MACOM Reports Fiscal Third Quarter 2025 Financial Results

LOWELL, MA, August 7, 2025 – MACOM Technology Solutions Holdings, Inc. (“MACOM”) (Nasdaq: MTSI), a leading supplier of semiconductor products, today announced its financial results for its fiscal third quarter ended July 4, 2025.

Third Quarter Fiscal Year 2025 GAAP Results

  • Revenue was $252.1 million, an increase of 32.3%, compared to $190.5 million in the previous year fiscal third quarter and an increase of 6.9% compared to $235.9 million in the prior fiscal quarter;
  • Gross margin was 55.3%, compared to 53.2% in the previous year fiscal third quarter and 55.2% in the prior fiscal quarter;
  • Income from operations was $37.7 million, or 14.9% of revenue, compared to income from operations of $19.7 million, or 10.4% of revenue, in the previous year fiscal third quarter and income from operations of $34.9 million, or 14.8% of revenue, in the prior fiscal quarter; and
  • Net income was $36.5 million, or $0.48 income per diluted share, compared to net income of $19.9 million, or $0.27 per diluted share, in the previous year fiscal third quarter and net income of $31.7 million, or $0.42 per diluted share, in the prior fiscal quarter.

Third Quarter Fiscal Year 2025 Adjusted Non-GAAP Results

  • Adjusted gross margin was 57.6%, compared to 57.5% in the previous year fiscal third quarter and 57.5% in the prior fiscal quarter;
  • Adjusted income from operations was $63.5 million, or 25.2% of revenue, compared to adjusted income from operations of $45.6 million, or 24.0% of revenue, in the previous year fiscal third quarter and adjusted income from operations of $59.8 million, or 25.4% of revenue, in the prior fiscal quarter; and
  • Adjusted net income was $68.2 million, or $0.90 per diluted share, compared to adjusted net income of $48.9 million, or $0.66 per diluted share, in the previous year fiscal third quarter and adjusted net income of $64.3 million, or $0.85 per diluted share, in the prior fiscal quarter.

Management Commentary

“Our team did a great job this quarter,” said Stephen G. Daly, President and Chief Executive Officer, MACOM. “Our results demonstrate the growing competitiveness of MACOM’s diverse product portfolio and our increasing momentum in the market.”

Business Outlook

For the fiscal fourth quarter ending October 3, 2025, MACOM expects revenue to be in the range of $256 million to $264 million. Adjusted gross margin is expected to be between 56.0% and 58.0%, and adjusted earnings per diluted share is expected to be between $0.91 and $0.95 utilizing an anticipated non-GAAP income tax rate of 3% and 76.5 million fully diluted shares outstanding.

Conference Call

MACOM will host a conference call on Thursday, August 7, 2025, at 8:30 a.m. Eastern Time to discuss its fiscal third quarter 2025 financial results and business outlook. Investors and analysts may visit MACOM's Investor Relations website at https://ir.macom.com/events-webcasts to register for a user-specific access code for the live call or to access the live webcast. A replay of the call will be available within 24 hours and remain accessible by all interested parties for approximately 90 days.

About MACOM

MACOM designs and manufactures high-performance semiconductor products for the Industrial and Defense, Data Center and Telecommunications industries. MACOM services over 6,000 customers annually with a broad product portfolio that incorporates RF, Microwave, Analog and Mixed Signal and Optical semiconductor technologies. MACOM has achieved certification to the IATF16949 automotive standard, the AS9100D aerospace standard, the ISO9001 international quality standard and the ISO14001 environmental management standard. MACOM operates facilities across the United States, Europe, Asia and is headquartered in Lowell, Massachusetts.

Special Note Regarding Forward-Looking Statements

This press release and the associated earnings call contains forward-looking statements. These forward-looking statements include, among others, statements about MACOM’s strategic plans, priorities and long-term growth drivers, our ability to execute our long-term strategy, strengthen our position and drive market share gains and growth, our ability to develop new products, achieve market acceptance of those products and better address certain markets, expand our capabilities and extend our product offerings, including through the acquisitions of ENGIN-IC, Inc., Linearizer Communications Group and the radio frequency (RF) business of Wolfspeed, Inc., including our ability to effectively integrate the Research Triangle Park, North Carolina RF business fabrication facility, and through the establishment and growth of our European Semiconductor Center and potential collaboration and sales opportunities with private and public sector partners resulting therefrom, and the teams’ capabilities and technologies and expansion thereof and any potential financial benefits derived by and financial impact to MACOM therefrom, strength and competitiveness of new product introductions and technology portfolio expansion, including the anticipated rate of new product introductions, anticipated demand for our products, MACOM’s profitability, revenue targets, prospects and growth opportunities in our three primary markets, the potential impact to our business of an economic downturn or recession, anticipated financial and business performance improvements, MACOM’s strategic investment plan, including negotiation and finalization of a definitive agreement with, and receipt of, funding from the Federal and State governments, the estimated financial results for our 2025 fiscal fourth quarter and the stated business outlook and future results of operations. 

These forward-looking statements reflect MACOM’s current views about future events and are subject to risks, uncertainties, assumptions and changes in circumstances that may cause those events or our actual activities or results to differ materially from those indicated by the forward-looking statements, including our ability to develop new products and achieve market acceptance of those products; component shortages or other disruptions in our supply chain, including as a result of geopolitical unrest or otherwise; inflationary pressures; any failure to accurately anticipate demand for our products and effectively manage our inventory; our dependence on a limited number of customers; risks related to any weakening of global economic conditions, including as a result of the evolving impacts from tariffs, sanctions or other trade tensions (including implementation of new tariffs or retaliatory trade measures); the impact of the July 4, 2025 Bill on our business; our ability to compete effectively; and those other factors described in “Risk Factors” in MACOM’s filings with the Securities and Exchange Commission (“SEC”), including its Annual Report on Form 10-K, its Quarterly Reports on Form 10-Q and other filings with the SEC. These forward-looking statements speak only as of the date of this press release, and MACOM undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.

Discussion Regarding the Use of Historical and Forward-Looking Non-GAAP Financial Measures

In addition to United States Generally Accepted Accounting Principles (“GAAP”) reporting, MACOM provides investors with financial measures that have not been calculated in accordance with GAAP, such as: non-GAAP gross profit and gross margin, non-GAAP operating expenses, non-GAAP income from operations and operating margin, non-GAAP EBITDA, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP income tax rate and non-GAAP interest income. In this release or elsewhere, we may alternatively refer to such non-GAAP measures as “adjusted” measures. This non-GAAP information excludes the effect, where applicable, of intangible amortization expense, share-based compensation expense, non-cash interest, net, acquisition and integration related costs, loss on debt extinguishment and the tax effect of each non-GAAP adjustment.

Management believes these excluded items are not reflective of our underlying performance and uses these non-GAAP financial measures to: evaluate our ongoing operating performance and compare it against prior periods, make operating decisions, forecast future periods, evaluate potential acquisitions, compare our operating performance against peer companies and assess certain compensation programs. We believe this non-GAAP financial information provides additional insight into our ongoing performance and have therefore chosen to provide this information to investors to help them evaluate the results of our ongoing operations and enable more meaningful period-to-period comparisons. These non-GAAP measures are provided in addition to, and not as a substitute for, or superior to, measures of financial performance prepared in accordance with GAAP.

A reconciliation between GAAP and non-GAAP financial data is included in the supplemental financial data attached to this press release. We have not provided a reconciliation with respect to any forward-looking non-GAAP financial data presented because we do not have and cannot reliably estimate certain key inputs required to calculate the most comparable GAAP financial data, such as future acquisition costs, the possibility and impact of any litigation costs, changes in our GAAP effective tax rate and impairment charges. We believe these unknown inputs are likely to have a significant impact on any estimate of the comparable GAAP financial data.

Investors are cautioned against placing undue reliance on non-GAAP financial measures and are urged to review and consider carefully the adjustments made by management to the most directly comparable GAAP financial measures. Non-GAAP financial measures may have limited value as analytical tools because they may exclude certain expenses that some investors consider important in evaluating our operating performance or ongoing business performance. Further, non-GAAP financial measures may have limited value for purposes of drawing comparisons between companies because different companies may calculate similarly titled non-GAAP financial measures in different ways because non-GAAP measures are not based on any comprehensive set of accounting rules or principles.

Additional information and management’s assessment regarding why certain items are excluded from our non-GAAP measures are summarized below:

Amortization Expense – is related to acquired intangible assets which are based upon valuation methodologies and are generally amortized over the expected life of the intangible asset at the time of acquisition, which may result in amortization amounts that vary over time. This non-cash expense is not considered by management in making operating decisions.

Share-Based Compensation Expense – includes share-based compensation expense for awards that are equity and liability classified on our balance sheet and the related employer tax expense at vesting. Share-based compensation expense is partially outside of our control due to factors such as stock price volatility and interest rates, which may be unrelated to our operating performance during the period in which the expense is incurred. It is an expense based upon valuation methodologies and assumptions that vary over time, and the amount of the expense can vary significantly between companies. Share-based compensation expense amounts are not considered by management in making operating decisions.

Non-cash Interest, Net – includes amounts associated with the amortization of certain fees associated with the establishment or amendment of our convertible notes that are being amortized over the life of the agreements. We believe these amounts are non-cash in nature, are not correlated to future business operations and do not reflect our ongoing operations.

Acquisition and Integration Related Costs – includes items such as professional fees, employee severance and other costs incurred in connection with acquisitions and integration specific activities which are not expected to have a continuing contribution to operations and the amortization of the fair market step-up value of acquired inventory and fixed assets. We believe the exclusion of these items is useful in providing management a basis to evaluate ongoing operating activities and strategic decision making.

Loss on Debt Extinguishment – includes the loss on exchange of our convertible notes. This loss is primarily non-cash and we do not believe this amount is reflective of our ongoing operations.

Tax Effect of Non-GAAP Adjustments – includes adjustments to arrive at an estimate of our non-GAAP income tax rate associated with our non-GAAP income over a period of time. We determine our non-GAAP income tax rate using applicable rates in taxing jurisdictions and assessing certain factors including our historical and forecast earnings by jurisdiction, discrete items, cash taxes paid in relation to our non-GAAP net income before income taxes and our ability to realize tax assets. We generally assess this non-GAAP income tax rate quarterly and have utilized 3% for our first three fiscal quarters of fiscal year 2025 and for our fiscal year 2024. Our historical effective income tax rate under GAAP has varied significantly from our non-GAAP income tax rate due primarily to income taxed in foreign jurisdictions at generally lower tax rates, research and development tax credits and acquisition expenses. We believe it is beneficial for management to review our non-GAAP income tax rate on a consistent basis over periods of time. Items such as those noted above may have a significant impact on our GAAP income tax expense and associated effective tax rate over time.

Adjusted EBITDA – is a calculation that adds depreciation expense to our adjusted income from operations. Management reviews and utilizes this measure for operational analysis purposes. We believe competitors and others in the financial industry also utilize this measure for analysis purposes.

Incremental Shares – is the number of potential shares of common stock issuable upon the exercise of stock options, restricted stock, restricted stock units and conversion of convertible debt which were not included in the calculation of our GAAP diluted shares. We believe competitors and others in the financial industry utilize this non-GAAP measure for analysis purposes.

* * *

Company Contact:
MACOM Technology Solutions Holdings, Inc.
Stephen Ferranti
Vice President, Corporate Development and Investor Relations
P: 978-656-2977
E: [email protected]

 

 

 

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(unaudited and in thousands, except per share data)

 

 

 

 

 

 

 

 Three Months Ended

 

Nine Months Ended

 

July 4, 2025

 

April 4, 2025

 

June 28, 2024

 

July 4, 2025

 

June 28, 2024

 

 

 

 

 

Revenue

$    252,079

 

$      235,887

 

$      190,486

 

$    706,088

 

$      528,868

Cost of revenue

      112,643

 

        105,731

 

         89,077

 

      319,387

 

        244,937

Gross profit

      139,436

 

        130,156

 

        101,409

 

      386,701

 

        283,931

Operating expenses:

 

 

 

 

 

 

 

 

 

Research and development

        63,380

 

         57,837

 

         47,531

 

      181,586

 

        132,566

Selling, general and administrative

        38,396

 

         37,449

 

         34,162

 

      115,058

 

        105,233

 Total operating expenses

      101,776

 

         95,286

 

         81,693

 

      296,644

 

        237,799

Income from operations

        37,660

 

         34,870

 

         19,716

 

        90,057

 

         46,132

Other income (expense):

 

 

 

 

 

 

 

 

 

 Interest income

         7,598

 

           7,239

 

           5,820

 

        21,837

 

         16,742

 Interest expense

        (1,178)

 

          (1,179)

 

          (1,288)

 

        (3,723)

 

          (3,862)

Loss on extinguishment of debt

              —

 

                —

 

                —

 

    (193,098)

 

                —

 Total other income (expense)

         6,420

 

           6,060

 

           4,532

 

    (174,984)

 

         12,880

Income (loss) before income taxes

        44,080

 

         40,930

 

         24,248

 

      (84,927)

 

         59,012

Income tax expense

         7,546

 

           9,264

 

           4,309

 

        14,403

 

         11,567

Net income (loss)

$      36,534

 

$        31,666

 

$        19,939

 

$    (99,330)

 

$        47,445

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share:

 

 

 

 

 

 

 

 

 

Income (loss) per share - Basic

$         0.49

 

$           0.43

 

$           0.28

 

$        (1.35)

 

$           0.66

Income (loss) per share - Diluted

$         0.48

 

$           0.42

 

$           0.27

 

$        (1.35)

 

$           0.65

Weighted average common shares:

 

 

 

 

 

 

 

 

 

Shares - Basic

        74,427

 

         74,358

 

         72,143

 

        73,828

 

         71,881

Shares - Diluted

        75,864

 

         75,741

 

         74,217

 

        73,828

 

         73,258

 

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(unaudited and in thousands)

 

 

 

 

 

 

 

July 4, 2025

 

September 27, 2024

 

 

 ASSETS

 

 

 

 Current assets:

 

 

 

 Cash and cash equivalents

$    125,466

 

$          146,806

 Short-term investments

      609,760

 

            435,082

 Accounts receivable, net

      129,494

 

            105,700

 Inventories

      215,388

 

            194,490

 Prepaid and other current assets

        47,247

 

              21,000

 Total current assets

   1,127,355

 

            903,078

 Property and equipment, net

      208,987

 

            176,017

 Goodwill and intangible assets, net

      411,824

 

            408,289

 Deferred income taxes

      211,259

 

            212,495

 Other long-term assets

        43,847

 

              55,761

Total assets

$ 2,003,272

 

$        1,755,640

 LIABILITIES AND STOCKHOLDERS EQUITY

 

 

 

 Current liabilities:

 

 

 

Short-term debt

      160,844

 

                    —

Accounts payable

        60,643

 

              43,202

Accrued liabilities

        72,467

 

              64,336

Current portion of finance lease obligations

            693

 

                  646

 Total current liabilities

      294,647

 

            108,184

 Finance lease obligations, less current portion

        30,667

 

              31,130

 Financing obligation

        37,150

 

                9,006

 Long-term debt obligations

      339,351

 

            448,281

 Other long-term liabilities

        38,106

 

              32,696

 Total liabilities

      739,921

 

            629,297

Stockholders equity

   1,263,351

 

         1,126,343

Total liabilities and stockholders equity

$ 2,003,272

 

$        1,755,640

 

 

 

 

 MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited and in thousands)

 

 

 

 

 

 

 

Nine Months Ended

 

July 4, 2025

 

June 28, 2024

 

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

Net (loss) income

$    (99,330)

 

$        47,445

Depreciation and intangible asset amortization

        45,646

 

         49,419

Share-based compensation

        61,593

 

         34,092

Deferred income taxes

              53

 

           6,655

Loss on extinguishment of debt

      193,098

 

                —

Other adjustments, net

        (1,068)

 

          (1,207)

Accounts receivable

      (22,829)

 

        (17,882)

Inventories

      (20,638)

 

        (25,103)

Accrued and other liabilities

        (4,781)

 

          (6,072)

Change in other operating assets and liabilities

        13,988

 

         12,964

Net cash provided by operating activities

      165,732

 

        100,311

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

Acquisition of business, net

      (12,684)

 

        (72,615)

Sales, purchases and maturities of investments

    (171,333)

 

        (56,604)

Purchases of property and equipment

      (22,332)

 

        (17,252)

Purchase of property under financing arrangement

      (28,750)

 

                —

Other investing

      (11,032)

 

          (2,144)

Net cash used in investing activities

    (246,131)

 

      (148,615)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

Proceeds from convertible notes

        86,629

 

                —

Proceeds from financing arrangement

        28,750

 

                —

Payments for fee on convertible note exchange and debt issuance costs

      (23,166)

 

                —

Payments on finance leases and other financing obligations

           (942)

 

          (1,062)

Proceeds from stock option exercises and employee stock purchases

        10,209

 

           6,505

Common stock withheld for taxes on employee equity awards

      (42,684)

 

        (13,877)

Net cash provided by (used in) financing activities

        58,796

 

          (8,434)

Foreign currency effect on cash

            263

 

                90

NET CHANGE IN CASH AND CASH EQUIVALENTS

      (21,340)

 

        (56,648)

CASH AND CASH EQUIVALENTS — Beginning of period

      146,806

 

        173,952

CASH AND CASH EQUIVALENTS — End of period

$    125,466

 

$      117,304

 

 

MACOM TECHNOLOGY SOLUTIONS HOLDINGS, INC.

RECONCILIATIONS OF GAAP TO NON-GAAP RESULTS

(unaudited and in thousands, except per share data)

 

 

 

 

 

 

 

Three Months Ended

Nine Months Ended

 

July 4, 2025

April 4, 2025

June 28, 2024

July 4, 2025

June 28, 2024

 

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

Gross profit - GAAP

$      139,436

             55.3

$      130,156

             55.2

$      101,409

             53.2

$      386,701

             54.8

$      283,931

             53.7

Amortization expense

            3,349

               1.3

            3,343

               1.4

            4,344

               2.3

          10,024

               1.4

          10,485

               2.0

Share-based compensation expense

            2,058

               0.8

            1,765

               0.7

            1,681

               0.9

            7,321

               1.0

            5,051

               1.0

Acquisition and integration related costs

              355

               0.1

              356

               0.2

            2,059

               1.1

            2,105

               0.3

            6,575

               1.2

Adjusted gross profit (Non-GAAP)

$      145,198

             57.6

$      135,620

             57.5

$      109,493

             57.5

$      406,151

             57.5

$      306,042

             57.9

 

 

Three Months Ended

Nine Months Ended

 

July 4, 2025

April 4, 2025

June 28, 2024

July 4, 2025

June 28, 2024

 

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

Operating expenses - GAAP

$      101,776

             40.4

$        95,286

             40.4

$        81,693

             42.9

$      296,644

             42.0

$      237,799

             45.0

Amortization expense

          (1,618)

             (0.6)

          (1,617)

             (0.7)

          (4,332)

             (2.3)

          (6,412)

             (0.9)

        (13,251)

             (2.5)

Share-based compensation expense

        (17,510)

             (6.9)

        (17,331)

             (7.3)

        (13,010)

             (6.8)

        (60,730)

             (8.6)

        (32,637)

             (6.2)

Acquisition and integration related costs

             (966)

             (0.4)

             (522)

             (0.2)

             (493)

             (0.3)

          (2,093)

             (0.3)

        (10,244)

             (1.9)

Adjusted operating expenses (Non-GAAP)

$        81,682

             32.4

$        75,816

             32.1

$        63,858

             33.5

$      227,409

             32.2

$      181,667

             34.4

 

 

Three Months Ended

Nine Months Ended

 

July 4, 2025

April 4, 2025

June 28, 2024

July 4, 2025

June 28, 2024

 

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

Income from operations - GAAP

$        37,660

             14.9

$        34,870

             14.8

$        19,716

             10.4

$        90,057

             12.8

$        46,132

               8.7

Amortization expense

            4,967

               2.0

            4,960

               2.1

            8,676

               4.6

          16,436

               2.3

          23,736

               4.5

Share-based compensation expense

          19,568

               7.8

          19,096

               8.1

          14,691

               7.7

          68,051

               9.6

          37,688

               7.1

Acquisition and integration related costs

            1,321

               0.5

              878

               0.4

            2,552

               1.3

            4,198

               0.6

          16,819

               3.2

Adjusted income from operations (Non-GAAP)

$        63,516

             25.2

$        59,804

             25.4

$        45,635

             24.0

$      178,742

             25.3

$      124,375

             23.5

 

 

 

 

 

 

 

 

 

 

 

Depreciation expense

            6,856

               2.7

            6,803

               2.9

            7,333

               3.8

          20,399

               2.9

          20,840

               3.9

Adjusted EBITDA (Non-GAAP)

$        70,372

             27.9

$        66,607

             28.2

$        52,968

             27.8

$      199,141

             28.2

$      145,215

             27.5

 

 

Three Months Ended

Nine Months Ended

 

July 4, 2025

April 4, 2025

June 28, 2024

July 4, 2025

June 28, 2024

 

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

Net income (loss) - GAAP

$        36,534

             14.5

$        31,666

             13.4

$        19,939

             10.5

$      (99,330)

            (14.1)

$        47,445

               9.0

Amortization expense

            4,967

               2.0

            4,960

               2.1

            8,676

               4.6

          16,436

               2.3

          23,736

               4.5

Share-based compensation expense

          19,568

               7.8

          19,096

               8.1

          14,691

               7.7

          68,051

               9.6

          37,689

               7.1

Non-cash interest, net

              381

               0.2

              380

               0.2

              287

               0.2

            1,068

               0.2

              860

               0.2

Acquisition and integration related costs

            1,321

               0.5

              878

               0.4

            2,552

               1.3

            4,198

               0.6

          16,819

               3.2

Loss on debt extinguishment

                —

                —

                —

                —

                —

                —

        193,098

             27.3

                —

                —

Tax effect of non-GAAP adjustments

            5,436

               2.2

            7,276

               3.1

            2,795

               1.5

            8,465

               1.2

            7,423

               1.4

Adjusted net income (Non-GAAP)

$        68,207

             27.1

$        64,256

             27.2

$        48,940

             25.7

$      191,986

             27.2

$      133,972

             25.3

 

 

Three Months Ended

Nine Months Ended

 

July 4, 2025

April 4, 2025

June 28, 2024

July 4, 2025

June 28, 2024

 

Net income

Income per diluted share

Net income (loss)

Income per diluted share

Net income

Income per diluted share

Net income (loss)

Income (loss) per diluted share

Net income

Income per diluted share

Net income (loss) - GAAP diluted

$        36,534

$            0.48

$        31,666

$            0.42

$        19,939

$            0.27

$      (99,330)

$          (1.35)

$        47,445

$            0.65

 

 

 

 

 

 

 

 

 

 

 

Adjusted net income (Non-GAAP)

$        68,207

$            0.90

$        64,256

$            0.85

$        48,940

$            0.66

$      191,986

$            2.54

$      133,972

$            1.83

 

 

Three Months Ended

Nine Months Ended

 

July 4, 2025

April 4, 2025

June 28, 2024

July 4, 2025

June 28, 2024

 

Shares

 

Shares

 

Shares

 

Shares

 

Shares

 

Diluted shares - GAAP

          75,864

 

          75,741

 

          74,217

 

          73,828

 

          73,258

 

Incremental shares

                —

 

                —

 

                —

 

            1,902

 

                —

 

Adjusted diluted shares (Non-GAAP)

          75,864

 

          75,741

 

          74,217

 

          75,730

 

          73,258

 

 

 

Three Months Ended

Nine Months Ended

 

July 4, 2025

April 4, 2025

June 28, 2024

July 4, 2025

June 28, 2024

 

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

 Amount

 % Revenue

Interest income - GAAP

$          7,598

               3.0

$          7,239

               3.1

$          5,820

               3.1

$        21,837

               3.1

$        16,742

               3.2

Interest expense - GAAP

          (1,178)

             (0.5)

          (1,179)

             (0.5)

          (1,288)

             (0.7)

          (3,723)

             (0.5)

          (3,862)

             (0.7)

Non-cash interest expense

              381

               0.2

              380

               0.2

              287

               0.2

            1,068

               0.2

              860

               0.2

Adjusted interest income (Non-GAAP)

$          6,801

               2.7

$          6,440

               2.7

$          4,819

               2.5

$        19,182

               2.7

$        13,740

               2.6