MaxLinear, Inc. (NYSE:MXL) Q2 2020 Earnings Conference Call - Final Transcript

Jul 23, 2020 • 04:30 pm ET

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MaxLinear, Inc. (NYSE:MXL) Q2 2020 Earnings Conference Call - Final Transcript

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Presentation
Operator
Operator

Hello and welcome to the MaxLinear's Second Quarter 2020 Earnings Conference Call. [Operator Instructions]

It's now my pleasure to turn the call over to Brian Nugent. Please go ahead.

Executive
Brian Nugent

Thank you, operator. Good afternoon, everyone, and thank you for joining us on today's conference call to discuss MaxLinear's second quarter 2020 financial results. Today's call is being hosted by Dr. Kishore Seendripu, CEO; and Steve Litchfield, Chief Financial Officer and Chief Corporate Strategy Officer. After our prepared comments, we will take questions.

Our comments today include forward-looking statements within the meaning of applicable securities laws, including statements relating to our guidance for third quarter 2020 revenue, third quarter revenue growth expectations in our principal target markets, GAAP and non-GAAP gross margin, GAAP and non-GAAP operating expenses, tax expense and effective tax rate and interest and other expense.

In addition, we will make forward-looking statements relating to trends, opportunities and uncertainties in various products and geographic markets, including, without limitation, statements concerning opportunities arising from our announced definitive acquisition agreement for Intel's Home Gateway business, growth opportunities for our wireless infrastructure and connectivity markets and opportunities for improved revenues in our broadband markets.

These forward-looking statements involve substantial risks and uncertainties, including risks related to our proposed acquisition of Intel's Home Gateway business, such as integration and key employee retention risks as well as those arising more generally from competition, global trade and export restrictions, potential supply constraints, the impact of the COVID-19 pandemic, our dependence on a limited number of customers, average selling price trends and risks that our markets and growth opportunities may not develop as we currently expect and that our assumptions concerning these opportunities may prove incorrect.

More information on these and other risks is outlined in the Risk Factors section of our recent SEC filings, including our Form 10-K for the year ended December 31, 2019, and our second quarter 2020 Form 10-Q, which was filed today. Any forward-looking statements are made as of today, and MaxLinear has no obligation to update or revise any forward-looking statements. The second quarter 2020 earnings release is available in the Investor Relations section of our website at maxlinear.com.

In addition, we report certain historical financial metrics, including net revenues, gross margins, operating expenses, income or loss from operations, income taxes, net income or loss and net income or loss per share on both a GAAP and non-GAAP basis. We encourage investors to review the detailed reconciliation of our GAAP and non-GAAP presentations in the press release available on our website.

We do not provide a reconciliation of non-GAAP guidance for future periods because of the inherent uncertainty associated with our ability to project certain future charges, including stock-based compensation and its associated tax effects. Non-GAAP financial measures discussed today do not replace the presentation of MaxLinear's GAAP financial results. We are providing this information to enable investors to perform more meaningful comparisons of our operating results in a manner similar to management's analysis of our business.

Lastly, this call is