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MaxLinear, Inc. Announces First Quarter 2023 Financial Results

  • Net revenue of $248.4 million in Q1, GAAP gross margin of 56.5% and non-GAAP gross margin of 60.3%
  • Infrastructure revenue was $46.3 million in Q1, up 46% sequentially and up 40% YoY

MaxLinear, Inc. (Nasdaq: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced financial results for the first quarter ended March 31, 2023.

First Quarter Financial Highlights

GAAP basis:

  • Net revenue was $248.4 million, down 15% sequentially and down 6% year-over-year.
  • GAAP gross margin was 56.5%, compared to 56.2% in the prior quarter, and 58.6% in the year-ago quarter.
  • GAAP operating expenses were $113.0 million in the first quarter 2023, or 45% of net revenue, compared to $122.2 million in the prior quarter, or 42% of net revenue, and $106.5 million in the year-ago quarter, or 40% of net revenue.
  • GAAP income from operations was 11% of net revenue, compared to income from operations of 14% of net revenue in the prior quarter, and income from operations of 18% of net revenue in the year-ago quarter.
  • Net cash flow provided by operating activities was $42.2 million, compared to net cash flow provided by operating activities of $69.4 million in the prior quarter, and net cash flow provided by operating activities of $134.2 million in the year-ago quarter.
  • GAAP diluted earnings per share was $0.12, compared to $0.38 in the prior quarter, and $0.42 in the year-ago quarter.

Non-GAAP basis:

  • Non-GAAP gross margin was 60.3%. This compares to 59.6% in the prior quarter, and 62.8% in the year-ago quarter.
  • Non-GAAP operating expenses were $80.8 million, or 33% of net revenue, compared to $78.5 million or 27% of net revenue in the prior quarter, and $77.3 million or 29% of net revenue in the year-ago quarter.
  • Non-GAAP income from operations was 28% of net revenue, compared to 33% in the prior quarter, and 33% in the year-ago quarter.
  • Non-GAAP diluted earnings per share was $0.74, compared to $1.07 in the prior quarter, and $1.00 in the year-ago quarter.

Management Commentary

“In the first quarter, we delivered $248.4 million in revenues, improved our gross margins, and generated strong cash flow from operations of approximately $42 million. Our infrastructure category was strongly up 46% 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. We also continue to work towards the antitrust approval of our pending acquisition of Silicon Motion, and are excited by the future growth prospects of our comprehensive combined product portfolio.

“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, fiber broadband access gateways, and wireless and optical datacenter network infrastructure, which will be the foundation for our growth later this year and throughout 2024,” commented Kishore Seendripu, Ph.D., Chairman and CEO.

Second Quarter 2023 Business Outlook

The company expects net revenue in the second quarter of 2023 to be approximately $175 million to $205 million. The Company also estimates the following:

  • GAAP gross margin of approximately 54.5% to 57.5%;
  • Non-GAAP gross margin of approximately 59.5% to 62.5%;
  • GAAP operating expenses of approximately $110 million to $116 million;
  • Non-GAAP operating expenses of approximately $79 million to $85 million;
  • GAAP and non-GAAP interest and other expenses each approximately $4 million; and
  • GAAP and non-GAAP diluted share count of 81.5 million to 82.5 million each.

Webcast and Conference Call

MaxLinear will host its first quarter financial results conference call today, April 26, 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 May 10, 2023. A replay of the conference call will also be available until May 10, 2023 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13737928.

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 second quarter 2024 revenue, and GAAP and non-GAAP gross margins, operating expenses, interest and other expenses, and diluted share counts; statements concerning the Company’s pending merger with Silicon Motion; and statements regarding the Company's potential growth, including potential growth opportunities of our product portfolio and target markets including Wi-Fi, fiber access, wireless and optical infrastructure. 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 proposed merger with Silicon Motion and the risks related to increased indebtedness; the effect of intense and increasing competition; impacts of a global economic downturn and high inflation; the cyclical nature of the semiconductor industry; the political and economic conditions of the countries in which we conduct business and other factors related to our international operations; increased tariffs 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 international geopolitical conflicts; 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; 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, including the impact of excess inventory in the channel on our customers’ expected demand for certain of our products, and/or manage future growth effectively; 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 March 31, 2023. All forward-looking statements are based on the estimates, projections and assumptions of management as of April 26, 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, and non-GAAP diluted earnings per share. 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; (vii) impairment of intangible assets; (viii) severance and other restructuring charges; (ix) other non-recurring interest and other income (expenses), net attributable to acquisitions 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.

Bonuses under our executive and non-executive bonus programs 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, and accretion of discount on contingent consideration or deferred purchase price payments 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 second quarter 2023.

Additional Information and Where to Find It

This press release makes reference to a proposed merger involving MaxLinear and Silicon Motion. In connection with the proposed transaction, MaxLinear has filed with the Securities and Exchange Commission (the “SEC”), and the SEC has declared effective, a Registration Statement on Form S-4 (File No. 333-265645), that includes a proxy statement of Silicon Motion and a prospectus of MaxLinear.

The proxy statement/prospectus and this press release are not offers to sell MaxLinear securities, and are not soliciting an offer to buy MaxLinear securities in any state where the offer and sale is not permitted.

MAXLINEAR AND SILICON MOTION URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND OTHER DOCUMENTS PROVIDED TO SILICON MOTION SECURITY HOLDERS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors and security holders are able to obtain the Registration Statement on Form S-4 free of charge at the SEC’s website, www.sec.gov. Copies of documents filed with the SEC by MaxLinear (when they become available) may be obtained free of charge on MaxLinear’s website at www.maxlinear.com or by contacting MaxLinear’s Investor Relations Department at IR@MaxLinear.com. Copies of documents filed or furnished by Silicon Motion (when they become available) may be obtained free of charge on Silicon Motion’s website at https://www.siliconmotion.com or by contacting Silicon Motion’s Investor Relations Department at IR@siliconmotion.com.

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 INCOME

(in thousands, except per share data)

 

 

Three Months Ended

 

March 31, 2023

 

December 31, 2022

 

March 31, 2022

Net revenue

$

248,442

 

 

$

290,586

 

 

$

263,927

 

Cost of net revenue

 

108,135

 

 

 

127,246

 

 

 

109,337

 

Gross profit

 

140,307

 

 

 

163,340

 

 

 

154,590

 

Operating expenses:

 

 

 

 

 

Research and development

 

67,291

 

 

 

73,724

 

 

 

65,886

 

Selling, general and administrative

 

38,653

 

 

 

44,472

 

 

 

40,577

 

Impairment losses

 

2,438

 

 

 

2,811

 

 

 

 

Restructuring charges

 

4,648

 

 

 

1,172

 

 

 

 

Total operating expenses

 

113,030

 

 

 

122,179

 

 

 

106,463

 

Income from operations

 

27,277

 

 

 

41,161

 

 

 

48,127

 

Interest income

 

633

 

 

 

70

 

 

 

31

 

Interest expense

 

(2,487

)

 

 

(2,292

)

 

 

(2,349

)

Other income (expense), net

 

(324

)

 

 

1,774

 

 

 

(770

)

Total other income (expense), net

 

(2,178

)

 

 

(448

)

 

 

(3,088

)

Income before income taxes

 

25,099

 

 

 

40,713

 

 

 

45,039

 

Income tax provision

 

15,566

 

 

 

9,633

 

 

 

11,453

 

Net income

$

9,533

 

 

$

31,080

 

 

$

33,586

 

Net income per share:

 

 

 

 

 

Basic

$

0.12

 

 

$

0.40

 

 

$

0.44

 

Diluted

$

0.12

 

 

$

0.38

 

 

$

0.42

 

Shares used to compute net income per share:

 

 

 

 

 

Basic

 

79,471

 

 

 

78,649

 

 

 

77,192

 

Diluted

 

81,338

 

 

 

82,406

 

 

 

80,641

 

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

Three Months Ended

 

March 31, 2023

 

December 31, 2022

 

March 31, 2022

Operating Activities

 

 

 

 

 

Net income

$

9,533

 

 

$

31,080

 

 

$

33,586

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Amortization and depreciation

 

19,202

 

 

 

18,825

 

 

 

23,880

 

Impairment losses

 

2,438

 

 

 

2,811

 

 

 

 

Amortization of debt issuance costs and accretion of discount on debt and leases

 

548

 

 

 

513

 

 

 

486

 

Stock-based compensation

 

16,448

 

 

 

23,550

 

 

 

18,554

 

Deferred income taxes

 

8,128

 

 

 

133

 

 

 

6,842

 

Loss on disposal of property and equipment

 

40

 

 

 

3

 

 

 

159

 

Gain on sale of investments

 

 

 

 

(3,375

)

 

 

 

Unrealized holding (gain) loss on investments

 

(152

)

 

 

58

 

 

 

954

 

(Gain) loss on foreign currency and other

 

362

 

 

 

1,416

 

 

 

(316

)

Excess tax benefits on stock based awards

 

(507

)

 

 

(219

)

 

 

(7,120

)

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

(16,931

)

 

 

7,101

 

 

 

(5,969

)

Inventory

 

10,959

 

 

 

5,426

 

 

 

(7,338

)

Prepaid expenses and other assets

 

(4,338

)

 

 

(2,168

)

 

 

3,503

 

Accounts payable, accrued expenses and other current liabilities

 

(886

)

 

 

(16,574

)

 

 

32,952

 

Accrued compensation

 

7,210

 

 

 

9,816

 

 

 

12,237

 

Accrued price protection liability

 

(9,877

)

 

 

(3,394

)

 

 

27,975

 

Lease liabilities

 

(3,095

)

 

 

(2,955

)

 

 

(3,301

)

Other long-term liabilities

 

3,077

 

 

 

(2,690

)

 

 

(2,918

)

Net cash provided by operating activities

 

42,159

 

 

 

69,357

 

 

 

134,166

 

Investing Activities

 

 

 

 

 

Purchases of property and equipment

 

(5,216

)

 

 

(16,628

)

 

 

(4,800

)

Purchases of intangible assets

 

(630

)

 

 

(744

)

 

 

(4,637

)

Cash used in acquisitions, net of cash acquired

 

(9,665

)

 

 

 

 

 

 

Proceeds loaned under notes receivable

 

 

 

 

 

 

 

(10,000

)

Purchases of investments

 

 

 

 

 

 

 

(23,325

)

Net cash used in investing activities

 

(15,511

)

 

 

(17,372

)

 

 

(42,762

)

Financing Activities

 

 

 

 

 

Repayment of debt

 

 

 

 

(50,000

)

 

 

(20,000

)

Net proceeds from issuance of common stock

 

3

 

 

 

1,792

 

 

 

87

 

Minimum tax withholding paid on behalf of employees for restricted stock units

 

(6,173

)

 

 

(369

)

 

 

(24,449

)

Repurchase of common stock

 

 

 

 

 

 

 

(26,297

)

Net cash used in financing activities

 

(6,170

)

 

 

(48,577

)

 

 

(70,659

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

1

 

 

 

2,456

 

 

 

(230

)

Increase in cash, cash equivalents and restricted cash

 

20,479

 

 

 

5,864

 

 

 

20,515

 

Cash, cash equivalents and restricted cash at beginning of period

 

188,357

 

 

 

182,493

 

 

 

131,738

 

Cash, cash equivalents and restricted cash at end of period

$

208,836

 

 

$

188,357

 

 

$

152,253

 

 

 

 

 

 

 

MAXLINEAR, INC.

UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

March 31, 2023

 

December 31, 2022

 

March 31, 2022

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

207,850

 

$

187,353

 

$

151,111

Short-term restricted cash

 

964

 

 

982

 

 

105

Short-term investments

 

18,681

 

 

18,529

 

 

19,051

Accounts receivable, net

 

188,733

 

 

170,971

 

 

125,693

Inventory

 

149,585

 

 

160,544

 

 

139,041

Prepaid expenses and other current assets

 

27,773

 

 

24,745

 

 

19,575

Total current assets

 

593,586

 

 

563,124

 

 

454,576

Long-term restricted cash

 

22

 

 

22

 

 

1,037

Property and equipment, net

 

77,691

 

 

79,018

 

 

60,022

Leased right-of-use assets

 

26,357

 

 

28,515

 

 

32,919

Intangible assets, net

 

96,352

 

 

109,316

 

 

140,153

Goodwill

 

318,910

 

 

306,739

 

 

306,713

Deferred tax assets

 

57,515

 

 

66,491

 

 

82,326

Other long-term assets

 

28,045

 

 

26,800

 

 

21,381

Total assets

$

1,198,478

 

$

1,180,025

 

$

1,099,127

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

Current liabilities

$

300,162

 

$

341,086

 

$

234,795

Long-term lease liabilities

 

21,239

 

 

23,353

 

 

30,208

Long-term debt

 

121,910

 

 

121,757

 

 

286,298

Other long-term liabilities

 

21,055

 

 

17,444

 

 

19,980

Stockholders’ equity

 

734,112

 

 

676,385

 

 

527,846

Total liabilities and stockholders’ equity

$

1,198,478

 

$

1,180,025

 

$

1,099,127

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS

(in thousands, except per share data)

 

 

Three Months Ended

 

March 31, 2023

 

December 31, 2022

 

March 31, 2022

GAAP gross profit

$

140,307

 

 

$

163,340

 

 

$

154,590

 

Stock-based compensation

 

210

 

 

 

222

 

 

 

163

 

Performance based equity

 

91

 

 

 

175

 

 

 

112

 

Amortization of purchased intangible assets

 

9,321

 

 

 

9,325

 

 

 

10,811

 

Non-GAAP gross profit

 

149,929

 

 

 

173,062

 

 

 

165,676

 

 

 

 

 

 

 

GAAP R&D expenses

 

67,291

 

 

 

73,724

 

 

 

65,886

 

Stock-based compensation

 

(11,455

)

 

 

(10,341

)

 

 

(9,676

)

Performance based equity

 

(3,635

)

 

 

(8,205

)

 

 

(5,337

)

Research and development funded by others

 

(1,000

)

 

 

(2,000

)

 

 

2,800

 

Non-GAAP R&D expenses

 

51,201

 

 

 

53,178

 

 

 

53,673

 

 

 

 

 

 

 

GAAP SG&A expenses

 

38,653

 

 

 

44,472

 

 

 

40,577

 

Stock-based compensation

 

(4,784

)

 

 

(12,988

)

 

 

(8,715

)

Performance based equity

 

(1,744

)

 

 

(3,791

)

 

 

(2,068

)

Amortization of purchased intangible assets

 

(928

)

 

 

(1,312

)

 

 

(6,176

)

Acquisition and integration costs

 

(1,601

)

 

 

(1,069

)

 

 

5

 

Non-GAAP SG&A expenses

 

29,596

 

 

 

25,312

 

 

 

23,623

 

 

 

 

 

 

 

GAAP impairment losses

 

2,438

 

 

 

2,811

 

 

 

 

Impairment losses

 

(2,438

)

 

 

(2,811

)

 

 

 

Non-GAAP impairment losses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP restructuring expenses

 

4,648

 

 

 

1,172

 

 

 

 

Restructuring charges

 

(4,648

)

 

 

(1,172

)

 

 

 

Non-GAAP restructuring expenses

 

 

 

 

 

 

 

 

 

 

 

 

 

 

GAAP income from operations

 

27,277

 

 

 

41,161

 

 

 

48,127

 

Total non-GAAP adjustments

 

41,855

 

 

 

53,411

 

 

 

40,253

 

Non-GAAP income from operations

 

69,132

 

 

 

94,572

 

 

 

88,380

 

 

 

 

 

 

 

GAAP interest and other income (expense), net

 

(2,178

)

 

 

(448

)

 

 

(3,088

)

Non-recurring interest and other income (expense), net

 

111

 

 

 

59

 

 

 

68

 

Non-GAAP interest and other income (expense), net

 

(2,067

)

 

 

(389

)

 

 

(3,020

)

 

 

 

 

 

 

GAAP income before income taxes

 

25,099

 

 

 

40,713

 

 

 

45,039

 

Total non-GAAP adjustments

 

41,966

 

 

 

53,470

 

 

 

40,321

 

Non-GAAP income before income taxes

 

67,065

 

 

 

94,183

 

 

 

85,360

 

 

 

 

 

 

 

GAAP income tax provision

 

15,566

 

 

 

9,633

 

 

 

11,453

 

Adjustment for non-cash tax benefits/expenses

 

(8,859

)

 

 

(3,982

)

 

 

(6,331

)

Non-GAAP income tax provision

 

6,707

 

 

 

5,651

 

 

 

5,122

 

 

 

 

 

 

 

GAAP net income

 

9,533

 

 

 

31,080

 

 

 

33,586

 

Total non-GAAP adjustments before income taxes

 

41,966

 

 

 

53,470

 

 

 

40,321

 

Less: total tax adjustments

 

(8,859

)

 

 

(3,982

)

 

 

(6,331

)

Non-GAAP net income

$

60,358

 

 

$

88,532

 

 

$

80,238

 

 

 

 

 

 

 

Shares used in computing non-GAAP basic net income per share

 

79,471

 

 

 

78,649

 

 

 

77,192

 

Shares used in computing non-GAAP diluted net income per share

 

81,338

 

 

 

82,406

 

 

 

80,641

 

Non-GAAP basic net income per share

$

0.76

 

 

$

1.13

 

 

$

1.04

Non-GAAP diluted net income per share

$

0.74

 

 

$

1.07

 

 

$

1.00

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS

(as a percentage of net revenue for the corresponding period)

 

Three Months Ended

 

March 31, 2023

 

December 31, 2022

 

March 31, 2022

GAAP gross profit

56.5

%

 

56.2

%

 

58.6

%

Stock-based compensation

0.1

%

 

0.1

%

 

0.1

%

Performance based equity

%

 

0.1

%

 

%

Amortization of purchased intangible assets

3.8

%

 

3.2

%

 

4.1

%

Non-GAAP gross profit

60.3

%

 

59.6

%

 

62.8

%

 

 

 

 

 

 

GAAP R&D expenses

27.1

%

 

25.4

%

 

25.0

%

Stock-based compensation

(4.6

) %

 

(3.6

) %

 

(3.7

) %

Performance based equity

(1.5

) %

 

(2.8

) %

 

(2.0

) %

Research and development funded by others

(0.4

) %

 

(0.7

) %

 

1.1

%

Non-GAAP R&D expenses

20.6

%

 

18.3

%

 

20.3

%

 

 

 

 

 

 

GAAP SG&A expenses

15.6

%

 

15.3

%

 

15.4

%

Stock-based compensation

(1.9

) %

 

(4.5

) %

 

(3.3

) %

Performance based equity

(0.7

) %

 

(1.3

) %

 

(0.8

) %

Amortization of purchased intangible assets

(0.4

) %

 

(0.5

) %

 

(2.3

) %

Acquisition and integration costs

(0.6

) %

 

(0.4

) %

 

%

Non-GAAP SG&A expenses

11.9

%

 

8.7

%

 

9.0

%

 

 

 

 

 

 

GAAP impairment losses

1.0

%

 

1.0

%

 

%

Impairment losses

(1.0

) %

 

(1.0

) %

 

%

Non-GAAP impairment losses

%

 

%

 

%

 

 

 

 

 

 

GAAP restructuring expenses

1.9

%

 

0.4

%

 

%

Restructuring charges

(1.9

) %

 

(0.4

) %

 

%

Non-GAAP restructuring expenses

%

 

%

 

%

 

 

 

 

 

 

GAAP income from operations

11.0

%

 

14.2

%

 

18.2

%

Total non-GAAP adjustments

16.9

%

 

18.4

%

 

15.3

%

Non-GAAP income from operations

27.8

%

 

32.5

%

 

33.5

%

 

 

 

 

 

 

GAAP interest and other income (expense), net

(0.9

) %

 

(0.2

) %

 

(1.2

) %

Non-recurring interest and other income (expense), net

%

 

%

 

%

Non-GAAP interest and other income (expense), net

(0.8

) %

 

(0.1

) %

 

(1.1

) %

 

 

 

 

 

 

GAAP income before income taxes

10.1

%

 

14.0

%

 

17.1

%

Total non-GAAP adjustments before income taxes

16.9

%

 

18.4

%

 

15.3

%

Non-GAAP income before income taxes

27.0

%

 

32.4

%

 

32.3

%

 

 

 

 

 

 

GAAP income tax provision

6.3

%

 

3.3

%

 

4.3

%

Adjustment for non-cash tax benefits/expenses

(3.6

) %

 

(1.4

) %

 

(2.4

) %

Non-GAAP income tax provision

2.7

%

 

1.9

%

 

1.9

%

 

 

 

 

 

 

GAAP net income

3.8

%

 

10.7

%

 

12.7

%

Total non-GAAP adjustments before income taxes

16.9

%

 

18.4

%

 

15.3

%

Less: total tax adjustments

(3.6

) %

 

(1.4

) %

 

(2.4

) %

Non-GAAP net income

24.3

%

 

30.5

%

 

30.4

%

 

Contacts

MaxLinear, Inc. Investor Relations Contact:

Leslie Green

Tel: +1 650-312-9060

lgreen@maxlinear.com

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