MACOM Reports Fourth Quarter and Fiscal Year 2016 Financial Results

Discontinued Operations excluding consulting income - includes the profit and loss amounts of discontinued operations, with the exception of consulting income associated with a consulting agreement we entered into at the time of our Automotive business divestiture. We believe excluding gains and losses associated with historically divested businesses from our net income provides management with a comparable basis to our current ongoing operating activities. We do not exclude the consulting agreement income classified as discontinued operations because management views this income as part of our ongoing operations and correlated with future operations.

Other - historical amounts are primarily associated with the impairment of a minority investment of $3.5 million during the second fiscal quarter of 2015 as well as income associated with transition service agreements entered in connection with divested businesses. We believe these amounts are not correlated to future business operations and including such charges does not reflect our ongoing operations.

Tax Effect of Non-GAAP Adjustments - adjustments to arrive at an estimate of our Adjusted Non-GAAP cash tax rate associated with our Adjusted Non-GAAP income over a period of time. These adjustments have resulted in an estimated Adjusted Non-GAAP cash tax rate of 15% for our fiscal years 2016 and 2015, respectively. We believe it is beneficial for our management to review Adjusted Non-GAAP cash tax rate on a consistent basis over periods of time. Certain items including many of the items noted above may have a significant impact on our US GAAP tax expense and associated tax rate during a specific period of time.

Adjusted EBITDA - is a calculation that adds depreciation expense and consulting agreement income to our Adjusted Non-GAAP 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 and 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.

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share data)

       
Three Months Ended Fiscal Year Ended
September 30,     July 1,     October 2, September 30,     October 2,
2016 2016 2015 2016 2015
Revenue $ 152,697 $ 142,288 $ 112,564 $ 544,338 $ 420,609
Cost of revenue 70,893   68,326   55,603   262,729   217,019  
Gross profit 81,804   73,962   56,961   281,609   203,590  
Operating expenses:
Research and development 30,109 26,064 22,002 107,698 82,188
Selling, general and administrative 40,265 35,866 29,964 145,433 110,030
Impairment charges 760 11,765
Restructuring charges 1,365   1,092   308   3,465   1,280  
Total operating expenses 71,739   63,782   52,274   268,361   193,498  
Income from operations 10,065   10,180   4,687   13,248   10,092  
Other income (expense):
Warrant liability gain (expense) (12,691 ) 15,339 9,651 (16,431 ) (6,020 )
Interest expense, net (5,310 ) (4,363 ) (4,425 ) (18,427 ) (18,376 )
Other income (expense), net 5   16   131   39   (1,096 )
Total other (expense) income (17,996 ) 10,992   5,357   (34,819 ) (25,492 )
 
(Loss) income before income taxes (7,931 ) 21,172 10,044 (21,571 ) (15,400 )
Income tax benefit (11,804 ) (181 ) (3,797 ) (17,983 ) (9,858 )
Income (loss) from continuing operations 3,873 21,353 13,841 (3,588 ) (5,542 )
Income from discontinued operations 1,228   1,199   40,564   5,022   54,131  
Net income $ 5,101   $ 22,552   $ 54,405   $ 1,434   $ 48,589  
 
Net income (loss) per share:
Basic:
Income (loss) from continuing operations $ 0.07 $ 0.40 $ 0.26 $ (0.07 ) $ (0.11 )
Income from discontinued operations 0.02   0.02   0.76   0.09   1.06  
Income per share - basic $ 0.10   $ 0.42   $ 1.02   $ 0.03   $ 0.95  
 
Diluted:
Income (loss) from continuing operations $ 0.07 $ 0.11 $ 0.08 $ (0.07 ) $ (0.11 )
Income from discontinued operations 0.02   0.02   0.74   0.09   1.06  
Income per share - diluted $ 0.09   $ 0.13   $ 0.81   $ 0.03   $ 0.95  
 
Shares - Basic 53,676   53,516   53,287   53,364   51,146  
Shares - Diluted 55,285   55,288   54,991   53,364   51,146  
 



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