Slide 1: MaxLinear Q2'24 Earnings
MaxLinear Q2'24 Earnings July 24, 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: Q2'24 Financial Highlights
Q2'24 Financial Highlights • Revenue of $92.0 million • GAAP and non-GAAP gross margin was 54.6% and 60.2% • GAAP and non-GAAP operating margin was (44.4)% and (21.1)% • GAAP and non-GAAP diluted loss per share was $(0.47) and $(0.25) • Cash used in operations was $2.7 million
Slide 5: Q2'24 Business Highlights
Q2'24 Business Highlights • Broadband market recovery is slower than expected. • MaxLinear taking further actions to align with market conditions • Continued AI-related, high-speed optical interconnect design win portfolio success. Early-stage revenues have begun, with new production ramps expected
Slide 6: Q2'24 GAAP Financial Results
Q2'24 GAAP Financial Results $M Q2'24 Q1'24 Q2'23 Net Revenue $92.0 $95.3 $183.9 Gross Margin 54.6% 51.7% 55.9% Operating Expenses $91.0 $123.9 $108.8 Interest and Other Income (Expense), Net $(0.5) $0.5 $1.2 Tax Rate 5.0% 2.4% 8.6% Net Loss $(39.3) $(72.3) $(4.4) Diluted Loss Per Share $(0.47) $(0.
Slide 7: Q2'24 Non-GAAP Financial Results
Q2'24 Non-GAAP Financial Results $M Q2'24 Q1'24 Q2'23 Net Revenue (GAAP) $92.0 $95.3 $183.9 Non-GAAP Gross Margin 60.2% 60.6% 61.0% Non-GAAP Operating Expenses $74.8 $74.8 $82.5 Non-GAAP Interest and Other Income (Expense), Net $(0.4) $0.6 $1.2 Non-GAAP Tax Rate (5.8)% (6.1)% 10.0% Non-GAAP Net Inco
Slide 8: Q2'24 Balance Sheet
Q2'24 Balance Sheet $M Assets Q2'24 Q1'24 Q2'23 Cash and cash equivalents $185.1 $191.9 $224.6 Accounts receivable $84.9 $126.2 $155.8 Short-term investments $0.0 $0.0 $20.5 Inventory $94.7 $96.1 $126.2 Other current assets $32.8 $30.4 $27.4 Total current assets $397.6 $444.7 $554.5 Net PP&E $65.4 $
Slide 9: Q3'24 Guidance
Q3'24 Guidance $M, shares in M GAAP Non-GAAP (except for revenue) Revenue $70 - $90 $70 - $90 Gross Margin 52.5% - 55.5% 57.0% - 60.0% Operating Expenses $102 - $108 $70 - $76 Interest and Other Expense, Net $0 - $2.0 million $0 - $2.0 million Fully Diluted Share Count 84.1 84.1
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, 2024 March 31, 2024 June 30, 2023 GAAP gross profit $ 50,186 $ 49,268 $ 102,873 Stock-based compensation 173 181 246 Performance based equity (37) 72 (16
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, 2024 March 31, 2024 June 30, 2023 GAAP restructuring expenses 865 22,630 4,436 Restructuring charges (865) (22,630) (4,436) Non-GAAP restructuring expens
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, 2024 March 31, 2024 June 30, 2023 GAAP loss before income taxes $ (41,326) $ (74,071) $ (4,760) Total non-GAAP adjustments before income taxes 21,523 57,
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, 2024 June 30, 2023 GAAP gross profit $ 99,454 $ 243,180 Stock-based compensation 354 456 Performance based equity 35 75 Amortization of purchased intangibl
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, 2024 June 30, 2023 GAAP impairment losses — 2,438 Impairment losses — (2,438) Non-GAAP impairment losses — — GAAP restructuring expenses 23,495 9,084 Restr
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, 2024 June 30, 2023 GAAP income (loss) before income taxes $ (115,397) $ 20,339 Total non-GAAP adjustments before income taxes 79,191 77,724 Non-GAAP income
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, 2024 March 31, 2024 June 30, 2023 GAAP gross margin 54.6 % 51.7 % 55.9 % Stock-based compensation 0.2 % 0.2 % 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, 2024 June 30, 2023 GAAP gross margin 53.1 % 56.2 % Stock-based compensation 0.2 % 0.1 % Performance based equity —% —% Amortization of purchased intangible assets
Slide 19: Thank You
Thank You