Adjusted EBITDA - is a calculation that adds depreciation expense and consulting agreement income to our Adjusted Non-GAAP Income from Operations. Adjusted EBITDA is a measure that management reviews and utilizes for operational analysis purposes. We believe competitors and others in the financial industry utilize this Non-GAAP measure for analysis purposes.
Free Cash Flow - is a calculation that starts with cash flow from operating activities, reduces this amount by our capital expenditures in the applicable period and adds AppliedMicro transaction related payments. Free Cash Flow is a measure that management reviews and utilizes for cash flow analysis purposes. We believe competitors and others in the financial industry utilize this Non-GAAP measure for analyzing a company's cash flow.
|
MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (unaudited and in thousands, except per share data) |
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| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
|
June 29,
|
March 30,
|
June 30,
|
June 29,
|
June 30,
|
|||||||||||||||||||||
| Revenue | $ | 137,872 | $ | 150,414 | $ | 194,555 | $ | 419,210 | $ | 532,391 | |||||||||||||||
| Cost of revenue | 89,703 | 84,813 | 101,926 | 244,486 | 292,403 | ||||||||||||||||||||
| Gross profit | 48,169 | 65,601 | 92,629 | 174,724 | 239,988 | ||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||
| Research and development | 48,240 | 41,596 | 38,729 | 131,487 | 108,588 | ||||||||||||||||||||
| Selling, general and administrative | 42,471 | 39,287 | 46,666 | 119,393 | 145,488 | ||||||||||||||||||||
| Impairment charges | — | 6,575 | — | 6,575 | — | ||||||||||||||||||||
| Restructuring charges | 102 | 1,539 | 586 | 6,302 | 2,342 | ||||||||||||||||||||
| Total operating expenses | 90,813 | 88,997 | 85,981 | 263,757 | 256,418 | ||||||||||||||||||||
| (Loss) income from operations | (42,644 | ) | (23,396 | ) | 6,648 | (89,033 | ) | (16,430 | ) | ||||||||||||||||
| Other income (expense): | |||||||||||||||||||||||||
| Warrant liability (expense) gain | (6,728 | ) | 17,015 | (9,085 | ) | 24,895 | (16,481 | ) | |||||||||||||||||
| Interest expense, net | (8,039 | ) | (7,970 | ) | (7,178 | ) | (23,249 | ) | (21,902 | ) | |||||||||||||||
| Other expense, net | (37,281 | ) | (4,139 | ) | (1,139 | ) | (41,413 | ) | (2,042 | ) | |||||||||||||||
| Total other (expense) income | (52,048 | ) | 4,906 | (17,402 | ) | (39,767 | ) | (40,425 | ) | ||||||||||||||||
| Loss before income taxes | (94,692 | ) | (18,490 | ) | (10,754 | ) | (128,800 | ) | (56,855 | ) | |||||||||||||||
| Income tax (benefit) expense | (9,482 | ) | (3,024 | ) | 3,223 | (11,153 | ) | 93,559 | |||||||||||||||||
| Loss from continuing operations | (85,210 | ) | (15,466 | ) | (13,977 | ) | (117,647 | ) | (150,414 | ) | |||||||||||||||
| Loss from discontinued operations | (220 | ) | (18 | ) | (13,700 | ) | (5,837 | ) | (8,358 | ) | |||||||||||||||
| Net loss | $ | (85,430 | ) | $ | (15,484 | ) | $ | (27,677 | ) | $ | (123,484 | ) | $ | (158,772 | ) | ||||||||||
| Net loss per share: | |||||||||||||||||||||||||
| Basic: | |||||||||||||||||||||||||
| Loss from continuing operations | $ | (1.31 | ) | $ | (0.24 | ) | $ | (0.22 | ) | $ | (1.82 | ) | $ | (2.53 | ) | ||||||||||
| Loss from discontinued operations | 0.00 | 0.00 | (0.21 | ) | (0.09 | ) | (0.14 | ) | |||||||||||||||||
| Loss per share - basic | $ | (1.32 | ) | $ | (0.24 | ) | $ | (0.43 | ) | $ | (1.91 | ) | $ | (2.67 | ) | ||||||||||
| Diluted: | |||||||||||||||||||||||||
| Loss from continuing operations | $ | (1.31 | ) | $ | (0.50 | ) | $ | (0.22 | ) | $ | (2.19 | ) | $ | (2.53 | ) | ||||||||||
| Loss from discontinued operations | 0.00 | 0.00 | (0.21 | ) | (0.09 | ) | (0.14 | ) | |||||||||||||||||
| Loss per share - diluted | $ | (1.32 | ) | $ | (0.50 | ) | $ | (0.43 | ) | $ | (2.28 | ) | $ | (2.67 | ) | ||||||||||
| Shares - Basic | 64,920 | 64,549 | 64,019 | 64,598 | 59,524 | ||||||||||||||||||||
| Shares - Diluted | 64,920 | 65,132 | 64,019 | 65,198 | 59,524 | ||||||||||||||||||||
|
MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited and in thousands) |
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|
June 29, 2018 |
September 29,
|
|||||||||
| ASSETS | ||||||||||
| Current assets: | ||||||||||
| Cash and cash equivalents | $ | 85,268 | $ | 130,104 | ||||||
| Short term investments | 97,723 | 84,121 | ||||||||
| Accounts receivable, net | 101,285 | 136,096 | ||||||||
| Inventories | 122,866 | 136,074 | ||||||||
| Income tax receivable | 19,945 | 18,493 | ||||||||
| Assets held for sale, current | 4,971 | 35,571 | ||||||||
| Prepaids and other current assets | 22,335 | 22,438 | ||||||||
| Total current assets | 454,393 | 562,897 | ||||||||
| Property and equipment, net | 139,415 | 131,019 | ||||||||
| Goodwill and intangible assets, net | 848,277 | 934,857 | ||||||||
| Deferred income taxes | 1,662 | 948 | ||||||||
| Other investments | 34,259 | — | ||||||||
| Other long-term assets | 7,709 | 7,402 | ||||||||
| TOTAL ASSETS | $ | 1,485,715 | $ | 1,637,123 | ||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||||
| Current liabilities: | ||||||||||
| Current portion of lease payable | $ | 499 | $ | 815 | ||||||
| Current portion of long-term debt | 6,885 | 6,885 | ||||||||
| Accounts payable | 29,370 | 47,038 | ||||||||
| Accrued liabilities | 46,446 | 58,243 | ||||||||
| Liabilities held for sale | — | 2,144 | ||||||||
| Deferred revenue | 8,279 | 1,994 | ||||||||
| Total current liabilities | 91,479 | 117,119 | ||||||||
| Lease payable, less current portion | 26,658 | 17,275 | ||||||||
| Long-term debt obligations, less current portion | 659,146 | 661,471 | ||||||||
| Common stock warrant liability | 15,880 | 40,775 | ||||||||
| Deferred income taxes | 7,791 | 15,172 | ||||||||
| Other long-term liabilities | 5,724 | 7,937 | ||||||||
| Total liabilities | 806,678 | 859,749 | ||||||||
| Stockholders' equity | 679,037 | 777,374 | ||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 1,485,715 | $ | 1,637,123 | ||||||
|
MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited and in thousands) |
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| Nine Months Ended | |||||||||||
| June 29, 2018 | June 30, 2017 | ||||||||||
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||||||||||
| Net loss | $ | (123,484 | ) | $ | (158,772 | ) | |||||
| Depreciation and amortization | 83,695 | 65,823 | |||||||||
| Share based compensation | 24,095 | 27,666 | |||||||||
| Warrant liability (gain) expense | (24,895 | ) | 16,481 | ||||||||
| Acquired inventory step-up amortization | 224 | 43,985 | |||||||||
| Loss (gain) on disposition of business | 34,046 | (17,316 | ) | ||||||||
| Deferred income taxes | (8,502 | ) | 87,608 | ||||||||
| Loss on minority equity investment | 7,241 | — | |||||||||
| Impairment related charges | 9,143 | — | |||||||||
| Other adjustments to reconcile loss to net operating cash | (1,758 | ) | 5,344 | ||||||||
| Inventories | (1,617 | ) | 7,997 | ||||||||
| Accounts receivable | 34,769 | (12,755 | ) | ||||||||
| Change in other operating assets and liabilities | (21,741 | ) | (17,372 | ) | |||||||
| Net cash provided by operating activities | 11,216 | 48,689 | |||||||||
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||||||||||
| Acquisition of businesses, net | — | (231,712 | ) | ||||||||
| Sales, purchases and maturities of investments | (13,941 | ) | (58,088 | ) | |||||||
| Purchases of other investments | (5,000 | ) | — | ||||||||
| Proceeds associated with discontinued operations | (263 | ) | 23,645 | ||||||||
| Sale of businesses and assets | 5,000 | 215 | |||||||||
| Purchases of property and equipment | (39,443 | ) | (24,496 | ) | |||||||
| Net cash used in investing activities | (53,647 | ) | (290,436 | ) | |||||||
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||||||||||
| Proceeds from notes payable | — | 96,558 | |||||||||
| Payments of financing costs | (505 | ) | (9,077 | ) | |||||||
| Proceeds from corporate facility financing obligation | 4,000 | 4,250 | |||||||||
| Payments of notes payable and assumed debt | (5,734 | ) | (3,954 | ) | |||||||
| Proceeds from stock option exercises and employee stock purchases | 6,944 | 8,162 | |||||||||
| Repurchase of common stock | (6,673 | ) | (18,092 | ) | |||||||
| Other adjustments | (478 | ) | (1,296 | ) | |||||||
| Net cash used in (provided by) financing activities | (2,446 | ) | 76,551 | ||||||||
| EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 41 | (175 | ) | ||||||||
| NET CHANGE IN CASH AND CASH EQUIVALENTS | (44,836 | ) | (165,371 | ) | |||||||
| CASH AND CASH EQUIVALENTS — Beginning of period | 130,104 | 332,977 | |||||||||
| CASH AND CASH EQUIVALENTS — End of period | $ | 85,268 | $ | 167,606 | |||||||
| Supplemental disclosure of non-cash activities | |||||||||||
| Issuance of common stock in connection with the AppliedMicro Acquisition | — | 465,082 | |||||||||
|
MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC. RECONCILIATION OF GAAP TO NON-GAAP RESULTS (unaudited and in thousands, except per share data) |
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|
|
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| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
| June 29, 2018 | March 30, 2018 | June 30, 2017 | June 29, 2018 | June 30, 2017 | |||||||||||||||||||||
| Amount | Amount | Amount | Amount | Amount | |||||||||||||||||||||
| Revenue - GAAP | $ | 137,872 | $ | 150,414 | $ | 194,555 | $ | 419,210 | $ | 532,391 | |||||||||||||||
| Deferred revenue | 7,000 | — | — | 7,000 | — | ||||||||||||||||||||
| Adjusted revenue (Non-GAAP) | $ | 144,872 | $ | 150,414 | $ | 194,555 | $ | 426,210 | $ | 532,391 | |||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||
| June 29, 2018 | March 30, 2018 | June 30, 2017 | June 29, 2018 | June 30, 2017 | ||||||||||||||||||||||||||||||||
| Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | |||||||||||||||||||||||||||
| Gross profit - GAAP | $ | 48,169 | 34.9 | $ | 65,601 | 43.6 | $ | 92,629 | 47.6 | $ | 174,724 | 41.7 | $ | 239,988 | 45.1 | |||||||||||||||||||||
| Amortization expense | 8,593 | 5.9 | 8,173 | 5.4 | 8,416 | 4.3 | 24,913 | 5.8 | 21,694 | 4.1 | ||||||||||||||||||||||||||
| Share-based and non-cash compensation | 1,059 | 0.7 | 952 | 0.6 | 956 | 0.5 | 2,938 | 0.7 | 2,716 | 0.5 | ||||||||||||||||||||||||||
| Impairment related charges | — | — | 2,568 | 1.7 | — | — | 2,568 | 0.6 | — | — | ||||||||||||||||||||||||||
| Acquisition, integration and restructuring related costs | 93 | 0.1 | 358 | 0.2 | 11,736 | 6.0 | 790 | 0.2 | 45,075 | 8.5 | ||||||||||||||||||||||||||
| Production and product line exits | 16,165 | 11.2 | — | — | — | — | 16,165 | 3.8 | — | — | ||||||||||||||||||||||||||
| Deferred revenue | 7,000 | 4.8 | — | — | — | — | 7,000 | 1.6 | — | — | ||||||||||||||||||||||||||
| Adjusted gross profit (Non-GAAP) | $ | 81,079 | 56.0 | $ | 77,652 | 51.6 | $ | 113,737 | 58.5 | $ | 229,098 | 53.8 | $ | 309,473 | 58.1 | |||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||
| June 29, 2018 | March 30, 2018 | June 30, 2017 | June 29, 2018 | June 30, 2017 | ||||||||||||||||||||||||||||
| Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | |||||||||||||||||||||||
| Operating expenses - GAAP | 90,813 | 65.9 | 88,997 | 59.2 | 85,981 | 44.2 | 263,757 | 62.9 | 256,418 | 48.2 | ||||||||||||||||||||||
| Amortization expense | (13,083 | ) | (9.0 | ) | (11,753 | ) | (7.8 | ) | (10,832 | ) | (5.6 | ) | (35,828 | ) | (8.4 | ) | (24,462 | ) | (4.6 | ) | ||||||||||||
| Share-based and non-cash compensation | (8,657 | ) | (6.0 | ) | (3,683 | ) | (2.4 | ) | (9,833 | ) | (5.1 | ) | (20,630 | ) | (4.8 | ) | (30,384 | ) | (5.7 | ) | ||||||||||||
| Impairment and restructuring charges | (102 | ) | (0.1 | ) | (8,114 | ) | (5.4 | ) | (586 | ) | (0.3 | ) | (12,877 | ) | (3.0 | ) | (2,342 | ) | (0.4 | ) | ||||||||||||
| Litigation costs | (997 | ) | (0.7 | ) | (781 | ) | (0.5 | ) | (569 | ) | (0.3 | ) | (2,525 | ) | (0.6 | ) | (1,610 | ) | (0.3 | ) | ||||||||||||
| Acquisition, integration and restructuring related costs | (1,763 | ) | (1.2 | ) | (2,753 | ) | (1.8 | ) | (2,645 | ) | (1.4 | ) | (6,831 | ) | (1.6 | ) | (29,746 | ) | (5.6 | ) | ||||||||||||
| Production and product line exits | (1,589 | ) | (1.1 | ) | — | — | — | — | (1,589 | ) | (0.4 | ) | — | — | ||||||||||||||||||
| Other | — | — | — | — | (719 | ) | (0.4 | ) | — | — | (905 | ) | (0.2 | ) | ||||||||||||||||||
| Adjusted operating expenses (Non-GAAP) | 64,622 | 44.6 | 61,913 | 41.2 | 60,797 | 31.2 | 183,477 | 43.0 | 166,969 | 31.4 | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||
| June 29, 2018 | March 30, 2018 | June 30, 2017 | June 29, 2018 | June 30, 2017 | |||||||||||||||||||||||||||||||||
| Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | ||||||||||||||||||||||||||||
| Loss from operations - GAAP | $ | (42,644 | ) | (30.9 | ) | $ | (23,396 | ) | (15.6 | ) | $ | 6,648 | 3.4 | $ | (89,033 | ) | (21.2 | ) | $ | (16,430 | ) | (3.1 | ) | ||||||||||||||
| Amortization expense | 21,676 | 15.0 | 19,926 | 13.2 | 19,248 | 9.9 | 60,741 | 14.3 | 46,157 | 8.7 | |||||||||||||||||||||||||||
| Share-based and non-cash compensation | 9,716 | 6.7 | 4,635 | 3.1 | 10,789 | 5.5 | 23,567 | 5.5 | 33,100 | 6.2 | |||||||||||||||||||||||||||
| Impairment and restructuring charges | 102 | 0.1 | 10,681 | 7.1 | 586 | 0.3 | 15,444 | 3.6 | 2,342 | 0.4 | |||||||||||||||||||||||||||
| Litigation costs | 997 | 0.7 | 781 | 0.5 | 569 | 0.3 | 2,525 | 0.6 | 1,610 | 0.3 | |||||||||||||||||||||||||||
| Acquisition, integration and restructuring related costs | 1,856 | 1.3 | 3,112 | 2.1 | 14,380 | 7.4 | 7,621 | 1.8 | 74,821 | 14.1 | |||||||||||||||||||||||||||
| Production and product line exits | 17,753 | 12.3 | — | — | — | — | 17,753 | 4.2 | — | — | |||||||||||||||||||||||||||
| Deferred revenue | 7,000 | 4.8 | — | — | — | — | 7,000 | 1.6 | — | — | |||||||||||||||||||||||||||
| Other | — | — | — | — | 719 | 0.4 | — | — | 905 | 0.2 | |||||||||||||||||||||||||||
| Adjusted income from operations (Non-GAAP) | $ | 16,456 | 11.4 | $ | 15,739 | 10.5 | $ | 52,939 | 27.2 | $ | 45,618 | 10.7 | $ | 142,505 | 26.8 | ||||||||||||||||||||||
| Depreciation expense | 7,597 | 5.2 | 7,622 | 5.1 | 6,739 | 3.5 | 22,685 | 5.3 | 18,447 | 3.5 | |||||||||||||||||||||||||||
| Consulting income | — | — | — | — | 1,875 | 1.0 | — | — | 5,625 | 1.1 | |||||||||||||||||||||||||||
| Adjusted EBITDA (Non-GAAP) | $ | 24,053 | 16.6 | $ | 23,361 | 15.5 | $ | 61,553 | 31.6 | $ | 68,303 | 16.0 | $ | 166,577 | 31.3 | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||
| June 29, 2018 | March 30, 2018 | June 30, 2017 | June 29, 2018 | June 30, 2017 | |||||||||||||||||||||||||||||||||
| Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | ||||||||||||||||||||||||||||
| Net loss - GAAP | $ | (85,430 | ) | (62.0 | ) | $ | (15,484 | ) | (10.3 | ) | $ | (27,677 | ) | (14.2 | ) | $ | (123,484 | ) | (29.5 | ) | $ | (158,772 | ) | (29.8 | ) | ||||||||||||
| Amortization expense | 21,676 | 15.0 | 19,926 | 13.2 | 19,248 | 9.9 | 60,741 | 14.3 | 46,157 | 8.7 | |||||||||||||||||||||||||||
| Share-based and non-cash compensation | 9,716 | 6.7 | 4,635 | 3.1 | 10,789 | 5.5 | 23,567 | 5.5 | 33,100 | 6.2 | |||||||||||||||||||||||||||
| Impairment and restructuring charges | 102 | 0.1 | 10,681 | 7.1 | 586 | 0.3 | 15,444 | 3.6 | 2,342 | 0.4 | |||||||||||||||||||||||||||
| Warrant liability expense (gain) | 6,728 | 4.6 | (17,015 | ) | (11.3 | ) | 9,085 | 4.7 | (24,895 | ) | (5.8 | ) | 16,480 | 3.1 | |||||||||||||||||||||||
| Non-cash interest, net | 1,036 | 0.7 | 1,508 | 1.0 | 1,122 | 0.6 | 3,572 | 0.8 | 2,546 | 0.5 | |||||||||||||||||||||||||||
| Litigation costs | 997 | 0.7 | 781 | 0.5 | 569 | 0.3 | 2,525 | 0.6 | 1,610 | 0.3 | |||||||||||||||||||||||||||
| Acquisition, integration and restructuring related costs | 1,856 | 1.3 | 3,112 | 2.1 | 14,380 | 7.4 | 7,621 | 1.8 | 74,821 | 14.1 | |||||||||||||||||||||||||||
| Production and product line exits | 17,753 | 12.3 | — | — | — | — | 17,753 | 4.2 | — | — | |||||||||||||||||||||||||||
| Discontinued operations, excluding consulting income | 220 | 0.2 | 18 | — | 15,575 | 8.0 | 5,837 | 1.4 | 13,983 | 2.6 | |||||||||||||||||||||||||||
| Equity investment and sale of business losses | 37,202 | 25.7 | 4,085 | 2.7 | — | — | 41,287 | 9.7 | — | — | |||||||||||||||||||||||||||
| Deferred revenue | 7,000 | 4.8 | — | — | — | — | 7,000 | 1.6 | — | — | |||||||||||||||||||||||||||
| Other | — | — | — | — | 1,856 | 1.0 | — | — | 2,913 | 0.5 | |||||||||||||||||||||||||||
| Tax effect of non-GAAP adjustments | (10,232 | ) | (7.1 | ) | (3,762 | ) | (2.5 | ) | (1,653 | ) | (0.8 | ) | (13,218 | ) | (3.1 | ) | 79,962 | 15.0 | |||||||||||||||||||
| Adjusted net income (Non-GAAP) | $ | 8,624 | 6.0 | $ | 8,485 | 5.6 | $ | 43,880 | 22.6 | $ | 23,750 | 5.6 | $ | 115,142 | 21.6 | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||
| June 29, 2018 | March 30, 2018 | June 30, 2017 | June 29, 2018 | June 30, 2017 | ||||||||||||||||||||||||||||||||||||||
|
Net Income
|
Income (loss)
|
Net Income
|
Income (loss)
|
Net Income
|
Income (loss
|
Net Income
|
Income (loss)
|
Net Income
|
Income (loss)
|
|||||||||||||||||||||||||||||||||
| Net loss - GAAP | $ | (85,430 | ) | $ | (15,484 | ) | (27,677 | ) | (123,484 | ) | (158,772 | ) | ||||||||||||||||||||||||||||||
| Warrant liability gain | — | (17,015 | ) | — | (24,895 | ) | — | |||||||||||||||||||||||||||||||||||
| Net loss - diluted | $ | (85,430 | ) | $ | (1.32 | ) | $ | (32,499 | ) | $ | (0.50 | ) | $ | (27,677 | ) | $ | (0.43 | ) | $ | (148,379 | ) | $ | (2.28 | ) | $ | (158,772 | ) | $ | (2.67 | ) | ||||||||||||
| Adjusted (Non-GAAP) | $ | 8,624 | $ | 0.13 | $ | 8,485 | $ | 0.13 | $ | 43,880 | $ | 0.67 | $ | 23,750 | $ | 0.36 | $ | 115,142 | $ | 1.87 | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||||||
| June 29, 2018 | March 30, 2018 | June 30, 2017 | June 29, 2018 | June 30, 2017 | ||||||||||||||||||||
| Shares | Shares | Shares | Shares | Shares | ||||||||||||||||||||
| Diluted shares - GAAP | 64,920 | 65,132 | 64,019 | 65,198 | 59,524 | |||||||||||||||||||
| Incremental shares | 725 | 478 | 1,916 | 423 | 1,941 | |||||||||||||||||||
| Adjusted diluted shares (Non-GAAP) | 65,645 | 65,610 | 65,935 | 65,621 | 61,465 | |||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||
| June 29, 2018 | March 30, 2018 | June 30, 2017 | June 29, 2018 | June 30, 2017 | |||||||||||||||||||||||||||||||||
| Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | ||||||||||||||||||||||||||||
| Interest expense, net - GAAP | $ | 8,039 | 5.8 | $ | 7,970 | 5.3 | $ | 7,178 | 3.7 | $ | 23,249 | 5.5 | $ | 21,902 | 4.1 | ||||||||||||||||||||||
| Non-cash interest expense | (1,036 | ) | (0.7 | ) | (1,508 | ) | (1.0 | ) | (1,122 | ) | (0.6 | ) | (3,573 | ) | (0.8 | ) | (2,546 | ) | (0.5 | ) | |||||||||||||||||
| Adjusted Interest Expense (Non-GAAP) | $ | 7,003 | 4.8 | $ | 6,462 | 4.3 | $ | 6,056 | 3.1 | $ | 19,676 | 4.6 | $ | 19,356 | 3.6 | ||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||
| June 29, 2018 | March 30, 2018 | June 30, 2017 | June 29, 2018 | June 30, 2017 | |||||||||||||||||||||||||||||||||
| Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | Amount | % Revenue | ||||||||||||||||||||||||||||
| Cash flow from operations | $ | 59 | — | $ | 10,621 | 7.1 | $ | 27,850 | 14.3 | $ | 11,216 | 2.7 | $ | 48,689 | 9.1 | ||||||||||||||||||||||
| Capital expenditures | (12,863 | ) | (8.9 | ) | (12,756 | ) | (8.5 | ) | (8,201 | ) | (4.2 | ) | (39,443 | ) | (9.3 | ) | (24,496 | ) | (4.6 | ) | |||||||||||||||||
| AppliedMicro transaction related payments | — | — | — | — | 419 | 0.2 | — | — | 28,533 | 5.4 | |||||||||||||||||||||||||||
| Free cash flow (Non-GAAP) | $ | (12,804 | ) | (8.8 | ) | $ | (2,135 | ) | (1.4 | ) | $ | 20,068 | 10.3 | $ | (28,227 | ) | (6.6 | ) | $ | 52,726 | 9.9 | ||||||||||||||||
| Free cash flow as a percentage of adjusted net income | (148 | )% | (25 | )% | 46 | % | (119 | )% | 46 | % | |||||||||||||||||||||||||||
