MACOM Reports Fourth Quarter and Fiscal Year 2016 Financial Results

LOWELL, Mass. — (BUSINESS WIRE) — November 15, 2016 — MACOM Technology Solutions Holdings, Inc. (NASDAQ: MTSI) (“MACOM”), a leading supplier of high-performance analog RF, microwave, millimeterwave and photonic semiconductor products, today announced its financial results for its fiscal fourth quarter and fiscal year ended September 30, 2016.

Fiscal Year 2016 GAAP Results

  • Revenue was $544.3 million, an increase of 29.4%, compared to $420.6 million in fiscal year 2015;
  • Gross profit was $281.6 million, an increase of 38.3%, compared to $203.6 million in fiscal 2015;
  • Fiscal year 2016 gross margin was 51.7%, compared to 48.4% in fiscal year 2015;
  • Operating income was $13.2 million, compared to $10.1 million in fiscal 2015; and
  • Fully diluted loss per share from continuing operations was $0.07 per share compared to a loss per fully diluted share from continuing operations of $0.11 per share in fiscal 2015.

Fiscal Year 2016 Adjusted Non-GAAP Results

  • Adjusted gross margin was 58.1%, compared to 57.5% in fiscal year 2015, expanding by 60 basis points;
  • Adjusted operating income and operating margin were $133.3 million and 24.5%, compared to $96.9 million and 23.0% in fiscal 2015;
  • Adjusted net income was $105.5 million, or $1.91 per diluted share, compared to adjusted net income of $68.1 million, or $1.28 per diluted share in fiscal year 2015, growing 49.2%; and
  • Adjusted EBITDA was $159.6 million compared to $111.0 million in fiscal year 2015, growing 43.7%

Fourth Quarter Fiscal Year 2016 GAAP Results

  • Revenue was $152.7 million, an increase of 7.3%, compared to $142.3 million in the prior fiscal quarter and an increase of 35.7% compared to $112.6 million in the previous year fiscal fourth quarter;
  • Gross profit was $81.8 million, an increase of 10.6%, compared to $74.0 million in the prior fiscal quarter and an increase of 43.6% compared to $57.0 million in the previous year fiscal fourth quarter;
  • Gross margin was 53.6%, compared to 52.0% in the prior fiscal quarter and 50.6% in the previous year fiscal fourth quarter;
  • Operating income was $10.1 million, compared to $10.2 million in the prior fiscal quarter and $4.7 million in the previous year fiscal fourth quarter; and
  • Net income from continuing operations was $3.9 million, resulting in $0.07 income per diluted share, compared to $21.4 million, or $0.11 income per diluted share, in the prior fiscal quarter and $13.8 million, or $0.08 income per diluted share, in the previous year fiscal fourth quarter.

Fourth Quarter Fiscal Year 2016 Adjusted Non-GAAP Results

  • Adjusted gross margin was 58.5%, compared to 57.3% in the prior fiscal quarter and 57.4% in the previous year fiscal fourth quarter;
  • Adjusted operating income was $38.3 million, or 25.1% of revenue, compared to $34.9 million, or 24.5% of revenue, in the prior fiscal quarter and $26.2 million, or 23.2% of revenue, in the previous year fiscal fourth quarter;
  • Adjusted net income was $30.1 million, or $0.54 per diluted share, compared to adjusted net income of $27.9 million, or $0.51 per diluted share, in the prior fiscal quarter and adjusted net income of $18.8 million, or $0.34 per diluted share, in the previous year fiscal fourth quarter; and
  • Adjusted EBITDA was $44.9 million, compared to $42.1 million for the prior fiscal quarter and $29.9 million for the previous year fiscal fourth quarter.

Management Commentary

John Croteau, MACOM's President and Chief Executive Officer, stated, "I am pleased to announce another quarter of solid execution, with Networks up 5% sequentially driven primarily by Metro/Long-haul. Aerospace and Defense saw a strong quarter and was up 18% sequentially, while Multi-market saw strong growth of 10% sequentially. Our R&D investments are showing results, specifically with our high performance MMIC-based products, which are expected to continue to drive growth in A&D and Multi-market moving into 2017.

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