MaxLinear, Inc. (NYSE:MXL), a leading provider of radio frequency (RF), analog and mixed-signal integrated circuits for the connected home, wired and wireless infrastructure, and industrial and multimarket applications, today announced it ranked 361st on Deloitte’s Technology Fast 500™, a ranking of the 500 fastest-growing technology, media, telecommunications, life sciences and energy tech companies in North America. MaxLinear was selected based on its 224 percent revenue increase during the three-year period ended December 31, 2016.
“Even as we have become a bigger company, we still remain a growth company, and being included on the Deloitte Fast 500 proves that,” said Kishore Seendripu, MaxLinear CEO. “Our acquisitions have brought in additional products, but just as important they have expanded the number of innovative employees at MaxLinear, which is the real key behind our fast growth.”
“The Deloitte 2017 North America Technology Fast 500 winners underscore the impact of technological innovation and world-class customer service in driving growth, in a fiercely competitive environment,” said Sandra Shirai, vice chairman, Deloitte Consulting LLP and U.S. technology, media and telecommunications leader. “These companies are on the cutting edge and are transforming the way we do business. We extend our sincere congratulations to all the winners for achieving remarkable growth while delivering new services and experiences for their customers.”
“Emerging growth companies are powering innovation in the broader economy. The growth rates delivered by the companies on this year’s North America Technology Fast 500 ranking are a bright spot for the capital markets and a strong indicator that the emerging growth technology sector will continue to deliver a strong return on investment,” said Heather Gates, national managing director of Deloitte & Touche LLP’s emerging growth company practice. “Deloitte is dedicated to supporting the best and brightest companies of the future in the emerging growth company sector. We are proud to acknowledge the significant accomplishments of this year’s Fast 500 winners.”
Overall, 2017 Technology Fast 500™ companies achieved revenue growth ranging from 135 percent to 59,093 percent from 2013 to 2016, with median growth of 380 percent.
About Deloitte’s 2017 Technology Fast 500™
Deloitte’s Technology Fast 500 provides a ranking of the fastest growing technology, media, telecommunications, life sciences and energy tech companies — both public and private — in North America. Technology Fast 500 award winners are selected based on percentage fiscal year revenue growth from 2013 to 2016.
In order to be eligible for Technology Fast 500 recognition, companies must own proprietary intellectual property or technology that is sold to customers in products that contribute to a majority of the company’s operating revenues. Companies must have base-year operating revenues of at least $50,000 USD, and current-year operating revenues of at least $5 million USD. Additionally, companies must be in business for a minimum of four years and be headquartered within North America.
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (“DTTL”), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as “Deloitte Global”) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the “Deloitte” name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see www.deloitte.com/about to learn more about our global network of member firms.
About MaxLinear, Inc.
MaxLinear, Inc. (NYSE:MXL), a leading provider of radio frequency (RF), analog and mixed-signal integrated circuits for the connected home, wired and wireless infrastructure, and industrial and multimarket applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.
MxL and the MaxLinear logo are trademarks of MaxLinear, Inc. Other trademarks appearing herein are the property of their respective owners.
Cautionary Note Concerning Forward-Looking Statements
This press release 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. Forward-looking statements include, among others, statements concerning or implying MaxLinear’s future revenue growth or financial performance (including statements concerning or implying MaxLinear’s ability to continue to increase its revenues). These forward-looking statements involve known and unknown risks, uncertainties, and other factors that may cause actual results to be materially different from any future results expressed or implied by the forward-looking statements. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. In particular, MaxLinear’s future operating results are substantially dependent on its assumptions about market trends and conditions and its expectations with respect to recently completed acquisitions. There can be no assurances that MaxLinear’s revenues will continue to grow or that revenue growth, if any, in future periods will compare favorably with revenue growth in prior periods. With respect to recently completed acquisitions, MaxLinear faces particular risks associated with its ability to integrate the acquired businesses and maintain relationships with employees, customers, and vendors. Exar’s target markets and business operations differ substantially from those of MaxLinear, and MaxLinear may be unable to realize anticipated strategic, financial, and operating synergies to the same relative extent as it was able to achieve in other recent acquisitions. In addition, MaxLinear’s decisions with respect to all its acquisitions were based on management’s then-current expectations with respect to the size of the available markets and growth opportunities presented by these acquisitions, all of which are subject to material risks and uncertainties. In connection with the acquisition of Exar, MaxLinear incurred substantial acquisition-related indebtedness, which materially changed its financial profile and which presents specific risks relating to MaxLinear’s ability to service interest and principal payments and limitations on its operating flexibility based on operating covenants in the applicable term loan agreements, including (without limitation) debt covenant restrictions that limit its ability to obtain additional financing, issue guarantees, create liens, make certain restricted payments or repay certain obligations or to pursue future acquisitions. Additional risks and uncertainties arising from MaxLinear’s operations generally and its recently completed acquisitions include intense competition in its industry; its dependence on a limited number of customers for a substantial portion of its revenues; uncertainties concerning how end user markets for its products will develop; potential uncertainties arising from continued consolidation among cable television and satellite operators in its target markets and continued consolidation among competitors within the semiconductor industry generally; its ability to develop and introduce new and enhanced products on a timely basis and achieve market acceptance of those products, particularly as its seeks to expand outside of its historic markets; potential decreases in average selling prices for its products; risks relating to intellectual property protection and the prevalence of intellectual property litigation in its industry; indemnification obligations of Exar arising from a recent divestiture; the impact on its financial condition of the incurred acquisition indebtedness and cash usage arising from the Exar transaction; its reliance on a limited number of third party manufacturers; and its lack of long-term supply contracts and dependence on limited sources of supply. In addition to these risks and uncertainties, investors should review the risks and uncertainties contained in our filings with the Securities and Exchange Commission (SEC), including MaxLinear’s most recent Annual Report on Form 10-K for the year ended December 31, 2016 filed with the SEC on February 9, 2017; its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2017, June 30, 2017; its Current Reports on Form 8-K; and the information set forth under the caption “Risk Factors” in MaxLinear’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2017, which MaxLinear filed with the SEC on November 7, 2017. All forward-looking statements are based on the estimates, projections and assumptions of management as of the date of this press release, and MaxLinear is under no obligation (and expressly disclaims any such obligation) to update or revise any forward-looking statements whether as a result of new information, future events, or otherwise.