2015 Q1 Form 10-Q Financial Statement

#000128846915000019 Filed on May 06, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $35.40M $32.50M
YoY Change 8.91% 22.49%
Cost Of Revenue $13.73M $12.45M
YoY Change 10.26% 26.74%
Gross Profit $21.67M $20.05M
YoY Change 8.07% 19.99%
Gross Profit Margin 61.22% 61.7%
Selling, General & Admin $10.94M $7.761M
YoY Change 41.01% 4.84%
% of Gross Profit 50.5% 38.7%
Research & Development $15.28M $13.10M
YoY Change 16.69% 13.76%
% of Gross Profit 70.51% 65.3%
Depreciation & Amortization $1.639M $1.134M
YoY Change 44.53% 15.6%
% of Gross Profit 7.56% 5.66%
Operating Expenses $26.23M $20.86M
YoY Change 25.74% 10.27%
Operating Profit -$4.554M -$803.0K
YoY Change 467.12% -63.53%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net -$34.00K -$12.00K
YoY Change 183.33% -83.56%
Pretax Income -$4.518M -$754.0K
YoY Change 499.2% -66.04%
Income Tax $204.0K $108.0K
% Of Pretax Income
Net Earnings -$4.722M -$862.0K
YoY Change 447.8% -62.52%
Net Earnings / Revenue -13.34% -2.65%
Basic Earnings Per Share -$0.12 -$0.02
Diluted Earnings Per Share -$0.12 -$0.02
COMMON SHARES
Basic Shares Outstanding 38.02M shares 35.37M shares
Diluted Shares Outstanding 38.02M shares 35.37M shares

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $64.90M $73.30M
YoY Change -11.46% 24.45%
Cash & Equivalents $22.77M $28.50M
Short-Term Investments $42.20M $44.80M
Other Short-Term Assets $3.600M $1.700M
YoY Change 111.76% 21.43%
Inventory $12.85M $11.04M
Prepaid Expenses
Receivables $20.67M $21.38M
Other Receivables $0.00 $0.00
Total Short-Term Assets $102.0M $107.4M
YoY Change -4.97% 23.48%
LONG-TERM ASSETS
Property, Plant & Equipment $11.26M $7.913M
YoY Change 42.35% 20.81%
Goodwill $1.201M
YoY Change
Intangibles
YoY Change
Long-Term Investments $16.30M $15.40M
YoY Change 5.84% -16.3%
Other Assets $490.0K $581.0K
YoY Change -15.66% 120.08%
Total Long-Term Assets $39.48M $24.59M
YoY Change 60.53% -2.77%
TOTAL ASSETS
Total Short-Term Assets $102.0M $107.4M
Total Long-Term Assets $39.48M $24.59M
Total Assets $141.5M $132.0M
YoY Change 7.24% 17.56%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.526M $9.899M
YoY Change -23.97% 160.64%
Accrued Expenses $7.601M $4.495M
YoY Change 69.1% -8.71%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $39.86M $41.69M
YoY Change -4.4% 35.68%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $3.522M $1.149M
YoY Change 206.53% 38.77%
Total Long-Term Liabilities $3.522M $1.149M
YoY Change 206.53% 38.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $39.86M $41.69M
Total Long-Term Liabilities $3.522M $1.149M
Total Liabilities $43.38M $42.84M
YoY Change 1.26% 35.76%
SHAREHOLDERS EQUITY
Retained Earnings -$83.51M -$72.61M
YoY Change 15.01% 18.42%
Common Stock $181.6M $161.7M
YoY Change 12.34% 13.87%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $98.13M $89.12M
YoY Change
Total Liabilities & Shareholders Equity $141.5M $132.0M
YoY Change 7.24% 17.56%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$4.722M -$862.0K
YoY Change 447.8% -62.52%
Depreciation, Depletion And Amortization $1.639M $1.134M
YoY Change 44.53% 15.6%
Cash From Operating Activities $3.768M $4.091M
YoY Change -7.9% 410.74%
INVESTING ACTIVITIES
Capital Expenditures $1.024M $1.445M
YoY Change -29.13% 166.61%
Acquisitions
YoY Change
Other Investing Activities $0.00 -$500.0K
YoY Change -100.0% -89.8%
Cash From Investing Activities -$987.0K -$1.949M
YoY Change -49.36% -64.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$248.0K $49.00K
YoY Change -606.12% 113.04%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$714.0K -$87.00K
YoY Change 720.69% 234.62%
NET CHANGE
Cash From Operating Activities $3.768M $4.091M
Cash From Investing Activities -$987.0K -$1.949M
Cash From Financing Activities -$714.0K -$87.00K
Net Change In Cash $2.067M $2.055M
YoY Change 0.58% -144.3%
FREE CASH FLOW
Cash From Operating Activities $3.768M $4.091M
Capital Expenditures $1.024M $1.445M
Free Cash Flow $2.744M $2.646M
YoY Change 3.7% 921.62%

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CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
4091000 USD
CY2015Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
3768000 USD
CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-862000 USD
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-4722000 USD
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
20856000 USD
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
26225000 USD
CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-803000 USD
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-4554000 USD
CY2014Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1566000 USD
CY2015Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
1305000 USD
CY2014Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
513000 USD
CY2015Q1 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
490000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-1000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
12000 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Translation Adjustment Tax
OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax
0 USD
CY2014Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-2000 USD
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
47000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-1000 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
35000 USD
CY2014Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 USD
CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 USD
CY2014Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3363000 USD
CY2015Q1 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
3522000 USD
CY2014Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-12000 USD
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-34000 USD
CY2014Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
0 USD
CY2015Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
697000 USD
CY2014Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
136000 USD
CY2015Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
265000 USD
CY2014Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
18699000 USD
CY2015Q1 us-gaap Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
16153000 USD
CY2014Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1445000 USD
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1024000 USD
CY2015Q1 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.0001
CY2014Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2015Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
25000000 shares
CY2014Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
49000 USD
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
248000 USD
CY2014Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
18195000 USD
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
16190000 USD
CY2014Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
27734000 USD
CY2015Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
28005000 USD
CY2015Q1 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0 shares
CY2014Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2015Q1 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2014Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2015Q1 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2014Q4 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
2438000 USD
CY2015Q1 us-gaap Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
3574000 USD
CY2014Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
12441000 USD
CY2015Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11264000 USD
CY2014Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
13095000 USD
CY2015Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
15281000 USD
CY2014Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-78789000 USD
CY2015Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-83511000 USD
CY2014Q1 us-gaap Sales Revenue Net
SalesRevenueNet
32501000 USD
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
35396000 USD
CY2014Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
7761000 USD
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
10944000 USD
CY2014Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3393000 USD
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
3719000 USD
CY2015Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Vesting Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1
P4Y
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
99102000 USD
CY2015Q1 us-gaap Stockholders Equity
StockholdersEquity
98129000 USD
CY2015Q1 us-gaap Unrecognized Tax Benefits Period Increase Decrease
UnrecognizedTaxBenefitsPeriodIncreaseDecrease
100000 USD
CY2014Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2015Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2014Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35369000 shares
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
38015000 shares
CY2014Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35369000 shares
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
38015000 shares
CY2015Q1 us-gaap Nature Of Operations
NatureOfOperations
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Description of Business</font></div><div style="line-height:120%;padding-top:12px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">MaxLinear, Inc. (the Company) was incorporated in Delaware in September 2003. The Company is a provider of integrated, radio-frequency and mixed-signal integrated circuits for broadband communication and data center, metro, and long-haul transport network applications whose customers include module makers, original equipment manufacturers, or OEMs, and original design manufacturers, or ODMs, who incorporate the Company&#8217;s products in a wide range of electronic devices including cable and terrestrial and satellite set top boxes, DOCSIS data and voice gateways, hybrid analog and digital televisions, satellite low-noise blocker transponders or outdoor units and optical modules for data center, metro, and long-haul transport network applications. The Company is a fabless semiconductor company focusing its resources on the design, sales and marketing of its products.</font></div></div>
CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:12px;text-indent:36px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the unaudited consolidated financial statements and accompanying notes of the unaudited consolidated financial statements. Actual results could differ from those estimates.</font></div></div>

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