Slide 1: MaxLinear Q3'24 Earnings
MaxLinear Q3'24 Earnings October 23, 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
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: Q3'24 Financial Highlights
Q3'24 Financial Highlights • Revenue of $81.1 million • GAAP and non-GAAP gross margin was 54.4% and 58.7% • GAAP and non-GAAP operating margin was (82.3)% and (31.0)% • GAAP and non-GAAP diluted loss per share was $(0.90) and $(0.36) • Cash used in operations was $30.7 million
Slide 5: Recent Business Highlights
Recent Business Highlights • Broadband revenue grew in Q3; Connectivity, Infrastructure, and Industrial Multi-Market revenue declined in Q3, as expected. • Optical revenue grew again in Q3. MaxLinear is on track to exit the year with product shipment volume run-rate of high-speed optical interconnec
Slide 6: Q3'24 GAAP Financial Results
Q3'24 GAAP Financial Results $M Q3'24 Q2'24 Q3'23 Net Revenue $81.1 $92.0 $135.5 Gross Margin 54.4% 54.6% 54.6% Operating Expenses $110.8 $91.0 $91.8 Interest and Other Expense, Net $(15.8) $(0.5) $(23.7) Tax Rate 8.1% 5.0% 4.1% Net Loss $(75.8) $(39.3) $(39.8) Diluted Loss Per Share $(0.90) $(0.47)
Slide 7: Q3'24 Non-GAAP Financial Results
Q3'24 Non-GAAP Financial Results $M Q3'24 Q2'24 Q3'23 Net Revenue (GAAP) $81.1 $92.0 $135.5 Non-GAAP Gross Margin 58.7% 60.2% 60.8% Non-GAAP Operating Expenses $72.8 $74.8 $75.1 Non-GAAP Interest and Other Expense, Net $(4.0) $(0.4) $(5.3) Non-GAAP Tax Rate (2.9)% (5.8)% 10.0% Non-GAAP Net Income (L
Slide 8: Q3'24 Balance Sheet
Q3'24 Balance Sheet $M Assets Q3'24 Q2'24 Q3'23 Cash and cash equivalents $148.5 $185.1 $187.0 Accounts receivable $47.9 $84.9 $158.2 Short-term investments $0.0 $0.0 $14.6 Inventory $96.1 $94.7 $114.9 Other current assets $35.8 $32.8 $33.8 Total current assets $328.3 $397.6 $508.6 Net PP&E $63.5 $6
Slide 9: Q4'24 Guidance
Q4'24 Guidance $M, shares in M GAAP Non-GAAP (except for revenue) Revenue $80 - $100 $80 - $100 Gross Margin 54.0% - 57.0% 57.5% - 60.5% Operating Expenses $88 - $94 $58 - $64 Interest and Other Expense, Net $1.0 - $2.5 $1.0 - $2.5 Fully Diluted Share Count 84.5 84.5
Slide 10: Appendix
Appendix
Slide 11: 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 September 30, 2024 June 30, 2024 September 30, 2023 GAAP gross profit $ 44,080 $ 50,186 $ 73,944 Stock-based compensation 81 173 170 Performance based equity (19)
Slide 12: 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 September 30, 2024 June 30, 2024 September 30, 2023 GAAP impairment losses 1,237 — — Impairment losses (1,237) — — Non-GAAP impairment losses — — — GAAP restructu
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 September 30, 2024 June 30, 2024 September 30, 2023 GAAP loss before income taxes $ (82,498) $ (41,326) $ (41,518) Total non-GAAP adjustments before income taxes
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Nine Months Ended September 30, 2024 September 30, 2023 GAAP gross profit $ 143,534 $ 317,124 Stock-based compensation 435 626 Performance based equity 16 94 Amortization of purchas
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Nine Months Ended September 30, 2024 September 30, 2023 GAAP impairment losses 1,237 2,438 Impairment losses (1,237) (2,438) Non-GAAP impairment losses — — GAAP restructuring expens
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Nine Months Ended September 30, 2024 September 30, 2023 GAAP loss before income taxes $ (197,895) $ (21,179) Total non-GAAP adjustments before income taxes 132,525 121,254 Non-GAAP
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP GROSS MARGIN AND NON-GAAP OPERATING MARGIN Three Months Ended September 30, 2024 June 30, 2024 September 30, 2023 GAAP gross margin 54.4 % 54.6 % 54.6 % Stock-based compensation 0.1 % 0.2 % 0.1 % Performance based equity —% —% —% A
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP GROSS MARGIN AND NON-GAAP OPERATING MARGIN Nine Months Ended September 30, 2024 September 30, 2023 GAAP gross margin 53.5 % 55.8 % Stock-based compensation 0.2 % 0.1 % Performance based equity —% —% Amortization of purchased intang
Slide 19: Thank You
Thank You