MaxLinear announces Second Quarter 2015 results

MaxLinear, Inc. Announces Second Quarter 2015 Financial Results

CARLSBAD, Calif. — 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 second quarter ended June 30, 2015.

Generally Accepted Accounting Principles (GAAP) Results

Net revenue for the second quarter of 2015 was $70.8 million, an increase of 100 percent compared to the first quarter of 2015, and an increase of 99 percent compared to the second quarter of 2014.

Net loss for the second quarter of 2015 was $30.6 million, or $0.58 per share (diluted), which also included approximately $2.8 million in fees and expenses related to our acquisition of Entropic Communications, $9.1 million and $0.1 million in amortization of intangible assets related to the Entropic and Physpeed acquisitions, respectively, and $11.4 million in restructuring charges related to the acquisition of Entropic. These results compare to a net loss of $4.7 million, or $0.12 per share (diluted), for the first quarter of 2015, and net loss of $0.6 million, or $0.02 per share (diluted), for the second quarter of 2014.

Management Commentary

“We are pleased to announce our first quarterly results reflecting contribution from the acquisition of Entropic Communications, with second quarter of 2015 revenue of $70.8 million, representing growth of approximately 100 percent both year-over-year and on a sequential basis, which was above the midpoint of our prior guidance,” commented Kishore Seendripu, Ph.D., Chairman and CEO. “This quarter’s revenue strength was driven by a combination of continued growth in shipments of our core MaxLinear product family, combined with two months of contribution from Entropic. Particular areas of strength in the quarter were the continued ramp of Full Spectrum Capture (FSC™) satellite gateway receiver SoC’s and digital outdoor unit channel-stacking solutions, combined with strong demand for analog channel-stacking and Entropic legacy video SoCs for the Pay-TV operator market. In our core operator market, we benefited from the continued shift toward higher-channel-count DOCSIS 3.0 modems and gateways, resulting in double-digit sequential growth in cable data revenue, which was partially offset by seasonal softness in non-operator terrestrial TV and set-top box solutions. This quarter’s strong operating cash flow generation is not only reflective of strength in the core MaxLinear business, but also of the momentum and progress made towards the integration of Entropic, and we continue to be committed to delivering meaningful operational synergies and leverage in the business as we progress through the remainder of 2015 and look forward into 2016.”