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Macom Increases Q1 Revenue By 7.5 Percent

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Company improves income, revenue, and margins

Macom Technology has announced its financial results for its fiscal first quarter ended December 31, 2021.

“Our focus on internal investment continues to drive technology and product development, revenue growth and improved financial results,” said Stephen G. Daly, president and CEO.

GAAP revenue was $159.6 million, an increase of 7.5 percent, compared to $148.5 million in the previous year Q1 and an increase of 2.8 percent compared to $155.2 million in the priorquarter;

Gross margin was 59.0 percent, compared to 54.0 percent in the previous year Q1 and 58.1 percent in the prior f quarter;

Operating income was $27.1 million, compared to operating income of $12.1 million in the previous year fiscal Q1 and operating income of $26.3 million in the prior quarter; and

Net income, which includes a $118.2 million gain associated with the sale of Macom's equity interest in Ampere Computing Holdings LLC, was $138.8 million, or $1.95 per diluted share, compared to net loss of $9.0 million, or $0.13 loss per diluted share, in the previous year fiscal Q1 and net income of $17.1 million, or $0.24 per diluted share, in the prior quarter.

Adjusted Non-GAAP eresults gave a gross margin was 61.4 percent, compared to 57.5 percent in the previous year Q1 and 61.1 percent in the prior fiscal quarter. Adjusted operating income was $49.0 million, or 30.7 percent of revenue, compared to adjusted operating income of $37.8 million, or 25.4 percent of revenue, in the previous year Q1 and adjusted operating income of $46.8 million, or 30.2 percent of revenue, in the prior quarter; and adjusted net income was $45.4 million, or $0.64 per diluted share, compared to adjusted net income of $32.2 million, or $0.46 per diluted share, in the previous year Q1 and adjusted net income of $43.3 million, or $0.61 per diluted share, in the prior fiscal quarter.

Outlook

For Q2 ending April 1, 2022, Macom expects revenue to be in the range of $161 million to $165 million. Adjusted gross margin is expected to be between 60.0 percent and 62.0 percent, and adjusted earnings per share is expected to be between $0.64 and $0.68 using an anticipated non-GAAP income tax rate of 3 percent and 71.4 million fully diluted shares outstanding.

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