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Maxlinear Inc (MXL) SEC Filing 10-K Annual Report for the fiscal year ending Friday, December 31, 2021

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Maxlinear Inc

CIK: 1288469 Ticker: MXL

Exhibit 99.1
mxla01a01a42a.jpg
FOR IMMEDIATE RELEASE

MaxLinear, Inc. Announces Fourth Quarter 2021 Financial Results

Record net revenue of $247.9 million, up 8% sequentially and up 27% year-over-year
GAAP gross margin 57.2% and non-GAAP gross margin 61.7%, up 70 bps and 40 bps from previous quarter, respectively

Carlsbad, Calif. – February 2, 2022
– MaxLinear, Inc. (NASDAQ: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced financial results for the fourth quarter ended December 31, 2021.

Fourth Quarter Financial Highlights
GAAP basis:
Net revenue was $247.9 million, up 8% sequentially and up 27% year-over-year.
GAAP gross margin was 57.2%, compared to 56.5% in the prior quarter, and 42.7% in the year-ago quarter.
GAAP operating expenses were $112.4 million in the fourth quarter 2021, or 45% of net revenue, compared to $106.0 million in the prior quarter, or 46% of net revenue, and $106.7 million in the year-ago quarter, or 55% of net revenue.
GAAP income from operations was 12% of revenue, compared to income from operations of 10% in the prior quarter, and loss from operations of 12% in the year-ago quarter.
Net cash flow provided by operating activities was $16.0 million, compared to net cash flow provided by operating activities of $84.1 million in the prior quarter, and net cash flow provided by operating activities of $74.3 million in the year-ago quarter.
GAAP diluted earnings per share was $0.35, compared to diluted earnings per share of $0.12 in the prior quarter, and diluted loss per share of $0.33 in the year-ago quarter.
Non-GAAP basis:
Non-GAAP gross margin was 61.7%. This compares to 61.3% in the prior quarter, and 57.8% in the year-ago quarter.
Non-GAAP operating expenses were $75.9 million, or 31% of revenue, compared to $74.4 million or 32% of revenue in the prior quarter, and $75.8 million or 39% of revenue in the year-ago quarter.
Non-GAAP income from operations was 31% of revenue, compared to 29% in the prior quarter, and 19% in the year-ago quarter.
Non-GAAP diluted earnings per share was $0.86, compared to diluted earnings per share of $0.75 in the prior quarter, and diluted earnings per share of $0.39 in the year-ago quarter.

Management Commentary

“In the fourth quarter, revenue was up 8% sequentially and up 27% year-over-year, driven by strong growth across our connectivity, broadband and infrastructure markets. Wi-Fi grew 40% sequentially and we exited Q4 on a $100 million annualized revenue run rate which we expect to build upon through 2022. Non-GAAP gross margin for Q4 improved to 61.7% driven by product mix shift towards higher value products. We are excited about our prospects for continued future growth driven by our comprehensive product portfolio, and the accelerating pace of new product launches particularly in connectivity, fiber-to-the home broadband, optical, and wireless infrastructure markets,” commented Kishore Seendripu, Ph.D., Chairman and CEO.
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The following information was filed by Maxlinear Inc (MXL) on Wednesday, February 2, 2022 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-K Annual 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-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Audit Information
Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
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Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
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Balance Sheet Details
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Balance Sheet Details - Accrued Expenses And Other Current Liabilities (Details)
Balance Sheet Details - Accrued Price Protection Liability (Details)
Balance Sheet Details - Cash, Cash Equivalents And Restricted Cash (Details)
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Balance Sheet Details - Schedule Of Accumulated Other Comprehensive Income (Loss) By Component (Details)
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Concentration Of Credit Risk, Significant Customers And Geographic Information
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Concentration Of Credit Risk, Significant Customers And Geographic Information (Tables)
Debt And Interest Rate Swap
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Debt And Interest Rate Swap - Schedule Of Debt (Details)
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Employee Retirement Plans - Additional Information (Details)
Employee Retirement Plans - Change In Projected Benefit Obligations, Fair Value Of Plan Assets, And Funded Status Of Plan (Details)
Employee Retirement Plans - Defined Benefit Plan, Assumptions (Details)
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Income Taxes - Components Of Deferred Income Tax Asset (Details)
Income Taxes - Components Of Income Tax Provision (Benefit) (Details)
Income Taxes - Schedule Of Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Schedule Of Income Before Income Tax Domestic And Foreign (Details)
Income Taxes - Schedule Of Unrecognized Tax Benefits Roll Forward (Details)
Leases
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Leases - Additional Information (Details)
Leases - Aggregate Future Minimum Payments Due (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
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Net Income (Loss) Per Share -Summary Of Basic And Diluted Earnings Per Share (Details)
Organization And Summary Of Significant Accounting Policies
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Stock-Based Compensation - Summary Of Stock Option Activity (Details)
Ticker: MXL
CIK: 1288469
Form Type: 10-K Annual Report
Accession Number: 0001288469-22-000029
Submitted to the SEC: Wed Feb 02 2022 4:17:26 PM EST
Accepted by the SEC: Wed Feb 02 2022
Period: Friday, December 31, 2021
Industry: Semiconductors And Related Devices

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