MACOM Reports Fiscal First Quarter 2017 Financial Results

LOWELL, Mass. — (BUSINESS WIRE) — January 31, 2017 — MACOM Technology Solutions Holdings, Inc. (NASDAQ: MTSI) (“MACOM”), a leading supplier of high-performance RF, microwave, millimeterwave and lightwave semiconductor products, today announced its financial results for its fiscal first quarter ended December 30, 2016.

First Quarter Fiscal Year 2017 GAAP Results

  • Revenue was $151.8 million, an increase of 31.1%, compared to $115.8 million in the previous year fiscal first quarter and a decrease of 0.6% compared to $152.7 million in the prior fiscal quarter;
  • Gross profit was $78.5 million, an increase of 30.1%, compared to $60.3 million in the previous year fiscal first quarter and a decrease of 4.0% compared to $81.8 million in the prior fiscal quarter;
  • Gross margin was 51.7%, compared to 52.1% in the previous year fiscal first quarter and 53.6% in the prior fiscal quarter;
  • Operating income was $10.5 million, compared to $0.2 million in the previous year fiscal first quarter and$10.1 million in the prior fiscal quarter; and
  • Net loss from continuing operations was $2.2 million, resulting in $0.04 loss per diluted share, compared to a net loss from continuing operations of $16.8 million, or $0.32 loss per diluted share, in the previous year fiscal first quarter and net income from continuing operations of $3.9 million, or $0.07 income per diluted share, in the prior fiscal quarter.

First Quarter Fiscal Year 2017 Adjusted Non-GAAP Results

  • Adjusted gross margin was 57.2%, compared to 58.7% in the previous year fiscal first quarter and 58.5% in the prior fiscal quarter;
  • Adjusted operating income was $41.0 million, or 27.0% of revenue, compared to $27.7 million, or 23.9% of revenue, in the previous year fiscal first quarter and $38.3 million, or 25.1% of revenue, in the prior fiscal quarter;
  • Adjusted net income was $31.8 million, or $0.57 per diluted share, compared to adjusted net income of $21.8 million, or $0.40 per diluted share, in the previous year fiscal first quarter and adjusted net income of $30.1 million, or $0.54 per diluted share, in the prior fiscal quarter; and
  • Adjusted EBITDA was $48.4 million, compared to $33.5 million for the previous year fiscal first quarter and$44.9 million for the prior fiscal quarter.

Management Commentary

John Croteau, MACOM's President and Chief Executive Officer, stated, "Top line revenue for the quarter was effectively flat sequentially due to expected seasonality across our businesses. Networks and Multi-market were up year on year 31% and 48%, respectively. Aerospace and Defense grew sequentially due to strength in MMICs, and was up 20% year on year.

“The merits of diversification across our Optical businesses were apparent during the quarter as a substantial correction in PON was offset by strength in Metro, Long Haul, and Data Centers.”

Mr. Croteau concluded, “I am proud to announce the completion of the AppliedMicro transaction. Its leadership in MACsec and 100G to 400G single-Lambda PAM4 positions MACOM as a preferred supplier to major Enterprise and Cloud Data Center providers, many of whom are actively moving forward with the technologies this year.”

Business Outlook

For the fiscal second quarter ending March 31, 2017, including the partial quarter results of our recently closed AppliedMicro acquisition, MACOM expects revenue to be in the range of $180 million to $186 million. Adjusted gross margin is expected to be between 58% and 61%, and adjusted earnings per share between $0.59 and $0.63, on an anticipated 64.0 million fully diluted shares outstanding.

Conference Call

MACOM will host a conference call on Tuesday, January 31, 2017 at 5:00 p.m. Eastern Time to discuss its fiscal first quarter 2017 financial results and business outlook. Investors and analysts may join the conference call by dialing 1-877-837-3908 and providing the passcode 46453715.

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 46453715. 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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