensation
3.3
%
(2.6
)%
(3.3
)%
Performance based equity
(0.7
)%
0.1
%
(1.1
)%
Amortization of purchased intangible assets
(0.5
)%
(0.4
)%
(0.5
)%
Acquisition and integration costs
(1.6
)%
(2.0
)%
(0.5
)%
Non-GAAP SG&A expenses
19.2
%
13.5
%
8.2
%
GAAP restructuring expenses
—
%
2.4
%
0.2
%
Restructuring charges
—
%
(2.4
)%
(0.2
)%
Non-GAAP restructuring expenses
—
%
—
%
—
%
GAAP income (loss) from operations
(13.2
)%
(3.2
)%
18.2
%
Total non-GAAP adjustments
18.6
%
19.4
%
15.7
%
Non-GAAP income from operations
5.4
%
16.2
%
33.9
%
GAAP interest and other income (expense), net
(17.5
)%
0.6
%
(2.6
)%
Non-recurring interest and other income (expense), net
13.6
%
—
%
—
%
Non-GAAP interest and other income (expense), net
(3.9
)%
0.7
%
(2.6
)%
GAAP income (loss) before income taxes
(30.6
)%
(2.6
)%
15.6
%
Total non-GAAP adjustments before income taxes
32.1
%
19.4
%
15.7
%
Non-GAAP income before income taxes
1.5
%
16.9
%
31.3
%
GAAP income tax provision (benefit)
(1.3
)%
(0.2
)%
5.7
%
Adjustment for non-cash tax benefits/expenses
1.4
%
1.9
%
(3.8
)%
Non-GAAP income tax provision
0.2
%
1.7
%
1.9
%
GAAP net income (loss)
(29.4
)%
(2.4
)%
9.9
%
Total non-GAAP adjustments before income taxes
32.1
%
19.4
%
15.7
%
Less: total tax adjustments
1.4
%
1.9
%
(3.8
)%
Non-GAAP net income
1.3
%
15.2
%
29.4
%
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET REVENUE
Nine Months Ended
September 30, 2023
September 30, 2022
GAAP gross margin
55.8
%
58.6
%
Stock-based compensation
0.1
%
0.1
%
Performance based equity
—
%
0.1
%
Amortization of purchased intangible assets
4.7
%
3.6
%
Non-GAAP gross margin
60.7
%
62.4
%
GAAP R&D expenses
36.0
%
26.8
%
Stock-based compensation
(5.8
)%
(3.7
)%
Performance based equity
(1.0
)%
(2.4
)%
Research and development funded by others
(1.3
)%
—
%
Non-GAAP R&D expenses
27.8
%
20.7
%
GAAP SG&A expenses
17.2
%
14.9
%
Stock-based compensation
(0.9
)%
(3.3
)%
Performance based equity
(0.5
)%
(0.9
)%
Amortization of purchased intangible assets
(0.4
)%
(1.3
)%
Acquisition and integration costs
(1.3
)%
(0.9
)%
Non-GAAP SG&A expenses
14.2
%
8.5
%
GAAP impairment losses
0.3
%
—
%
Impairment losses
(0.3
)%
—
%
Non-GAAP impairment losses
—
%
—
%
GAAP restructuring expenses
1.6
%
0.1
%
Restructuring charges
(1.6
)%
(0.1
)%
Non-GAAP restructuring expenses
—
%
—
%
GAAP income from operations
0.6
%
16.8
%
Total non-GAAP adjustments
18.1
%
16.4
%
Non-GAAP income from operations
18.7
%
33.2
%
GAAP interest and other income (expense), net
(4.4
)%
(0.7
)%
Non-recurring interest and other income (expense), net
3.3
%
—
%
Non-GAAP interest and other income (expense), net
(1.1
)%
(0.7
)%
GAAP income (loss) before income taxes
(3.7
)%
16.1
%
Total non-GAAP adjustments
21.4
%
16.4
%
Non-GAAP income (loss) before income taxes
17.6
%
32.5
%
GAAP income tax provision
2.4
%
4.8
%
Adjustment for non-cash tax benefits/expenses
(0.6
)%
(2.8
)%
Non-GAAP income tax provision
1.8
%
2.0
%
GAAP net income (loss)
(6.1
)%
11.3
%
Total non-GAAP adjustments before income taxes
21.4
%
16.4
%
Less: total tax adjustments
(0.6
)%
(2.8
)%
Non-GAAP net income
15.9
%
30.6
%
View source version on businesswire.com: https://www.businesswire.com/news/home/20231025825537/en/
MaxLinear, Inc. Investor Relations Contact: Leslie Green Tel: +1 650-312-9060 lgreen@maxlinear.com
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