MTSI MACOM Technology Solutions Holdings Inc

MACOM Technology Solutions Holdings, Inc. (“MACOM”) (Nasdaq: MTSI), a leading supplier of semiconductor products, today announced its financial results for its fiscal third quarter ended June 28, 2024.

Third Quarter Fiscal Year 2024 GAAP Results

• Revenue was $190.5 million, an increase of 28.3%, compared to $148.5 million in the previous year fiscal third quarter and an increase of 5.1% compared to $181.2 million in the prior fiscal quarter;
• Gross margin was 53.2%, compared to 58.0% in the previous year fiscal third quarter and 52.5% in the prior fiscal quarter;
• Income from operations was $19.7 million, or 10.4% of revenue, compared to income from operations of $17.3 million, or 11.7% of revenue, in the previous year fiscal third quarter and income from operations of $15.4 million, or 8.5% of revenue, in the prior fiscal quarter; and
• Net income was $19.9 million, or $0.27 per diluted share, compared to net income of $11.9 million, or $0.17 per diluted share, in the previous year fiscal third quarter and net income of $15.0 million, or $0.20 per diluted share, in the prior fiscal quarter.

Third Quarter Fiscal Year 2024 Adjusted Non-GAAP Results

• Adjusted gross margin was 57.5%, compared to 60.1% in the previous year fiscal third quarter and 57.1% in the prior fiscal quarter;
• Adjusted income from operations was $45.6 million, or 24.0% of revenue, compared to adjusted income from operations of $37.0 million, or 24.9% of revenue, in the previous year fiscal third quarter and adjusted income from operations of $40.2 million, or 22.2% of revenue, in the prior fiscal quarter; and
• Adjusted net income was $48.9 million, or $0.66 per diluted share, compared to adjusted net income of $38.5 million, or $0.54 per diluted share, in the previous year fiscal third quarter and adjusted net income of $43.2 million, or $0.59 per diluted share, in the prior fiscal quarter.

Management Commentary

“We remain focused on engineering excellence, financial performance and execution,” said Stephen G. Daly, President and Chief Executive Officer. “Our portfolio expansion strategy continues to create new business opportunities with our Industrial, Defense, Telecom and Data Center customers.”

Business Outlook

For the fiscal fourth quarter ending September 27, 2024, MACOM expects revenue to be in the range of $197 million to $203 million. Adjusted gross margin is expected to be between 57% and 59%, and adjusted earnings per diluted share is expected to be between $0.70 and $0.76 utilizing an anticipated non-GAAP income tax rate of 3% and 75.0 million fully diluted shares outstanding.

Conference Call

MACOM will host a conference call on Thursday, August 1, 2024 at 8:30 a.m. Eastern Time to discuss its fiscal third quarter 2024 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. 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 develop new products, achieve market acceptance of those products and better address certain markets, expand our capabilities and extend our product offerings, including through the acquisitions of Linearizer Communications Group and the radio frequency (RF) business of Wolfspeed, Inc. and through the establishment of our European Semiconductor Center, and the teams’ capabilities and technologies and expansion thereof and any potential financial benefits derived by and financial impact to MACOM therefrom, 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 performance improvements, the estimated financial results for our 2024 fiscal fourth 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. 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, net, acquisition and integration related 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, employee severance 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.

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 our first three fiscal quarters of fiscal year 2024 and for our fiscal year 2023. Our historical effective income tax rate under GAAP has varied significantly from our non-GAAP income tax rate due primarily to 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

 

Nine Months Ended

 

June 28,

2024

 

March 29,

2024

 

June 30,

2023

 

June 28,

2024

 

June 30,

2023

 

 

 

 

 

Revenue

$

190,486

 

 

$

181,234

 

 

$

148,522

 

 

$

528,868

 

 

$

498,032

 

Cost of revenue

 

89,077

 

 

 

86,022

 

 

 

62,396

 

 

 

244,937

 

 

 

198,861

 

Gross profit

 

101,409

 

 

 

95,212

 

 

 

86,126

 

 

 

283,931

 

 

 

299,171

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

47,531

 

 

 

45,621

 

 

 

36,668

 

 

 

132,566

 

 

 

111,037

 

Selling, general and administrative

 

34,162

 

 

 

34,184

 

 

 

32,152

 

 

 

105,233

 

 

 

96,341

 

Total operating expenses

 

81,693

 

 

 

79,805

 

 

 

68,820

 

 

 

237,799

 

 

 

207,378

 

Income from operations

 

19,716

 

 

 

15,407

 

 

 

17,306

 

 

 

46,132

 

 

 

91,793

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

5,820

 

 

 

5,366

 

 

 

6,001

 

 

 

16,742

 

 

 

14,750

 

Interest expense

 

(1,288

)

 

 

(1,285

)

 

 

(3,657

)

 

 

(3,862

)

 

 

(10,170

)

Other expense, net

 

—

 

 

 

—

 

 

 

(29

)

 

 

—

 

 

 

(207

)

Total other income

 

4,532

 

 

 

4,081

 

 

 

2,315

 

 

 

12,880

 

 

 

4,373

 

Income before income taxes

 

24,248

 

 

 

19,488

 

 

 

19,621

 

 

 

59,012

 

 

 

96,166

 

Income tax expense

 

4,309

 

 

 

4,508

 

 

 

7,768

 

 

 

11,567

 

 

 

29,039

 

Net income

$

19,939

 

 

$

14,980

 

 

$

11,853

 

 

$

47,445

 

 

$

67,127

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Income per share - Basic

$

0.28

 

 

$

0.21

 

 

$

0.17

 

 

$

0.66

 

 

$

0.95

 

Income per share - Diluted

$

0.27

 

 

$

0.20

 

 

$

0.17

 

 

$

0.65

 

 

$

0.94

 

Weighted average common shares:

 

 

 

 

 

 

 

 

 

Shares - Basic

 

72,143

 

 

 

72,076

 

 

 

70,937

 

 

 

71,881

 

 

 

70,739

 

Shares - Diluted

 

74,217

 

 

 

73,272

 

 

 

71,408

 

 

 

73,258

 

 

 

71,395

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

 

 

June 28,

2024

 

September 29,

2023

 

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

117,304

 

$

173,952

Short-term investments

 

404,196

 

 

340,574

Accounts receivable, net

 

106,776

 

 

91,253

Inventories

 

190,715

 

 

136,300

Prepaid and other current assets

 

24,621

 

 

19,114

Total current assets

 

843,612

 

 

761,193

Property and equipment, net

 

178,975

 

 

149,496

Goodwill and intangible assets, net

 

415,865

 

 

390,392

Deferred income taxes

 

211,507

 

 

218,107

Other long-term assets

 

55,253

 

 

34,056

Total assets

$

1,705,212

 

$

1,553,244

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Current portion of finance lease obligations

$

808

 

$

1,162

Accounts payable

 

40,288

 

 

24,966

Accrued liabilities

 

61,993

 

 

57,397

Total current liabilities

 

103,089

 

 

83,525

Finance lease obligations, less current portion

 

31,270

 

 

31,776

Financing obligation

 

9,092

 

 

9,307

Long-term debt obligations

 

447,994

 

 

447,134

Other long-term liabilities

 

32,716

 

 

33,902

Total liabilities

 

624,161

 

 

605,644

Stockholders’ equity

 

1,081,051

 

 

947,600

Total liabilities and stockholders’ equity

$

1,705,212

 

$

1,553,244

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

 

 

Nine Months Ended

 

June 28,

2024

 

June 30,

2023

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net income

$

47,445

 

 

$

67,127

 

Depreciation and intangible asset amortization

 

49,419

 

 

 

38,415

 

Share-based compensation

 

34,092

 

 

 

28,769

 

Deferred income taxes

 

6,655

 

 

 

27,431

 

Other adjustments, net

 

(1,207

)

 

 

(5,282

)

Accounts receivable

 

(17,882

)

 

 

(2,387

)

Inventories

 

(25,103

)

 

 

(12,208

)

Accrued and other liabilities

 

(6,072

)

 

 

(16,607

)

Change in other operating assets and liabilities

 

12,964

 

 

 

(8,695

)

Net cash provided by operating activities

 

100,311

 

 

 

116,563

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Acquisition of business, net

 

(72,615

)

 

 

(87,692

)

Sales, purchases and maturities of investments

 

(56,604

)

 

 

11,216

 

Purchases of property and equipment

 

(17,252

)

 

 

(18,890

)

Other investing

 

(2,144

)

 

 

—

 

Proceeds from sale of assets

 

—

 

 

 

8,005

 

Net cash used in investing activities

 

(148,615

)

 

 

(87,361

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Payments on finance leases and other

 

(1,062

)

 

 

(890

)

Proceeds from stock option exercises and employee stock purchases

 

6,505

 

 

 

5,574

 

Common stock withheld for taxes on employee equity awards

 

(13,877

)

 

 

(32,479

)

Net cash used in financing activities

 

(8,434

)

 

 

(27,795

)

Foreign currency effect on cash

 

90

 

 

 

161

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

(56,648

)

 

 

1,568

 

CASH AND CASH EQUIVALENTS — Beginning of period

 

173,952

 

 

 

119,952

 

CASH AND CASH EQUIVALENTS — End of period

$

117,304

 

 

$

121,520

 

 

 

 

 

Supplemental disclosure of non-cash activities

 

 

 

Issuance of common stock in connection with the acquisition of the RF business of Wolfspeed, Inc.

$

57,733

 

 

$

—

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS

(unaudited and in thousands, except per share data)

 

 

Three Months Ended

Nine Months Ended

 

June 28, 2024

March 29, 2024

June 30, 2023

June 28, 2024

June 30, 2023

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Gross profit - GAAP

$

101,409

53.2

$

95,212

52.5

$

86,126

58.0

$

283,931

53.7

$

299,171

60.1

Amortization expense

 

4,344

2.3

 

4,200

2.3

 

1,131

0.8

 

10,485

2.0

 

3,028

0.6

Share-based compensation expense

 

1,681

0.9

 

1,820

1.0

 

1,180

0.8

 

5,051

1.0

 

3,915

0.8

Acquisition and integration related costs

 

2,059

1.1

 

2,226

1.2

 

760

0.5

 

6,575

1.2

 

981

0.2

Adjusted gross profit (Non-GAAP)

$

109,493

57.5

$

103,458

57.1

$

89,197

60.1

$

306,042

57.9

$

307,095

61.7

 

Three Months Ended

Nine Months Ended

 

June 28, 2024

March 29, 2024

June 30, 2023

June 28, 2024

June 30, 2023

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Operating expenses - GAAP

$

81,693

 

42.9

 

$

79,805

 

44.0

 

$

68,820

 

46.3

 

$

237,799

 

45.0

 

$

207,378

 

41.6

 

Amortization expense

 

(4,332

)

(2.3

)

 

(4,121

)

(2.3

)

 

(5,976

)

(4.0

)

 

(13,251

)

(2.5

)

 

(17,643

)

(3.5

)

Share-based compensation expense

 

(13,010

)

(6.8

)

 

(11,308

)

(6.2

)

 

(7,538

)

(5.1

)

 

(32,637

)

(6.2

)

 

(29,105

)

(5.8

)

Acquisition and integration related costs

 

(493

)

(0.3

)

 

(1,107

)

(0.6

)

 

(3,095

)

(2.1

)

 

(10,244

)

(1.9

)

 

(5,917

)

(1.2

)

Adjusted operating expenses (Non-GAAP)

$

63,858

 

33.5

 

$

63,269

 

34.9

 

$

52,211

 

35.2

 

$

181,667

 

34.4

 

$

154,713

 

31.1

 

 

Three Months Ended

Nine Months Ended

 

June 28, 2024

March 29, 2024

June 30, 2023

June 28, 2024

June 30, 2023

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Income from operations - GAAP

$

19,716

10.4

$

15,407

8.5

$

17,306

11.7

$

46,132

8.7

$

91,793

18.4

Amortization expense

 

8,676

4.6

 

8,321

4.6

 

7,107

4.8

 

23,736

4.5

 

20,671

4.2

Share-based compensation expense

 

14,691

7.7

 

13,128

7.2

 

8,718

5.9

 

37,688

7.1

 

33,020

6.6

Acquisition and integration related costs

 

2,552

1.3

 

3,333

1.8

 

3,855

2.6

 

16,819

3.2

 

6,898

1.4

Adjusted income from operations (Non-GAAP)

$

45,635

24.0

$

40,189

22.2

$

36,986

24.9

$

124,375

23.5

$

152,382

30.6

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

7,333

3.8

 

7,253

4.0

 

5,827

3.9

 

20,840

3.9

 

17,628

3.5

Adjusted EBITDA (Non-GAAP)

$

52,968

27.8

$

47,442

26.2

$

42,813

28.8

$

145,215

27.5

$

170,010

34.1

 

Three Months Ended

Nine Months Ended

 

June 28, 2024

March 29, 2024

June 30, 2023

June 28, 2024

June 30, 2023

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Net income - GAAP

$

19,939

10.5

$

14,980

8.3

$

11,853

8.0

$

47,445

9.0

$

67,127

13.5

Amortization expense

 

8,676

4.6

 

8,321

4.6

 

7,107

4.8

 

23,736

4.5

 

20,671

4.2

Share-based compensation expense

 

14,691

7.7

 

13,128

7.2

 

8,718

5.9

 

37,689

7.1

 

33,020

6.6

Non-cash interest, net

 

287

0.2

 

287

0.2

 

412

0.3

 

860

0.2

 

1,235

0.2

Acquisition and integration related costs

 

2,552

1.3

 

3,333

1.8

 

3,855

2.6

 

16,819

3.2

 

6,898

1.4

Tax effect of non-GAAP adjustments

 

2,795

1.5

 

3,171

1.7

 

6,576

4.4

 

7,423

1.4

 

24,299

4.9

Adjusted net income (Non-GAAP)

$

48,940

25.7

$

43,220

23.8

$

38,521

25.9

$

133,972

25.3

$

153,250

30.8

 

Three Months Ended

Nine Months Ended

 

June 28, 2024

March 29, 2024

June 30, 2023

June 28, 2024

June 30, 2023

 

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

$

19,939

$

0.27

$

14,980

$

0.20

$

11,853

$

0.17

$

47,445

$

0.65

$

67,127

$

0.94

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income (Non-GAAP)

$

48,940

$

0.66

$

43,220

$

0.59

$

38,521

$

0.54

$

133,972

$

1.83

$

153,250

$

2.15

 

Three Months Ended

Nine Months Ended

 

June 28, 2024

March 29, 2024

June 30, 2023

June 28, 2024

June 30, 2023

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Interest income - GAAP

$

(5,820

)

(3.1

)

$

(5,366

)

(3.0

)

$

(6,001

)

(4.0

)

$

(16,742

)

(3.2

)

$

(14,750

)

(3.0

)

Interest expense - GAAP

 

1,288

 

0.7

 

 

1,285

 

0.7

 

 

3,657

 

2.5

 

 

3,862

 

0.7

 

 

10,170

 

2.0

 

Non-cash interest expense

 

(287

)

(0.2

)

 

(287

)

(0.2

)

 

(412

)

(0.3

)

 

(860

)

(0.2

)

 

(1,235

)

(0.2

)

Adjusted interest income (Non-GAAP)

$

(4,819

)

(2.5

)

$

(4,368

)

(2.4

)

$

(2,756

)

(1.9

)

$

(13,740

)

(2.6

)

$

(5,815

)

(1.2

)

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20240801547335/en/

Company Contact: MACOM Technology Solutions Holdings, Inc. Stephen Ferranti Vice President, Corporate Development and Investor Relations P: 978-656-2977 E: stephen.ferranti@macom.com