$MXL
MAXLINEAR, INC

2012 Q3 Form 10-Q Financial Statement

#000119312512439947 Filed on October 29, 2012

View on sec.gov

Income Statement

Concept 2012 Q3 2011 Q4 2011 Q3
Revenue $27.80M $19.30M $17.64M
YoY Change 57.58% 21.36% -4.65%
Cost Of Revenue $10.33M $7.600M $6.307M
YoY Change 63.75% 40.74% 14.67%
Gross Profit $17.47M $11.72M $11.33M
YoY Change 54.14% 12.72% -12.83%
Gross Profit Margin 62.84% 60.75% 64.24%
Selling, General & Admin $6.167M $5.900M $5.033M
YoY Change 22.53% 43.9% 22.76%
% of Gross Profit 35.31% 50.33% 44.41%
Research & Development $10.86M $10.20M $9.456M
YoY Change 14.79% 37.84% 29.53%
% of Gross Profit 62.15% 87.01% 83.45%
Depreciation & Amortization $900.0K $900.0K $900.0K
YoY Change 0.0% 50.0% 80.0%
% of Gross Profit 5.15% 7.68% 7.94%
Operating Expenses $17.02M $16.10M $14.49M
YoY Change 17.48% 40.0% 27.1%
Operating Profit $445.0K -$4.377M -$3.157M
YoY Change -114.1% 297.91% -297.31%
Interest Expense $11.00K $0.00 $32.00K
YoY Change -65.63% -100.0% -68.0%
% of Operating Profit 2.47%
Other Income/Expense, Net -$14.00K $0.00 -$35.00K
YoY Change -60.0%
Pretax Income $494.0K -$4.400M -$3.161M
YoY Change -115.63% 340.0% -285.94%
Income Tax $44.00K $300.0K $8.227M
% Of Pretax Income 8.91%
Net Earnings $450.0K -$4.692M -$11.39M
YoY Change -103.95% -182.32% -913.43%
Net Earnings / Revenue 1.62% -24.32% -64.56%
Basic Earnings Per Share $0.01 -$0.14 -$0.35
Diluted Earnings Per Share $0.01 -$0.14 -$0.35
COMMON SHARES
Basic Shares Outstanding 33.32M shares 32.74M shares
Diluted Shares Outstanding 34.55M shares 32.74M shares

Balance Sheet

Concept 2012 Q3 2011 Q4 2011 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $77.40M $75.20M $87.90M
YoY Change -11.95% -20.42% -10.21%
Cash & Equivalents $26.63M $28.03M $43.52M
Short-Term Investments $50.80M $47.20M $44.40M
Other Short-Term Assets $1.400M $1.400M $1.500M
YoY Change -6.67% -66.67% 25.0%
Inventory $8.946M $8.082M $9.200M
Prepaid Expenses
Receivables $16.28M $10.42M $8.400M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $104.0M $95.08M $107.0M
YoY Change -2.76% -12.93% -2.73%
LONG-TERM ASSETS
Property, Plant & Equipment $6.274M $5.494M $4.900M
YoY Change 28.04% 22.09% 19.51%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $2.600M $10.60M
YoY Change
Other Assets $258.0K $228.0K $100.0K
YoY Change 158.0% -94.57% -50.0%
Total Long-Term Assets $9.612M $17.30M $6.200M
YoY Change 55.03% 78.32% 19.23%
TOTAL ASSETS
Total Short-Term Assets $104.0M $95.08M $107.0M
Total Long-Term Assets $9.612M $17.30M $6.200M
Total Assets $113.7M $112.4M $113.2M
YoY Change 0.4% -5.49% -1.74%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.931M $4.936M $5.800M
YoY Change 36.74% 7.3% 41.46%
Accrued Expenses $12.83M $4.547M $9.400M
YoY Change 36.5% 22.89% 154.05%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00 $100.0K
YoY Change -100.0% -100.0% 0.0%
Total Short-Term Liabilities $29.09M $18.49M $17.70M
YoY Change 64.37% 34.99% -4.32%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $683.0K $855.0K $1.000M
YoY Change -31.7% 185.0% 400.0%
Total Long-Term Liabilities $683.0K $855.0K $1.000M
YoY Change -31.7% 185.0% 400.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $29.09M $18.49M $17.70M
Total Long-Term Liabilities $683.0K $855.0K $1.000M
Total Liabilities $29.78M $19.35M $18.70M
YoY Change 59.23% 38.21% 0.0%
SHAREHOLDERS EQUITY
Retained Earnings -$51.59M -$33.69M
YoY Change
Common Stock $135.4M $126.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.88M $93.03M $94.50M
YoY Change
Total Liabilities & Shareholders Equity $113.7M $112.4M $113.2M
YoY Change 0.4% -5.49% -1.74%

Cashflow Statement

Concept 2012 Q3 2011 Q4 2011 Q3
OPERATING ACTIVITIES
Net Income $450.0K -$4.692M -$11.39M
YoY Change -103.95% -182.32% -913.43%
Depreciation, Depletion And Amortization $900.0K $900.0K $900.0K
YoY Change 0.0% 50.0% 80.0%
Cash From Operating Activities $6.300M -$1.900M -$2.700M
YoY Change -333.33% -45.71% -135.53%
INVESTING ACTIVITIES
Capital Expenditures -$1.600M -$1.000M -$500.0K
YoY Change 220.0% 0.0% -64.29%
Acquisitions
YoY Change
Other Investing Activities $18.10M -$13.60M $24.50M
YoY Change -26.12% -525.0% -1007.41%
Cash From Investing Activities $16.50M -$14.60M $24.00M
YoY Change -31.25% -763.64% -671.43%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -8.700M 1.000M 300.0K
YoY Change -3000.0% -37.5%
NET CHANGE
Cash From Operating Activities 6.300M -1.900M -2.700M
Cash From Investing Activities 16.50M -14.60M 24.00M
Cash From Financing Activities -8.700M 1.000M 300.0K
Net Change In Cash 14.10M -15.50M 21.60M
YoY Change -34.72% -5266.67% 535.29%
FREE CASH FLOW
Cash From Operating Activities $6.300M -$1.900M -$2.700M
Capital Expenditures -$1.600M -$1.000M -$500.0K
Free Cash Flow $7.900M -$900.0K -$2.200M
YoY Change -459.09% -64.0% -124.44%

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dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q3
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2012
dei Document Type
DocumentType
10-Q
dei Document Period End Date
DocumentPeriodEndDate
2012-09-30
dei Entity Central Index Key
EntityCentralIndexKey
0001288469
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
dei Trading Symbol
TradingSymbol
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dei Entity Registrant Name
EntityRegistrantName
MAXLINEAR INC
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P4Y
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ShareBasedCompensation
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us-gaap Repayments Of Long Term Capital Lease Obligations
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NetIncomeLoss
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1800000
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
9236000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
3892000
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
33402000 shares
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NetCashProvidedByUsedInFinancingActivities
-7696000
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GrossProfit
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ComprehensiveIncomeNetOfTax
-8643000
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OperatingExpenses
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SellingGeneralAndAdministrativeExpense
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us-gaap Income Tax Expense Benefit
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7000
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OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
23000
us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Asset Transfers Net
FairValueMeasurementWithUnobservableInputsReconciliationRecurringBasisAssetTransfersNet
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
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us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
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8969000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3026000
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SalesRevenueNet
72898000
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us-gaap Allocated Share Based Compensation Expense
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7165000
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AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5221000 shares
us-gaap Other Asset Impairment Charges
OtherAssetImpairmentCharges
71000
us-gaap Use Of Estimates
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us-gaap Interest Expense
InterestExpense
45000
us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
1570000
us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-172000
us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
33758000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
6182000
us-gaap Cost Of Revenue
CostOfRevenue
27893000
mxl Civil Penalty
CivilPenalty
250000
mxl Share Based Compensation Arrangement By Share Based Payment Award Award Expiration Period Maximum
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardExpirationPeriodMaximum
P10Y
mxl Civil Penalty Payment
CivilPenaltyPayment
625000
mxl Provision For Income Taxes
ProvisionForIncomeTaxes
235000
mxl Deferred Revenue And Deferred Profits
DeferredRevenueAndDeferredProfits
1688000
mxl Number Of Class Of Stock Outstanding
NumberOfClassOfStockOutstanding
2 pure
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PercentageOfRevenueFromCompanysDistributors
0.40 pure
mxl Period Of Change Of Unrecognized Tax Benefits
PeriodOfChangeOfUnrecognizedTaxBenefits
P12M
mxl Share Based Compensation Arrangement By Share Based Payment Award Expiration Period Minimum
ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationPeriodMinimum
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mxl Share Based Compensation Expense Exchange Offer
ShareBasedCompensationExpenseExchangeOffer
7300000
mxl Share Based Payment Award Options Exercise Price As Percentage Of Common Stock Fair Value Minimum
ShareBasedPaymentAwardOptionsExercisePriceAsPercentageOfCommonStockFairValueMinimum
1.00 pure
mxl Term Of Invoice Of Distributor
TermOfInvoiceOfDistributor
P30D
mxl Maximum Civil Penalty
MaximumCivilPenalty
250000
CY2011Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-35000
CY2011Q3 us-gaap Investment Income Interest
InvestmentIncomeInterest
63000
CY2011Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32743000 shares
CY2011Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
7000
CY2011Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-3161000
CY2011Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
-3157000
CY2011Q3 us-gaap Earnings Per Share Basic
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-0.35
CY2011Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2011Q3 us-gaap Gross Profit
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11332000
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14489000
CY2011Q3 us-gaap Selling General And Administrative Expense
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5033000
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IncomeTaxExpenseBenefit
8227000
CY2011Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-50000
CY2011Q3 us-gaap Sales Revenue Net
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17639000
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AllocatedShareBasedCompensationExpense
2169000
CY2011Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5778000 shares
CY2011Q3 us-gaap Interest Expense
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32000
CY2011Q3 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
9456000
CY2011Q3 us-gaap Cost Of Revenue
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6307000
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8227000
CY2011Q3 mxl Percentage Of Revenue From Companys Distributors
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0.71 pure
CY2012Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-14000
CY2012Q3 us-gaap Investment Income Interest
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74000
CY2012Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
33316000 shares
CY2012Q3 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1000
CY2012Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
494000
CY2012Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2012Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2012Q3 us-gaap Net Income Loss
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450000
CY2012Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2012Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34547000 shares
CY2012Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1231000 shares
CY2012Q3 us-gaap Gross Profit
GrossProfit
17467000
CY2012Q3 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
464000
CY2012Q3 us-gaap Operating Expenses
OperatingExpenses
17022000
CY2012Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
6167000
CY2012Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
44000
CY2012Q3 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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15000
CY2012Q3 us-gaap Sales Revenue Net
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27795000
CY2012Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2609000
CY2012Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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3457000 shares
CY2012Q3 us-gaap Interest Expense
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CY2012Q3 us-gaap Research And Development Expense Excluding Acquired In Process Cost
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10855000
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CY2012Q3 mxl Civil Penalty Payment
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625000
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44000
CY2012Q3 mxl Percentage Of Revenue From Companys Distributors
PercentageOfRevenueFromCompanysDistributors
0.38 pure

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