Part I [Business](index=4&type=section&id=ITEM%201%3A%20BUSINESS.) MACOM designs and manufactures high-performance semiconductor products for I&D, Data Center, and Telecom, utilizing a hybrid manufacturing model and expanding through strategic acquisitions - MACOM's business focuses on designing and manufacturing semiconductor products for **Industrial and Defense (I&D)**, **Data Center**, and **Telecommunications (Telecom)** markets[15](index=15&type=chunk) - The company employs a hybrid manufacturing model, integrating internal fabrication facilities, including a **U.S. DoD-accredited 'Trusted Foundry'**, with external partners[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - Sales to distributors constituted **24.0% of revenue in fiscal 2023**, a decline from **30.9% in 2022** and **35.0% in 2021**[41](index=41&type=chunk) - In fiscal 2023, MACOM completed the acquisitions of **Linearizer Technology, Inc.** and **OMMIC SAS (MESC Acquisition)** to enhance design expertise and expand its European presence[76](index=76&type=chunk)[77](index=77&type=chunk) - As of September 29, 2023, the company employed approximately **1,500 individuals worldwide**, with a voluntary attrition rate of about **10% in fiscal year 2023**[63](index=63&type=chunk)[66](index=66&type=chunk) [Risk Factors](index=12&type=section&id=ITEM%201A%3A%20RISK%20FACTORS.) The company faces significant risks from semiconductor industry cyclicality, supply chain vulnerabilities, intense competition, international operations, and acquisition integration challenges - The semiconductor industry is highly cyclical, facing significant downturns, rapid technological change, and price erosion that can impact revenue and profitability[82](index=82&type=chunk) - International sales comprised **51.7% of revenue in FY2023**, with sales to **China** and the **Asia Pacific region** at **20%** and **14%** of total sales, respectively, exposing the company to geopolitical and trade risks[109](index=109&type=chunk) - The company faces intense competition from major players such as **ADI**, **Broadcom**, **Qorvo**, and **Skyworks**, who may possess superior financial and technical resources[114](index=114&type=chunk)[116](index=116&type=chunk) - Acquisitions present numerous risks, including integration difficulties, potential loss of key personnel, and failure to achieve anticipated synergies[117](index=117&type=chunk)[119](index=119&type=chunk) - As of September 29, 2023, **John and Susan Ocampo** beneficially owned **23.0% of the common stock**, enabling significant influence over corporate matters[161](index=161&type=chunk) [Unresolved Staff Comments](index=26&type=section&id=ITEM%201B%3A%20UNRESOLVED%20STAFF%20COMMENTS.) The company reports no unresolved staff comments - None[168](index=168&type=chunk) [Properties](index=27&type=section&id=ITEM%202%3A%20PROPERTIES.) MACOM's primary operations are based in a leased Lowell, Massachusetts facility, supplemented by other key leased sites for R&D, manufacturing, and sales Major Leased Facilities | Site | Major Activity | Square Footage | Lease Expiration | | :--- | :--- | :--- | :--- | | Lowell, Massachusetts | A, P&F, T&A, AE, S&M and RT | 281,700 | October 2043 | | Limeil-Brévannes, France | A, P&F, T&A, S&M and RT | 164,752 | October 2024 | | Newport Beach, California | R&D, AE and S&M | 57,412 | December 2029 | | Ann Arbor, Michigan | P&F, R&D and T&A, RT | 50,335 | May 2026 | | Nashua, New Hampshire | R&D, T&A, P&F and RT | 33,750 | December 2024 | [Legal Proceedings](index=27&type=section&id=ITEM%203%3A%20LEGAL%20PROCEEDINGS.) The company is not involved in any pending legal proceedings expected to materially impact its business, financial condition, or cash flows - The company was not involved in any pending legal proceedings expected to have a material adverse effect on its business[172](index=172&type=chunk) [Mine Safety Disclosures](index=27&type=section&id=ITEM%204%3A%20MINE%20SAFETY%20DISCLOSURES.) This item is not applicable to the company - Not applicable[174](index=174&type=chunk) Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=27&type=section&id=ITEM%205%3A%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES.) MACOM's common stock, listed on Nasdaq, significantly outperformed key indices over five years, with limited share repurchases for tax obligations - A **$100 investment** in MACOM stock on September 28, 2018, would be worth **$396.02** by September 29, 2023, outperforming the **NASDAQ Composite Index ($171.65)** and the **PHLX Semiconductor Index ($251.68)**[177](index=177&type=chunk) - In the fourth quarter of fiscal 2023, the company purchased **1,864 shares** at an average price of **$74.78 per share** solely for employee tax withholding on vested restricted stock awards, not as part of a public repurchase program[178](index=178&type=chunk)[179](index=179&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=ITEM%207%3A%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS.) Fiscal 2023 saw a 4.0% revenue decrease to **$648.4 million** due to Telecom market downturn, offset by I&D and Data Center growth, while maintaining strong liquidity for strategic acquisitions [Results of Operations](index=31&type=section&id=Results%20of%20Operations) Fiscal 2023 revenue decreased **4.0% to $648.4 million**, primarily due to a **24.1% decline in Telecom**, resulting in **$91.6 million** net income, significantly lower than prior year's **$440.0 million** due to one-time gains Financial Performance Summary (in thousands) | Metric | FY 2023 | FY 2022 | FY 2021 | | :--- | :--- | :--- | :--- | | Revenue | $648,407 | $675,170 | $606,920 | | Gross Profit | $385,797 | $406,181 | $341,855 | | Gross Margin | 59.5% | 60.2% | 56.3% | | Income from Operations | $107,400 | $132,674 | $81,002 | | Net Income | $91,577 | $439,955 | $37,973 | | Diluted EPS | $1.28 | $6.18 | $0.54 | Revenue by Market - FY2023 vs FY2022 (in thousands) | Market | FY 2023 | FY 2022 | % Change | | :--- | :--- | :--- | :--- | | Industrial & Defense | $317,128 | $294,341 | 7.7% | | Data Center | $146,982 | $138,127 | 6.4% | | Telecom | $184,297 | $242,702 | (24.1)% | | **Total** | **$648,407** | **$675,170** | **(4.0)%** | Revenue by Market - FY2022 vs FY2021 (in thousands) | Market | FY 2022 | FY 2021 | % Change | | :--- | :--- | :--- | :--- | | Telecom | $242,702 | $188,391 | 28.8% | | Industrial & Defense | $294,341 | $280,221 | 5.0% | | Data Center | $138,127 | $138,308 | (0.1)% | | **Total** | **$675,170** | **$606,920** | **11.3%** | - **FY2022 net income of $440.0 million** included a **$118.2 million gain** on an equity investment sale and a **$202.8 million tax benefit** from a valuation allowance release[202](index=202&type=chunk)[224](index=224&type=chunk)[225](index=225&type=chunk) [Liquidity and Capital Resources](index=35&type=section&id=Liquidity%20and%20Capital%20Resources) As of September 29, 2023, MACOM maintained strong liquidity with **$174.0 million** cash and **$340.6 million** short-term investments, sufficient to meet future needs including the **$75.0 million** Wolfspeed RF business acquisition Cash Flow Summary (in thousands) | Cash Flow Activity | FY 2023 | FY 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $166,917 | $176,982 | | Net cash provided by (used in) investing activities | $36,341 | $(182,861) | | Net cash used in financing activities | $(149,020) | $(28,908) | - In August 2023, the company repaid the **$120.8 million** outstanding principal balance of its Term Loans using cash-on-hand[232](index=232&type=chunk)[234](index=234&type=chunk) - The company has a definitive agreement to acquire **Wolfspeed's RF business**, involving a **$75.0 million cash payment** expected in Q1 fiscal 2024 from available cash[235](index=235&type=chunk) Contractual Cash Obligations as of Sep 29, 2023 (in thousands) | Obligation | Total | Less Than 1 Year | 1-3 Years | 3-5 Years | More Than 5 Years | | :--- | :--- | :--- | :--- | :--- | :--- | | Long-term Debt (Principal & Interest) | $452,813 | $1,125 | $451,688 | $— | $— | | Lease Obligations (Finance & Operating) | $95,846 | $12,049 | $17,516 | $14,370 | $51,911 | | Purchase Commitments | $103,462 | $72,516 | $10,447 | $3,481 | $17,018 | | **Total** | **$652,121** | **$85,690** | **$479,651** | **$17,851** | **$68,929** | [Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=ITEM%207A%3A%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK.) The company's market risks, primarily interest rate and foreign currency, are limited due to fixed-rate debt, repaid variable loans, and U.S. dollar-denominated international agreements - Interest rate risk is limited to the company's investment portfolio, with **2026 Convertible Notes** at a fixed rate and variable-rate Term Loans fully repaid in August 2023[241](index=241&type=chunk)[242](index=242&type=chunk) - Foreign currency risk is limited as most international customer agreements are **U.S. dollar-denominated**, with a hypothetical **10% change** not expected to have a material impact[243](index=243&type=chunk) [Financial Statements and Supplementary Data](index=38&type=section&id=ITEM%208%3A%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA.) This section presents the audited consolidated financial statements for fiscal year 2023, including balance sheets, income statements, and cash flows, with an unqualified auditor's opinion from Deloitte & Touche LLP Consolidated Balance Sheet Data (in thousands) | Account | Sep 29, 2023 | Sep 30, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $173,952 | $119,952 | | Short-term investments | $340,574 | $466,580 | | Total current assets | $761,193 | $813,083 | | Total assets | $1,553,244 | $1,571,817 | | **Liabilities & Equity** | | | | Total current liabilities | $83,525 | $97,214 | | Long-term debt | $447,134 | $565,920 | | Total liabilities | $605,644 | $729,069 | | Total stockholders' equity | $947,600 | $842,748 | Consolidated Statement of Operations Data (in thousands) | Account | FY 2023 | FY 2022 | FY 2021 | | :--- | :--- | :--- | :--- | | Revenue | $648,407 | $675,170 | $606,920 | | Gross profit | $385,797 | $406,181 | $341,855 | | Income from operations | $107,400 | $132,674 | $81,002 | | Net income | $91,577 | $439,955 | $37,973 | - **Deloitte & Touche LLP** identified the reserve for excess and obsolete inventory as a critical audit matter due to significant management estimates[256](index=256&type=chunk) [Controls and Procedures](index=71&type=section&id=ITEM%209A%3A%20CONTROLS%20AND%20PROCEDURES.) Management concluded that disclosure controls and internal control over financial reporting were effective as of September 29, 2023, with an unqualified audit opinion from Deloitte & Touche LLP, excluding recent acquisitions - Management concluded that disclosure controls and procedures were effective as of **September 29, 2023**[429](index=429&type=chunk) - Management's assessment found internal control over financial reporting effective, excluding **Linearizer** and **OMMIC S.A.S.** acquisitions, which represented **3.8% of total assets** and **2.3% of total revenue**[432](index=432&type=chunk)[433](index=433&type=chunk) - **Deloitte & Touche LLP** provided an unqualified audit opinion on the effectiveness of the company's internal control over financial reporting as of **September 29, 2023**[438](index=438&type=chunk) [Other Information](index=73&type=section&id=ITEM%209B%3A%20OTHER%20INFORMATION.) This section discloses the adoption of **Rule 10b5-1 trading plans** by several directors and Section 16 officers in Q4 fiscal 2023 to prearrange securities transactions - In the fourth quarter of fiscal 2023, several executive officers, including **CEO Stephen Daly** and **CFO John Kober**, adopted **Rule 10b5-1 trading plans** to manage company stock holdings[446](index=446&type=chunk)[447](index=447&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=73&type=section&id=ITEM%2010%3A%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE.) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2024 Annual Meeting of Stockholders proxy statement - Information for this item is incorporated by reference from the definitive proxy statement for the **2024 Annual Meeting of Stockholders**[451](index=451&type=chunk) [Executive Compensation](index=73&type=section&id=ITEM%2011%3A%20EXECUTIVE%20COMPENSATION.) Executive compensation information is incorporated by reference from the 2024 Annual Meeting of Stockholders proxy statement - Information for this item is incorporated by reference from the definitive proxy statement for the **2024 Annual Meeting of Stockholders**[454](index=454&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=74&type=section&id=ITEM%2012%3A%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS.) Security ownership and equity compensation plan details are incorporated by reference from the 2024 proxy statement, with **5,792,015 securities** available for future issuance Equity Compensation Plan Information as of September 29, 2023 | Plan Category | Securities to be issued upon exercise of outstanding options, warrants and rights | Weighted-average exercise price of outstanding options, warrants and rights | Number of securities remaining available for future issuance | | :--- | :--- | :--- | :--- | | Equity Compensation Plans Approved by Security Holders | 15,000 | $16.06 | 5,792,015 | | Equity Compensation Plans Not Approved by Security Holders | — | — | — | | **Total** | **15,000** | **$16.06** | **5,792,015** | [Certain Relationships and Related Transactions, and Director Independence](index=74&type=section&id=ITEM%2013%3A%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE.) Information on related party transactions and director independence is incorporated by reference from the 2024 Annual Meeting of Stockholders proxy statement - Information for this item is incorporated by reference from the definitive proxy statement for the **2024 Annual Meeting of Stockholders**[458](index=458&type=chunk) [Principal Accounting Fees and Services](index=74&type=section&id=ITEM%2014%3A%20PRINCIPAL%20ACCOUNTING%20FEES%20AND%20SERVICES.) Details on principal accounting fees and services are incorporated by reference from the 2024 Annual Meeting of Stockholders proxy statement - Information for this item is incorporated by reference from the definitive proxy statement for the **2024 Annual Meeting of Stockholders**[459](index=459&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=75&type=section&id=ITEM%2015%3A%20EXHIBITS%2C%20FINANCIAL%20STATEMENT%20SCHEDULES.) This section lists all financial statements from Item 8 and provides a comprehensive list of exhibits filed with the Form 10-K, including key corporate documents - This section lists all financial statements and exhibits filed as part of the **Annual Report on Form 10-K**[461](index=461&type=chunk)[462](index=462&type=chunk) [Form 10-K Summary](index=79&type=section&id=ITEM%2016%3A%20FORM%2010-K%20SUMMARY) The company indicates that no Form 10-K summary is provided - None[468](index=468&type=chunk)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 or FORM 10-Q ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 Securities registered pursuant to Section 12(b) of the Act: | Title of each class Trading Symbol(s) | Name of exchange on which registered | | --- | --- | | ...

MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) Q2 2023 Results Conference Call May 4, 2023 8:30 AM ET Company Participants Steve Ferranti - VP, Strategic Initiatives and IR Steve Daly - President and CEO Jack Kober - CFO Conference Call Participants Matt Ramsay - Cowen Tom O’Malley - Barclays Harsh Kumar - Piper Sandler Quinn Bolton - Needham & Company Tore Svanberg - Stifel David Williams - Benchmark Karl Ackerman - BNP Paribas Operator Welcome to MACOM’s Second Fiscal Quarter 2023 Conference Call ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35451 MACOM Technology Solutions Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 27-0306875 (Sta ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended December 30, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35451 MACOM Technology Solutions Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 27-0306875 ( ...

MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) Q1 2023 Earnings Conference Call February 2, 2023 8:30 AM ET Company Participants Steve Ferranti ??? Vice President-Strategic Initiatives and Investor Relations Steve Daly ??? President and Chief Executive Officer Jack Kober ??? Chief Financial Officer Conference Call Participants Quinn Bolton ??? Needham Tom O???Malley ??? Barclays Blake Friedman ??? Bank of America Harsh Kumar ??? Piper Sandler David Williams ??? Benchmark Tore Svanberg ??? Stifel Se ...

Part I [Item 1: Business](index=4&type=section&id=ITEM%201%3A%20BUSINESS%2E) MACOM designs and manufactures high-performance analog semiconductor products for Telecom, Industrial & Defense, and Data Center markets - MACOM's business is centered on designing and manufacturing semiconductor products for three primary markets: Telecom, Industrial & Defense (I&D), and Data Center[15](index=15&type=chunk) - The company operates a hybrid manufacturing model, utilizing both internal semiconductor fabrication facilities in the U.S. (including a "Trusted Foundry" for defense contracts) and external foundry partners, providing control over proprietary processes and supply, while also offering flexibility and access to additional capacity[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - Growth drivers are expected to come from 5G deployments in Telecom, expansion of the product portfolio for military and industrial applications in I&D, and the upgrade of data center architectures to higher speeds (100G to 800G)[25](index=25&type=chunk) - As of September 30, 2022, the company employed approximately 1,200 people, with 71% in North America, and the voluntary attrition rate for fiscal year 2022 was about 11%[60](index=60&type=chunk)[63](index=63&type=chunk) - Sales through distributors accounted for **30.9% of revenue in fiscal 2022**, a decrease from 35.0% in 2021 and 45.3% in 2020[39](index=39&type=chunk) [Item 1A: Risk Factors](index=11&type=section&id=ITEM%201A%3A%20RISK%20FACTORS%2E) The company faces risks from industry cyclicality, customer concentration, supply chain vulnerabilities, international operations, and intense competition - The semiconductor industry is highly cyclical, subject to significant downturns, rapid technological change, and price erosion, which has impacted the company's revenue and profitability in the past[79](index=79&type=chunk) - A significant portion of revenue comes from a limited number of customers, with the top 10 direct and distribution customers accounting for **48.2% of revenue** in fiscal 2022, where the loss of a major customer could materially harm revenue[92](index=92&type=chunk) - International sales represent a major part of the business, accounting for **53.3% of revenue in fiscal 2022**, exposing the company to geopolitical risks, trade disputes, and regulatory changes, particularly concerning China, which accounted for **26% of total sales**[107](index=107&type=chunk) - The company faces intense competition from large, established semiconductor firms such as ADI, Broadcom, Qorvo, and Skyworks, which may have greater financial and technical resources[140](index=140&type=chunk)[142](index=142&type=chunk) - The company's debt, including a term loan of **$120.8 million** and convertible notes, is secured by company assets and includes restrictive covenants that could limit operational flexibility[100](index=100&type=chunk)[101](index=101&type=chunk) [Item 1B: Unresolved Staff Comments](index=26&type=section&id=ITEM%201B%3A%20UNRESOLVED%20STAFF%20COMMENTS%2E) The company reports that it has no unresolved staff comments from the SEC - None[160](index=160&type=chunk) [Item 2: Properties](index=26&type=section&id=ITEM%202%3A%20PROPERTIES%2E) The company's principal executive offices and primary manufacturing facilities are in Lowell, Massachusetts, with other key leased facilities globally Principal Leased Facilities | Site | Major Activity | Square Footage | Lease Expiration | | :--- | :--- | :--- | :--- | | Lowell, Massachusetts | A, P&F, T&A, AE, S&M and RT | 281,700 | October 2038 | | Newport Beach, California | R&D, AE and S&M | 57,412 | December 2029 | | Ann Arbor, Michigan | P&F, R&D and T&A, RT | 50,335 | May 2026 | | Nashua, New Hampshire | R&D, T&A, P&F and RT | 33,750 | December 2024 | | Hsinchu, Taiwan | P&F, T&A and RT | 24,282 | December 2022 | [Item 3: Legal Proceedings](index=27&type=section&id=ITEM%203%3A%20LEGAL%20PROCEEDINGS%2E) The company is not involved in any material pending legal proceedings as of the filing date - The company is not involved in any material pending legal proceedings as of the filing date of the report[164](index=164&type=chunk) [Item 4: Mine Safety Disclosures](index=27&type=section&id=ITEM%204%3A%20MINE%20SAFETY%20DISCLOSURES%2E) This item is not applicable to the company - Not applicable[166](index=166&type=chunk) Part II [Item 5: Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=27&type=section&id=ITEM%205%3A%20MARKET%20FOR%20REGISTRANT%27S%20COMMON%20EQUITY%2C%20RELATED%20STOCKHOLDER%20MATTERS%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES%2E) MACOM's common stock is listed on Nasdaq, with a performance graph and details on minor share purchases for employee tax obligations - The company's common stock trades on the Nasdaq Global Select Market under the symbol "MTSI"[167](index=167&type=chunk) - A stock performance graph shows the cumulative total return of the company's stock compared to the NASDAQ Composite Index and the PHLX Semiconductor Index for the five years ending September 30, 2022[168](index=168&type=chunk)[170](index=170&type=chunk) - During the fourth quarter of fiscal 2022, the company withheld 1,215 shares of common stock from employees to cover tax obligations related to the vesting of restricted stock awards, which were not part of a publicly announced repurchase program[171](index=171&type=chunk)[172](index=172&type=chunk) [Item 6: [Reserved]](index=28&type=section&id=ITEM%206%3A%20%5BReserved%5D) This item is reserved and contains no information [Item 7: Management's Discussion and Analysis of Financial Condition and Results of Operations](index=28&type=section&id=ITEM%207%3A%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS%2E) Fiscal 2022 revenue increased, gross margin improved, and net income surged due to a tax benefit and investment gain Fiscal Year Revenue by Market (in thousands) | Market | FY 2022 | FY 2021 | % Change | | :--- | :--- | :--- | :--- | | Telecom | $242,702 | $188,391 | 28.8% | | Industrial & Defense | $294,341 | $280,221 | 5.0% | | Data Center | $138,127 | $138,308 | (0.1)% | | **Total** | **$675,170** | **$606,920** | **11.3%** | Key Financial Results (in thousands) | Metric | FY 2022 | FY 2021 | FY 2020 | | :--- | :--- | :--- | :--- | | Revenue | $675,170 | $606,920 | $530,037 | | Gross Profit | $406,181 | $341,855 | $270,166 | | Gross Margin | 60.2% | 56.3% | 51.0% | | Income from Operations | $132,674 | $81,002 | $3,388 | | Net Income (Loss) | $439,955 | $37,973 | $(46,078) | - The significant increase in net income for FY 2022 was primarily driven by a non-cash income tax benefit of **$202.8 million** from the partial release of a valuation allowance and a gain of **$118.2 million** on the sale of an equity method investment[196](index=196&type=chunk)[206](index=206&type=chunk)[207](index=207&type=chunk) - Net cash provided by operating activities was **$177.0 million** in fiscal 2022, an increase from **$148.4 million** in fiscal 2021[219](index=219&type=chunk)[220](index=220&type=chunk) - As of September 30, 2022, the company had **$120.0 million** in cash and cash equivalents and **$466.6 million** in short-term investments[226](index=226&type=chunk) [Item 7A: Quantitative and Qualitative Disclosures About Market Risk](index=36&type=section&id=ITEM%207A%3A%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK%2E) The company's primary market risks are interest rate and foreign currency, with limited foreign currency exposure due to USD-denominated sales - The company is exposed to interest rate risk on its cash, short-term investments, and variable-rate debt, where a **1% change** in interest rates on its **$120.8 million** of outstanding variable-rate debt would result in a **$1.2 million** change in annual interest expense as of September 30, 2022[232](index=232&type=chunk)[234](index=234&type=chunk) - Foreign currency risk is limited as most international customer agreements are denominated in U.S. dollars, and the company believes a **10% change** in foreign currency exchange rates would not have a material impact[235](index=235&type=chunk) [Item 8: Financial Statements and Supplementary Data](index=37&type=section&id=ITEM%208%3A%20FINANCIAL%20STATEMENTS%20AND%20SUPPLEMENTARY%20DATA%2E) This section presents audited consolidated financial statements and the auditor's unqualified opinion on financial statements and internal controls Consolidated Balance Sheet Highlights (in thousands) | | Sep 30, 2022 | Oct 1, 2021 | | :--- | :--- | :--- | | **Total Assets** | **$1,571,817** | **$1,134,145** | | Total Current Assets | $813,083 | $521,536 | | **Total Liabilities** | **$729,069** | **$662,409** | | Long-term Debt | $565,920 | $492,097 | | **Total Stockholders' Equity** | **$842,748** | **$471,736** | Consolidated Statement of Operations Highlights (in thousands) | | FY 2022 | FY 2021 | | :--- | :--- | :--- | | Revenue | $675,170 | $606,920 | | Gross Profit | $406,181 | $341,855 | | Income from Operations | $132,674 | $81,002 | | Net Income | $439,955 | $37,973 | Consolidated Statement of Cash Flows Highlights (in thousands) | | FY 2022 | FY 2021 | | :--- | :--- | :--- | | Net cash from operating activities | $176,982 | $148,412 | | Net cash used in investing activities | $(182,861) | $(2,583) | | Net cash used in financing activities | $(28,908) | $(119,095) | | Net change in cash | $(36,585) | $27,096 | - The independent auditor, Deloitte & Touche LLP, identified the reserve for excess and obsolete inventory as a critical audit matter due to the significant management estimates and judgments involved[246](index=246&type=chunk)[247](index=247&type=chunk) [Item 9: Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=67&type=section&id=ITEM%209%3A%20CHANGES%20IN%20AND%20DISAGREEMENTS%20WITH%20ACCOUNTANTS%20ON%20ACCOUNTING%20AND%20FINANCIAL%20DISCLOSURE%2E) The company reports no changes in or disagreements with its accountants on accounting or financial disclosure matters - None[411](index=411&type=chunk) [Item 9A: Controls and Procedures](index=68&type=section&id=ITEM%209A%3A%20CONTROLS%20AND%20PROCEDURES%2E) Management concluded disclosure controls and internal control over financial reporting were effective, with an unqualified auditor's opinion - Management concluded that the company's disclosure controls and procedures were effective as of September 30, 2022[413](index=413&type=chunk) - Management assessed internal control over financial reporting using the COSO 2013 framework and concluded it was effective as of September 30, 2022[416](index=416&type=chunk) - The independent auditor, Deloitte & Touche LLP, issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting[417](index=417&type=chunk)[421](index=421&type=chunk) - There were no material changes in the company's internal control over financial reporting during the fourth fiscal quarter of 2022[418](index=418&type=chunk) [Item 9B: Other Information](index=70&type=section&id=ITEM%209B%3A%20OTHER%20INFORMATION%2E) The company reports no other information for this item - None[428](index=428&type=chunk) [Item 9C: Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](index=70&type=section&id=ITEM%209C%3A%20DISCLOSURE%20REGARDING%20FOREIGN%20JURISDICTIONS%20THAT%20PREVENT%20INSPECTIONS%2E) This item is not applicable to the company - Not applicable[429](index=429&type=chunk) Part III [Item 10: Directors, Executive Officers and Corporate Governance](index=70&type=section&id=ITEM%2010%3A%20DIRECTORS%2C%20EXECUTIVE%20OFFICERS%20AND%20CORPORATE%20GOVERNANCE%2E) Information on directors, executive officers, and corporate governance is incorporated by reference from the 2023 proxy statement - The required information is incorporated by reference from the definitive proxy statement for the 2023 Annual Meeting of Stockholders[431](index=431&type=chunk) - The company has a written code of business conduct and ethics available on its website, www.macom.com[432](index=432&type=chunk) [Item 11: Executive Compensation](index=70&type=section&id=ITEM%2011%3A%20EXECUTIVE%20COMPENSATION%2E) Information regarding executive compensation is incorporated by reference from the 2023 proxy statement - The required information is incorporated by reference from the definitive proxy statement for the 2023 Annual Meeting of Stockholders[433](index=433&type=chunk) [Item 12: Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=70&type=section&id=ITEM%2012%3A%20SECURITY%20OWNERSHIP%20OF%20CERTAIN%20BENEFICIAL%20OWNERS%20AND%20MANAGEMENT%20AND%20RELATED%20STOCKHOLDER%20MATTERS%2E) Security ownership information is incorporated by reference, with details on equity compensation plan securities available for issuance - Certain required information is incorporated by reference from the definitive proxy statement for the 2023 Annual Meeting of Stockholders[434](index=434&type=chunk) Equity Compensation Plan Information as of September 30, 2022 | Plan Category | Securities to be issued upon exercise (a) | Weighted-average exercise price (b) | Securities available for future issuance (c) | | :--- | :--- | :--- | :--- | | Equity Compensation Plans Approved by Security Holders | 15,000 | $16.06 | 6,702,343 | [Item 13: Certain Relationships and Related Transactions, and Director Independence](index=70&type=section&id=ITEM%2013%3A%20CERTAIN%20RELATIONSHIPS%20AND%20RELATED%20TRANSACTIONS%2C%20AND%20DIRECTOR%20INDEPENDENCE%2E) Information on certain relationships, related transactions, and director independence is incorporated by reference - The required information is incorporated by reference from the definitive proxy statement for the 2023 Annual Meeting of Stockholders[437](index=437&type=chunk) [Item 14: Principal Accounting Fees and Services](index=71&type=section&id=ITEM%2014%3A%20PRINCIPAL%20ACCOUNTING%20FEES%20AND%20SERVICES%2E) Information regarding principal accounting fees and services is incorporated by reference - The required information is incorporated by reference from the definitive proxy statement for the 2023 Annual Meeting of Stockholders[438](index=438&type=chunk) Part IV [Item 15: Exhibits, Financial Statement Schedules](index=72&type=section&id=ITEM%2015%3A%20EXHIBITS%2C%20FINANCIAL%20STATEMENT%20SCHEDULES%2E) This section lists financial statements from Item 8 and provides a comprehensive list of exhibits, including corporate governance and debt agreements - Lists the financial statements filed with the report, which are located in Item 8[440](index=440&type=chunk) - Provides a detailed list of all exhibits filed, including the company's certificate of incorporation, bylaws, debt agreements (Credit Agreement and Indenture for Convertible Notes), and various equity incentive plan documents[442](index=442&type=chunk)[443](index=443&type=chunk)[444](index=444&type=chunk) - Includes required certifications from the Principal Executive Officer and Principal Financial Officer under Sarbanes-Oxley Act Sections 302 and 906[444](index=444&type=chunk) [Item 16: Form 10-K Summary](index=75&type=section&id=ITEM%2016%3A%20FORM%2010-K%20SUMMARY) The company reports no Form 10-K summary for this item - None[445](index=445&type=chunk)

MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) Q4 2022 Results Conference Call November 3, 2022 8:30 AM ET Company Participants Steve Ferranti - VP, Initiatives and IR Steve Daly - President and CEO Jack Kober - CFO Conference Call Participants Harsh Kumar - Piper Sandler Vivek Arya - Bank of America Thomas O'Malley - Barclays Tore Svanberg - Stifel Matt Ramsay - Cowen Quinn Bolton - Needham Harlan Sur - JPMorgan C.J. Muse - Evercore Melissa Fairbanks - Raymond James Richard Shannon - Craig-Hallum ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended July 1, 2022 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-35451 MACOM Technology Solutions Holdings, Inc. (Exact name of registrant as specified in its charter) Delaware 27-0306875 (State ...

MACOM Technology Solutions Holdings, Inc. (NASDAQ:MTSI) Q3 2022 Earnings Conference Call July 28, 2022 8:30 AM ET Company Participants Steve Ferranti ??? Vice President-Strategic Initiatives and Investor Relations Steve Daly ??? President and Chief Executive Officer and Director Jack Kober ??? Senior Vice President and Chief Financial Officer Conference Call Participants Tom O???Malley ??? Barclays C.J. Muse ??? Evercore ISI Quinn Bolton ??? Needham Tore Svanberg ??? Stifel Nicolaus Matt Ramsay ??? Cowen Ma ...