MaxLinear (MXL) Tops Q4 EPS by 3c, Revenues Beat; 1Q Revenue Guidance Above Consensus

February 3, 2021 4:29 PM EST

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MaxLinear (NYSE: MXL) reported Q4 EPS of $0.39, $0.03 better than the analyst estimate of $0.36. Revenue for the quarter came in at $194.7 million versus the consensus estimate of $190.34 million.

Non-GAAP basis:

  • Non-GAAP gross margin was 57.8%. This compares to 58.0% in the prior quarter, and 64.6% in the year-ago quarter.
  • Non-GAAP operating expenses were $75.8 million, or 39% of revenue, compared to $61.1 million or 39% of revenue in the prior quarter, and $30.0 million or 43% of revenue in the year-ago quarter.
  • Non-GAAP income from operations was 19% of revenue, compared to 19% in the prior quarter, and 22% in the year-ago quarter.
  • Non-GAAP diluted earnings per share was $0.39, compared to diluted earnings per share of $0.32 in the prior quarter, and diluted earnings per share of $0.16 in the year-ago quarter.

Management Commentary

“In the fourth quarter, we posted record revenue, up 24% sequentially, due to stronger-than-expected demand for broadband access and connectivity products. The fourth quarter represented the first full of quarter of ownership of the Intel and NanoSemi assets, with which we are making tremendous progress on the respective integration efforts. Despite intensifying supply chain challenges, our cash flow from operations approximated $74.3 million with non-GAAP gross margin of 57.8% in the quarter. We are making tremendous progress with integration efforts of our recent acquisitions. With this backdrop, along with contributions from our expected revenues from our PAM4 DSP product for the 400G optical data center market and 5G wireless backhaul, we are very confident in the Company’s outlook entering 2021,” commented Kishore Seendripu, Ph.D., Chairman and CEO.

GUIDANCE:

MaxLinear sees Q1 2021 revenue of $200-210 million, versus the consensus of $193.85 million.

The company expects revenue in the first quarter 2021 to be approximately $200 million to $210 million. The Company also estimates the following:

  • GAAP gross margin of approximately 51.5% to 53.5%;
  • Non-GAAP gross margin of approximately 57.5% to 59.5%;
  • GAAP operating expenses of approximately $103 million to $107 million;
  • Non-GAAP operating expenses of approximately $72 million to $76 million;
  • GAAP interest and other expense of approximately $4.3 million to $4.5 million; and
  • Non-GAAP interest and other expense of approximately $4.0 million to $4.2 million.

For earnings history and earnings-related data on MaxLinear (MXL) click here.



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