MACOM Reports Fourth Quarter and Fiscal Year 2016 Financial Results

 

   

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

RECONCILIATION OF GAAP TO NON-GAAP RESULTS

(unaudited and in thousands, except per share data)

 
Three Months Ended     Fiscal Year Ended
September 30, 2016     July 1, 2016     October 2, 2015     September 30, 2016     October 2, 2015
Amount     % Revenue     Amount     % Revenue     Amount     % Revenue     Amount     % Revenue     Amount     % Revenue
Gross profit - GAAP $ 81,804     53.6     $ 73,962     52.0     $ 56,961     50.6     $ 281,609     51.7     $ 203,590     48.4
Amortization expense 6,366 4.2 6,440 4.5 7,647 6.8 26,615 4.9 27,285 6.5
Share-based and non-cash compensation 628 0.4 685 0.5 586 0.5 2,546 0.5 2,254 0.5
Impairment and restructuring charges 1,950 0.4
Acquisition and integration related costs 542 0.4 422 0.3 (590 ) (0.5 ) 3,645 0.7 7,086 1.7
Other                                                 1,625       0.4  
Adjusted gross profit (NonGAAP) $ 89,340       58.5       $ 81,509       57.3       $ 64,604       57.4       $ 316,365       58.1       $ 241,840       57.5  
                                                       
Three Months Ended     Fiscal Year Ended
September 30, 2016     July 1, 2016     October 2, 2015     September 30, 2016     October 2, 2015
Amount     % Revenue     Amount     % Revenue     Amount     % Revenue     Amount     % Revenue     Amount     % Revenue
Operating expenses - GAAP $ 71,739 47.0 $ 63,782 44.8 $ 52,274 46.4 $ 268,362 49.3 $ 193,498 46.0
Amortization expense (6,498 ) (4.3 ) (6,415 ) (4.5 ) (4,345 ) (3.9 ) (23,640 ) (4.3 ) (11,695 ) (2.8 )
Share-based and non-cash compensation (9,099 ) (6.0 ) (6,206 ) (4.4 ) (7,769 ) (6.9 ) (33,904 ) (6.2 ) (29,000 ) (6.9 )
Impairment and restructuring charges (1,365 ) (0.9 ) (1,852 ) (1.3 ) (309 ) (0.3 ) (15,230 ) (2.8 ) (1,280 ) (0.3 )
Litigation costs (1,037 ) (0.7 ) (818 ) (0.6 ) (188 ) (0.2 ) (2,194 ) (0.4 ) (933 ) (0.2 )
Acquisition and integration related costs (2,146 ) (1.4 ) (1,911 ) (1.3 ) (1,218 ) (1.1 ) (9,784 ) (1.8 ) (7,241 ) (1.7 )
Other (573 )     (0.4 )                             (573 )     (0.1 )     1,625       0.4  
Adjusted operating expenses (NonGAAP) $ 51,021       33.4       $ 46,580       32.7       $ 38,445       34.2       $ 183,037       33.6       $ 144,974       34.5  
                                                       
Three Months Ended     Fiscal Year Ended
September 30, 2016     July 1, 2016     October 2, 2015     September 30, 2016     October 2, 2015
Amount     % Revenue     Amount     % Revenue     Amount     % Revenue     Amount     % Revenue     Amount     % Revenue
Income (loss) from operations - GAAP $ 10,065 6.6 $ 10,180 7.2 $ 4,687 4.2 $ 13,247 2.4 $ 10,092 2.4
Amortization expense 12,864 8.4 12,855 9.0 11,992 10.7 50,255 9.2 38,983 9.3
Share-based and non-cash compensation 9,727 6.4 6,891 4.8 8,354 7.4 36,450 6.7 31,253 7.4
Impairment and restructuring charges 1,365 0.9 1,852 1.3 308 0.3 17,180 3.2 1,280 0.3
Litigation costs 1,037 0.7 817 0.6 188 0.2 2,194 0.4 933 0.2
Acquisition and integration related costs 2,688 1.8 2,334 1.6 628 0.6 13,428 2.5 14,326 3.4
Other 573       0.4                               573       0.1              
Adjusted income from operations (NonGAAP) $ 38,319       25.1       $ 34,929       24.5       $ 26,157       23.2       $ 133,327       24.5       $ 96,867       23.0  
Depreciation expense 4,689 3.1 5,278 3.7 3,786 3.4 18,710 3.4 14,128 3.4
Other income (expense), net 1,880       1.2       1,890       1.3                   7,516       1.4              
Adjusted EBITDA $ 44,888       29.4       $ 42,097       29.6       $ 29,943       26.6       $ 159,553       29.3       $ 110,995       26.4  
                                                       
Three Months Ended     Fiscal Year Ended
September 30, 2016     July 1, 2016     October 2, 2015     September 30, 2016     October 2, 2015
Amount     % Revenue     Amount     % Revenue     Amount     % Revenue     Amount     % Revenue     Amount     % Revenue
Net income (loss) - GAAP $ 5,101 3.3 $ 22,552 15.8 $ 54,405 48.3 $ 1,434 0.3 $ 48,589 11.6
Amortization expense 12,864 8.4 12,855 9.0 11,992 10.7 50,255 9.2 38,980 9.3
Share-based and non-cash compensation 9,727 6.4 6,891 4.8 8,355 7.4 36,450 6.7 31,254 7.4
Impairment and restructuring charges 1,365 0.9 1,852 1.3 308 0.3 17,180 3.2 1,280 0.3
Warrant liability expense (gain) 12,691 8.3 (15,339 ) (10.8 ) (9,651 ) (8.6 ) 16,432 3.0 6,020 1.4
Non-cash interest 503 0.3 405 0.3 405 0.4 1,731 0.3 1,652 0.4
Litigation costs 1,037 0.7 817 0.6 188 0.2 2,194 0.4 933 0.2
Acquisition and integration related costs 2,688 1.8 2,334 1.6 628 0.6 13,406 2.5 12,326 2.9
Discontinued operations 647 676 0.5 (40,564 ) (36.0 ) 2,478 0.5 (54,131 ) (12.9 )
Other 573 0.4 (130 ) (0.1 ) 573 0.1 3,096 0.7
Tax effect of non-GAAP adjustments (17,114 )     (11.2 )     (5,111 )     (3.6 )     (7,117 )     (6.3 )     (36,605 )     (6.7 )     (21,877 )     (5.2 )
Adjusted net income (NonGAAP) $ 30,082       19.7       $ 27,932       19.6       $ 18,819       16.7       $ 105,528       19.4       $ 68,122       16.2  
                                                       
Three Months Ended     Fiscal Year Ended
September 30, 2016     July 1, 2016     October 2, 2015     September 30, 2016     October 2, 2015
Net Income (Loss)     Income (loss) per diluted share     Net Income (Loss)     Income (loss) per diluted share     Net Income (Loss)     Income (loss) per diluted share     Net Income (Loss)     Income (loss) per diluted share     Net Income (Loss)     Income (loss) per diluted share
Net income - GAAP 5,101 22,552 54,405 1,434 48,589
Warrant liability gain             (15,339 )           (9,651 )                              
Net income (loss) - diluted $ 5,101       $ 0.09       $ 7,213       $ 0.13       $ 44,754       $ 0.81       $ 1,434       $ 0.03       $ 48,589       $ 0.95  
Adjusted (NonGAAP) $ 30,082       $ 0.54       $ 27,932       $ 0.51       $ 18,819       $ 0.34       $ 105,528       $ 1.91       $ 68,122       $ 1.28  
 
                                                       
Three Months Ended     Fiscal Year Ended
September 30, 2016     July 1, 2016     October 2, 2015     September 30, 2016     October 2, 2015
Shares           Shares           Shares           Shares           Shares      
Diluted shares - GAAP 55,285 53,516 54,991 53,364 51,146
Incremental shares             1,772                         1,855             2,056        
Adjusted diluted shares (NonGAAP) 55,285             55,288             54,991             55,219             53,202        
                                                       
Three Months Ended     Fiscal Year Ended
September 30, 2016     July 1, 2016     October 2, 2015     September 30, 2016     October 2, 2015
Amount     % Revenue     Amount     % Revenue     Amount     % Revenue     Amount     % Revenue     Amount     % Revenue
Interest expense- GAAP 5,512 3.6 4,477 3.1 4,425 3.9 18,942 3.5 18,376 4.4
Non-cash interest expense (503 )     (0.3 )     (405 )     (0.3 )     (405 )     (0.4 )     (1,731 )     (0.3 )     (1,652 )     (0.4 )
Adjusted Interest Expense (NonGAAP) $ 5,009       3.3       $ 4,072       2.9       $ 4,020       3.6       $ 17,211       3.2       $ 16,724       4.0  
                                                       
Three Months Ended     Fiscal Year Ended
September 30, 2016     July 1, 2016     October 2, 2015     September 30, 2016     October 2, 2015
Amount     % Revenue     Amount     % Revenue     Amount     % Revenue     Amount     % Revenue     Amount     % Revenue
Cash flow from operations 24,885 16.3 19,249 13.5 5,483 4.9 79,232 14.6 33,678 8.0
Capital expenditures (7,226 )     (4.7 )     (7,138 )     (5.0 )     (6,627 )     (5.9 )     (32,103 )     (5.9 )     (41,598 )     (9.9 )
Free cash flow $ 17,659       11.6       $ 12,111       8.5       $ (1,144 )     (1.0 )     $ 47,129       8.7       $ (7,920 )     (1.9 )
                   
Three Months Ended

September 30, 2016

    July 1, 2016    

April 1, 2016

    January 1, 2016
Amount     Amount     Amount     Amount
Revenue - GAAP 152,697 142,288 133,579 115,774
FiBest and Aeroflex/Metelics revenue 20,682       20,052       18,780       4,577  
Adjusted revenue - excluding acquisitions (NonGAAP) 132,015       122,236       114,799       111,197  
 
Adjusted gross profit (NonGAAP) 89,340 81,509 77,556 67,959
FiBest and Aeroflex/Metelics gross profit 9,356       7,312       7,026       1,234  
Adjusted gross profit - excluding acquisitions (NonGAAP) 79,984       74,197       70,530       66,725  
Adjusted gross margin (NonGAAP) 61 %     61 %     61 %     60 %

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