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MaxLinear, Inc. Announces Fourth Quarter 2019 Financial Results
CARLSBAD, Calif.--(BUSINESS WIRE)-- MaxLinear, Inc. (NYSE: MXL), a leading provider of RF, analog and mixed-signal integrated circuits for the connected
About this update from Maxlinear, Inc
[{"type":"text","content":" CARLSBAD, Calif.--(BUSINESS WIRE)--\nMaxLinear, Inc. (NYSE: MXL), a leading provider of RF, analog and mixed-signal integrated circuits for the connected home, and industrial and multi-market applications, today announced financial results for the fourth quarter ended December 31, 2019.\n\n\nFourth Quarter Financial Highlights\n\n\nGAAP basis:\n\n\n\nNet revenue was $70.0 million, down 12% sequentially, and down 20% year-on-year.\n\n\n\n\nGAAP gross margin was 52.3%, compared to 52.4% in the prior quarter, and 52.4% in the year-ago quarter.\n\n\n\n\nGAAP operating expenses were $44.6 million in the fourth quarter 2019, or 64% of net revenue, compared to $45.2 million in the prior quarter, or 57% of net revenue, and $56.6 million in the year-ago quarter, or 65% of net revenue.\n\n\n\n\nGAAP loss from operations was 11% of revenue, compared to loss from operations of 4% in the prior quarter, and loss from operations of 12% in the year-ago quarter.\n\n\n\n\nNet cash flow provided by operating activities was $28.1 million, compared to $21.8 million in the prior quarter, and $24.2 million in the year-ago quarter.\n\n\n\n\nGAAP diluted loss per share was $0.11, compared to diluted loss per share of $0.07 in the prior quarter, and diluted earnings per share of $0.00 in the year-ago quarter.\n\n\n\nNon-GAAP basis:\n\n\n\nNon-GAAP gross margin was 64.6%. This compares to 63.1% in the prior quarter, and 62.7% in the year-ago quarter.\n\n\n\n\nNon-GAAP operating expenses were $30.0 million, or 43% of revenue, compared to $30.8 million or 38% of revenue in the prior quarter, and $36.7 million or 42% of revenue in the year-ago quarter.\n\n\n\n\nNon-GAAP income from operations was 22% of revenue, compared to 25% in the prior quarter, and 21% in the year-ago quarter.\n\n\n\n\nNon-GAAP diluted earnings per share was $0.16, compared to diluted earnings per share of $0.23 in the prior quarter, and diluted earnings per share of $0.20 in the year-ago quarter.\n\n\n\nManagement Commentary\n\n\n“In the fourth quarter, revenue results were in line with our guidance, gross margin was strong, and operating expenses declined on continued discipline. We delivered strong cash flow from operations in the quarter at approximately $28 million. As we enter 2020, we are excited about our new product launches coming to fruition with our new 5G wireless radio, a...