MaxLinear, Inc. Announces Fourth Quarter 2016 Financial Results and the Acquisition of Marvell's G.hn Business
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MAXLINEAR, INC. | |
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS | |
(in thousands) | | | | | |
Years Ended | | | |
December 31, 2016 | |
December 31, 2015(1) | |
Operating Activities | | | | | | Net income (loss) | | $ | 61,292 | | | $ | (42,331 | ) | | Adjustments to reconcile net income (loss) to cash provided by operating activities: | | | | | | Amortization and depreciation | | 26,703 | | | 40,641 | | | Impairment of IPR&D assets | | 1,300 | | | 21,600 | | | Provision for losses on accounts receivable | | 87 | | | 178 | | | Amortization of investment premiums, net | | 169 | | | 554 | | | Amortization of inventory step-up | | 5,641 | | | 14,244 | | | Stock-based compensation | | 21,765 | | | 19,268 | | | Deferred income taxes | | 101 | | | (1,906 | ) | | Loss on disposal of property and equipment | | 366 | | | 74 | | | Gain on sale of available-for-sale securities | | (50 | ) | | (21 | ) | | Change in fair value of contingent consideration | | 220 | | | 130 | | | Impairment of leases | | 388 | | | 8,163 | | | Gain on foreign currency | | (216 | ) | | — | | | Excess tax benefits on stock-based awards | | (8,291 | ) | | — | | | Impairment of long-lived assets | | — | | | 153 | | | Changes in operating assets and liabilities: | | | | | | Accounts receivable | | (8,175 | ) | | 5,160 | | | Inventory | | 9,846 | | | (6,247 | ) | | Prepaid and other assets | | 402 | | | 4,495 | | | Accounts payable, accrued expenses and other current liabilities | | 3,249 | | | (22,033 | ) | | Accrued compensation | | 5,609 | | | 5,320 | | | Deferred revenue and deferred profit | | 1,925 | | | 454 | | | Accrued price protection liability | | (4,850 | ) | | 6,522 | | | Other long-term liabilities | | (164 | ) | | 623 | | | Net cash provided by operating activities | | 117,317 | | | 55,041 | | |
Investing Activities | | | | | | Purchases of property and equipment | | (8,512 | ) | | (2,996 | ) | | Purchases of intangible assets | | (390 | ) | | (100 | ) | | Cash used in acquisition, net of cash acquired | | (101,000 | ) | | (3,615 | ) | | Purchases of available-for-sale securities | | (90,307 | ) | | (73,377 | ) | | Maturities of available-for-sale securities | | 98,896 | | | 69,029 | | | Net cash used in investing activities | | (101,313 | ) | | (11,059 | ) | |
Financing Activities | | | | | | Repurchases of common stock | | (3 | ) | | (101 | ) | | Net proceeds from issuance of common stock | | 6,649 | | | 9,950 | | | Minimum tax withholding paid on behalf of employees for restricted stock units | | (7,316 | ) | | (5,141 | ) | | Equity issuance costs | | — | | | (705 | ) | | Net cash provided by (used in) financing activities | | (670 | ) | | 4,003 | | | Effect of exchange rate changes on cash and cash equivalents | | (394 | ) | | (725 | ) | | Increase in cash and cash equivalents | | 14,940 | | | 47,260 | | | Cash and cash equivalents at beginning of period | | 67,956 | | | 20,696 | | | Cash and cash equivalents at end of period | | $ | 82,896 | | | $ | 67,956 | |
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