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HomeNewsBusiness WireMaxLinear, Inc. Announces Third Quarter 2022 Financial Results

MaxLinear, Inc. Announces Third Quarter 2022 Financial Results

  • Record net revenue of $285.7 million, up 2% sequentially and up 24% year-over-year
  • Record GAAP gross profit of $167.5 million and non-GAAP gross profit of $177.1 million, with GAAP gross margin of 58.6% and non-GAAP gross margin of 62.0%
  • Connectivity revenue, led by our Wi-Fi product offering, delivered $83 million, up 46% sequentially and 118% YoY

CARLSBAD, Calif.–(BUSINESS WIRE)–MaxLinear, Inc. (Nasdaq: MXL), a leading provider of RF, analog, digital and mixed-signal integrated circuits, today announced financial results for the third quarter ended September 30, 2022.

Third Quarter Financial Highlights

GAAP basis:

  • Net revenue was $285.7 million, up 2% sequentially and up 24% year-over-year.
  • GAAP gross margin was 58.6%, compared to 58.7% in the prior quarter, and 56.5% in the year-ago quarter.
  • GAAP operating expenses were $115.5 million in the third quarter 2022, or 40% of net revenue, compared to $125.3 million in the prior quarter, or 45% of net revenue, and $106.0 million in the year-ago quarter, or 46% of net revenue.
  • GAAP income from operations was 18% of revenue, compared to income from operations of 14% in the prior quarter, and income from operations of 10% in the year-ago quarter.
  • Net cash flow provided by operating activities was $61.8 million, compared to net cash flow provided by operating activities of $123.4 million in the prior quarter, and net cash flow provided by operating activities of $84.1 million in the year-ago quarter.
  • GAAP diluted earnings per share was $0.35, compared to diluted earnings per share of $0.40 in the prior quarter, and diluted earnings per share of $0.12 in the year-ago quarter.

Non-GAAP basis:

  • Non-GAAP gross margin was 62.0%. This compares to 62.3% in the prior quarter, and 61.3% in the year-ago quarter.
  • Non-GAAP operating expenses were $80.4 million, or 28% of revenue, compared to $84.3 million or 30% of revenue in the prior quarter, and $74.4 million or 32% of revenue in the year-ago quarter.
  • Non-GAAP income from operations was 34% of revenue, compared to 32% in the prior quarter, and 29% in the year-ago quarter.
  • Non-GAAP diluted earnings per share was $1.05, compared to diluted earnings per share of $1.11 in the prior quarter, and diluted earnings per share of $0.75 in the year-ago quarter.

Management Commentary

“In the third quarter, we demonstrated strong execution with revenue up 2% sequentially and up 24% year-over-year. In particular, both Wi-Fi and ethernet delivered substantial sequential and year-over-year growth, while gateway access and wireless infrastructure contributed to solid year-over-year growth. Our connectivity category more than doubled year-over-year, driven by our differentiated Wi-Fi6 feature set, and we continue to be on a firm trajectory to deliver at least $200 million of Wi-Fi revenue in 2023. Our quarterly results included strong cash flow from operations of approximately $62 million and non-GAAP gross margin of 62.0%. We are looking forward to our pending merger with Silicon Motion, and are excited for the future growth opportunities of our comprehensive product portfolio,” commented Kishore Seendripu, Ph.D., Chairman and CEO.

Fourth Quarter 2022 Business Outlook

The company expects revenue in the fourth quarter 2022 to be approximately $285 million to $295 million. The Company also estimates the following:

  • GAAP gross margin of approximately 55.5% to 58.5%;
  • Non-GAAP gross margin of approximately 59% to 62%;
  • GAAP operating expenses of approximately $114 million to $120 million;
  • Non-GAAP operating expenses of approximately $77 to $83 million; and
  • GAAP and non-GAAP interest and other expense of approximately $5 million.

Webcast and Conference Call

MaxLinear will host its third quarter financial results conference call today, October 25, 2022 at 1:30 p.m. Pacific Time (4:30 p.m. Eastern Time). To access this call, dial US toll free: 1-877-407-3109 / International: 1-201-493-6798. A live webcast of the conference call will be accessible from the investor relations section of the MaxLinear website at https://investors.maxlinear.com, and will be archived and available after the call at https://investors.maxlinear.com until November 9, 2022. A replay of the conference call will also be available until November 9, 2022 by dialing US toll free: 1-877-660-6853 / International: 1-201-612-7415 and Conference ID#: 13733502.

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 our future financial performance (including specifically our current guidance for fourth quarter 2022 revenue, gross margins, operating expenses, and interest and other expenses, as well as statements with respect to confidence in the Company’s outlook for fourth quarter 2022); statements concerning expectations of potential developments in our target markets, including (without limitation) management’s views with respect to the prospects for and trends in our broadband, connectivity, infrastructure and industrial and multi-market categories, and in particular, expectations concerning the development of our Wi-Fi market, including the Company’s ability to continue to increase market share and drive future growth opportunities in such market; and statements concerning the Company’s pending merger with Silicon Motion. 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 and our future financial performance and operating results forecasts generally. Forward-looking statements are based on management’s current, preliminary expectations and are subject to various risks and uncertainties. In particular, our future operating results are substantially dependent on our assumptions about market trends and conditions. Additional risks and uncertainties affecting our business, future operating results and financial condition include, without limitation, risks relating to our proposed merger with Silicon Motion; intense competition in our industry; increasing supply chain risks within our industry, including increases in shipping and material costs and substantial shipping delays resulting in extended lead-times; inflation trends in our supply chain and in the global economy generally and increasing interest rates aimed at curbing inflation; uncertainties concerning the outcome of global trade negotiations, export control regulations and any changes thereof; heightened geopolitical risks generally; our dependence on a limited number of customers for a substantial portion of our revenues; potential decreases in average selling prices for our products; our ability to develop and introduce new and enhanced products on a timely basis and achieve market acceptance of those products, particularly as we seek to expand outside of our historic markets; potential uncertainties arising from continued consolidation among cable television and satellite operators in our target markets and continued consolidation among competitors within the semiconductor industry generally; uncertainties concerning how end user markets for our products will develop, including in particular markets we have entered more recently such as broadband, Wi-Fi and 5G wireless and fiber-optic data center high-speed interconnect infrastructure markets but also existing markets; the impact of our indebtedness and limitations on our operating flexibility based on financial and operating covenants in the applicable term loan agreements, including (without limitation) debt covenant restrictions that may limit our ability to obtain additional financing, granting liens, undergoing certain fundamental changes, or making investments or certain restricted payments, and selling assets; risks relating to intellectual property protection and the prevalence of intellectual property litigation in our industry; our reliance on a limited number of third party manufacturers; the impact of the COVID-19 pandemic; and our 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 our Annual Report on Form 10-K for the year ended December 31, 2021 filed with the SEC on February 2, 2022, and our Current Reports on Form 8-K, as well as the information to be set forth under the caption “Risk Factors” in MaxLinear’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2022. All forward-looking statements are based on the estimates, projections and assumptions of management as of October 25, 2022, 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.

Use of Non-GAAP Financial Measures

To supplement our unaudited consolidated financial statements presented on a basis consistent with GAAP, we disclose certain non-GAAP financial measures, including non-GAAP gross margin, operating expenses, operating expenses as a percentage of revenue, income from operations as percentage of revenue, and diluted earnings per share. These supplemental measures exclude the effects of (i) stock-based compensation expense; (ii) accruals related to our performance based bonus plan for 2022, which we currently intend to settle in shares of our common stock; (iii) accruals related to our performance-based bonus plan for 2021, which we settled in shares of common stock in 2022; (iv) amortization of purchased intangible assets; (v) research and development funded by others; (vi) acquisition and integration costs related to our acquisitions; (vii) professional fees and settlement costs related to IP and commercial litigation matters; (viii) severance and other restructuring charges; (ix) other non-recurring interest and other income (expenses), net attributable to acquisitions and (x) non-cash income tax benefits and expenses. These non-GAAP measures are not in accordance with and do not serve as an alternative for GAAP. We believe that these non-GAAP measures have limitations in that they do not reflect all of the amounts associated with our GAAP results of operations. These non-GAAP measures should only be viewed in conjunction with corresponding GAAP measures. We compensate for the limitations of non-GAAP financial measures by relying upon GAAP results to gain a complete picture of our performance.

We believe that non-GAAP financial measures can provide useful information to both management and investors by excluding certain non-cash and other one-time expenses that we believe are not indicative of our core operating results. Among other uses, our management uses non-GAAP measures to compare our performance relative to forecasts and strategic plans and to benchmark our performance externally against competitors. In addition, management’s incentive compensation will be determined in part using these non-GAAP measures because we believe non-GAAP measures better reflect our core operating performance.

The following are explanations of each type of adjustment that we incorporate into non-GAAP financial measures:

Stock-based compensation expense relates to equity incentive awards granted to our employees, directors, and consultants. Our equity incentive plans are important components of our employee incentive compensation arrangements and are reflected as expenses in our GAAP results. Stock-based compensation expense has been and will continue to be a significant recurring expense for MaxLinear. While we include the dilutive impact of equity awards in weighted average shares outstanding, the expense associated with stock-based awards reflects a non-cash charge that we exclude from non-GAAP net income.

Bonuses under our executive and non-executive bonus programs have been excluded from our non-GAAP net income for all periods reported. Bonus payments for the 2021 performance periods were settled through the issuance of shares of common stock under our equity incentive plans in February 2022. We currently expect that bonus awards under our fiscal 2022 program will be settled in common stock in the first quarter of fiscal 2023.

Expenses incurred in relation to acquisitions include amortization of purchased intangible assets, acquisition and integration costs primarily consisting of professional and consulting fees, and accretion of discount on deferred purchase price payments to interest expense.

Research and development funded by others represents proceeds received under contracts for jointly funded R&D projects to develop technology that may be commercialized into a product in the future. Initially such proceeds may not yet be recognized in GAAP results if, pursuant to contract terms, the Company may be required to repay all or a portion of the funds provided by the other party under certain conditions. Management believes it is not probable that it will trigger such conditions. Once such conditions have been resolved, the proceeds are recognized in GAAP results, and accordingly, reversed from non-GAAP results.

Restructuring charges incurred are related to our restructuring plans which eliminate redundancies and primarily include severance and restructuring costs related to impairment of leased right-of-use assets or from exiting certain facilities.

Expenses incurred in relation to our intellectual property and commercial litigation include professional fees incurred.

Income tax benefits and expense adjustments are those that do not affect cash income taxes payable.

Reconciliations of non-GAAP measures for the historic periods disclosed in this press release appear below. Because of the inherent uncertainty associated with our ability to project future charges, particularly related to stock-based compensation and its related tax effects as well as potential impairments, a quantitative reconciliation is not available without unreasonable efforts and accordingly we have not provided a reconciliation for non-GAAP guidance provided for the fourth quarter 2022.

Additional Information and Where to Find It

This press release makes reference to a proposed merger involving MaxLinear and Silicon Motion. In connection with the proposed transaction, MaxLinear has filed with the Securities and Exchange Commission (the “SEC”), and the SEC has declared effective, a Registration Statement on Form S-4 (File No. 333-265645), that includes a proxy statement of Silicon Motion and a prospectus of MaxLinear.

The proxy statement/prospectus and this press release are not offers to sell MaxLinear securities, and are not soliciting an offer to buy MaxLinear securities in any state where the offer and sale is not permitted.

MAXLINEAR AND SILICON MOTION URGE INVESTORS AND SECURITY HOLDERS TO READ THE REGISTRATION STATEMENT ON FORM S-4 AND OTHER DOCUMENTS PROVIDED TO SILICON MOTION SECURITY HOLDERS FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION.

Investors and security holders are able to obtain the Registration Statement on Form S-4 free of charge at the SEC’s website, www.sec.gov. Copies of documents filed with the SEC by MaxLinear (when they become available) may be obtained free of charge on MaxLinear’s website at www.maxlinear.com or by contacting MaxLinear’s Investor Relations Department at [email protected]. Copies of documents filed or furnished by Silicon Motion (when they become available) may be obtained free of charge on Silicon Motion’s website at https://www.siliconmotion.com or by contacting Silicon Motion’s Investor Relations Department at [email protected].

About MaxLinear, Inc.

MaxLinear, Inc. (Nasdaq:MXL) is a leading provider of radio frequency (RF), analog, digital and mixed-signal integrated circuits for access and connectivity, wired and wireless infrastructure, and industrial and multi-market applications. MaxLinear is headquartered in Carlsbad, California. For more information, please visit www.maxlinear.com.

MXL is MaxLinear’s registered trademark. Other trademarks appearing herein are the property of their respective owners.

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

 

 

Three Months Ended

 

September 30, 2022

 

June 30, 2022

 

September 30, 2021

Net revenue

$

285,730

 

 

$

280,009

 

 

$

229,774

 

Cost of net revenue

 

118,242

 

 

 

115,658

 

 

 

99,981

 

Gross profit

 

167,488

 

 

 

164,351

 

 

 

129,793

 

Operating expenses:

 

 

 

 

 

Research and development

 

76,437

 

 

 

80,395

 

 

 

67,538

 

Selling, general and administrative

 

38,472

 

 

 

44,487

 

 

 

38,469

 

Restructuring charges

 

631

 

 

 

462

 

 

 

 

Total operating expenses

 

115,540

 

 

 

125,344

 

 

 

106,007

 

Income from operations

 

51,948

 

 

 

39,007

 

 

 

23,786

 

Interest income

 

62

 

 

 

82

 

 

 

28

 

Interest expense

 

(2,711

)

 

 

(2,416

)

 

 

(2,649

)

Other income (expense), net

 

(4,705

)

 

 

7,179

 

 

 

(105

)

Total other income (expense), net

 

(7,354

)

 

 

4,845

 

 

 

(2,726

)

Income before income taxes

 

44,594

 

 

 

43,852

 

 

 

21,060

 

Income tax provision

 

16,186

 

 

 

11,886

 

 

 

11,802

 

Net income

$

28,408

 

 

$

31,966

 

 

$

9,258

 

Net income per share:

 

 

 

 

 

Basic

$

0.36

 

 

$

0.41

 

 

$

0.12

 

Diluted

$

0.35

 

 

$

0.40

 

 

$

0.12

 

Shares used to compute net income per share:

 

 

 

 

 

Basic

 

78,436

 

 

 

77,858

 

 

 

76,582

 

Diluted

 

80,060

 

 

 

80,279

 

 

 

79,815

 

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF INCOME

(in thousands, except per share data)

 

 

 

 

 

 

 

Nine Months Ended

 

 

September 30, 2022

 

September 30, 2021

Net revenue

 

$

829,666

 

 

$

644,509

 

Cost of net revenue

 

 

343,237

 

 

 

290,454

 

Gross profit

 

 

486,429

 

 

 

354,055

 

Operating expenses:

 

 

 

 

Research and development

 

 

222,718

 

 

 

205,120

 

Selling, general and administrative

 

 

123,536

 

 

 

110,823

 

Restructuring charges

 

 

1,093

 

 

 

2,204

 

Total operating expenses

 

 

347,347

 

 

 

318,147

 

Income from operations

 

 

139,082

 

 

 

35,908

 

Interest income

 

 

175

 

 

 

46

 

Interest expense

 

 

(7,476

)

 

 

(10,596

)

Loss on extinguishment of debt

 

 

 

 

 

(5,221

)

Other income (expense), net

 

 

1,704

 

 

 

(746

)

Total other income (expense), net

 

 

(5,597

)

 

 

(16,517

)

Income before income taxes

 

 

133,485

 

 

 

19,391

 

Income tax provision

 

 

39,525

 

 

 

5,598

 

Net income

 

$

93,960

 

 

$

13,793

 

Net income per share:

 

 

 

 

Basic

 

$

1.21

 

 

$

0.18

 

Diluted

 

$

1.17

 

 

$

0.17

 

Shares used to compute net income per share:

 

 

 

 

Basic

 

 

77,833

 

 

 

75,795

 

Diluted

 

 

80,331

 

 

 

79,048

 

 

 

 

 

 

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

Three Months Ended

 

September 30, 2022

 

June 30, 2022

 

September 30, 2021

Operating Activities

 

 

 

 

 

Net income

$

28,408

 

 

$

31,966

 

 

$

9,258

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

Amortization and depreciation

 

18,457

 

 

 

19,569

 

 

 

23,117

 

Amortization of debt issuance costs and accretion of discount on debt and leases

 

505

 

 

 

471

 

 

 

513

 

Stock-based compensation

 

20,131

 

 

 

19,469

 

 

 

16,022

 

Deferred income taxes

 

15,962

 

 

 

517

 

 

 

6,866

 

Loss on disposal of property and equipment

 

3

 

 

 

5

 

 

 

145

 

Unrealized holding (gain) loss on investments

 

5,277

 

 

 

(4,813

)

 

 

 

Impairment of leased right-of-use assets

 

 

 

 

462

 

 

 

 

Gain on foreign currency and other

 

(570

)

 

 

(2,359

)

 

 

(24

)

Excess tax benefits on stock based awards

 

(273

)

 

 

(2,309

)

 

 

(738

)

Changes in operating assets and liabilities:

 

 

 

 

 

Accounts receivable

 

(41,007

)

 

 

(11,000

)

 

 

28,454

 

Inventory

 

(19,539

)

 

 

(7,390

)

 

 

(28,844

)

Prepaid expenses and other assets

 

2,129

 

 

 

(1,675

)

 

 

39

 

Accounts payable, accrued expenses and other current liabilities

 

19,768

 

 

 

29,669

 

 

 

28,743

 

Accrued compensation

 

10,832

 

 

 

9,118

 

 

 

8,616

 

Accrued price protection liability

 

6,171

 

 

 

42,822

 

 

 

(5,319

)

Lease liabilities

 

(2,974

)

 

 

(2,210

)

 

 

(2,723

)

Other long-term liabilities

 

(1,514

)

 

 

1,125

 

 

 

(48

)

Net cash provided by operating activities

 

61,766

 

 

 

123,437

 

 

 

84,077

 

Investing Activities

 

 

 

 

 

Purchases of property and equipment

 

(9,119

)

 

 

(10,706

)

 

 

(9,624

)

Purchases of intangible assets

 

(5,236

)

 

 

(567

)

 

 

(5,504

)

Cash used in acquisitions, net of cash acquired

 

 

 

 

 

 

 

(7,500

)

Purchases of investments

 

(1,000

)

 

 

(5,000

)

 

 

 

Net cash used in investing activities

 

(15,355

)

 

 

(16,273

)

 

 

(22,628

)

Financing Activities

 

 

 

 

 

Payment of debt issuance cost

 

 

 

 

 

 

 

(17

)

Repayment of debt

 

(75,000

)

 

 

(40,000

)

 

 

(20,000

)

Net proceeds from issuance of common stock

 

81

 

 

 

3,046

 

 

 

192

 

Minimum tax withholding paid on behalf of employees for restricted stock units

 

(380

)

 

 

(3,698

)

 

 

(976

)

Repurchase of common stock

 

 

 

 

(5,214

)

 

 

(1,008

)

Net cash used in financing activities

 

(75,299

)

 

 

(45,866

)

 

 

(21,809

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(1,038

)

 

 

(1,132

)

 

 

(520

)

Increase (decrease) in cash, cash equivalents and restricted cash

 

(29,926

)

 

 

60,166

 

 

 

39,120

 

Cash, cash equivalents and restricted cash at beginning of period

 

212,419

 

 

 

152,253

 

 

 

131,434

 

Cash, cash equivalents and restricted cash at end of period

$

182,493

 

 

$

212,419

 

 

$

170,554

 

 

 

MAXLINEAR, INC.

UNAUDITED GAAP CONSOLIDATED STATEMENTS OF CASH FLOWS

(in thousands)

 

 

 

 

 

 

 

Nine Months Ended

 

 

September 30, 2022

 

September 30, 2021

Operating Activities

 

 

 

 

Net income

 

$

93,960

 

 

$

13,793

 

Adjustments to reconcile net income to cash provided by operating activities:

 

 

 

 

Amortization and depreciation

 

 

61,906

 

 

 

67,439

 

Amortization of debt issuance costs and accretion of discount on debt and leases

 

 

1,462

 

 

 

2,584

 

Stock-based compensation

 

 

58,154

 

 

 

42,943

 

Deferred income taxes

 

 

23,321

 

 

 

1,405

 

Loss on disposal of property and equipment

 

 

167

 

 

 

533

 

Unrealized holding (gain) loss on investments

 

 

1,418

 

 

 

 

Impairment of leasehold improvements

 

 

 

 

 

226

 

Impairment of leased right-of-use assets

 

 

462

 

 

 

429

 

Loss on extinguishment of debt

 

 

 

 

 

5,221

 

(Gain) loss on foreign currency

 

 

(3,245

)

 

 

384

 

Excess tax benefits on stock-based awards

 

 

(9,702

)

 

 

(5,369

)

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

(57,976

)

 

 

(39,425

)

Inventory

 

 

(34,267

)

 

 

(29,440

)

Prepaid expenses and other assets

 

 

3,957

 

 

 

33,487

 

Leased right-of-use assets

 

 

 

 

 

72

 

Accounts payable, accrued expenses and other current liabilities

 

 

82,389

 

 

 

35,054

 

Accrued compensation

 

 

32,187

 

 

 

23,849

 

Accrued price protection liability

 

 

76,968

 

 

 

1,636

 

Lease liabilities

 

 

(8,485

)

 

 

(7,070

)

Other long-term liabilities

 

 

(3,307

)

 

 

4,449

 

Net cash provided by operating activities

 

 

319,369

 

 

 

152,200

 

Investing Activities

 

 

 

 

Purchases of property and equipment

 

 

(24,625

)

 

 

(26,934

)

Purchases of intangible assets

 

 

(10,440

)

 

 

(6,616

)

Cash used in acquisitions, net of cash acquired

 

 

 

 

 

(35,000

)

Proceeds loaned under notes receivable

 

 

(10,000

)

 

 

 

Purchases of investments

 

 

(29,325

)

 

 

(5,000

)

Net cash used in investing activities

 

 

(74,390

)

 

 

(73,550

)

Financing Activities

 

 

 

 

Proceeds from the issuance of debt

 

 

 

 

 

350,000

 

Payment of debt issuance cost

 

 

 

 

 

(4,144

)

Repayment of debt

 

 

(135,000

)

 

 

(389,813

)

Net proceeds from issuance of common stock

 

 

3,214

 

 

 

6,286

 

Minimum tax withholding paid on behalf of employees for restricted stock units

 

 

(28,527

)

 

 

(11,081

)

Repurchase of common stock

 

 

(31,511

)

 

 

(8,145

)

Net cash used in financing activities

 

 

(191,824

)

 

 

(56,897

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(2,400

)

 

 

(1,233

)

Increase in cash, cash equivalents and restricted cash

 

 

50,755

 

 

 

20,520

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

131,738

 

 

 

150,034

 

Cash, cash equivalents and restricted cash at end of period

 

$

182,493

 

 

$

170,554

 

 

 

 

 

 

Contacts

MaxLinear, Inc. Investor Relations Contact:
Leslie Green

Tel: +1 650-312-9060

[email protected]

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The signing of FEDA’s Establishment Agreement opens avenues for strengthening trade relations between Egypt and other African nations KIGALI, Rwanda - The Fund for...