Business Wire | Jul 28, 2021 04:05PM EDT

MaxLinear, Inc. Announces Second Quarter 2021 Financial Results

Jul. 28, 2021

CARLSBAD, Calif.--(BUSINESS WIRE)--Jul. 28, 2021--MaxLinear, Inc. (NYSE: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced financial results for the second quarter ended June 30, 2021.

Second Quarter Financial Highlights

GAAP basis:

* Net revenue was $205.4 million, up 215% year-on-year. * GAAP gross margin was 54.8%, compared to 53.4% in the prior quarter, and 50.2% in the year-ago quarter. * GAAP operating expenses were $110.3 million in the second quarter 2021, or 54% of net revenue, compared to $101.8 million in the prior quarter, or 49% of net revenue, and $55.5 million in the year-ago quarter, or 85% of net revenue. * GAAP income from operations was 1% of revenue, compared to income from operations of 5% in the prior quarter, and loss from operations of 35% in the year-ago quarter. * Net cash flow provided by operating activities was $7.9 million, compared to net cash flow provided by operating activities of $60.3 million in the prior quarter, and net cash flow provided by operating activities of $9.3 million in the year-ago quarter. * GAAP diluted earnings per share was $0.01, compared to diluted earnings per share of $0.05 in the prior quarter, and diluted loss per share of $0.30 in the year-ago quarter.

Non-GAAP basis:

* Non-GAAP gross margin was 60.2%. This compares to 58.6% in the prior quarter, and 63.7% in the year-ago quarter. * Non-GAAP operating expenses were $75.2 million, or 37% of revenue, compared to $72.6 million or 35% of revenue in the prior quarter, and $32.6 million or 50% of revenue in the year-ago quarter. * Non-GAAP income from operations was 24% of revenue, compared to 24% in the prior quarter, and 14% in the year-ago quarter. * Non-GAAP diluted earnings per share was $0.53, compared to diluted earnings per share of $0.55 in the prior quarter, and diluted earnings per share of $0.09 in the year-ago quarter.

Recent Business Highlights

* Announced showcase of industry-first 5nm CMOS 800Gbps PAM4 DSP for data center applications. * Announced selection of MxL 93516 PAM4 DSP by uSenlight Corporation to deliver sub-3.5W 100G optical modules for hyperscale data centers and wireless front haul applications * Announced MaxLinear's collaboration with MACOM to assure interoperability of PAM4 DSPs and 100G/lane transimpedance amplifiers for 100G/lambda applications in data center applications. * Announced partnership with Cree, Inc. combining MaxLinear's ultra-wideband linearization solution and Cree's Wolfspeed Gallium Nitride on SiC mid-band power amplifiers increasing wireless capacity of a 5G base station

Management Commentary

"In the second quarter, revenue was up 215% year-over-year, driven by growth across all of our end markets. Solid demand for our broadband access and connectivity and high-performance analog products was due to a combination of end-market strength and company-specific drivers, including platform-level silicon content increases and market share gains. Non-GAAP gross margin for Q2 of 60.2% was the highest level reported in the past four quarters, mainly due to our strategic focus on driving operational synergies. We are currently focused on improving the ability of our manufacturing supply chain to meet the strong and growing market demand for our connectivity, broadband, and infrastructure products in the latter half of 2021 and heading into 2022. Despite the ongoing challenges within the worldwide semiconductor manufacturing supply chain, we are increasingly confident in the Company's outlook for the remainder of this year," commented Kishore Seendripu, Ph.D., Chairman and CEO.

Third Quarter 2021 Business Outlook

The company expects revenue in the third quarter 2021 to be approximately $215 million to $225 million. The Company also estimates the following:

* GAAP gross margin of approximately 54.5% to 56.5%; * Non-GAAP gross margin of approximately 59.5% to 61.5%; * GAAP operating expenses of approximately $106.0 million to $110.0 million; * Non-GAAP operating expenses of approximately $75.5 million to $79.5 million; * GAAP interest and other expense of approximately $2.9 million to $3.0 million; and * Non-GAAP interest and other expense of approximately $2.8 million to $2.9 million.

Webcast and Conference Call

MaxLinear will host its second quarter financial results conference call today, July 28, 2021 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 August 11, 2021. A replay of the conference call will also be available until August 11, 2021 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13721386.

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 third quarter 2021 revenue, gross margins, and operating expenses as well as statements with respect to confidence in the Company's outlook for the balance of 2021 and into 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 5G wireless and fiber-optic high-speed interconnect infrastructure markets. 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. In addition, we have incurred indebtedness, which enhances specific risks relating to our ability to service interest and principal payments 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. 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; 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;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 Annual Report on Form 10-K for the year ended December 31, 2020 filed with the SEC on February 11, 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 Quarterly Report on Form 10-Q for the quarter ended June 30, 2021, which we expect to file soon. All forward-looking statements are based on the estimates, projections and assumptions of management as of July 28, 2021, 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 purchased intangible assets; (v) research and development funded by others; (vi) acquisition and integration costs related to our acquisitions; (vii) professional fees and settlement costs related to IP and commercial litigation matters; (viii) severance and other restructuring charges; (ix) impairment losses on intangible assets; (x) loss from extinguishment of debt; (xi) other non-recurring interest and other income (expenses), net attributable to acquisitions and (xii) 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 March 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, acquisition and integration costs primarily consisting of professional and consulting fees, and amortization of discount on deferred purchase price payments to interest expense.

Research and development funded by others represents proceeds received under a contract for a jointly funded R&D project 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 third quarter 2021.

About MaxLinear, Inc.

MaxLinear, Inc. (NYSE: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

June 30, March 31, June 30, 2021 2021 2020

Net revenue $ 205,376 $ 209,359 $ 65,220

Cost of net revenue 92,833 97,640 32,477

Gross profit 112,543 111,719 32,743

Operating expenses:

Research and development 74,416 63,166 27,984

Selling, general and administrative 35,885 36,469 27,470

Restructuring charges 38 2,166 64

Total operating expenses 110,339 101,801 55,518

Income (loss) from operations 2,204 9,918 (22,775 )

Interest income 18 - 31

Interest expense (3,741 ) (4,206 ) (2,183 )

Loss on extinguishment of debt (5,221 ) - -

Other income (expense), net (537 ) (104 ) (81 )

Total other income (expense), net (9,481 ) (4,310 ) (2,233 )

Income (loss) before income taxes (7,277 ) 5,608 (25,008 )

Income tax provision (benefit) (8,010 ) 1,806 (3,201 )

Net income (loss) $ 733 $ 3,802 $ (21,807 )

Net income (loss) per share:

Basic $ 0.01 $ 0.05 $ (0.30 )

Diluted $ 0.01 $ 0.05 $ (0.30 )

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

Basic 75,930 74,852 72,740

Diluted 79,026 78,283 72,740

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

Six Months Ended

June 30, 2021

June 30, 2020

Net revenue

$

414,735

$

127,247

Cost of net revenue

190,473

63,742

Gross profit

224,262

63,505

Operating expenses:

Research and development

137,582

53,673

Selling, general and administrative

72,354

52,102

Impairment losses

-

86

Restructuring charges

2,204

553

Total operating expenses

212,140

106,414

Income (loss) from operations

12,122

(42,909

)

Interest income

18

256

Interest expense

(7,947

)

(4,659

)

Loss on extinguishment of debt

(5,221

)

-

Other income (expense), net

(641

)

99

Total other income (expense), net

(13,791

)

(4,304

)

Loss before income taxes

(1,669

)

(47,213

)

Income tax benefit

(6,204

)

(9,937

)

Net income (loss)

$

4,535

$

(37,276

)

Net income (loss) per share:

Basic

$

0.06

$

(0.51

)

Diluted

$

0.06

$

(0.51

)

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

Basic

75,394

72,389

Diluted

78,657

72,389

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

Six Months Ended

June 30, June 30, 2021 2020

Net revenue $ 414,735 $ 127,247

Cost of net revenue 190,473 63,742

Gross profit 224,262 63,505

Operating expenses:

Research and development 137,582 53,673

Selling, general and administrative 72,354 52,102

Impairment losses - 86

Restructuring charges 2,204 553

Total operating expenses 212,140 106,414

Income (loss) from operations 12,122 (42,909 )

Interest income 18 256

Interest expense (7,947 ) (4,659 )

Loss on extinguishment of debt (5,221 ) -

Other income (expense), net (641 ) 99

Total other income (expense), net (13,791 ) (4,304 )

Loss before income taxes (1,669 ) (47,213 )

Income tax benefit (6,204 ) (9,937 )

Net income (loss) $ 4,535 $ (37,276 )

Net income (loss) per share:

Basic $ 0.06 $ (0.51 )

Diluted $ 0.06 $ (0.51 )

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

Basic 75,394 72,389

Diluted 78,657 72,389

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended

June 30, 2021

March 31, 2021

June 30, 2020

Operating Activities

Net income (loss)

$

733

$

3,802

$

(21,807

)

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

Amortization and depreciation

21,997

22,325

16,532

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

918

1,153

397

Stock-based compensation

13,966

12,955

12,085

Deferred income taxes

(6,002

)

541

(2,879

)

Loss on disposal of property and equipment

20

368

-

Impairment of leasehold improvements

-

226

-

Impairment of leased right-of-use assets

-

429

-

Loss on extinguishment of debt

5,221

-

-

Loss on foreign currency and other

387

21

20

Excess tax benefits on stock based awards

(2,822

)

(1,809

)

(472

)

Changes in operating assets and liabilities:

Accounts receivable

(47,800

)

(20,079

)

3,362

Inventory

(6,254

)

5,658

(3,184

)

Prepaid expenses and other assets

3,588

29,860

(669

)

Leased right-of-use assets

36

36

(314

)

Accounts payable, accrued expenses and other current liabilities

8,652

(2,341

)

6,020

Accrued compensation

13,857

1,376

4,396

Accrued price protection liability

(344

)

7,299

(2,132

)

Lease liabilities

(2,345

)

(2,002

)

(1,279

)

Other long-term liabilities

4,043

454

(816

)

Net cash provided by operating activities

7,851

60,272

9,260

Investing Activities

Purchases of property and equipment

(11,158

)

(6,152

)

(3,901

)

Purchases of intangible assets

-

(1,112

)

(13

)

Cash used in acquisitions, net of cash acquired

(7,500

)

(20,000

)

-

Purchases of long-term investments

-

(5,000

)

-

Net cash used in investing activities

(18,658

)

(32,264

)

(3,914

)

Financing Activities

Proceeds from the issuance of debt

350,000

-

-

Payment of debt issuance cost

(4,127

)

-

-

Repayment of debt

(349,813

)

(20,000

)

-

Net proceeds from issuance of common stock

4,796

1,298

4,154

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

(2,663

)

(7,442

)

(1,024

)

Repurchase of common stock

(4,464

)

(2,673

)

-

Net cash provided by (used in) financing activities

(6,271

)

(28,817

)

3,130

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

(681

)

(32

)

513

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

(17,759

)

(841

)

8,989

Cash, cash equivalents and restricted cash at beginning of period

149,193

150,034

98,440

Cash, cash equivalents and restricted cash at end of period

$

131,434

$

149,193

$

107,429

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Three Months Ended

June 30, March 31, June 30, 2021 2021 2020

Operating Activities

Net income (loss) $ 733 $ 3,802 $ (21,807 )

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

Amortization and depreciation 21,997 22,325 16,532

Amortization of debt issuance costs andaccretion of discount on debt and 918 1,153 397 leases

Stock-based compensation 13,966 12,955 12,085

Deferred income taxes (6,002 ) 541 (2,879 )

Loss on disposal of property and 20 368 - equipment

Impairment of leasehold improvements - 226 -

Impairment of leased right-of-use - 429 - assets

Loss on extinguishment of debt 5,221 - -

Loss on foreign currency and other 387 21 20

Excess tax benefits on stock based (2,822 ) (1,809 ) (472 )awards

Changes in operating assets and liabilities:

Accounts receivable (47,800 ) (20,079 ) 3,362

Inventory (6,254 ) 5,658 (3,184 )

Prepaid expenses and other assets 3,588 29,860 (669 )

Leased right-of-use assets 36 36 (314 )

Accounts payable, accrued expenses and 8,652 (2,341 ) 6,020 other current liabilities

Accrued compensation 13,857 1,376 4,396

Accrued price protection liability (344 ) 7,299 (2,132 )

Lease liabilities (2,345 ) (2,002 ) (1,279 )

Other long-term liabilities 4,043 454 (816 )

Net cash provided by operating 7,851 60,272 9,260 activities

Investing Activities

Purchases of property and equipment (11,158 ) (6,152 ) (3,901 )

Purchases of intangible assets - (1,112 ) (13 )

Cash used in acquisitions, net of cash (7,500 ) (20,000 ) - acquired

Purchases of long-term investments - (5,000 ) -

Net cash used in investing activities (18,658 ) (32,264 ) (3,914 )

Financing Activities

Proceeds from the issuance of debt 350,000 - -

Payment of debt issuance cost (4,127 ) - -

Repayment of debt (349,813 ) (20,000 ) -

Net proceeds from issuance of common 4,796 1,298 4,154 stock

Minimum tax withholding paid on behalf (2,663 ) (7,442 ) (1,024 )of employees for restricted stock units

Repurchase of common stock (4,464 ) (2,673 ) -

Net cash provided by (used in) (6,271 ) (28,817 ) 3,130 financing activities

Effect of exchange rate changes oncash, cash equivalents and restricted (681 ) (32 ) 513 cash

Increase (decrease) in cash, cash (17,759 ) (841 ) 8,989 equivalents and restricted cash

Cash, cash equivalents and restricted 149,193 150,034 98,440 cash at beginning of period

Cash, cash equivalents and restricted $ 131,434 $ 149,193 $ 107,429 cash at end of period

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Six months ended

June 30, 2021

June 30, 2020

Operating Activities

Net income (loss)

$

4,535

$

(37,276

)

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

Amortization and depreciation

44,322

33,265

Impairment losses

-

86

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

2,071

807

Stock-based compensation

26,921

18,912

Deferred income taxes

(5,461

)

(9,087

)

Loss on disposal of property and equipment

388

-

Impairment of leasehold improvements

226

163

Impairment of leased right-of-use assets

429

44

Loss on extinguishment of debt

5,221

-

(Gain) loss on foreign currency

408

(226

)

Excess tax benefits on stock-based awards

(4,631

)

(378

)

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

Accounts receivable

(67,879

)

8,977

Inventory

(596

)

(2,831

)

Prepaid expenses and other assets

33,448

774

Leased right-of-use assets

72

326

Accounts payable, accrued expenses and other current liabilities

6,311

5,235

Accrued compensation

15,233

7,757

Accrued price protection liability

6,955

(6,669

)

Lease liabilities

(4,347

)

(2,709

)

Other long-term liabilities

4,497

(1,262

)

Net cash provided by operating activities

68,123

15,908

Investing Activities

Purchases of property and equipment

(17,310

)

(4,936

)

Purchases of intangible assets

(1,112

)

(13

)

Cash used in acquisitions, net of cash acquired

(27,500

)

-

Purchases of available-for-sale securities

(5,000

)

-

Net cash used in investing activities

(50,922

)

(4,949

)

Financing Activities

Proceeds from the issuance of debt

350,000

-

Payment of debt issuance cost

(4,127

)

-

Repayment of debt

(369,813

)

-

Net proceeds from issuance of common stock

6,094

4,642

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

(10,105

)

(1,499

)

Repurchase of common stock

(7,137

)

-

Net cash provided by (used in) financing activities

(35,088

)

3,143

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

(713

)

210

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

(18,600

)

14,312

Cash, cash equivalents and restricted cash at beginning of period

150,034

93,117

Cash, cash equivalents and restricted cash at end of period

$

131,434

$

107,429

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

Six months ended

June 30, June 30, 2021 2020

Operating Activities

Net income (loss) $ 4,535 $ (37,276 )

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

Amortization and depreciation 44,322 33,265

Impairment losses - 86

Amortization of debt issuance costs and accretion of 2,071 807 discount on debt and leases

Stock-based compensation 26,921 18,912

Deferred income taxes (5,461 ) (9,087 )

Loss on disposal of property and equipment 388 -

Impairment of leasehold improvements 226 163

Impairment of leased right-of-use assets 429 44

Loss on extinguishment of debt 5,221 -

(Gain) loss on foreign currency 408 (226 )

Excess tax benefits on stock-based awards (4,631 ) (378 )

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

Accounts receivable (67,879 ) 8,977

Inventory (596 ) (2,831 )

Prepaid expenses and other assets 33,448 774

Leased right-of-use assets 72 326

Accounts payable, accrued expenses and other current 6,311 5,235 liabilities

Accrued compensation 15,233 7,757

Accrued price protection liability 6,955 (6,669 )

Lease liabilities (4,347 ) (2,709 )

Other long-term liabilities 4,497 (1,262 )

Net cash provided by operating activities 68,123 15,908

Investing Activities

Purchases of property and equipment (17,310 ) (4,936 )

Purchases of intangible assets (1,112 ) (13 )

Cash used in acquisitions, net of cash acquired (27,500 ) -

Purchases of available-for-sale securities (5,000 ) -

Net cash used in investing activities (50,922 ) (4,949 )

Financing Activities

Proceeds from the issuance of debt 350,000 -

Payment of debt issuance cost (4,127 ) -

Repayment of debt (369,813 ) -

Net proceeds from issuance of common stock 6,094 4,642

Minimum tax withholding paid on behalf of employees (10,105 ) (1,499 )for restricted stock units

Repurchase of common stock (7,137 ) -

Net cash provided by (used in) financing activities (35,088 ) 3,143

Effect of exchange rate changes on cash, cash (713 ) 210 equivalents and restricted cash

Increase (decrease) in cash, cash equivalents and (18,600 ) 14,312 restricted cash

Cash, cash equivalents and restricted cash at 150,034 93,117 beginning of period

Cash, cash equivalents and restricted cash at end of $ 131,434 $ 107,429 period

MAXLINEAR, INC.

UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

June 30, 2021

March 31, 2021

June 30, 2020

Assets

Current assets:

Cash and cash equivalents

$

130,312

$

148,095

$

107,362

Short-term restricted cash

107

114

9

Accounts receivable, net

135,321

87,521

41,434

Inventory

98,502

92,154

34,284

Prepaid expenses and other current assets

13,866

17,096

7,489

Total current assets

378,108

344,980

190,578

Long-term restricted cash

1,015

984

58

Property and equipment, net

48,104

40,787

18,059

Leased right-of-use assets

22,847

24,403

8,942

Intangible assets, net

174,964

191,542

159,441

Goodwill

302,828

302,828

238,330

Deferred tax assets

91,526

85,524

76,371

Other long-term assets

7,235

7,551

1,281

Total assets

$

1,026,627

$

998,599

$

693,060

Liabilities and stockholders' equity

Current liabilities

$

211,789

$

197,637

$

69,964

Long-term lease liabilities

20,445

22,419

6,833

Long-term debt

343,022

344,116

207,486

Other long-term liabilities

17,704

13,649

6,802

Stockholders' equity

433,667

420,778

401,975

Total liabilities and stockholders' equity

$

1,026,627

$

998,599

$

693,060

MAXLINEAR, INC.

UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

June 30, 2021 March 31, June 30, 2021 2020

Assets

Current assets:

Cash and cash equivalents $ 130,312 $ 148,095 $ 107,362

Short-term restricted cash 107 114 9

Accounts receivable, net 135,321 87,521 41,434

Inventory 98,502 92,154 34,284

Prepaid expenses and other current 13,866 17,096 7,489 assets

Total current assets 378,108 344,980 190,578

Long-term restricted cash 1,015 984 58

Property and equipment, net 48,104 40,787 18,059

Leased right-of-use assets 22,847 24,403 8,942

Intangible assets, net 174,964 191,542 159,441

Goodwill 302,828 302,828 238,330

Deferred tax assets 91,526 85,524 76,371

Other long-term assets 7,235 7,551 1,281

Total assets $ 1,026,627 $ 998,599 $ 693,060



Liabilities and stockholders' equity

Current liabilities $ 211,789 $ 197,637 $ 69,964

Long-term lease liabilities 20,445 22,419 6,833

Long-term debt 343,022 344,116 207,486

Other long-term liabilities 17,704 13,649 6,802

Stockholders' equity 433,667 420,778 401,975

Total liabilities and stockholders' $ 1,026,627 $ 998,599 $ 693,060 equity

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS

(in thousands, except per share data)

Three Months Ended

June 30, 2021

March 31, 2021

June 30, 2020

GAAP gross profit

$

112,543

$

111,719

$

32,743

Stock-based compensation

148

169

126

Performance based equity

127

82

109

Amortization of purchased intangible assets

10,743

10,747

8,581

Non-GAAP gross profit

123,561

122,717

41,559

GAAP R&D expenses

74,416

63,166

27,984

Stock-based compensation

(7,268

)

(7,162

)

(5,040

)

Performance based equity

(8,249

)

(4,598

)

(2,054

)

Research and development funded by others

(3,800

)

-

-

Acquisition and integration costs

(38

)

(92

)

-

Non-GAAP R&D expenses

55,061

51,314

20,890

GAAP SG&A expenses

35,885

36,469

27,470

Stock-based compensation

(6,551

)

(5,624

)

(6,920

)

Performance based equity

(3,357

)

(1,890

)

(1,144

)

Amortization of purchased intangible assets

(5,816

)

(6,070

)

(5,549

)

Acquisition and integration costs

(25

)

(1,561

)

(2,090

)

IP litigation costs, net

-

(11

)

(54

)

Non-GAAP SG&A expenses

20,136

21,313

11,713

GAAP restructuring expenses

38

2,166

64

Restructuring charges

(38

)

(2,166

)

(64

)

Non-GAAP restructuring expenses

-

-

-

GAAP income (loss) from operations

2,204

9,918

(22,775

)

Total non-GAAP adjustments

46,160

40,172

31,731

Non-GAAP income from operations

48,364

50,090

8,956

GAAP loss on extinguishment of debt

(5,221

)

-

-

Loss on extinguishment of debt

5,221

-

-

Non-GAAP loss on extinguishment of debt

-

-

-

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

(4,260

)

(4,310

)

(2,233

)

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

133

310

-

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

(4,127

)

(4,000

)

(2,233

)

GAAP income (loss) before income taxes

(7,277

)

5,608

(25,008

)

Total non-GAAP adjustments

51,514

40,482

31,731

Non-GAAP income before income taxes

44,237

46,090

6,723

GAAP income tax provision (benefit)

(8,010

)

1,806

(3,201

)

Adjustment for non-cash tax benefits/expenses

10,665

959

3,605

Non-GAAP income tax provision

2,655

2,765

404

GAAP net income (loss)

733

3,802

(21,807

)

Total non-GAAP adjustments before income taxes

51,514

40,482

31,731

Less: total tax adjustments

10,665

959

3,605

Non-GAAP net income

$

41,582

$

43,325

$

6,319

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

75,930

74,852

72,740

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

79,026

78,283

73,772

Non-GAAP basic net income per share

$

0.55

$

0.58

$

0.09

Non-GAAP diluted net income per share

$

0.53

$

0.55

$

0.09

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS

(in thousands, except per share data)

Three Months Ended

June 30, March 31, June 30, 2021 2021 2020

GAAP gross profit $ 112,543 $ 111,719 $ 32,743

Stock-based compensation 148 169 126

Performance based equity 127 82 109

Amortization of purchased intangible 10,743 10,747 8,581 assets

Non-GAAP gross profit 123,561 122,717 41,559



GAAP R&D expenses 74,416 63,166 27,984

Stock-based compensation (7,268 ) (7,162 ) (5,040 )

Performance based equity (8,249 ) (4,598 ) (2,054 )

Research and development funded by others (3,800 ) - -

Acquisition and integration costs (38 ) (92 ) -

Non-GAAP R&D expenses 55,061 51,314 20,890



GAAP SG&A expenses 35,885 36,469 27,470

Stock-based compensation (6,551 ) (5,624 ) (6,920 )

Performance based equity (3,357 ) (1,890 ) (1,144 )

Amortization of purchased intangible (5,816 ) (6,070 ) (5,549 )assets

Acquisition and integration costs (25 ) (1,561 ) (2,090 )

IP litigation costs, net - (11 ) (54 )

Non-GAAP SG&A expenses 20,136 21,313 11,713



GAAP restructuring expenses 38 2,166 64

Restructuring charges (38 ) (2,166 ) (64 )

Non-GAAP restructuring expenses - - -



GAAP income (loss) from operations 2,204 9,918 (22,775 )

Total non-GAAP adjustments 46,160 40,172 31,731

Non-GAAP income from operations 48,364 50,090 8,956



GAAP loss on extinguishment of debt (5,221 ) - -

Loss on extinguishment of debt 5,221 - -

Non-GAAP loss on extinguishment of debt - - -



GAAP and non-GAAP interest and other (4,260 ) (4,310 ) (2,233 )income (expense), net

Non-recurring interest and other income 133 310 - (expense), net

Non-GAAP interest and other income (4,127 ) (4,000 ) (2,233 )(expense), net



GAAP income (loss) before income taxes (7,277 ) 5,608 (25,008 )

Total non-GAAP adjustments 51,514 40,482 31,731

Non-GAAP income before income taxes 44,237 46,090 6,723



GAAP income tax provision (benefit) (8,010 ) 1,806 (3,201 )

Adjustment for non-cash tax benefits/ 10,665 959 3,605 expenses

Non-GAAP income tax provision 2,655 2,765 404



GAAP net income (loss) 733 3,802 (21,807 )

Total non-GAAP adjustments before income 51,514 40,482 31,731 taxes

Less: total tax adjustments 10,665 959 3,605

Non-GAAP net income $ 41,582 $ 43,325 $ 6,319



Shares used in computing non-GAAP basic 75,930 74,852 72,740 net income per share

Shares used in computing non-GAAP diluted 79,026 78,283 73,772 net income per share

Non-GAAP basic net income per share $ 0.55 $ 0.58 $ 0.09

Non-GAAP diluted net income per share $ 0.53 $ 0.55 $ 0.09

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS

(in thousands, except per share data)

Six Months Ended

June 30, 2021

June 30, 2020

GAAP gross profit

$

224,262

$

63,505

Stock-based compensation

317

274

Performance based equity

209

178

Amortization of purchased intangible assets

21,490

17,162

Non-GAAP gross profit

246,278

81,119

GAAP R&D expenses

137,582

53,673

Stock-based compensation

(14,430

)

(8,786

)

Performance based equity

(12,847

)

(3,804

)

Research and development funded by others

(3,800

)

-

Acquisition and integration costs

(130

)

-

Non-GAAP R&D expenses

106,375

41,083

GAAP SG&A expenses

72,354

52,102

Stock-based compensation

(12,175

)

(9,853

)

Performance based equity

(5,247

)

(2,280

)

Amortization of purchased intangible assets

(11,886

)

(11,272

)

Acquisition and integration costs

(1,586

)

(5,360

)

IP litigation costs, net

(11

)

(114

)

Non-GAAP SG&A expenses

41,449

23,223

GAAP impairment losses

-

86

Impairment losses

-

(86

)

Non-GAAP impairment losses

-

-

GAAP restructuring expenses

2,204

553

Restructuring charges

(2,204

)

(553

)

Non-GAAP restructuring expenses

-

-

GAAP income (loss) from operations

12,122

(42,909

)

Total non-GAAP adjustments

86,332

59,722

Non-GAAP income from operations

98,454

16,813

GAAP loss on extinguishment of debt

(5,221

)

-

Loss on extinguishment of debt

5,221

-

Non-GAAP loss on extinguishment of debt

-

-

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

(8,570

)

(4,304

)

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

443

-

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

(8,127

)

(4,304

)

GAAP income (loss) before income taxes

(1,669

)

(47,213

)

Total non-GAAP adjustments

91,996

59,722

Non-GAAP income before income taxes

90,327

12,509

GAAP income tax provision (benefit)

(6,204

)

(9,937

)

Adjustment for non-cash tax benefits/expenses

11,624

10,688

Non-GAAP income tax provision

5,420

751

GAAP net income (loss)

4,535

(37,276

)

Total non-GAAP adjustments before income taxes

91,996

59,722

Less: total tax adjustments

11,624

10,688

Non-GAAP net income

$

84,907

$

11,758

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

75,394

72,389

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

78,657

73,223

Non-GAAP basic net income per share

$

1.13

$

0.16

Non-GAAP diluted net income per share

$

1.08

$

0.16

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS

(in thousands, except per share data)

Six Months Ended

June 30, June 30, 2021 2020

GAAP gross profit $ 224,262 $ 63,505

Stock-based compensation 317 274

Performance based equity 209 178

Amortization of purchased intangible assets 21,490 17,162

Non-GAAP gross profit 246,278 81,119



GAAP R&D expenses 137,582 53,673

Stock-based compensation (14,430 ) (8,786 )

Performance based equity (12,847 ) (3,804 )

Research and development funded by others (3,800 ) -

Acquisition and integration costs (130 ) -

Non-GAAP R&D expenses 106,375 41,083



GAAP SG&A expenses 72,354 52,102

Stock-based compensation (12,175 ) (9,853 )

Performance based equity (5,247 ) (2,280 )

Amortization of purchased intangible assets (11,886 ) (11,272 )

Acquisition and integration costs (1,586 ) (5,360 )

IP litigation costs, net (11 ) (114 )

Non-GAAP SG&A expenses 41,449 23,223



GAAP impairment losses - 86

Impairment losses - (86 )

Non-GAAP impairment losses - -



GAAP restructuring expenses 2,204 553

Restructuring charges (2,204 ) (553 )

Non-GAAP restructuring expenses - -



GAAP income (loss) from operations 12,122 (42,909 )

Total non-GAAP adjustments 86,332 59,722

Non-GAAP income from operations 98,454 16,813



GAAP loss on extinguishment of debt (5,221 ) -

Loss on extinguishment of debt 5,221 -

Non-GAAP loss on extinguishment of debt - -



GAAP and non-GAAP interest and other income (8,570 ) (4,304 )(expense), net

Non-recurring interest and other income (expense), 443 - net

Non-GAAP interest and other income (expense), net (8,127 ) (4,304 )



GAAP income (loss) before income taxes (1,669 ) (47,213 )

Total non-GAAP adjustments 91,996 59,722

Non-GAAP income before income taxes 90,327 12,509



GAAP income tax provision (benefit) (6,204 ) (9,937 )

Adjustment for non-cash tax benefits/expenses 11,624 10,688

Non-GAAP income tax provision 5,420 751



GAAP net income (loss) 4,535 (37,276 )

Total non-GAAP adjustments before income taxes 91,996 59,722

Less: total tax adjustments 11,624 10,688

Non-GAAP net income $ 84,907 $ 11,758



Shares used in computing non-GAAP basic net income 75,394 72,389 per share

Shares used in computing non-GAAP diluted net income 78,657 73,223 per share

Non-GAAP basic net income per share $ 1.13 $ 0.16

Non-GAAP diluted net income per share $ 1.08 $ 0.16

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Three Months Ended

June 30, 2021

March 31, 2021

June 30, 2020

GAAP gross profit

54.8

%

53.4

%

50.2

%

Stock-based compensation

0.1

%

0.1

%

0.2

%

Performance based equity

0.1

%

-

%

0.2

%

Amortization of purchased intangible assets

5.2

%

5.1

%

13.2

%

Non-GAAP gross profit

60.2

%

58.6

%

63.7

%

GAAP R&D expenses

36.2

%

30.2

%

42.9

%

Stock-based compensation

(3.5

)%

(3.4

)%

(7.7

)%

Performance based equity

(4.0

)%

(2.2

)%

(3.1

)%

Research and development funded by others

(1.9

)%

-

%

-

%

Acquisition and integration costs

-

%

-

%

-

%

Non-GAAP R&D expenses

26.8

%

24.5

%

32.0

%

GAAP SG&A expenses

17.5

%

17.4

%

42.1

%

Stock-based compensation

(3.2

)%

(2.7

)%

(10.6

)%

Performance based equity

(1.6

)%

(0.9

)%

(1.8

)%

Amortization of purchased intangible assets

(2.8

)%

(2.9

)%

(8.5

)%

Acquisition and integration costs

-

%

(0.8

)%

(3.2

)%

IP litigation costs, net

-

%

-

%

(0.1

)%

Non-GAAP SG&A expenses

9.8

%

10.2

%

18.0

%

GAAP restructuring expenses

-

%

1.0

%

0.1

%

Restructuring charges

-

%

(1.0

)%

(0.1

)%

Non-GAAP restructuring expenses

-

%

-

%

-

%

GAAP income (loss) from operations

1.1

%

4.7

%

(34.9

)%

Total non-GAAP adjustments

22.5

%

19.2

%

48.7

%

Non-GAAP income from operations

23.6

%

23.9

%

13.7

%

GAAP loss on extinguishment of debt

(2.5

)%

-

%

-

%

Loss on extinguishment of debt

2.5

%

-

%

-

%

Non-GAAP loss on extinguishment of debt

-

%

-

%

-

%

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

(2.1

)%

(2.1

)%

(3.4

)%

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

0.1

%

0.1

%

-

%

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

(2.0

)%

(1.9

)%

(3.4

)%

GAAP income (loss) before income taxes

(3.5

)%

2.7

%

(38.3

)%

Total non-GAAP adjustments before income taxes

25.1

%

19.3

%

48.7

%

Non-GAAP income before income taxes

21.5

%

22.0

%

10.3

%

GAAP income tax provision (benefit)

(3.9

)%

0.9

%

(4.9

)%

Adjustment for non-cash tax benefits/expenses

5.2

%

0.5

%

5.5

%

Non-GAAP income tax provision

1.3

%

1.3

%

0.6

%

GAAP net income (loss)

0.4

%

1.8

%

(33.4

)%

Total non-GAAP adjustments before income taxes

25.1

%

19.3

%

48.7

%

Less: total tax adjustments

5.2

%

0.5

%

5.5

%

Non-GAAP net income

20.3

%

20.7

%

9.7

%

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Three Months Ended

June 30, March 31, June 30, 2021 2021 2020

GAAP gross profit 54.8 % 53.4 % 50.2 %

Stock-based compensation 0.1 % 0.1 % 0.2 %

Performance based equity 0.1 % - % 0.2 %

Amortization of purchased intangible assets 5.2 % 5.1 % 13.2 %

Non-GAAP gross profit 60.2 % 58.6 % 63.7 %



GAAP R&D expenses 36.2 % 30.2 % 42.9 %

Stock-based compensation (3.5 )% (3.4 )% (7.7 )%

Performance based equity (4.0 )% (2.2 )% (3.1 )%

Research and development funded by others (1.9 )% - % - %

Acquisition and integration costs - % - % - %

Non-GAAP R&D expenses 26.8 % 24.5 % 32.0 %



GAAP SG&A expenses 17.5 % 17.4 % 42.1 %

Stock-based compensation (3.2 )% (2.7 )% (10.6 )%

Performance based equity (1.6 )% (0.9 )% (1.8 )%

Amortization of purchased intangible assets (2.8 )% (2.9 )% (8.5 )%

Acquisition and integration costs - % (0.8 )% (3.2 )%

IP litigation costs, net - % - % (0.1 )%

Non-GAAP SG&A expenses 9.8 % 10.2 % 18.0 %



GAAP restructuring expenses - % 1.0 % 0.1 %

Restructuring charges - % (1.0 )% (0.1 )%

Non-GAAP restructuring expenses - % - % - %



GAAP income (loss) from operations 1.1 % 4.7 % (34.9 )%

Total non-GAAP adjustments 22.5 % 19.2 % 48.7 %

Non-GAAP income from operations 23.6 % 23.9 % 13.7 %



GAAP loss on extinguishment of debt (2.5 )% - % - %

Loss on extinguishment of debt 2.5 % - % - %

Non-GAAP loss on extinguishment of debt - % - % - %



GAAP and non-GAAP interest and other income (2.1 )% (2.1 )% (3.4 )%(expense), net

Non-recurring interest and other income 0.1 % 0.1 % - %(expense), net

Non-GAAP interest and other income (2.0 )% (1.9 )% (3.4 )%(expense), net



GAAP income (loss) before income taxes (3.5 )% 2.7 % (38.3 )%

Total non-GAAP adjustments before income 25.1 % 19.3 % 48.7 %taxes

Non-GAAP income before income taxes 21.5 % 22.0 % 10.3 %



GAAP income tax provision (benefit) (3.9 )% 0.9 % (4.9 )%

Adjustment for non-cash tax benefits/ 5.2 % 0.5 % 5.5 %expenses

Non-GAAP income tax provision 1.3 % 1.3 % 0.6 %



GAAP net income (loss) 0.4 % 1.8 % (33.4 )%

Total non-GAAP adjustments before income 25.1 % 19.3 % 48.7 %taxes

Less: total tax adjustments 5.2 % 0.5 % 5.5 %

Non-GAAP net income 20.3 % 20.7 % 9.7 %

MAXLINEAR, INC.

UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES

Six Months Ended

June 30, 2021

June 30, 2020

GAAP gross profit

54.1

%

49.9

%

Stock-based compensation

0.1

%

0.2

%

Performance based equity

0.1

%

0.1

%

Amortization of purchased intangible assets

5.2

%

13.5

%

Non-GAAP gross profit

59.4

%

63.7

%

GAAP R&D expenses

33.2

%

42.2

%

Stock-based compensation

(3.5

)%

(6.9

)%

Performance based equity

(3.1

)%

(3.0

)%

Research and development funded by others

(0.9

)%

-

%

Acquisition and integration costs

-

%

-

%

Non-GAAP R&D expenses

25.7

%

32.3

%

GAAP SG&A expenses

17.4

%

40.9

%

Stock-based compensation

(2.9

)%

(7.7

)%

Performance based equity

(1.3

)%

(1.8

)%

Amortization of purchased intangible assets

(2.9

)%

(8.9

)%

Acquisition and integration costs

(0.4

)%

(4.2

)%

IP litigation costs, net

-

%

(0.1

)%

Non-GAAP SG&A expenses

10.0

%

18.3

%

GAAP impairment losses

-

%

0.1

%

Impairment losses

-

%

(0.1

)%

Non-GAAP impairment losses

-

%

-

%

GAAP restructuring expenses

0.5

%

0.4

%

Restructuring charges

(0.5

)%

(0.4

)%

Non-GAAP restructuring expenses

-

%

-

%

GAAP income (loss) from operations

2.9

%

(33.7

)%

Total non-GAAP adjustments

20.8

%

46.9

%

Non-GAAP income from operations

23.7

%

13.2

%

GAAP loss on extinguishment of debt

(1.3

)%

-

%

Loss on extinguishment of debt

1.3

%

-

%

Non-GAAP loss on extinguishment of debt

-

%

-

%

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

(2.1

)%

(3.4

)%

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

0.1

%

-

%

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

(2.0

)%

(3.4

)%

GAAP income (loss) before income taxes

(0.4

)%

(37.1

)%

Total non-GAAP adjustments

22.2

%

46.9

%

Non-GAAP income before income taxes

21.8

%

9.8

%

GAAP income tax provision (benefit)

(1.5

)%

(7.8

)%

Adjustment for non-cash tax benefits/expenses

2.8

%

8.4

%

Non-GAAP income tax provision

1.3

%

0.6

%

GAAP net income (loss)

1.1

%

(29.3

)%

Total non-GAAP adjustments before income taxes

22.2

%

46.9

%

Less: total tax adjustments

2.8

%

8.4

%

Non-GAAP net income

20.5

%

9.2

%

View source version on businesswire.com: https://www.businesswire.com/news/home/20210728005991/en/

CONTACT: MaxLinear, Inc. Investor Relations Contact: Steven Litchfield Tel: 949-333-0080 IR@maxlinear.com