Maxlinear Inc (MXL) 10-Q Quarterly Report April 2021

– MaxLinear, Inc. (NYSE: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced financial results for the first quarter ended March 31, 2021.

First Quarter Financial Highlights

GAAP basis:

•Net revenue was $209.4 million, up 8% sequentially, and up 238% year-on-year.

•GAAP gross margin was 53.4%, compared to 42.7% in the prior quarter, and 49.6% in the year-ago quarter.

•GAAP operating expenses were $101.8 million in the first quarter 2021, or 49% of net revenue, compared to $106.7 million in the prior quarter, or 55% of net revenue, and $50.9 million in the year-ago quarter, or 82% of net revenue.

•GAAP income from operations was 5% of revenue, compared to loss from operations of 12% in the prior quarter, and loss from operations of 32% in the year-ago quarter.

•Net cash flow provided by operating activities was $40.3 million, compared to net cash flow provided by operating activities of $74.3 million in the prior quarter, and net cash flow provided by operating activities of $6.6 million in the year-ago quarter.

•GAAP diluted earnings per share was $0.05, compared to diluted loss per share of $0.33 in the prior quarter, and diluted loss per share of $0.21 in the year-ago quarter.

Non-GAAP basis:

•Non-GAAP gross margin was 58.6%. This compares to 57.8% in the prior quarter, and 63.8% in the year-ago quarter.

•Non-GAAP operating expenses were $72.6 million, or 35% of revenue, compared to $75.8 million or 39% of revenue in the prior quarter, and $31.7 million or 51% of revenue in the year-ago quarter.

•Non-GAAP income from operations was 24% of revenue, compared to 19% in the prior quarter, and 13% in the year-ago quarter.

•Non-GAAP diluted earnings per share was $0.55, compared to diluted earnings per share of $0.39 in the prior quarter, and diluted earnings per share of $0.07 in the year-ago quarter.

Recent Business Highlights

•Announced that MaxLinear joined the O-RAN Alliance and will be actively contributing to the development of open, standards-based 5G mobile network architectures.

•Announced MaxLinear's collaboration with Facebook Connectivity on Evenstar OpenRAN Solutions.

•Announced MaxLinear's collaboration with NI to simplify validation of wideband power amplifiers for 5G networks, giving RF Design Validation Engineers a streamlined test and measurement approach.

•Announced industry's first quad-port PHY optimized for 2.5GBASE-T enabling cost effective 2.5G Ethernet multiport applications.

•Announced the release of MaxLinear's G.hn Spirit Grid software designed for large-scale, multi-hop, high-speed, low-latency industrial IoT (IIoT) applications and support for up to 250 end points with one network controller.

•Announced partnership with Inango Systems to allow internet service providers to deploy high-value software services faster.

The following information was filed by Maxlinear Inc (MXL) on Wednesday, April 28, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Maxlinear Inc's 10-Q Quarterly Report:

Revenue - Product Highlight
36 Table of Contents The following table sets forth our consolidated statement of operations data as a percentage of net revenue for the periods indicated: Three Months Ended March 31, 2021 2020 Net revenue 100 % 100 % Cost of net revenue 47 50 Gross profit 53 50 Operating expenses: Research and development 30 41 Selling, general and administrative 17 40 Impairment losses - - Restructuring charges 1 1 Total operating expenses 49 82 Income (loss) from operations 5 (32) Total interest and other income (expense), net (2) (3) Income (loss) before income taxes 3 (36) Income tax provision (benefit) 1 (11) Net income (loss) 2 % (25) % Net Revenue _______________ (1) Our net revenues by market categories were revised during 2020 to align with changing end-market conditions, our current business priorities, as well as spending requirements and growth opportunities in the four categories.

Financial - Expense Highlight
Research and development expense includes personnel-related expenses, including stock-based compensation, new product engineering mask costs, prototype integrated circuit packaging and test costs, computer-aided design software license costs, intellectual property license costs, reference design development costs, development testing and evaluation costs, depreciation expense and allocated occupancy costs.
Revenue - Geography Highlight
Based upon our review of all positive and negative evidence, we continue to have a valuation allowance on state deferred tax assets, certain federal deferred tax assets, and certain foreign deferred tax assets in jurisdictions where we have cumulative losses or otherwise are not expected to utilize certain tax attributes.
Other - Other Highlight
In October 2020, the FASB issued ASU No. 2020-10 Codification Improvements, to make incremental improvements to GAAP and address stakeholder suggestions, including, among other things, clarifying that the requirement to provide comparative information in the financial statements extends to the corresponding disclosures section.
Financial - Income Highlight
Primarily because of our Singapore net operating losses and our full valuation allowance in Singapore, we do not believe the incentives will have a material impact on our income tax position in the year ending December 31, 2021.
Financial - Earnings
Gross profit percentage improved for...Read more
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The increase in broadband net...Read more
Financial - Expense
Selling, general and administrative expense...Read more
Other - Other
Recent Developments On February 23,...Read more
Revenue - Product
The increase in industrial and...Read more
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The increase in infrastructure revenues...Read more
Financial - Shares
Our cash and cash equivalents...Read more
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The incremental term loan of...Read more
Financial - Earnings
The incremental term loan facility...Read more
Financial - Debt
Cash proceeds from debt and...Read more
Revenue - Product
The increase in connectivity revenue...Read more
Other - Other
Further, global financial markets reacted...Read more
M & A - Other
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Financial - Expense
Once one of our products...Read more
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Factors that could cause or...Read more
Financial - Earnings
We currently expect that gross...Read more
Other - Other
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Revenue - Product
Net revenue increased $147.3 million...Read more
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We expect our research and...Read more
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Financial - Earnings
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M & A - Other
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In addition, our proprietary CMOS-based...Read more
Financial - Expense
There were increases in personnel...Read more
Financial - Income
The income tax provision for...Read more
Other - Other
The amendments in this update...Read more
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The amendments in this update...Read more
Other - Other
Restructuring charges for the three...Read more
Financial - Income
35 Table of Contents Recently...Read more
Financial - Expense
Our primary uses of cash...Read more
Other - Other
Additional funds may not be...Read more
Financial - Debt
Our contractual obligations including long-term...Read more
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However, a sudden increase in...Read more
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We continue to maintain a...Read more
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The outstanding principal on the...Read more

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Material Contracts, Statements, Certifications & more

Maxlinear Inc provided additional information to their SEC Filing as exhibits

Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification

Exhibit 32.1: Section 1350 Certification

Ticker: MXL
CIK: 1288469
Form Type: 10-Q Quarterly Report
Accession Number: 0001288469-21-000100
Submitted to the SEC: Wed Apr 28 2021 4:08:17 PM EST
Accepted by the SEC: Wed Apr 28 2021
Period: Wednesday, March 31, 2021
Industry: Semiconductors And Related Devices