Macom Technology Solutions Holdings (MTSI) FY2022 results: revenue $675 million, up 11.2% on the year

Macom Technology Solutions Holdings, Inc. (MTSI) reported revenue of $675 million for fiscal 2022, the year ended 30 September 2022, up 11.2% on the year before. Net income was $440 million, up 1058.6%, and diluted earnings per share $6.18. The figures are the company's own, from the 10-K it filed with the SEC on 14 November 2022.

Revenue

$675 million

+11.2% on the year

FY2015FY2022

Operating margin

19.7%

13.3% a year earlier

FY2015FY2022

Net income

$440 million

+1,058.6% on the year

FY2015FY2022

Diluted EPS

$6.18

+1,044.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	675	607	530	+11.2%
Cost of revenue	269	265	260	+1.5%
Gross profit	406	342	270	+18.8%
Gross margin	60.2%	56.3%	51.0%
Research and development	148	139	141	+6.8%
Selling, general and administrative	125	122	124	+2.7%
Operating income	133	81.0	3.4	+63.8%
Operating margin	19.7%	13.3%	0.6%
Interest expense	8.6	22.1	27.4	-61.2%
Pre-tax income	243	42.9	-41.6	+466.1%
Income tax	-197	5.0	4.5
Effective tax rate	-81.0%	11.6%	n/a
Net income	440	38.0	-46.1	+1,058.6%
Net margin	65.2%	6.3%	-8.7%
Diluted EPS	$6.18	$0.54	-$0.69	+1,044.4%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2022	FY2021	FY2020	On the year
Operating cash flow	177	148	171	+19.3%
Capital expenditure	26.5	18.0	17.6	+47.7%
Free cash flow	150	130	154	+15.3%
Free cash flow margin	22.3%	21.5%	29.0%
Cash from investing	-183	-2.6	-107
Cash from financing	-28.9	-119	-10.7
Depreciation and amortisation	57.2	70.0	78.8	-18.2%
Share-based compensation	41.2	35.0	35.7	+17.7%
Buybacks	36.0	23.4	6.7	+53.6%
Diluted shares, weighted	71m	70m	67m	+1.0%
Shares outstanding at period end	70m	69m	67m	+1.7%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	843	472	300	+78.6%
Debt	566	492	659	+15.0%
Operating lease liabilities	24.1	28.6	31.8	-15.7%
Finance lease liabilities	27.0	28.0	29.0	-3.6%
Other liabilities	112	114	126	-1.5%
Total liabilities and equity	1,572	1,134	1,146	+38.6%
Fixed assets	124	121	119	+2.6%
Goodwill	311	314	315	-0.9%
Intangible assets	51.3	84.7	131	-39.5%
Investments	565	256	204	+120.6%
Cash and equivalents	120	157	129	-23.4%
Receivables	102	84.6	45.9	+20.1%
Inventory	115	82.7	91.6	+39.0%
Other assets	184	34.7	111	+429.4%
Total assets	1,572	1,134	1,146	+38.6%

10-K for the year ended 30 September 2022, filed 14 November 2022: the filing.