Slide 1: MaxLinear Q1'24 Earnings
MaxLinear Q1'24 Earnings April 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
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: Q1'24 Financial Highlights
Q1'24 Financial Highlights • Revenue of $95.3 million • GAAP and non-GAAP gross margin was 51.7% and 60.6% • GAAP and non-GAAP operating margin was (78.3)% and (17.9)% • GAAP and non-GAAP diluted loss per share was $(0.88) and $(0.21) • Cash provided by operations was $16.0 million
Slide 5: Q1'24 Business Highlights
Q1'24 Business Highlights • Continued AI-related, high-speed optical interconnect design win portfolio success. Early-stage revenues have begun, with new production ramps expected to begin in the second half of 2024. • Announced development of 200G/lane PAM4 Digital Signal Processors (Rushmore), whi
Slide 6: Q1'24 GAAP Financial Results
Q1'24 GAAP Financial Results $M Q1'24 Q4'23 Q1'23 Net Revenue $95.3 $125.4 $248.4 Gross Margin 51.7% 54.7% 56.5% Operating Expenses $123.9 $110.3 $113.0 Interest and Other Income (Expense), Net $0.5 $(0.9) $(2.2) Tax Rate 2.4% 9.7% 62.0% Net Income (Loss) $(72.3) $(38.5) $9.5 Diluted Earnings (Loss)
Slide 7: Q1'24 Non-GAAP Financial Results
Q1'24 Non-GAAP Financial Results $M Q1'24 Q4'23 Q1'23 Net Revenue (GAAP) $95.3 $125.4 $248.4 Non-GAAP Gross Margin 60.6% 61.4% 60.3% Non-GAAP Operating Expenses $74.8 $75.7 $80.8 Non-GAAP Interest and Other Income (Expense), Net $0.6 $(0.8) $(2.1) Non-GAAP Tax Rate (6.1)% 9.9 % 10.0 % Non-GAAP Net I
Slide 8: Q1'24 Balance Sheet
Q1'24 Balance Sheet $M Assets Q1'24 Q4'23 Q1'23 Cash and cash equivalents $191.9 $187.3 $207.9 Accounts receivable $126.2 $170.6 $188.7 Short-term investments $0.0 $0.0 $18.7 Inventory $96.1 $99.9 $149.6 Other current assets $30.4 $30.2 $28.7 Total current assets $444.7 $488.0 $593.6 Net PP&E $68.3
Slide 9: Q2'24 Guidance
Q2'24 Guidance $M, shares in M GAAP Non-GAAP (except for revenue) Revenue $90 - $110 $90 - $110 Gross Margin 52.5% - 56.5% 58.5% - 61.5% Operating Expenses $103 - $113 $72 - $78 Interest and Other Income (Expense), Net $0.5 - $1.0 $0.5 - $1.0 Fully Diluted Share Count 83.5 83.5
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 March 31, 2024 December 31, 2023 March 31, 2023 GAAP gross profit $ 49,268 $ 68,539 $ 140,307 Stock-based compensation 181 137 210 Performance based equity 72 17
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, 2024 December 31, 2023 March 31, 2023 GAAP impairment losses — — 2,438 Impairment losses — — (2,438) Non-GAAP impairment losses — — — GAAP restructuring
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, 2024 December 31, 2023 March 31, 2023 GAAP income (loss) before income taxes $ (74,071) $ (42,631) $ 25,099 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) Three Months Ended March 31, 2024 March 31, 2023 GAAP gross profit $ 49,268 $ 140,307 Stock-based compensation 181 210 Performance based equity 72 91 Amortization of purchased intan
Slide 15: 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 March 31, 2024 December 31, 2023 March 31, 2023 GAAP gross margin 51.7 % 54.7 % 56.5 % Stock-based compensation 0.2 % 0.1 % 0.1 % Performance based equity 0.1 % —% —% Am
Slide 16: Thank You
Thank You