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Acacia Communications Reports Second Quarter 2016 Results

Revenue of $116.2 million up 101% and Net Income up 274% year-over-year

MAYNARD, Mass., Aug. 11, 2016 (GLOBE NEWSWIRE) -- Acacia Communications, Inc. (NASDAQ:ACIA), a leading provider of high-speed coherent optical interconnect products, today reported financial results for its second quarter ended June 30, 2016.

"Our record second quarter results exceeded our expectations across the board and reflect the success of our disruptive technology in transforming cloud, content and communications networks. These results are a testament to our strategy and demonstrate our leadership position in the high-growth 100G plus optical networking market," said Raj Shanmugaraj, President and CEO of Acacia Communications, "We continue to see strong global demand for our products, driven by metro and inter-data center network infrastructure buildouts."

"We are delighted to have completed our IPO during the second quarter and are excited about the many opportunities ahead of us," said John Gavin
, CFO of Acacia Communications, "The IPO enabled us to strengthen Acacia Communications' balance sheet while providing substantial capacity to further grow the business."

Results for the Second Quarter of 2016

  • Revenue of $116.2 million, increased 101% year-over-year
  • GAAP gross margin of 46.4% of revenue; non-GAAP gross margin of 47.0% of revenue
  • GAAP income from operations of $23.5 million; non-GAAP income from operations of $32.6 million
  • GAAP net income of $17.6 million; non-GAAP net income of $28.9 million
  • EBITDA of $22.0 million; adjusted EBITDA of $34.7 million
  • GAAP diluted EPS of $0.43; non-GAAP diluted EPS of $0.77

Outlook for the Third Quarter of 2016

The following statements are based on current expectations. These statements are forward-looking and actual results may differ materially, as a result of, among other things, the important factors discussed at the end of this release. Acacia Communications disclaims any obligation to update these forward-looking statements.

Acacia Communications' expectations for the third quarter of 2016 are:

Quarter Ending September 30, 2016

Revenue (millions) $ 120.0 to $ 128.0
Non-GAAP Net Income (millions) $ 26.0 to $ 31.0
Non-GAAP Diluted Earnings Per Share $ 0.64 to $ 0.76

Conference Call

Acacia Communications will host a conference call to discuss its results for the second quarter of 2016, recent developments and the Company's business outlook and strategy at 5 p.m. Eastern Time today. The live webcast of the call, along with the Company's earnings press release, can be accessed at the Acacia Communications' Investor Relations website at http://ir.acacia-inc.com. The U.S. dial-in for the call is 1-877-407-8293 (1-201-689-8349 for non-U.S. callers). Please ask to be joined to the Acacia Communications call. A replay of the conference call will be available until August 25, 2016, at 11:59 p.m. Eastern Time, while an archived version of the webcast will be available on the Acacia Communications' Investor Relations website for 90 days. The U.S. dial-in for the conference call replay is 1-877-660-6853 (1-201-612-7415 for non-U.S. callers). The replay access code is 13640697.

Use of Non-GAAP Financial Information

This release includes non-GAAP financial measures that are not in accordance with, nor an alternative to, generally accepted accounting principles. In addition, these non-GAAP measures are not based on any standardized methodology prescribed by GAAP and are not necessarily comparable to similarly-titled measures presented by other companies.

Schedule D of this press release provides reconciliations of Acacia Communications' non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income, non-GAAP diluted EPS, EBITDA and adjusted EBITDA to its GAAP measures.

Acacia Communications believes that providing these non-GAAP measures to investors, in addition to providing the corresponding income statement measures, provides investors the benefit of viewing the Company's performance using the same financial metrics that its management team uses in making many key decisions and evaluating how its results of operations may look in the future. Acacia Communications' management does not believe that items not involving cash expenditures, such as non-cash compensation related to equity awards and redeemable convertible preferred stock warrant liability changes derived from mark-to-market adjustments, are part of its critical decision making process. Therefore, Acacia Communications excludes those items from non-GAAP gross profit, non-GAAP income from operations, non-GAAP net income, non-GAAP diluted EPS, EBITDA and adjusted EBITDA.

Acacia Communications' non-GAAP financial measures reflect adjustments based on the measures described below, as well as the related income tax effects. The income tax effect of these non-GAAP adjustments is determined by recalculating income tax expense excluding these adjustments.

Because of these limitations, non-GAAP financial measures should be considered along with other operating and financial performance measures presented in accordance with GAAP.

Non-GAAP gross profit. Acacia Communications defines non-GAAP gross profit as gross profit as reported on its consolidated income statements, excluding the impact of stock-based compensation, which is a non-cash charge. Acacia Communications has presented non-GAAP gross profit because the Company believes that the exclusion of stock-based compensation allows for more accurate comparisons of the Company's results of operations to other companies in its industry.

Non-GAAP income from operations. Acacia Communications defines non-GAAP income from operations as income from operations as reported on the Company's consolidated income statements, excluding the impact of stock-based compensation. Acacia Communications has presented non-GAAP income from operations because the Company believes that the exclusion of stock-based compensation allows for more accurate comparisons of its results of operations to other companies in its industry.

Non-GAAP net income and Non-GAAP diluted EPS. Acacia Communications defines non-GAAP net income as net income as reported on the Company's consolidated income statements, excluding the impact of stock-based compensation and the change in fair value of the preferred stock warrant liability, both of which are non-cash charges, and the tax impact on those excluded items.

In order to calculate non-GAAP diluted EPS, Acacia Communications uses a non-GAAP weighted-average share count. The Company defines non-GAAP weighted-average shares used to compute non-GAAP diluted EPS as GAAP...


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