[Form 4] MaxLinear, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Skyworks Solutions (SWKS) FY25 Q3 10-Q highlights (13 weeks to 27-Jun-25):

• Revenue rose 6.6% YoY to $965 m, driven by higher mobile & Wi-Fi demand; nine-month sales down 5.3% to $2.99 bn.
• Gross margin expanded 140 bp to 41.6%, but operating income fell 15% to $110.6 m as R&D and SG&A grew to 30.1% of revenue (25.8% LY).
• Net income declined 13% to $105 m; diluted EPS $0.70 vs $0.75. YTD EPS $2.14 (-35%). Effective tax rate only 6.3%.
• Cash flow: operating cash $1.10 bn YTD (-18%); FCF ~ $961 m after $139 m capex. Cash & investments fell to $1.34 bn from $1.57 bn due to $838 m buybacks (12.6 m shares) and $327 m dividends.
• Balance-sheet: current portion of 1.80% 2026 notes ($499 m) now classified as short-term; long-term debt $496 m (2031 notes). Net cash position remains positive.
• Inventory reduced 10% QoQ to $706 m; days inventory on hand ≈ 102 (-8 days).
• Capital return: new $2 bn authorization (Feb-25) with $1.2 bn remaining; quarterly dividend raised to $0.71 payable 16-Sep-25.
• Outlook: management warns Q4 revenue will be pressured by “decrease in market share at a significant customer.”
• Legal: Denso filed patent suits in US & Japan (Jun-25) seeking damages & injunctions.

Total shares outstanding fell to 148.4 m (-7% YoY). Liquidity plus $750 m undrawn revolver viewed adequate, but 2026 debt maturity and sustained buybacks tighten cash.

Positive

• Revenue up 6.6% YoY with 140 bp gross-margin improvement.
• Robust $1.10 bn operating cash flow in nine months, still exceeding net income.
• Inventory and receivables both reduced, easing working-capital drag.
• Ongoing $2 bn buyback program and dividend increase to $0.71 demonstrate capital-return capacity.

Negative

• Net income down 13% for the quarter and 37% YTD; EPS contraction despite buybacks.
• Operating expenses surged 24%, eroding operating margin to 11.5%.
• Liquidity down $237 m and $499 m of 2026 notes now current, raising refinancing need.
• Management flags loss of share at a significant customer starting Q4, implying forward revenue pressure.
• Denso patent litigation could impose legal costs and potential injunction risk.

Insights

Sell-side Semiconductor Analyst

TL;DR: Top-line beat offset by margin squeeze; FY25 trajectory weak due to customer share loss.

Revenue growth and better gross margin show mobile mix stabilising, yet opex rose 24% as management doubles R&D for next-gen RF. Operating leverage turned negative, cutting EPS despite buybacks. Cash generation remains strong, but >$1 bn returned to shareholders outpaces FCF, trimming cash reserves ahead of $499 m note maturity in 2026. Management’s disclosure that a key customer will trim share starting Q4 signals another step-down; expect FY26 consensus revisions. Valuation support now rests on dividend and repurchase capacity, not earnings momentum.

Portfolio Risk Manager

TL;DR: Balance sheet solid, but rising execution and concentration risks warrant caution.

Net cash still positive and liquidity covers near-term debt, yet classification of 2026 notes as current highlights upcoming refinancing need amid softer earnings. Customer concentration risk materialises with projected revenue loss; litigation with Denso adds event risk though likely immaterial near term. Shareholder returns remain aggressive; if softness persists, leverage could rise. Overall, filing skews moderately negative for credit and equity risk outlook.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Kwong Connie H.

(Last) (First) (Middle)

C/O MAXLINEAR, INC.

5966 LA PLACE COURT, SUITE 100

(Street)

CARLSBAD CA 92008

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
MAXLINEAR, INC [ MXL ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Corporate Controller & PAO

3. Date of Earliest Transaction (Month/Day/Year)
08/04/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	08/04/2025		A		20,412		(2)	(2)	Common Stock	20,412	$0	20,412	D

Explanation of Responses:

1. Each restricted stock unit ("RSU") represents a contingent right to receive one share of MaxLinear, Inc. Common Stock.

2. Subject to the Reporting Person's continuous status as a Service Provider (as defined in MaxLinear, Inc.'s Amended and Restated 2010 Equity Incentive Plan) on each applicable vesting date, one third (1/3rd) of the RSUs subject to the award shall vest on May 20, 2026, and one third (1/3rd) of the RSUs subject to the award vest annually on each May 20 thereafter, such that the award will be fully vested on May 20, 2028.

Remarks:

	/s/ Connie Kwong	08/05/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

How did Skyworks (SWKS) revenue perform in Q3 FY25?

Revenue grew 6.6% to $965 million versus $905 million in the prior-year quarter.

What happened to Skyworks’ Q3 FY25 earnings per share?

Diluted EPS fell to $0.70, down 6.7% from $0.75 a year ago due to higher operating expenses.

Why did cash and investments decline during the quarter?

Skyworks spent $333 million on share buybacks and paid $104 million in dividends, exceeding free cash flow.

How much authorization remains under the 2025 share-repurchase plan?

Approximately $1.2 billion remains under the $2 billion program approved 4-Feb-25.

When is the next dividend payment and how much?

A $0.71 cash dividend will be paid on 16-Sep-25 to shareholders of record 26-Aug-25.

What near-term risks did management disclose?

The company expects Q4 revenue headwinds from reduced market share at a key customer and faces patent litigation filed by Denso.

What is Skyworks’ current debt situation?

$995 million in senior notes remain, with $499 million 1.80% notes maturing in 2026 now classified as current liabilities.