MACOM Reports Fiscal First Quarter 2019 Financial Results

LOWELL, Mass. — (BUSINESS WIRE) — February 5, 2019 — 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 28, 2018.

First Quarter Fiscal Year 2019 GAAP Results

  • Revenue was $150.7 million, an increase of 15.1% compared to $130.9 million in the previous year fiscal first quarter and a decrease of 0.3% compared to $151.2 million in the prior fiscal quarter;
  • Gross profit was $76.6 million, an increase of 25.7% compared to $61.0 million in the previous year fiscal first quarter and an increase of 7.9% compared to $71.0 million in the prior fiscal quarter;
  • Gross margin was 50.8%, compared to 46.6% in the previous year fiscal first quarter and 46.9% in the prior fiscal quarter;
  • Operating loss was $14.4 million, compared to $23.0 million in the previous year fiscal first quarter and $17.5 million in the prior fiscal quarter; and
  • Net loss from continuing operations was $23.4 million, or $0.44 loss per diluted share, compared to net loss of $17.0 million, or $0.49 loss per diluted share, in the previous year fiscal first quarter and net loss of $16.1 million, or $0.29 loss per diluted share, in the prior fiscal quarter.

First Quarter Fiscal Year 2019 Adjusted Non-GAAP Results

  • Adjusted gross margin was 56.3%, compared to 53.7% in the previous year fiscal first quarter and 54.8% in the prior fiscal quarter;
  • Adjusted operating income was $21.9 million, or 14.5% of revenue, compared to $13.4 million, or 10.3% of revenue, in the previous year fiscal first quarter and $18.7 million, or 12.3% of revenue, in the prior fiscal quarter;
  • Adjusted net income was $12.9 million, or $0.20 per diluted share, compared to $6.6 million, or $0.10 per diluted share, in the previous year fiscal first quarter and $10.5 million, or $0.16 per diluted share, in the prior fiscal quarter; and
  • Adjusted EBITDA was $29.5 million, compared to $20.9 million for the previous year fiscal first quarter and $26.1 million for the prior fiscal quarter.

Management Commentary

“Revenue for the fiscal first quarter was $151 million dollars, roughly flat sequentially. Adjusted gross margin was 56% and adjusted earnings per share was $0.20. All in all, a solid quarterly performance in the face of a challenging macro environment,” commented John Croteau, President and CEO of MACOM.

“Seasonally speaking, the early part of the year normally tends to have lower visibility as orders slow ahead of Chinese New Year. This year, trade tensions and recent geopolitical events have exacerbated the situation, which we view as short-term and temporary in nature. Based on current discussions with customers, we believe end market demand looks healthy for the year as a whole, with 5G in particular expected to drive a rebound for MACOM in the second half of the calendar year.”

Business Outlook

For the fiscal second quarter ending March 29, 2019, MACOM expects revenue to be in the range of $134 million to $142 million. Adjusted gross margin is expected to be between 55% and 57%, and adjusted earnings per share is expected to be between $0.04 and $0.12 on an anticipated 66.0 million fully diluted shares outstanding.

“Our second quarter outlook reflects the confluence of macroeconomic and trade-related cross currents that are impacting all three of our target end markets and multiple geographies. At the same time, we’re faced with a number of variable investments that we plan to follow-through in support of critical customers and program ramps for the second half of the calendar year.” Mr. Croteau concluded.

Conference Call

MACOM will host a conference call on Tuesday, February 5, 2019 at 5:00 p.m. Eastern Time to discuss its fiscal first quarter 2019 financial results and business outlook. Investors and analysts may join the conference call by dialing 1-877-837-3908 and providing the passcode 6666619.

International callers may join the teleconference by dialing +1-973-872-3000 and entering the same passcode at the prompt. A telephone replay of the call will be made available beginning two hours after the call and will remain available for five business days. The replay number is 1-855-859-2056 with a passcode of 6666619. International callers should dial +1-404-537-3406 and enter the same passcode at the prompt.

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