M/A-COM Technology Solutions Holdings, Inc. (NASDAQ: MTSI)
(“MACOM”), a leading supplier of high-performance analog RF,
microwave, millimeterwave and photonic semiconductor products,
today announced a revision to its financial results for its fiscal
second quarter ended April 3, 2015, as originally reported on
April 28, 2015.
In May 2015, subsequent to MACOM’s April 28, 2015 fiscal second
quarter 2015 earnings press release but prior to the filing of its
Quarterly Report on Form 10-Q for the fiscal second quarter ended
April 3, 2015, MACOM received notice that a private company in
which it held a minority equity investment was sold to a third
party and the proceeds MACOM would receive at closing would be less
than the carrying value previously reported on MACOM’s consolidated
financial statements in the April 28, 2015 earnings release. As
required under U.S. generally accepted accounting principles
(GAAP), MACOM wrote-down the investment to the estimated the net
proceeds that MACOM will receive from the sale, and recorded a
charge of $3.5 million to other income (expense), resulting in an
increase of its net loss per diluted share of $0.05, or $0.15 and
$0.28 net loss per diluted share for the three and six months ended
April 3, 2015, respectively.
This non-cash, non-operating charge did not affect MACOM’s
previously reported non-GAAP earnings per share of $0.41 in the
fiscal second quarter of 2015. A reconciliation between revised
GAAP and non-GAAP financial data is included in the supplemental
financial data attached to this press release. The revised
financial statements reflecting the impairment of the minority
equity investment are also attached to this press release.
About MACOM
M/A-COM Technology Solutions Holdings, Inc. (www.macom.com) is a
leading supplier of high-performance analog RF, microwave,
millimeterwave and photonic semiconductor products that
enable next-generation internet and modern battlefield
applications. Recognized for its broad catalog portfolio of
technologies and products, MACOM serves diverse markets,
including high speed optical, satellite, radar, wired and wireless
networks, automotive, industrial, medical, and mobile devices. A
pillar of the semiconductor industry, we thrive on more than 60
years of solving our customers' most complex problems, serving as a
true partner for applications ranging from RF to Light.
Headquartered in Lowell, Massachusetts, MACOM is certified to
the ISO9001 international quality standard and ISO14001
environmental management standard. MACOM has design centers and
sales offices throughout North America, Europe, Asia and
Australia.
MACOM, M/A-COM, M/A-COM Technology Solutions, M/A-COM Tech,
Partners in RF & Microwave, The First Name in Microwave and
related logos are trademarks of MACOM. All other trademarks are the
property of their respective owners.
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. Forward-looking statements
include, among others, information concerning our stated business
outlook and future results of operations, our statements regarding
having the right strategy, addressing the right secular growth
drivers, with the correct technology, intellectual property and
leadership team to assure long term success, and any statements
regarding future trends, business strategies, competitive position,
industry conditions, acquisitions and market opportunities.
Forward-looking statements include all statements that are not
historical facts and generally may be identified by terms such as
"anticipates," "believes," "could," "estimates," "expects,"
"intends," "may," "plans," "potential," "predicts," "projects,"
"seeks," "should," "will," "would" or similar expressions and the
negatives of those terms.
Forward-looking statements contained in this press release
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 expressed in any forward-looking
statement. Although MACOM believes that the expectations reflected
in the forward-looking statements are reasonable, it cannot and
does not guarantee future events, results, actions, levels of
activity, performance or achievements. Readers are cautioned not to
place undue reliance on these forward-looking statements. A number
of important factors could cause actual results to differ
materially from those indicated by the forward-looking statements,
including greater than expected dilutive effect on earnings of our
equity issuances, outstanding indebtedness and related interest
expense and other costs, lower than expected demand in any or all
of our four primary end markets or from any of our large OEM
customers based on seasonal effects, macro-economic weakness or
otherwise, our failure to realize the expected economies of scale,
lowered production cost and other anticipated benefits of our
previously announced GaN intellectual property licensing program or
InP laser production capacity expansion program, the potential for
defense spending cuts, program delays, cancellations or
sequestration, failures or delays by any customer in winning
business or to make purchases from us in support of such business,
lack of adoption or delayed adoption by customers and industries we
serve of GaN, InP lasers or other solutions offered by us, failures
or delays in porting and qualifying GaN or InP process technology
to our Lowell, MA fabrication facility or third party facilities,
lower than expected utilization and absorption in our manufacturing
facilities, lack of success or slower than expected success in our
new product development efforts, loss of business due to
competitive factors, product or technology obsolescence, customer
program shifts or otherwise, lower than anticipated or slower than
expected customer acceptance of our new product introductions, the
potential for a shift in the mix of products sold in any period
toward lower-margin products or a shift in the geographical mix of
our revenues, the potential for increased pricing pressure based on
competitive factors, technology shifts or otherwise, the impact of
any executed or abandoned acquisition, divestiture, joint venture,
financing or restructuring activity, the impact of supply shortages
or other disruptions in our internal or outsourced supply chain,
the impact of changes in export, environmental or other laws
applicable to us, the relative success of our cost-savings
initiatives, the potential for inventory obsolescence and related
write-offs, the expense, business disruption or other impact of any
current or future investigations, administrative actions,
litigation or enforcement proceedings we may be involved in,
the potential loss of access to any in-licensed intellectual
property or inability to license technology we may require on
reasonable terms, and the impact of any claims of intellectual
property infringement or misappropriation, which could require us
to pay substantial damages for infringement, expend significant
resources in prosecuting or defending such matters or developing
non-infringing technology, incur material liability for royalty or
license payments, or prevent us from selling certain of our
products, as well as those factors described in "Risk Factors" in
MACOM's filings with the Securities and Exchange Commission (SEC),
including its Quarterly Report on Form 10-Q for the second fiscal
quarter ended April 3, 2015 as filed with the SEC on May 13, 2015.
MACOM undertakes no obligation to publicly update or revise any
forward-looking statement, whether as a result of new information,
future events or otherwise.
Non-GAAP Financial Measures
In addition to GAAP reporting, MACOM provides investors with
non-GAAP financial information, including revenue, gross margin,
operating margin, operating income, net income, earnings per share,
EBITDA and other data calculated on a non-GAAP basis. This non-GAAP
information excludes the operations of Nitronex prior to the date
of acquisition, discontinued operations, the impact of fair value
accounting in merger and acquisitions (M&A) of businesses,
M&A costs, including acquisition and related integration costs,
certain cost savings from synergies expected from M&A
activities, income and expenses from transition services related to
M&A activities, expected amortization of acquisition-related
intangibles, share-based and other non-cash compensation expense,
certain cash compensation, restructuring charges, litigation
settlement and costs, changes in the carrying values of assets and
liabilities measured at fair value, contingent consideration,
amortization of debt discounts and issuance costs, other non-cash
expenses, earn-out costs, exited leased facility costs and certain
income tax items. Management does not believe that the excluded
items are reflective of MACOM's underlying performance. The
exclusion of these and other similar items from MACOM's non-GAAP
presentation should not be interpreted as implying that these items
are non-recurring, infrequent or unusual. These and other similar
items are also excluded from EBITDA, which is non-GAAP earnings
before interest, income taxes, depreciation and amortization. MACOM
believes this non-GAAP financial information provides additional
insight into MACOM's on-going performance and has, therefore,
chosen to provide this information to investors for a consistent
basis of comparison and to help them evaluate the results of
MACOM's on-going 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.
M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS,
INC.
CONDENSED CONSOLIDATED STATEMENTS OF
OPERATIONS
(unaudited and in thousands, except per
share data)
Three Months Ended
Six Months Ended
April 3,
2015
January 2,2015
April 4,2014 April 3,2015
April 4,2014 (Revised)
(Revised) Revenue $ 124,885 $ 114,864 $
107,827 $ 239,749 $ 191,981 Cost of revenue 70,878 60,663
80,964 131,541
129,396
Gross profit 54,007 54,201 26,863
108,208 62,585 Operating expenses: Research and
development 21,061 19,474 20,347 40,535 32,777 Selling, general and
administrative 29,227 25,599 24,504 54,826 43,887 Restructuring
charges 413 — 2,635 413 15,725
Total operating expenses 50,701 45,073 47,486
95,774 92,389 Income (loss) from operations 3,306
9,128 (20,623 ) 12,434 (29,804 ) Other income
(expense): Warrant liability expense (5,609 ) (10,608 ) (4,066 )
(16,217 ) (2,784 ) Interest expense (4,723 ) (4,723 ) (1,622 )
(9,446 ) (2,208 ) Other income (expense) (1,376 ) 375 1,009
(1,001 ) 1,087 Total other expense (11,708 ) (14,956
) (4,679 ) (26,664 ) (3,905 ) Loss before income taxes
(8,402 ) (5,828 ) (25,302 ) (14,230 ) (33,709 ) Income tax
provision (benefit) (865 ) 478 (5,680 ) (387 ) (7,271 ) Loss
from continuing operations (7,537 ) (6,306 ) (19,622 ) (13,843 )
(26,438 ) Loss from discontinued operations — —
(2,500 ) — (4,605 ) Net loss $ (7,537 ) $ (6,306 ) $ (22,122
) $ (13,843 ) $ (31,043 ) Net loss per share: Basic: Loss
from continuing operations $ (0.15 ) $ (0.13 ) $ (0.42 ) $ (0.28 )
$ (0.57 ) Loss from discontinued operations — — (0.05
) — (0.10 ) Loss per share - basic $ (0.15 ) $ (0.13 ) $
(0.47 ) $ (0.28 ) $ (0.67 ) Diluted: Loss from continuing
operations $ (0.15 ) $ (0.13 ) $ (0.42 ) $ (0.28 ) $ (0.57 ) Loss
from discontinued operations — — (0.05 ) —
(0.10 ) Loss per share - diluted $ (0.15 ) $ (0.13 ) $ (0.47 ) $
(0.28 ) $ (0.67 ) Shares: Basic 50,593 47,606
46,808 49,100 46,656 Diluted 50,593
47,606 46,808 49,100 46,656
M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS,
INC.
RECONCILIATION OF GAAP TO NON-GAAP
RESULTS
(unaudited and in thousands, except per
share data)
Three Months Ended April 3,
2015 January 2, 2015
April 4, 2014 (Revised)
Amount Amount Amount Revenue - GAAP $124,885 $
114,864 $ 107,827 Nitronex prior to acquisition — —
(362 ) Revenue - Non-GAAP $124,885 $ 114,864 $ 107,465
Amount
%Revenue
Amount
%Revenue
Amount
%Revenue
Gross Profit - GAAP $ 54,007 43.2 % $ 54,201 47.2 % $ 26,863
24.9 % Nitronex prior to acquisition — — — — 16 0.1 Amortization
expense 7,347 5.9 5,359 4.7 6,262 5.8 Non-cash compensation expense
599 0.5 354 0.3 426 0.4 Equity-based compensation 179 0.1 58 0.1 30
— Acquisition FMV step-up 3,538 2.8 835 0.7 18,003 16.8 Third-party
engineering costs 305 0.2 924 0.8 570 0.5 Integration costs and
synergy savings 356 0.3 (4 ) — 822 0.8
Gross Profit - non-GAAP $ 66,331 53.1 % $
61,727 53.7 % $ 52,992 49.3 %
Research and Development - GAAP $ 21,061 16.9 % $ 19,474 17.0 % $
20,347 18.9 % Nitronex prior to acquisition — — — — (438 ) (0.5 )
Non-cash compensation expense (1,620 ) (1.3 ) (1,038 ) (0.9 ) (728
) (0.7 ) Equity-based compensation (669 ) (0.5 ) (519 ) (0.5 ) (137
) (0.1 ) Acquisition FMV step-up (204 ) (0.2 ) (204 ) (0.2 ) (183 )
(0.2 ) Integration costs and synergy savings (137 ) (0.1 ) (171 )
(0.1 ) (2,414 ) (2.2 ) Third-party engineering costs 305 0.2
924 0.8 570 0.5 Research and
Development - non-GAAP $ 18,736 15.0 % $ 18,466
16.1 % $ 17,017 15.8 % Selling,
General and Administrative - GAAP $ 29,227 23.4 % $ 25,599 22.3 % $
24,504 22.7 % Nitronex prior to acquisition — — — — (191 ) (0.4 )
Amortization expense (3,096 ) (2.5 ) (1,053 ) (0.9 ) (476 ) (0.4 )
Non-cash compensation expense (7,578 ) (6.1 ) (2,405 ) (2.1 )
(2,136 ) (2.0 ) Equity-based compensation (501 ) (0.4 ) (317 ) (0.3
) (214 ) (0.2 ) Acquisition FMV step-up (28 ) — (28 ) — (21 ) —
Litigation costs (971 ) (0.8 ) (717 ) (0.6 ) (440 ) (0.4 )
Transaction expenses 530 0.4 (4,636 ) (4.0 ) (250 ) (0.2 )
Integration costs and synergy savings (282 ) (0.2 ) (296 ) (0.3 )
(6,178 ) (5.4 ) Selling, General and Administrative - non-GAAP $
17,301 13.9 % $ 16,147 14.1 % $ 14,598
13.6 % Total operating expenses - GAAP $
50,701 40.6 % $ 45,073 39.2 % $ 47,486 44.0 % Nitronex prior to
acquisition — — — — (629 ) (0.6 ) Amortization expense (3,096 )
(2.5 ) (1,053 ) (0.9 ) (476 ) (0.4 ) Non-cash compensation expense
(9,198 ) (7.4 ) (3,443 ) (3.0 ) (2,864 ) (2.7 ) Equity-based
compensation (1,170 ) (0.9 ) (836 ) (0.7 ) (351 ) (0.3 )
Acquisition FMV step-up (232 ) (0.2 ) (232 ) (0.2 ) (204 ) (0.2 )
Restructuring charges (413 ) (0.3 ) — — (2,635 ) (2.5 ) Integration
costs and synergy savings (419 ) (0.3 ) (467 ) (0.4 ) (8,592 ) (8.0
) Litigation costs (971 ) (0.8 ) (717 ) (0.6 ) (440 ) (0.4 )
Transaction expenses 530 0.4 (4,636 ) (4.0 ) (250 ) (0.2 )
Third-party engineering
305 0.2 924 0.8 570 0.5
Total operating expenses - non-GAAP $ 36,037 28.9 % $
34,613 30.1 % $ 31,615 29.4 %
Income (loss) from operations - GAAP $ 3,306 2.6 % $ 9,128 7.9 % $
(20,623 ) (19.1 ) % Nitronex prior to acquisition — — — — 645 0.8
Amortization expense 10,446 8.4 6,412 5.6 6,738 6.3 Non-cash
compensation expense 9,797 7.8 3,797 3.3 3,290 3.1 Equity-based
compensation 1,349 1.1 894 0.8 381 0.4 Restructuring charges 413
0.3 — — 2,635 2.5 Acquisition FMV step-up 3,770 3.0 1,067 0.8
18,207 16.9 Litigation costs 971 0.8 717 0.6 440 0.4 Transaction
expenses (530 ) (0.4 ) 4,636 4.0 250 0.2 Integration costs and
synergy savings 772 0.6 463 0.6 9,414
8.8 Income from operations - non-GAAP $ 30,294
24.3 % $ 27,114 23.6 % $ 21,377 19.9
% Net loss - GAAP $ (7,537 ) (6.0 ) % $ (6,306 ) (5.5
) % $ (22,122 ) (20.5 ) % Nitronex prior to acquisition — — — — 645
0.6 Amortization expense 8,566 6.9 5,258 4.6 5,155 4.8 Non-cash
compensation expense 8,309 6.7 3,113 2.7 2,517 2.3 Equity-based
compensation 1,107 0.9 733 0.6 291 0.3 Impairment of minority
investment 2,230 1.8 — — — — Contingent consideration (1,640 ) (1.3
) — — — — Restructuring charges 339 0.3 — — 2,016 1.9 Warrant
liability expense 5,609 4.5 10,608 9.2 4,066 3.8 Non-cash interest
expense 330 0.3 360 0.3 91 0.1 Acquisition FMV step-up 3,092 2.5
875 0.8 13,061 12.2 Litigation costs 797 0.6 588 0.5 337 0.3
Integration costs and synergy savings 633 0.5 380 0.3 7,201 6.7
Transaction expenses (435 ) (0.3 ) 3,420 3.0 191 0.2 Transition
services for divested business (102 ) (0.1 ) (308 ) (0.3 ) (741 )
(0.7 ) Discontinued operations — — — —
2,500 2.3 Net income - non-GAAP $ 21,298 17.1
% $ 18,721 16.3 % $ 15,208 14.2
% Income from operations - non-GAAP $ 30,294 $ 27,114 $
21,377 Depreciation expense 3,759 3,453 3,367 Other income, net —
— 40 EBITDA $ 34,053 $ 30,567 $
24,784 Interest expense- GAAP $ 4,723 $ 4,723 $ 1,622
Non-cash interest expense (403 ) (439 ) (119 ) Interest expense-
non-GAAP $ 4,320 $ 4,284 $ 1,503
Three Months Ended April 3, 2015 January 2,
2015 April 4, 2014 (Revised)
Amount
Income(loss)
perdilutedshare
Amount
Income(loss)
perdilutedshare
Amount
Income (loss)
perdilutedshare
Net loss - GAAP $ (7,537 ) $ (0.15 ) $ (6,306 ) $ (0.13 ) $
(22,122 ) $ (0.47 ) Net income - non-GAAP $ 21,298 $
0.41 $ 18,721 $ 0.38 $ 15,208 $ 0.32
Diluted shares - GAAP 50,593 47,606 46,808
Incremental stock options,
warrants,restricted stock and units
1,908 1,599 1,406 Diluted shares - non-GAAP
52,501 49,206 48,214
M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS,
INC.
RECONCILIATION OF GAAP TO NON-GAAP
RESULTS
(unaudited and in thousands, except per
share data)
Six Months Ended April 3, 2015
April 4, 2014 (Revised)
Amount Amount Revenue - GAAP $
239,749 $ 191,981 Nitronex prior to acquisition — (1,048 )
Revenue - non-GAAP $ 239,749 $ 190,933
Amount
%Revenue
Amount
%Revenue
Gross Profit - GAAP $ 108,208 45.1 % $ 62,585 32.6 %
Nitronex prior to acquisition — — 959 0.5 Amortization expense
12,706 5.3 7,509 3.9 Non-cash compensation expense 953 0.4 709 0.4
Equity-based compensation 237 0.1 30 — Acquisition FMV step-up
4,373 1.8 18,539 9.7 Integration costs and synergy savings 352 0.1
961 0.5 Third-party engineering costs 1,229 0.5 570 0.3
Gross Profit - non-GAAP $128,058 53.4 %
$91,862 48.1 % Research and Development - GAAP
$40,535 16.9 % $32,777 17.1 % Nitronex prior to acquisition — —
(1,423 ) (0.8 ) Non-cash compensation expense (2,658 ) (1.1 )
(1,212 ) (0.6 ) Equity-based compensation (1,188 ) (0.5 ) (137 )
(0.1 ) Acquisition FMV step-up (408 ) (0.2 ) (255 ) (0.1 )
Integration costs and synergy savings (308 ) (0.1 ) (2,450 ) (1.3 )
Third-party engineering costs 1,229 0.5 570 0.3
Research and Development - non-GAAP $ 37,202 15.5 %
$27,870 14.6 % Selling, General and
Administrative - GAAP $54,826 22.9 % $43,887 22.9 % Nitronex prior
to acquisition — — (685 ) (0.5 ) Amortization expense (4,149 ) (1.7
) (842 ) (0.4 ) Non-cash compensation expense (9,983 ) (4.2 )
(3,214 ) (1.7 ) Equity-based compensation (818 ) (0.3 ) (214 ) (0.1
) Acquisition FMV step-up (56 ) — (32 ) — Integration costs and
synergy savings (578 ) (0.2 ) (6,593 ) (3.5 ) Litigation costs
(1,688 ) (0.7 ) (1,404 ) (0.7 ) Transaction expenses (4,106 )
(1.7 ) (4,472 ) (2.3 ) Selling, General and
Administrative - non-GAAP $33,448 14.0 % $26,431
13.8 % Total operating expenses - GAAP $95,774
39.9 % $92,389 48.1 % Nitronex prior to acquisition — — (2,108 )
(1.2 ) Amortization expense (4,149 ) (1.7 ) (842 ) (0.4 ) Non-cash
compensation expense (12,641 ) (5.3 ) (4,426 ) (2.3 ) Equity-based
compensation (2,006 ) (0.8 ) (351 ) (0.2 ) Acquisition FMV step-up
(464 ) (0.2 ) (287 ) (0.2 ) Contingent consideration and earn-out
costs — — — — Restructuring charges (413 ) (0.2 ) (15,725 ) (8.2 )
Integration costs and synergy savings (886 ) (0.4 ) (9,043 ) (4.7 )
Litigation costs (1,688 ) (0.7 ) (1,404 ) (0.7 ) Transaction
expenses (4,106 ) (1.7 ) (4,472 ) (2.3 ) Third-party engineering
1,229 0.5 570 0.3 Total operating expenses - non-GAAP
$70,650 29.5 % $54,301 28.4 %
Income (loss) from operations - GAAP $12,434 5.2 % (29,804 ) (15.5
) % Nitronex prior to Acquisition — — 3,067 1.8 Amortization
expense 16,858 7.0 8,351 4.4 Non-cash compensation expense 13,594
5.7 5,135 2.7 Equity-based compensation 2,243 0.9 381 0.2
Contingent consideration and earn-out costs — — — — Restructuring
charges 413 0.2 15,725 8.2 Acquisition FMV step-up 4,837 2.0 18,826
9.9 Integration costs and synergy savings 1,235 0.5 10,004 5.2
Litigation costs 1,688 0.7 1,404 0.7 Transaction expenses 4,106
1.7 4,472 2.3 Income from operations -
non-GAAP $57,408 23.9 % $37,561 19.7 %
Net loss - GAAP $(13,843 ) (5.8 ) % $(31,043 ) (16.2 ) %
Nitronex prior to acquisition — — 3,067 1.2 Amortization expense
13,824 5.8 6,389 3.3 Non-cash compensation expense 11,148 4.6 3,928
2.1 Equity-based compensation 1,840 0.8 291 0.2 Impairment of
minority investment 2,230 0.9 — — Contingent consideration (1,640 )
(0.7 ) — — Restructuring charges 339 0.1 12,030 6.3 Warrant
liability expense 16,217 6.8 2,784 1.5 Non-cash interest expense
689 0.3 182 0.1 Acquisition FMV step-up 3,966 1.7 13,535 7.1
Integration costs and synergy savings 1,012 0.4 7,652 4.0
Litigation costs 1,385 0.6 1,074 0.6 Transaction expenses 3,261 1.4
3,537 1.9 Transition services for divested business (409 ) (0.2 )
(741 ) (0.4 ) Discontinued operations — — 4,605 2.4
Net income - non-GAAP $40,019 16.7 % $27,290
14.3 %
Amount
Income(loss)
perdilutedshare
Amount
Incomeperdilutedshare
Net loss - GAAP $ (13,843 ) $ (0.28 ) $(31,043 ) $(0.67 )
Net income - non-GAAP $40,019 $0.79 $27,290
$0.57 Diluted shares - GAAP 49,100 46,656
Incremental stock options, warrants,
restrictedstock and units
1,814 1,412 Diluted shares - non-GAAP 50,914
48,068
M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited and in thousands)
April 3, October 3, 2015 2014
(Revised) ASSETS Current assets: Cash and cash
equivalents $ 73,970 $ 173,895 Accounts receivable, net 89,350
75,156 Inventories 84,077 73,572 Deferred income taxes and other
61,343 50,726 Total current assets 308,740 373,349 Property
and equipment, net 65,352 50,357 Goodwill and intangible assets,
net 357,900 153,417 Deferred income taxes and other 68,257
105,111 TOTAL ASSETS $ 800,249 $ 682,234 LIABILITIES
AND STOCKHOLDERS' EQUITY Current liabilities: Current portion of
long-term debt $ 4,062 $ 3,478 Accounts payable, accrued
liabilities and other 63,844 64,910 Deferred revenue 267
17,258 Total current liabilities 68,173 85,646 Long-term debt, less
current portion 342,335 343,178 Common stock warrant liability
32,018 15,801 Deferred income taxes and other 8,028 9,042
Total liabilities 450,554 453,667 Commitments and contingencies
Stockholders' equity 349,695 228,567 TOTAL LIABILITIES AND
STOCKHOLDERS' EQUITY $ 800,249 $ 682,234
M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS,
INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited and in thousands)
Six Months Ended April 3,
April 4, 2015 2014
(Revised) CASH FLOWS FROM OPERATING
ACTIVITIES: Net loss $ (13,843 ) $ (31,043 ) Non-cash adjustments
57,481 43,029 Change in operating assets and liabilities (27,620 )
(16,270 ) Net cash from operating activities 16,018 (4,284 )
CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of businesses,
net (222,955 ) (258,108 ) Sale of a business — 8,627 Strategic
investments (250 ) — Purchases of property and equipment (14,036 )
(5,994 ) Acquisition of intellectual property (1,587 ) (4,096 ) Net
cash used in investing activities (238,828 ) (259,571 ) CASH FLOWS
FROM FINANCING ACTIVITIES: Proceeds from issuance of term notes
payable — 245,000 Payment of debt (2,982 ) (34,952 ) Capital
contributions — 3,200 Proceeds from stock offering, net 127,959 —
Proceeds from revolving credit facility 100,000 — Payments on
revolving credit facility (100,000 ) — Financing activities (2,092
) 3,258 Net cash from financing activities 122,885
216,506 NET CHANGE IN CASH AND CASH EQUIVALENTS (99,925 )
(47,349 ) CASH AND CASH EQUIVALENTS — Beginning of period 173,895
110,488 CASH AND CASH EQUIVALENTS — End of period $
73,970 $ 63,139
Company Contact:M/A-COM Technology Solutions Holdings,
Inc.Robert J. McMullan, 978-656-2753Senior Vice President and Chief
Financial Officerbob.mcmullan@macom.comorInvestor Relations
Contact:Shelton GroupLeanne K. Sievers, 949-224-3874EVP,
Investor Relationslsievers@sheltongroup.com
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