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MaxLinear, Inc. Announces Fourth Quarter 2021 Financial Results

  • Record net revenue of $247.9 million, up 8% sequentially and up 27% year-over-year
  • GAAP gross margin 57.2% and non-GAAP gross margin 61.7%, up 70 bps and 40 bps from previous quarter, respectively

MaxLinear, Inc. (NASDAQ: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced financial results for the fourth quarter ended December 31, 2021.

Fourth Quarter Financial Highlights

GAAP basis:

  • Net revenue was $247.9 million, up 8% sequentially and up 27% year-over-year.
  • GAAP gross margin was 57.2%, compared to 56.5% in the prior quarter, and 42.7% in the year-ago quarter.
  • GAAP operating expenses were $112.4 million in the fourth quarter 2021, or 45% of net revenue, compared to $106.0 million in the prior quarter, or 46% of net revenue, and $106.7 million in the year-ago quarter, or 55% of net revenue.
  • GAAP income from operations was 12% of revenue, compared to income from operations of 10% in the prior quarter, and loss from operations of 12% in the year-ago quarter.
  • Net cash flow provided by operating activities was $16.0 million, compared to net cash flow provided by operating activities of $84.1 million in the prior quarter, and net cash flow provided by operating activities of $74.3 million in the year-ago quarter.
  • GAAP diluted earnings per share was $0.35, compared to diluted earnings per share of $0.12 in the prior quarter, and diluted loss per share of $0.33 in the year-ago quarter.

Non-GAAP basis:

  • Non-GAAP gross margin was 61.7%. This compares to 61.3% in the prior quarter, and 57.8% in the year-ago quarter.
  • Non-GAAP operating expenses were $75.9 million, or 31% of revenue, compared to $74.4 million or 32% of revenue in the prior quarter, and $75.8 million or 39% of revenue in the year-ago quarter.
  • Non-GAAP income from operations was 31% of revenue, compared to 29% in the prior quarter, and 19% in the year-ago quarter.
  • Non-GAAP diluted earnings per share was $0.86, compared to diluted earnings per share of $0.75 in the prior quarter, and diluted earnings per share of $0.39 in the year-ago quarter.

Management Commentary

“In the fourth quarter, revenue was up 8% sequentially and up 27% year-over-year, driven by strong growth across our connectivity, broadband and infrastructure markets. Wi-Fi grew 40% sequentially and we exited Q4 on a $100 million annualized revenue run rate which we expect to build upon through 2022. Non-GAAP gross margin for Q4 improved to 61.7% driven by product mix shift towards higher value products. We are excited about our prospects for continued future growth driven by our comprehensive product portfolio, and the accelerating pace of new product launches particularly in connectivity, fiber-to-the home broadband, optical, and wireless infrastructure markets,” commented Kishore Seendripu, Ph.D., Chairman and CEO.

First Quarter 2022 Business Outlook

The company expects revenue in the first quarter 2022 to be approximately $255 million to $265 million. The Company also estimates the following:

  • GAAP gross margin of approximately 57% to 59%;
  • Non-GAAP gross margin of approximately 61% to 63%;
  • GAAP operating expenses of approximately $108 million to $114 million;
  • Non-GAAP operating expenses of approximately $76 million to $82 million;
  • GAAP and non-GAAP interest and other expense of approximately $2.7 million.

Webcast and Conference Call

MaxLinear will host its fourth quarter financial results conference call today, February 2, 2022 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 16, 2022. A replay of the conference call will also be available until February 16, 2022 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13726224.

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 first quarter 2022 revenue, gross margins, and operating expenses as well as statements with respect to confidence in the Company’s outlook for first quarter 2022) and statements concerning expectations of potential developments in our target markets, including (without limitation) management’s views with respect to the prospects for and trends in our broadband, connectivity and infrastructure markets, and in particular, expectations concerning the development of our Wi-Fi market. 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. 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 and future operating results include, without limitation, increasing supply chain risks within our industry, including increases in shipping and material costs and substantial shipping delays resulting in extended lead-times; inflation trends in our supply chain and in the global economy generally; the on-going impact of the COVID-19 pandemic on our business, including the extent to which our broadband businesses will continue to benefit from work-from-home and similar initiatives as the pandemic abates; the impact of our indebtedness and limitations on our operating flexibility based on financial and operating covenants in the applicable term loan agreements, including (without limitation) debt covenant restrictions that may limit our ability to obtain additional financing, granting liens, undergoing certain fundamental changes, or making investments or certain restricted payments, and selling assets; risks associated with our ability to realize improved profitability from our Wi-Fi and Broadband assets business; intense competition in our industry; our dependence on a limited number of customers for a substantial portion of our revenues; potential uncertainties arising from continued consolidation among cable television and satellite operators in our target markets and continued consolidation among competitors within the semiconductor industry generally; our ability to develop and introduce new and enhanced products on a timely basis and achieve market acceptance of those products, particularly as we seek to expand outside of our historic markets; potential decreases in average selling prices for our products; risks relating to intellectual property protection and the prevalence of intellectual property litigation in our industry; our reliance on a limited number of third party manufacturers; our lack of long-term supply contracts and dependence on limited sources of supply, which may be adversely affected by the pandemic; uncertainties concerning how end user markets for our products will develop, including in particular markets we have entered more recently such as broadband and Wi-Fi and 5G wireless and fiber-optic data center high-speed interconnect infrastructure markets but also existing markets which we previously referred to as connected home; and uncertainties concerning the outcome of global trade negotiations, export control limitations, and heightened geopolitical risks generally.

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 Quarterly Report on Form 10-Q for the quarter ended September 30, 2021, 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 Annual Report on Form 10-K for the year ended December 31, 2021, which we expect to file soon. All forward-looking statements are based on the estimates, projections and assumptions of management as of February 2, 2022, 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, operating expenses, operating expenses as a percentage of revenue, income from operations as percentage of revenue, and 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 2021, which we currently intend to settle in shares of our common stock; (iii) accruals related to our performance based bonus plan for 2020, which we settled in shares of common stock in 2021; (iv) amortization of inventory fair value adjustments; (v) amortization of purchased intangible assets; (vi) research and development funded by others; (vii) acquisition and integration costs related to our acquisitions; (viii) professional fees and settlement costs related to IP and commercial litigation matters; (ix) severance and other restructuring charges; (x) impairment losses on intangible assets; (xi) loss from extinguishment of debt; (xii) other non-recurring interest and other income (expenses), net attributable to acquisitions and (xiii) non-cash income tax benefits and expenses. These non-GAAP measures are not in accordance with and do not serve as an alternative for GAAP. 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. These non-GAAP measures should only be viewed in conjunction with corresponding GAAP measures. 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 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 2020 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2021. We currently expect that bonus awards under our fiscal 2021 program will be settled in common stock in the first quarter of fiscal 2022.

Expenses incurred in relation to acquisitions include amortization of purchased intangible assets, amortization of inventory fair value adjustments, acquisition and integration costs primarily consisting of professional and consulting fees, and amortization of discount on deferred purchase price payments to interest expense. Gains related to acquisitions include a gain on sale of an investment in a privately-held entity included in interest and other income.

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. Such proceeds have not yet been recognized in GAAP results as 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.

Impairment losses relate to certain 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.

Loss on extinguishment of debt is related to the charge-off of remaining unamortized debt discount and issuance costs on debt we repaid early with proceeds from a new term loan in June 2021.

Expenses incurred in relation to our intellectual property and commercial litigation include professional fees incurred.

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, particularly related to stock-based compensation and its related tax effects as well as potential impairments, we have not provided a reconciliation for non-GAAP guidance provided for the first quarter 2022.

About MaxLinear, Inc.

MaxLinear, Inc. (NASDAQ:MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.

MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

 

 

Three Months Ended

 

December 31, 2021

 

September 30, 2021

 

December 31, 2020

Net revenue

$

247,889

 

 

$

229,774

 

 

$

194,716

 

Cost of net revenue

 

106,112

 

 

 

99,981

 

 

 

111,629

 

Gross profit

 

141,777

 

 

 

129,793

 

 

 

83,087

 

Operating expenses:

 

 

 

 

 

Research and development

 

73,320

 

 

 

67,538

 

 

 

70,504

 

Selling, general and administrative

 

39,120

 

 

 

38,469

 

 

 

36,238

 

Total operating expenses

 

112,440

 

 

 

106,007

 

 

 

106,742

 

Income (loss) from operations

 

29,337

 

 

 

23,786

 

 

 

(23,655

)

Interest income

 

32

 

 

 

28

 

 

 

126

 

Interest expense

 

(2,400

)

 

 

(2,649

)

 

 

(4,724

)

Other income (expense), net

 

1,510

 

 

 

(105

)

 

 

(550

)

Total other income (expense), net

 

(858

)

 

 

(2,726

)

 

 

(5,148

)

Income (loss) before income taxes

 

28,479

 

 

 

21,060

 

 

 

(28,803

)

Income tax provision (benefit)

 

303

 

 

 

11,802

 

 

 

(4,131

)

Net income (loss)

$

28,176

 

 

$

9,258

 

 

$

(24,672

)

Net income (loss) per share:

 

 

 

 

 

Basic

$

0.37

 

 

$

0.12

 

 

$

(0.33

)

Diluted

$

0.35

 

 

$

0.12

 

 

$

(0.33

)

Shares used to compute net income (loss) per share:

 

 

 

 

 

Basic

 

76,755

 

 

 

76,582

 

 

 

74,335

 

Diluted

 

81,567

 

 

 

79,815

 

 

 

74,335

 

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

 

 

Years Ended

 

 

December 31, 2021

 

December 31, 2020

Net revenue

 

$

892,398

 

 

$

478,596

 

Cost of net revenue

 

 

396,566

 

 

 

265,798

 

Gross profit

 

 

495,832

 

 

 

212,798

 

Operating expenses:

 

 

 

 

Research and development

 

 

278,440

 

 

 

179,993

 

Selling, general and administrative

 

 

149,943

 

 

 

130,025

 

Impairment losses

 

 

 

 

 

86

 

Restructuring charges

 

 

2,204

 

 

 

3,833

 

Total operating expenses

 

 

430,587

 

 

 

313,937

 

Income (loss) from operations

 

 

65,245

 

 

 

(101,139

)

Interest income

 

 

78

 

 

 

409

 

Interest expense

 

 

(12,996

)

 

 

(12,952

)

Loss on extinguishment of debt

 

 

(5,221

)

 

 

 

Other income (expense), net

 

 

764

 

 

 

(1,170

)

Total other income (expense), net

 

 

(17,375

)

 

 

(13,713

)

Income (loss) before income taxes

 

 

47,870

 

 

 

(114,852

)

Income tax provision (benefit)

 

 

5,901

 

 

 

(16,259

)

Net income (loss)

 

$

41,969

 

 

$

(98,593

)

Net income (loss) per share:

 

 

 

 

Basic

 

$

0.55

 

 

$

(1.35

)

Diluted

 

$

0.53

 

 

$

(1.35

)

Shares used to compute net income (loss) per share:

 

 

 

 

Basic

 

 

76,037

 

 

 

73,133

 

Diluted

 

 

79,679

 

 

 

73,133

 

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

Three Months Ended

 

December 31, 2021

 

September 30, 2021

 

December 31, 2020

Operating Activities

 

 

 

 

 

Net income (loss)

$

28,176

 

 

$

9,258

 

 

$

(24,672

)

Adjustments to reconcile net income (loss) to net cash provided by operating activities:

 

 

 

 

 

Amortization and depreciation

 

24,353

 

 

 

23,117

 

 

 

22,694

 

Amortization of inventory fair value adjustments

 

 

 

 

 

 

 

18,500

 

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

 

416

 

 

 

513

 

 

 

815

 

Stock-based compensation

 

16,415

 

 

 

16,022

 

 

 

14,540

 

Deferred income taxes

 

(4,640

)

 

 

6,866

 

 

 

(13,235

)

Loss on disposal of property and equipment

 

 

 

 

145

 

 

 

 

(Gain) loss on foreign currency and other

 

250

 

 

 

(24

)

 

 

914

 

Excess tax benefits on stock based awards

 

(2,046

)

 

 

(738

)

 

 

(147

)

Changes in operating assets and liabilities, net of effects of acquisitions:

 

 

 

 

 

Accounts receivable

 

(12,265

)

 

 

28,454

 

 

 

37,736

 

Inventory

 

(4,249

)

 

 

(28,844

)

 

 

(11,657

)

Prepaid expenses and other assets

 

(9,301

)

 

 

39

 

 

 

(4,597

)

Leased right-of-use assets

 

 

 

 

 

 

 

36

 

Accounts payable, accrued expenses and other current liabilities

 

(22,283

)

 

 

28,743

 

 

 

(10,099

)

Accrued compensation

 

9,746

 

 

 

8,616

 

 

 

9,485

 

Accrued price protection liability

 

(8,956

)

 

 

(5,319

)

 

 

29,280

 

Lease liabilities

 

(2,835

)

 

 

(2,723

)

 

 

(2,111

)

Other long-term liabilities

 

3,252

 

 

 

(48

)

 

 

6,787

 

Net cash provided by operating activities

 

16,033

 

 

 

84,077

 

 

 

74,269

 

Investing Activities

 

 

 

 

 

Purchases of property and equipment

 

(12,242

)

 

 

(9,624

)

 

 

(2,355

)

Purchases of intangible assets

 

(965

)

 

 

(5,504

)

 

 

(2,411

)

Cash used in acquisitions, net of cash acquired

 

(5,000

)

 

 

(7,500

)

 

 

 

Net cash used in investing activities

 

(18,207

)

 

 

(22,628

)

 

 

(4,766

)

Financing Activities

 

 

 

 

 

Payment of debt issuance cost

 

(29

)

 

 

(17

)

 

 

 

Repayment of debt

 

(20,000

)

 

 

(20,000

)

 

 

(17,188

)

Net proceeds from issuance of common stock

 

2,494

 

 

 

192

 

 

 

2,798

 

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

 

(2,068

)

 

 

(976

)

 

 

(643

)

Repurchase of common stock

 

(15,403

)

 

 

(1,008

)

 

 

 

Net cash used in financing activities

 

(35,006

)

 

 

(21,809

)

 

 

(15,033

)

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

 

(1,636

)

 

 

(520

)

 

 

(1,178

)

Increase (decrease) in cash, cash equivalents and restricted cash

 

(38,816

)

 

 

39,120

 

 

 

53,292

 

Cash, cash equivalents and restricted cash at beginning of period

 

170,554

 

 

 

131,434

 

 

 

96,742

 

Cash, cash equivalents and restricted cash at end of period

$

131,738

 

 

$

170,554

 

 

$

150,034

 

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

Years Ended

 

 

December 31, 2021

 

December 31, 2020

Operating Activities

 

 

 

 

Net income (loss)

 

$

41,969

 

 

$

(98,593

)

Adjustments to reconcile net income (loss) to cash provided by operating activities:

 

 

 

 

Amortization and depreciation

 

 

91,792

 

 

 

76,513

 

Impairment losses

 

 

 

 

 

86

 

Amortization of inventory fair value adjustments

 

 

 

 

 

32,945

 

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

 

 

3,000

 

 

 

2,201

 

Stock-based compensation

 

 

59,358

 

 

 

47,597

 

Deferred income taxes

 

 

(3,235

)

 

 

(18,488

)

Loss on disposal of property and equipment

 

 

533

 

 

 

 

Impairment of leasehold improvements

 

 

226

 

 

 

319

 

Impairment of leased right-of-use assets

 

 

429

 

 

 

1,508

 

Loss on extinguishment of debt

 

 

5,221

 

 

 

 

Loss on foreign currency

 

 

634

 

 

 

1,289

 

Excess tax benefits on stock-based awards

 

 

(7,415

)

 

 

(677

)

Changes in operating assets and liabilities, net of effects of acquisitions:

 

 

 

 

Accounts receivable

 

 

(51,690

)

 

 

(16,856

)

Inventory

 

 

(33,689

)

 

 

(31,837

)

Prepaid expenses and other assets

 

 

24,186

 

 

 

(38,954

)

Leased right-of-use assets

 

 

72

 

 

 

441

 

Accounts payable, accrued expenses and other current liabilities

 

 

12,771

 

 

 

57,094

 

Accrued compensation

 

 

33,595

 

 

 

32,606

 

Accrued price protection liability

 

 

(7,320

)

 

 

34,719

 

Lease liabilities

 

 

(9,905

)

 

 

(6,386

)

Other long-term liabilities

 

 

7,701

 

 

 

(1,934

)

Net cash provided by operating activities

 

 

168,233

 

 

 

73,593

 

Investing Activities

 

 

 

 

Purchases of property and equipment

 

 

(39,176

)

 

 

(12,487

)

Purchases of intangible assets

 

 

(7,581

)

 

 

(2,799

)

Cash used in acquisitions, net of cash acquired

 

 

(40,000

)

 

 

(160,000

)

Purchases of available-for-sale securities

 

 

(5,000

)

 

 

 

Net cash used in investing activities

 

 

(91,757

)

 

 

(175,286

)

Financing Activities

 

 

 

 

Proceeds from the issuance of debt

 

 

350,000

 

 

 

175,000

 

Payment of debt issuance cost

 

 

(4,173

)

 

 

(2,696

)

Repayment of debt

 

 

(409,813

)

 

 

(17,188

)

Net proceeds from issuance of common stock

 

 

8,780

 

 

 

8,068

 

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

 

 

(13,149

)

 

 

(3,535

)

Repurchase of common stock

 

 

(23,548

)

 

 

 

Net cash provided by (used in) financing activities

 

 

(91,903

)

 

 

159,649

 

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

 

 

(2,869

)

 

 

(1,039

)

Increase (decrease) in cash, cash equivalents and restricted cash

 

 

(18,296

)

 

 

56,917

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

150,034

 

 

 

93,117

 

Cash, cash equivalents and restricted cash at end of period

 

$

131,738

 

 

$

150,034

 

MAXLINEAR, INC.

UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

December 31, 2021

 

September 30, 2021

 

December 31, 2020

Assets

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash and cash equivalents

$

130,572

 

$

169,424

 

$

148,901

Short-term restricted cash

 

105

 

 

107

 

 

115

Accounts receivable, net

 

119,724

 

 

106,867

 

 

67,442

Inventory

 

131,703

 

 

127,347

 

 

97,839

Prepaid expenses and other current assets

 

22,000

 

 

14,535

 

 

47,421

Total current assets

 

404,104

 

 

418,280

 

 

361,718

Long-term restricted cash

 

1,061

 

 

1,023

 

 

1,018

Property and equipment, net

 

60,924

 

 

53,022

 

 

39,470

Leased right-of-use assets

 

27,269

 

 

23,668

 

 

21,886

Intangible assets, net

 

152,540

 

 

163,894

 

 

207,266

Goodwill

 

306,668

 

 

302,828

 

 

302,828

Deferred tax assets

 

89,168

 

 

84,660

 

 

86,065

Other long-term assets

 

8,650

 

 

6,519

 

 

2,191

Total assets

$

1,050,384

 

$

1,053,894

 

$

1,022,442

 

 

 

 

 

 

Liabilities and stockholders’ equity

 

 

 

 

 

Current liabilities

$

207,395

 

$

231,274

 

$

233,661

Long-term lease liabilities

 

24,640

 

 

21,400

 

 

20,862

Long-term debt

 

306,153

 

 

326,027

 

 

363,592

Other long-term liabilities

 

22,998

 

 

17,650

 

 

13,210

Stockholders’ equity

 

489,198

 

 

457,543

 

 

391,117

Total liabilities and stockholders’ equity

$

1,050,384

 

$

1,053,894

 

$

1,022,442

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS

(in thousands, except per share data)

 

Three Months Ended

 

December 31, 2021

 

September 30, 2021

 

December 31, 2020

GAAP gross profit

$

141,777

 

 

$

129,793

 

 

$

83,087

 

Stock-based compensation

 

152

 

 

 

151

 

 

 

160

 

Performance based equity

 

137

 

 

 

123

 

 

 

124

 

Amortization of inventory fair value adjustments

 

 

 

 

 

 

 

18,500

 

Amortization of purchased intangible assets

 

10,759

 

 

 

10,743

 

 

 

10,667

 

Non-GAAP gross profit

 

152,825

 

 

 

140,810

 

 

 

112,538

 

 

 

 

 

 

 

GAAP R&D expenses

 

73,320

 

 

 

67,538

 

 

 

70,504

 

Stock-based compensation

 

(8,243

)

 

 

(7,691

)

 

 

(7,410

)

Performance based equity

 

(8,224

)

 

 

(6,642

)

 

 

(6,124

)

Research and development funded by others

 

(2,000

)

 

 

 

 

 

 

Acquisition and integration costs

 

(25

)

 

 

 

 

 

 

Non-GAAP R&D expenses

 

54,828

 

 

 

53,205

 

 

 

56,970

 

 

 

 

 

 

 

GAAP SG&A expenses

 

39,120

 

 

 

38,469

 

 

 

36,238

 

Stock-based compensation

 

(8,020

)

 

 

(8,179

)

 

 

(6,970

)

Performance based equity

 

(3,934

)

 

 

(3,120

)

 

 

(2,991

)

Amortization of purchased intangible assets

 

(5,928

)

 

 

(5,811

)

 

 

(6,200

)

Acquisition and integration costs

 

(192

)

 

 

(135

)

 

 

(1,200

)

IP litigation costs, net

 

 

 

 

 

 

 

(32

)

Non-GAAP SG&A expenses

 

21,046

 

 

 

21,224

 

 

 

18,845

 

 

 

 

 

 

 

GAAP income (loss) from operations

 

29,337

 

 

 

23,786

 

 

 

(23,655

)

Total non-GAAP adjustments

 

47,614

 

 

 

42,595

 

 

 

60,378

 

Non-GAAP income from operations

 

76,951

 

 

 

66,381

 

 

 

36,723

 

 

 

 

 

 

 

GAAP interest and other income (expense), net

 

(858

)

 

 

(2,726

)

 

 

(5,148

)

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

 

(1,893

)

 

 

73

 

 

 

384

 

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

 

(2,751

)

 

 

(2,653

)

 

 

(4,764

)

 

 

 

 

 

 

GAAP income (loss) before income taxes

 

28,479

 

 

 

21,060

 

 

 

(28,803

)

Total non-GAAP adjustments

 

45,721

 

 

 

42,668

 

 

 

60,762

 

Non-GAAP income before income taxes

 

74,200

 

 

 

63,728

 

 

 

31,959

 

 

 

 

 

 

 

GAAP income tax provision (benefit)

 

303

 

 

 

11,802

 

 

 

(4,131

)

Adjustment for non-cash tax benefits/expenses

 

4,149

 

 

 

(7,979

)

 

 

6,048

 

Non-GAAP income tax provision

 

4,452

 

 

 

3,823

 

 

 

1,917

 

 

 

 

 

 

 

GAAP net income (loss)

 

28,176

 

 

 

9,258

 

 

 

(24,672

)

Total non-GAAP adjustments before income taxes

 

45,721

 

 

 

42,668

 

 

 

60,762

 

Less: total tax adjustments

 

4,149

 

 

 

(7,979

)

 

 

6,048

 

Non-GAAP net income

$

69,748

 

 

$

59,905

 

 

$

30,042

 

 

 

 

 

 

 

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

 

76,755

 

 

 

76,582

 

 

 

74,335

 

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

 

81,567

 

 

 

79,815

 

 

 

77,926

 

Non-GAAP basic net income per share

$

0.91

 

 

$

0.78

 

 

$

0.40

 

Non-GAAP diluted net income per share

$

0.86

 

 

$

0.75

 

 

$

0.39

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS

(in thousands, except per share data)

 

 

Years Ended

 

 

December 31, 2021

 

December 31, 2020

GAAP gross profit

 

$

495,832

 

 

$

212,798

 

Stock-based compensation

 

 

620

 

 

 

577

 

Performance based equity

 

 

469

 

 

 

482

 

Amortization of inventory fair value adjustments

 

 

 

 

 

32,945

 

Amortization of purchased intangible assets

 

 

42,992

 

 

 

37,730

 

Non-GAAP gross profit

 

 

539,913

 

 

 

284,532

 

 

 

 

 

 

GAAP R&D expenses

 

 

278,440

 

 

 

179,993

 

Stock-based compensation

 

 

(30,364

)

 

 

(22,252

)

Performance based equity

 

 

(27,713

)

 

 

(16,118

)

Research and development funded by others

 

 

(5,800

)

 

 

 

Acquisition and integration costs

 

 

(155

)

 

 

 

Non-GAAP R&D expenses

 

 

214,408

 

 

 

141,623

 

 

 

 

 

 

GAAP SG&A expenses

 

 

149,943

 

 

 

130,025

 

Stock-based compensation

 

 

(28,374

)

 

 

(24,172

)

Performance based equity

 

 

(12,301

)

 

 

(8,262

)

Amortization of purchased intangible assets

 

 

(23,625

)

 

 

(23,529

)

Acquisition and integration costs

 

 

(1,913

)

 

 

(14,322

)

IP litigation costs, net

 

 

(11

)

 

 

(181

)

Non-GAAP SG&A expenses

 

 

83,719

 

 

 

59,559

 

 

 

 

 

 

GAAP impairment losses

 

 

 

 

 

86

 

Impairment losses

 

 

 

 

 

(86

)

Non-GAAP impairment losses

 

 

 

 

 

 

 

 

 

 

 

GAAP restructuring expenses

 

 

2,204

 

 

 

3,833

 

Restructuring charges

 

 

(2,204

)

 

 

(3,833

)

Non-GAAP restructuring expenses

 

 

 

 

 

 

 

 

 

 

 

GAAP income (loss) from operations

 

 

65,245

 

 

 

(101,139

)

Total non-GAAP adjustments

 

 

176,541

 

 

 

184,489

 

Non-GAAP income from operations

 

 

241,786

 

 

 

83,350

 

 

 

 

 

 

GAAP loss on extinguishment of debt

 

 

(5,221

)

 

 

 

Loss on extinguishment of debt

 

 

5,221

 

 

 

 

Non-GAAP loss on extinguishment of debt

 

 

 

 

 

 

 

 

 

 

 

GAAP interest and other income (expense), net

 

 

(12,154

)

 

 

(13,713

)

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

 

 

(1,377

)

 

 

384

 

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

 

 

(13,531

)

 

 

(13,329

)

 

 

 

 

 

GAAP income (loss) before income taxes

 

 

47,870

 

 

 

(114,852

)

Total non-GAAP adjustments

 

 

180,385

 

 

 

184,873

 

Non-GAAP income before income taxes

 

 

228,255

 

 

 

70,021

 

 

 

 

 

 

GAAP income tax provision (benefit)

 

 

5,901

 

 

 

(16,259

)

Adjustment for non-cash tax benefits/expenses

 

 

7,794

 

 

 

20,460

 

Non-GAAP income tax provision

 

 

13,695

 

 

 

4,201

 

 

 

 

 

 

GAAP net income (loss)

 

 

41,969

 

 

 

(98,593

)

Total non-GAAP adjustments before income taxes

 

 

180,385

 

 

 

184,873

 

Less: total tax adjustments

 

 

7,794

 

 

 

20,460

 

Non-GAAP net income

 

$

214,560

 

 

$

65,820

 

 

 

 

 

 

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

 

 

76,037

 

 

 

73,133

 

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

 

 

79,679

 

 

 

74,928

 

Non-GAAP basic net income per share

 

$

2.82

 

 

$

0.90

 

Non-GAAP diluted net income per share

 

$

2.69

 

 

$

0.88

 

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS

(in thousands, except per share data)

 

Three Months Ended

 

December 31, 2021

 

September 30, 2021

 

December 31, 2020

GAAP gross profit

57.2%

 

56.5%

 

42.7%

Stock-based compensation

0.1%

 

0.1%

 

0.1%

Performance based equity

0.1%

 

0.1%

 

0.1%

Amortization of inventory fair value adjustments

—%

 

—%

 

9.5%

Amortization of purchased intangible assets

4.3%

 

4.7%

 

5.5%

Non-GAAP gross profit

61.7%

 

61.3%

 

57.8%

 

 

 

 

 

 

GAAP R&D expenses

29.6%

 

29.4%

 

36.2%

Stock-based compensation

(3.3) %

 

(3.4) %

 

(3.8) %

Performance based equity

(3.3) %

 

(2.9) %

 

(3.1) %

Research and development funded by others

(0.8) %

 

—%

 

—%

Acquisition and integration costs

—%

 

—%

 

—%

Non-GAAP R&D expenses

22.1%

 

23.2%

 

29.3%

 

 

 

 

 

 

GAAP SG&A expenses

15.8%

 

16.7%

 

18.6%

Stock-based compensation

(3.2) %

 

(3.6) %

 

(3.6) %

Performance based equity

(1.6) %

 

(1.4) %

 

(1.5) %

Amortization of purchased intangible assets

(2.4) %

 

(2.5) %

 

(3.2) %

Acquisition and integration costs

(0.1) %

 

(0.1) %

 

(0.6) %

IP litigation costs, net

—%

 

—%

 

—%

Non-GAAP SG&A expenses

8.5%

 

9.2%

 

9.7%

 

 

 

 

 

 

GAAP income (loss) from operations

11.8%

 

10.4%

 

(12.2) %

Total non-GAAP adjustments

19.2%

 

18.5%

 

31.0%

Non-GAAP income from operations

31.0%

 

28.9%

 

18.9%

 

 

 

 

 

 

GAAP interest and other income (expense), net

(0.4) %

 

(1.2) %

 

(2.6) %

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

(0.8) %

 

—%

 

0.2%

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

(1.1) %

 

(1.2) %

 

(2.5) %

 

 

 

 

 

 

GAAP income (loss) before income taxes

11.5%

 

9.2%

 

(14.8) %

Total non-GAAP adjustments before income taxes

18.4%

 

18.6%

 

31.2%

Non-GAAP income before income taxes

29.9%

 

27.7%

 

16.4%

 

 

 

 

 

 

GAAP income tax provision (benefit)

0.1%

 

5.1%

 

(2.1) %

Adjustment for non-cash tax benefits/expenses

1.7%

 

(3.5) %

 

3.1%

Non-GAAP income tax provision

1.8%

 

1.7%

 

1.0%

 

 

 

 

 

 

GAAP net income (loss)

11.4%

 

4.0%

 

(12.7) %

Total non-GAAP adjustments before income taxes

18.4%

 

18.6%

 

31.2%

Less: total tax adjustments

1.7%

 

(3.5) %

 

3.1%

Non-GAAP net income

28.1%

 

26.1%

 

15.4%

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

 

 

Years Ended

 

 

December 31, 2021

 

December 31, 2020

GAAP gross profit

 

55.6%

 

44.5%

Stock-based compensation

 

0.1%

 

0.1%

Performance based equity

 

0.1%

 

0.1%

Amortization of inventory fair value adjustments

 

—%

 

6.9%

Amortization of purchased intangible assets

 

4.8%

 

7.9%

Non-GAAP gross profit

 

60.5%

 

59.5%

 

 

 

 

 

GAAP R&D expenses

 

31.2%

 

37.6%

Stock-based compensation

 

(3.4) %

 

(4.7) %

Performance based equity

 

(3.1) %

 

(3.4) %

Research and development funded by others

 

(0.7) %

 

—%

Acquisition and integration costs

 

—%

 

—%

Non-GAAP R&D expenses

 

24.0%

 

29.6%

 

 

 

 

 

GAAP SG&A expenses

 

16.8%

 

27.2%

Stock-based compensation

 

(3.2) %

 

(5.1) %

Performance based equity

 

(1.4) %

 

(1.7) %

Amortization of purchased intangible assets

 

(2.7) %

 

(4.9) %

Acquisition and integration costs

 

(0.2) %

 

(3.0) %

IP litigation costs, net

 

—%

 

—%

Non-GAAP SG&A expenses

 

9.4%

 

12.4%

 

 

 

 

 

GAAP impairment losses

 

—%

 

0.02%

Impairment losses

 

—%

 

(0.02) %

Non-GAAP impairment losses

 

—%

 

—%

 

 

 

 

 

GAAP restructuring expenses

 

0.3%

 

0.8%

Restructuring charges

 

(0.3) %

 

(0.8) %

Non-GAAP restructuring expenses

 

—%

 

—%

 

 

 

 

 

GAAP income (loss) from operations

 

7.3%

 

(21.1) %

Total non-GAAP adjustments

 

19.8%

 

38.5%

Non-GAAP income from operations

 

27.1%

 

17.4%

 

 

 

 

 

GAAP loss on extinguishment of debt

 

(0.6) %

 

—%

Loss on extinguishment of debt

 

0.6%

 

—%

Non-GAAP loss on extinguishment of debt

 

—%

 

—%

 

 

 

 

 

GAAP interest and other income (expense), net

 

(1.4) %

 

(2.9) %

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

 

(0.2) %

 

0.1%

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

 

(1.5) %

 

(2.8) %

 

 

 

 

 

GAAP income (loss) before income taxes

 

5.4%

 

(24.0) %

Total non-GAAP adjustments

 

20.2%

 

38.6%

Non-GAAP income before income taxes

 

25.6%

 

14.6%

 

 

 

 

 

GAAP income tax provision (benefit)

 

0.7%

 

(3.4) %

Adjustment for non-cash tax benefits/expenses

 

0.9%

 

4.3%

Non-GAAP income tax provision

 

1.5%

 

0.9%

 

 

 

 

 

GAAP net income (loss)

 

4.7%

 

(20.6) %

Total non-GAAP adjustments before income taxes

 

20.2%

 

38.6%

Less: total tax adjustments

 

0.9%

 

4.3%

Non-GAAP net income

 

24.0%

 

13.8%

 

Contacts

MaxLinear, Inc. Investor Relations Contact:

Steven Litchfield

Tel: 949-333-0080

IR@maxlinear.com

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