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MACOM Reports Fiscal First Quarter 2020 Financial Results

January 28, 2020 GMT

LOWELL, Mass.--(BUSINESS WIRE)--Jan 28, 2020--

MACOM Technology Solutions Holdings, Inc. (“MACOM”) (NASDAQ: MTSI), a leading supplier of semiconductor products, today announced its financial results for its fiscal first quarter ended January 3, 2020.

First Quarter Fiscal Year 2020 GAAP Results

First Quarter Fiscal Year 2020 Adjusted Non-GAAP Results

Management Commentary

“Q1 was a solid start to our fiscal year,” said Stephen G. Daly, President and Chief Executive Officer. “Our new organization and engineering leadership is having a positive impact on product development.”

Business Outlook

For the fiscal second quarter ending April 3, 2020, MACOM expects revenue to be in the range of $122 million to $126 million. Adjusted gross margin is expected to be between 53% and 55%, and adjusted earnings per share is expected to be between $0.09 and $0.13 on an anticipated 68.0 million fully diluted shares outstanding.

Conference Call

MACOM will host a conference call on Tuesday, January 28, 2020 at 5:00 p.m. Eastern Time to discuss its fiscal first quarter 2020 financial results and business outlook. Investors and analysts may join the conference call by dialing 1-877-837-3908 and providing the passcode 7669118.

International callers may join the teleconference by dialing +1-973-872-3000 and entering the same passcode at the prompt. A telephone replay of the call will be made available beginning two hours after the call and will remain available for five business days. The replay number is 1-855-859-2056 with a passcode of 7669118. International callers should dial +1-404-537-3406 and enter the same passcode at the prompt.

Additionally, this conference call will be broadcast live over the Internet and can be accessed by all interested parties in the Investors section of MACOM’s website at http://www.macom.com. To listen to the live call, please go to the Investors section of MACOM’s website and click on the conference call link at least fifteen minutes prior to the start of the conference call. For those unable to participate during the live broadcast, a replay will be available shortly after the call and will remain available for approximately 30 days.

About MACOM

MACOM designs and manufactures semiconductor products for Data Center, Telecommunication and Industrial and Defense applications. Headquartered in Lowell, Massachusetts, MACOM has design centers and sales offices throughout North America, Europe and Asia. MACOM is certified to the ISO9001 international quality standard and ISO14001 environmental management standard.

Special Note Regarding Forward-Looking Statements

This press release contains forward-looking statements based on MACOM management’s beliefs and assumptions and on information currently available to our management. These forward-looking statements include, among others, statements about MACOM’s strategic plans and priorities, our new organization structure and its impact on product development and operational enhancements, MACOM’s prospect and growth opportunities in our three primary markets, development and process qualification timelines and the estimated financial results for our fiscal second 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 those 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 income (loss) from operations and operating margin, non-GAAP operating expenses, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP income tax rate, adjusted EBITDA, non-GAAP interest expense and Free Cash Flow. From time to time 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 and non-cash compensation costs, impairment and restructuring charges, changes in common stock warrant liability, non-cash interest, litigation costs, acquisition, integration and restructuring related costs, equity investment gains and losses and the tax effect of each non-GAAP adjustment.

Management believes that these excluded items are not reflective of our underlying performance. Management 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. The exclusion of these and other similar items from our non-GAAP financial results should not be interpreted as implying that these items are non-recurring, infrequent or unusual. We believe this non-GAAP financial information provides additional insight into our ongoing performance and have therefore chosen to provide this information to investors for a more consistent basis of comparison and 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 the future price per share of our common stock for purposes of calculating the value of our common stock warrant liability, 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 these 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 to arrive at these non-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 managements 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 is a non-cash expense and is not considered by management in making operating decisions.

Share-Based and Non-cash Compensation Expense - includes share-based compensation expense for awards that are equity and liability classified on our balance sheet. 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 due to factors that can be outside of their control. Share-based and non-cash compensation expense amounts are not considered by management in making operating decisions.

Impairment-Related Charges - includes amounts associated with the impairment of property and equipment primarily associated with approved restructuring plans to reduce staffing and manufacturing, research and development and administrative footprints. We believe these amounts are not correlated to future business operations and including such charges does not reflect our ongoing operations.

Restructuring Charges - includes amounts primarily associated with approved plans to reduce staffing and manufacturing, research and development and administrative footprints, including amounts associated with the 2019 restructuring and other restructuring plans. We believe these amounts are not correlated to future business operations and including such charges does not reflect our ongoing operations.

Warrant Liability Expenses/Gains - are associated with mark-to-market fair value adjustments which are largely based on the value of our common stock, which may vary from period to period due to factors such as stock price volatility. We believe these amounts are not correlated to future business operations and including such charges does not reflect our ongoing operations.

Non-Cash Interest, Net - includes amounts associated with the amortization of certain fees associated with the establishment or amendment of our credit agreement and term loans that are being amortized over the life of the agreement. We believe these amounts are non-cash in nature and not correlated to future business operations and including such charges does not reflect our ongoing operations.

Litigation Costs - includes gains, losses and expenses related to the resolution of other-than-ordinary-course threatened and actually filed lawsuits and other-than-ordinary-course contractual disputes and legal matters. We exclude these gains and losses because they are not considered by management in making operating decisions. We believe such gains, losses and expenses do not necessarily reflect the performance of our ongoing operations for the period in which such charges are recognized and the amount of such gains or losses and expenses can vary significantly between companies and make comparisons less reliable.

Acquisition, Integration and Restructuring Related Costs - includes such items as professional fees incurred in connection with pre-acquisition and integration specific activities, contingent consideration adjustments, severance and other amounts accrued or paid to terminated employees of acquired businesses, costs including salaries incurred which are not expected to have a continuing contribution to operations. We believe the exclusion of these items is useful in providing management a basis to evaluate ongoing operating activities and strategic decision making.

Equity Investment Gains and Losses - primarily includes losses associated with a non-marketable equity investment we have in a private business. The investment losses are non-cash in nature, and we believe are not correlated to future business operations and including such amounts does not reflect our ongoing operations.

Tax Effect of Non-GAAP Adjustments - adjustments to arrive at an estimate of our adjusted non-GAAP income tax rate associated with our adjusted non-GAAP income over a period of time. We determine our adjusted non-GAAP income tax rate by 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 adjusted non-GAAP net income before income taxes and our ability to realize tax assets. We generally assess this adjusted non-GAAP income tax rate quarterly and have utilized 8% for our fiscal years 2019 and 2020. Our historical effective income tax rate under GAAP has varied significantly from our adjusted non-GAAP income tax rate. Items that have historically resulted in significant difference between our effective income tax rate under GAAP and our adjusted non-GAAP income tax rate include changes in fair values of the common stock warrant liability, which are excluded from our adjusted net income and are neither deductible nor taxable for tax purposes, losses or gains associated with our equity method investment in a private business, income taxed in foreign jurisdictions at generally lower tax rates, intangible impairments, research and development tax credits and merger expenses. We believe it is beneficial for our management to review our adjusted 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. Our adjusted non-GAAP income tax rate is an estimate, and may differ from our effective income tax rate determined under GAAP.

Adjusted EBITDA - is a calculation that adds depreciation expense to our adjusted 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. 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.

Incremental Shares - is the number of potential shares of common stock issuable upon the exercise of stock options, restricted stock, restricted stock units and warrants which were not included in the calculation of our GAAP diluted shares. We believe competitors and others in the financial industry utilize this non-GAAP 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

January 3,
2020

 

September 27,
2019

 

December 28,
2018

Revenue

$

119,097

 

 

$

112,248

 

 

$

150,689

 

Cost of revenue

60,893

 

 

59,323

 

 

74,064

 

Gross profit

58,204

 

 

52,925

 

 

76,625

 

Operating expenses:

 

 

 

 

 

Research and development

35,158

 

 

34,875

 

 

43,525

 

Selling, general and administrative

32,340

 

 

26,849

 

 

42,519

 

Impairment charges

 

 

700

 

 

 

Restructuring charges

1,234

 

 

2,496

 

 

4,978

 

Total operating expenses

68,732

 

 

64,920

 

 

91,022

 

Loss from operations

(10,528)

 

 

(11,995)

 

 

(14,397)

 

Other (expense) income:

 

 

 

 

 

Warrant liability (expense) gain

(4,087)

 

 

(5,023)

 

 

5,468

 

Interest expense, net

(8,621)

 

 

(8,661)

 

 

(8,773)

 

Other expense, net

(3,740)

 

 

(3,507)

 

 

(4,569)

 

Total other expense

(16,448)

 

 

(17,191)

 

 

(7,874)

 

 

 

 

 

 

 

Loss before income taxes

(26,976)

 

 

(29,186)

 

 

(22,271)

 

Income tax expense (benefit)

1,386

 

 

(39,702)

 

 

1,125

 

Net (loss) income

$

(28,362)

 

 

$

10,516

 

 

$

(23,396)

 

 

 

 

 

 

 

Net (loss) income per share:

 

 

 

 

 

Basic:

 

 

 

 

 

(Loss) income per share - basic

$

(0.43)

 

 

$

0.16

 

 

$

(0.36)

 

 

 

 

 

 

 

Diluted:

 

 

 

 

 

(Loss) income per share - diluted

$

(0.43)

 

 

$

0.16

 

 

$

(0.44)

 

 

 

 

 

 

 

Shares - Basic

66,240

 

 

66,077

 

 

65,277

 

Shares - Diluted

66,240

 

 

66,378

 

 

65,444

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(unaudited and in thousands)

 

January 3,
2020

September 27,
2019

ASSETS

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

108,184

 

 

$

75,519

 

Short term investments

 

101,879

 

 

101,226

 

Accounts receivable, net

 

51,777

 

 

69,790

 

Inventories

 

106,857

 

 

107,880

 

Income tax receivable

 

16,729

 

 

16,661

 

Prepaids and other current assets

 

25,208

 

 

27,506

 

Total current assets

 

410,634

 

 

398,582

 

Property and equipment, net

 

129,979

 

 

132,647

 

Goodwill and intangible assets, net

 

482,752

 

 

495,955

 

Deferred income taxes

 

43,322

 

 

43,812

 

Other investments

 

19,864

 

 

23,613

 

Other long-term assets

 

45,656

 

 

10,965

 

TOTAL ASSETS

 

$

1,132,207

 

 

$

1,105,574

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

Current liabilities:

 

 

 

 

Current portion of finance lease obligations and other

 

$

1,732

 

 

$

1,084

 

Current portion of long-term debt

 

6,885

 

 

6,885

 

Accounts payable

 

24,327

 

 

24,822

 

Accrued liabilities

 

54,601

 

 

39,908

 

Deferred revenue

 

7,094

 

 

2,137

 

Total current liabilities

 

94,639

 

 

74,836

 

Finance lease obligations and other, less current portion

 

29,929

 

 

29,506

 

Long-term debt obligations, less current portion

 

654,497

 

 

655,272

 

Common stock warrant liability

 

16,451

 

 

12,364

 

Deferred income taxes

 

640

 

 

632

 

Other long-term liabilities

 

42,531

 

 

19,068

 

Total liabilities

 

838,687

 

 

791,678

 

Stockholders’ equity

 

293,520

 

 

313,896

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

1,132,207

 

 

$

1,105,574

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited and in thousands)

 

 

Three Months Ended

January 3,
2020

 

December 28,
2018

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

Net loss

 

$

(28,362)

 

 

$

(23,396)

 

Depreciation and amortization

 

20,503

 

 

28,184

 

Share based compensation

 

8,150

 

 

9,273

 

Warrant liability loss (gain)

 

4,087

 

 

(5,468)

 

Deferred income taxes

 

487

 

 

27

 

Loss on minority equity investment

 

3,749

 

 

4,556

 

Impairment and restructuring related

 

 

 

2,746

 

Other adjustments to reconcile loss to net operating cash

 

538

 

 

1,229

 

Inventories

 

1,023

 

 

1,985

 

Accounts receivable

 

18,013

 

 

(12,308)

 

Change in other operating assets and liabilities

 

9,470

 

 

(3,919)

 

Net cash provided by operating activities

 

37,658

 

 

2,909

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

Purchases of property and equipment

 

(4,248)

 

 

(11,521)

 

Sales, purchases and maturities of investments

 

(293)

 

 

(450)

 

Acquisition of businesses, net

 

 

 

(375)

 

Net cash used in investing activities

 

(4,541)

 

 

(12,346)

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

Payments of notes payable

 

(1,721)

 

 

 

Payments on finance leases and other

 

(751)

 

 

(185)

 

Proceeds from stock option exercises and employee stock purchases

 

1,973

 

 

2,392

 

Repurchase of common stock - tax withholdings on equity awards

 

(93)

 

 

(341)

 

Net cash (used in) provided by financing activities

 

(592)

 

 

1,866

 

EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS

 

140

 

 

(16)

 

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

32,665

 

 

(7,587)

 

CASH AND CASH EQUIVALENTS — Beginning of period

 

75,519

 

 

94,676

 

CASH AND CASH EQUIVALENTS — End of period

 

$

108,184

 

 

$

87,089

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.
RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS
(unaudited and in thousands, except per share data)

 

 

Three Months Ended

 

January 3, 2020

September 27, 2019

December 28, 2018

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Gross profit - GAAP

$

58,204

 

48.9

 

$

52,925

 

47.2

 

$

76,625

 

50.8

 

Amortization expense

4,420

 

3.7

 

5,773

 

5.1

 

8,053

 

5.3

 

Share-based and non-cash compensation

1,052

 

0.9

 

836

 

0.7

 

533

 

0.4

 

Impairment related charges

 

 

 

 

(991)

 

(0.7)

 

Acquisition, integration and restructuring related costs

 

 

 

 

547

 

0.4

 

Adjusted gross profit (Non-GAAP)

$

63,676

 

53.5

 

$

59,534

 

53.0

 

$

84,767

 

56.3

 

 

Three Months Ended

 

January 3, 2020

September 27, 2019

December 28, 2018

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Operating expenses - GAAP

$

68,732

 

57.7

 

$

64,920

 

57.8

 

$

91,022

 

60.4

 

Amortization expense

(8,654)

 

(7.3)

 

(6,757)

 

(6.0)

 

(12,519)

 

(8.3)

 

Share-based and non-cash compensation

(8,117)

 

(6.8)

 

(3,551)

 

(3.2)

 

(8,530)

 

(5.7)

 

Impairment and restructuring charges

(1,234)

 

(1.0)

 

(3,196)

 

(2.8)

 

(4,978)

 

(3.3)

 

Litigation costs

 

 

 

 

(151)

 

(0.1)

 

Acquisition, integration and restructuring related costs

(22)

 

 

(366)

 

(0.3)

 

(1,972)

 

(1.3)

 

Adjusted operating expenses (Non-GAAP)

$

50,705

 

42.6

 

$

51,050

 

45.5

 

$

62,872

 

41.7

 

 

Three Months Ended

 

January 3, 2020

September 27, 2019

December 28, 2018

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Loss from operations - GAAP

$

(10,528)

 

(8.8)

 

$

(11,995)

 

(10.7)

 

$

(14,397)

 

(9.6)

 

Amortization expense

13,074

 

11.0

 

12,530

 

11.2

 

20,572

 

13.7

 

Share-based and non-cash compensation

9,169

 

7.7

 

4,387

 

3.9

 

9,063

 

6.0

 

Impairment and restructuring charges

1,234

 

1.0

 

3,196

 

2.8

 

3,987

 

2.6

 

Litigation costs

 

 

 

 

151

 

0.1

 

Acquisition, integration and restructuring related costs

22

 

 

366

 

0.3

 

2,519

 

1.7

 

Adjusted income from operations (Non-GAAP)

$

12,971

 

10.9

 

$

8,484

 

7.6

 

$

21,895

 

14.5

 

 

 

 

 

 

 

 

Depreciation expense

7,429

 

6.2

 

7,276

 

6.5

 

7,612

 

5.1

 

Adjusted EBITDA (Non-GAAP)

$

20,400

 

17.1

 

$

15,760

 

14.0

 

$

29,507

 

19.6

 

 

Three Months Ended

 

January 3, 2020

September 27, 2019

December 28, 2018

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Net (loss) income - GAAP

$

(28,362)

 

(23.8)

 

$

10,516

 

9.4

 

$

(23,396)

 

(15.5)

 

Amortization expense

13,074

 

11.0

 

12,530

 

11.2

 

20,572

 

13.7

 

Share-based and non-cash compensation

9,169

 

7.7

 

4,387

 

3.9

 

9,063

 

6.0

 

Impairment and restructuring charges

1,234

 

1.0

 

3,196

 

2.8

 

3,987

 

2.6

 

Warrant liability expense (gain)

4,087

 

3.4

 

5,023

 

4.5

 

(5,468)

 

(3.6)

 

Non-cash interest, net

1,015

 

0.9

 

1,015

 

0.9

 

1,015

 

0.7

 

Litigation costs

 

 

 

 

151

 

0.1

 

Acquisition, integration and restructuring related costs

22

 

 

366

 

0.3

 

2,519

 

1.7

 

Equity investment and sale of business losses

3,749

 

3.1

 

3,545

 

3.2

 

4,446

 

3.0

 

Tax effect of non-GAAP adjustments

957

 

0.8

 

(39,772)

 

(35.4)

 

4

 

 

Adjusted net income (Non-GAAP)

$

4,945

 

4.2

 

$

806

 

0.7

 

$

12,893

 

8.6

 

 

Three Months Ended

 

January 3, 2020

September 27, 2019

December 28, 2018

 

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 (loss) income - GAAP

$

(28,362)

 

 

$

10,516

 

 

$

(23,396)

 

 

Warrant liability gain

 

 

 

 

(5,468)

 

 

Net (loss) income - diluted

$

(28,362)

 

$

(0.43)

 

$

10,516

 

$

0.16

 

$

(28,864)

 

$

(0.44)

 

 

 

 

 

 

 

 

Adjusted net income (Non-GAAP)

$

4,945

 

$

0.07

 

$

806

 

$

0.01

 

$

12,893

 

$

0.20

 

 

Three Months Ended

 

January 3, 2020

September 27, 2019

December 28, 2018

 

Shares

 

Shares

 

Shares

 

Diluted shares - GAAP

66,240

 

 

66,378

 

 

65,444

 

 

Incremental shares

1,292

 

 

358

 

 

129

 

 

Adjusted diluted shares (Non-GAAP)

67,532

 

 

66,736

 

 

65,573

 

 

 

Three Months Ended

 

January 3, 2020

September 27, 2019

December 28, 2018

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Interest expense, net - GAAP

$

8,621

 

7.2

 

$

8,661

 

7.7

 

$

8,773

 

5.8

 

Non-cash interest expense

(1,015)

 

(0.9)

 

(1,015)

 

(0.9)

 

(1,015)

 

(0.7)

 

Adjusted interest expense (Non-GAAP)

$

7,606

 

6.4

 

$

7,646

 

6.8

 

$

7,758

 

5.1

 

 

Three Months Ended

 

January 3, 2020

September 27, 2019

December 28, 2018

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Cash flow from operations

$

37,658

 

31.6

 

$

(7,578)

 

(6.8)

 

$

2,909

 

1.9

 

Capital expenditures

(4,248)

 

(3.6)

 

(6,058)

 

(5.4)

 

(11,521)

 

(7.6)

 

Free cash flow (Non-GAAP)

$

33,410

 

28.1

 

$

(13,636)

 

(12.1)

 

$

(8,612)

 

(5.7)

 

Free cash flow as a percentage of Adjusted net income

676

%

 

(1,692)

%

 

(67)

%

 

 

View source version on businesswire.com:https://www.businesswire.com/news/home/20200128005809/en/

CONTACT: MACOM Technology Solutions Holdings, Inc.

Stephen Ferranti

Vice President of Investor Relations

P: 978-656-2977

E:stephen.ferranti@macom.com

KEYWORD: MASSACHUSETTS UNITED STATES NORTH AMERICA

INDUSTRY KEYWORD: SEMICONDUCTOR DATA MANAGEMENT TECHNOLOGY SATELLITE MOBILE/WIRELESS TELECOMMUNICATIONS

SOURCE: MACOM Technology Solutions Holdings, Inc.

Copyright Business Wire 2020.

PUB: 01/28/2020 04:05 PM/DISC: 01/28/2020 04:05 PM

http://www.businesswire.com/news/home/20200128005809/en