Slide 1: MaxLinear Q2'23 Earnings
MaxLinear Q2'23 Earnings July 26, 2023
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 may contain certain 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 perf
Slide 4: Q2'23 Financial Highlights
Q2'23 Financial Highlights • Revenue of $183.9 million • GAAP and Non-GAAP gross margin was 55.9% and 61.0% • GAAP and Non-GAAP operating margin was (3.2)% and 16.2% • GAAP loss per share was $(0.05) and non-GAAP earnings per share was $0.34 • Cash generated from operations was approximately $31 mil
Slide 5: Q2'23 Business Highlights
Q2'23 Business Highlights • Infrastructure revenue up 6% sequentially, and 37% year-over-year in Q2 driven by the expanding roll-out of multi-band millimeter wave and microwave backhaul platform solutions • Increasing design-win activity for Wave700 single-chip, tri-band WiFi7 solution • Announcemen
Slide 6: Q2'23 GAAP Financial Results
Q2'23 GAAP Financial Results $M Q2'23 Q1'23 Q2'22 Net Revenue $183.9 $248.4 $280.0 Gross Margin 55.9% 56.5% 58.7% Operating Expenses $108.8 $113.0 $125.3 Interest and Other Income (Expense), Net $1.2 $(2.2) $4.8 Tax Rate 8.6% 62.0% 27.1% Net Income (Loss) $(4.4) $9.5 $32.0 Diluted Earnings (Loss) Pe
Slide 7: Q2'23 Non-GAAP Financial Results
Q2'23 Non-GAAP Financial Results $M Q2'23 Q1'23 Q2'22 Net Revenue (GAAP) $183.9 $248.4 $280.0 Non-GAAP Gross Margin 61.0% 60.3% 62.3% Non-GAAP Operating Expenses $82.5 $80.8 $84.3 Non-GAAP Interest and Other Income (Expense), Net $1.2 $(2.1) $4.9 Non-GAAP Tax Rate 10.0 % 10.0 % 6.0 % Non-GAAP Net In
Slide 8: Q2'23 Balance Sheet
Q2'23 Balance Sheet $M Assets Q2'23 Q1'23 Q2'22 Cash and cash equivalents $224.6 $207.9 $211.4 Accounts receivable $155.8 $188.7 $137.1 Short-term investments $20.5 $18.7 $23.9 Inventory $126.2 $149.6 $146.4 Other current assets $27.4 $28.7 $19.9 Total current assets $554.5 $593.6 $538.6 Net PP&E $7
Slide 9: Q3'23 Guidance
Q3'23 Guidance $M, shares in M GAAP Non-GAAP (except for revenue) Revenue $125 - $155 $125 - $155 Gross Margin 53.0% - 56.0% 59.5% - 62.5% Operating Expenses $104 - $110 $75 - $81 Interest and Other Income (Expense), Net $5.0 $5.0 Fully Diluted Share Count 82 - 83 82 - 83 * The company’s guidance fo
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 June 30, 2023 March 31, 2023 June 30, 2022 GAAP gross profit $ 102,873 $ 140,307 $ 164,351 Stock-based compensation 246 210 162 Performance based equity (16) 91 1
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 June 30, 2023 March 31, 2023 June 30, 2022 GAAP impairment losses — 2,438 — Impairment losses — (2,438) — Non-GAAP impairment losses — — — GAAP restructuring expe
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 June 30, 2023 March 31, 2023 June 30, 2022 GAAP income (loss) before income taxes $ (4,760) $ 25,099 $ 43,852 Total non-GAAP adjustments before income taxes 35,75
Slide 14: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Six Months Ended June 30, 2023 June 30, 2022 GAAP gross profit $ 243,180 $ 318,941 Stock-based compensation 456 325 Performance based equity 75 258 Amortization of purchased intangi
Slide 15: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Six Months Ended June 30, 2023 June 30, 2022 GAAP impairment losses 2,438 — Impairment losses (2,438) — Non-GAAP impairment losses — — GAAP restructuring expenses 9,084 462 Restruct
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP ADJUSTMENTS (in thousands, except per share data) Six Months Ended June 30, 2023 June 30, 2022 GAAP income (loss) before income taxes $ 20,339 $ 88,891 Total non-GAAP adjustments before income taxes 77,724 91,508 Non-GAAP income be
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 June 30, 2023 March 31, 2023 June 30, 2022 GAAP gross margin 55.9 % 56.5 % 58.7 % Stock-based compensation 0.1 % 0.1 % 0.1 % Performance based equity —% —% 0.1 % Amortiz
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP GROSS MARGIN AND NON-GAAP OPERATING MARGIN Six Months Ended June 30, 2023 June 30, 2022 GAAP gross margin 56.2 % 58.6 % Stock-based compensation 0.1 % 0.1 % Performance based equity —% 0.1 % Amortization of purchased intangible ass
Slide 19: Thank You
Thank You