MACOM Reports Third Quarter 2016 Financial Results

LOWELL, Mass. — (BUSINESS WIRE) — July 26, 2016 — MACOM Technology Solutions Holdings, Inc. (NASDAQ: MTSI) (“MACOM”), a leading supplier of high-performance analog RF, microwave, millimeterwave and photonic semiconductor products, today announced its financial results for its fiscal third quarter ended July 1, 2016.

Third Quarter Fiscal Year 2016 GAAP Results

  • Revenue was $142.3 million, an increase of 6.5%, compared to $133.6 million in the prior fiscal quarter and an increase of 30.5% compared to $109.1 million in the previous year fiscal third quarter;
  • Gross profit was $74.0 million, an increase of 12.9%, compared to $65.5 million in the prior fiscal quarter and an increase of 40.9% compared to $52.5 million in the previous year fiscal third quarter;
  • Gross margin was 52.0%, compared to 49.1% in the prior fiscal quarter and 48.1% in the previous year fiscal third quarter;
  • Operating income was $10.2 million, compared to an operating loss of $7.2 million in the prior fiscal quarter and operating income of $4.4 million in the previous year fiscal third quarter; and
  • Net income from continuing operations was $21.4 million, resulting in $0.11 income per diluted share, compared to a net loss from continuing operations of $12.0 million, or $0.23 loss per share, in the prior fiscal quarter and net income from continuing operations of $1.8 million, or $0.02 income per diluted share, in the previous year fiscal third quarter.

Third Quarter Fiscal Year 2016 Adjusted Non-GAAP Results

  • Adjusted gross margin was 57.3%, compared to 58.1% in the prior fiscal quarter and 58.0% in the previous year fiscal third quarter;
  • Adjusted operating income was $34.9 million, or 24.5% of revenue, compared to $32.4 million, or 24.3% of revenue, in the prior fiscal quarter and $25.8 million, or 23.6% of revenue, in the previous year fiscal third quarter;
  • Adjusted net income was $27.9 million, or $0.51 per diluted share, compared to adjusted net income of $25.7 million, or $0.46 per diluted share, in the prior fiscal quarter and adjusted net income of $18.4 million, or $0.33 per diluted share, in the previous year fiscal third quarter; and
  • Adjusted EBITDA was $42.1 million, compared to $39.0 million for the prior fiscal quarter and $29.0 million for the previous year fiscal third quarter.

Management Commentary

John Croteau, MACOM's President and Chief Executive Officer, stated, "I am pleased to announce another quarter of solid execution and growth, with Networks up 8.6 percent sequentially on continued share expansion in Optical and strong demand for new catalog products servicing the broader Networks market. Our diversification, coupled with our leading market position in Optical, allowed us to gain market share and grow even in the presence of isolated headwinds. Revenue from the Aerospace and Defense market was essentially flat, while Multi-market was up 1.9 percent sequentially. Our catalog business spanning all end markets increased on the back of our new MMIC-based products.

“Additionally, we continued to advance our GaN initiative and remain on track to ramp volume production programs beginning in the first half of 2017. Lastly, Aerospace and Defense is shaping up to deliver twice the growth rate of our target operating model next quarter and through fiscal 2017.”

Business Outlook

For the fiscal fourth quarter ending September 30, 2016, MACOM expects revenue to be in the range of $148 million to $152 million, adjusted gross margin between 57% and 59%, and adjusted earnings per share to be between $0.54 and $0.58 on an anticipated 56 million fully diluted shares outstanding.

Conference Call

MACOM will host a conference call on Tuesday, July 26, 2016 at 5:00 p.m. Eastern Time to discuss its third fiscal quarter financial results and business outlook. Investors and analysts may join the conference call by dialing 1-877-837-3908 and providing the passcode 42365500.

International callers may join the teleconference by dialing +1-973-872-3000 and entering the same confirmation code at the prompt. A telephone replay of the call will be made available beginning two hours after the call and will remain available for 5 business days. The replay number is 1-855-859-2056 with a passcode of 42365500. International callers should dial +1-404-537-3406 and enter the same passcode at the prompt.

Additionally, this conference call will be broadcast live over the Internet and can be accessed by all interested parties in the Investors section of MACOM's website at http://www.macom.com . To listen to the live call, please go to the Investors section of MACOM's website and click on the conference call link at least fifteen minutes prior to the start of the conference call. For those unable to participate during the live broadcast, a replay will be available shortly after the call and will remain available for approximately 30 days.

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