Slide 1: MaxLinear Investor Presentation
MaxLinear Investor Presentation
Slide 2: Disclaimer
Disclaimer Cautionary Note Concerning Forward-Looking Statements This presentation and any accompanying oral presentation contain 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
Slide 3: MaxLinear Snapshot
MaxLinear Snapshot Leading Semiconductor Supplier in Infrastructure, Connectivity, and Broadband FOUNDED IN EMPLOYEES IP PORTFOLIO REVENUE Non-GAAP EPS* 2003 1,300 1,000+ $360.5M $(0.90) IPO IN 2010 WORLDWIDE PATENTS FY24A FY24A Global Footprint Engineering Centric Competitive Advantage Multiple Rev
Slide 4: Diversified End-Market Portfolio
Diversified End-Market Portfolio Across the Board Secular and MXL Specific Growth Opportunities INDUSTRIAL / INFRASTRUCTURE CONNECTIVITY BROADBAND MULTI-MARKET PAM4 DSP WiFi Gateway SoC Power / Analog TRX / MOD Ethernet RF Front-End Interface
Slide 5: Execute Plan to Deliver Profitable Growth
Execute Plan to Deliver Profitable Growth Utilize superior technology to outperform our growing end-markets and deliver strong returns ADDRESS GROWING MARKETS INCREASE SHARE & CONTENT DRIVE OPERATING LEVERAGE Market Strategy Growth Strategy Financial Strategy 5
Slide 6: Market Strategy
Market Strategy Target and Address Dynamic Growth Markets
Slide 7: Target Large and Growing End-Markets
Target Large and Growing End-Markets SAM expansion driven by organic growth and strategic acquisitions $2.1B $500M $3.0B SAM GROWTH FY20 $1.8B Infrastructure FY27 Connectivity $1.2B $4B SAM Broadband $11B+ SAM $1.9B $400M $4.7B *All data based on a combination of industry research reports and manage
Slide 8: Product Cycles Drive Opportunity
Product Cycles Drive Opportunity Well positioned to benefit from dynamically changing technology transition Optical 400G 800G 1.6T Wireless Backhaul mWave mmWave Multi-Band Wireless Access 4T4R TRX 8T8R TRX mMIMO Product cycles across our end markets create WiFi WiFi6/6E WiFi7 WiFi8 opportunity for
Slide 9: Secular Trends
Secular Trends Strong macro drivers across all support long-term growth WIRELESS OPTICAL INFRASTRUCTURE WIFI ETHERNET FIBER AI is driving the need for Transport links being WiFi access point growth Fiber gateway market 800Gig and 1.6T optical upgraded for higher to accelerate, driven by 1GigE ports
Slide 10: Platform Approach Expands Our SAM
Platform Approach Expands Our SAM Transformation to broadband platform provider is driving higher content opportunity Cable FE / Tuner Cable FE / Tuner WiFi Gateway content opportunity MoCA MoCA increasing by >3x Power GW SoC Ethernet SLIC/SLAC FY19 – Gateway FY24 – Gateway
Slide 11: New Products Driving Expanded Market Opportunity
New Products Driving Expanded Market Opportunity Leverage existing technologies to ramp new products in new and growing markets Optical WiFi7 Ethernet Storage Fiber $3.5B $3B $300M $500M $1.2B Addressable with products in the market today RF Analog Mixed-Signal Digital Signal Security Compression Pr
Slide 12: Growth Strategy
Growth Strategy Increase Market Share and Content Per Platform
Slide 13: Long-Term Growth Drivers
Long-Term Growth Drivers Product Innovation Drives Opportunity to Grow Content and Market Share WIRELESS OPTICAL INFRASTRUCTURE WIFI & ETHERNET FIBER GATEWAY STORAGE
Slide 14: Optical
Optical Best-in-class technology poised to disrupt hyperscale DC interconnect Next-generation 200G/lane PAM4 DSP with integrated EML driver Best-in-class power consumption with double the data rates from the previous generation New PAM4 DSP offering expands presence across all major markets by line
Slide 15: Wireless Infrastructure
Wireless Infrastructure Scaling product offerings across existing applications Wireless Access Wireless Backhaul Existing 8x8 RF 4x4 RF Baseband SoC mWave Transceiver Transceiver Transceiver 5G Remote Radio Head Multi-Band Radio Content opportunity Content opportunity up by >4x up by >3x FY27 8x8 RF
Slide 16: WiFi
WiFi Attach rates, share gain, and product cycles will accelerate growth over time WiFi 7 Ramp Growth Rate % Multi-Band Adoption WiFi 6 / 6e Higher Attach Rates Gateway SoC Design Wins Market Growth Time
Slide 17: Fiber Gateway
Fiber Gateway Capturing new fiber gateway design wins 140 Fiber gateway wins in 120 North America to drive initial share gain 100 80 Current fiber gateway 60 design win pipeline of $300M+ in play 40 20 Gateway SoC share gains pull 0 through ~$20 of additional silicon content 2023 2024 2025 2026 2027
Slide 18: Storage
Storage Revolutionary storage accelerator for today’s AI and data storage solutions 200Gbps to 3.4Tbps Saleable Throughput for all Data Center solutions 12:1 Data Reduction for best effective capacity across workloads Ultra-Low Latency provides quicker datasets access for faster AI analysis Industry
Slide 19: Financial Strategy
Financial Strategy Drive operating leverage and shareholder returns
Slide 20: Revenue Growth
Revenue Growth Drive sales expansion by at least 2x the semiconductor industry growth rate 2X Content Increases MXL Target GROWTH RATE % Share Gains Growth New Markets Rate Product Cycles BB Gateway 5G Base Station Fiber GW Wireless Backhaul WiFi Routers Industry Optical G.hn 5G Access Ethernet Grow
Slide 21: Margin Expansion
Margin Expansion Drive operating leverage with higher gross margin and increasing productivity Non-GAAP Operating Margin Target 35%+ Gross Margin R&D Spend SG&A Spend • Demand value for our products • Prudent product investments • Grow slower than revenue • Design for cost savings • Technology re-us
Slide 22: Long-Term Non-GAAP Target Model
Long-Term Non-GAAP Target Model Target model achieves significant operating leverage over time Revenue Growth Rate 2x Market Share/content growth + product cycles Gross Margin 65% Lower product costs + richer mix Operating Expenses 50% of Sales Growth Drive new project ROI + customer NRE Operating M
Slide 23: Appendix
Appendix
Slide 24: 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 25: 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 26: 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 27: 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 28: Thank you
MAXLINEAR Thank you