MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2024 Financial Results
MaxLinear (MXL) reported Q4 2024 financial results with net revenue of $92.2 million, up 14% sequentially but down 26% year-over-year. The Q4 GAAP gross margin was 55.6%, while non-GAAP gross margin reached 59.1%. For fiscal year 2024, revenue totaled $360.5 million, marking a 48% decline from 2023.
The company reported Q4 GAAP diluted loss per share of $0.68 and non-GAAP diluted loss per share of $0.09. Operating cash flow showed a negative $27.8 million for Q4. Looking ahead to Q1 2025, MaxLinear projects revenue between $85-105 million with GAAP gross margin of 54.5-57.5% and non-GAAP gross margin of 57.5-60.5%.
CEO Kishore Seendripu highlighted improvements in customer orders and new product traction, particularly noting success in optical interconnect business with over one million units shipped.
MaxLinear (MXL) ha riportato i risultati finanziari del quarto trimestre 2024 con un fatturato netto di 92,2 milioni di dollari, in aumento del 14% rispetto al trimestre precedente ma in calo del 26% rispetto all'anno precedente. Il margine lordo GAAP del Q4 è stato del 55,6%, mentre il margine lordo non GAAP ha raggiunto il 59,1%. Per l'anno fiscale 2024, il fatturato totale è stato di 360,5 milioni di dollari, segnando un declino del 48% rispetto al 2023.
La società ha riportato una perdita per azione diluita GAAP di 0,68 dollari e una perdita per azione diluita non GAAP di 0,09 dollari. Il flusso di cassa operativo ha mostrato un negativo di 27,8 milioni di dollari per il Q4. Guardando al primo trimestre del 2025, MaxLinear prevede un fatturato compreso tra 85 e 105 milioni di dollari, con un margine lordo GAAP del 54,5-57,5% e un margine lordo non GAAP del 57,5-60,5%.
Il CEO Kishore Seendripu ha sottolineato i miglioramenti negli ordini dei clienti e l'attrazione di nuovi prodotti, notando in particolare il successo nel settore delle interconnessioni ottiche con oltre un milione di unità spedite.
MaxLinear (MXL) informó los resultados financieros del cuarto trimestre de 2024 con un ingreso neto de 92,2 millones de dólares, un aumento del 14% secuencialmente, pero una disminución del 26% en comparación al año anterior. El margen bruto GAAP del Q4 fue del 55,6%, mientras que el margen bruto no GAAP alcanzó el 59,1%. Para el año fiscal 2024, los ingresos totales fueron de 360,5 millones de dólares, lo que marca una disminución del 48% con respecto a 2023.
La empresa reportó una pérdida por acción diluida GAAP de 0,68 dólares y una pérdida por acción diluida no GAAP de 0,09 dólares. El flujo de efectivo operativo mostró un negativo de 27,8 millones de dólares en el Q4. Mirando hacia el primer trimestre de 2025, MaxLinear proyecta ingresos entre 85 y 105 millones de dólares, con un margen bruto GAAP del 54,5-57,5% y un margen bruto no GAAP del 57,5-60,5%.
El CEO Kishore Seendripu destacó mejoras en los pedidos de los clientes y la atracción de nuevos productos, destacando particularmente el éxito en el negocio de interconexiones ópticas con más de un millón de unidades enviadas.
MaxLinear (MXL)는 2024년 4분기 재무 결과를 보고하였으며, 순수익은 9,220만 달러로, 전 분기 대비 14% 증가했지만 전년 대비 26% 감소했습니다. 4분기 GAAP 총 매출 총이익률은 55.6%였고, 비 GAAP 총 매출 총이익률은 59.1%에 달했습니다. 2024 회계 연도 전체 매출은 3억 6천만 달러로, 2023년 대비 48% 감소했습니다.
회사는 4분기 GAAP 기준으로 희석 주당 손실이 0.68달러, 비 GAAP 기준으로 희석 주당 손실이 0.09달러라고 보고했습니다. 운영 현금 흐름은 4분기 동안 2,780만 달러의 적자를 기록했습니다. 2025년 1분기를 바라보며 MaxLinear는 매출을 8,500만에서 1억 5백만 달러로 예상하고, GAAP 총 매출 총이익률은 54.5-57.5%, 비 GAAP 총 매출 총이익률은 57.5-60.5%로 예상하고 있습니다.
CEO Kishore Seendripu는 고객 주문 및 신제품에 대한 호조를 강조하며, 특히 백만 대 이상의 유닛이 출하된 광학 인터커넥트 비즈니스의 성공을 언급했습니다.
MaxLinear (MXL) a annoncé les résultats financiers du quatrième trimestre 2024 avec un chiffre d'affaires net de 92,2 millions de dollars, en hausse de 14 % par rapport au trimestre précédent, mais en baisse de 26 % par rapport à l'année précédente. La marge brute GAAP pour le Q4 était de 55,6 %, tandis que la marge brute non GAAP a atteint 59,1 %. Pour l'exercice 2024, le chiffre d'affaires total s'élevait à 360,5 millions de dollars, marquant une baisse de 48 % par rapport à 2023.
L'entreprise a rapporté une perte par action diluée GAAP de 0,68 dollar et une perte par action diluée non GAAP de 0,09 dollar. Le flux de trésorerie d'exploitation a montré un déficit de 27,8 millions de dollars pour le Q4. En regardant vers le premier trimestre 2025, MaxLinear prévoit un chiffre d'affaires compris entre 85 et 105 millions de dollars, avec une marge brute GAAP de 54,5 à 57,5 % et une marge brute non GAAP de 57,5 à 60,5 %.
Le PDG Kishore Seendripu a souligné les améliorations des commandes des clients et l'attrait de nouveaux produits, notant en particulier le succès dans le secteur des interconnexions optiques avec plus d'un million d'unités expédiées.
MaxLinear (MXL) hat die Finanzergebnisse für das vierte Quartal 2024 gemeldet, mit einem Nettoumsatz von 92,2 Millionen Dollar, was einer Steigerung von 14% gegenüber dem Vorquartal, jedoch einem Rückgang von 26% im Jahresvergleich entspricht. Die GAAP-Bruttomarge im Q4 betrug 55,6%, während die Nicht-GAAP-Bruttomarge 59,1% erreichte. Für das Geschäftsjahr 2024 belief sich der Umsatz auf insgesamt 360,5 Millionen Dollar, was einen Rückgang von 48% im Vergleich zu 2023 bedeutet.
Das Unternehmen meldete einen GAAP-diluted Verlust pro Aktie von 0,68 Dollar und einen Nicht-GAAP-diluted Verlust pro Aktie von 0,09 Dollar. Der operative Cashflow zeigte im vierten Quartal einen negativen Betrag von 27,8 Millionen Dollar. Für das erste Quartal 2025 prognostiziert MaxLinear einen Umsatz zwischen 85 und 105 Millionen Dollar, mit einer GAAP-Bruttomarge von 54,5-57,5% und einer Nicht-GAAP-Bruttomarge von 57,5-60,5%.
Der CEO Kishore Seendripu hob die Verbesserungen bei Kundenbestellungen und die Akzeptanz neuer Produkte hervor, insbesondere den Erfolg im Bereich optische Interkonnektoren mit über einer Million versendeten Einheiten.
- Q4 revenue increased 14% sequentially to $92.2 million
- Q4 GAAP gross margin improved to 55.6% from 54.4% in prior quarter
- Operating expenses reduced to $92.4 million from $110.8 million in prior quarter
- Shipped over one million units in optical interconnect business
- Q4 revenue declined 26% year-over-year
- FY2024 revenue dropped 48% to $360.5 million compared to 2023
- Q4 GAAP operating loss of 45% of net revenue
- Negative operating cash flow of $27.8 million in Q4
- Q4 GAAP diluted loss per share of $0.68
- FY2024 GAAP diluted loss per share of $2.93 vs $0.91 loss in 2023
Insights
MaxLinear's Q4 2024 performance presents a complex picture of a company in transition. While the
Operational Metrics and Efficiency:
- Gross margin improvement (GAAP:
55.6% , non-GAAP:59.1% ) demonstrates pricing power and cost management despite revenue pressures - Operating expenses at
100% of revenue remain unsustainable, though improving from Q3's137% - Negative operating cash flow of
$27.8 million indicates ongoing operational challenges
Strategic Position and Growth Catalysts:
- Milestone achievement in optical interconnect with over 1 million units shipped
- Strategic focus on fiber broadband access, Wi-Fi, Ethernet and wireless infrastructure positions the company in high-growth markets
- Q1 2025 guidance of
$85-105 million suggests continued quarter-to-quarter volatility
Financial Health and Outlook:
- FY2024 revenue decline of
48% to$360.5 million reflects severe industry downcycle - Transition from
$1.10 non-GAAP EPS in FY2023 to$0.90 loss per share in FY2024 highlights profitability challenges - Management's focus on operational efficiency and return to profitability suggests a multi-quarter recovery timeline
-
Q4 net revenue of
$92.2 million 55.6% and non-GAAP gross margin of59.1% -
FY'24 net revenue of
$360.5 million 54.0% and non-GAAP gross margin of59.7%
Fourth Quarter Financial Highlights
GAAP basis:
-
Net revenue was
$92.2 million 14% sequentially and down26% from the year-ago quarter. -
GAAP gross margin was
55.6% , compared to54.4% in the prior quarter, and54.7% in the year-ago quarter. -
GAAP operating expenses were
$92.4 million 100% of net revenue, compared to$110.8 million 137% of net revenue, and$110.3 million 88% of net revenue. -
GAAP loss from operations was
45% of net revenue, compared to loss from operations of82% of net revenue in the prior quarter, and loss from operations of33% of net revenue in the year-ago quarter. -
Net cash flow used in operating activities was
$27.8 million $30.7 million $16.6 million -
GAAP diluted loss per share was
$0.68 $0.90 $0.47
Non-GAAP basis:
-
Non-GAAP gross margin was
59.1% , compared to58.7% in the prior quarter, and61.4% in the year-ago quarter. -
Non-GAAP operating expenses were
$61.3 million 67% of net revenue, compared to$72.8 million 90% of net revenue in the prior quarter, and$75.7 million 60% of net revenue in the year-ago quarter. -
Non-GAAP loss from operations was
7% of net revenue, compared to loss of31% in the prior quarter, and income of1% in the year-ago quarter. -
Non-GAAP diluted loss per share was
$0.09 $0.36 $0.01
Fiscal Year 2024 Financial Highlights
-
Net revenue was
$360.5 million 48.0% over fiscal 2023. -
GAAP gross margin was
54.0% , down from55.6% in the prior year, and non-GAAP gross margin was59.7% , down from60.8% the prior year. -
GAAP operating expenses were
$418.1 million 116% of net revenue, compared to$423.9 million 61% of net revenue in fiscal 2023, and non-GAAP operating expenses were$283.7 million 79% of net revenue, compared to$314.1 million 45% of net revenue in the prior year. -
GAAP loss from operations was
62% of net revenue, compared to GAAP loss from operations of6% in fiscal 2023, and non-GAAP loss from operations was19% of net revenue, compared to non-GAAP income from operations of16% in the prior year. -
Net cash flow used in operations of
$45.3 million $43.4 million -
GAAP diluted loss per share was
$2.93 $0.91 $0.90 $1.10
Management Commentary
“Another quarter of improvement in customer orders and continued new product traction give us confidence that we are entering our next stage of growth in 2025,” said Kishore Seendripu, PhD, Chairman and CEO. “In particular, we’re excited by the progress in our optical interconnect business, where we have now shipped more than one million units across multiple customers into high-volume opportunities. We also believe that our investments into strategic applications such as fiber broadband access gateways, Wi-Fi, Ethernet, and wireless infrastructure position us for meaningful growth and TAM expansion this year. With our strong focus on operational efficiency, we are working hard towards a return to profitability in the coming quarters.”
First Quarter 2025 Business Outlook
The company expects net revenue in the first quarter of 2025 to be approximately
-
GAAP gross margin of approximately
54.5% to57.5% ; -
Non-GAAP gross margin of approximately
57.5% to60.5% ; -
GAAP operating expenses of approximately
$93 million $99 million -
Non-GAAP operating expenses of approximately
$56 million $62 million -
GAAP and non-GAAP interest and other expense of approximately
$1.0 million $2.0 million -
GAAP and non-GAAP income tax provision of
$2.7 million $0 - GAAP and non-GAAP diluted share count of approximately 85.5 million each.
Webcast and Conference Call
MaxLinear will host its fourth quarter financial results conference call today, January 29, 2025 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 12, 2025. A replay of the conference call will also be available until February 12, 2025 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13750660.
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 2025 net revenue, and GAAP and non-GAAP amounts for each of the following: gross margins, operating expenses, interest and other expenses, income tax provision, and diluted share counts); our potential growth, TAM expansion, revenue and profitability opportunities; market trends; settlement of bonus awards for our 2024 performance period; 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 previously 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 and on our revenue; 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 associated with international geopolitical and military conflicts; risks related to the loss of, or a significant reduction in orders from major customers; costs of legal proceedings or potential violations of regulations; 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; substantial quarterly and annual fluctuations in our revenue and operating results; 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, 2024. All forward-looking statements are based on the estimates, projections and assumptions of management as of January 29, 2025, 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 profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses as a percentage of net revenue, non-GAAP income (loss) from operations, non-GAAP income (loss) from operations as percentage of revenue, non-GAAP interest and other income (expense), non-GAAP income tax provision, non-GAAP diluted earnings (loss) 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 2024, which we intend to settle in shares of our common stock; (iii) accruals related to our performance-based bonus plan for 2023, which we settled in shares of common stock in February 2024; (iv) amortization of purchased intangible assets; (v) research and development funded by others; (vi) acquisition and integration costs related to our acquisitions, if any, 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 impairment of investments in a privately held entity and ticking fees paid to lenders in August 2023 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 or loss.
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 or loss for all periods reported. Bonus payments for the 2023 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2024. We currently expect that bonus awards under our fiscal 2024 program will be settled in common stock in the first quarter of fiscal 2025.
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.
Other expense also includes losses from impairment of privately held investments.
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 2025.
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
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, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
||||||
Net revenue |
$ |
92,167 |
|
|
$ |
81,102 |
|
|
$ |
125,353 |
|
Cost of net revenue |
|
40,919 |
|
|
|
37,022 |
|
|
|
56,814 |
|
Gross profit |
|
51,248 |
|
|
|
44,080 |
|
|
|
68,539 |
|
Operating expenses: |
|
|
|
|
|
||||||
Research and development |
|
51,278 |
|
|
|
52,604 |
|
|
|
65,250 |
|
Selling, general and administrative |
|
38,087 |
|
|
|
30,154 |
|
|
|
34,384 |
|
Impairment losses |
|
— |
|
|
|
1,237 |
|
|
|
— |
|
Restructuring charges |
|
3,056 |
|
|
|
26,828 |
|
|
|
10,648 |
|
Total operating expenses |
|
92,421 |
|
|
|
110,823 |
|
|
|
110,282 |
|
Loss from operations |
|
(41,173 |
) |
|
|
(66,743 |
) |
|
|
(41,743 |
) |
Interest income |
|
1,040 |
|
|
|
1,653 |
|
|
|
1,781 |
|
Interest expense |
|
(2,802 |
) |
|
|
(2,655 |
) |
|
|
(2,909 |
) |
Other income (expense), net |
|
2,113 |
|
|
|
(14,753 |
) |
|
|
240 |
|
Total other income (expense), net |
|
351 |
|
|
|
(15,755 |
) |
|
|
(888 |
) |
Loss before income taxes |
|
(40,822 |
) |
|
|
(82,498 |
) |
|
|
(42,631 |
) |
Income tax provision (benefit) |
|
17,016 |
|
|
|
(6,713 |
) |
|
|
(4,131 |
) |
Net loss |
$ |
(57,838 |
) |
|
$ |
(75,785 |
) |
|
$ |
(38,500 |
) |
Net loss per share: |
|
|
|
|
|
||||||
Basic |
$ |
(0.68 |
) |
|
$ |
(0.90 |
) |
|
$ |
(0.47 |
) |
Diluted |
$ |
(0.68 |
) |
|
$ |
(0.90 |
) |
|
$ |
(0.47 |
) |
Shares used to compute net loss per share: |
|
|
|
|
|
||||||
Basic |
|
84,485 |
|
|
|
84,074 |
|
|
|
81,681 |
|
Diluted |
|
84,485 |
|
|
|
84,074 |
|
|
|
81,681 |
|
MAXLINEAR, INC. |
||||||||
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||
(in thousands, except per share data) |
||||||||
|
|
|
|
|
||||
|
|
Twelve Months Ended |
||||||
|
|
December 31, 2024 |
|
December 31, 2023 |
||||
Net revenue |
|
$ |
360,528 |
|
|
$ |
693,263 |
|
Cost of net revenue |
|
|
165,746 |
|
|
|
307,600 |
|
Gross profit |
|
|
194,782 |
|
|
|
385,663 |
|
Operating expenses: |
|
|
|
|
||||
Research and development |
|
|
225,189 |
|
|
|
269,504 |
|
Selling, general and administrative |
|
|
138,329 |
|
|
|
132,156 |
|
Impairment losses |
|
|
1,237 |
|
|
|
2,438 |
|
Restructuring charges |
|
|
53,379 |
|
|
|
19,786 |
|
Total operating expenses |
|
|
418,134 |
|
|
|
423,884 |
|
Loss from operations |
|
|
(223,352 |
) |
|
|
(38,221 |
) |
Interest income |
|
|
6,386 |
|
|
|
6,053 |
|
Interest expense |
|
|
(10,874 |
) |
|
|
(10,702 |
) |
Other income (expense), net |
|
|
(10,877 |
) |
|
|
(20,940 |
) |
Total other income (expense), net |
|
|
(15,365 |
) |
|
|
(25,589 |
) |
Loss before income taxes |
|
|
(238,717 |
) |
|
|
(63,810 |
) |
Income tax provision |
|
|
6,481 |
|
|
|
9,337 |
|
Net loss |
|
$ |
(245,198 |
) |
|
$ |
(73,147 |
) |
Net loss per share: |
|
|
|
|
||||
Basic |
|
$ |
(2.93 |
) |
|
$ |
(0.91 |
) |
Diluted |
|
$ |
(2.93 |
) |
|
$ |
(0.91 |
) |
Shares used to compute net loss per share: |
|
|
|
|
||||
Basic |
|
|
83,600 |
|
|
|
80,719 |
|
Diluted |
|
|
83,600 |
|
|
|
80,719 |
|
MAXLINEAR, INC. |
|||||||||||
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS |
|||||||||||
(in thousands) |
|||||||||||
|
Three Months Ended |
||||||||||
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
||||||
Operating Activities |
|
|
|
|
|
||||||
Net loss |
$ |
(57,838 |
) |
|
$ |
(75,785 |
) |
|
$ |
(38,500 |
) |
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|
|
||||||
Amortization and depreciation |
|
11,714 |
|
|
|
12,142 |
|
|
|
16,593 |
|
Impairment of intangible assets |
|
— |
|
|
|
1,237 |
|
|
|
— |
|
Impairment of investments and other assets |
|
— |
|
|
|
14,000 |
|
|
|
— |
|
Amortization of debt issuance costs and accretion of discount on debt and leases |
|
548 |
|
|
|
637 |
|
|
|
703 |
|
Stock-based compensation |
|
18,813 |
|
|
|
12,788 |
|
|
|
16,413 |
|
Deferred income taxes |
|
13,884 |
|
|
|
(8,320 |
) |
|
|
(10,954 |
) |
Loss on disposal of property and equipment |
|
— |
|
|
|
623 |
|
|
|
— |
|
Gain on sale of investments |
|
— |
|
|
|
— |
|
|
|
(434 |
) |
Unrealized holding gain on investments |
|
— |
|
|
|
— |
|
|
|
(2,152 |
) |
Impairment of leased right-of-use assets |
|
2,140 |
|
|
|
677 |
|
|
|
— |
|
Gain on extinguishment of lease liabilities |
|
(1 |
) |
|
|
(1 |
) |
|
|
— |
|
(Gain) loss on foreign currency and other |
|
(2,226 |
) |
|
|
2,339 |
|
|
|
2,335 |
|
Excess tax deficiencies on stock based awards |
|
262 |
|
|
|
1,469 |
|
|
|
276 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
||||||
Accounts receivable, net |
|
(37,534 |
) |
|
|
37,010 |
|
|
|
(12,363 |
) |
Inventory |
|
5,720 |
|
|
|
(1,325 |
) |
|
|
15,034 |
|
Prepaid expenses and other assets |
|
6,742 |
|
|
|
(7,852 |
) |
|
|
887 |
|
Accounts payable, accrued expenses and other current liabilities |
|
17,448 |
|
|
|
(6,708 |
) |
|
|
(11,514 |
) |
Accrued compensation |
|
(2,092 |
) |
|
|
159 |
|
|
|
932 |
|
Accrued price protection liability |
|
(1,071 |
) |
|
|
(17,158 |
) |
|
|
3,474 |
|
Lease liabilities |
|
(2,889 |
) |
|
|
(2,761 |
) |
|
|
(2,780 |
) |
Other long-term liabilities |
|
(1,458 |
) |
|
|
6,098 |
|
|
|
5,477 |
|
Net cash used in operating activities |
|
(27,838 |
) |
|
|
(30,731 |
) |
|
|
(16,573 |
) |
Investing Activities |
|
|
|
|
|
||||||
Purchases of property and equipment |
|
(2,193 |
) |
|
|
(4,132 |
) |
|
|
(1,274 |
) |
Purchases of intangible assets |
|
(805 |
) |
|
|
(1,818 |
) |
|
|
(157 |
) |
Cash used in acquisitions, net of cash acquired |
|
— |
|
|
|
— |
|
|
|
(940 |
) |
Sales of trading securities |
|
— |
|
|
|
— |
|
|
|
17,198 |
|
Net cash provided by (used in) investing activities |
|
(2,998 |
) |
|
|
(5,950 |
) |
|
|
14,827 |
|
Financing Activities |
|
|
|
|
|
||||||
Net proceeds from issuance of common stock |
|
2,512 |
|
|
|
— |
|
|
|
1,391 |
|
Minimum tax withholding paid on behalf of employees for restricted stock units |
|
(1,091 |
) |
|
|
(58 |
) |
|
|
(220 |
) |
Net cash provided by (used in) financing activities |
|
1,421 |
|
|
|
(58 |
) |
|
|
1,171 |
|
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
(474 |
) |
|
|
94 |
|
|
|
779 |
|
Increase (decrease) in cash, cash equivalents and restricted cash |
|
(29,889 |
) |
|
|
(36,645 |
) |
|
|
204 |
|
Cash, cash equivalents and restricted cash at beginning of period |
|
149,492 |
|
|
|
186,137 |
|
|
|
188,152 |
|
Cash, cash equivalents and restricted cash at end of period |
$ |
119,603 |
|
|
$ |
149,492 |
|
|
$ |
188,356 |
|
MAXLINEAR, INC. |
||||||||
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(in thousands) |
||||||||
|
|
|
|
|
||||
|
|
Year Ended |
||||||
|
|
December 31, 2024 |
|
December 31, 2023 |
||||
Operating Activities |
|
|
|
|
||||
Net loss |
|
$ |
(245,198 |
) |
|
$ |
(73,147 |
) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: |
|
|
|
|
||||
Amortization and depreciation |
|
|
54,140 |
|
|
|
71,516 |
|
Impairment of intangible assets |
|
|
1,237 |
|
|
|
2,438 |
|
Impairment of investments and other assets |
|
|
14,000 |
|
|
|
— |
|
Amortization of debt issuance costs and accretion of discount on debt and leases |
|
|
2,538 |
|
|
|
2,561 |
|
Stock-based compensation |
|
|
66,021 |
|
|
|
55,176 |
|
Deferred income taxes |
|
|
826 |
|
|
|
(4,452 |
) |
Loss on disposal of property and equipment |
|
|
1,068 |
|
|
|
2,057 |
|
Gain on sale of investments |
|
|
— |
|
|
|
(434 |
) |
Unrealized holding loss on investments |
|
|
— |
|
|
|
1,765 |
|
Impairment of leased right-of-use assets |
|
|
5,555 |
|
|
|
— |
|
Gain on settlement of pension |
|
|
— |
|
|
|
(1,008 |
) |
Gain on extinguishment of lease liabilities |
|
|
(555 |
) |
|
|
— |
|
(Gain) loss on foreign currency |
|
|
(1,253 |
) |
|
|
2,475 |
|
Excess tax (benefits) deficiencies on stock based awards |
|
|
3,250 |
|
|
|
(253 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable, net |
|
|
85,155 |
|
|
|
1,406 |
|
Inventory |
|
|
9,565 |
|
|
|
60,636 |
|
Prepaid expenses and other assets |
|
|
(1,873 |
) |
|
|
(9,328 |
) |
Accounts payable, accrued expenses and other current liabilities |
|
|
(4,569 |
) |
|
|
(29,431 |
) |
Accrued compensation |
|
|
919 |
|
|
|
9,708 |
|
Accrued price protection liability |
|
|
(28,283 |
) |
|
|
(41,562 |
) |
Lease liabilities |
|
|
(10,695 |
) |
|
|
(11,671 |
) |
Other long-term liabilities |
|
|
2,857 |
|
|
|
4,920 |
|
Net cash provided by (used in) operating activities |
|
|
(45,295 |
) |
|
|
43,372 |
|
Investing Activities |
|
|
|
|
||||
Purchases of property and equipment |
|
|
(17,680 |
) |
|
|
(13,454 |
) |
Purchases of intangible assets |
|
|
(5,766 |
) |
|
|
(6,355 |
) |
Cash used in acquisitions, net of cash acquired |
|
|
— |
|
|
|
(13,324 |
) |
Sales of trading securities |
|
|
— |
|
|
|
17,198 |
|
Net cash used in investing activities |
|
|
(23,446 |
) |
|
|
(15,935 |
) |
Financing Activities |
|
|
|
|
||||
Payment of debt commitment fees |
|
|
— |
|
|
|
(18,325 |
) |
Net proceeds from issuance of common stock |
|
|
4,091 |
|
|
|
4,559 |
|
Minimum tax withholding paid on behalf of employees for restricted stock units
|
|
|
(2,805 |
) |
|
|
(12,590 |
) |
Net cash provided by (used in) financing activities |
|
|
1,286 |
|
|
|
(26,356 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(1,298 |
) |
|
|
(1,082 |
) |
Decrease in cash, cash equivalents and restricted cash |
|
|
(68,753 |
) |
|
|
(1 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
188,356 |
|
|
|
188,357 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
119,603 |
|
|
$ |
188,356 |
|
MAXLINEAR, INC. |
||||||||
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(in thousands) |
||||||||
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
|||
Assets |
|
|
|
|
|
|||
Current assets: |
|
|
|
|
|
|||
Cash and cash equivalents |
$ |
118,575 |
|
$ |
148,476 |
|
$ |
187,288 |
Short-term restricted cash |
|
1,003 |
|
|
993 |
|
|
1,051 |
Accounts receivable, net |
|
85,464 |
|
|
47,930 |
|
|
170,619 |
Inventory |
|
90,343 |
|
|
96,063 |
|
|
99,908 |
Prepaid expenses and other current assets |
|
28,057 |
|
|
34,798 |
|
|
29,159 |
Total current assets |
|
323,442 |
|
|
328,260 |
|
|
488,025 |
Long-term restricted cash |
|
25 |
|
|
23 |
|
|
17 |
Property and equipment, net |
|
59,300 |
|
|
63,493 |
|
|
66,431 |
Leased right-of-use assets |
|
18,184 |
|
|
22,549 |
|
|
31,264 |
Intangible assets, net |
|
55,008 |
|
|
58,031 |
|
|
73,630 |
Goodwill |
|
318,588 |
|
|
318,588 |
|
|
318,588 |
Deferred tax assets |
|
68,662 |
|
|
82,552 |
|
|
69,493 |
Other long-term assets |
|
21,430 |
|
|
21,807 |
|
|
32,809 |
Total assets |
$ |
864,639 |
|
$ |
895,303 |
|
$ |
1,080,257 |
|
|
|
|
|
|
|||
Liabilities and stockholders’ equity |
|
|
|
|
|
|||
Current liabilities |
$ |
182,284 |
|
$ |
168,597 |
|
$ |
222,129 |
Long-term lease liabilities |
|
16,952 |
|
|
19,433 |
|
|
26,243 |
Long-term debt |
|
122,996 |
|
|
122,840 |
|
|
122,375 |
Other long-term liabilities |
|
26,124 |
|
|
27,561 |
|
|
23,245 |
Stockholders’ equity |
|
516,283 |
|
|
556,872 |
|
|
686,265 |
Total liabilities and stockholders’ equity |
$ |
864,639 |
|
$ |
895,303 |
|
$ |
1,080,257 |
MAXLINEAR, INC. |
|||||||||||
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS |
|||||||||||
(in thousands, except per share data) |
|||||||||||
|
Three Months Ended |
||||||||||
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
||||||
GAAP gross profit |
$ |
51,248 |
|
|
$ |
44,080 |
|
|
$ |
68,539 |
|
Stock-based compensation |
|
186 |
|
|
|
81 |
|
|
|
137 |
|
Performance based equity |
|
8 |
|
|
|
(19 |
) |
|
|
17 |
|
Amortization of purchased intangible assets |
|
2,990 |
|
|
|
3,498 |
|
|
|
8,332 |
|
Non-GAAP gross profit |
|
54,432 |
|
|
|
47,640 |
|
|
|
77,025 |
|
|
|
|
|
|
|
||||||
GAAP R&D expenses |
|
51,278 |
|
|
|
52,604 |
|
|
|
65,250 |
|
Stock-based compensation |
|
(10,862 |
) |
|
|
(7,423 |
) |
|
|
(11,061 |
) |
Performance based equity |
|
(743 |
) |
|
|
775 |
|
|
|
(1,918 |
) |
Research and development funded by others |
|
— |
|
|
|
3,000 |
|
|
|
(2,000 |
) |
Non-GAAP R&D expenses |
|
39,673 |
|
|
|
48,956 |
|
|
|
50,271 |
|
|
|
|
|
|
|
||||||
GAAP SG&A expenses |
|
38,087 |
|
|
|
30,154 |
|
|
|
34,384 |
|
Stock-based compensation |
|
(7,766 |
) |
|
|
(5,284 |
) |
|
|
(5,215 |
) |
Performance based equity |
|
(811 |
) |
|
|
384 |
|
|
|
(1,324 |
) |
Amortization of purchased intangible assets |
|
(592 |
) |
|
|
(591 |
) |
|
|
(591 |
) |
Acquisition and integration costs |
|
(7,261 |
) |
|
|
(801 |
) |
|
|
(1,799 |
) |
Non-GAAP SG&A expenses |
|
21,657 |
|
|
|
23,862 |
|
|
|
25,455 |
|
|
|
|
|
|
|
||||||
GAAP impairment losses |
|
— |
|
|
|
1,237 |
|
|
|
— |
|
Impairment losses |
|
— |
|
|
|
(1,237 |
) |
|
|
— |
|
Non-GAAP impairment losses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||||||
GAAP restructuring expenses |
|
3,056 |
|
|
|
26,828 |
|
|
|
10,648 |
|
Restructuring charges |
|
(3,056 |
) |
|
|
(26,828 |
) |
|
|
(10,648 |
) |
Non-GAAP restructuring expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||||||
GAAP loss from operations |
|
(41,173 |
) |
|
|
(66,743 |
) |
|
|
(41,743 |
) |
Total non-GAAP adjustments |
|
34,275 |
|
|
|
41,565 |
|
|
|
43,042 |
|
Non-GAAP income (loss) from operations |
|
(6,898 |
) |
|
|
(25,178 |
) |
|
|
1,299 |
|
|
|
|
|
|
|
||||||
GAAP interest and other income (expense), net |
|
351 |
|
|
|
(15,755 |
) |
|
|
(888 |
) |
Non-recurring interest and other income (expense), net |
|
326 |
|
|
|
11,769 |
|
|
|
54 |
|
Non-GAAP interest and other income (expense), net |
|
677 |
|
|
|
(3,986 |
) |
|
|
(834 |
) |
|
|
|
|
|
|
||||||
GAAP loss before income taxes |
|
(40,822 |
) |
|
|
(82,498 |
) |
|
|
(42,631 |
) |
Total non-GAAP adjustments |
|
34,601 |
|
|
|
53,334 |
|
|
|
43,096 |
|
Non-GAAP income (loss) before income taxes |
|
(6,221 |
) |
|
|
(29,164 |
) |
|
|
465 |
|
|
|
|
|
|
|
||||||
GAAP income tax provision (benefit) |
|
17,016 |
|
|
|
(6,713 |
) |
|
|
(4,131 |
) |
Adjustment for non-cash tax benefits/expenses |
|
(16,016 |
) |
|
|
7,568 |
|
|
|
4,177 |
|
Non-GAAP income tax provision |
|
1,000 |
|
|
|
855 |
|
|
|
46 |
|
|
|
|
|
|
|
||||||
GAAP net loss |
|
(57,838 |
) |
|
|
(75,785 |
) |
|
|
(38,500 |
) |
Total non-GAAP adjustments before income taxes |
|
34,601 |
|
|
|
53,334 |
|
|
|
43,096 |
|
Less: total tax adjustments |
|
(16,016 |
) |
|
|
7,568 |
|
|
|
4,177 |
|
Non-GAAP net income (loss) |
$ |
(7,221 |
) |
|
$ |
(30,019 |
) |
|
$ |
419 |
|
|
|
|
|
|
|
||||||
Shares used in computing GAAP and non-GAAP basic net income (loss) per share |
|
84,485 |
|
|
|
84,074 |
|
|
|
81,681 |
|
Shares used in computing GAAP diluted net loss per share |
|
84,485 |
|
|
|
84,074 |
|
|
|
81,681 |
|
Dilutive common stock equivalents |
|
— |
|
|
|
— |
|
|
|
1,000 |
|
Shares used in computing non-GAAP diluted net income (loss) per share |
|
84,485 |
|
|
|
84,074 |
|
|
|
82,681 |
|
Non-GAAP basic net income (loss) per share |
$ |
(0.09 |
) |
|
$ |
(0.36 |
) |
|
$ |
0.01 |
|
Non-GAAP diluted net income (loss) per share |
$ |
(0.09 |
) |
|
$ |
(0.36 |
) |
|
$ |
0.01 |
|
MAXLINEAR, INC. |
||||||||
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS |
||||||||
(in thousands, except per share data) |
||||||||
|
|
|
|
|
||||
|
Year ended |
|
||||||
|
December 31, 2024 |
|
December 31, 2023 |
|
||||
GAAP gross profit |
$ |
194,782 |
|
|
$ |
385,663 |
|
|
Stock-based compensation |
|
621 |
|
|
|
763 |
|
|
Performance based equity |
|
24 |
|
|
|
111 |
|
|
Amortization of purchased intangible assets |
|
19,798 |
|
|
|
35,102 |
|
|
Non-GAAP gross profit |
|
215,225 |
|
|
|
421,639 |
|
|
|
|
|
|
|
||||
GAAP R&D expenses |
|
225,189 |
|
|
|
269,504 |
|
|
Stock-based compensation |
|
(38,814 |
) |
|
|
(44,189 |
) |
|
Performance based equity |
|
(3,108 |
) |
|
|
(7,568 |
) |
|
Research and development funded by others |
|
2,000 |
|
|
|
(9,500 |
) |
|
Non-GAAP R&D expenses |
|
185,267 |
|
|
|
208,247 |
|
|
|
|
|
|
|
||||
GAAP SG&A expenses |
|
138,329 |
|
|
|
132,156 |
|
|
Stock-based compensation |
|
(26,586 |
) |
|
|
(10,224 |
) |
|
Performance based equity |
|
(2,132 |
) |
|
|
(3,874 |
) |
|
Amortization of purchased intangible assets |
|
(2,366 |
) |
|
|
(2,881 |
) |
|
Acquisition and integration costs |
|
(8,828 |
) |
|
|
(9,286 |
) |
|
Non-GAAP SG&A expenses |
|
98,417 |
|
|
|
105,891 |
|
|
|
|
|
|
|
||||
GAAP impairment losses |
|
1,237 |
|
|
|
2,438 |
|
|
Impairment losses |
|
(1,237 |
) |
|
|
(2,438 |
) |
|
Non-GAAP impairment losses |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||||
GAAP restructuring expenses |
|
53,379 |
|
|
|
19,786 |
|
|
Restructuring charges |
|
(53,379 |
) |
|
|
(19,786 |
) |
|
Non-GAAP restructuring expenses |
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||||
GAAP loss from operations |
|
(223,352 |
) |
|
|
(38,221 |
) |
|
Total non-GAAP adjustments |
|
154,893 |
|
|
|
145,722 |
|
|
Non-GAAP income (loss) from operations |
|
(68,459 |
) |
|
|
107,501 |
|
|
|
|
|
|
|
||||
GAAP interest and other income (expense), net |
|
(15,365 |
) |
|
|
(25,589 |
) |
|
Non-recurring interest and other income (expense), net |
|
12,233 |
|
|
|
18,628 |
|
|
Non-GAAP interest and other income (expense), net |
|
(3,132 |
) |
|
|
(6,961 |
) |
|
|
|
|
|
|
||||
GAAP loss before income taxes |
|
(238,717 |
) |
|
|
(63,810 |
) |
|
Total non-GAAP adjustments |
|
167,126 |
|
|
|
164,350 |
|
|
Non-GAAP income (loss) before income taxes |
|
(71,591 |
) |
|
|
100,540 |
|
|
|
|
|
|
|
||||
GAAP income tax provision |
|
6,481 |
|
|
|
9,337 |
|
|
Adjustment for non-cash tax benefits/expenses |
|
(2,481 |
) |
|
|
717 |
|
|
Non-GAAP income tax provision |
|
4,000 |
|
|
|
10,054 |
|
|
|
|
|
|
|
||||
GAAP net loss |
|
(245,198 |
) |
|
|
(73,147 |
) |
|
Total non-GAAP adjustments before income taxes |
|
167,126 |
|
|
|
164,350 |
|
|
Less: total tax adjustments |
|
(2,481 |
) |
|
|
717 |
|
|
Non-GAAP net income (loss) |
$ |
(75,591 |
) |
|
$ |
90,486 |
|
|
|
|
|
|
|
||||
Shares used in computing GAAP and non-GAAP basic net income (loss) per share |
|
83,600 |
|
|
|
80,719 |
|
|
Shares used in computing GAAP diluted net loss per share |
|
83,600 |
|
|
|
80,719 |
|
|
Dilutive common stock equivalents |
|
— |
|
|
|
1,210 |
|
|
Shares used in computing non-GAAP diluted net income (loss) per share |
|
83,600 |
|
|
|
81,929 |
|
|
Non-GAAP basic net income (loss) per share |
$ |
(0.90 |
) |
|
$ |
1.12 |
|
|
Non-GAAP diluted net income (loss) per share |
$ |
(0.90 |
) |
|
$ |
1.10 |
|
|
MAXLINEAR, INC. |
||||||||
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
||||||||
AS A PERCENTAGE OF NET REVENUE |
||||||||
|
Three Months Ended |
|||||||
|
December 31, 2024 |
|
September 30, 2024 |
|
December 31, 2023 |
|||
GAAP gross margin |
55.6 |
% |
|
54.4 |
% |
|
54.7 |
% |
Stock-based compensation |
0.2 |
% |
|
0.1 |
% |
|
0.1 |
% |
Performance based equity |
— |
% |
|
— |
% |
|
— |
% |
Amortization of purchased intangible assets |
3.2 |
% |
|
4.3 |
% |
|
6.7 |
% |
Non-GAAP gross margin |
59.1 |
% |
|
58.7 |
% |
|
61.4 |
% |
|
|
|
|
|
|
|||
GAAP R&D expenses |
55.6 |
% |
|
64.9 |
% |
|
52.1 |
% |
Stock-based compensation |
(11.8 |
)% |
|
(9.2 |
)% |
|
(8.8 |
)% |
Performance based equity |
(0.8 |
)% |
|
1.0 |
% |
|
(1.5 |
)% |
Research and development funded by others |
— |
% |
|
3.7 |
% |
|
(1.6 |
)% |
Non-GAAP R&D expenses |
43.0 |
% |
|
60.4 |
% |
|
40.1 |
% |
|
|
|
|
|
|
|||
GAAP SG&A expenses |
41.3 |
% |
|
37.2 |
% |
|
27.4 |
% |
Stock-based compensation |
(8.4 |
)% |
|
(6.5 |
)% |
|
(4.2 |
)% |
Performance based equity |
(0.9 |
)% |
|
0.5 |
% |
|
(1.1 |
)% |
Amortization of purchased intangible assets |
(0.6 |
)% |
|
(0.7 |
)% |
|
(0.5 |
)% |
Acquisition and integration costs |
(7.9 |
)% |
|
(1.0 |
)% |
|
(1.4 |
)% |
Non-GAAP SG&A expenses |
23.5 |
% |
|
29.4 |
% |
|
20.3 |
% |
|
|
|
|
|
|
|||
GAAP impairment losses |
— |
% |
|
1.5 |
% |
|
— |
% |
Impairment losses |
— |
% |
|
(1.5 |
)% |
|
— |
% |
Non-GAAP impairment losses |
— |
% |
|
— |
% |
|
— |
% |
|
|
|
|
|
|
|||
GAAP restructuring expenses |
3.3 |
% |
|
33.1 |
% |
|
8.5 |
% |
Restructuring charges |
(3.3 |
)% |
|
(33.1 |
)% |
|
(8.5 |
)% |
Non-GAAP restructuring expenses |
— |
% |
|
— |
% |
|
— |
% |
|
|
|
|
|
|
|||
GAAP loss from operations |
(44.7 |
)% |
|
(82.3 |
)% |
|
(33.3 |
)% |
Total non-GAAP adjustments |
37.2 |
% |
|
51.3 |
% |
|
34.3 |
% |
Non-GAAP income (loss) from operations |
(7.5 |
)% |
|
(31.0 |
)% |
|
1.0 |
% |
|
|
|
|
|
|
|||
GAAP interest and other income (expense), net |
0.4 |
% |
|
(19.4 |
)% |
|
(0.7 |
)% |
Non-recurring interest and other income (expense), net |
0.4 |
% |
|
14.5 |
% |
|
— |
% |
Non-GAAP interest and other income (expense), net |
0.7 |
% |
|
(4.9 |
)% |
|
(0.7 |
)% |
|
|
|
|
|
|
|||
GAAP loss before income taxes |
(44.3 |
)% |
|
(101.7 |
)% |
|
(34.0 |
)% |
Total non-GAAP adjustments before income taxes |
37.5 |
% |
|
65.8 |
% |
|
34.4 |
% |
Non-GAAP income (loss) before income taxes |
(6.8 |
)% |
|
(36.0 |
)% |
|
0.4 |
% |
|
|
|
|
|
|
|||
GAAP income tax provision (benefit) |
18.5 |
% |
|
(8.3 |
)% |
|
(3.3 |
)% |
Adjustment for non-cash tax benefits/expenses |
(17.4 |
)% |
|
9.3 |
% |
|
3.3 |
% |
Non-GAAP income tax provision |
1.1 |
% |
|
1.1 |
% |
|
— |
% |
|
|
|
|
|
|
|||
GAAP net loss |
(62.8 |
)% |
|
(93.4 |
)% |
|
(30.7 |
)% |
Total non-GAAP adjustments before income taxes |
37.5 |
% |
|
65.8 |
% |
|
34.4 |
% |
Less: total tax adjustments |
(17.4 |
)% |
|
9.3 |
% |
|
3.3 |
% |
Non-GAAP net income (loss) |
(7.8 |
)% |
|
(37.0 |
)% |
|
0.3 |
% |
MAXLINEAR, INC. |
|||||
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES |
|||||
AS A PERCENTAGE OF NET REVENUE |
|||||
|
|
|
|||
|
Year ended |
||||
|
December 31, 2024 |
|
December 31, 2023 |
||
GAAP gross margin |
54.0 |
% |
|
55.6 |
% |
Stock-based compensation |
0.2 |
% |
|
0.1 |
% |
Performance based equity |
— |
% |
|
— |
% |
Amortization of purchased intangible assets |
5.5 |
% |
|
5.1 |
% |
Non-GAAP gross margin |
59.7 |
% |
|
60.8 |
% |
|
|
|
|
||
GAAP R&D expenses |
62.5 |
% |
|
38.9 |
% |
Stock-based compensation |
(10.8 |
)% |
|
(6.4 |
)% |
Performance based equity |
(0.9 |
)% |
|
(1.1 |
)% |
Research and development funded by others |
0.6 |
% |
|
(1.4 |
)% |
Non-GAAP R&D expenses |
51.4 |
% |
|
30.0 |
% |
|
|
|
|
||
GAAP SG&A expenses |
38.4 |
% |
|
19.1 |
% |
Stock-based compensation |
(7.4 |
)% |
|
(1.5 |
)% |
Performance based equity |
(0.6 |
)% |
|
(0.6 |
)% |
Amortization of purchased intangible assets |
(0.7 |
)% |
|
(0.4 |
)% |
Acquisition and integration costs |
(2.5 |
)% |
|
(1.3 |
)% |
Non-GAAP SG&A expenses |
27.3 |
% |
|
15.3 |
% |
|
|
|
|
||
GAAP impairment losses |
0.3 |
% |
|
0.4 |
% |
Impairment losses |
(0.3 |
)% |
|
(0.4 |
)% |
Non-GAAP impairment losses |
— |
% |
|
— |
% |
|
|
|
|
||
GAAP restructuring expenses |
14.8 |
% |
|
2.9 |
% |
Restructuring charges |
(14.8 |
)% |
|
(2.9 |
)% |
Non-GAAP restructuring expenses |
— |
% |
|
— |
% |
|
|
|
|
||
GAAP loss from operations |
(62.0 |
)% |
|
(5.5 |
)% |
Total non-GAAP adjustments |
43.0 |
% |
|
21.0 |
% |
Non-GAAP income (loss) from operations |
(19.0 |
)% |
|
15.5 |
% |
|
|
|
|
||
GAAP interest and other income (expense), net |
(4.3 |
)% |
|
(3.7 |
)% |
Non-recurring interest and other income (expense), net |
3.4 |
% |
|
2.7 |
% |
Non-GAAP interest and other income (expense), net |
(0.9 |
)% |
|
(1.0 |
)% |
|
|
|
|
||
GAAP loss before income taxes |
(66.2 |
)% |
|
(9.2 |
)% |
Total non-GAAP adjustments |
46.4 |
% |
|
23.7 |
% |
Non-GAAP income (loss) before income taxes |
(19.9 |
)% |
|
14.5 |
% |
|
|
|
|
||
GAAP income tax provision |
1.8 |
% |
|
1.4 |
% |
Adjustment for non-cash tax benefits/expenses |
(0.7 |
)% |
|
0.1 |
% |
Non-GAAP income tax provision |
1.1 |
% |
|
1.5 |
% |
|
|
|
|
||
GAAP net loss |
(68.0 |
)% |
|
(10.6 |
)% |
Total non-GAAP adjustments before income taxes |
46.4 |
% |
|
23.7 |
% |
Less: total tax adjustments |
(0.7 |
)% |
|
0.1 |
% |
Non-GAAP net income (loss) |
(21.0 |
)% |
|
13.1 |
% |
|
|
|
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20250129301826/en/
MaxLinear, Inc. Investor Relations Contact:
Leslie Green
lgreen@maxlinear.com
Source: MaxLinear, Inc.
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