2024-02-01 17:04:10 ET
MACOM Technology Solutions Holdings, Inc. (MTSI)
Q1 2024 Earnings Conference Call
February 1, 2024 08:30 AM ET
Company Participants
Steve Ferranti - VP, Strategic Initiatives and IR
Steve Daly - President and CEO
Jack Kober - CFO
Conference Call Participants
Thomas O'Malley - Barclays
Quinn Bolton - Needham & Company
Vivek Arya - Bank of America
Harsh Kumar - Piper Sandler
Harlan Sur - J.P. Morgan
David Williams - Benchmark
Srini Pajjuri - Raymond James
Tore Svanberg - Stifel
Karl Ackerman - BNP Paribas
Presentation
Operator
Welcome to MACOM's First Fiscal Quarter 2024 Conference Call. This call is being recorded today, Thursday, February 1, 2024. At this time, all participants are in a listen-only mode.
I will now turn the call to Mr. Steve Ferranti, MACOM's Vice President of Corporate Development and Investor Relations. Mr. Ferranti, please go ahead.
Steve Ferranti
Thank you, Olivia. Good morning, welcome to our call to discuss MACOM's financial results for the first fiscal quarter of 2024. I would like to remind everyone that our discussion today will contain forward-looking statements, which are subject to certain risks and uncertainties, as defined in the Safe Harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.
Actual results may differ materially from those discussed today. For a more detailed discussion of risks and uncertainties that could result in those differences, we refer you to MACOM's filings with the SEC. Management's statements during this call will also include discussion of certain adjusted non-GAAP financial information. A reconciliation of GAAP to adjusted non-GAAP results are provided in the Company's press release and related Form 8-K, which was filed with the SEC today.
With that, I'll turn over the call to Steve Daly, President and CEO of MACOM.
Steve Daly
Thank you, and good morning. Before I review the quarter's results, I would like to acknowledge the passing of John Ocampo, our Chairman, this past November. His contributions to the semiconductor industry, educational institutions and charitable organizations helped make the world a better place. His vision to make MACOM a world-class company lives on.
Now I will provide a general company update. After that, Jack Kober, our Chief Financial Officer will provide a more in-depth review of our first-quarter results for fiscal 2024. When Jack is finished, I will provide revenue and earnings guidance for the second fiscal quarter of 2024 and then we will be happy to take some questions.
Revenue for Q1 was $157 million, adjusted EPS was $0.58 per diluted share and operating cash flow was approximately $33 million. MACOM's core business was essentially flat quarter-over-quarter. But in total, our revenue grew by 4.5% sequentially, including approximately $6 million from the Wolfspeed RF business acquisition, which closed on December 2, 2023. We ended the quarter with approximately $463 million in cash and short-term investments on our balance sheet....
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MACOM Technology Solutions Holdings, Inc. (MTSI) Q1 2024 Earnings Call Transcript