MACOM Reports Revenue of $133.6 Million, Adjusted Gross Margin of 58.1% and Adjusted EPS of $0.46 (non-GAAP) for Fiscal Second Quarter

Non-GAAP Financial Measures

In addition to GAAP reporting, MACOM provides investors with adjusted non-GAAP financial information. Adjusted items include revenue, gross profit, gross margin, operating margin, operating income, net income, earnings per share, Adjusted EBITDA and other data calculated on a non-GAAP basis. This non-GAAP information excludes non-consulting agreement related discontinued operations, the impact of fair value accounting in merger and acquisitions (M&A) of businesses, M&A costs, including acquisition and related integration costs, certain cost savings from synergies expected from M&A activities, income and expenses from transition services related to M&A activities, expected amortization of acquisition-related intangibles, share-based and other non-cash compensation expense, certain cash compensation, restructuring charges, impairment charges, litigation settlement and costs, changes in the carrying values of assets and liabilities measured at fair value, contingent consideration, amortization of debt discounts and issuance costs, debt settlement costs, other non-cash expenses, earn-out costs, restructuring costs and certain income tax items. The non-GAAP information includes consulting agreement related revenue associated with the Automotive business divestiture. Management does not believe that the adjusted items are reflective of MACOM's underlying performance. The adjustment of these and other similar items from MACOM's non-GAAP presentation should not be interpreted as implying that these items are non-recurring, infrequent or unusual. These and other similar items are also excluded from Adjusted EBITDA, which is non-GAAP earnings before interest, income taxes, depreciation and amortization. MACOM believes this adjusted non-GAAP financial information provides additional insight into these items and MACOM's performance and has, therefore, chosen to provide this information to investors for a consistent basis of comparison and to help them evaluate the results of MACOM's operations and enable more meaningful period to period comparisons. These adjusted non-GAAP measures may be different than similar measures used by other companies and should be considered in addition to, not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP. A reconciliation between GAAP and adjusted non-GAAP financial data used in this earnings release is included in the supplemental financial data attached to this press release.

           

M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share data)

 
Three Months Ended Six Months Ended
April 1,   January 1,   April 3, April 1,   April 3,
2016 2016 2015 2016 2015
Revenue $ 133,579 $ 115,774 $ 102,431 $ 249,353 $ 198,987
Cost of revenue 68,054   55,456   55,717   123,510   104,854  
Gross profit 65,525   60,318   46,714   125,843   94,133  
Operating expenses:
Research and development 26,203 25,322 20,439 51,525 39,221
Selling, general and administrative 34,617 34,686 28,247 69,303 53,475
Impairment charges 11,005 11,005
Restructuring charges 851   157   413   1,008   413  
Total operating expenses 72,676   60,165   49,099   132,841   93,109  
Income (loss) from operations (7,151 ) 153   (2,385 ) (6,998 ) 1,024  
Other income (expense):
Warrant liability expense (4,201 ) (14,878 ) (5,609 ) (19,079 ) (16,217 )
Interest expense, net (4,408 ) (4,346 ) (4,723 ) (8,754 ) (9,446 )
Other income (expense), net (81 ) 100   (1,376 ) 19   (1,001 )
Total other income (expense) (8,690 ) (19,124 ) (11,708 ) (27,814 ) (26,664 )
 
Loss before income taxes (15,841 ) (18,971 ) (14,093 ) (34,812 ) (25,640 )
Income tax benefit (3,796 ) (2,201 ) (2,917 ) (5,997 ) (4,500 )
Loss from continuing operations (12,045 ) (16,770 ) (11,176 ) (28,815 ) (21,140 )
Income from discontinued operations 1,396   1,199   3,639   2,595   7,297  
Net loss $ (10,649 ) $ (15,571 ) $ (7,537 ) $ (26,220 ) $ (13,843 )
 
Net income (loss) per share:
Basic:
Loss from continuing operations $ (0.23 ) $ (0.32 ) $ (0.22 ) $ (0.54 ) $ (0.43 )
Income from discontinued operations 0.03   0.02   0.07   0.05   0.15  
Loss per share - basic $ (0.20 ) $ (0.29 ) $ (0.15 ) $ (0.49 ) $ (0.28 )
 
Diluted:
Loss from continuing operations $ (0.23 ) $ (0.32 ) $ (0.22 ) $ (0.54 ) $ (0.43 )
Income from discontinued operations 0.03   0.02   0.07   0.05   0.15  
Loss per share - diluted $ (0.20 ) $ (0.29 ) $ (0.15 ) $ (0.49 ) $ (0.28 )
 
Shares - Basic 53,228   53,015   50,593   53,122   49,100  
Shares - Diluted 53,228   53,015   50,593   53,122   49,100  
 
           

M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

 
April 1, October 2,
2016 2015
ASSETS
Current assets:
Cash and cash equivalents $ 58,187 $ 122,312
Short term investments 23,632 39,557
Accounts receivable, net 91,604 83,950
Inventories 106,972 79,943
Deferred income taxes (1) 31,431
Income tax receivable 16,077 15,854
Prepaids and other current assets 11,553   11,172
Total current assets 308,025 384,219
Property and equipment, net 99,637 83,759
Goodwill and intangible assets, net 397,370 337,012
Deferred income taxes 83,909 48,239
Other long-term assets 11,457   13,022
TOTAL ASSETS $ 900,398   $ 866,251
 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Current portion of debt obligations $ 4,499 $ 4,058
Accounts payable, accrued liabilities and other 78,335   67,418
Total current liabilities 82,834 71,476
Long-term debt obligations, less current portion 341,396 340,504
Common stock warrant liability 40,901 21,822
Deferred income taxes 13,920
Long-term liabilities and other 7,339   7,916
Total liabilities 486,390 441,718
Stockholders' equity 414,008   424,533
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 900,398   $ 866,251
 

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