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Maxlinear Inc (MXL) SEC Filing 10-Q Quarterly Report for the period ending Thursday, June 30, 2022

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MXL Quarterly Reports

Maxlinear Inc

CIK: 1288469 Ticker: MXL

Exhibit 99.1
mxla01a01a42a.jpg
FOR IMMEDIATE RELEASE

MaxLinear, Inc. Announces First Quarter 2022 Financial Results

Record net revenue of $263.9 million, up 6% sequentially and up 26% year-over-year
GAAP gross margin 58.6% and non-GAAP gross margin 62.8%, up 140 bps and 110 bps from previous quarter, respectively

Carlsbad, Calif. – April 27, 2022
– MaxLinear, Inc. (NASDAQ: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced financial results for the first quarter ended March 31, 2022.

First Quarter Financial Highlights
GAAP basis:
Net revenue was $263.9 million, up 6% sequentially and up 26% year-over-year.
GAAP gross margin was 58.6%, compared to 57.2% in the prior quarter, and 53.4% in the year-ago quarter.
GAAP operating expenses were $106.5 million in the first quarter 2022, or 40% of net revenue, compared to $112.4 million in the prior quarter, or 45% of net revenue, and $101.8 million in the year-ago quarter, or 49% of net revenue.
GAAP income from operations was 18% of revenue, compared to income from operations of 12% in the prior quarter, and income from operations of 5% in the year-ago quarter.
Net cash flow provided by operating activities was $134.2 million, compared to net cash flow provided by operating activities of $16.0 million in the prior quarter, and net cash flow provided by operating activities of $40.3 million in the year-ago quarter.
GAAP diluted earnings per share was $0.42, compared to diluted earnings per share of $0.35 in the prior quarter, and diluted earnings per share of $0.05 in the year-ago quarter.
Non-GAAP basis:
Non-GAAP gross margin was 62.8%. This compares to 61.7% in the prior quarter, and 58.6% in the year-ago quarter.
Non-GAAP operating expenses were $77.3 million, or 29% of revenue, compared to $75.9 million or 31% of revenue in the prior quarter, and $72.6 million or 35% of revenue in the year-ago quarter.
Non-GAAP income from operations was 33% of revenue, compared to 31% in the prior quarter, and 24% in the year-ago quarter.
Non-GAAP diluted earnings per share was $1.00, compared to diluted earnings per share of $0.86 in the prior quarter, and diluted earnings per share of $0.55 in the year-ago quarter.

Management Commentary

“In the first quarter, revenue was up 6% sequentially and up 26% year-over-year, driven by strong growth across all our markets, and in particular, our connectivity market, which grew 14% sequentially. Our Wi-Fi growth has continued to be robust as we continue to win market share based on our leading differentiated feature set. We are confident in our ability to more than double this business in 2022, and are on a firm trajectory to deliver at least $200 million of Wi-Fi revenue in 2023. Along with the market share wins, we are also making tremendous progress in continued innovation for next generation Wi-Fi 7, which will drive future growth opportunities. Cash flow from operations was approximately $134.2 million, and non-GAAP gross margin for Q1 improved to 62.8%. 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, April 27, 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-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:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Cover
Consolidated Balance Sheets
Consolidated Balance Sheets (Parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (Loss)
Consolidated Statements Of Comprehensive Income (Loss) (Parenthetical)
Consolidated Statements Of Income
Consolidated Statements Of Stockholders' Equity
Balance Sheet Details
Balance Sheet Details (Tables)
Balance Sheet Details - Accrued Expenses (Details)
Balance Sheet Details - Accrued Price Protection Liability (Details)
Balance Sheet Details - Additional Information (Details)
Balance Sheet Details - Cash, Cash Equivalents And Restricted Cash (Details)
Balance Sheet Details - Inventory (Details)
Balance Sheet Details - Property And Equipment, Net (Details)
Balance Sheet Details - Schedule Of Accumulated Other Comprehensive Income (Loss) By Component (Details)
Business Combinations
Business Combinations (Tables)
Business Combinations - Additional Information (Details)
Business Combinations - Finite-Lived And Indefinite-Lived Intangible Assets Acquired As Part Of Business Combination (Details)
Business Combinations - Schedule Of Business Acquisitions, By Acquisition (Details)
Commitments And Contingencies
Commitments And Contingencies (Tables)
Commitments And Contingencies - Additional Information (Details)
Commitments And Contingencies - Future Minimum Inventory Purchase And Other Obligations (Details)
Concentration Of Credit Risk, Significant Customers And Geographic Information
Concentration Of Credit Risk, Significant Customers And Geographic Information (Details)
Concentration Of Credit Risk, Significant Customers And Geographic Information (Tables)
Debt
Debt (Tables)
Debt - Additional Information (Details)
Debt - Schedule Of Debt (Details)
Employee Defined Benefit Retirement Plans
Employee Defined Benefit Retirement Plans (Details)
Financial Instruments
Financial Instruments (Tables)
Financial Instruments - Additional Information (Details)
Financial Instruments - Composition Of Financial Instruments (Details)
Financial Instruments - Fair Value, Assets And Liabilities Measured On Recurring Basis (Details)
Financial Instruments - Summary Of Level 3 Financial Instrument Activity (Details)
Goodwill And Intangible Assets
Goodwill And Intangible Assets - Finite-Lived Intangible Assets Amortization Expense (Details)
Goodwill And Intangible Assets - Schedule Of Indefinite-Lived Intangible Assets (Details)
Goodwill And Intangibles Assets (Tables)
Goodwill And Intangibles Assets - Additional Information (Details)
Goodwill And Intangibles Assets - Schedule Of Acquired Finite-Lived Intangible Assets By Major Class (Details)
Goodwill And Intangibles Assets - Schedule Of Finite-Lived Intangible Assets (Details)
Goodwill And Intangibles Assets - Schedule Of Finite-Lived Intangible Assets, Future Amortization Expense (Details)
Income Taxes
Income Taxes (Details)
Leases
Leases (Tables)
Leases - Additional Information (Details)
Leases - Aggregate Future Minimum Payments Due (Details)
Net Income (Loss) Per Share
Net Income (Loss) Per Share (Tables)
Net Income (Loss) Per Share - Additional Information (Details)
Net Income (Loss) Per Share - Summary Of Basic And Diluted Earnings Per Share (Details)
Organization And Summary Of Significant Accounting Policies
Organization And Summary Of Significant Accounting Policies (Details)
Organization And Summary Of Significant Accounting Policies (Policies)
Restructuring Activities - Additional Information (Details)
Restructuring Activity
Restructuring Activity (Tables)
Restructuring Activity - Restructuring And Related Costs (Details)
Restructuring Activity - Schedule Of Restructuring Reserve By Type Of Cost (Details)
Revenue From Contracts With Customers
Revenue From Contracts With Customers (Tables)
Revenue From Contracts With Customers - Additional Information (Details)
Revenue From Contracts With Customers - Revenues From External Customers By Products And Services (Details)
Stock Repurchases
Stock Repurchases (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Employee Stock Purchase Plan, Valuation Assumptions (Details)
Stock-Based Compensation - Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Summary Of Restricted Stock Unit And Performance-Based Restricted Stock Unit Activity (Details)
Stock-Based Compensation - Summary Of Stock Option Activity (Details)

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Maxlinear Inc provided additional information to their SEC Filing as exhibits

Ticker: MXL
CIK: 1288469
Form Type: 10-Q Quarterly Report
Accession Number: 0001288469-22-000153
Submitted to the SEC: Wed Jul 27 2022 4:10:31 PM EST
Accepted by the SEC: Wed Jul 27 2022
Period: Thursday, June 30, 2022
Industry: Semiconductors And Related Devices

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