Slide 1: MaxLinear Q4'24 Earnings
MaxLinear Q4'24 Earnings January 29, 2025
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: Q4'24 and FY'24 Financial Highlights
Q4'24 and FY'24 Financial Highlights • Revenue of $92.2 million for Q4 and $360.5 million for the year • GAAP and non-GAAP gross margin was 55.6% and 59.1% for Q4 and 54.0% and 59.7% for the year • GAAP and non-GAAP operating margin was (44.7)% and (7.5)% for Q4 and (62.0)% and (19.0)% for the year
Slide 5: Q4'24 Business Highlights
Q4'24 Business Highlights • Continued progress in our high-speed optical interconnect business, where we have now shipped more than one million units across multiple customers into high-volume opportunities • Announced a new software-defined storage solution in partnership with QTC to address the ne
Slide 6: Q4'24 GAAP Financial Results
Q4'24 GAAP Financial Results $M Q4'24 Q3'24 Q4'23 Net Revenue $92.2 $81.1 $125.4 Gross Margin 55.6% 54.4% 54.7% Operating Expenses $92.4 $110.8 $110.3 Interest and Other Income (Expense), Net $0.4 $(15.8) $(0.9) Tax Rate (41.7)% 8.1% 9.7% Net Loss $(57.8) $(75.8) $(38.5) Diluted Loss Per Share $(0.6
Slide 7: Q4'24 Non-GAAP Financial Results
Q4'24 Non-GAAP Financial Results $M Q4'24 Q3'24 Q4'23 Net Revenue (GAAP) $92.2 $81.1 $125.4 Non-GAAP Gross Margin 59.1% 58.7% 61.4% Non-GAAP Operating Expenses $61.3 $72.8 $75.7 Non-GAAP Interest and Other Income (Expense), Net $0.7 $(4.0) $(0.8) Non-GAAP Tax Rate (16.1)% (2.9)% 9.9% Non-GAAP Net In
Slide 8: Q4'24 Balance Sheet
Q4'24 Balance Sheet $M Assets Q4'24 Q3'24 Q4'23 Cash and cash equivalents $118.6 $148.5 $187.3 Accounts receivable $85.5 $47.9 $170.6 Inventory $90.3 $96.1 $99.9 Other current assets $29.1 $35.8 $30.2 Total current assets $323.4 $328.3 $488.0 Net PP&E $59.3 $63.5 $66.4 Other assets $481.9 $503.6 $52
Slide 9: Q1'25 Guidance
Q1'25 Guidance $M, shares in M GAAP Non-GAAP (except for revenue) Revenue $85 - $105 $85 - $105 Gross Margin 54.5% - 57.5% 57.5% - 60.5% Operating Expenses $93 - $99 $56 - $62 Interest and Other Expense, Net $1.0 - $2.0 $1.0 - $2.0 Income Tax Provision $2.7 $— Fully Diluted Share Count 85.5 85.5
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 December 31, 2024 September 30, 2024 December 31, 2023 GAAP gross profit $ 51,248 $ 44,080 $ 68,539 Stock-based compensation 186 81 137 Performance based equity 8
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 December 31, 2024 September 30, 2024 December 31, 2023 GAAP impairment losses — 1,237 — Impairment losses — (1,237) — Non-GAAP impairment losses — — — GAAP restru
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, 2024 September 30, 2024 December 31, 2023 GAAP loss before income taxes $ (40,822) $ (82,498) $ (42,631) Total non-GAAP adjustments before income tax
Slide 14: 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, 2024 December 31, 2023 GAAP gross profit $ 194,782 $ 385,663 Stock-based compensation 621 763 Performance based equity 24 111 Amortization of purchased intan
Slide 15: 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, 2024 December 31, 2023 GAAP impairment losses 1,237 2,438 Impairment losses (1,237) (2,438) Non-GAAP impairment losses — — GAAP restructuring expenses 53,379
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, 2024 December 31, 2023 GAAP loss before income taxes $ (238,717) $ (63,810) Total non-GAAP adjustments before income taxes 167,126 164,350 Non-GAAP income (l
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 December 31, 2024 September 30, 2024 December 31, 2023 GAAP gross margin 55.6 % 54.4 % 54.7 % Stock-based compensation 0.2 % 0.1 % 0.1 % Performance based equity —% —% —
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation UNAUDITED RECONCILIATION OF NON-GAAP GROSS MARGIN AND NON-GAAP OPERATING MARGIN Year Ended December 31, 2024 December 31, 2023 GAAP gross margin 54.0 % 55.6 % Stock-based compensation 0.2 % 0.1 % Performance based equity —% —% Amortization of purchased intangible asse
Slide 19: Thank You
Thank You