MaxLinear : Earnings Release Q3 2019

Published: 2025-07-11 05:34:13 ET MXL

Published on 07/11/2025 at 05:34

October 24, 2019

CARLSBAD, Calif.--(BUSINESS WIRE)-- MaxLinear, Inc. (NYSE: MXL), a leading provider of RF, analog and mixed-signal integrated circuits for the connected home, and industrial and multi-market applications, today announced financial results for the third quarter ended September 30, 2019.

GAAP basis:

$56.4 million in the year-ago quarter, or 66% of net revenue.

Non-GAAP basis:

$32.8 million or 40% of revenue in the prior quarter, and $35.6 million or 42% of revenue in the year-ago quarter.

to develop sub-3.5W 100G single lambda DR, FR, and LR optical modules.

"In the third quarter, revenue results were in line with our guidance, gross margin remained solid, and operating expenses declined on disciplined execution. We also generated more than $21 million in cash from operations. We are focused on delivering our new 5G wireless radio and fiber-optic datacenter high-speed interconnect products as we expand into new large, high-growth infrastructure markets," commented Kishore Seendripu, Ph.D., Chairman and CEO.

"We are excited to confirm our first 5G wireless radio-platform design-win at a tier-1 wireless OEM for our industry leading 14nm CMOS 4x4 Quad RF transceiver system-on-chip solution. Early customer evaluation feedback across major OEMs confirms that we are hitting the mark on the feature sets required by this demanding market. We are on track to see initial revenues in 2020 for the 5G market enabled by significant content increases per base station. In early 2020, we also expect production adoption of our 100 gigabit and 400 gigabit PAM4 DSP SoCs in the hyperscale data center market." continued Dr. Seendripu.

The company expects revenue in the fourth quarter 2019 to be approximately $67 million to

$73 million. The Company also estimates the following:

MaxLinear will host its third quarter financial results conference call today, October 24, 2019 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 7, 2019. A replay of the conference call will also be available until November 7, 2019 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13692485.

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 2019 revenue, gross margins, and operating expenses) and statements

concerning expectations of potential developments in our target markets, including management's views with respect to the prospects for and trends in our connected home 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. Risks and uncertainties affecting our business and future operating results include, without limitation, intense competition in our industry; our dependence on a limited number of customers for a substantial portion of our revenues; uncertainties concerning how end user markets for our products will develop, including in particular new markets we are entering such as the 5G wireless and fiber-optic data center high-speed interconnect infrastructure markets but also existing markets such as connected home; uncertainties concerning the outcome of global trade negotiations, export control limitations, and heightened geopolitical risks generally; 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; the impact on our financial condition of the indebtedness arising from the Exar transaction; our reliance on a limited number of third party manufacturers; and our lack of long-term supply contracts and dependence on limited sources of supply.

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 most recent Annual Report on Form 10-K for the year ended December 31, 2018 filed with the SEC on February 5, 2019, our Quarterly Reports on Form 10-Q for the quarter ended March 31, 2019 filed with the SEC on May 1, 2019 and for the quarter ended June 30, 2019 filed with the SEC on July 25, 2019, 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, 2019, which we expect to file shortly. All forward-looking statements are based on the estimates, projections and assumptions of management as of October 24, 2019, 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.

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, effective tax rate, net income 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 2019, which we currently intend to settle in shares of our common stock; (iii) accruals related to our performance based bonus plan for 2018 which we settled in shares of common stock in 2019; (iv) amortization of purchased intangible assets; (v) depreciation of fixed assets step-

up; (vi) professional fees and settlement costs related to our previously disclosed IP and commercial litigation matters; (vii) severance and other restructuring charges; (viii) non-cash income tax benefits and expenses and effects of the 2017 Tax Cuts and Jobs Act, or Tax Act, as applicable; and (ix) non-recurring gain on reversal of liability. 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 2018 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2019. We currently expect that bonus awards under our fiscal 2019 program will be settled in common stock in the first quarter of fiscal 2020.

Expenses incurred (gains recognized) in relation to acquisitions include amortization of purchased intangible assets, depreciation of step-up of property and equipment to fair value, and non-recurring gain on reversal of liability for an assumed indemnification obligation.

Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to exiting certain facilities.

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. Effects of the Tax Act were excluded from non-GAAP effective tax rate, as

applicable.

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 fourth quarter 2019.

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

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

Net revenue

$ 80,020

$ 82,507

$ 85,010

Cost of net revenue

38,116

38,427

41,134

Gross profit

41,904

44,080

43,876

Operating expenses:

Research and development

23,174

24,304

29,047

Selling, general and administrative

21,920

22,327

24,963

Impairment losses

2,198

Restructuring charges

144

416

236

Total operating expenses

45,238

47,047

56,444

Loss from operations

(3,334)

(2,967)

(12,568)

Interest income

214

192

Interest expense

(2,718)

(2,853)

(3,473)

Other income (expense), net

1,098

(14)

Total interest and other expense, net

(1,406)

(2,675)

(3,417)

Loss before income taxes

(4,740)

(5,642)

(15,985)

Income tax benefit

(26)

(3,413)

(2,050)

Net loss

$ (4,714)

$ (2,229)

$ (13,935)

Net loss per share:

Basic

$ (0.07)

$ (0.03)

$ (0.20)

Diluted

$ (0.07)

$ (0.03)

$ (0.20)

Shares used to compute net loss per share:

Basic

71,366

70,917

68,742

Diluted

71,366

70,917

68,742

Net revenue

$ 247,162

$ 297,370

Cost of net revenue

116,101

134,496

Gross profit

131,061

162,874

Operating expenses:

Research and development

74,877

90,379

Selling, general and administrative

67,838

76,581

Impairment losses

2,198

Restructuring charges

2,477

2,101

Total operating expenses

145,192

171,259

Loss from operations

(14,131)

(8,385)

Interest income

553

Interest expense

(8,546)

(11,061)

Other income (expense), net

429

193

Total interest and other expense, net

(7,564)

(10,814)

Loss before income taxes

(21,695)

(19,199)

Income tax provision (benefit)

(9,901)

7,311

Net loss

$ (11,794)

$ (26,510)

Net loss per share:

Basic

$ (0.17)

$ (0.39)

Diluted

$ (0.17)

$ (0.39)

Shares used to compute net loss per share:

Basic

70,755

68,256

Diluted

70,755

68,256

September 30,

2019

June 30,

2019

September 30,

2018

Operating Activities

Net loss

$ (4,714)

$ (2,229)

$ (13,935)

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

Amortization and depreciation

16,419

16,646

19,767

Impairment losses

2,198

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

380

391

287

Stock-based compensation

8,359

8,207

7,940

Deferred income taxes

(1,379)

(4,600)

304

Loss on disposal of property and equipment

Gain on foreign currency

(183)

(54)

(184)

Excess tax benefits on stock-based awards

(61)

(2,074)

(93)

Changes in operating assets and liabilities:

Accounts receivable

280

3,022

25,016

Inventory

5,108

(122)

2,581

Prepaid expenses and other assets

960

(648)

712

Leased right-of-use assets

1,309

981

Accounts payable, accrued expenses and other current liabilities

(6,313)

2,961

(10,606)

Accrued compensation

730

(209)

2,671

Accrued price protection liability

2,291

(7,649)

(5,662)

Lease liabilities

(2,183)

(2,179)

Other long-term liabilities

749

(11)

(275)

Net cash provided by operating activities

21,752

12,444

30,721

Investing Activities

Purchases of property and equipment

(1,219)

(524)

(1,609)

Purchases of intangible assets

(86)

Net cash used in investing activities

(1,305)

(524)

(1,609)

Financing Activities

Repayment of debt

(20,000)

(15,000)

(35,000)

Net proceeds from issuance of common stock

288

3,305

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

(1,339)

(5,408)

(1,178)

Net cash used in financing activities

(21,051)

(17,103)

(36,087)

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

354

103

Decrease in cash, cash equivalents and restricted cash

(514)

(4,829)

(6,872)

Cash, cash equivalents and restricted cash at beginning of period

67,038

71,867

75,115

Cash, cash equivalents and restricted cash at end of period

$ 66,524

$ 67,038

$ 68,243

Operating Activities

Net loss

$ (11,794)

$ (26,510)

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

Amortization and depreciation

49,928

59,902

Impairment losses

2,198

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

1,173

861

Stock-based compensation

24,313

23,722

Deferred income taxes

(12,455)

(3,317)

Loss on disposal of property and equipment

Impairment of leasehold improvements

1,442

700

Impairment of long-lived assets

2,182

Gain on extinguishment of lease liabilities

(2,880)

(Gain) loss on foreign currency

330

(541)

Excess tax benefits on stock-based awards

(3,872)

(1,208)

Changes in operating assets and liabilities:

Accounts receivable

3,160

7,462

Inventory

3,971

11,677

Prepaid expenses and other assets

916

3,928

Leased right-of-use assets

2,935

Accounts payable, accrued expenses and other current liabilities

(1,431)

513

Accrued compensation

1,414

6,574

Deferred revenue and deferred profit

(138)

Accrued price protection liability

(2,869)

(7,153)

Lease liabilities

(6,487)

Other long-term liabilities

219

(154)

Net cash provided by operating activities

50,241

78,516

Investing Activities

Purchases of property and equipment

(3,898)

(6,413)

Purchases of intangible assets

(86)

Net cash used in investing activities

(3,984)

(6,413)

Financing Activities

Repayment of debt

(50,000)

(78,000)

Net proceeds from issuance of common stock

6,221

4,107

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

(11,166)

(5,017)

Net cash used in financing activities

(54,945)

(78,910)

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

1,021

638

Decrease in cash, cash equivalents and restricted cash

(7,667)

(6,169)

Cash, cash equivalents and restricted cash at beginning of period

74,191

74,412

Cash, cash equivalents and restricted cash at end of period

$ 66,524

$ 68,243

September 30, 2019

June 30, 2019

September

30, 2018 (1)

Assets

Current assets:

Cash and cash equivalents

$ 66,115

$ 66,629

67,185

Short-term restricted cash

345

344

349

Accounts receivable, net

56,339

56,618

58,633

Inventory

37,642

42,875

41,757

Prepaid expenses and other current assets

4,679

6,184

6,329

Total current assets

165,120

172,650

174,253

Long-term restricted cash

709

Property and equipment, net

15,204

15,738

19,413

Leased right-of-use assets

18,719

20,624

Intangible assets, net

202,217

216,342

261,813

Goodwill

238,330

Deferred tax assets

64,046

62,667

42,691

Other long-term assets

3,065

2,744

4,935

Total assets

$ 706,765

$ 729,160

742,144

Liabilities and stockholders' equity

Current liabilities

$ 63,119

$ 66,918

66,464

Long-term lease liabilities

14,995

16,515

Long-term debt

206,622

226,335

270,470

Other long-term liabilities

8,678

8,016

12,816

Stockholders' equity

413,351

411,376

392,394

Total liabilities and stockholders' equity

$ 706,765

$ 729,160

742,144

(1) Long-term lease liabilities have been reclassified from other long-term liabilities to conform to current period presentation.

GAAP gross profit

$ 41,904

$ 44,080

$ 43,876

Stock-based compensation

151

147

131

Performance based equity

Amortization of purchased intangible assets

8,477

8,478

8,969

Depreciation of fixed asset step-up

Non-GAAP gross profit

50,532

52,705

53,124

GAAP R&D expenses

23,174

24,304

29,047

Stock-based compensation

(4,155)

(4,222)

(4,726)

Performance based equity

(45)

(1,517)

Depreciation of fixed asset step-up

(321)

Non-GAAP R&D expenses

18,974

20,082

22,483

GAAP SG&A expenses

21,920

22,327

24,963

Stock-based compensation

(4,068)

(3,823)

(3,070)

Performance based equity

(279)

(785)

Amortization of purchased intangible assets

(5,722)

(5,792)

(7,994)

Depreciation of fixed asset step-up

(12)

IP litigation costs, net

(71)

(13)

(19)

Non-GAAP SG&A expenses

11,780

12,699

13,083

GAAP impairment losses

- -

2,198

Impairment losses

- -

(2,198)

Non-GAAP impairment losses

GAAP restructuring expenses

144

416

236

Restructuring charges

(144)

(416)

(236)

Non-GAAP restructuring expenses

GAAP loss from operations

(3,334)

(2,967)

(12,568)

Total non-GAAP adjustments

23,112

22,891

30,126

Non-GAAP income from operations

19,778

19,924

17,558

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

(1,406)

(2,675)

(3,417)

Non-recurring gain on reversal of liability

(1,006)

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

(2,412)

(2,675)

(3,417)

GAAP loss before income taxes

(4,740)

(5,642)

(15,985)

Total non-GAAP adjustments

22,106

22,891

30,126

Non-GAAP income before income taxes

17,366

17,249

14,141

GAAP income tax benefit

(26)

(3,413)

(2,050)

Adjustment for non-cash tax benefits/expenses and effects of the Tax Act

894

4,621

3,040

Non-GAAP income tax provision

868

1,208

990

GAAP net loss

(4,714)

(2,229)

(13,935)

Total non-GAAP adjustments before income taxes

22,106

22,891

30,126

Less: total tax adjustments

894

4,621

3,040

Non-GAAP net income

$ 16,498

$ 16,041

$ 13,151

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

71,366

70,917

68,742

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

72,506

72,389

70,634

Non-GAAP basic net income per share

$ 0.23

$ 0.19

Non-GAAP diluted net income per share

$ 0.23

$ 0.22

$ 0.19

GAAP gross profit

$ 131,061

$ 162,874

Stock-based compensation

428

357

Performance based equity

178

Amortization of purchased intangible assets

25,379

26,906

Depreciation of fixed asset step-up

303

Non-GAAP gross profit

156,941

190,618

GAAP R&D expenses

74,877

90,379

Stock-based compensation

(12,590)

(13,554)

Performance based equity

(970)

(3,954)

Depreciation of fixed asset step-up

(6)

(974)

Non-GAAP R&D expenses

61,311

71,897

GAAP SG&A expenses

67,838

76,581

Stock-based compensation

(11,295)

(9,798)

Performance based equity

(1,218)

(2,564)

Amortization of purchased intangible assets

(17,312)

(23,982)

Depreciation of fixed asset step-up

(34)

IP litigation costs, net

(84)

(80)

Non-GAAP SG&A expenses

37,929

40,123

GAAP impairment losses

2,198

Impairment losses

(2,198)

Non-GAAP impairment losses

GAAP restructuring expenses

2,477

2,101

Restructuring charges

(2,477)

(2,101)

Non-GAAP restructuring expenses

GAAP loss from operations

(14,131)

(8,385)

Total non-GAAP adjustments

71,832

86,983

Non-GAAP income from operations

57,701

78,598

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

(7,564)

(10,814)

Non-recurring gain on reversal of liability

(1,006)

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

(8,570)

(10,814)

GAAP loss before income taxes

(21,695)

(19,199)

Total non-GAAP adjustments

70,826

86,983

Non-GAAP income before income taxes

49,131

67,784

GAAP income tax provision (benefit)

(9,901)

7,311

Adjustment for non-cash tax benefits/expenses and effects of the Tax Act

12,993

(2,566)

Non-GAAP income tax provision

3,092

4,745

GAAP net loss

(11,794)

(26,510)

Total non-GAAP adjustments before income taxes

70,826

86,983

Less: total tax adjustments

12,993

(2,566)

Non-GAAP net income

$ 46,039

$ 63,039

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

70,755

68,256

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

72,270

70,521

Non-GAAP basic net income per share

$ 0.65

$ 0.92

Non-GAAP diluted net income per share

$ 0.64

$ 0.89

September 30,

June 30,

September 30,

2019

2018

GAAP gross profit

52.4%

53.4%

51.6%

Stock-based compensation

0.2%

Performance based equity

0.1%

Amortization of purchased intangible assets

10.6%

10.3%

10.6%

Depreciation of fixed asset step-up

0.1%

Non-GAAP gross profit

63.1%

63.9%

62.5%

GAAP R&D expenses

29.0%

29.5%

34.2%

Stock-based compensation

(5.2)%

(5.1)%

(5.6)%

Performance based equity

(0.1)%

(1.8)%

Depreciation of fixed asset step-up

(0.5)%

Non-GAAP R&D expenses

23.7%

24.3%

26.4%

GAAP SG&A expenses

27.4%

27.1%

29.4%

Stock-based compensation

(5.1)%

(4.6)%

(3.6)%

Performance based equity

(0.3)%

(0.9)%

Amortization of purchased intangible assets

(7.2)%

(7.0)%

(9.4)%

Depreciation of fixed asset step-up

IP litigation costs, net

(0.1)%

Non-GAAP SG&A expenses

14.7%

15.4%

GAAP impairment losses

2.6%

Impairment losses

(2.6)%

Non-GAAP impairment losses

GAAP restructuring expenses

0.2%

0.5%

0.3%

Restructuring charges

(0.2)%

(0.5)%

(0.3)%

Non-GAAP restructuring expenses

GAAP loss from operations

(4.2)%

(3.6)%

(14.8)%

Total non-GAAP adjustments

28.9%

27.7%

35.4%

Non-GAAP income from operations

24.7%

24.1%

20.7%

GAAP interest and other income (expense), net

(1.8)%

(3.2)%

(4.0)%

Nonrecurring gain on reversal of liability

(1.3)%

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

(3.0)%

(3.2)%

(4.0)%

GAAP loss before income taxes

(5.9)%

(6.8)%

(18.8)%

Total non-GAAP adjustments before income taxes

27.6%

27.7%

35.4%

Non-GAAP income before income taxes

21.7%

20.9%

16.6%

GAAP income tax benefit

(4.1)%

(2.4)%

Adjustment for non-cash tax benefits/expenses and the effects of the Tax Act

1.1%

5.6%

3.6%

Non-GAAP income tax provision

1.1%

1.5%

1.2%

GAAP net loss

(5.9)%

(2.7)%

(16.4)%

Total non-GAAP adjustments before income taxes

27.6%

27.7%

35.4%

Less: total tax adjustments

1.1%

5.6%

3.6%

Non-GAAP net income

20.6%

19.4%

15.5%

GAAP gross profit

53.0%

54.8%

Stock-based compensation

0.2%

0.1%

Performance based equity

0.1%

Amortization of purchased intangible assets

10.3%

9.0%

Depreciation of fixed asset step-up

0.1%

Non-GAAP gross profit

63.5%

64.1%

GAAP R&D expenses

30.3%

30.4%

Stock-based compensation

(5.1)%

(4.6)%

Performance based equity

(0.4)%

(1.3)%

Depreciation of fixed asset step-up

(0.3)%

Non-GAAP R&D expenses

24.8%

24.2%

GAAP SG&A expenses

27.4%

25.8%

Stock-based compensation

(4.6)%

(3.3)%

Performance based equity

(0.5)%

(0.9)%

Amortization of purchased intangible assets

(7.0)%

(8.1)%

Depreciation of fixed asset step-up

IP litigation costs, net

Non-GAAP SG&A expenses

15.3%

13.5%

GAAP impairment losses

0.7%

Impairment losses

(0.7)%

Non-GAAP impairment losses

GAAP restructuring expenses

1.0%

0.7%

Restructuring charges

(1.0)%

(0.7)%

Non-GAAP restructuring expenses

GAAP loss from operations

(5.7)%

(2.8)%

Total non-GAAP adjustments

29.1%

29.3%

Non-GAAP income from operations

23.3%

26.4%

GAAP interest and other income (expense), net

(3.1)%

(3.6)%

Nonrecurring gain on reversal of liability

(0.4)%

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

(3.5)%

(3.6)%

GAAP loss before income taxes

(8.8)%

(6.5)%

Total non-GAAP adjustments before income taxes

28.7%

29.3%

Non-GAAP income before income taxes

19.9%

22.8%

GAAP income tax provision (benefit)

(4.0)%

2.5%

Adjustment for non-cash tax benefits/expenses and the effects of the Tax Act

5.3%

(0.9)%

Non-GAAP income tax provision

1.3%

1.6%

GAAP net loss

(4.8)%

(8.9)%

Total non-GAAP adjustments before income taxes

28.7%

29.3%

Less: total tax adjustments

5.3%

(0.9)%

Non-GAAP net income

18.6%

21.2%

View source version on businesswire.com: https://www.businesswire.com/news/home/20191024005912/en/

Steven Litchfield Tel: 949-333-0080

[email protected] Source: MaxLinear, Inc.

Disclaimer

MaxLinear Inc. published this content on July 11, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on July 11, 2025 at 09:33 UTC.