MACOM Reports Fiscal Second Quarter 2023 Financial Results
[ Back ]   [ More News ]   [ Home ]
MACOM Reports Fiscal Second Quarter 2023 Financial Results

LOWELL, Mass. — (BUSINESS WIRE) — May 4, 2023 — MACOM Technology Solutions Holdings, Inc. (“MACOM”) (Nasdaq: MTSI), a leading supplier of semiconductor products, today announced its financial results for its fiscal second quarter ended March 31, 2023.

Second Quarter Fiscal Year 2023 GAAP Results

Second Quarter Fiscal Year 2023 Adjusted Non-GAAP Results

Management Commentary

“While we were generally pleased with our first half results, we expect that the second half will be more challenging,” said Stephen G. Daly, President and Chief Executive Officer. “However, our portfolio expansion strategy remains on track, which we believe will enable us to address new opportunities and support long-term growth.”

Business Outlook

For the fiscal third quarter ending June 30, 2023, MACOM expects revenue to be in the range of $145 million to $150 million. Adjusted gross margin is expected to be between 59.0% and 61.0%, and adjusted earnings per diluted share is expected to be between $0.52 and $0.56 utilizing an anticipated non-GAAP income tax rate of 3% and 71.5 million fully diluted shares outstanding. This guidance range does not include any revenue contributions or financial impact from our pending acquisition of the assets of OMMIC SAS, a semiconductor manufacturer based in France.

Conference Call

MACOM will host a conference call on Thursday, May 4, 2023 at 8:30 a.m. Eastern Time to discuss its fiscal second quarter 2023 financial results and business outlook. Investors and analysts may visit MACOM's Investor Relations website at https://ir.macom.com/events-webcasts to register for a user-specific access code for the live call or to access the live webcast. A replay of the call will be available within 24 hours and remain accessible by all interested parties for approximately 90 days.

About MACOM

MACOM designs and manufactures high-performance semiconductor products for the Telecommunications, Industrial and Defense and Datacenter industries. MACOM services over 6,000 customers annually with a broad product portfolio that incorporates RF, Microwave, Analog and Mixed Signal and Optical semiconductor technologies. MACOM has achieved certification to the IATF16949 automotive standard, the AS9100D aerospace standard, the ISO9001 international quality standard and the ISO14001 environmental management standard. MACOM operates facilities across the United States, Europe, Asia and is headquartered in Lowell, Massachusetts.

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 ability to execute our long-term strategy, improve our position and drive market share gains, our ability to better address certain markets, expand our capabilities and extend our product offerings through the acquisition of Linearizer, the impact of our pending acquisition of OMMIC SAS, strength and competitiveness of new product introductions and technology portfolio expansion, anticipated demand for our products, MACOM’s profitability, prospects and growth opportunities in our three primary markets, the potential impact to our business of an economic downturn or recession, anticipated financial and business improvements, the estimated financial results for our 2023 fiscal third quarter and the stated business outlook and future results of operations for the remainder of fiscal year 2023.

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 any failure to accurately anticipate demand for our products and effectively manage our inventory; risks related to any weakening of economic conditions; our dependence on a limited number of customers; our ability to develop new products and achieve market acceptance of those products; component shortages or other disruptions in our supply chain, including as a result of the COVID-19 pandemic, geopolitical unrest or otherwise; inflationary pressures; our ability to compete effectively; and those other 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 operating expenses, non-GAAP income from operations and operating margin, non-GAAP EBITDA, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP income tax rate and non-GAAP interest (income) expense. 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 compensation expense, non-cash interest, acquisition and integration related costs, equity method investment gains and losses and the tax effect of each non-GAAP adjustment.

Management believes these excluded items are not reflective of our underlying performance and 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. We believe this non-GAAP financial information provides additional insight into our ongoing performance and have therefore chosen to provide this information to investors 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 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 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. 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 non-cash expense is not considered by management in making operating decisions.

Share-Based Compensation Expense – includes share-based compensation expense for awards that are equity and liability classified on our balance sheet and the related employer tax expense at vesting. 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. Share-based compensation expense amounts are not considered by management in making operating decisions.

Non-cash Interest, Net – includes amounts associated with the amortization of certain fees associated with the establishment or amendment of our term loans and convertible notes that are being amortized over the life of the agreements. We believe these amounts are non-cash in nature, are not correlated to future business operations and do not reflect our ongoing operations.

Acquisition and Integration Related Costs - includes items such as professional fees and other costs incurred in connection with acquisitions and integration specific activities which are not expected to have a continuing contribution to operations and the amortization of the fair market step-up value of acquired inventory and fixed assets. We believe the exclusion of these items is useful in providing management a basis to evaluate ongoing operating activities and strategic decision making.

Equity Method Investment Gain, net – primarily includes non-cash gains and losses associated with a non-marketable equity investment we had in Ampere Computing Holdings LLC and the $118.2 million cash gain on the sale of this investment in December 2021. We believe these items are not correlated to future business operations and including such amounts does not reflect our ongoing operations.

Tax Effect of Non-GAAP Adjustments – Includes adjustments to arrive at an estimate of our non-GAAP income tax rate associated with our non-GAAP income over a period of time. We determine our non-GAAP income tax rate 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 non-GAAP net income before income taxes and our ability to realize tax assets. We generally assess this non-GAAP income tax rate quarterly and have utilized 3% for our first and second quarter of fiscal year 2023 and for our second, third and fourth quarters of fiscal year 2022 and 5% for our first quarter of fiscal year 2022. Our historical effective income tax rate under GAAP has varied significantly from our non-GAAP income tax rate due primarily to gains or losses associated with our equity method investment in a private business, income taxed in foreign jurisdictions at generally lower tax rates, research and development tax credits and merger expenses. We believe it is beneficial for management to review our 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.

Adjusted EBITDA – is a calculation that adds depreciation expense to our adjusted income from operations. Management reviews and utilizes this measure for operational analysis purposes. We believe competitors and others in the financial industry also utilize this 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

 

Six Months Ended

 

March 31,
2023

 

December 30,
2022

 

April 1,
2022

 

March 31,
2023

 

April 1,
2022

 

 

 

 

 

Revenue

$

169,406

 

 

$

180,104

 

 

$

165,147

 

 

$

349,510

 

 

$

324,767

 

Cost of revenue

 

66,716

 

 

 

69,749

 

 

 

66,158

 

 

 

136,465

 

 

 

131,636

 

Gross profit

 

102,690

 

 

 

110,355

 

 

 

98,989

 

 

 

213,045

 

 

 

193,131

 

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

 

35,537

 

 

 

38,832

 

 

 

35,455

 

 

 

74,369

 

 

 

70,925

 

Selling, general and administrative

 

31,249

 

 

 

32,940

 

 

 

30,963

 

 

 

64,189

 

 

 

62,566

 

Total operating expenses

 

66,786

 

 

 

71,772

 

 

 

66,418

 

 

 

138,558

 

 

 

133,491

 

Income from operations

 

35,904

 

 

 

38,583

 

 

 

32,571

 

 

 

74,487

 

 

 

59,640

 

Other income (expense):

 

 

 

 

 

 

 

 

 

Interest income (expense), net

 

1,634

 

 

 

602

 

 

 

(1,389

)

 

 

2,236

 

 

 

(3,082

)

Other (expense) income, net

 

(123

)

 

 

(55

)

 

 

(55

)

 

 

(178

)

 

 

114,853

 

Total other income (expense)

 

1,511

 

 

 

547

 

 

 

(1,444

)

 

 

2,058

 

 

 

111,771

 

Income before income taxes

 

37,415

 

 

 

39,130

 

 

 

31,127

 

 

 

76,545

 

 

 

171,411

 

Income tax expense

 

11,660

 

 

 

9,611

 

 

 

1,569

 

 

 

21,271

 

 

 

3,026

 

Net income

$

25,755

 

 

$

29,519

 

 

$

29,558

 

 

$

55,274

 

 

$

168,385

 

 

 

 

 

 

 

 

 

 

 

Net income per share:

 

 

 

 

 

 

 

 

 

Income per share - Basic

$

0.36

 

 

$

0.42

 

 

$

0.42

 

 

$

0.78

 

 

$

2.42

 

Income per share - Diluted

$

0.36

 

 

$

0.41

 

 

$

0.42

 

 

$

0.77

 

 

$

2.37

 

Weighted average common shares:

 

 

 

 

 

 

 

 

 

Shares - Basic

 

70,799

 

 

 

70,481

 

 

 

69,788

 

 

 

70,640

 

 

 

69,594

 

Shares - Diluted

 

71,402

 

 

 

71,374

 

 

 

71,107

 

 

 

71,388

 

 

 

71,166

 

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

 

 

March 31,
2023

 

September 30,
2022

 

ASSETS

 

 

 

Current assets:

 

 

 

Cash and cash equivalents

$

136,573

 

$

119,952

Short-term investments

 

440,735

 

 

466,580

Accounts receivable, net

 

121,823

 

 

101,551

Inventories

 

131,882

 

 

114,960

Prepaid and other current assets

 

17,303

 

 

10,040

Total current assets

 

848,316

 

 

813,083

Property and equipment, net

 

123,266

 

 

123,701

Goodwill and intangible assets, net

 

391,899

 

 

362,671

Deferred income taxes

 

217,816

 

 

237,415

Other long-term assets

 

36,176

 

 

34,947

Total assets

$

1,617,473

 

$

1,571,817

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current liabilities:

 

 

 

Current portion of finance lease obligations

$

4,870

 

$

1,006

Accounts payable

 

31,095

 

 

30,733

Accrued liabilities

 

55,284

 

 

65,475

Total current liabilities

 

91,249

 

 

97,214

Finance lease obligations, less current portion

 

26,486

 

 

27,032

Financing obligation

 

9,436

 

 

9,544

Long-term debt obligations

 

566,743

 

 

565,920

Other long-term liabilities

 

29,544

 

 

29,359

Total liabilities

 

723,458

 

 

729,069

Stockholders’ equity

 

894,015

 

 

842,748

Total liabilities and stockholders’ equity

$

1,617,473

 

$

1,571,817

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

 

 

Six Months Ended

 

March 31, 2023

 

April 1, 2022

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net income

$

55,274

 

 

$

168,385

 

Depreciation and intangible asset amortization

 

25,365

 

 

 

29,080

 

Share-based compensation

 

20,507

 

 

 

19,916

 

Gain on equity method investment, net

 

 

 

 

(114,908

)

Deferred income taxes

 

20,233

 

 

 

1,284

 

Other adjustments, net

 

(2,784

)

 

 

1,176

 

Accounts receivable

 

(18,316

)

 

 

(15,983

)

Inventories

 

(8,236

)

 

 

(10,653

)

Change in other operating assets and liabilities

 

(21,296

)

 

 

(1,700

)

Net cash provided by operating activities

 

70,747

 

 

 

76,597

 

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Acquisition of business, net

 

(50,835

)

 

 

 

Proceeds from sale of equity method investment

 

 

 

 

127,750

 

Sales, purchases and maturities of investments

 

33,477

 

 

 

(190,801

)

Purchases of property and equipment

 

(15,614

)

 

 

(12,184

)

Proceeds from sale of assets

 

8,000

 

 

 

23

 

Net cash used in investing activities

 

(24,972

)

 

 

(75,212

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Payments on finance leases and other

 

(591

)

 

 

(500

)

Proceeds from stock option exercises and employee stock purchases

 

2,320

 

 

 

5,135

 

Repurchase of common stock - tax withholdings on equity awards

 

(31,253

)

 

 

(34,758

)

Net cash used in financing activities

 

(29,524

)

 

 

(30,123

)

Foreign currency effect on cash

 

370

 

 

 

(224

)

NET CHANGE IN CASH AND CASH EQUIVALENTS

 

16,621

 

 

 

(28,962

)

CASH AND CASH EQUIVALENTS — Beginning of period

 

119,952

 

 

 

156,537

 

CASH AND CASH EQUIVALENTS — End of period

$

136,573

 

 

$

127,575

 

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS

(unaudited and in thousands, except per share data)

 

 

Three Months Ended

Six Months Ended

 

March 31, 2023

December 30, 2022

April 1, 2022

March 31, 2023

April 1, 2022

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Gross profit - GAAP

$

102,690

 

 

60.6

 

$

110,355

 

 

61.3

 

$

98,989

 

 

59.9

 

$

213,045

 

 

61.0

 

$

193,131

 

 

59.5

 

Amortization expense

 

987

 

 

0.6

 

 

910

 

 

0.5

 

 

1,778

 

 

1.1

 

 

1,897

 

 

0.5

 

 

4,283

 

 

1.3

 

Share-based compensation expense

 

1,261

 

 

0.7

 

 

1,474

 

 

0.8

 

 

1,143

 

 

0.7

 

 

2,735

 

 

0.8

 

 

2,544

 

 

0.8

 

Acquisition and integration related costs

 

221

 

 

0.1

 

 

 

 

 

 

 

 

 

 

221

 

 

0.1

 

 

 

 

 

Adjusted gross profit (Non-GAAP)

$

105,159

 

 

62.1

 

$

112,739

 

 

62.6

 

$

101,910

 

 

61.7

 

$

217,898

 

 

62.3

 

$

199,958

 

 

61.6

 

 

 

Three Months Ended

Six Months Ended

 

March 31, 2023

December 30, 2022

April 1, 2022

March 31, 2023

April 1, 2022

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Operating expenses - GAAP

$

66,786

 

 

39.4

 

$

71,772

 

 

39.9

 

$

66,418

 

 

40.2

 

$

138,558

 

 

39.6

 

$

133,491

 

 

41.1

 

Amortization expense

 

(5,765

)

 

(3.4

)

 

(5,903

)

 

(3.3

)

 

(6,277

)

 

(3.8

)

 

(11,667

)

 

(3.3

)

 

(13,058

)

 

(4.0

)

Share-based compensation expense

 

(9,594

)

 

(5.7

)

 

(11,973

)

 

(6.6

)

 

(9,125

)

 

(5.5

)

 

(21,567

)

 

(6.2

)

 

(20,417

)

 

(6.3

)

Acquisition and integration related costs

 

(2,822

)

 

(1.7

)

 

 

 

 

 

 

 

 

 

(2,822

)

 

(0.8

)

 

 

 

 

Adjusted operating expenses (Non-GAAP)

$

48,605

 

 

28.7

 

$

53,896

 

 

29.9

 

$

51,016

 

 

30.9

 

$

102,502

 

 

29.3

 

$

100,016

 

 

30.8

 

 

 

Three Months Ended

Six Months Ended

 

March 31, 2023

December 30, 2022

April 1, 2022

March 31, 2023

April 1, 2022

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Income from operations - GAAP

$

35,904

 

 

21.2

 

$

38,583

 

 

21.4

 

$

32,571

 

 

19.7

 

$

74,487

 

 

21.3

 

$

59,640

 

 

18.4

 

Amortization expense

 

6,752

 

 

4.0

 

 

6,813

 

 

3.8

 

 

8,054

 

 

4.9

 

 

13,564

 

 

3.9

 

 

17,341

 

 

5.3

 

Share-based compensation expense

 

10,855

 

 

6.4

 

 

13,447

 

 

7.5

 

 

10,268

 

 

6.2

 

 

24,302

 

 

7.0

 

 

22,961

 

 

7.1

 

Acquisition and integration related costs

 

3,043

 

 

1.8

 

 

 

 

 

 

 

 

 

 

3,043

 

 

0.9

 

 

 

 

 

Adjusted income from operations (Non-GAAP)

$

56,554

 

 

33.4

 

$

58,843

 

 

32.7

 

$

50,893

 

 

30.8

 

$

115,396

 

 

33.0

 

$

99,942

 

 

30.8

 

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

 

5,759

 

 

3.4

 

 

6,042

 

 

3.4

 

 

5,792

 

 

3.5

 

 

11,801

 

 

3.4

 

 

11,739

 

 

3.6

 

Adjusted EBITDA (Non-GAAP)

$

62,313

 

 

36.8

 

$

64,885

 

 

36.0

 

$

56,685

 

 

34.3

 

$

127,197

 

 

36.4

 

$

111,681

 

 

34.4

 

 

 

Three Months Ended

Six Months Ended

 

March 31, 2023

December 30, 2022

April 1, 2022

March 31, 2023

April 1, 2022

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Net income - GAAP

$

25,755

 

 

15.2

 

$

29,519

 

 

16.4

 

$

29,558

 

 

17.9

 

$

55,274

 

 

15.8

 

$

168,385

 

 

51.8

 

Amortization expense

 

6,752

 

 

4.0

 

 

6,813

 

 

3.8

 

 

8,054

 

 

4.9

 

 

13,564

 

 

3.9

 

 

17,341

 

 

5.3

 

Share-based compensation expense

 

10,855

 

 

6.4

 

 

13,447

 

 

7.5

 

 

10,268

 

 

6.2

 

 

24,302

 

 

7.0

 

 

22,961

 

 

7.1

 

Non-cash interest, net

 

411

 

 

0.2

 

 

412

 

 

0.2

 

 

411

 

 

0.2

 

 

823

 

 

0.2

 

 

869

 

 

0.3

 

Acquisition and integration related costs

 

3,043

 

 

1.8

 

 

 

 

 

 

 

 

 

 

3,043

 

 

0.9

 

 

 

 

 

Equity method investment gain, net

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(114,908

)

 

(35.4

)

Tax effect of non-GAAP adjustments

 

9,906

 

 

5.8

 

 

7,816

 

 

4.3

 

 

73

 

 

 

 

17,723

 

 

5.1

 

 

(861

)

 

(0.3

)

Adjusted net income (Non-GAAP)

$

56,722

 

 

33.5

 

$

58,007

 

 

32.2

 

$

48,364

 

 

29.3

 

$

114,729

 

 

32.8

 

$

93,787

 

 

28.9

 

 

 

Three Months Ended

Six Months Ended

 

March 31, 2023

December 30, 2022

April 1, 2022

March 31, 2023

April 1, 2022

 

Net income

Income per diluted share

Net income

Income per diluted share

Net income

Income per diluted share

Net income

Income per diluted share

Net income

Income per diluted share

Net income - GAAP diluted

$

25,755

 

$

0.36

 

$

29,519

 

$

0.41

 

$

29,558

 

$

0.42

 

$

55,274

 

$

0.77

 

$

168,385

 

$

2.37

 

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income (Non-GAAP)

$

56,722

 

$

0.79

 

$

58,007

 

$

0.81

 

$

48,364

 

$

0.68

 

$

114,729

 

$

1.61

 

$

93,787

 

$

1.32

 

 

 

Three Months Ended

Six Months Ended

 

March 31, 2023

December 30, 2022

April 1, 2022

March 31, 2023

April 1, 2022

 

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Amount

% Revenue

Interest (income) expense, net - GAAP

$

(1,634

)

 

(1.0

)

$

(602

)

 

(0.3

)

$

1,389

 

 

0.8

 

$

(2,236

)

 

(0.6

)

$

3,082

 

 

0.9

 

Non-cash interest expense

 

(411

)

 

(0.2

)

 

(412

)

 

(0.2

)

 

(412

)

 

(0.2

)

 

(823

)

 

(0.2

)

 

(869

)

 

(0.3

)

Adjusted interest (income) expense (Non-GAAP)

$

(2,045

)

 

(1.2

)

$

(1,014

)

 

(0.6

)

$

977

 

 

0.6

 

$

(3,059

)

 

(0.9

)

$

2,213

 

 

0.7

 

 



Contact:

MACOM Technology Solutions Holdings, Inc.
Stephen Ferranti
Vice President, Strategic Initiatives and Investor Relations
P: 978-656-2977
E: stephen.ferranti@macom.com