- Q4 net revenue of $92.2 million, GAAP gross margin of 55.6%
and non-GAAP gross margin of 59.1%
- FY'24 net revenue of $360.5 million, GAAP gross margin of
54.0% and non-GAAP gross margin of 59.7%
MaxLinear, Inc. (Nasdaq: MXL), a leading provider of radio
frequency (RF), analog, digital and mixed-signal integrated
circuits, today announced financial results for the fourth quarter
and fiscal year ended December 31, 2024.
Fourth Quarter Financial Highlights
GAAP basis:
- Net revenue was $92.2 million, up 14% sequentially and down 26%
from the year-ago quarter.
- GAAP gross margin was 55.6%, compared to 54.4% in the prior
quarter, and 54.7% in the year-ago quarter.
- GAAP operating expenses were $92.4 million in the fourth
quarter 2024, or 100% of net revenue, compared to $110.8 million in
the prior quarter, or 137% of net revenue, and $110.3 million in
the year-ago quarter, or 88% of net revenue.
- GAAP loss from operations was 45% of net revenue, compared to
loss from operations of 82% of net revenue in the prior quarter,
and loss from operations of 33% of net revenue in the year-ago
quarter.
- Net cash flow used in operating activities was $27.8 million,
compared to net cash flow used in operating activities of $30.7
million in the prior quarter, and net cash flow used in operating
activities of $16.6 million in the year-ago quarter.
- GAAP diluted loss per share was $0.68, compared to diluted loss
per share of $0.90 in the prior quarter, and diluted loss per share
of $0.47 in the year-ago quarter.
Non-GAAP basis:
- Non-GAAP gross margin was 59.1%, compared to 58.7% in the prior
quarter, and 61.4% in the year-ago quarter.
- Non-GAAP operating expenses were $61.3 million, or 67% of net
revenue, compared to $72.8 million or 90% of net revenue in the
prior quarter, and $75.7 million or 60% of net revenue in the
year-ago quarter.
- Non-GAAP loss from operations was 7% of net revenue, compared
to loss of 31% in the prior quarter, and income of 1% in the
year-ago quarter.
- Non-GAAP diluted loss per share was $0.09, compared to loss of
$0.36 in the prior quarter, and earnings of $0.01 in the year-ago
quarter.
Fiscal Year 2024 Financial Highlights
- Net revenue was $360.5 million, down 48.0% over fiscal
2023.
- GAAP gross margin was 54.0%, down from 55.6% in the prior year,
and non-GAAP gross margin was 59.7%, down from 60.8% the prior
year.
- GAAP operating expenses were $418.1 million, or 116% of net
revenue, compared to $423.9 million or 61% of net revenue in fiscal
2023, and non-GAAP operating expenses were $283.7 million, or 79%
of net revenue, compared to $314.1 million or 45% of net revenue in
the prior year.
- GAAP loss from operations was 62% of net revenue, compared to
GAAP loss from operations of 6% in fiscal 2023, and non-GAAP loss
from operations was 19% of net revenue, compared to non-GAAP income
from operations of 16% in the prior year.
- Net cash flow used in operations of $45.3 million, compared to
net cash flow provided by operations of $43.4 million in fiscal
2023.
- GAAP diluted loss per share was $2.93 compared to GAAP diluted
loss per share of $0.91 in the prior year, while non-GAAP diluted
loss per share was $0.90 compared to non-GAAP diluted earnings per
share of $1.10 in fiscal 2023.
Management Commentary
“Another quarter of improvement in customer orders and continued
new product traction give us confidence that we are entering our
next stage of growth in 2025,” said Kishore Seendripu, PhD,
Chairman and CEO. “In particular, we’re excited by the progress in
our optical interconnect business, where we have now shipped more
than one million units across multiple customers into high-volume
opportunities. We also believe that our investments into strategic
applications such as fiber broadband access gateways, Wi-Fi,
Ethernet, and wireless infrastructure position us for meaningful
growth and TAM expansion this year. With our strong focus on
operational efficiency, we are working hard towards a return to
profitability in the coming quarters.”
First Quarter 2025 Business Outlook
The company expects net revenue in the first quarter of 2025 to
be approximately $85 million to $105 million. The Company also
estimates the following:
- GAAP gross margin of approximately 54.5% to 57.5%;
- Non-GAAP gross margin of approximately 57.5% to 60.5%;
- GAAP operating expenses of approximately $93 million to $99
million;
- Non-GAAP operating expenses of approximately $56 million to $62
million;
- GAAP and non-GAAP interest and other expense of approximately
$1.0 million to $2.0 million each;
- GAAP and non-GAAP income tax provision of $2.7 million and $0;
and
- GAAP and non-GAAP diluted share count of approximately 85.5
million each.
Webcast and Conference Call
MaxLinear will host its fourth quarter financial results
conference call today, January 29, 2025 at 1:30 p.m. Pacific Time
(4:30 p.m. Eastern Time). To access this call, dial US toll free:
1-877-407-3109 / International: 1-201-493-6798. A live webcast of
the conference call will be accessible from the investor relations
section of the MaxLinear website at
https://investors.maxlinear.com, and will be archived and available
after the call at https://investors.maxlinear.com until February
12, 2025. A replay of the conference call will also be available
until February 12, 2025 by dialing US toll free: 1-877-660-6853 /
International: 1-201-612-7415 and Conference ID#: 13750660.
Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include, among others,
statements concerning our future financial performance (including
our current guidance for first quarter 2025 net revenue, and GAAP
and non-GAAP amounts for each of the following: gross margins,
operating expenses, interest and other expenses, income tax
provision, and diluted share counts); our potential growth, TAM
expansion, revenue and profitability opportunities; market trends;
settlement of bonus awards for our 2024 performance period; and
statements by our Chairman and CEO. These forward-looking
statements involve known and unknown risks, uncertainties, and
other factors that may cause actual results to be materially
different from any future results expressed or implied by the
forward-looking statements and our future financial performance and
operating results forecasts generally. Forward-looking statements
are based on management’s current, preliminary expectations and are
subject to various risks and uncertainties. In particular, our
future operating results are substantially dependent on our
assumptions about market trends and conditions. Additional risks
and uncertainties affecting our business, future operating results
and financial condition include, without limitation; risks relating
to our terminated merger with Silicon Motion and related
arbitration and class action complaint and the risks related to
potential payment of damages; the effect of intense and increasing
competition; impacts of global economic conditions; the cyclical
nature of the semiconductor industry; a significant variance in our
operating results and impact on volatility in our stock price, and
our ability to sustain our current level of revenue, which has
previously declined, and/or manage future growth effectively, and
the impact of excess inventory in the channel on our customers’
expected demand for certain of our products and on our revenue; the
geopolitical and economic tensions among the countries in which we
conduct business; increased tariffs, export controls or imposition
of other trade barriers; our ability to obtain or retain government
authorization to export certain of our products or technology;
risks associated with international geopolitical and military
conflicts; risks related to the loss of, or a significant reduction
in orders from major customers; costs of legal proceedings or
potential violations of regulations; information technology
failures; a decrease in the average selling prices of our products;
failure to penetrate new applications and markets; development
delays and consolidation trends in our industry; inability to make
substantial research and development investments; delays or
expenses caused by undetected defects or bugs in our products;
substantial quarterly and annual fluctuations in our revenue and
operating results; failure to timely develop and introduce new or
enhanced products; order and shipment uncertainties; failure to
accurately predict our future revenue and appropriately budget
expenses; lengthy and expensive customer qualification processes;
customer product plan cancellations; failure to maintain compliance
with government regulations; failure to attract and retain
qualified personnel; any adverse impact of rising interest rates on
us, our customers, and our distributors and related demand; risks
related to compliance with privacy, data protection and
cybersecurity laws and regulations; risks related to conforming our
products to industry standards; risks related to business
acquisitions and investments; claims of intellectual property
infringement; our ability to protect our intellectual property;
risks related to security vulnerabilities of our products; use of
open source software in our products; and failure to manage our
relationships with, or negative impacts from, third parties.
In addition to these risks and uncertainties, investors should
review the risks and uncertainties contained in our filings with
the Securities and Exchange Commission (SEC), including our Current
Reports on Form 8-K, as well as the information to be set forth
under the caption "Risk Factors" in MaxLinear's Annual Report on
Form 10-K for the year ended December 31, 2024. All forward-looking
statements are based on the estimates, projections and assumptions
of management as of January 29, 2025, and MaxLinear is under no
obligation (and expressly disclaims any such obligation) to update
or revise any forward-looking statements whether as a result of new
information, future events, or otherwise.
Use of Non-GAAP Financial Measures
To supplement our unaudited consolidated financial statements
presented on a basis consistent with GAAP, we disclose certain
non-GAAP financial measures, including non-GAAP gross profit,
non-GAAP gross margin, non-GAAP operating expenses, non-GAAP
operating expenses as a percentage of net revenue, non-GAAP income
(loss) from operations, non-GAAP income (loss) from operations as
percentage of revenue, non-GAAP interest and other income
(expense), non-GAAP income tax provision, non-GAAP diluted earnings
(loss) per share, and non-GAAP diluted share count. These
supplemental measures exclude the effects of (i) stock-based
compensation expense; (ii) accruals related to our
performance-based bonus plan for 2024, which we intend to settle in
shares of our common stock; (iii) accruals related to our
performance-based bonus plan for 2023, which we settled in shares
of common stock in February 2024; (iv) amortization of purchased
intangible assets; (v) research and development funded by others;
(vi) acquisition and integration costs related to our acquisitions,
if any, including costs incurred related to the termination of the
previously pending (now terminated) merger with Silicon Motion;
(vii) impairment of intangible assets; (viii) severance and other
restructuring charges; (ix) other non-recurring interest and other
income (expenses), net attributable to acquisitions, including
impairment of investments in a privately held entity and ticking
fees paid to lenders in August 2023 following the termination of
the previously pending (now terminated) merger with Silicon Motion;
and (x) non-cash income tax benefits and expenses. Non-GAAP
financial measures are not meant to be considered in isolation or
as a substitute for the comparable GAAP financial measures.
Non-GAAP financial measures are subject to limitations, and should
be read only in conjunction with the company’s consolidated
financial statements prepared in accordance with GAAP. Non-GAAP
financial measures do not have any standardized meaning and are
therefore unlikely to be comparable to similarly titled measures
presented by other companies. We believe that these non-GAAP
measures have limitations in that they do not reflect all of the
amounts associated with our GAAP results of operations. We
compensate for the limitations of non-GAAP financial measures by
relying upon GAAP results to gain a complete picture of our
performance.
We believe that non-GAAP financial measures can provide useful
information to both management and investors by excluding certain
non-cash and other one-time expenses that we believe are not
indicative of our core operating results. Among other uses, our
management uses non-GAAP measures to compare our performance
relative to forecasts and strategic plans and to benchmark our
performance externally against competitors. In addition,
management’s incentive compensation will be determined in part
using these non-GAAP measures because we believe non-GAAP measures
better reflect our core operating performance.
The following are explanations of each type of adjustment that
we incorporate into non-GAAP financial measures:
Stock-based compensation expense relates to equity incentive
awards granted to our employees, directors, and consultants. Our
equity incentive plans are important components of our employee
incentive compensation arrangements and are reflected as expenses
in our GAAP results. Stock-based compensation expense has been and
will continue to be a significant recurring expense for MaxLinear.
While we include the dilutive impact of equity awards in weighted
average shares outstanding, the expense associated with stock-based
awards reflects a non-cash charge that we exclude from non-GAAP net
income or loss.
Performance-based equity consists of accruals related to our
executive and non-executive bonus programs, and have been excluded
from our non-GAAP net income or loss for all periods reported.
Bonus payments for the 2023 performance periods were settled
through the issuance of shares of common stock under our equity
incentive plans in February 2024. We currently expect that bonus
awards under our fiscal 2024 program will be settled in common
stock in the first quarter of fiscal 2025.
Expenses incurred in relation to acquisitions include
amortization of purchased intangible assets, acquisition and
integration costs primarily consisting of professional and
consulting fees, including costs incurred related to the
termination of the previously pending (now terminated) merger with
Silicon Motion; ticking fees paid to lenders following the
termination of such merger which were recorded in other expense;
and accretion of discount on contingent consideration to interest
expense.
Research and development funded by others represents proceeds
received under contracts for jointly funded R&D projects to
develop technology that may be commercialized into a product in the
future. Initially such proceeds may not yet be recognized in GAAP
results if, pursuant to contract terms, the Company may be required
to repay all or a portion of the funds provided by the other party
under certain conditions. Management believes it is not probable
that it will trigger such conditions. Once such conditions have
been resolved, the proceeds are recognized in GAAP results, and
accordingly, reversed from non-GAAP results.
Impairment losses are related to abandonment of acquired or
purchased intangible assets.
Restructuring charges incurred are related to our restructuring
plans which eliminate redundancies and primarily include severance
and restructuring costs related to impairment of leased
right-of-use assets or from exiting certain facilities.
Other expense also includes losses from impairment of privately
held investments.
Income tax benefits and expense adjustments are those that do
not affect cash income taxes payable.
Reconciliations of non-GAAP measures for the historic periods
disclosed in this press release appear below. Because of the
inherent uncertainty associated with our ability to project future
charges, we are also unable to predict their probable significance,
particularly related to stock-based compensation and its related
tax effects as well as potential impairments, a quantitative
reconciliation is not available without unreasonable efforts and
accordingly, in reliance on the exception provided by Item
10(e)(1)(i)(B) of Regulation S-K, we have not provided a
reconciliation for non-GAAP guidance provided for the first quarter
2025.
About MaxLinear, Inc.
MaxLinear, Inc. (Nasdaq:MXL) is a leading provider of radio
frequency (RF), analog, digital and mixed-signal integrated
circuits for access and connectivity, wired and wireless
infrastructure, and industrial and multi-market applications.
MaxLinear is headquartered in 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, 2024
September 30, 2024
December 31, 2023
Net revenue
$
92,167
$
81,102
$
125,353
Cost of net revenue
40,919
37,022
56,814
Gross profit
51,248
44,080
68,539
Operating expenses:
Research and development
51,278
52,604
65,250
Selling, general and administrative
38,087
30,154
34,384
Impairment losses
—
1,237
—
Restructuring charges
3,056
26,828
10,648
Total operating expenses
92,421
110,823
110,282
Loss from operations
(41,173
)
(66,743
)
(41,743
)
Interest income
1,040
1,653
1,781
Interest expense
(2,802
)
(2,655
)
(2,909
)
Other income (expense), net
2,113
(14,753
)
240
Total other income (expense), net
351
(15,755
)
(888
)
Loss before income taxes
(40,822
)
(82,498
)
(42,631
)
Income tax provision (benefit)
17,016
(6,713
)
(4,131
)
Net loss
$
(57,838
)
$
(75,785
)
$
(38,500
)
Net loss per share:
Basic
$
(0.68
)
$
(0.90
)
$
(0.47
)
Diluted
$
(0.68
)
$
(0.90
)
$
(0.47
)
Shares used to compute net loss per
share:
Basic
84,485
84,074
81,681
Diluted
84,485
84,074
81,681
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED
STATEMENTS OF OPERATIONS
(in thousands, except per
share data)
Twelve Months Ended
December 31, 2024
December 31, 2023
Net revenue
$
360,528
$
693,263
Cost of net revenue
165,746
307,600
Gross profit
194,782
385,663
Operating expenses:
Research and development
225,189
269,504
Selling, general and administrative
138,329
132,156
Impairment losses
1,237
2,438
Restructuring charges
53,379
19,786
Total operating expenses
418,134
423,884
Loss from operations
(223,352
)
(38,221
)
Interest income
6,386
6,053
Interest expense
(10,874
)
(10,702
)
Other income (expense), net
(10,877
)
(20,940
)
Total other income (expense), net
(15,365
)
(25,589
)
Loss before income taxes
(238,717
)
(63,810
)
Income tax provision
6,481
9,337
Net loss
$
(245,198
)
$
(73,147
)
Net loss per share:
Basic
$
(2.93
)
$
(0.91
)
Diluted
$
(2.93
)
$
(0.91
)
Shares used to compute net loss per
share:
Basic
83,600
80,719
Diluted
83,600
80,719
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
Three Months Ended
December 31, 2024
September 30, 2024
December 31, 2023
Operating Activities
Net loss
$
(57,838
)
$
(75,785
)
$
(38,500
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Amortization and depreciation
11,714
12,142
16,593
Impairment of intangible assets
—
1,237
—
Impairment of investments and other
assets
—
14,000
—
Amortization of debt issuance costs and
accretion of discount on debt and leases
548
637
703
Stock-based compensation
18,813
12,788
16,413
Deferred income taxes
13,884
(8,320
)
(10,954
)
Loss on disposal of property and
equipment
—
623
—
Gain on sale of investments
—
—
(434
)
Unrealized holding gain on investments
—
—
(2,152
)
Impairment of leased right-of-use
assets
2,140
677
—
Gain on extinguishment of lease
liabilities
(1
)
(1
)
—
(Gain) loss on foreign currency and
other
(2,226
)
2,339
2,335
Excess tax deficiencies on stock based
awards
262
1,469
276
Changes in operating assets and
liabilities:
Accounts receivable, net
(37,534
)
37,010
(12,363
)
Inventory
5,720
(1,325
)
15,034
Prepaid expenses and other assets
6,742
(7,852
)
887
Accounts payable, accrued expenses and
other current liabilities
17,448
(6,708
)
(11,514
)
Accrued compensation
(2,092
)
159
932
Accrued price protection liability
(1,071
)
(17,158
)
3,474
Lease liabilities
(2,889
)
(2,761
)
(2,780
)
Other long-term liabilities
(1,458
)
6,098
5,477
Net cash used in operating activities
(27,838
)
(30,731
)
(16,573
)
Investing Activities
Purchases of property and equipment
(2,193
)
(4,132
)
(1,274
)
Purchases of intangible assets
(805
)
(1,818
)
(157
)
Cash used in acquisitions, net of cash
acquired
—
—
(940
)
Sales of trading securities
—
—
17,198
Net cash provided by (used in) investing
activities
(2,998
)
(5,950
)
14,827
Financing Activities
Net proceeds from issuance of common
stock
2,512
—
1,391
Minimum tax withholding paid on behalf of
employees for restricted stock units
(1,091
)
(58
)
(220
)
Net cash provided by (used in) financing
activities
1,421
(58
)
1,171
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(474
)
94
779
Increase (decrease) in cash, cash
equivalents and restricted cash
(29,889
)
(36,645
)
204
Cash, cash equivalents and restricted cash
at beginning of period
149,492
186,137
188,152
Cash, cash equivalents and restricted cash
at end of period
$
119,603
$
149,492
$
188,356
MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED
STATEMENTS OF CASH FLOWS
(in thousands)
Year Ended
December 31, 2024
December 31, 2023
Operating Activities
Net loss
$
(245,198
)
$
(73,147
)
Adjustments to reconcile net loss to cash
provided by (used in) operating activities:
Amortization and depreciation
54,140
71,516
Impairment of intangible assets
1,237
2,438
Impairment of investments and other
assets
14,000
—
Amortization of debt issuance costs and
accretion of discount on debt and leases
2,538
2,561
Stock-based compensation
66,021
55,176
Deferred income taxes
826
(4,452
)
Loss on disposal of property and
equipment
1,068
2,057
Gain on sale of investments
—
(434
)
Unrealized holding loss on investments
—
1,765
Impairment of leased right-of-use
assets
5,555
—
Gain on settlement of pension
—
(1,008
)
Gain on extinguishment of lease
liabilities
(555
)
—
(Gain) loss on foreign currency
(1,253
)
2,475
Excess tax (benefits) deficiencies on
stock based awards
3,250
(253
)
Changes in operating assets and
liabilities:
Accounts receivable, net
85,155
1,406
Inventory
9,565
60,636
Prepaid expenses and other assets
(1,873
)
(9,328
)
Accounts payable, accrued expenses and
other current liabilities
(4,569
)
(29,431
)
Accrued compensation
919
9,708
Accrued price protection liability
(28,283
)
(41,562
)
Lease liabilities
(10,695
)
(11,671
)
Other long-term liabilities
2,857
4,920
Net cash provided by (used in) operating
activities
(45,295
)
43,372
Investing Activities
Purchases of property and equipment
(17,680
)
(13,454
)
Purchases of intangible assets
(5,766
)
(6,355
)
Cash used in acquisitions, net of cash
acquired
—
(13,324
)
Sales of trading securities
—
17,198
Net cash used in investing activities
(23,446
)
(15,935
)
Financing Activities
Payment of debt commitment fees
—
(18,325
)
Net proceeds from issuance of common
stock
4,091
4,559
Minimum tax withholding paid on behalf of
employees for restricted stock units
(2,805
)
(12,590
)
Net cash provided by (used in) financing
activities
1,286
(26,356
)
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(1,298
)
(1,082
)
Decrease in cash, cash equivalents and
restricted cash
(68,753
)
(1
)
Cash, cash equivalents and restricted cash
at beginning of period
188,356
188,357
Cash, cash equivalents and restricted cash
at end of period
$
119,603
$
188,356
MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED
CONSOLIDATED BALANCE SHEETS
(in thousands)
December 31, 2024
September 30, 2024
December 31, 2023
Assets
Current assets:
Cash and cash equivalents
$
118,575
$
148,476
$
187,288
Short-term restricted cash
1,003
993
1,051
Accounts receivable, net
85,464
47,930
170,619
Inventory
90,343
96,063
99,908
Prepaid expenses and other current
assets
28,057
34,798
29,159
Total current assets
323,442
328,260
488,025
Long-term restricted cash
25
23
17
Property and equipment, net
59,300
63,493
66,431
Leased right-of-use assets
18,184
22,549
31,264
Intangible assets, net
55,008
58,031
73,630
Goodwill
318,588
318,588
318,588
Deferred tax assets
68,662
82,552
69,493
Other long-term assets
21,430
21,807
32,809
Total assets
$
864,639
$
895,303
$
1,080,257
Liabilities and stockholders’
equity
Current liabilities
$
182,284
$
168,597
$
222,129
Long-term lease liabilities
16,952
19,433
26,243
Long-term debt
122,996
122,840
122,375
Other long-term liabilities
26,124
27,561
23,245
Stockholders’ equity
516,283
556,872
686,265
Total liabilities and stockholders’
equity
$
864,639
$
895,303
$
1,080,257
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF
NON-GAAP ADJUSTMENTS
(in thousands, except per
share data)
Three Months Ended
December 31, 2024
September 30, 2024
December 31, 2023
GAAP gross profit
$
51,248
$
44,080
$
68,539
Stock-based compensation
186
81
137
Performance based equity
8
(19
)
17
Amortization of purchased intangible
assets
2,990
3,498
8,332
Non-GAAP gross profit
54,432
47,640
77,025
GAAP R&D expenses
51,278
52,604
65,250
Stock-based compensation
(10,862
)
(7,423
)
(11,061
)
Performance based equity
(743
)
775
(1,918
)
Research and development funded by
others
—
3,000
(2,000
)
Non-GAAP R&D expenses
39,673
48,956
50,271
GAAP SG&A expenses
38,087
30,154
34,384
Stock-based compensation
(7,766
)
(5,284
)
(5,215
)
Performance based equity
(811
)
384
(1,324
)
Amortization of purchased intangible
assets
(592
)
(591
)
(591
)
Acquisition and integration costs
(7,261
)
(801
)
(1,799
)
Non-GAAP SG&A expenses
21,657
23,862
25,455
GAAP impairment losses
—
1,237
—
Impairment losses
—
(1,237
)
—
Non-GAAP impairment losses
—
—
—
GAAP restructuring expenses
3,056
26,828
10,648
Restructuring charges
(3,056
)
(26,828
)
(10,648
)
Non-GAAP restructuring expenses
—
—
—
GAAP loss from operations
(41,173
)
(66,743
)
(41,743
)
Total non-GAAP adjustments
34,275
41,565
43,042
Non-GAAP income (loss) from operations
(6,898
)
(25,178
)
1,299
GAAP interest and other income (expense),
net
351
(15,755
)
(888
)
Non-recurring interest and other income
(expense), net
326
11,769
54
Non-GAAP interest and other income
(expense), net
677
(3,986
)
(834
)
GAAP loss before income taxes
(40,822
)
(82,498
)
(42,631
)
Total non-GAAP adjustments
34,601
53,334
43,096
Non-GAAP income (loss) before income
taxes
(6,221
)
(29,164
)
465
GAAP income tax provision (benefit)
17,016
(6,713
)
(4,131
)
Adjustment for non-cash tax
benefits/expenses
(16,016
)
7,568
4,177
Non-GAAP income tax provision
1,000
855
46
GAAP net loss
(57,838
)
(75,785
)
(38,500
)
Total non-GAAP adjustments before income
taxes
34,601
53,334
43,096
Less: total tax adjustments
(16,016
)
7,568
4,177
Non-GAAP net income (loss)
$
(7,221
)
$
(30,019
)
$
419
Shares used in computing GAAP and non-GAAP
basic net income (loss) per share
84,485
84,074
81,681
Shares used in computing GAAP diluted net
loss per share
84,485
84,074
81,681
Dilutive common stock equivalents
—
—
1,000
Shares used in computing non-GAAP diluted
net income (loss) per share
84,485
84,074
82,681
Non-GAAP basic net income (loss) per
share
$
(0.09
)
$
(0.36
)
$
0.01
Non-GAAP diluted net income (loss) per
share
$
(0.09
)
$
(0.36
)
$
0.01
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF
NON-GAAP ADJUSTMENTS
(in thousands, except per
share data)
Year ended
December 31, 2024
December 31, 2023
GAAP gross profit
$
194,782
$
385,663
Stock-based compensation
621
763
Performance based equity
24
111
Amortization of purchased intangible
assets
19,798
35,102
Non-GAAP gross profit
215,225
421,639
GAAP R&D expenses
225,189
269,504
Stock-based compensation
(38,814
)
(44,189
)
Performance based equity
(3,108
)
(7,568
)
Research and development funded by
others
2,000
(9,500
)
Non-GAAP R&D expenses
185,267
208,247
GAAP SG&A expenses
138,329
132,156
Stock-based compensation
(26,586
)
(10,224
)
Performance based equity
(2,132
)
(3,874
)
Amortization of purchased intangible
assets
(2,366
)
(2,881
)
Acquisition and integration costs
(8,828
)
(9,286
)
Non-GAAP SG&A expenses
98,417
105,891
GAAP impairment losses
1,237
2,438
Impairment losses
(1,237
)
(2,438
)
Non-GAAP impairment losses
—
—
GAAP restructuring expenses
53,379
19,786
Restructuring charges
(53,379
)
(19,786
)
Non-GAAP restructuring expenses
—
—
GAAP loss from operations
(223,352
)
(38,221
)
Total non-GAAP adjustments
154,893
145,722
Non-GAAP income (loss) from operations
(68,459
)
107,501
GAAP interest and other income (expense),
net
(15,365
)
(25,589
)
Non-recurring interest and other income
(expense), net
12,233
18,628
Non-GAAP interest and other income
(expense), net
(3,132
)
(6,961
)
GAAP loss before income taxes
(238,717
)
(63,810
)
Total non-GAAP adjustments
167,126
164,350
Non-GAAP income (loss) before income
taxes
(71,591
)
100,540
GAAP income tax provision
6,481
9,337
Adjustment for non-cash tax
benefits/expenses
(2,481
)
717
Non-GAAP income tax provision
4,000
10,054
GAAP net loss
(245,198
)
(73,147
)
Total non-GAAP adjustments before income
taxes
167,126
164,350
Less: total tax adjustments
(2,481
)
717
Non-GAAP net income (loss)
$
(75,591
)
$
90,486
Shares used in computing GAAP and non-GAAP
basic net income (loss) per share
83,600
80,719
Shares used in computing GAAP diluted net
loss per share
83,600
80,719
Dilutive common stock equivalents
—
1,210
Shares used in computing non-GAAP diluted
net income (loss) per share
83,600
81,929
Non-GAAP basic net income (loss) per
share
$
(0.90
)
$
1.12
Non-GAAP diluted net income (loss) per
share
$
(0.90
)
$
1.10
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET
REVENUE
Three Months Ended
December 31, 2024
September 30, 2024
December 31, 2023
GAAP gross margin
55.6
%
54.4
%
54.7
%
Stock-based compensation
0.2
%
0.1
%
0.1
%
Performance based equity
—
%
—
%
—
%
Amortization of purchased intangible
assets
3.2
%
4.3
%
6.7
%
Non-GAAP gross margin
59.1
%
58.7
%
61.4
%
GAAP R&D expenses
55.6
%
64.9
%
52.1
%
Stock-based compensation
(11.8
)%
(9.2
)%
(8.8
)%
Performance based equity
(0.8
)%
1.0
%
(1.5
)%
Research and development funded by
others
—
%
3.7
%
(1.6
)%
Non-GAAP R&D expenses
43.0
%
60.4
%
40.1
%
GAAP SG&A expenses
41.3
%
37.2
%
27.4
%
Stock-based compensation
(8.4
)%
(6.5
)%
(4.2
)%
Performance based equity
(0.9
)%
0.5
%
(1.1
)%
Amortization of purchased intangible
assets
(0.6
)%
(0.7
)%
(0.5
)%
Acquisition and integration costs
(7.9
)%
(1.0
)%
(1.4
)%
Non-GAAP SG&A expenses
23.5
%
29.4
%
20.3
%
GAAP impairment losses
—
%
1.5
%
—
%
Impairment losses
—
%
(1.5
)%
—
%
Non-GAAP impairment losses
—
%
—
%
—
%
GAAP restructuring expenses
3.3
%
33.1
%
8.5
%
Restructuring charges
(3.3
)%
(33.1
)%
(8.5
)%
Non-GAAP restructuring expenses
—
%
—
%
—
%
GAAP loss from operations
(44.7
)%
(82.3
)%
(33.3
)%
Total non-GAAP adjustments
37.2
%
51.3
%
34.3
%
Non-GAAP income (loss) from operations
(7.5
)%
(31.0
)%
1.0
%
GAAP interest and other income (expense),
net
0.4
%
(19.4
)%
(0.7
)%
Non-recurring interest and other income
(expense), net
0.4
%
14.5
%
—
%
Non-GAAP interest and other income
(expense), net
0.7
%
(4.9
)%
(0.7
)%
GAAP loss before income taxes
(44.3
)%
(101.7
)%
(34.0
)%
Total non-GAAP adjustments before income
taxes
37.5
%
65.8
%
34.4
%
Non-GAAP income (loss) before income
taxes
(6.8
)%
(36.0
)%
0.4
%
GAAP income tax provision (benefit)
18.5
%
(8.3
)%
(3.3
)%
Adjustment for non-cash tax
benefits/expenses
(17.4
)%
9.3
%
3.3
%
Non-GAAP income tax provision
1.1
%
1.1
%
—
%
GAAP net loss
(62.8
)%
(93.4
)%
(30.7
)%
Total non-GAAP adjustments before income
taxes
37.5
%
65.8
%
34.4
%
Less: total tax adjustments
(17.4
)%
9.3
%
3.3
%
Non-GAAP net income (loss)
(7.8
)%
(37.0
)%
0.3
%
MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET
REVENUE
Year ended
December 31, 2024
December 31, 2023
GAAP gross margin
54.0
%
55.6
%
Stock-based compensation
0.2
%
0.1
%
Performance based equity
—
%
—
%
Amortization of purchased intangible
assets
5.5
%
5.1
%
Non-GAAP gross margin
59.7
%
60.8
%
GAAP R&D expenses
62.5
%
38.9
%
Stock-based compensation
(10.8
)%
(6.4
)%
Performance based equity
(0.9
)%
(1.1
)%
Research and development funded by
others
0.6
%
(1.4
)%
Non-GAAP R&D expenses
51.4
%
30.0
%
GAAP SG&A expenses
38.4
%
19.1
%
Stock-based compensation
(7.4
)%
(1.5
)%
Performance based equity
(0.6
)%
(0.6
)%
Amortization of purchased intangible
assets
(0.7
)%
(0.4
)%
Acquisition and integration costs
(2.5
)%
(1.3
)%
Non-GAAP SG&A expenses
27.3
%
15.3
%
GAAP impairment losses
0.3
%
0.4
%
Impairment losses
(0.3
)%
(0.4
)%
Non-GAAP impairment losses
—
%
—
%
GAAP restructuring expenses
14.8
%
2.9
%
Restructuring charges
(14.8
)%
(2.9
)%
Non-GAAP restructuring expenses
—
%
—
%
GAAP loss from operations
(62.0
)%
(5.5
)%
Total non-GAAP adjustments
43.0
%
21.0
%
Non-GAAP income (loss) from operations
(19.0
)%
15.5
%
GAAP interest and other income (expense),
net
(4.3
)%
(3.7
)%
Non-recurring interest and other income
(expense), net
3.4
%
2.7
%
Non-GAAP interest and other income
(expense), net
(0.9
)%
(1.0
)%
GAAP loss before income taxes
(66.2
)%
(9.2
)%
Total non-GAAP adjustments
46.4
%
23.7
%
Non-GAAP income (loss) before income
taxes
(19.9
)%
14.5
%
GAAP income tax provision
1.8
%
1.4
%
Adjustment for non-cash tax
benefits/expenses
(0.7
)%
0.1
%
Non-GAAP income tax provision
1.1
%
1.5
%
GAAP net loss
(68.0
)%
(10.6
)%
Total non-GAAP adjustments before income
taxes
46.4
%
23.7
%
Less: total tax adjustments
(0.7
)%
0.1
%
Non-GAAP net income (loss)
(21.0
)%
13.1
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20250129301826/en/
MaxLinear, Inc. Investor Relations Contact:
Leslie Green lgreen@maxlinear.com
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