MaxLinear, Inc. Announces Fourth Quarter and Fiscal Year 2015 Financial Results


MAXLINEAR, INC.
UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS
(in thousands)
  
  Years Ended December 31,
  2015  2014
Operating Activities   
Net loss$(42,331) $(7,041)
Adjustments to reconcile net loss to cash provided by operating activities:   
Amortization and depreciation40,641  5,107 
Impairment of intangible assets21,600   
Provision for losses on accounts receivable178   
Provision for inventory reserves155   
Amortization of investment premiums, net554  724 
Amortization of inventory step-up14,244   
Stock-based compensation19,268  15,008 
Deferred income taxes(1,906) (2,281)
Loss (gain) on disposal of property and equipment74  (3)
Gain sale of available-for-sale securities(21)  
Impairment of long-lived assets153  29 
Impairment of leases8,163   
Changes in operating assets and liabilities:   
Accounts receivable5,160  1,982 
Inventory(6,402) (757)
Prepaid and other assets4,495  (752)
Accounts payable, accrued expenses and other current liabilities(23,447) 83 
Accrued compensation5,320  3,911 
Deferred revenue and deferred profit454  961 
Accrued price protection liability6,522  (4,999)
Other long-term liabilities2,167  262 
Net cash provided by operating activities55,041  12,234 
Investing Activities   
Purchases of property and equipment(2,996) (8,800)
Purchases of intangible assets(100)  
Cash used in acquisition, net of cash acquired(3,615) (9,136)
Purchases of available-for-sale securities(73,377) (56,702)
Maturities of available-for-sale securities69,029  57,172 
Net cash used in investing activities(11,059) (17,466)
Financing Activities   
Repurchases of common stock(101)  
Net proceeds from issuance of common stock9,950  3,304 
Minimum tax withholding paid on behalf of employees for restricted stock units(5,141 )   (3,810 )
Equity issuance costs (705 )    
Net cash provided by (used in) financing activities 4,003     (506 )
Effect of exchange rate changes on cash and cash equivalents (725 )   (16 )
Increase (decrease) in cash and cash equivalents 47,260     (5,754 )
Cash and cash equivalents at beginning of period 20,696     26,450  
Cash and cash equivalents at end of period $ 67,956     $ 20,696  

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