Macom Technology Solutions Holdings (MTSI) Q4 FY2023 earnings: revenue $150 million, down 15.6% on the year

Macom Technology Solutions Holdings, Inc. (MTSI) reported revenue of $150 million for Q4 FY2023, the quarter ended 29 September 2023, down 15.6% on the same quarter a year earlier. Net income was $24 million, down 89.8% on the year, and diluted earnings per share $0.34. The figures are the company's own, from the 10-K it filed with the SEC on 13 November 2023.

Revenue$150 milliondown 15.6%

Net income$24 milliondown 89.8%

Diluted EPS$0.34

QuarterQ4 FY2023ended 29 September 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Revenue	150	n/a	n/a	n/a
Cost of revenue	63.7	n/a	n/a	n/a
Gross profit	86.6	n/a	n/a	n/a
Gross margin	57.6%	n/a	n/a
Research and development	37.5	n/a	n/a	n/a
Selling, general and administrative	33.5	n/a	n/a	n/a
Operating income	15.6	n/a	n/a	n/a
Operating margin	10.4%	n/a	n/a
Pre-tax income	19.0	n/a	n/a	n/a
Income tax	-5.5	n/a	n/a	n/a
Effective tax rate	-28.7%	n/a	n/a
Net income	24.4	n/a	n/a	n/a
Net margin	16.3%	n/a	n/a
Diluted EPS	$0.34	n/a	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	50.4	n/a	n/a	n/a
Capital expenditure	5.8	n/a	n/a	n/a
Free cash flow	44.5	n/a	n/a	n/a
Free cash flow margin	29.6%	n/a	n/a
Cash from investing	124	n/a	n/a	n/a
Cash from financing	-121	n/a	n/a	n/a
Depreciation and amortisation	13.7	n/a	n/a	n/a
Share-based compensation	9.3	n/a	n/a	n/a
Buybacks	0.1	n/a	n/a	n/a
Diluted shares, weighted	72m	n/a	n/a	n/a
Shares outstanding at period end	71m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	948	n/a	n/a	n/a
Debt	447	n/a	n/a	n/a
Operating lease liabilities	22.8	n/a	n/a	n/a
Finance lease liabilities	31.8	n/a	n/a	n/a
Other liabilities	104	n/a	n/a	n/a
Total liabilities and equity	1,553	n/a	n/a	n/a
Fixed assets	149	n/a	n/a	n/a
Goodwill	323	n/a	n/a	n/a
Intangible assets	67.0	n/a	n/a	n/a
Investments	416	n/a	n/a	n/a
Cash and equivalents	174	n/a	n/a	n/a
Receivables	91.3	n/a	n/a	n/a
Inventory	136	n/a	n/a	n/a
Other assets	196	n/a	n/a	n/a
Total assets	1,553	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	150	157	181	190	201	218	236	252	261	272	289	342
Cost of revenue	63.7	69.8	86.0	89.1	90.9	101	106	113	119	120	125	143
Gross profit	86.6	87.3	95.2	101	110	117	130	139	142	152	164	200
Gross margin	58%	56%	53%	53%	55%	54%	55%	55%	54%	56%	57%	58%
R&D	37.5	39.4	45.6	47.5	49.6	60.4	57.8	63.4	62.9	66.5	69.0	74.3
SG&A	33.5	36.9	34.2	34.2	32.7	39.2	37.4	38.4	39.8	42.0	44.6	48.1
Operating income	15.6	11.0	15.4	19.7	27.5	17.5	34.9	37.7	39.6	43.3	50.8	77.1
Operating margin	10%	7%	9%	10%	14%	8%	15%	15%	15%	16%	18%	23%
Pre-tax income	19.0	15.3	19.5	24.2	32.5	-170	40.9	44.1	55.9	49.6	56.9	124
Tax rate	-29%	18%	23%	18%	10%	n/a	23%	17%	19%	2%	19%	19%
Net income	24.4	12.5	15.0	19.9	29.4	-168	31.7	36.5	45.1	48.8	46.3	101
Net margin	16%	8%	8%	10%	15%	-77%	13%	14%	17%	18%	16%	29%
Diluted EPS	$0.34	$0.17	$0.20	$0.27	$0.39	-$2.30	$0.42	$0.48	$0.59	$0.64	$0.60	$1.28
Operating cash flow	50.4	33.1	18.2	49.0	62.3	66.7	38.7	60.4	69.6	42.9	78.7	80.0
Capital expenditure	5.8	4.7	5.1	7.5	5.2	5.3	8.2	8.8	20.2	12.9	13.2	20.8
Free cash flow	44.5	28.4	13.1	41.5	57.1	61.3	30.5	51.6	49.4	30.0	65.5	59.2
Buybacks	0.1	11.6	1.0	1.4	0.3	37.9	3.4	1.4	0.5	47.9	n/a	n/a
Shares outstanding	71m	72m	72m	72m	72m	74m	74m	74m	74m	75m	76m	76m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 29 September 2023, filed 13 November 2023, accession 0001493594-23-000081: the filing on EDGAR. All of Macom Technology Solutions Holdings, Inc.'s filings: EDGAR company page.

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