MaxLinear, Inc. Announces Third Quarter 2024 Financial Results
MaxLinear (MXL) reported Q3 2024 financial results with net revenue of $81.1 million, down 12% sequentially and 40% year-over-year. GAAP gross margin was 54.4%, with a GAAP loss per share of $0.90. Non-GAAP gross margin reached 58.7%, with a loss per share of $0.36. The company used $30.7 million in operating activities. For Q4 2024, MaxLinear expects revenue between $80-100 million, with GAAP gross margin of 54.0-57.0% and non-GAAP gross margin of 57.5-60.5%. Management highlighted encouraging signs of recovery, including improved customer orders and progress in new product traction.
MaxLinear (MXL) ha comunicato i risultati finanziari del terzo trimestre 2024, con ricavi netti di 81,1 milioni di dollari, in calo del 12% rispetto al trimestre precedente e del 40% rispetto all’anno precedente. Il margine lordo GAAP è stato del 54,4%, con una perdita per azione GAAP di 0,90 dollari. Il margine lordo non-GAAP ha raggiunto il 58,7%, con una perdita per azione di 0,36 dollari. L’azienda ha utilizzato 30,7 milioni di dollari in attività operative. Per il quarto trimestre 2024, MaxLinear prevede ricavi tra 80-100 milioni di dollari, con un margine lordo GAAP del 54,0-57,0% e un margine lordo non-GAAP del 57,5-60,5%. La direzione ha evidenziato segni incoraggianti di recupero, tra cui un aumento degli ordini dei clienti e progressi nella traiettoria dei nuovi prodotti.
MaxLinear (MXL) informó los resultados financieros del tercer trimestre de 2024, con ingresos netos de 81.1 millones de dólares, lo que representa una disminución del 12% en comparación con el trimestre anterior y del 40% interanual. El margen bruto GAAP fue del 54.4%, con una pérdida por acción GAAP de 0.90 dólares. El margen bruto no-GAAP alcanzó el 58.7%, con una pérdida por acción de 0.36 dólares. La empresa utilizó 30.7 millones de dólares en actividades operativas. Para el cuarto trimestre de 2024, MaxLinear espera ingresos entre 80-100 millones de dólares, con un margen bruto GAAP del 54.0-57.0% y un margen bruto no-GAAP del 57.5-60.5%. La gerencia destacó señales alentadoras de recuperación, incluyendo un aumento en los pedidos de clientes y avances en la tracción de nuevos productos.
맥스리니어 (MXL)는 2024년 3분기 재무 결과를 발표하며, 순수익이 8,110만 달러로, 전분기 대비 12%, 전년 대비 40% 감소했다고 전했습니다. GAAP 총 이익률은 54.4%였으며, GAAP 기준 주당 손실은 0.90달러였습니다. 비 GAAP 총 이익률은 58.7%에 도달했으며, 주당 손실은 0.36달러였습니다. 회사는 운영 활동에서 3,070만 달러를 사용했습니다. 2024년 4분기에는 MaxLinear가 8,000만~1억 달러의 수익을 예상하며, GAAP 총 이익률은 54.0-57.0%, 비 GAAP 총 이익률은 57.5-60.5%라고 밝혔습니다. 경영진은 고객 주문의 개선과 새로운 제품의 진척과 같은 회복의 고무적인 신호들을 강조했습니다.
MaxLinear (MXL) a rapporté les résultats financiers du troisième trimestre 2024, avec un chiffre d'affaires net de 81,1 millions de dollars, en baisse de 12 % par rapport au trimestre précédent et de 40 % par rapport à l'année dernière. La marge brute GAAP était de 54,4 %, avec une perte par action GAAP de 0,90 dollar. La marge brute non-GAAP a atteint 58,7 %, avec une perte par action de 0,36 dollar. L'entreprise a utilisé 30,7 millions de dollars dans ses activités opérationnelles. Pour le quatrième trimestre 2024, MaxLinear s'attend à un chiffre d'affaires compris entre 80-100 millions de dollars, avec une marge brute GAAP de 54,0-57,0 % et une marge brute non-GAAP de 57,5-60,5 %. La direction a souligné des signes encourageants de reprise, notamment une amélioration des commandes clients et des avancées dans la traction des nouveaux produits.
MaxLinear (MXL) hat die Finanzergebnisse für das dritte Quartal 2024 vorgelegt, mit einem Nettoumsatz von 81,1 Millionen US-Dollar, was einem Rückgang von 12 % im Vergleich zum vorherigen Quartal und von 40 % im Jahresvergleich entspricht. Die GAAP-Bruttomarge betrug 54,4 %, mit einem GAAP-Verlust pro Aktie von 0,90 US-Dollar. Die Non-GAAP-Bruttomarge erreichte 58,7 %, mit einem Verlust pro Aktie von 0,36 US-Dollar. Das Unternehmen verwendete 30,7 Millionen US-Dollar für betriebliche Tätigkeiten. Für das vierte Quartal 2024 erwartet MaxLinear einen Umsatz zwischen 80-100 Millionen US-Dollar, mit einer GAAP-Bruttomarge von 54,0-57,0 % und einer Non-GAAP-Bruttomarge von 57,5-60,5 %. Das Management hob ermutigende Anzeichen einer Erholung hervor, einschließlich verbesserter Kundenbestellungen und Fortschritte bei der Einführung neuer Produkte.
- Expected revenue growth guidance for Q4 2024 ($80-100M vs $81.1M in Q3)
- Maintained healthy gross margins (GAAP 54.4%, Non-GAAP 58.7%)
- On track to achieve one million units run rate in high-speed optical interconnect products
- Revenue declined 40% year-over-year and 12% sequentially
- GAAP operating loss increased to 82% of revenue from 44% in previous quarter
- Operating cash flow deteriorated to -$30.7M from -$2.7M in previous quarter
- Non-GAAP loss per share widened to $0.36 from $0.25 in previous quarter
Insights
MaxLinear's Q3 2024 results reveal significant challenges with
The Q4 guidance of
-
Net revenue of
$81.1 million 54.4% and non-GAAP gross margin of58.7%
Third Quarter Financial Highlights
GAAP basis:
-
Net revenue was
$81.1 million 12% sequentially and down40% year-over-year. -
GAAP gross margin was
54.4% , compared to54.6% in the prior quarter, and54.6% in the year-ago quarter. -
GAAP operating expenses were
$110.8 million 137% of net revenue, compared to$91.0 million 99% of net revenue, and$91.8 million 68% of net revenue. -
GAAP loss from operations was
82% of net revenue, compared to loss from operations of44% of net revenue in the prior quarter, and loss from operations of13% of net revenue in the year-ago quarter. -
Net cash flow used in operating activities was
$30.7 million $2.7 million $12.8 million -
GAAP diluted loss per share was
$0.90 $0.47 $0.49
Non-GAAP basis:
-
Non-GAAP gross margin was
58.7% . This compares to60.2% in the prior quarter, and60.8% in the year-ago quarter. -
Non-GAAP operating expenses were
$72.8 million 90% of net revenue, compared to$74.8 million 81% of net revenue in the prior quarter, and$75.1 million 55% of net revenue in the year-ago quarter. -
Non-GAAP loss from operations was
31% of net revenue, compared to loss of21% in the prior quarter, and income of5% in the year-ago quarter. -
Non-GAAP diluted loss per share was
$0.36 $0.25 $0.02
Management Commentary
“We are pleased to see encouraging signs of recovery in our business, including another quarter of improvement in customer orders and continued progress in new product traction,” said Kishore Seendripu, PhD, Chairman and CEO. “In particular, we are on track to exit the year at a run rate greater than one million units per year of our high-speed optical interconnect products as customers prepare for the industry transition to 800Gig and beyond. In addition, design win activity and customer success in fiber PON gateways, Ethernet, storage, and Wi-Fi7 position us for renewed growth and earnings improvement in the fourth quarter and beyond.”
Fourth Quarter 2024 Business Outlook
The company expects net revenue in the fourth quarter of 2024 to be approximately
-
GAAP gross margin of approximately
54.0% to57.0% ; -
Non-GAAP gross margin of approximately
57.5% to60.5% ; -
GAAP operating expenses of approximately
$88 million $94 million -
Non-GAAP operating expenses of approximately
$58 million $64 million -
GAAP and non-GAAP interest and other expense of approximately
$1.0 million $2.5 million - GAAP and non-GAAP diluted share count of approximately 84.5 million each.
Webcast and Conference Call
MaxLinear will host its third quarter financial results conference call today, October 23, 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 November 6, 2024. A replay of the conference call will also be available until November 6, 2024 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13749152.
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 fourth 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; 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 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 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 Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2024. All forward-looking statements are based on the estimates, projections and assumptions of management as of October 23, 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 (loss) from operations, non-GAAP income (loss) from operations as percentage of revenue, non-GAAP interest and other income (expense), 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, 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 fourth 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
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, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
||||||
Net revenue |
$ |
81,102 |
|
|
$ |
91,990 |
|
|
$ |
135,530 |
|
Cost of net revenue |
|
37,022 |
|
|
|
41,804 |
|
|
|
61,586 |
|
Gross profit |
|
44,080 |
|
|
|
50,186 |
|
|
|
73,944 |
|
Operating expenses: |
|
|
|
|
|
||||||
Research and development |
|
52,604 |
|
|
|
56,541 |
|
|
|
66,306 |
|
Selling, general and administrative |
|
30,154 |
|
|
|
33,600 |
|
|
|
25,402 |
|
Impairment losses |
|
1,237 |
|
|
|
— |
|
|
|
— |
|
Restructuring charges |
|
26,828 |
|
|
|
865 |
|
|
|
54 |
|
Total operating expenses |
|
110,823 |
|
|
|
91,006 |
|
|
|
91,762 |
|
Loss from operations |
|
(66,743 |
) |
|
|
(40,820 |
) |
|
|
(17,818 |
) |
Interest income |
|
1,653 |
|
|
|
1,871 |
|
|
|
1,736 |
|
Interest expense |
|
(2,655 |
) |
|
|
(2,706 |
) |
|
|
(2,715 |
) |
Other income (expense), net |
|
(14,753 |
) |
|
|
329 |
|
|
|
(22,721 |
) |
Total other income (expense), net |
|
(15,755 |
) |
|
|
(506 |
) |
|
|
(23,700 |
) |
Loss before income taxes |
|
(82,498 |
) |
|
|
(41,326 |
) |
|
|
(41,518 |
) |
Income tax benefit |
|
(6,713 |
) |
|
|
(2,060 |
) |
|
|
(1,689 |
) |
Net loss |
$ |
(75,785 |
) |
|
$ |
(39,266 |
) |
|
$ |
(39,829 |
) |
Net loss per share: |
|
|
|
|
|
||||||
Basic |
$ |
(0.90 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.49 |
) |
Diluted |
$ |
(0.90 |
) |
|
$ |
(0.47 |
) |
|
$ |
(0.49 |
) |
Shares used to compute net loss per share: |
|
|
|
|
|
||||||
Basic |
|
84,074 |
|
|
|
83,477 |
|
|
|
81,249 |
|
Diluted |
|
84,074 |
|
|
|
83,477 |
|
|
|
81,249 |
|
MAXLINEAR, INC. UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) |
||||||||
|
|
|
|
|
||||
|
|
Nine Months Ended |
||||||
|
|
September 30, 2024 |
|
September 30, 2023 |
||||
Net revenue |
|
$ |
268,361 |
|
|
$ |
567,910 |
|
Cost of net revenue |
|
|
124,827 |
|
|
|
250,786 |
|
Gross profit |
|
|
143,534 |
|
|
|
317,124 |
|
Operating expenses: |
|
|
|
|
||||
Research and development |
|
|
173,911 |
|
|
|
204,254 |
|
Selling, general and administrative |
|
|
100,242 |
|
|
|
97,772 |
|
Impairment losses |
|
|
1,237 |
|
|
|
2,438 |
|
Restructuring charges |
|
|
50,323 |
|
|
|
9,138 |
|
Total operating expenses |
|
|
325,713 |
|
|
|
313,602 |
|
Income (loss) from operations |
|
|
(182,179 |
) |
|
|
3,522 |
|
Interest income |
|
|
5,346 |
|
|
|
4,272 |
|
Interest expense |
|
|
(8,072 |
) |
|
|
(7,793 |
) |
Other income (expense), net |
|
|
(12,990 |
) |
|
|
(21,180 |
) |
Total other income (expense), net |
|
|
(15,716 |
) |
|
|
(24,701 |
) |
Loss before income taxes |
|
|
(197,895 |
) |
|
|
(21,179 |
) |
Income tax provision (benefit) |
|
|
(10,535 |
) |
|
|
13,468 |
|
Net loss |
|
$ |
(187,360 |
) |
|
$ |
(34,647 |
) |
Net loss per share: |
|
|
|
|
||||
Basic |
|
$ |
(2.25 |
) |
|
$ |
(0.43 |
) |
Diluted |
|
$ |
(2.25 |
) |
|
$ |
(0.43 |
) |
Shares used to compute net loss per share: |
|
|
|
|
||||
Basic |
|
|
83,303 |
|
|
|
80,395 |
|
Diluted |
|
|
83,303 |
|
|
|
80,395 |
|
|
|
|
|
|
||||
MAXLINEAR, INC. UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
||||||||||||
|
Three Months Ended |
|||||||||||
|
September 30, 2024 |
June 30, 2024 |
September 30, 2023 |
|||||||||
Operating Activities |
|
|
|
|||||||||
Net loss |
$ |
(75,785 |
) |
$ |
(39,266 |
) |
$ |
(39,829 |
) |
|||
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
|
|||||||||
Amortization and depreciation |
|
12,142 |
|
|
13,600 |
|
|
17,014 |
|
|||
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 |
|
637 |
|
|
665 |
|
|
685 |
|
|||
Stock-based compensation |
|
12,788 |
|
|
17,359 |
|
|
5,118 |
|
|||
Deferred income taxes |
|
(8,320 |
) |
|
(2,053 |
) |
|
(2,384 |
) |
|||
Loss on disposal of property and equipment |
|
623 |
|
|
55 |
|
|
16 |
|
|||
Unrealized holding loss on investments |
|
— |
|
|
— |
|
|
5,876 |
|
|||
Impairment of leased right-of-use assets |
|
677 |
|
|
700 |
|
|
— |
|
|||
(Gain) loss on extinguishment of lease liabilities |
|
(1 |
) |
|
16 |
|
|
— |
|
|||
Gain on settlement of pension |
|
— |
|
|
— |
|
|
(1,008 |
) |
|||
(Gain) loss on foreign currency and other |
|
2,339 |
|
|
(398 |
) |
|
(13 |
) |
|||
Excess tax (benefits) deficiencies on stock based awards |
|
(1,469 |
) |
|
(152 |
) |
|
769 |
|
|||
Changes in operating assets and liabilities: |
|
|
|
|||||||||
Accounts receivable, net |
|
37,010 |
|
|
41,290 |
|
|
(2,398 |
) |
|||
Inventory |
|
(1,325 |
) |
|
1,387 |
|
|
11,210 |
|
|||
Prepaid expenses and other assets |
|
(7,852 |
) |
|
1,281 |
|
|
(4,563 |
) |
|||
Accounts payable, accrued expenses and other current liabilities |
|
(3,770 |
) |
|
(24,280 |
) |
|
9,347 |
|
|||
Accrued compensation |
|
159 |
|
|
(5,855 |
) |
|
4,914 |
|
|||
Accrued price protection liability |
|
(17,158 |
) |
|
(3,603 |
) |
|
(11,995 |
) |
|||
Lease liabilities |
|
(2,761 |
) |
|
(2,540 |
) |
|
(2,882 |
) |
|||
Other long-term liabilities |
|
6,098 |
|
|
(902 |
) |
|
(2,669 |
) |
|||
Net cash used in operating activities |
|
(30,731 |
) |
|
(2,696 |
) |
|
(12,792 |
) |
|||
Investing Activities |
|
|
|
|||||||||
Purchases of property and equipment |
|
(4,132 |
) |
|
(3,013 |
) |
|
(1,927 |
) |
|||
Purchases of intangible assets |
|
(1,818 |
) |
|
(2,775 |
) |
|
(674 |
) |
|||
Net cash used in investing activities |
|
(5,950 |
) |
|
(5,788 |
) |
|
(2,601 |
) |
|||
Financing Activities |
|
|
|
|||||||||
Payment of debt commitment fees |
|
— |
|
|
— |
|
|
(18,325 |
) |
|||
Net proceeds from issuance of common stock |
|
— |
|
|
1,579 |
|
|
92 |
|
|||
Minimum tax withholding paid on behalf of employees for restricted stock units |
|
(58 |
) |
|
447 |
|
|
(3,232 |
) |
|||
Net cash provided by (used in) financing activities |
|
(58 |
) |
|
2,026 |
|
|
(21,465 |
) |
|||
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
94 |
|
|
(335 |
) |
|
(633 |
) |
|||
Decrease in cash, cash equivalents and restricted cash |
|
(36,645 |
) |
|
(6,793 |
) |
|
(37,491 |
) |
|||
Cash, cash equivalents and restricted cash at beginning of period |
|
186,137 |
|
|
192,930 |
|
|
225,643 |
|
|||
Cash, cash equivalents and restricted cash at end of period |
$ |
149,492 |
|
$ |
186,137 |
|
$ |
188,152 |
|
|||
MAXLINEAR, INC. UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands) |
||||||||
|
|
|
|
|
||||
|
|
Nine Months Ended |
||||||
|
|
September 30, 2024 |
|
September 30, 2023 |
||||
Operating Activities |
|
|
|
|
||||
Net loss |
|
$ |
(187,360 |
) |
|
$ |
(34,647 |
) |
Adjustments to reconcile net loss to cash provided by (used in) operating activities: |
|
|
|
|
||||
Amortization and depreciation |
|
|
42,426 |
|
|
|
54,923 |
|
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 |
|
|
1,990 |
|
|
|
1,858 |
|
Stock-based compensation |
|
|
47,208 |
|
|
|
38,763 |
|
Deferred income taxes |
|
|
(13,058 |
) |
|
|
6,502 |
|
Loss on disposal of property and equipment |
|
|
1,068 |
|
|
|
2,057 |
|
Unrealized holding loss on investments |
|
|
— |
|
|
|
3,917 |
|
Impairment of leased right-of-use assets |
|
|
3,415 |
|
|
|
— |
|
Gain on settlement of pension |
|
|
— |
|
|
|
(1,008 |
) |
Gain on extinguishment of lease liabilities |
|
|
(554 |
) |
|
|
— |
|
Loss on foreign currency |
|
|
973 |
|
|
|
140 |
|
Excess tax benefits on stock-based awards |
|
|
(2,988 |
) |
|
|
(529 |
) |
Changes in operating assets and liabilities: |
|
|
|
|
||||
Accounts receivable, net |
|
|
122,689 |
|
|
|
13,769 |
|
Inventory |
|
|
3,845 |
|
|
|
45,602 |
|
Prepaid expenses and other assets |
|
|
(8,615 |
) |
|
|
(10,215 |
) |
Accounts payable, accrued expenses and other current liabilities |
|
|
(16,041 |
) |
|
|
(17,917 |
) |
Accrued compensation |
|
|
3,011 |
|
|
|
8,776 |
|
Accrued price protection liability |
|
|
(27,212 |
) |
|
|
(45,036 |
) |
Lease liabilities |
|
|
(7,806 |
) |
|
|
(8,891 |
) |
Other long-term liabilities |
|
|
4,315 |
|
|
|
(557 |
) |
Net cash provided by (used in) operating activities |
|
|
(17,457 |
) |
|
|
59,945 |
|
Investing Activities |
|
|
|
|
||||
Purchases of property and equipment |
|
|
(15,487 |
) |
|
|
(12,180 |
) |
Purchases of intangible assets |
|
|
(4,961 |
) |
|
|
(6,198 |
) |
Cash used in acquisitions, net of cash acquired |
|
|
— |
|
|
|
(12,384 |
) |
Net cash used in investing activities |
|
|
(20,448 |
) |
|
|
(30,762 |
) |
Financing Activities |
|
|
|
|
||||
Payment of debt commitment fees |
|
|
— |
|
|
|
(18,325 |
) |
Net proceeds from issuance of common stock |
|
|
1,579 |
|
|
|
3,168 |
|
Minimum tax withholding paid on behalf of employees for restricted stock units |
|
|
(1,714 |
) |
|
|
(12,370 |
) |
Net cash used in financing activities |
|
|
(135 |
) |
|
|
(27,527 |
) |
Effect of exchange rate changes on cash, cash equivalents and restricted cash |
|
|
(824 |
) |
|
|
(1,861 |
) |
Decrease in cash, cash equivalents and restricted cash |
|
|
(38,864 |
) |
|
|
(205 |
) |
Cash, cash equivalents and restricted cash at beginning of period |
|
|
188,356 |
|
|
|
188,357 |
|
Cash, cash equivalents and restricted cash at end of period |
|
$ |
149,492 |
|
|
$ |
188,152 |
|
MAXLINEAR, INC. UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
||||||||
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|||
Assets |
|
|
|
|
|
|||
Current assets: |
|
|
|
|
|
|||
Cash and cash equivalents |
$ |
148,476 |
|
$ |
185,108 |
|
$ |
187,028 |
Short-term restricted cash |
|
993 |
|
|
1,006 |
|
|
1,105 |
Short-term investments |
|
— |
|
|
— |
|
|
14,612 |
Accounts receivable, net |
|
47,930 |
|
|
84,940 |
|
|
158,232 |
Inventory |
|
96,063 |
|
|
94,738 |
|
|
114,942 |
Prepaid expenses and other current assets |
|
34,798 |
|
|
31,789 |
|
|
32,688 |
Total current assets |
|
328,260 |
|
|
397,581 |
|
|
508,607 |
Long-term restricted cash |
|
23 |
|
|
23 |
|
|
19 |
Property and equipment, net |
|
63,493 |
|
|
65,422 |
|
|
69,484 |
Leased right-of-use assets |
|
22,549 |
|
|
24,883 |
|
|
32,647 |
Intangible assets, net |
|
58,031 |
|
|
61,786 |
|
|
82,643 |
Goodwill |
|
318,588 |
|
|
318,588 |
|
|
318,456 |
Deferred tax assets |
|
82,552 |
|
|
74,228 |
|
|
59,121 |
Other long-term assets |
|
21,807 |
|
|
30,686 |
|
|
32,810 |
Total assets |
$ |
895,303 |
|
$ |
973,197 |
|
$ |
1,103,787 |
|
|
|
|
|
|
|||
Liabilities and stockholders’ equity |
|
|
|
|
|
|||
Current liabilities |
$ |
168,597 |
|
$ |
190,277 |
|
$ |
232,910 |
Long-term lease liabilities |
|
19,433 |
|
|
21,522 |
|
|
28,017 |
Long-term debt |
|
122,840 |
|
|
122,684 |
|
|
122,219 |
Other long-term liabilities |
|
27,561 |
|
|
21,459 |
|
|
17,964 |
Stockholders’ equity |
|
556,872 |
|
|
617,255 |
|
|
702,677 |
Total liabilities and stockholders’ equity |
$ |
895,303 |
|
$ |
973,197 |
|
$ |
1,103,787 |
MAXLINEAR, INC. UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) |
|||||||||||
|
Three Months Ended |
||||||||||
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
||||||
GAAP gross profit |
$ |
44,080 |
|
|
$ |
50,186 |
|
|
$ |
73,944 |
|
Stock-based compensation |
|
81 |
|
|
|
173 |
|
|
|
170 |
|
Performance based equity |
|
(19 |
) |
|
|
(37 |
) |
|
|
19 |
|
Amortization of purchased intangible assets |
|
3,498 |
|
|
|
5,089 |
|
|
|
8,332 |
|
Non-GAAP gross profit |
|
47,640 |
|
|
|
55,411 |
|
|
|
82,465 |
|
|
|
|
|
|
|
||||||
GAAP R&D expenses |
|
52,604 |
|
|
|
56,541 |
|
|
|
66,306 |
|
Stock-based compensation |
|
(7,423 |
) |
|
|
(10,088 |
) |
|
|
(9,436 |
) |
Performance based equity |
|
775 |
|
|
|
1,789 |
|
|
|
(2,288 |
) |
Research and development funded by others |
|
3,000 |
|
|
|
— |
|
|
|
(5,500 |
) |
Non-GAAP R&D expenses |
|
48,956 |
|
|
|
48,242 |
|
|
|
49,082 |
|
|
|
|
|
|
|
||||||
GAAP SG&A expenses |
|
30,154 |
|
|
|
33,600 |
|
|
|
25,402 |
|
Stock-based compensation |
|
(5,284 |
) |
|
|
(7,097 |
) |
|
|
4,488 |
|
Performance based equity |
|
384 |
|
|
|
722 |
|
|
|
(999 |
) |
Amortization of purchased intangible assets |
|
(591 |
) |
|
|
(592 |
) |
|
|
(653 |
) |
Acquisition and integration costs |
|
(801 |
) |
|
|
(102 |
) |
|
|
(2,172 |
) |
Non-GAAP SG&A expenses |
|
23,862 |
|
|
|
26,531 |
|
|
|
26,066 |
|
|
|
|
|
|
|
||||||
GAAP impairment losses |
|
1,237 |
|
|
|
— |
|
|
|
— |
|
Impairment losses |
|
(1,237 |
) |
|
|
— |
|
|
|
— |
|
Non-GAAP impairment losses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||||||
GAAP restructuring expenses |
|
26,828 |
|
|
|
865 |
|
|
|
54 |
|
Restructuring charges |
|
(26,828 |
) |
|
|
(865 |
) |
|
|
(54 |
) |
Non-GAAP restructuring expenses |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
||||||
GAAP loss from operations |
|
(66,743 |
) |
|
|
(40,820 |
) |
|
|
(17,818 |
) |
Total non-GAAP adjustments |
|
41,565 |
|
|
|
21,458 |
|
|
|
25,135 |
|
Non-GAAP income (loss) from operations |
|
(25,178 |
) |
|
|
(19,362 |
) |
|
|
7,317 |
|
|
|
|
|
|
|
||||||
GAAP interest and other income (expense), net |
|
(15,755 |
) |
|
|
(506 |
) |
|
|
(23,700 |
) |
Non-recurring interest and other income (expense), net |
|
11,769 |
|
|
|
65 |
|
|
|
18,395 |
|
Non-GAAP interest and other income (expense), net |
|
(3,986 |
) |
|
|
(441 |
) |
|
|
(5,305 |
) |
|
|
|
|
|
|
||||||
GAAP loss before income taxes |
|
(82,498 |
) |
|
|
(41,326 |
) |
|
|
(41,518 |
) |
Total non-GAAP adjustments |
|
53,334 |
|
|
|
21,523 |
|
|
|
43,530 |
|
Non-GAAP income (loss) before income taxes |
|
(29,164 |
) |
|
|
(19,803 |
) |
|
|
2,012 |
|
|
|
|
|
|
|
||||||
GAAP income tax benefit |
|
(6,713 |
) |
|
|
(2,060 |
) |
|
|
(1,689 |
) |
Adjustment for non-cash tax benefits/expenses |
|
7,568 |
|
|
|
3,205 |
|
|
|
1,891 |
|
Non-GAAP income tax provision |
|
855 |
|
|
|
1,145 |
|
|
|
202 |
|
|
|
|
|
|
|
||||||
GAAP net loss |
|
(75,785 |
) |
|
|
(39,266 |
) |
|
|
(39,829 |
) |
Total non-GAAP adjustments before income taxes |
|
53,334 |
|
|
|
21,523 |
|
|
|
43,530 |
|
Less: total tax adjustments |
|
7,568 |
|
|
|
3,205 |
|
|
|
1,891 |
|
Non-GAAP net income (loss) |
$ |
(30,019 |
) |
|
$ |
(20,948 |
) |
|
$ |
1,810 |
|
|
|
|
|
|
|
||||||
Shares used in computing GAAP and non-GAAP basic net income (loss) per share |
|
84,074 |
|
|
|
83,477 |
|
|
|
81,249 |
|
Shares used in computing GAAP diluted net loss per share |
|
84,074 |
|
|
|
83,477 |
|
|
|
81,249 |
|
Dilutive common stock equivalents |
|
— |
|
|
|
— |
|
|
|
719 |
|
Shares used in computing non-GAAP diluted net income (loss) per share |
|
84,074 |
|
|
|
83,477 |
|
|
|
81,968 |
|
Non-GAAP basic net income (loss) per share |
$ |
(0.36 |
) |
|
$ |
(0.25 |
) |
|
$ |
0.02 |
|
Non-GAAP diluted net income (loss) per share |
$ |
(0.36 |
) |
|
$ |
(0.25 |
) |
|
$ |
0.02 |
|
MAXLINEAR, INC. UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) |
|||||||
|
|
|
|
||||
|
Nine months ended |
||||||
|
September 30, 2024 |
|
September 30, 2023 |
||||
GAAP gross profit |
$ |
143,534 |
|
|
$ |
317,124 |
|
Stock-based compensation |
|
435 |
|
|
|
626 |
|
Performance based equity |
|
16 |
|
|
|
94 |
|
Amortization of purchased intangible assets |
|
16,808 |
|
|
|
26,770 |
|
Non-GAAP gross profit |
|
160,793 |
|
|
|
344,614 |
|
|
|
|
|
||||
GAAP R&D expenses |
|
173,911 |
|
|
|
204,254 |
|
Stock-based compensation |
|
(27,952 |
) |
|
|
(33,128 |
) |
Performance based equity |
|
(2,365 |
) |
|
|
(5,650 |
) |
Research and development funded by others |
|
2,000 |
|
|
|
(7,500 |
) |
Non-GAAP R&D expenses |
|
145,594 |
|
|
|
157,976 |
|
|
|
|
|
||||
GAAP SG&A expenses |
|
100,242 |
|
|
|
97,772 |
|
Stock-based compensation |
|
(18,820 |
) |
|
|
(5,009 |
) |
Performance based equity |
|
(1,321 |
) |
|
|
(2,550 |
) |
Amortization of purchased intangible assets |
|
(1,774 |
) |
|
|
(2,290 |
) |
Acquisition and integration costs |
|
(1,567 |
) |
|
|
(7,487 |
) |
Non-GAAP SG&A expenses |
|
76,760 |
|
|
|
80,436 |
|
|
|
|
|
||||
GAAP impairment losses |
|
1,237 |
|
|
|
2,438 |
|
Impairment losses |
|
(1,237 |
) |
|
|
(2,438 |
) |
Non-GAAP impairment losses |
|
— |
|
|
|
— |
|
|
|
|
|
||||
GAAP restructuring expenses |
|
50,323 |
|
|
|
9,138 |
|
Restructuring charges |
|
(50,323 |
) |
|
|
(9,138 |
) |
Non-GAAP restructuring expenses |
|
— |
|
|
|
— |
|
|
|
|
|
||||
GAAP income (loss) from operations |
|
(182,179 |
) |
|
|
3,522 |
|
Total non-GAAP adjustments |
|
120,618 |
|
|
|
102,680 |
|
Non-GAAP income (loss) from operations |
|
(61,561 |
) |
|
|
106,202 |
|
|
|
|
|
||||
GAAP interest and other income (expense), net |
|
(15,716 |
) |
|
|
(24,701 |
) |
Non-recurring interest and other income (expense), net |
|
11,907 |
|
|
|
18,574 |
|
Non-GAAP interest and other income (expense), net |
|
(3,809 |
) |
|
|
(6,127 |
) |
|
|
|
|
||||
GAAP loss before income taxes |
|
(197,895 |
) |
|
|
(21,179 |
) |
Total non-GAAP adjustments |
|
132,525 |
|
|
|
121,254 |
|
Non-GAAP income (loss) before income taxes |
|
(65,370 |
) |
|
|
100,075 |
|
|
|
|
|
||||
GAAP income tax provision (benefit) |
|
(10,535 |
) |
|
|
13,468 |
|
Adjustment for non-cash tax benefits/expenses |
|
13,535 |
|
|
|
(3,460 |
) |
Non-GAAP income tax provision |
|
3,000 |
|
|
|
10,008 |
|
|
|
|
|
||||
GAAP net loss |
|
(187,360 |
) |
|
|
(34,647 |
) |
Total non-GAAP adjustments before income taxes |
|
132,525 |
|
|
|
121,254 |
|
Less: total tax adjustments |
|
13,535 |
|
|
|
(3,460 |
) |
Non-GAAP net income (loss) |
$ |
(68,370 |
) |
|
$ |
90,067 |
|
|
|
|
|
||||
Shares used in computing GAAP and non-GAAP basic net income (loss) per share |
|
83,303 |
|
|
|
80,395 |
|
Shares used in computing GAAP diluted net loss per share |
|
83,303 |
|
|
|
80,395 |
|
Dilutive common stock equivalents |
|
— |
|
|
|
1,279 |
|
Shares used in computing non-GAAP diluted net income (loss) per share |
|
83,303 |
|
|
|
81,674 |
|
Non-GAAP basic net income (loss) per share |
$ |
(0.82 |
) |
|
$ |
1.12 |
|
Non-GAAP diluted net income (loss) per share |
$ |
(0.82 |
) |
|
$ |
1.10 |
|
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
||||||||
|
Three Months Ended |
|||||||
|
September 30, 2024 |
|
June 30, 2024 |
|
September 30, 2023 |
|||
GAAP gross margin |
54.4 |
% |
|
54.6 |
% |
|
54.6 |
% |
Stock-based compensation |
0.1 |
% |
|
0.2 |
% |
|
0.1 |
% |
Performance based equity |
— |
% |
|
— |
% |
|
— |
% |
Amortization of purchased intangible assets |
4.3 |
% |
|
5.5 |
% |
|
6.2 |
% |
Non-GAAP gross margin |
58.7 |
% |
|
60.2 |
% |
|
60.8 |
% |
|
|
|
|
|
|
|||
GAAP R&D expenses |
64.9 |
% |
|
61.5 |
% |
|
48.9 |
% |
Stock-based compensation |
(9.2 |
)% |
|
(11.0 |
)% |
|
(7.0 |
)% |
Performance based equity |
1.0 |
% |
|
1.9 |
% |
|
(1.7 |
)% |
Research and development funded by others |
3.7 |
% |
|
— |
% |
|
(4.1 |
)% |
Non-GAAP R&D expenses |
60.4 |
% |
|
52.4 |
% |
|
36.2 |
% |
|
|
|
|
|
|
|||
GAAP SG&A expenses |
37.2 |
% |
|
36.5 |
% |
|
18.7 |
% |
Stock-based compensation |
(6.5 |
)% |
|
(7.7 |
)% |
|
3.3 |
% |
Performance based equity |
0.5 |
% |
|
0.8 |
% |
|
(0.7 |
)% |
Amortization of purchased intangible assets |
(0.7 |
)% |
|
(0.6 |
)% |
|
(0.5 |
)% |
Acquisition and integration costs |
(1.0 |
)% |
|
(0.1 |
)% |
|
(1.6 |
)% |
Non-GAAP SG&A expenses |
29.4 |
% |
|
28.8 |
% |
|
19.2 |
% |
|
|
|
|
|
|
|||
GAAP impairment losses |
1.5 |
% |
|
— |
% |
|
— |
% |
Impairment losses |
(1.5 |
)% |
|
— |
% |
|
— |
% |
Non-GAAP impairment losses |
— |
% |
|
— |
% |
|
— |
% |
|
|
|
|
|
|
|||
GAAP restructuring expenses |
33.1 |
% |
|
0.9 |
% |
|
— |
% |
Restructuring charges |
(33.1 |
)% |
|
(0.9 |
)% |
|
— |
% |
Non-GAAP restructuring expenses |
— |
% |
|
— |
% |
|
— |
% |
|
|
|
|
|
|
|||
GAAP loss from operations |
(82.3 |
)% |
|
(44.4 |
)% |
|
(13.2 |
)% |
Total non-GAAP adjustments |
51.3 |
% |
|
23.3 |
% |
|
18.6 |
% |
Non-GAAP income (loss) from operations |
(31.0 |
)% |
|
(21.0 |
)% |
|
5.4 |
% |
|
|
|
|
|
|
|||
GAAP interest and other income (expense), net |
(19.4 |
)% |
|
(0.6 |
)% |
|
(17.5 |
)% |
Non-recurring interest and other income (expense), net |
14.5 |
% |
|
0.1 |
% |
|
13.6 |
% |
Non-GAAP interest and other income (expense), net |
(4.9 |
)% |
|
(0.5 |
)% |
|
(3.9 |
)% |
|
|
|
|
|
|
|||
GAAP loss before income taxes |
(101.7 |
)% |
|
(44.9 |
)% |
|
(30.6 |
)% |
Total non-GAAP adjustments before income taxes |
65.8 |
% |
|
23.4 |
% |
|
32.1 |
% |
Non-GAAP income (loss) before income taxes |
(36.0 |
)% |
|
(21.5 |
)% |
|
1.5 |
% |
|
|
|
|
|
|
|||
GAAP income tax benefit |
(8.3 |
)% |
|
(2.2 |
)% |
|
(1.3 |
)% |
Adjustment for non-cash tax benefits/expenses |
9.3 |
% |
|
3.5 |
% |
|
1.4 |
% |
Non-GAAP income tax provision |
1.1 |
% |
|
1.2 |
% |
|
0.2 |
% |
|
|
|
|
|
|
|||
GAAP net loss |
(93.4 |
)% |
|
(42.7 |
)% |
|
(29.4 |
)% |
Total non-GAAP adjustments before income taxes |
65.8 |
% |
|
23.4 |
% |
|
32.1 |
% |
Less: total tax adjustments |
9.3 |
% |
|
3.5 |
% |
|
1.4 |
% |
Non-GAAP net income (loss) |
(37.0 |
)% |
|
(22.8 |
)% |
|
1.3 |
% |
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
|||||
|
|
|
|
||
|
Nine months ended |
||||
|
September 30, 2024 |
|
September 30, 2023 |
||
GAAP gross margin |
53.5 |
% |
|
55.8 |
% |
Stock-based compensation |
0.2 |
% |
|
0.1 |
% |
Performance based equity |
— |
% |
|
— |
% |
Amortization of purchased intangible assets |
6.3 |
% |
|
4.7 |
% |
Non-GAAP gross margin |
59.9 |
% |
|
60.7 |
% |
|
|
|
|
||
GAAP R&D expenses |
64.8 |
% |
|
36.0 |
% |
Stock-based compensation |
(10.4 |
)% |
|
(5.8 |
)% |
Performance based equity |
(0.9 |
)% |
|
(1.0 |
)% |
Research and development funded by others |
0.8 |
% |
|
(1.3 |
)% |
Non-GAAP R&D expenses |
54.3 |
% |
|
27.8 |
% |
|
|
|
|
||
GAAP SG&A expenses |
37.4 |
% |
|
17.2 |
% |
Stock-based compensation |
(7.0 |
)% |
|
(0.9 |
)% |
Performance based equity |
(0.5 |
)% |
|
(0.5 |
)% |
Amortization of purchased intangible assets |
(0.7 |
)% |
|
(0.4 |
)% |
Acquisition and integration costs |
(0.6 |
)% |
|
(1.3 |
)% |
Non-GAAP SG&A expenses |
28.6 |
% |
|
14.2 |
% |
|
|
|
|
||
GAAP impairment losses |
0.5 |
% |
|
0.4 |
% |
Impairment losses |
(0.5 |
)% |
|
(0.4 |
)% |
Non-GAAP impairment losses |
— |
% |
|
— |
% |
|
|
|
|
||
GAAP restructuring expenses |
18.8 |
% |
|
1.6 |
% |
Restructuring charges |
(18.8 |
)% |
|
(1.6 |
)% |
Non-GAAP restructuring expenses |
— |
% |
|
— |
% |
|
|
|
|
||
GAAP income (loss) from operations |
(67.9 |
)% |
|
0.6 |
% |
Total non-GAAP adjustments |
45.0 |
% |
|
18.1 |
% |
Non-GAAP income (loss) from operations |
(22.9 |
)% |
|
18.7 |
% |
|
|
|
|
||
GAAP interest and other income (expense), net |
(5.9 |
)% |
|
(4.4 |
)% |
Non-recurring interest and other income (expense), net |
4.4 |
% |
|
3.3 |
% |
Non-GAAP interest and other income (expense), net |
(1.4 |
)% |
|
(1.1 |
)% |
|
|
|
|
||
GAAP loss before income taxes |
(73.7 |
)% |
|
(3.7 |
)% |
Total non-GAAP adjustments |
49.4 |
% |
|
21.4 |
% |
Non-GAAP income (loss) before income taxes |
(24.4 |
)% |
|
17.6 |
% |
|
|
|
|
||
GAAP income tax provision (benefit) |
(3.9 |
)% |
|
2.4 |
% |
Adjustment for non-cash tax benefits/expenses |
5.0 |
% |
|
(0.6 |
)% |
Non-GAAP income tax provision |
1.1 |
% |
|
1.8 |
% |
|
|
|
|
||
GAAP net loss |
(69.8 |
)% |
|
(6.1 |
)% |
Total non-GAAP adjustments before income taxes |
49.4 |
% |
|
21.4 |
% |
Less: total tax adjustments |
5.0 |
% |
|
(0.6 |
)% |
Non-GAAP net income (loss) |
(25.5 |
)% |
|
15.9 |
% |
|
|
|
|
||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241023178785/en/
MaxLinear, Inc. Investor Relations Contact:
Leslie Green
Tel: +1 650-312-9060
lgreen@maxlinear.com
Source: MaxLinear, Inc.
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