Slide 1: MaxLinear Q1'23 Earnings
MaxLinear Q1'23 Earnings April 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: Q1'23 Financial Highlights
Q1'23 Financial Highlights • Revenue of $248.4 million • GAAP and Non-GAAP gross margin was 56.5% and 60.3% • GAAP and Non-GAAP operating margin was 11.0% and 27.8% • GAAP and Non-GAAP earnings per share was $0.12 and $0.74 • Cash generated from operations was approximately $42 million
Slide 5: Q1'23 Business Highlights
Q1'23 Business Highlights • Infrastructure revenue up 46% sequentially, and 40% year-over year in Q1 driven by the expanding roll-out of multi-band millimeter wave and microwave backhaul platform solutions • Industrial and multi-market revenue up 50% year-over-year in Q1 • Connectivity up 10% year-o
Slide 6: Update on Acquisition of Silicon Motion
Q1'23 Update on Acquisition of Silicon Motion • Closing expected in the second or third quarter of 2023, subject to customary closing conditions, including antitrust approvals • Waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 (HSR) expired on June 27, 2022; HSR re-filin
Slide 7: GAAP Financial Results
Q1'23 GAAP Financial Results $M Q1'23 Q4'22 Q1'22 Net Revenue $248.4 $290.6 $263.9 Gross Margin 56.5% 56.2% 58.6% Operating Expenses $113.0 $122.2 $106.5 Interest and Other Expense, Net $(2.2) $(0.4) $(3.1) Tax Rate 62.0% 23.7% 25.4% Net Income $9.5 $31.1 $33.6 Diluted Earnings Per Share $0.12 $0.38
Slide 8: Non-GAAP Financial Results
Q1'23 Non-GAAP Financial Results $M Q1'23 Q4'22 Q1'22 Net Revenue (GAAP) $248.4 $290.6 $263.9 Non-GAAP Gross Margin 60.3% 59.6% 62.8% Non-GAAP Operating Expenses $80.8 $78.5 $77.3 Non-GAAP Interest and Other Expense, Net $(2.1) $(0.4) $(3.0) Non-GAAP Tax Rate 10.0 % 6.0 % 6.0 % Non-GAAP Net Income $
Slide 9: Balance Sheet
Q1'23 Balance Sheet $M Assets Q1'23 Q4'22 Q1'22 Cash and cash equivalents $207.9 $187.4 $151.1 Accounts receivable $188.7 $171.0 $125.7 Short-term investments $18.7 $18.5 $19.1 Inventory $149.6 $160.5 $139.0 Other current assets $28.7 $25.7 $19.7 Total current assets $593.6 $563.1 $454.6 Net PP&E $7
Slide 10: Q2'23 Guidance
Q2'23 Guidance $M, shares in M GAAP Non-GAAP Revenue $175 - $205 $175 - $205 Gross Margin 54.5% - 57.5% 59.5% - 62.5% Operating Expenses $110 - $116 $79 - $85 Interest and Other Income (Expense), Net $4.0 $4.0 Fully Diluted Share Count 81.5 - 82.5 81.5 - 82.5 * The company’s guidance for non-GAAP fi
Slide 11: Appendix
Appendix
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 March 31, 2023 December 31, 2022 March 31, 2022 GAAP gross profit $ 140,307 $ 163,340 $ 154,590 Stock-based compensation 210 222 163 Performance based equity 91 1
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 March 31, 2023 December 31, 2022 March 31, 2022 GAAP impairment losses 2,438 2,811 — Impairment losses (2,438) (2,811) — Non-GAAP impairment losses — — — GAAP res
Slide 14: 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 March 31, 2023 December 31, 2022 March 31, 2022 GAAP income before income taxes $ 25,099 $ 40,713 $ 45,039 Total non-GAAP adjustments before income taxes 41,966 5
Slide 15: Thank You
Thank You