MACOM Technology Solutions Holdings, Inc. (“MACOM”) (Nasdaq:
MTSI), a leading supplier of semiconductor products, today
announced its financial results for its fiscal fourth quarter and
fiscal year ended September 29, 2023.
Fourth Quarter Fiscal Year 2023 GAAP Results
- Revenue was $150.4 million, a decrease of 15.6%, compared to
$178.1 million in the previous year fiscal fourth quarter and an
increase of 1.2% compared to $148.5 million in the prior fiscal
quarter;
- Gross margin was 57.6%, compared to 60.9% in the previous year
fiscal fourth quarter and 58.0% in the prior fiscal quarter;
- Income from operations was $15.6 million, or 10.4% of revenue,
compared to income from operations of $37.0 million, or 20.8% of
revenue, in the previous year fiscal fourth quarter and income from
operations of $17.3 million, or 11.7% of revenue, in the prior
fiscal quarter; and
- Net income was $24.5 million, or $0.34 per diluted share,
compared to net income of $239.3 million, or $3.36 per diluted
share, in the previous year fiscal fourth quarter and net income of
$11.9 million, or $0.17 per diluted share, in the prior fiscal
quarter. Net income for fiscal year 2022 includes a $202.8 million
non-cash income tax benefit associated with the release of the
valuation allowance on the majority of our deferred tax
assets.
Fourth Quarter Fiscal Year 2023 Adjusted Non-GAAP
Results
- Adjusted gross margin was 60.1%, compared to 62.6% in the
previous year fiscal fourth quarter and 60.1% in the prior fiscal
quarter;
- Adjusted income from operations was $37.2 million, or 24.7% of
revenue, compared to adjusted income from operations of $56.9
million, or 32.0% of revenue, in the previous year fiscal fourth
quarter and adjusted income from operations of $37.0 million, or
24.9% of revenue, in the prior fiscal quarter; and
- Adjusted net income was $40.1 million, or $0.56 per diluted
share, compared to adjusted net income of $55.1 million, or $0.77
per diluted share, in the previous year fiscal fourth quarter and
adjusted net income of $38.5 million, or $0.54 per diluted share,
in the prior fiscal quarter.
Fiscal Year 2023 GAAP Results
- Revenue was $648.4 million, a decrease of 4.0%, compared to
$675.2 million in fiscal year 2022;
- Gross margin was 59.5%, compared to 60.2% in fiscal year
2022;
- Income from operations was $107.4 million, compared to $132.7
million in fiscal year 2022; and
- Net income was $91.6 million, or $1.28 per diluted share,
compared to a net income of $440.0 million, or $6.18 income per
diluted share in fiscal year 2022. Net income for fiscal year 2022
includes a $118.2 million gain associated with the sale of an
equity interest and a non-cash income tax benefit of $202.8 million
associated with the release of the valuation allowance on the
majority of our deferred tax assets.
Fiscal Year 2023 Adjusted Non-GAAP Results
- Adjusted gross margin was 61.3%, compared to 62.0% in fiscal
year 2022;
- Adjusted income from operations was $189.6 million, or 29.2% of
revenue, compared to $211.0 million, or 31.2% of adjusted revenue,
in fiscal year 2022; and
- Adjusted net income was $193.3 million, or $2.70 per diluted
share, compared to adjusted net income of $201.0 million, or $2.82
per diluted share in fiscal year 2022.
Management Commentary
“We believe focusing on the highest frequency, highest power and
highest data rate applications will further strengthen our market
position and results in fiscal year 2024,” said Stephen G. Daly,
President and Chief Executive Officer.
Business Outlook
For the fiscal first quarter ending December 29, 2023, MACOM
expects revenue to be in the range of $149 million to $153 million.
Adjusted gross margin is expected to be between 59% and 61%, and
adjusted earnings per diluted share is expected to be between $0.55
and $0.59 utilizing an anticipated non-GAAP income tax rate of 3%
and 72.2 million fully diluted shares outstanding.
Conference Call
MACOM will host a conference call on Thursday, November 9, 2023
at 8:30 a.m. Eastern Time to discuss its fiscal fourth quarter and
fiscal year 2023 financial results and business outlook. Investors
and analysts may visit MACOM's Investor Relations website at
https://ir.macom.com/events-webcasts
to register for a user-specific access code for the live call or to
access the live webcast. A replay of the call will be available
within 24 hours and remain accessible by all interested parties for
approximately 90 days.
About MACOM
MACOM designs and manufactures high-performance semiconductor
products for the Telecommunications, Industrial and Defense and
Data Center industries. MACOM services over 6,000 customers
annually with a broad product portfolio that incorporates RF,
Microwave, Analog and Mixed Signal and Optical semiconductor
technologies. MACOM has achieved certification to the IATF16949
automotive standard, the AS9100D aerospace standard, the ISO9001
international quality standard and the ISO14001 environmental
management standard. MACOM operates facilities across the United
States, Europe, Asia and is headquartered in Lowell,
Massachusetts.
Special Note Regarding Forward-Looking Statements
This press release and the associated earnings call contains
forward-looking statements based on MACOM management’s beliefs and
assumptions and on information currently available to our
management. These forward-looking statements include, among others,
statements about MACOM’s strategic plans, priorities and long-term
growth drivers, our ability to execute our long-term strategy,
strengthen our position and drive market share gains and growth,
our ability to better address certain markets, expand our
capabilities and extend our product offerings through the
acquisition of Linearizer Communications Group (“Linearizer
Acquisition”), statements about the potential market and product
expansion opportunities resulting from MACOM’s establishment of its
European Semiconductor Center (“MESC”), the team’s capabilities and
technology and expansion thereof and any potential financial
benefits derived by and financial impact to MACOM from the
Linearizer Acquisition or the OMMIC SAS asset acquisition and MESC
establishment and the pending acquisition of the RF business of
Wolfspeed, Inc., strength and competitiveness of new product
introductions and technology portfolio expansion, including the
anticipated rate of new product introductions, anticipated demand
for our products, MACOM’s profitability, revenue targets, prospects
and growth opportunities in our three primary markets, the
potential impact to our business of an economic downturn or
recession, anticipated financial and business improvements, the
estimated financial results for our 2024 fiscal first quarter and
the stated business outlook and future results of operations.
These forward-looking statements reflect MACOM’s current views
about future events and are subject to risks, uncertainties,
assumptions and changes in circumstances that may cause those
events or our actual activities or results to differ materially
from those indicated by the forward-looking statements, including
our ability to develop new products and achieve market acceptance
of those products; component shortages or other disruptions in our
supply chain, including as a result of geopolitical unrest or
otherwise; inflationary pressures; any failure to accurately
anticipate demand for our products and effectively manage our
inventory; our dependence on a limited number of customers; risks
related to any weakening of economic conditions; our ability to
compete effectively; and those other factors described in “Risk
Factors” in MACOM’s filings with the Securities and Exchange
Commission (“SEC”), including its Annual Report on Form 10-K, its
Quarterly Reports on Form 10-Q and other filings with the SEC.
These forward-looking statements speak only as of the date of this
press release, and MACOM undertakes no obligation to publicly
update or revise any forward-looking statement, whether as a result
of new information, future events or otherwise.
Discussion Regarding the Use of Historical and
Forward-Looking Non-GAAP Financial Measures
In addition to United States Generally Accepted Accounting
Principles (“GAAP”) reporting, MACOM provides investors with
financial measures that have not been calculated in accordance with
GAAP, such as: non-GAAP gross profit and gross margin, non-GAAP
operating expenses, non-GAAP income from operations and operating
margin, non-GAAP EBITDA, non-GAAP net income, non-GAAP diluted
earnings per share, non-GAAP income tax rate and non-GAAP interest
(income) expense. In this release or elsewhere, we may
alternatively refer to such non-GAAP measures as “adjusted”
measures. This non-GAAP information excludes the effect, where
applicable, of intangible amortization expense, share-based
compensation expense, non-cash interest, acquisition and
integration related costs, equity method investment gains and
losses, debt extinguishment costs and the tax effect of each
non-GAAP adjustment.
Management believes these excluded items are not reflective of
our underlying performance and uses these non-GAAP financial
measures to: evaluate our ongoing operating performance and compare
it against prior periods, make operating decisions, forecast future
periods, evaluate potential acquisitions, compare our operating
performance against peer companies and assess certain compensation
programs. We believe this non-GAAP financial information provides
additional insight into our ongoing performance and have therefore
chosen to provide this information to investors to help them
evaluate the results of our ongoing operations and enable more
meaningful period-to-period comparisons. These non-GAAP measures
are provided in addition to, and not as a substitute for, or
superior to, measures of financial performance prepared in
accordance with GAAP.
A reconciliation between GAAP and non-GAAP financial data is
included in the supplemental financial data attached to this press
release. We have not provided a reconciliation with respect to any
forward-looking non-GAAP financial data presented because we do not
have and cannot reliably estimate certain key inputs required to
calculate the most comparable GAAP financial data, such as future
acquisition costs, the possibility and impact of any litigation
costs, changes in our GAAP effective tax rate and impairment
charges. We believe these unknown inputs are likely to have a
significant impact on any estimate of the comparable GAAP financial
data.
Investors are cautioned against placing undue reliance on
non-GAAP financial measures and are urged to review and consider
carefully the adjustments made by management to the most directly
comparable GAAP financial measures. Non-GAAP financial measures may
have limited value as analytical tools because they may exclude
certain expenses that some investors consider important in
evaluating our operating performance or ongoing business
performance. Further, non-GAAP financial measures may have limited
value for purposes of drawing comparisons between companies because
different companies may calculate similarly titled non-GAAP
financial measures in different ways because non-GAAP measures are
not based on any comprehensive set of accounting rules or
principles.
Additional information and management’s assessment regarding why
certain items are excluded from our non-GAAP measures are
summarized below:
Amortization Expense – is related to acquired intangible assets
which are based upon valuation methodologies, and are generally
amortized over the expected life of the intangible asset at the
time of acquisition, which may result in amortization amounts that
vary over time. This non-cash expense is not considered by
management in making operating decisions.
Share-Based Compensation Expense – includes share-based
compensation expense for awards that are equity and liability
classified on our balance sheet and the related employer tax
expense at vesting. Share-based compensation expense is partially
outside of our control due to factors such as stock price
volatility and interest rates, which may be unrelated to our
operating performance during the period in which the expense is
incurred. It is an expense based upon valuation methodologies and
assumptions that vary over time, and the amount of the expense can
vary significantly between companies. Share-based compensation
expense amounts are not considered by management in making
operating decisions.
Non-cash Interest, Net – includes amounts associated with the
amortization of certain fees associated with the establishment or
amendment of our term loans and convertible notes that are being
amortized over the life of the agreements. We believe these amounts
are non-cash in nature, are not correlated to future business
operations and do not reflect our ongoing operations.
Acquisition and Integration Related Costs - includes items such
as professional fees and other costs incurred in connection with
acquisitions and integration specific activities which are not
expected to have a continuing contribution to operations and the
amortization of the fair market step-up value of acquired inventory
and fixed assets. We believe the exclusion of these items is useful
in providing management a basis to evaluate ongoing operating
activities and strategic decision making.
Equity Method Investment Gain, net – primarily includes non-cash
gains and losses associated with a non-marketable equity investment
we had and the $118.2 million cash gain on the sale of this
investment in December 2021. We believe these items are not
correlated to future business operations and including such amounts
does not reflect our ongoing operations.
Debt Extinguishment Costs – includes the write-off of
unamortized deferred financing costs and professional fees
associated with the paydown of our term loans. We believe these
non-cash amounts are not correlated to future business operations
and do no reflect our ongoing operations.
Tax Effect of Non-GAAP Adjustments – includes adjustments to
arrive at an estimate of our non-GAAP income tax rate associated
with our non-GAAP income over a period of time. We determine our
non-GAAP income tax rate using applicable rates in taxing
jurisdictions and assessing certain factors including our
historical and forecast earnings by jurisdiction, discrete items,
cash taxes paid in relation to our non-GAAP net income before
income taxes and our ability to realize tax assets. We generally
assess this non-GAAP income tax rate quarterly and have utilized 3%
for fiscal year 2023 and for our second, third and fourth quarters
of fiscal year 2022 and 5% for our first quarter of fiscal year
2022. Our historical effective income tax rate under GAAP has
varied significantly from our non-GAAP income tax rate due
primarily to gains or losses associated with our equity method
investment in a private business, income taxed in foreign
jurisdictions at generally lower tax rates, research and
development tax credits and acquisition expenses. We believe it is
beneficial for management to review our non-GAAP income tax rate on
a consistent basis over periods of time. Items such as those noted
above may have a significant impact on our GAAP income tax expense
and associated effective tax rate over time.
Adjusted EBITDA – is a calculation that adds depreciation
expense to our adjusted income from operations. Management reviews
and utilizes this measure for operational analysis purposes. We
believe competitors and others in the financial industry also
utilize this measure for analysis purposes.
MACOM TECHNOLOGY SOLUTIONS
HOLDINGS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(unaudited and in thousands,
except per share data)
Three Months Ended
Twelve Months Ended
September 29, 2023
June 30, 2023
September 30, 2022
September 29, 2023
September 30, 2022
Revenue
$
150,375
$
148,522
$
178,143
$
648,407
$
675,170
Cost of revenue
63,749
62,396
69,636
262,610
268,989
Gross profit
86,626
86,126
108,507
385,797
406,181
Operating expenses:
Research and development
37,508
36,668
39,678
148,545
148,228
Selling, general and administrative
33,511
32,152
31,798
129,852
125,279
Total operating expenses
71,019
68,820
71,476
278,397
273,507
Income from operations
15,607
17,306
37,031
107,400
132,674
Other income (expense):
Interest income (expense), net
3,843
2,344
(372
)
8,423
(4,300
)
Other (expense) income, net
(458
)
(29
)
(120
)
(665
)
114,746
Total other income (expense)
3,385
2,315
(492
)
7,758
110,446
Income before income taxes
18,992
19,621
36,539
115,158
243,120
Income tax expense (benefit)
(5,458
)
7,768
(202,797
)
23,581
(196,835
)
Net income
$
24,450
$
11,853
$
239,336
$
91,577
$
439,955
Net income per share:
Income per share - Basic
$
0.34
$
0.17
$
3.42
$
1.29
$
6.30
Income per share - Diluted
$
0.34
$
0.17
$
3.36
$
1.28
$
6.18
Weighted average common shares:
Shares - Basic
70,988
70,937
69,998
70,801
69,783
Shares - Diluted
71,828
71,408
71,274
71,503
71,166
MACOM TECHNOLOGY SOLUTIONS
HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited and in thousands)
September 29, 2023
September 30, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
173,952
$
119,952
Short-term investments
340,574
466,580
Accounts receivable, net
91,253
101,551
Inventories
136,300
114,960
Prepaid and other current assets
19,114
10,040
Total current assets
761,193
813,083
Property and equipment, net
149,496
123,701
Goodwill and intangible assets, net
390,392
362,671
Deferred income taxes
218,107
237,415
Other long-term assets
34,056
34,947
Total assets
$
1,553,244
$
1,571,817
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Current portion of finance lease
obligations
$
1,162
$
1,006
Accounts payable
24,966
30,733
Accrued liabilities
57,397
65,475
Total current liabilities
83,525
97,214
Finance lease obligations, less current
portion
31,776
27,032
Financing obligation
9,307
9,544
Long-term debt obligations
447,134
565,920
Other long-term liabilities
33,902
29,359
Total liabilities
605,644
729,069
Stockholders’ equity
947,600
842,748
Total liabilities and stockholders’
equity
$
1,553,244
$
1,571,817
MACOM TECHNOLOGY SOLUTIONS
HOLDINGS, INC.
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(unaudited and in thousands)
Twelve Months Ended
September 29, 2023
September 30, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income
$
91,577
$
439,955
Depreciation and intangible asset
amortization
52,153
57,229
Share-based compensation
38,103
41,185
Gain on equity method investment, net
—
(114,908
)
Deferred income taxes
19,798
(200,431
)
Other adjustments, net
(6,948
)
644
Accounts receivable
12,253
(16,981
)
Inventories
(10,570
)
(32,261
)
Accrued and other liabilities
(21,315
)
(5,643
)
Change in other operating assets and
liabilities
(8,134
)
8,193
Net cash provided by operating
activities
166,917
176,982
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of business, net
(87,692
)
—
Proceeds from sale of equity method
investment
—
127,750
Sales, purchases and maturities of
investments
140,727
(284,121
)
Purchases of property and equipment
(24,699
)
(26,513
)
Proceeds from sale of assets
8,005
23
Net cash provided by (used in) investing
activities
36,341
(182,861
)
CASH FLOWS FROM FINANCING ACTIVITIES:
Payments of long-term debt
(120,766
)
—
Payments on finance leases and other
(1,209
)
(957
)
Proceeds from stock option exercises and
employee stock purchases
5,574
8,052
Repurchase of common stock - tax
withholdings on equity awards
(32,619
)
(36,003
)
Net cash used in financing activities
(149,020
)
(28,908
)
Foreign currency effect on cash
(238
)
(1,798
)
NET CHANGE IN CASH AND CASH
EQUIVALENTS
54,000
(36,585
)
CASH AND CASH EQUIVALENTS — Beginning of
period
119,952
156,537
CASH AND CASH EQUIVALENTS — End of
period
$
173,952
$
119,952
MACOM TECHNOLOGY SOLUTIONS
HOLDINGS, INC.
RECONCILIATIONS OF GAAP TO
NON-GAAP RESULTS
(unaudited and in thousands,
except per share data)
Three Months Ended
Twelve Months Ended
September 29, 2023
June 30, 2023
September 30, 2022
September 29, 2023
September 30, 2022
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Gross profit - GAAP
$
86,626
57.6
$
86,126
58.0
$
108,507
60.9
$
385,797
59.5
$
406,181
60.2
Amortization expense
1,341
0.9
1,131
0.8
1,778
1.0
4,369
0.7
7,839
1.2
Share-based compensation expense
1,389
0.9
1,180
0.8
1,166
0.7
5,304
0.8
4,597
0.7
Acquisition and integration related
costs
981
0.7
760
0.5
—
—
1,962
0.3
—
—
Adjusted gross profit (Non-GAAP)
$
90,337
60.1
$
89,197
60.1
$
111,451
62.6
$
397,432
61.3
$
418,617
62.0
Three Months Ended
Twelve Months Ended
September 29, 2023
June 30, 2023
September 30, 2022
September 29, 2023
September 30, 2022
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Operating expenses - GAAP
$
71,019
47.2
$
68,820
46.3
$
71,476
40.1
$
278,397
42.9
$
273,507
40.5
Amortization expense
(6,092
)
(4.1
)
(5,976
)
(4.0
)
(6,258
)
(3.5
)
(23,735
)
(3.7
)
(25,592
)
(3.8
)
Share-based compensation expense
(9,180
)
(6.1
)
(7,538
)
(5.1
)
(10,692
)
(6.0
)
(38,285
)
(5.9
)
(40,276
)
(6.0
)
Acquisition and integration related
costs
(2,462
)
(1.6
)
(3,095
)
(2.1
)
—
—
(8,379
)
(1.3
)
—
—
Debt extinguishment costs
(143
)
(0.1
)
—
—
—
—
(143
)
—
—
—
Adjusted operating expenses (Non-GAAP)
$
53,142
35.3
$
52,211
35.2
$
54,526
30.6
$
207,855
32.1
$
207,639
30.8
Three Months Ended
Twelve Months Ended
September 29, 2023
June 30, 2023
September 30, 2022
September 29, 2023
September 30, 2022
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Income from operations - GAAP
$
15,607
10.4
$
17,306
11.7
$
37,031
20.8
$
107,400
16.6
$
132,674
19.7
Amortization expense
7,433
4.9
7,107
4.8
8,036
4.5
28,104
4.3
33,431
5.0
Share-based compensation expense
10,569
7.0
8,718
5.9
11,859
6.7
43,589
6.7
44,873
6.6
Acquisition and integration related
costs
3,443
2.3
3,855
2.6
—
—
10,341
1.6
—
—
Debt extinguishment costs
143
0.1
—
—
—
—
143
—
—
—
Adjusted income from operations
(Non-GAAP)
$
37,195
24.7
$
36,986
24.9
$
56,926
32.0
$
189,577
29.2
$
210,978
31.2
Depreciation expense
6,218
4.1
5,827
3.9
6,141
3.4
23,846
3.7
23,798
3.5
Adjusted EBITDA (Non-GAAP)
$
43,413
28.9
$
42,813
28.8
$
63,067
35.4
$
213,423
32.9
$
234,776
34.8
Three Months Ended
Twelve Months Ended
September 29, 2023
June 30, 2023
September 30, 2022
September 29, 2023
September 30, 2022
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Net income - GAAP
$
24,450
16.3
$
11,853
8.0
$
239,336
134.4
$
91,577
14.1
$
439,955
65.2
Amortization expense
7,433
4.9
7,107
4.8
8,036
4.5
28,104
4.3
33,431
5.0
Share-based compensation expense
10,569
7.0
8,718
5.9
11,859
6.7
43,589
6.7
44,873
6.6
Non-cash interest, net
328
0.2
412
0.3
412
0.2
1,563
0.2
1,692
0.3
Acquisition and integration related
costs
3,443
2.3
3,855
2.6
—
—
10,341
1.6
—
—
Equity method investment gain, net
—
—
—
—
—
—
—
—
(114,908
)
(17.0
)
Debt extinguishment costs
560
0.4
—
—
—
—
560
0.1
—
—
Tax effect of non-GAAP adjustments
(6,698
)
(4.5
)
6,576
4.4
(204,503
)
(114.8
)
17,601
2.7
(204,037
)
(30.2
)
Adjusted net income (Non-GAAP)
$
40,085
26.7
$
38,521
25.9
$
55,140
31.0
$
193,335
29.8
$
201,006
29.8
Three Months Ended
Twelve Months Ended
September 29, 2023
June 30, 2023
September 30, 2022
September 29, 2023
September 30, 2022
Net income
Income per diluted
share
Net income
Income per diluted
share
Net income
Income per diluted
share
Net income
Income per diluted
share
Net income
Income per diluted
share
Net income - GAAP diluted
$
24,450
$
0.34
$
11,853
$
0.17
$
239,336
$
3.36
$
91,577
$
1.28
$
439,955
$
6.18
Adjusted net income (Non-GAAP)
$
40,085
$
0.56
$
38,521
$
0.54
$
55,140
$
0.77
$
193,335
$
2.70
$
201,006
$
2.82
Three Months Ended
Twelve Months Ended
September 29, 2023
June 30, 2023
September 30, 2022
September 29, 2023
September 30, 2022
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Amount
% Revenue
Interest (income) expense, net - GAAP
$
(3,843
)
(2.6
)
$
(2,344
)
(1.6
)
$
372
0.2
$
(8,423
)
(1.3
)
$
4,300
0.6
Non-cash interest expense
(328
)
(0.2
)
(412
)
(0.3
)
(412
)
(0.2
)
(1,563
)
(0.2
)
(1,692
)
(0.3
)
Adjusted interest (income) expense
(Non-GAAP)
$
(4,171
)
(2.8
)
$
(2,756
)
(1.9
)
$
(40
)
—
$
(9,986
)
(1.5
)
$
2,608
0.4
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231109544499/en/
Company: MACOM Technology Solutions Holdings, Inc.
Stephen Ferranti Vice President, Strategic Initiatives and Investor
Relations P: 978-656-2977 E: stephen.ferranti@macom.com
MACOM Technology Solutions (NASDAQ:MTSI)
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