Slide 1: MaxLinear Q4'23 and FY'23 Earnings
MaxLinear Q4'23 and FY'23 Earnings January 31, 2024
Slide 2: Cautionary Note Concerning Forward-Looking Statements
Cautionary Note Concerning Forward-Looking Statements This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Unless otherwise indicated, all forward looking
Slide 3: Disclaimer: Non-GAAP Financial Measures
Disclaimer Non-GAAP Financial Measures This communication contains non-GAAP financial measures, which MaxLinear management believes are useful to investors and reflect how management measures MaxLinear’s business. Among other uses, our management uses non-GAAP measures to compare our performance rel
Slide 4: Q4'23 and FY'23 Financial Highlights
Q4'23 and FY'23 Financial Highlights • Revenue of $125.4 million for Q4 and $693.3 million for the year • GAAP and non-GAAP gross margin was 54.7% and 61.4% for Q4 and 55.6% and 60.8% for the year • GAAP and non-GAAP operating margin was (33.3)% and 1.0% for Q4 and (5.5)% and 15.5% for the year • GA
Slide 5: Q4'23 Business Highlights
Q4'23 Business Highlights • Infrastructure revenue for Q4 was down 37% sequentially and flat versus Q4 of last year, and up 30% for the year • Connectivity revenue for Q4 was up 26% sequentially and down 82% versus Q4 of last year, and down 55% for the year • Broadband revenue for Q4 was flat sequen
Slide 6: Q4'23 GAAP Financial Results
Q4'23 GAAP Financial Results $M Q4'23 Q3'23 Q4'22 Net Revenue $125.4 $135.5 $290.6 Gross Margin 54.7% 54.6% 56.2% Operating Expenses $110.3 $91.8 $122.2 Interest and Other Expense, Net $(0.9) $(23.7) $(0.4) Tax Rate 9.7% 4.1% 23.7% Net Income (Loss) $(38.5) $(39.8) $31.1 Diluted Earnings (Loss) Per
Slide 7: FY'23 GAAP Financial Results
FY'23 GAAP Financial Results $M FY'23 FY'22 Net Revenue $693.3 $1,120.3 Gross Margin 55.6% 58.0% Operating Expenses $423.9 $469.5 Interest and Other Expense, Net $(25.6) $(6.0) Tax Rate (14.6)% 28.2% Net Income (Loss) $(73.1) $125.0 Diluted Earnings (Loss) Per Share $(0.91) $1.55
Slide 8: Q4'23 Non-GAAP Financial Results
Q4'23 Non-GAAP Financial Results $M Q4'23 Q3'23 Q4'22 Net Revenue (GAAP) $125.4 $135.5 $290.6 Non-GAAP Gross Margin 61.4% 60.8% 59.6% Non-GAAP Operating Expenses $75.7 $75.1 $78.5 Non-GAAP Interest and Other Expense, Net $(0.8) $(5.3) $(0.4) Non-GAAP Tax Rate 9.9 % 10.0 % 6.0 % Non-GAAP Net Income $
Slide 9: FY'23 Non-GAAP Financial Results
FY'23 Non-GAAP Financial Results $M FY'23 FY'22 Net Revenue (GAAP) $693.3 $1,120.3 Non-GAAP Gross Margin 60.8% 61.6% Non-GAAP Operating Expenses $314.1 $320.5 Non-GAAP Interest and Other Expense, Net $(7.0) $(5.8) Non-GAAP Tax Rate 10.0% 6.0% Non-GAAP Net Income $90.5 $342.2 Non-GAAP Diluted Earning
Slide 10: Q4'23 Balance Sheet
Q4'23 Balance Sheet $M Assets Q4'23 Q3'23 Q4'22 Cash and cash equivalents $187.3 $187.0 $187.4 Accounts receivable $170.6 $158.2 $171.0 Short-term investments $0.0 $14.6 $18.5 Inventory $99.9 $114.9 $160.5 Other current assets $30.2 $33.8 $25.7 Total current assets $488.0 $508.6 $563.1 Net PP&E $66.
Slide 11: Q1'24 Guidance
Q1'24 Guidance $M, shares in M GAAP Non-GAAP (except for revenue) Revenue $85 - $105 $85 - $105 Gross Margin 50.0% - 54.0% 59.5% - 62.5% Operating Expenses $115 - $125 $72 - $78 Interest and Other Expense, Net $1.0 - $2.0 $1.0 - $2.0 Fully Diluted Share Count 82.3 82.3
Slide 12: Appendix
Appendix
Slide 13: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Three Months Ended December 31, 2023 September 30, 2023 December 31, 2022 GAAP gross profit $ 68,539 $ 73,944 $ 163,340 Stock-based compensation 137 170 222 Performance based equity
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Three Months Ended December 31, 2023 September 30, 2023 December 31, 2022 GAAP restructuring expenses 10,648 54 1,172 Restructuring charges (10,648) (54) (1,172) Non-GAAP restructur
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Three Months Ended December 31, 2023 September 30, 2023 December 31, 2022 GAAP income (loss) before income taxes $ (42,631) $ (41,518) $ 40,713 Total non-GAAP adjustments before inc
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Year Ended December 31, 2023 December 31, 2022 GAAP gross profit $ 385,663 $ 649,769 Stock-based compensation 763 735 Performance based equity 111 569 Amortization of purchased inta
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Year Ended December 31, 2023 December 31, 2022 GAAP impairment losses 2,438 2,811 Impairment losses (2,438) (2,811) Non-GAAP impairment losses — — GAAP restructuring expenses 19,786
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Year Ended December 31, 2023 December 31, 2022 GAAP income (loss) before income taxes $ (63,810) $ 174,198 Total non-GAAP adjustments before income taxes 164,350 189,818 Non-GAAP in
Slide 19: GAAP to Non-GAAP Reconciliation: Margins
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP GROSS MARGIN AND NON-GAAP OPERATING MARGIN Three Months Ended December 31, 2023 September 30, 2023 December 31, 2022 GAAP gross margin 54.7 % 54.6 % 56.2 % Stock-based compensation 0.1 % 0.1 % 0.1 % Performance based equity —% —% 0
Slide 20: GAAP to Non-GAAP Reconciliation: Margins
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP GROSS MARGIN AND NON-GAAP OPERATING MARGIN Year Ended December 31, 2023 December 31, 2022 GAAP gross margin 55.6 % 58.0 % Stock-based compensation 0.1 % 0.1 % Performance based equity —% 0.1 % Amortization of purchased intangible a
Slide 21: Thank You
Thank You