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Maxlinear, Inc. Announces Third Quarter 2015 Financial Results

The following excerpt is from the company's SEC filing.

Third Quarter Revenue Increases to

$95.2 million

Reflecting First Full Quarter of Entropic Acquisition Contribution

– MaxLinear, Inc. (NYSE: MXL), a provider of integrated, radio-frequency (RF) and mixed-signal integrated circuits for broadband communications, pay-TV and the connected home, and data center, metro, and long-haul transport network applications, today announced financial results for the third quarter ended September 30, 2015.

Management Commentary

“We are pleased to announce third quarter 2015 revenue of $95.2 million , our first quarter reflecting a full-quarter of contribution from the acquisition of Entropic Communications. The third quarter revenue represents an increase of 34 percent sequentially, which was slightly above the midpoint of our upwardly revised prior guidance,” commented Kishore Seendripu, Ph.D., Chairman and CEO. “This quarter’s revenue strength was broad-based, with increases across all of our end-market focus areas: operator, infrastructure and other, and legacy video SoC. Within this broad-based strength, areas representing the most significant sequential increases included satellite outdoor units, MoCA® solutions across both cable and satellite operators, Physpeed optical interconnects, and legacy video SoCs. We are also pleased to report a correspondingly strong quarter of operating cash flow, one in which we generated a record

$22.0 million

, reflecting our continued focus on tight operating expense management and related progress made towards the integration of Entropic. As we look to finish 2015 strongly, we are encouraged by the progress we are making in exploiting new and exciting opportunities for our leading analog and mixed-signal technology platform.”

Generally Accepted Accounting Principles (GAAP) Results

Net revenue for the third quarter 2015 was

, an increase of

34.4 percent

compared to the second quarter 2015, and an increase of

193 percent

compared to the third quarter 2014. Gross profit for the third quarter 2015 was

53.6 percent

of revenue, compared to

38.0 percent

for the second quarter 2015, and

61.2 percent

for the third quarter 2014. The gross profit for the third quarter 2015 was impacted by $1.6 million in amortization of intangible assets and $0.9 million in amortization of inventory step-up related to the Entropic acquisition.

Operating expenses for the third quarter 2015 were

$49.4 million

, a decrease of

16 percent

114 percent

compared to the third quarter 2014. Operating expenses as a percentage of revenue represented

52 percent

for the third quarter 2015,

83 percent

for the second quarter 2015 and

71 percent

Net income for the third quarter 2015 was

per share (diluted), which included $13.6 million and $0.1 million in amortization of intangible assets related to the Entropic and Physpeed acquisitions, respectively, and restructuring charges of

$0.4 million

. These results compare to a net loss of

$30.6 million

per share (diluted), for the second quarter 2015, and net loss of

$3.2 million

per share (diluted), for the third quarter 2014.

Cash flow provided by operations for the third quarter 2015 totaled

, compared to cash provided by operations of

$4.6 million

for the second quarter 2015, and cash provided by operations of

$6.4 million

Cash, cash equivalents and investments totaled

$104.8 million

at September 30, 2015, compared to $82.1 million at June 30 2015, and $93.9 million at September 30, 2014.

Non-GAAP Results

Non-GAAP gross profit percentage for the third quarter 2015 was

56.7 percent

percent for the second quarter 2015, and

percent for the third quarter 2014.

Non-GAAP operating expenses were

$29.1 million

$29.3 million

$18.2 million

for the third quarter 2015, second quarter 2015 and third quarter 2014, respectively. Non-GAAP operating expenses decreased

when compared to the second quarter 2015, and increased

60 percent

when compared to third quarter 2014. Non-GAAP operating expenses as a percentage of revenue represented

31 percent

41 percent

56 percent

Non-GAAP net income for the third quarter 2015 was

$25.1 million

per share (diluted), compared to

$11.5 million

$1.7 million

Fourth Quarter 2015 Revenue and Gross Margin Guidance

We expect revenue in the fourth quarter of 2015 to be between $95 million and $100 million, and GAAP and non-GAAP gross profit percentages to be 53 percent and 57.5 percent of revenue, respectively.

Conference Call Details

MaxLinear will host its third quarter 2015 financial results conference call today, November 3, 2015 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access this call, dial US toll free: 1-888-481-2844 / International: 1-719-325-2393 with conference ID: 893588. A live webcast of the conference call will be accessible from the investor relations section of the MaxLinear website at http://investors.maxlinear.com, and will be archived and available after the call at http://investors.maxlinear.com until November 17, 2015. A replay of the conference call will also be available until November 17, 2015 by dialing US toll free: 1-888-203-1112 / International: 1-719-457-0820 and referencing passcode: 893588.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include, among others, statements concerning our future financial performance (including our current guidance for fourth quarter 2015 revenue and gross profit percentage); and trends and growth opportunities in our product markets. These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. Risks and uncertainties affecting our business, operating results, financial condition, and stock price, include, among others, integration risks arising from our acquisition...


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