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MaxLinear(MXL) - 2021 Q4 - Annual Report
2022-02-02 21:17
Financial Performance - In the year ended December 31, 2021, net revenue was $892.4 million, driven by sales of RF receivers, connectivity solutions, and high-speed optical interconnect solutions [238]. - Net revenue increased by $413.8 million to $892.4 million for the year ended December 31, 2021, compared to $478.6 million for the year ended December 31, 2020, representing an 86% increase [281]. - Gross profit for the year ended December 31, 2021 was $495.8 million, up $283.0 million or 133% from $212.8 million in 2020, with a gross profit percentage of 56% [283]. - Gross profit margin improved to 56% in 2021 from 44% in 2020, while cost of net revenue decreased from 56% to 44% [279]. - Cost of net revenue increased by $130.8 million to $396.6 million for the year ended December 31, 2021, representing a 49% increase compared to 2020 [283]. Revenue Sources - Products shipped to Asia accounted for 83% of net revenue in 2021, with significant contributions from Hong Kong (40%) and mainland China (12%) [239]. - The top two customers accounted for 26% of net revenue in 2021, while the ten largest customers collectively accounted for 69% [240]. - Broadband revenue contributed $248.1 million to the increase, primarily due to a full-year contribution from the acquisition of Wi-Fi and Broadband assets on July 31, 2020 [281]. - Connectivity revenue rose by $78.5 million, driven by a full-year contribution from the Wi-Fi and Broadband assets acquisition and increased MoCA and G.hn product shipments [281]. - Infrastructure revenue increased by $43.3 million, attributed to higher shipments of high-performance analog and wireless backhaul products, driven by the ramp-up of 5G [281]. - Industrial and multi-market revenue grew by $43.9 million, linked to increased shipments of high-performance analog products from the Wi-Fi and Broadband assets acquisition [281]. Acquisitions and Investments - The company completed the acquisition of the Home Gateway Platform Division of Intel for $150 million on July 31, 2020 [247]. - The acquisition of NanoSemi, Inc. included $10 million in cash and 804,163 shares, with potential additional payments of up to $70 million based on performance [248]. - A recent acquisition on December 8, 2021, involved an initial payment of $5 million, with an additional $3 million contingent on meeting targets by March 31, 2023 [256]. - The company reported net cash used in investing activities of $91.8 million for 2021, which included $40.0 million for acquisitions and $39.2 million for property and equipment purchases [310]. Expenses and Cost Management - Research and development expenses accounted for 31% of total operating expenses in 2021, down from 38% in 2020 [279]. - Research and development expenses rose by $98.4 million to $278.4 million in 2021, a 55% increase from $180.0 million in 2020, accounting for 31% of net revenue [284]. - Selling, general and administrative expenses decreased to 17% of total operating expenses in 2021 from 27% in 2020 [279]. - Selling, general and administrative expenses increased by $19.9 million to $149.9 million in 2021, a 15% increase from $130.0 million in 2020, representing 17% of net revenue [286]. - Restructuring charges decreased by $1.6 million to $2.2 million in 2021, a 42% reduction compared to $3.8 million in 2020 [287]. Cash Flow and Financial Position - As of December 31, 2021, the company had cash and cash equivalents of $130.6 million and net accounts receivable of $119.7 million, with working capital of $196.7 million [297]. - The company's working capital increased to $196.7 million as of December 31, 2021, compared to $128.1 million in 2020 [305]. - Cash and cash equivalents decreased to $130.6 million as of December 31, 2021, down from $148.9 million in 2020 [305]. - The company expects its cash and cash equivalents to be sufficient to fund projected operating requirements for at least the next twelve months [314]. - Net cash provided by operating activities for the year ended December 31, 2021 was $168.2 million, a significant increase from $73.6 million in 2020 [307][308]. - Net cash used in financing activities was $91.9 million for 2021, primarily due to $409.8 million in debt repayments and $23.5 million in common stock repurchases [312]. Market Conditions and Future Outlook - The company experienced a global semiconductor chip shortage impacting its ability to meet increased demand, which may continue into 2023 [245]. - The COVID-19 pandemic has caused significant volatility in sales and revenues, with ongoing uncertainty in customer demand [246]. - The company expects revenue to fluctuate in the future due to evolving customer demand and macroeconomic conditions, with potential volatility from the COVID-19 pandemic and global semiconductor chip shortage [282]. - The company anticipates an increase in research and development expenses in future years to expand its product portfolio and enhance existing products [285]. - The company may face decreased sales and revenues in the near future due to heightened volatility and uncertainty in customer demand stemming from the COVID-19 pandemic and global semiconductor chip shortages [300]. Financial Obligations - As of December 31, 2021, the company had total cash requirements of $532.6 million, including long-term debt obligations of $310.0 million and operating lease obligations of $36.2 million [303]. - The company has a revolving credit facility of up to $100.0 million, which was undrawn as of December 31, 2021 [304]. - The company is subject to variable interest rates on its credit agreements, with potential impacts from rising interest rates being immaterial [321].
MaxLinear(MXL) - 2021 Q3 - Earnings Call Transcript
2021-10-28 01:48
MaxLinear, Inc. (NASDAQ:MXL) Q3 2021 Earnings Conference Call October 27, 2021 4:30 PM ET Company Participants Nick Aberle - Vice President, Finance Kishore Seendripu - Chief Executive Officer Steve Litchfield - Chief Financial Officer & Chief Corporate Strategy Officer Conference Call Participants Tore Svanberg - Stifel Quinn Bolton - Needham & Co. Ross Seymore - Deutsche Bank Tim Savageaux - Northland Capital Markets Alessandra Vecchi - William Blair David Williams - Benchmark Suji Desilva - ROTH Capital ...
MaxLinear(MXL) - 2021 Q3 - Quarterly Report
2021-10-27 20:16
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended September 30, 2021 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-34666 MaxLinear Inc. (Exact name of Registrant as specified in its charter) Delaware 14-1896129 (State or other jurisdiction of incorpo ...
MaxLinear(MXL) - 2021 Q2 - Earnings Call Transcript
2021-07-29 02:14
MaxLinear, Inc. (NASDAQ:MXL) Q2 2021 Earnings Conference Call July 28, 2021 4:30 PM ET Company Participants Brian Nugent - Head, Investor Relations Kishore Seendripu - Chief Executive Officer Steve Litchfield - Chief Financial Officer and Chief Corporate Strategy Officer Conference Call Participants Tore Svanberg - Stifel Quinn Bolton - Needham & Company Gary Mobley - Wells Fargo Ananda Baruah - Loop Capital Markets Melissa Weathers - Deutsche Bank Tim Savageaux - Northland Capital Markets Richard Shannon - ...
MaxLinear(MXL) - 2021 Q2 - Quarterly Report
2021-07-28 20:13
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended June 30, 2021 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-34666 MaxLinear Inc. (Exact name of Registrant as specified in its charter) Delaware 14-1896129 (State or other jurisdiction of incorporatio ...
MaxLinear(MXL) - 2021 Q1 - Earnings Call Transcript
2021-04-29 02:36
MaxLinear, Inc. (NASDAQ:MXL) Q1 2021 Earnings Conference Call April 28, 2021 4:30 PM ET Company Participants Brian Nugent - IR Kishore Seendripu - CEO Steve Litchfield - CFO and Chief Corporate Strategy Officer Conference Call Participants Tore Svanberg - Stifel Ananda Baruah - Loop Capital Markets Suji Desilva - ROTH Capital Alessandra Vecchi - William Blair Christopher Rolland - Susquehanna Bill Peterson - JP Morgan Sam Peterman - Craig Hallum Capital Group Tim Savaggeaux - Northland Capital Markets Opera ...
MaxLinear(MXL) - 2021 Q1 - Quarterly Report
2021-04-28 20:08
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Quarterly Period Ended March 31, 2021 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-34666 MaxLinear Inc. (Exact name of Registrant as specified in its charter) Delaware 14-1896129 (State or other jurisdiction of incorporati ...
MaxLinear(MXL) - 2020 Q4 - Annual Report
2021-02-11 22:25
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Fiscal Year Ended December 31, 2020 OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the Transition Period From to Commission file number: 001-34666 MaxLinear, Inc. (Exact name of Registrant as specified in its charter) Delaware 14-1896129 (State or other jurisdiction ...
MaxLinear(MXL) - 2020 Q4 - Earnings Call Transcript
2021-02-04 03:22
MaxLinear, Inc. (NASDAQ:MXL) Q4 2020 Earnings Conference Call February 3, 2021 4:30 PM ET Corporate Participants Brian Nugent - Investor Relations Kishore Seendripu - Chief Executive Officer Steve Litchfield - Chief Financial Officer and Chief Corporate Strategy Officer Conference Call Participants Tore Svanberg - Stifel Alessandra Vecchi - William Blair Quinn Bolton - Needham & Company Ananda Baruah - Loop Capital Markets Tim Savaggeaux - Northland Capital Markets Richard Shannon - Craig-Hallum Operator Gr ...
MaxLinear(MXL) - 2020 Q3 - Earnings Call Transcript
2020-11-08 16:19
MaxLinear, Inc. (NASDAQ:MXL) Q3 2020 Earnings Conference Call November 5, 2020 4:30 PM ET Company Participants Brian Nugent - Investor Relations Kishore Seendripu - Chief Executive Officer Steve Litchfield - Chief Financial Officer and Chief Corporate Strategy Officer Conference Call Participants Gary Mobley - Wells Fargo Alessandra Vecchi - William Blair Quinn Bolton - Needham & Company Tore Svanberg - Stifel Ross Seymore - Deutsche Bank Ananda Baruah - Loop Capital Markets Bill Peterson - JPMorgan Suji De ...