Business
MaxLinear, Inc. Announces Second Quarter 2022 Financial Results
Record net revenue of $280.0 million, up 6% sequentially and up 36% year-over-year GAAP gross margin 58.7% and non-GAAP gross margin 62.3%, up 10 bps and -50
About this update from Maxlinear, Inc
[{"type":"text","content":"\n\nRecord net revenue of $280.0 million, up 6% sequentially and up 36% year-over-year\n\n\nGAAP gross margin 58.7% and non-GAAP gross margin 62.3%, up 10 bps and -50 bps from previous quarter, respectively\n\n\n CARLSBAD, Calif.--(BUSINESS WIRE)--\nMaxLinear, Inc. (Nasdaq: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced financial results for the second quarter ended June 30, 2022.\n\nSecond Quarter Financial Highlights\n\nGAAP basis:\n\n\nNet revenue was $280.0 million, up 6% sequentially and up 36% year-over-year.\n\n\nGAAP gross margin was 58.7%, compared to 58.6% in the prior quarter, and 54.8% in the year-ago quarter.\n\n\nGAAP operating expenses were $125.3 million in the second quarter 2022, or 45% of net revenue, compared to $106.5 million in the prior quarter, or 40% of net revenue, and $110.3 million in the year-ago quarter, or 54% of net revenue.\n\n\nGAAP income from operations was 14% of revenue, compared to income from operations of 18% in the prior quarter, and income from operations of 1% in the year-ago quarter.\n\n\nNet cash flow provided by operating activities was $123.4 million, compared to net cash flow provided by operating activities of $134.2 million in the prior quarter, and net cash flow provided by operating activities of $7.9 million in the year-ago quarter.\n\n\nGAAP diluted earnings per share was $0.40, compared to diluted earnings per share of $0.42 in the prior quarter, and diluted earnings per share of $0.01 in the year-ago quarter.\n\n\nNon-GAAP basis:\n\n\nNon-GAAP gross margin was 62.3%. This compares to 62.8% in the prior quarter, and 60.2% in the year-ago quarter.\n\n\nNon-GAAP operating expenses were $84.3 million, or 30% of revenue, compared to $77.3 million or 29% of revenue in the prior quarter, and $75.2 million or 37% of revenue in the year-ago quarter.\n\n\nNon-GAAP income from operations was 32% of revenue, compared to 33% in the prior quarter, and 24% in the year-ago quarter.\n\n\nNon-GAAP diluted earnings per share was $1.11, compared to diluted earnings per share of $1.00 in the prior quarter, and diluted earnings per share of $0.53 in the year-ago quarter.\n\n\nManagement Commentary\n\n“In the second quarter, revenue was up 6% sequentially and up 36% year-over-year, as a result of strong demand across all our product portfoli...