Item 5. Market for Registrant’s Common Equity
ITEM 5. MARKET FOR REGISTRANT’S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES
Market Information and Holders
Our common stock is traded on the New York Stock Exchange, or the NYSE, under the symbol MXL.
According to our transfer agent, as of February 4, 2021, there were 71 record holders of our common stock. We believe we have approximately 22,000 beneficial holders of our common stock.
Dividend Policy
We have never declared or paid cash dividends on our common stock. We currently intend to retain all available funds and any future earnings for use in the operation of our business and do not anticipate paying any dividends on our common stock in the foreseeable future. Any future determination to declare dividends will be made at the discretion of our Board of Directors and will depend on our financial condition, operating results, capital requirements, general business conditions and other factors that our Board of Directors may deem relevant.
Stock Performance Graph
Notwithstanding any statement to the contrary in any of our previous or future filings with the SEC, the following information relating to the price performance of our common stock shall not be deemed “filed” with the SEC or “Soliciting Material” under the Exchange Act, or subject to Regulation 14A or 14C, or to liabilities of Section 18 of the Exchange Act except to the extent we specifically request that such information be treated as soliciting material or to the extent we specifically incorporate this information by reference.
The graph below compares the cumulative total stockholder return on our common stock with the cumulative total return on The NYSE Composite Index and The Philadelphia Semiconductor Index. The period shown commences on December 31, 2015 and ends on December 31, 2020, the end of our last fiscal year. The graph assumes an investment of $100 on December 31, 2015, and the reinvestment of any dividends.
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The comparisons in the graph below are required by the Securities and Exchange Commission and are not intended to forecast or be indicative of possible future performance of our common stock.
Recent Sales of Unregistered Securities
None.
Recent Repurchases of Equity Securities
None.
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ITEM 6. SELECTED FINANCIAL DATA
We have derived the selected consolidated statement of operations data for the years ended December 31, 2020, 2019 and 2018 and selected consolidated balance sheet data as of December 31, 2020 and 2019 from our consolidated financial statements and related notes included elsewhere in this report. We have derived the consolidated statement of operations data for the years ended December 31, 2017 and 2016 and the consolidated balance sheet data as of December 31, 2018, 2017 and 2016 from our consolidated financial statements not included in this report. Our historical results are not necessarily indicative of the results to be expected for any future period. As described in Note 1 to our consolidated financial statements included herein, as a result of the adoption of ASC 606 as of January 1, 2018 using the modified retrospective method, amounts for years prior to 2018 have not been adjusted to reflect the change to recognize certain distributor sales upon sale to the distributor, or the sell-in method, from recognition upon the Company’s sale to the distributors’ end customers, or the sell-through method, which required the deferral of revenue and profit on such distributor sales. Also, due to the adoption of ASC 842 on January 1, 2019 with a cumulative effect adjustment to accumulated deficit, amounts for periods prior to 2019 in the consolidated balance sheets have not been adjusted to reflect certain lease-related assets and liabilities. The following selected consolidated financial data should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and our consolidated financial statements and related notes included elsewhere in this report.
Years Ended December 31,
2020 2019 2018 2017 2016
(in thousands, except per share amounts)
Consolidated Statement of Operations Data:
Net revenue $ 478,596 $ 317,180 $ 384,997 $ 420,318 $ 387,832
Cost of net revenue 265,798 149,495 176,223 212,355 157,842
Gross profit 212,798 167,685 208,774 207,963 229,990
Operating expenses:
Research and development 179,993 98,344 120,046 112,279 97,745
Selling, general and administrative 130,025 88,762 101,789 105,831 64,454
Impairment losses 86 — 2,198 2,000 1,300
Restructuring charges 3,833 2,636 3,838 9,524 3,432
Total operating expenses 313,937 189,742 227,871 229,634 166,931
Income (loss) from operations (101,139) (22,057) (19,097) (21,671) 63,059
Interest income 409 775 78 274 572
Interest expense (12,952) (11,133) (14,255) (10,378) (104)
Other income (expense), net (1,170) (69) 422 (2,223) 163
Total interest and other income (expense), net (13,713) (10,427) (13,755) (12,327) 631
Income (loss) before income taxes (114,852) (32,484) (32,852) (33,998) 63,690
Income tax provision (benefit) (16,259) (12,586) (6,653) (24,811) 2,398
Net income (loss) $ (98,593) $ (19,898) $ (26,199) $ (9,187) $ 61,292
Net income (loss) per share:
Basic $ (1.35) $ (0.28) $ (0.38) $ (0.14) $ 0.96
Diluted $ (1.35) $ (0.28) $ (0.38) $ (0.14) $ 0.91
Shares used to compute net income (loss) per share:
Basic 73,133 71,005 68,490 66,252 63,781
Diluted 73,133 71,005 68,490 66,252 67,653
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As of December 31,
2020 2019 2018 2017 2016
(in thousands)
Consolidated Balance Sheet Data:
Cash, cash equivalents, restricted cash, and short- and long-term investments, available-for-sale $ 150,034 $ 93,117 $ 74,191 $ 74,412 $ 136,805
Working capital 128,057 115,208 110,044 124,918 158,304
Total assets 1,022,442 705,791 743,593 824,862 422,652
Total stockholders’ equity 391,117 414,920 399,936 387,424 352,424
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.