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 fourth quarter and fiscal year ended September 27, 2024.

Fourth Quarter Fiscal Year 2024 GAAP Results

• Revenue was $200.7 million, an increase of 33.5%, compared to $150.4 million in the previous year fiscal fourth quarter and an increase of 5.4% compared to $190.5 million in the prior fiscal quarter;
• Gross margin was 54.7%, compared to 57.6% in the previous year fiscal fourth quarter and 53.2% in the prior fiscal quarter;
• Income from operations was $27.5 million, or 13.7% of revenue, compared to income from operations of $15.6 million, or 10.4% of revenue, in the previous year fiscal fourth quarter and income from operations of $19.7 million, or 10.4% of revenue, in the prior fiscal quarter; and
• Net income was $29.4 million, or $0.39 per diluted share, compared to net income of $24.5 million, or $0.34 per diluted share, in the previous year fiscal fourth quarter and net income of $19.9 million, or $0.27 per diluted share, in the prior fiscal quarter.

Fourth Quarter Fiscal Year 2024 Adjusted Non-GAAP Results

• Adjusted gross margin was 58.1%, compared to 60.1% in the previous year fiscal fourth quarter and 57.5% in the prior fiscal quarter;
• Adjusted income from operations was $50.7 million, or 25.2% of revenue, compared to adjusted income from operations of $37.2 million, or 24.7% of revenue, in the previous year fiscal fourth quarter and adjusted income from operations of $45.6 million, or 24.0% of revenue, in the prior fiscal quarter; and
• Adjusted net income was $54.2 million, or $0.73 per diluted share, compared to adjusted net income of $40.1 million, or $0.56 per diluted share, in the previous year fiscal fourth quarter and adjusted net income of $48.9 million, or $0.66 per diluted share, in the prior fiscal quarter.

Fiscal Year 2024 GAAP Results

• Revenue was $729.6 million, an increase of 12.5%, compared to $648.4 million in fiscal year 2023;
• Gross margin was 54.0%, compared to 59.5% in fiscal year 2023;
• Income from operations was $73.7 million, compared to $107.4 million in fiscal year 2023; and
• Net income was $76.9 million, or $1.04 per diluted share, compared to a net income of $91.6 million, or $1.28 income per diluted share in fiscal year 2023.

Fiscal Year 2024 Adjusted Non-GAAP Results

• Adjusted gross margin was 57.9%, compared to 61.3% in fiscal year 2023;
• Adjusted income from operations was $175.0 million, or 24.0% of revenue, compared to $189.6 million, or 29.2% of revenue, in fiscal year 2023; and
• Adjusted net income was $188.2 million, or $2.56 per diluted share, compared to adjusted net income of $193.3 million, or $2.70 per diluted share in fiscal year 2023.

Management Commentary

“Our team continues to identify opportunities to expand our customer base and gain share with our leading products and technologies,” said Stephen G. Daly, President and Chief Executive Officer.

Business Outlook

For the fiscal first quarter ending January 3, 2025, MACOM expects revenue to be in the range of $212 million to $218 million. Adjusted gross margin is expected to be between 57% and 59%, and adjusted earnings per diluted share is expected to be between $0.75 and $0.81 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, November 7, 2024, at 8:30 a.m. Eastern Time to discuss its fiscal fourth quarter and fiscal year 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 Industrial and Defense, Data Center and Telecommunications 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 ENGIN-IC, Inc., 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 2025 fiscal first 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, debt extinguishment 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.

Debt Extinguishment Costs – includes the write-off of unamortized deferred financing costs and professional fees associated with the paydown of our term loans. We believe these non-cash amounts are not correlated to future business operations and do no reflect our ongoing operations.

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 fiscal year 2024 and for 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

 

Twelve Months Ended

 

 

 

 

 

 

 

 

 

 

 

September 27,

2024

 

June 28,

2024

 

September 29,

2023

 

September 27,

2024

 

September 29,

2023

Revenue

$

200,710

 

 

$

190,486

 

 

$

150,375

 

 

$

729,578

 

 

$

648,407

 

Cost of revenue

 

90,868

 

 

 

89,077

 

 

 

63,749

 

 

 

335,805

 

 

 

262,610

 

Gross profit

 

109,842

 

 

 

101,409

 

 

 

86,626

 

 

 

393,773

 

 

 

385,797

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

49,592

 

 

 

47,531

 

 

 

37,508

 

 

 

182,158

 

 

 

148,545

 

Selling, general and administrative

 

32,716

 

 

 

34,162

 

 

 

33,511

 

 

 

137,949

 

 

 

129,852

 

Total operating expenses

 

82,308

 

 

 

81,693

 

 

 

71,019

 

 

 

320,107

 

 

 

278,397

 

Income from operations

 

27,534

 

 

 

19,716

 

 

 

15,607

 

 

 

73,666

 

 

 

107,400

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income

 

6,244

 

 

 

5,820

 

 

 

6,056

 

 

 

22,986

 

 

 

20,807

 

Interest expense

 

(1,274

)

 

 

(1,288

)

 

 

(2,213

)

 

 

(5,136

)

 

 

(12,384

)

Other income (expense), net

 

10

 

 

 

—

 

 

 

(458

)

 

 

10

 

 

 

(665

)

Total other income

 

4,980

 

 

 

4,532

 

 

 

3,385

 

 

 

17,860

 

 

 

7,758

 

Income before income taxes

 

32,514

 

 

 

24,248

 

 

 

18,992

 

 

 

91,526

 

 

 

115,158

 

Income tax (benefit) expense

 

3,100

 

 

 

4,309

 

 

 

(5,458

)

 

 

14,667

 

 

 

23,581

 

Net income

$

29,414

 

 

$

19,939

 

 

$

24,450

 

 

$

76,859

 

 

$

91,577

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Income per share - Basic

$

0.41

 

 

$

0.28

 

 

$

0.34

 

 

$

1.07

 

 

$

1.29

 

Income per share - Diluted

$

0.39

 

 

$

0.27

 

 

$

0.34

 

 

$

1.04

 

 

$

1.28

 

Weighted average common shares:

 

 

 

 

 

 

 

 

 

Shares - Basic

 

72,192

 

 

 

72,143

 

 

 

70,988

 

 

 

71,959

 

 

 

70,801

 

Shares - Diluted

 

74,524

 

 

 

74,217

 

 

 

71,828

 

 

 

73,575

 

 

 

71,503

 

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

 

 

 

 

 

September 27,

2024

 

September 29,

2023

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

146,806

 

$

173,952

Short-term investments

 

435,082

 

 

340,574

Accounts receivable, net

 

105,700

 

 

91,253

Inventories

 

194,490

 

 

136,300

Prepaid and other current assets

 

21,000

 

 

19,114

Total current assets

 

903,078

 

 

761,193

Property and equipment, net

 

176,017

 

 

149,496

Goodwill and intangible assets, net

 

408,289

 

 

390,392

Deferred income taxes

 

212,495

 

 

218,107

Other long-term assets

 

55,761

 

 

34,056

Total assets

$

1,755,640

 

$

1,553,244

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Accounts payable

 

43,202

 

 

24,966

Accrued liabilities

 

64,336

 

 

57,397

Current portion of finance lease obligations

 

646

 

 

1,162

Total current liabilities

 

108,184

 

 

83,525

Finance lease obligations, less current portion

 

31,130

 

 

31,776

Financing obligation

 

9,006

 

 

9,307

Long-term debt obligations

 

448,281

 

 

447,134

Other long-term liabilities

 

32,696

 

 

33,902

Total liabilities

 

629,297

 

 

605,644

Stockholders’ equity

 

1,126,343

 

 

947,600

Total liabilities and stockholders’ equity

$

1,755,640

 

$

1,553,244

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

 

Twelve Months Ended

 

 

 

 

 

September 27,

2024

 

September 29,

2023

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net income

$

76,859

 

 

$

91,577

 

Depreciation and intangible asset amortization

 

67,249

 

 

 

52,153

 

Share-based compensation

 

45,644

 

 

 

38,103

 

Deferred income taxes

 

4,947

 

 

 

19,798

 

Other adjustments, net

 

(1,029

)

 

 

(6,948

)

Accounts receivable

 

(16,805

)

 

 

12,253

 

Inventories

 

(30,225

)

 

 

(10,570

)

Accrued and other liabilities

 

(7,325

)

 

 

(21,315

)

Change in other operating assets and liabilities

 

23,325

 

 

 

(8,134

)

Net cash provided by operating activities

 

162,640

 

 

 

166,917

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Acquisition of business, net

 

(72,615

)

 

 

(87,692

)

Sales, purchases and maturities of investments

 

(81,752

)

 

 

140,727

 

Purchases of property and equipment

 

(22,440

)

 

 

(24,699

)

Other investing

 

(4,326

)

 

 

—

 

Proceeds from sale of assets

 

—

 

 

 

8,005

 

Net cash (used in) provided by investing activities

 

(181,133

)

 

 

36,341

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Payments of long-term debt

 

—

 

 

 

(120,766

)

Payments on finance leases and other

 

(1,431

)

 

 

(1,209

)

Proceeds from stock option exercises and employee stock purchases

 

6,586

 

 

 

5,574

 

Common stock withheld for taxes on employee equity awards

 

(14,219

)

 

 

(32,619

)

Net cash used in financing activities

 

(9,064

)

 

 

(149,020

)

Foreign currency effect on cash

 

411

 

 

 

(238

)

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

(27,146

)

 

 

54,000

 

CASH AND CASH EQUIVALENTS — Beginning of period

 

173,952

 

 

 

119,952

 

CASH AND CASH EQUIVALENTS — End of period

$

146,806

 

 

$

173,952

 

 

 

 

 

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

Twelve Months Ended

 

September 27, 2024

June 28, 2024

September 29, 2023

September 27, 2024

September 29, 2023

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Gross profit - GAAP

$

109,842

54.7

$

101,409

53.2

$

86,626

57.6

$

393,773

54.0

$

385,797

59.5

Amortization expense

 

4,305

2.1

 

4,344

2.3

 

1,341

0.9

 

14,790

2.0

 

4,369

0.7

Share-based compensation expense

 

1,703

0.8

 

1,681

0.9

 

1,389

0.9

 

6,754

0.9

 

5,304

0.8

Acquisition and integration related costs

 

744

0.4

 

2,059

1.1

 

981

0.7

 

7,319

1.0

 

1,962

0.3

Adjusted gross profit (Non-GAAP)

$

116,594

58.1

$

109,493

57.5

$

90,337

60.1

$

422,636

57.9

$

397,432

61.3

 

Three Months Ended

Twelve Months Ended

 

September 27, 2024

June 28, 2024

September 29, 2023

September 27, 2024

September 29, 2023

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Operating expenses - GAAP

$

82,308

 

41.0

 

$

81,693

 

42.9

 

$

71,019

 

47.2

 

$

320,107

 

43.9

 

$

278,397

 

42.9

 

Amortization expense

 

(4,351

)

(2.2

)

 

(4,332

)

(2.3

)

 

(6,092

)

(4.1

)

 

(17,602

)

(2.4

)

 

(23,735

)

(3.7

)

Share-based compensation expense

 

(10,800

)

(5.4

)

 

(13,010

)

(6.8

)

 

(9,180

)

(6.1

)

 

(43,437

)

(6.0

)

 

(38,285

)

(5.9

)

Acquisition and integration related costs

 

(1,221

)

(0.6

)

 

(493

)

(0.3

)

 

(2,462

)

(1.6

)

 

(11,465

)

(1.6

)

 

(8,379

)

(1.3

)

Debt extinguishment costs

 

—

 

—

 

 

—

 

—

 

 

(143

)

(0.1

)

 

—

 

—

 

 

(143

)

—

 

Adjusted operating expenses (Non-GAAP)

$

65,936

 

32.9

 

$

63,858

 

33.5

 

$

53,142

 

35.3

 

$

247,603

 

33.9

 

$

207,855

 

32.1

 

 

Three Months Ended

Twelve Months Ended

 

September 27, 2024

June 28, 2024

September 29, 2023

September 27, 2024

September 29, 2023

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Income from operations - GAAP

$

27,534

13.7

$

19,716

10.4

$

15,607

10.4

$

73,666

10.1

$

107,400

16.6

Amortization expense

 

8,656

4.3

 

8,676

4.6

 

7,433

4.9

 

32,392

4.4

 

28,104

4.3

Share-based compensation expense

 

12,503

6.2

 

14,691

7.7

 

10,569

7.0

 

50,191

6.9

 

43,589

6.7

Acquisition and integration related costs

 

1,965

1.0

 

2,552

1.3

 

3,443

2.3

 

18,784

2.6

 

10,341

1.6

Debt extinguishment costs

 

—

—

 

—

—

 

143

0.1

 

—

—

 

143

—

Adjusted income from operations (Non-GAAP)

$

50,658

25.2

$

45,635

24.0

$

37,195

24.7

$

175,033

24.0

$

189,577

29.2

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

7,257

3.6

 

7,333

3.8

 

6,218

4.1

 

28,097

3.9

 

23,846

3.7

Adjusted EBITDA (Non-GAAP)

$

57,915

28.9

$

52,968

27.8

$

43,413

28.9

$

203,130

27.8

$

213,423

32.9

 

Three Months Ended

Twelve Months Ended

 

September 27, 2024

June 28, 2024

September 29, 2023

September 27, 2024

September 29, 2023

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Net income - GAAP

$

29,414

14.7

$

19,939

10.5

$

24,450

 

16.3

 

$

76,859

10.5

$

91,577

14.1

Amortization expense

 

8,656

4.3

 

8,676

4.6

 

7,433

 

4.9

 

 

32,392

4.4

 

28,104

4.3

Share-based compensation expense

 

12,502

6.2

 

14,691

7.7

 

10,569

 

7.0

 

 

50,191

6.9

 

43,589

6.7

Non-cash interest, net

 

286

0.1

 

287

0.2

 

328

 

0.2

 

 

1,146

0.2

 

1,563

0.2

Acquisition and integration related costs

 

1,965

1.0

 

2,552

1.3

 

3,443

 

2.3

 

 

18,784

2.6

 

10,341

1.6

Debt extinguishment costs

 

—

—

 

—

—

 

560

 

0.4

 

 

—

—

 

560

0.1

Tax effect of non-GAAP adjustments

 

1,422

0.7

 

2,795

1.5

 

(6,698

)

(4.5

)

 

8,845

1.2

 

17,601

2.7

Adjusted net income (Non-GAAP)

$

54,245

27.0

$

48,940

25.7

$

40,085

 

26.7

 

$

188,217

25.8

$

193,335

29.8

 

Three Months Ended

Twelve Months Ended

 

September 27, 2024

June 28, 2024

September 29, 2023

September 27, 2024

September 29, 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

$

29,414

$

0.39

$

19,939

$

0.27

$

24,450

$

0.34

$

76,859

$

1.04

$

91,577

$

1.28

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income (Non-GAAP)

$

54,245

$

0.73

$

48,940

$

0.66

$

40,085

$

0.56

$

188,217

$

2.56

$

193,335

$

2.70

 

Three Months Ended

Twelve Months Ended

 

September 27, 2024

June 28, 2024

September 29, 2023

September 27, 2024

September 29, 2023

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Interest income - GAAP

$

6,244

 

3.1

 

$

5,820

 

3.1

 

$

6,056

 

4.0

 

$

22,986

 

3.2

 

$

20,807

 

3.2

 

Interest expense - GAAP

 

(1,274

)

(0.6

)

 

(1,288

)

(0.7

)

 

(2,213

)

(1.4

)

 

(5,136

)

(0.7

)

 

(12,384

)

(1.9

)

Non-cash interest expense

 

286

 

0.1

 

 

287

 

0.2

 

 

328

 

0.2

 

 

1,146

 

0.2

 

 

1,563

 

0.2

 

Adjusted interest income (Non-GAAP)

$

5,256

 

2.6

 

$

4,819

 

2.5

 

$

4,171

 

2.8

 

$

18,996

 

2.6

 

$

9,986

 

1.5

 

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241107803582/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