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 its financial results for its fiscal first quarter
ended January 1, 2016.
First Quarter Fiscal Year 2016 GAAP Results
- Revenue was $115.8 million, compared to
$112.6 million in the prior fiscal quarter and $96.6 million in the
previous year’s fiscal first quarter;
- Gross profit was $60.3 million,
compared to $57.0 million in the prior fiscal quarter and $47.4
million in the previous year's fiscal first quarter;
- Gross margin was 52.1 percent, compared
to 50.6 percent in the prior fiscal quarter and 49.1 percent in the
previous year’s fiscal first quarter;
- Operating income was $0.2 million,
compared to $4.7 million in the prior fiscal quarter and $3.4
million in the previous year’s fiscal first quarter; and
- Net loss from continuing operations was
$16.8 million, resulting in $0.32 loss per diluted share, compared
to net income from continuing operations of $13.8 million, or $0.08
income per diluted share, in the prior fiscal quarter and net loss
from continuing operations of $10.0 million, or $0.21 loss per
diluted share, in the previous year's fiscal first quarter.
First Quarter Fiscal Year 2016 Adjusted Non-GAAP
Results
- Adjusted gross margin was 58.7 percent,
compared to 57.4 percent in the prior fiscal quarter and 56.8
percent in the previous year’s fiscal first quarter;
- Adjusted operating income was $27.7
million, or 23.9 percent of revenue, compared to $26.2 million, or
23.3 percent of revenue, in the prior fiscal quarter and $21.2
million, or 21.9 percent of revenue, in the previous year’s fiscal
first quarter;
- Adjusted net income was $21.8 million,
or $0.40 per diluted share, compared to adjusted net income of
$18.8 million, or $0.34 per diluted share, in the prior fiscal
quarter and adjusted net income of $14.4 million, or $0.29 per
diluted share, in the previous year’s fiscal first quarter;
and
- Adjusted EBITDA was $33.5 million,
compared to $29.9 million for the prior fiscal quarter and $24.6
million for the previous year's fiscal first quarter.
Management Commentary
John Croteau, MACOM's President and Chief Executive Officer,
stated, "During the first quarter, our business performed as
expected with revenue across Networks, Multi-market and Aerospace
and Defense coming in essentially flat quarter-on-quarter.
Most notable, during the quarter we achieved a major milestone
for the core MACOM business, reaching 60 percent adjusted gross
margin excluding the impact of the two recent acquisitions. Our
new, high-margin products have fueled the steady expansion of our
gross margin and enabled us to achieve the target operating model
we set for ourselves two years ago.”
Mr. Croteau concluded, "Comparing our second quarter guidance to
our fiscal third quarter results six months ago, which included
the automotive business that we divested last August, I’m
proud to say that in five months we’ve replaced that revenue and
EPS contribution and repositioned the company with higher quality
revenue, faster growth and stronger earnings potential."
Business Outlook
For the fiscal second quarter ending April 1, 2016, MACOM
expects revenue to be in the range of $128.0 million to $132.0
million. Adjusted gross margin is expected to be between 56 and 59
percent, and adjusted earnings per share between $0.42 and $0.45 on
an anticipated 56.5 million diluted shares outstanding.
Conference Call
MACOM will host a conference call on Tuesday, January 26,
2016 at 5:00 p.m. Eastern Time to discuss its fiscal first quarter
and fiscal year 2016 financial results and business outlook.
Investors and analysts may join the conference call by dialing
1-877-837-3908 and providing the confirmation code 17676407.
International callers may join the teleconference by dialing
+1-973-872-3000 and entering the same confirmation code at the
prompt. A telephone replay of the call will be made available
beginning two hours after the call and will remain available for 5
business days. The replay number is 1-855-859-2056 with a passcode
of 17676407. International callers should dial +1-404-537-3406 and
enter the same pass code 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
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, 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
our expectations for our recent acquisitions, statements about our
replacement of the contributions of our former automotive business
and repositioning of our company with higher quality revenue,
faster growth and stronger earnings potential and any other
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, the potential that the expected rollout of
fiber-to-the-home network technology or other new network
technology deployments in China, Japan and other geographies fails
to occur, occurs more slowly than we expect or does not result in
the amount or type of new business we anticipate, lower than
expected demand in any or all of our 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 Active Antennas, 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, failure of any announced
transaction to close in accordance with its terms, failure to
successfully integrate acquired companies, technologies or products
or realize synergies associated with acquisitions, the potential
that we will experience difficulties in managing the personnel and
operations associated with our acquisitions, 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 Annual
Report on Form 10-K for the fiscal year ended October 2, 2015 as
filed with the SEC on November 24, 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
adjusted non-GAAP financial information. Adjusted items include
revenue, gross profit, gross margin, operating margin, operating
income, net income, earnings per share, Adjusted EBITDA and other
data calculated on a non-GAAP basis. This non-GAAP information
excludes 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, debt settlement
costs, other non-cash expenses, earn-out costs, restructuring costs
and certain income tax items. Management does not believe that the
adjusted items are reflective of MACOM's underlying performance.
The adjustment 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 Adjusted EBITDA, which
is non-GAAP earnings before interest, income taxes, depreciation
and amortization. MACOM believes this adjusted non-GAAP financial
information provides additional insight into these items and
MACOM's 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 operations and enable
more meaningful period to period comparisons. These adjusted
non-GAAP measures may be different than similar measures used by
other companies and should be considered in addition to, not as a
substitute for, or superior to, measures of financial performance
prepared in accordance with GAAP. A reconciliation between GAAP and
adjusted non-GAAP financial data used in this earnings release 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 January
1, October 2, January
2, 2016 2015 2015 Revenue $ 115,774 $
112,564 $ 96,556 Cost of revenue 55,456 55,603 49,137
Gross profit 60,318 56,961 47,419
Operating expenses: Research and development 25,322 22,002 18,782
Selling, general and administrative 34,686 29,964 25,228
Restructuring charges 157 308 — Total
operating expenses 60,165 52,274 44,010 Income
from operations 153 4,687 3,409 Other income
(expense): Warrant liability gain (expense) (14,878 ) 9,651 (10,608
) Interest expense, net (4,346 ) (4,425 ) (4,723 ) Other income,
net 100 131 375 Total other income (expense)
(19,124 ) 5,357 (14,956 ) Income (loss) before income
taxes (18,971 ) 10,044 (11,547 ) Income tax benefit (2,201 ) (3,797
) (1,584 ) Income (loss) from continuing operations (16,770 )
13,841 (9,963 ) Income from discontinued operations 1,199
40,564 3,657 Net income (loss) $ (15,571 ) $ 54,405
$ (6,306 )
Net income (loss) per share: Basic:
Income (loss) from continuing operations $ (0.32 ) $ 0.26 $ (0.21 )
Income from discontinued operations 0.02 0.76 0.08
Income (loss) per share - basic $ (0.29 ) $ 1.02 $
(0.13 ) Diluted: Income (loss) from continuing operations $
(0.32 ) $ 0.08 $ (0.21 ) Income from discontinued operations 0.02
0.74 0.08 Income (loss) per share - diluted $
(0.29 ) $ 0.81 $ (0.13 ) Shares - Basic 53,015
53,287 47,606 Shares - Diluted 53,015 54,991
47,606
M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS,
INC.
CONDENSED CONSOLIDATED BALANCE
SHEETS
(unaudited and in thousands)
January 1,
October 2, 2016 2015 ASSETS Current assets:
Cash and cash equivalents $ 47,808 $ 122,312 Short term investments
29,754 39,557 Accounts receivable, net 92,524 83,950 Inventories
100,999 79,943 Deferred income taxes 31,431 31,431 Prepaids and
other current assets 26,890 27,026 Total current assets
329,406 384,219 Property and equipment, net 94,439 83,759 Goodwill
and intangible assets, net 412,583 337,012 Deferred income taxes
49,619 48,239 Other long-term assets 12,402 13,022 TOTAL
ASSETS $ 898,449 $ 866,251 LIABILITIES AND
STOCKHOLDERS' EQUITY Current liabilities: Current portion of debt
obligations $ 4,486 $ 4,058 Accounts payable, accrued liabilities
and other 76,283 67,418 Total current liabilities 80,769
71,476 Long-term debt obligations, less current portion 342,151
340,504 Common stock warrant liability 36,700 21,822 Deferred
income taxes 12,780 — Long-term liabilities and other 7,397
7,916 Total liabilities 479,797 441,718 Stockholders' equity
418,652 424,533 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $
898,449 $ 866,251
M/A-COM TECHNOLOGY SOLUTIONS HOLDINGS,
INC.
CONDENSED CONSOLIDATED STATEMENTS OF
CASH FLOWS
(unaudited and in thousands)
Three Months Ended January
1, January 2, 2016 2015
CASH FLOWS FROM OPERATING ACTIVITIES: Net income (loss) $
(15,571 ) $ (6,306 ) Non-cash adjustments 39,334 26,354 Change in
operating assets and liabilities (8,249 ) (32,568 ) Net cash from
operating activities 15,514 (12,520 ) CASH FLOWS FROM
INVESTING ACTIVITIES: Acquisition of businesses, net (85,517 )
(208,467 ) Purchases and sales of investment securities 9,543 —
Purchases of property and equipment (6,230 ) (2,956 ) Acquisition
of intellectual property (476 ) (1,056 ) Net cash used in investing
activities (82,680 ) (212,479 ) CASH FLOWS FROM FINANCING
ACTIVITIES: Payments of debt (875 ) (875 ) Payment of assumed debt
(8,731 ) (1,081 ) Proceeds from stock option exercises and employee
stock purchases 2,817 1,732 Repurchase of common stock (339 ) (337
) Borrowings on revolving facility — 100,000 Net cash
from financing activities (7,128 ) 99,439
EFFECT OF EXCHANGE RATE CHANGES ON CASH
AND CASHEQUIVALENTS
(210 ) — NET CHANGE IN CASH AND CASH EQUIVALENTS (74,504 ) (125,560
) CASH AND CASH EQUIVALENTS — Beginning of period 122,312
173,895 CASH AND CASH EQUIVALENTS — End of period $ 47,808
$ 48,335
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
Three Months Ended January 1, 2016 October
2, 2015 January 2, 2015 Amount
Amount Revenue - GAAP $ 115,774
$ 112,564 $ 96,556
Amount % Revenue
Amount % Revenue Amount
% Revenue Gross Profit - GAAP $ 60,318 52.1 $ 56,961
50.6 $ 47,419 49.1 Intangible amortization expense 7,167 6.2 7,647
6.8 5,359 5.6 Non-cash compensation expense 491 0.4 607 0.5 342 0.4
Equity-based compensation 51 — (21 ) — 58 0.1 Acquisition FMV
step-up expense (inventory/fixed assets) (226 ) (0.2 ) (631 ) (0.6
) 835 0.9 Third-party engineering costs — — — — 924 1.0 Integration
costs and synergy savings 158 0.1 41
— (4 ) — Adjusted Gross
Profit (NonGAAP) $ 67,959 58.7 $ 64,604
57.4 $ 54,933 56.8
Research and Development - GAAP $ 25,322 21.9 $ 22,002 19.5
$ 18,782 19.5 Non-cash compensation expense (2,142 ) (1.9 ) (2,380
) (2.1 ) (1,005 ) (1.0 ) Equity-based compensation (894 ) (0.8 ) 27
— (519 ) (0.5 ) Acquisition FMV step-up expense (inventory/fixed
assets) (204 ) (0.2 ) (204 ) (0.2 ) (204 ) (0.2 ) Integration costs
and synergy savings (597 ) (0.5 ) (149 ) (0.1 ) (171 ) (0.2 )
Third-party engineering costs — — —
— 924 1.0 Adjusted
Research and Development (NonGAAP) $ 21,485 18.6
$ 19,296 17.1 $ 17,807
18.4 Selling, General and
Administrative - GAAP $ 34,686 30.0 $ 29,964 26.6 $ 25,228 26.1
Earn-out costs 196 0.2 (330 ) (0.3 ) — — Intangible amortization
expense (4,423 ) (3.8 ) (4,345 ) (3.9 ) (1,053 ) (1.1 ) Non-cash
compensation expense (7,383 ) (6.4 ) (5,589 ) (5.0 ) (2,395 ) (2.5
) Equity-based compensation (462 ) (0.4 ) 173 0.2 (317 ) (0.3 )
Acquisition FMV step-up expense (inventory/fixed assets) (28 ) —
(28 ) — (28 ) — Litigation related costs (108 ) (0.1 ) (188 ) (0.2
) (560 ) (0.6 ) Transaction expenses (3,111 ) (2.7 ) (193 ) (0.2 )
(4,636 ) (4.8 ) Integration costs and synergy savings (571 )
(0.5 ) (315 ) (0.3 ) (296 ) (0.5 )
Adjusted Selling, General and Administrative (NonGAAP) $ 18,796
16.2 $ 19,149 17.0
$ 15,943 16.5
Amount % Revenue Amount
% Revenue Amount % Revenue Total
operating expenses - GAAP $ 60,165 52.0 $ 52,274 46.4 $ 44,010 45.6
Intangible amortization expense (4,423 ) (3.8 ) (4,345 ) (3.9 )
(1,053 ) (1.1 ) Non-cash compensation expense (9,525 ) (8.2 )
(7,968 ) (7.1 ) (3,400 ) (3.5 ) Equity-based compensation (1,356 )
(1.2 ) 199 0.2 (836 ) (0.9 ) Acquisition FMV step-up expense
(inventory/fixed assets) (232 ) (0.2 ) (232 ) (0.2 ) (232 ) (0.2 )
Contingent consideration and earn-out costs 196 0.2 (330 ) (0.3 ) —
— Restructuring charges (157 ) (0.1 ) (309 ) (0.3 ) — — Integration
costs and synergy savings (1,168 ) (1.0 ) (464 ) (0.4 ) (467 ) (0.5
) Litigation related costs (108 ) (0.1 ) (188 ) (0.2 ) (560 ) (0.6
) Transaction expenses (3,111 ) (2.7 ) (192 ) (0.2 ) (4,636 ) (4.8
) Third-party engineering — — —
— 924 1.0 Adjusted Total
Operating Expenses (NonGAAP) $ 40,281 34.8
$ 38,445 34.2 $ 33,750
35.0 Income (loss) from operations - GAAP $
153 0.1 $ 4,687 4.2 $ 3,409 3.5 Intangible amortization expense
11,590 10.0 11,992 10.7 6,412 6.6 Non-cash compensation expense
10,016 8.7 8,575 7.6 3,742 3.9 Equity-based compensation 1,407 1.2
(221 ) (0.2 ) 894 0.9 Contingent consideration and earn-out costs
(196 ) (0.2 ) 330 0.3 — — Restructuring charges 157 0.1 308 0.3 — —
Acquisition FMV step-up expense (inventory/fixed assets) 6 — (399 )
(0.4 ) 1,067 1.1 Litigation related costs 108 0.1 188 0.2 560 0.6
Transaction expenses 3,111 2.7 192 0.2 4,636 4.8 Integration costs
and synergy savings 1,326 1.1 505
0.4 463 0.5
Adjusted Income (Loss) from Operations (NonGAAP) $ 27,678
23.9 $ 26,157 23.3
$ 21,183 21.9 Depreciation expense 3,903 3.4
3,786 3.4 3,387 3.5 Other income, net 1,954 1.7
— — — —
Adjusted EBITDA $ 33,535 29.0 $
29,943 26.6 $ 24,570 25.4
Interest expense- GAAP $ 4,475 3.9 $ 4,425 3.9 $
4,723 4.9 Non-cash interest expense (405 ) (0.3 ) (405 )
(0.4 ) (439 ) (0.5 ) Adjusted Interest Expense (NonGAAP) $
4,070 3.5 $ 4,020 3.6
$ 4,284 4.4 Net income
(loss) - GAAP $ (15,571 ) (13.4 ) $ 54,405 48.3 $ (6,306 ) (6.5 )
Discontinued operations — — (40,564 ) (36.0 ) (3,657 ) (3.8 )
Intangible amortization expense 11,590 10.0 11,992 10.7 6,412 6.6
Non-cash compensation expense 10,016 8.7 8,576 7.6 3,742 3.9
Equity-based compensation 1,407 1.2 (221 ) (0.2 ) 894 0.9
Contingent consideration (196 ) (0.2 ) 330 0.3 — — Restructuring
charges 157 0.1 308 0.3 — — Warrant liability (gain) expense 14,879
12.9 (9,651 ) (8.6 ) 10,608 11.0 Non-cash interest expense 405 0.3
405 0.4 439 0.5 Acquisition FMV step-up expense (inventory/fixed
assets) 6 — (399 ) (0.4 ) 1,067 1.1 Litigation related costs 108
0.1 188 0.2 560 0.6 Integration costs and synergy savings 1,299 1.1
505 0.4 463 0.5 Transaction expenses 3,111 2.7 192 0.2 4,636 4.8
Tax effect of non-GAAP adjustments (5,378 ) (4.6 ) (7,117 ) (6.3 )
(4,119 ) (4.3 ) Transition services for divested business and other
— — (130 ) (0.1 ) (375 )
(0.4 ) Adjusted Net Income (NonGAAP) $ 21,833
18.9 $ 18,819 16.7 $
14,364 14.9
Three Months Ended
Three Months Ended Three Months Ended January 1,
2016 October 2, 2015 January 2,
2015
Net Income(Loss)
Income (loss)per
dilutedshare
Net Income(Loss)
Income (loss)per
dilutedshare
Net Income(Loss)
Income (loss)per
dilutedshare
GAAP $ (15,571 ) $ (0.29 ) $ 54,405
$ 0.81 $ (6,306 ) $ (0.13 )
Adjusted (NonGAAP) $ 21,833 $ 0.40 $
18,819 $ 0.34 $ 14,364 $
0.29
Shares Shares
Shares Diluted Shares -
GAAP 53,015 54,991 47,606 Incremental stock options, warrants,
restricted stock and units 1,997 —
1,599 Adjusted
Diluted Shares (NonGAAP) 55,012 54,991
49,206
Three Months Ended January 1, 2016
Revenue - GAAP $ 115,774 FiBest and Aeroflex/Metelics revenue 4,577
Adjusted Revenue - excluding acquisitions (NonGAAP) $
111,197 Adjusted Gross Profit (Non-GAAP) $ 67,959
FiBest and Aeroflex/Metelics gross profit 1,234 Adjusted
Gross Profit - excluding acquisitions (NonGAAP) $ 66,725
Adjusted Gross Margin (NonGAAP) 60.0
%
Adjusted Net income (NonGAAP) $ 21,833 FiBest and
Aeroflex/Metelics net income 501 Adjusted Net Income -
excluding acquisitions (NonGAAP) $ 21,332 Adjusted
income per diluted share (NonGAAP) $ 0.39
View source
version on businesswire.com: http://www.businesswire.com/news/home/20160126006518/en/
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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