0001288469-23-000164.txt : 20231025 0001288469-23-000164.hdr.sgml : 20231025 20231025160750 ACCESSION NUMBER: 0001288469-23-000164 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20231025 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20231025 DATE AS OF CHANGE: 20231025 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MAXLINEAR, INC CENTRAL INDEX KEY: 0001288469 STANDARD INDUSTRIAL CLASSIFICATION: SEMICONDUCTORS & RELATED DEVICES [3674] IRS NUMBER: 141896129 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34666 FILM NUMBER: 231346044 BUSINESS ADDRESS: STREET 1: 5966 LA PLACE CT. CITY: CARLSBAD STATE: CA ZIP: 92008 BUSINESS PHONE: 760-692-0711 MAIL ADDRESS: STREET 1: 5966 LA PLACE CT. CITY: CARLSBAD STATE: CA ZIP: 92008 FORMER COMPANY: FORMER CONFORMED NAME: MAXLINEAR INC DATE OF NAME CHANGE: 20040423 8-K 1 mxl-20231025.htm 8-K mxl-20231025
0001288469false00012884692023-10-252023-10-250001288469exch:XNGS2023-10-252023-10-25

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K

CURRENT REPORT
Pursuant to Section 13 OR 15(d)
of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): October 25, 2023
MaxLinear, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3466614-1896129
(State or other jurisdiction
of incorporation)		(Commission
File Number)		(I.R.S. Employer
Identification No.)
5966 La Place Court, Suite 100, Carlsbad, California 92008
(Address of principal executive offices) (Zip Code)
(760) 692-0711
(Registrant’s telephone number, including area code)
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common stockMXLThe Nasdaq Stock Market LLC
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐




Item 2.02. Results of Operations and Financial Condition.
On October 25, 2023, MaxLinear, Inc. issued a press release announcing its unaudited financial results for the third quarter ended September 30, 2023. A copy of the press release is furnished as Exhibits 99.1 to this Current Report on Form 8-K, and is incorporated herein by reference.
The information in this Current Report on Form 8-K and the exhibits attached hereto are being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section. The information in this Current Report on Form 8-K shall not be incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01. Financial Statements and Exhibits.
(d)    Exhibits
ExhibitDescription
99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)
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SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date:October 25, 2023MAXLINEAR, INC.
(Registrant)
By:/s/ Steven G. Litchfield
Steven G. Litchfield
Chief Financial Officer and Chief Corporate Strategy Officer
(Principal Financial Officer)

3
 EX-99.1 2 a9302023exhibit991.htm EX-99.1 Document

Exhibit 99.1
mxla01a01a42a.jpg
FOR IMMEDIATE RELEASE

MaxLinear, Inc. Announces Third Quarter 2023 Financial Results

•Net revenue of $135.5 million in Q3, GAAP gross margin of 54.6% and non-GAAP gross margin of 60.8%
•Infrastructure revenue was $50.0 million in Q3, up 1% sequentially and up 40% YoY
Carlsbad, Calif. – October 25, 2023 – MaxLinear, Inc. (Nasdaq: MXL), a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits, today announced financial results for the third quarter ended September 30, 2023.

Third Quarter Financial Highlights
GAAP basis:
•Net revenue was $135.5 million, down 26% sequentially and down 53% year-over-year.
•GAAP gross margin was 54.6%, compared to 55.9% in the prior quarter, and 58.6% in the year-ago quarter.
•GAAP operating expenses were $91.8 million in the third quarter 2023, or 68% of net revenue, compared to $108.8 million in the prior quarter, or 59% of net revenue, and $115.5 million in the year-ago quarter, or 40% of net revenue.
•GAAP loss from operations was 13% of net revenue, compared to loss from operations of 3% of net revenue in the prior quarter, and income from operations of 18% of net revenue in the year-ago quarter.
•Net cash flow used in operating activities was $12.8 million, compared to net cash flow provided by operating activities of $30.6 million in the prior quarter, and net cash flow provided by operating activities of $61.8 million in the year-ago quarter.
•GAAP diluted loss per share was $0.49, compared to diluted loss per share of $0.05 in the prior quarter, and diluted earnings per share of $0.35 in the year-ago quarter.
Non-GAAP basis:
•Non-GAAP gross margin was 60.8%. This compares to 61.0% in the prior quarter, and 62.0% in the year-ago quarter.
•Non-GAAP operating expenses were $75.1 million, or 55% of net revenue, compared to $82.5 million or 45% of net revenue in the prior quarter, and $80.4 million or 28% of net revenue in the year-ago quarter.
•Non-GAAP income from operations was 5% of net revenue, compared to 16% in the prior quarter, and 34% in the year-ago quarter.
•Non-GAAP diluted earnings per share was $0.02, compared to $0.34 in the prior quarter, and $1.05 in the year-ago quarter.
Management Commentary

“In the third quarter, we delivered $135.5 million in revenues. Our infrastructure category was up 1% sequentially and 40% year over year, primarily driven by the expanding roll-out of multi-band millimeter wave and microwave 5G wireless backhaul platform solutions.

“Even as we navigate a challenging demand environment with fiscal discipline and operational efficiency, our solid execution and innovative product offerings are enabling us to maximize strategic business opportunities across all our end markets. In 2023, we continue to lay important groundwork in Wi-Fi, ethernet, fiber broadband access gateways, and wireless and optical datacenter network infrastructure, which will be the foundation for potential future growth,” commented Kishore Seendripu, Ph.D., Chairman and CEO.
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Fourth Quarter 2023 Business Outlook

The company expects net revenue in the fourth quarter of 2023 to be approximately $115 million to $135 million. The Company also estimates the following:
•GAAP gross margin of approximately 52.5% to 55.5%;
•Non-GAAP gross margin of approximately 59.5% to 62.5%;
•GAAP operating expenses of approximately $125 million to $135 million;
•Non-GAAP operating expenses of approximately $72 million to $78 million;
•GAAP and non-GAAP interest and other expenses are expected to be negligible; and
•GAAP and non-GAAP diluted share count of 82.5 million to 83.5 million each.

Webcast and Conference Call
MaxLinear will host its third quarter financial results conference call today, October 25, 2023 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access this call, dial US toll free: 1-877-407-3109 / International: 1-201-493-6798. A live webcast of the conference call will be accessible from the investor relations section of the MaxLinear website at https://investors.maxlinear.com, and will be archived and available after the call at https://investors.maxlinear.com until November 8, 2023. A replay of the conference call will also be available until November 8, 2023 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13741910.
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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 fourth quarter 2023 net revenue, and GAAP and non-GAAP amounts for each of the following: gross margins, operating expenses, interest and other expenses, and diluted share counts; statements regarding our potential growth, including potential growth and demand environment, including potential growth opportunities of our product portfolio and target markets including Wi-Fi, ethernet, fiber access, wireless and optical infrastructure; statements regarding our ability to maximize strategic business opportunities, and statements by our Chairman and CEO. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements and our future financial performance and operating results forecasts generally. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. In particular, our future operating results are substantially dependent on our assumptions about market trends and conditions. Additional risks and uncertainties affecting our business, future operating results and financial condition include, without limitation; risks relating to our terminated merger with Silicon Motion and related arbitration and class action complaint and the risks related to potential payment of damages; the effect of intense and increasing competition; impacts of global economic conditions; the cyclical nature of the semiconductor industry; a significant variance in our operating results and impact on volatility in our stock price, and our ability to sustain our current level of revenue, which has declined, and/or manage future growth effectively, and the impact of excess inventory in the channel on our customers’ expected demand for certain of our products; the geopolitical and economic tensions among the countries in which we conduct business; increased tariffs, export controls or imposition of other trade barriers; our ability to obtain or retain government authorization to export certain of our products or technology; risks related to the loss of, or a significant reduction in orders from major customers; 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; any delays or expenses caused by undetected defects or bugs in our products; failure to attract and retain qualified personnel; 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; information technology failures; any adverse impact of rising interest rates on us, our customers, and our distributors and related demand; claims of intellectual property infringement; our ability to protect our intellectual property; and a failure to manage our relationships with, or negative impacts from, third parties.
In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the SEC on February 1, 2023, and our Current Reports on Form 8-K, as well as the information to be set forth under the caption "Risk Factors" in MaxLinear's Quarterly Report on Form 10-Q for the quarter ended September 30, 2023. All forward-looking statements are based on the estimates, projections and assumptions of management as of October 25, 2023, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.
Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating expenses as a percentage of net revenue, non-GAAP income from operations as percentage of revenue, non-GAAP interest and other expenses, non-GAAP diluted earnings 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 2023, which we currently intend to settle in shares of our common stock; (iii) accruals related to our performance-based bonus plan for 2022, which we settled in shares of common stock in 2023; (iv) amortization of purchased intangible assets; (v) research and development funded by others; (vi) acquisition and integration costs related to our acquisitions, 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 ticking fees paid to lenders 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.
3

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.
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 for all periods reported. Bonus payments for the 2022 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2023. We currently expect that bonus awards under our fiscal 2023 program will be settled in common stock in the first quarter of fiscal 2024.
Expenses incurred in relation to acquisitions include amortization of purchased intangible assets, acquisition and integration costs primarily consisting of professional and consulting fees, 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.
Income tax benefits and expense adjustments are those that do not affect cash income taxes payable.
Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, we are also unable to predict their probable significance, particularly related to stock-based compensation and its related tax effects as well as potential impairments, a quantitative reconciliation is not available without unreasonable efforts and accordingly, in reliance on the exception provided by Item 10(e)(1)(i)(B) of Regulation S-K, we have not provided a reconciliation for non-GAAP guidance provided for the fourth quarter 2023.
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.
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MaxLinear, Inc. Investor Relations Contact:
Leslie Green
Tel: +1 650-312-9060
lgreen@maxlinear.com

5

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share data)

Three Months Ended
September 30, 2023June 30, 2023September 30, 2022
Net revenue$135,530 $183,938 $285,730 
Cost of net revenue61,586 81,065 118,242 
Gross profit73,944 102,873 167,488 
Operating expenses:
Research and development66,306 70,657 76,437 
Selling, general and administrative25,402 33,717 38,472 
Restructuring charges54 4,436 631 
Total operating expenses91,762 108,810 115,540 
Income (loss) from operations(17,818)(5,937)51,948 
Interest income1,736 1,903 62 
Interest expense(2,715)(2,591)(2,711)
Other income (expense), net(22,721)1,865 (4,705)
Total other income (expense), net(23,700)1,177 (7,354)
Income (loss) before income taxes(41,518)(4,760)44,594 
Income tax provision (benefit)(1,689)(409)16,186 
Net income (loss)$(39,829)$(4,351)$28,408 
Net income (loss) per share:
Basic$(0.49)$(0.05)$0.36 
Diluted$(0.49)$(0.05)$0.35 
Shares used to compute net income (loss) per share:
Basic81,249 80,446 78,436 
Diluted81,249 80,446 80,060 

6

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME
(in thousands, except per share data)

Nine Months Ended
September 30, 2023September 30, 2022
Net revenue$567,910 $829,666 
Cost of net revenue250,786 343,237 
Gross profit317,124 486,429 
Operating expenses:
Research and development204,254 222,718 
Selling, general and administrative97,772 123,536 
Impairment losses2,438 — 
Restructuring charges9,138 1,093 
Total operating expenses313,602 347,347 
Income from operations3,522 139,082 
Interest income4,272 175 
Interest expense(7,793)(7,476)
Other income (expense), net(21,180)1,704 
Total other income (expense), net(24,701)(5,597)
Income (loss) before income taxes(21,179)133,485 
Income tax provision13,468 39,525 
Net income (loss)$(34,647)$93,960 
Net income (loss) per share:
Basic$(0.43)$1.21 
Diluted$(0.43)$1.17 
Shares used to compute net income (loss) per share:
Basic80,395 77,833 
Diluted80,395 80,331 


7

MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Three Months Ended
September 30, 2023June 30, 2023September 30, 2022
Operating Activities
Net income (loss)$(39,829)$(4,351)$28,408 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Amortization and depreciation17,014 18,707 18,457 
Amortization of debt issuance costs and accretion of discount on debt and leases685 625 505 
Stock-based compensation5,118 17,197 20,131 
Deferred income taxes(2,384)758 15,962 
Loss on disposal of property and equipment16 2,001 3 
Unrealized holding (gain) loss on investments5,876 (1,807)5,277 
(Gain) loss on settlement of pension(1,008)— — 
Gain on foreign currency and other(13)(209)(570)
Excess tax (benefits) deficiencies on stock based awards769 (791)(273)
Changes in operating assets and liabilities:
Accounts receivable(2,398)33,098 (41,007)
Inventory11,210 23,433 (19,539)
Prepaid expenses and other assets(4,563)(1,314)2,129 
Accounts payable, accrued expenses and other current liabilities9,347 (26,378)19,768 
Accrued compensation4,914 (3,348)10,832 
Accrued price protection liability(11,995)(23,164)6,171 
Lease liabilities(2,882)(2,914)(2,974)
Other long-term liabilities(2,669)(965)(1,514)
Net cash provided by (used in) operating activities(12,792)30,578 61,766 
Investing Activities
Purchases of property and equipment(1,927)(5,037)(9,119)
Purchases of intangible assets(674)(4,894)(5,236)
Cash used in acquisitions, net of cash acquired— (2,719)— 
Purchases of investments— — (1,000)
Net cash used in investing activities(2,601)(12,650)(15,355)
Financing Activities
Payment of debt commitment fees(18,325)— — 
Repayment of debt— — (75,000)
Net proceeds from issuance of common stock92 3,073 81 
Minimum tax withholding paid on behalf of employees for restricted stock units(3,232)(2,965)(380)
Net cash provided by (used in) financing activities(21,465)108 (75,299)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(633)(1,229)(1,038)
Increase (decrease) in cash, cash equivalents and restricted cash(37,491)16,807 (29,926)
Cash, cash equivalents and restricted cash at beginning of period225,643 208,836 212,419 
Cash, cash equivalents and restricted cash at end of period$188,152 $225,643 $182,493 
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MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)

Nine Months Ended
September 30, 2023September 30, 2022
Operating Activities
Net income (loss)$(34,647)$93,960 
Adjustments to reconcile net income (loss) to cash provided by operating activities:
Amortization and depreciation54,923 61,906 
Impairment losses2,438 — 
Amortization of debt issuance costs and accretion of discount on debt and leases1,858 1,462 
Stock-based compensation38,763 58,154 
Deferred income taxes6,502 23,321 
Loss on disposal of property and equipment2,057 167 
Unrealized holding loss on investments3,917 1,418 
Impairment of leased right-of-use assets— 462 
(Gain) loss on settlement of pension(1,008)— 
(Gain) loss on foreign currency140 (3,245)
Excess tax benefits on stock-based awards(529)(9,702)
Changes in operating assets and liabilities:
Accounts receivable13,769 (57,976)
Inventory45,602 (34,267)
Prepaid expenses and other assets(10,215)3,957 
Accounts payable, accrued expenses and other current liabilities(17,917)82,389 
Accrued compensation8,776 32,187 
Accrued price protection liability(45,036)76,968 
Lease liabilities(8,891)(8,485)
Other long-term liabilities(557)(3,307)
Net cash provided by operating activities59,945 319,369 
Investing Activities
Purchases of property and equipment(12,180)(24,625)
Purchases of intangible assets(6,198)(10,440)
Cash used in acquisitions, net of cash acquired(12,384)— 
Proceeds loaned under notes receivable— (10,000)
Purchases of investments— (29,325)
Net cash used in investing activities(30,762)(74,390)
Financing Activities
Payment of debt commitment fees(18,325)— 
Repayment of debt— (135,000)
Net proceeds from issuance of common stock3,168 3,214 
Minimum tax withholding paid on behalf of employees for restricted stock units
(12,370)(28,527)
Repurchase of common stock— (31,511)
Net cash used in financing activities(27,527)(191,824)
Effect of exchange rate changes on cash, cash equivalents and restricted cash(1,861)(2,400)
Increase (decrease) in cash, cash equivalents and restricted cash(205)50,755 
Cash, cash equivalents and restricted cash at beginning of period188,357 131,738 
Cash, cash equivalents and restricted cash at end of period$188,152 $182,493 
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MAXLINEAR, INC.
UNAUDITED GAAP CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)

September 30, 2023June 30, 2023September 30, 2022
Assets
Current assets:
Cash and cash equivalents$187,028 $224,579 $181,496 
Short-term restricted cash1,105 1,042 971 
Short-term investments14,612 20,488 18,587 
Accounts receivable, net158,232 155,834 178,072 
Inventory114,942 126,152 165,970 
Prepaid expenses and other current assets32,688 26,396 17,879 
Total current assets508,607 554,491 562,975 
Long-term restricted cash19 22 26 
Property and equipment, net69,484 73,845 67,081 
Leased right-of-use assets32,647 35,112 30,041 
Intangible assets, net82,643 91,203 122,142 
Goodwill318,456 318,456 306,739 
Deferred tax assets59,121 56,757 65,767 
Other long-term assets32,810 31,594 27,927 
Total assets$1,103,787 $1,161,480 $1,182,698 
Liabilities and stockholders’ equity
Current liabilities$232,910 $241,729 $351,318 
Long-term lease liabilities28,017 30,712 25,040 
Long-term debt122,219 122,064 171,607 
Other long-term liabilities17,964 20,928 18,852 
Stockholders’ equity702,677 746,047 615,881 
Total liabilities and stockholders’ equity$1,103,787 $1,161,480 $1,182,698 

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MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(in thousands, except per share data)
Three Months Ended
September 30, 2023June 30, 2023September 30, 2022
GAAP gross profit$73,944 $102,873 $167,488 
Stock-based compensation170 246 188 
Performance based equity19 (16)136 
Amortization of purchased intangible assets8,332 9,117 9,332 
Non-GAAP gross profit82,465 112,220 177,144 
GAAP R&D expenses66,306 70,657 76,437 
Stock-based compensation(9,436)(12,237)(10,635)
Performance based equity(2,288)273 (7,690)
Research and development funded by others(5,500)(1,000)(1,000)
Non-GAAP R&D expenses49,082 57,693 57,112 
GAAP SG&A expenses25,402 33,717 38,472 
Stock-based compensation4,488 (4,713)(9,308)
Performance based equity(999)193 (3,043)
Amortization of purchased intangible assets(653)(709)(1,541)
Acquisition and integration costs(2,172)(3,714)(1,278)
Non-GAAP SG&A expenses26,066 24,774 23,302 
GAAP restructuring expenses54 4,436 631 
Restructuring charges(54)(4,436)(631)
Non-GAAP restructuring expenses— — — 
GAAP income (loss) from operations(17,818)(5,937)51,948 
Total non-GAAP adjustments25,135 35,690 44,782 
Non-GAAP income from operations7,317 29,753 96,730 
GAAP interest and other income (expense), net(23,700)1,177 (7,354)
Non-recurring interest and other income (expense), net18,395 68 58 
Non-GAAP interest and other income (expense), net(5,305)1,245 (7,296)
GAAP income (loss) before income taxes(41,518)(4,760)44,594 
Total non-GAAP adjustments43,530 35,758 44,840 
Non-GAAP income before income taxes2,012 30,998 89,434 
GAAP income tax provision (benefit)(1,689)(409)16,186 
Adjustment for non-cash tax benefits/expenses1,891 3,508 (10,820)
Non-GAAP income tax provision202 3,099 5,366 
GAAP net income (loss)(39,829)(4,351)28,408 
Total non-GAAP adjustments before income taxes43,530 35,758 44,840 
Less: total tax adjustments1,891 3,508 (10,820)
Non-GAAP net income$1,810 $27,899 $84,068 
Shares used in computing non-GAAP basic net income per share81,249 80,446 78,436 
Shares used in computing non-GAAP diluted net income per share81,968 81,698 80,060 
Non-GAAP basic net income per share$0.02 $0.35 $1.07 
Non-GAAP diluted net income per share$0.02 $0.34 $1.05 
11

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS
(as a percentage of net revenue for the corresponding period)

Nine Months Ended
September 30, 2023September 30, 2022
GAAP gross profit$317,124 $486,429 
Stock-based compensation626 513 
Performance based equity94 394 
Amortization of purchased intangible assets26,770 29,963 
Non-GAAP gross profit344,614 517,299 
GAAP R&D expenses204,254 222,718 
Stock-based compensation(33,128)(30,294)
Performance based equity(5,650)(20,258)
Research and development funded by others(7,500)(200)
Non-GAAP R&D expenses157,976 171,966 
GAAP SG&A expenses97,772 123,536 
Stock-based compensation(5,009)(27,347)
Performance based equity(2,550)(7,819)
Amortization of purchased intangible assets(2,290)(10,643)
Acquisition and integration costs(7,487)(7,642)
Non-GAAP SG&A expenses80,436 70,085 
GAAP impairment losses2,438 — 
Impairment losses(2,438)— 
Non-GAAP impairment losses— — 
GAAP restructuring expenses9,138 1,093 
Restructuring charges(9,138)(1,093)
Non-GAAP restructuring expenses— — 
GAAP income from operations3,522 139,082 
Total non-GAAP adjustments102,680 136,166 
Non-GAAP income from operations106,202 275,248 
GAAP interest and other income (expense), net(24,701)(5,597)
Non-recurring interest and other income (expense), net18,574 182 
Non-GAAP interest and other income (expense), net(6,127)(5,415)
GAAP income (loss) before income taxes(21,179)133,485 
Total non-GAAP adjustments121,254 136,348 
Non-GAAP income (loss) before income taxes100,075 269,833 
GAAP income tax provision13,468 39,525 
Adjustment for non-cash tax benefits/expenses(3,460)(23,335)
Non-GAAP income tax provision10,008 16,190 
GAAP net income (loss)(34,647)93,960 
Total non-GAAP adjustments before income taxes121,254 136,348 
Less: total tax adjustments(3,460)(23,335)
Non-GAAP net income$90,067 $253,643 
Shares used in computing non-GAAP basic net income per share80,395 77,833 
Shares used in computing non-GAAP diluted net income per share81,674 80,331 
Non-GAAP basic net income per share$1.12 $3.26 
Non-GAAP diluted net income per share$1.10 $3.16 

12

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET REVENUE

Three Months Ended
September 30, 2023June 30, 2023September 30, 2022
GAAP gross margin54.6 %55.9 %58.6 %
Stock-based compensation0.1 %0.1 %0.1 %
Performance based equity— %— %0.1 %
Amortization of purchased intangible assets6.2 %5.0 %3.3 %
Non-GAAP gross margin60.8 %61.0 %62.0 %
GAAP R&D expenses48.9 %38.4 %26.8 %
Stock-based compensation(7.0)%(6.7)%(3.7)%
Performance based equity(1.7)%0.2 %(2.7)%
Research and development funded by others(4.1)%(0.5)%(0.4)%
Non-GAAP R&D expenses36.2 %31.4 %20.0 %
GAAP SG&A expenses18.7 %18.3 %13.5 %
Stock-based compensation3.3 %(2.6)%(3.3)%
Performance based equity(0.7)%0.1 %(1.1)%
Amortization of purchased intangible assets(0.5)%(0.4)%(0.5)%
Acquisition and integration costs(1.6)%(2.0)%(0.5)%
Non-GAAP SG&A expenses19.2 %13.5 %8.2 %
GAAP restructuring expenses— %2.4 %0.2 %
Restructuring charges— %(2.4)%(0.2)%
Non-GAAP restructuring expenses— %— %— %
GAAP income (loss) from operations(13.2)%(3.2)%18.2 %
Total non-GAAP adjustments18.6 %19.4 %15.7 %
Non-GAAP income from operations5.4 %16.2 %33.9 %
GAAP interest and other income (expense), net(17.5)%0.6 %(2.6)%
Non-recurring interest and other income (expense), net13.6 %— %— %
Non-GAAP interest and other income (expense), net(3.9)%0.7 %(2.6)%
GAAP income (loss) before income taxes(30.6)%(2.6)%15.6 %
Total non-GAAP adjustments before income taxes32.1 %19.4 %15.7 %
Non-GAAP income before income taxes1.5 %16.9 %31.3 %
GAAP income tax provision (benefit)(1.3)%(0.2)%5.7 %
Adjustment for non-cash tax benefits/expenses1.4 %1.9 %(3.8)%
Non-GAAP income tax provision0.2 %1.7 %1.9 %
GAAP net income (loss)(29.4)%(2.4)%9.9 %
Total non-GAAP adjustments before income taxes32.1 %19.4 %15.7 %
Less: total tax adjustments1.4 %1.9 %(3.8)%
Non-GAAP net income1.3 %15.2 %29.4 %
13

MAXLINEAR, INC.
UNAUDITED RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
AS A PERCENTAGE OF NET REVENUE

Nine Months Ended
September 30, 2023September 30, 2022
GAAP gross margin55.8 %58.6 %
Stock-based compensation0.1 %0.1 %
Performance based equity— %0.1 %
Amortization of purchased intangible assets4.7 %3.6 %
Non-GAAP gross margin60.7 %62.4 %
GAAP R&D expenses36.0 %26.8 %
Stock-based compensation(5.8)%(3.7)%
Performance based equity(1.0)%(2.4)%
Research and development funded by others(1.3)%— %
Non-GAAP R&D expenses27.8 %20.7 %
GAAP SG&A expenses17.2 %14.9 %
Stock-based compensation(0.9)%(3.3)%
Performance based equity(0.5)%(0.9)%
Amortization of purchased intangible assets(0.4)%(1.3)%
Acquisition and integration costs(1.3)%(0.9)%
Non-GAAP SG&A expenses14.2 %8.5 %
GAAP impairment losses0.3 %— %
Impairment losses(0.3)%— %
Non-GAAP impairment losses— %— %
GAAP restructuring expenses1.6 %0.1 %
Restructuring charges(1.6)%(0.1)%
Non-GAAP restructuring expenses— %— %
GAAP income from operations0.6 %16.8 %
Total non-GAAP adjustments18.1 %16.4 %
Non-GAAP income from operations18.7 %33.2 %
GAAP interest and other income (expense), net(4.4)%(0.7)%
Non-recurring interest and other income (expense), net3.3 %— %
Non-GAAP interest and other income (expense), net(1.1)%(0.7)%
GAAP income (loss) before income taxes(3.7)%16.1 %
Total non-GAAP adjustments21.4 %16.4 %
Non-GAAP income (loss) before income taxes17.6 %32.5 %
GAAP income tax provision2.4 %4.8 %
Adjustment for non-cash tax benefits/expenses(0.6)%(2.8)%
Non-GAAP income tax provision1.8 %2.0 %
GAAP net income (loss)(6.1)%11.3 %
Total non-GAAP adjustments before income taxes21.4 %16.4 %
Less: total tax adjustments(0.6)%(2.8)%
Non-GAAP net income15.9 %30.6 %
14
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DEI Document
Oct. 25, 2023
Entity Information [Line Items]  
Entity Central Index Key 0001288469
Document Period End Date Oct. 25, 2023
Document Type 8-K
Entity Registrant Name MaxLinear, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-34666
Entity Tax Identification Number 14-1896129
Entity Address, Address Line One 5966 La Place Court, Suite 100,
Entity Address, City or Town Carlsbad,
Entity Address, State or Province CA
Entity Address, Postal Zip Code 92008
City Area Code 760
Local Phone Number 692-0711
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
NASDAQ/NGS (GLOBAL SELECT MARKET)  
Entity Information [Line Items]  
Title of 12(b) Security Common stock
Trading Symbol MXL
Security Exchange Name NASDAQ
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