Business
MaxLinear, Inc. Announces Third Quarter 2021 Financial Results
Record net revenue of $229.8 million, up 12% sequentially and up 47% year-over-year GAAP gross margin 56.5% and non-GAAP gross margin 61.3%, up 170 bps and
About this update from Maxlinear, Inc
[{"type":"text","content":"\n\nRecord net revenue of $229.8 million, up 12% sequentially and up 47% year-over-year\n\n\nGAAP gross margin 56.5% and non-GAAP gross margin 61.3%, up 170 bps and 110 bps from previous quarter, respectively\n\n\n CARLSBAD, Calif.--(BUSINESS WIRE)--\nMaxLinear, Inc. (NYSE: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced financial results for the third quarter ended September 30, 2021.\n\nThird Quarter Financial Highlights\n\nGAAP basis:\n\n\nNet revenue was $229.8 million, up 12% sequentially and up 47% year-over-year.\n\n\nGAAP gross margin was 56.5%, compared to 54.8% in the prior quarter, and 42.3% in the year-ago quarter.\n\n\nGAAP operating expenses were $106.0 million in the third quarter 2021, or 46% of net revenue, compared to $110.3 million in the prior quarter, or 54% of net revenue, and $100.8 million in the year-ago quarter, or 64% of net revenue.\n\n\nGAAP income from operations was 10% of revenue, compared to income from operations of 1% in the prior quarter, and loss from operations of 22% in the year-ago quarter.\n\n\nNet cash flow provided by operating activities was $84.1 million, compared to net cash flow provided by operating activities of $7.9 million in the prior quarter, and net cash flow used in operating activities of $16.6 million in the year-ago quarter.\n\n\nGAAP diluted earnings per share was $0.12, compared to diluted earnings per share of $0.01 in the prior quarter, and diluted loss per share of $0.50 in the year-ago quarter.\n\n\nNon-GAAP basis:\n\n\nNon-GAAP gross margin was 61.3%. This compares to 60.2% in the prior quarter, and 58.0% in the year-ago quarter.\n\n\nNon-GAAP operating expenses were $74.4 million, or 32% of revenue, compared to $75.2 million or 37% of revenue in the prior quarter, and $61.1 million or 39% of revenue in the year-ago quarter.\n\n\nNon-GAAP income from operations was 29% of revenue, compared to 24% in the prior quarter, and 19% in the year-ago quarter.\n\n\nNon-GAAP diluted earnings per share was $0.75, compared to diluted earnings per share of $0.53 in the prior quarter, and diluted earnings per share of $0.32 in the year-ago quarter.\n\n\nManagement Commentary\n\n“In the third quarter, revenue was up 12% sequentially and up 47% year-over-year, driven by growth across our broadband, connectivity and industrial an...