SAN JOSE, Calif., Jan. 29, 2018 /PRNewswire/ -- Integrated
Device Technology, Inc. (IDT®) (NASDAQ: IDTI) today
announced results for the fiscal third quarter 2018, ended
December 31, 2017.
"Third quarter fiscal 2018 revenues totaled $217.1 million, six percent higher sequentially,
and 23 percent higher than the year ago period. Strength in
the quarter was driven primarily by increasing demand for products
in our high-performance compute and automotive/industrial end
markets, " said Greg Waters,
President and Chief Executive Officer. "We expect product
cycles in our consumer end market to kick in during our fiscal
fourth quarter, driving total company growth beyond normal
seasonality."
Recent Business Highlights – Auto and Industrial
- IDT's Auto and Industrial business continues to expand. New
product releases in sensor signal conditioners, position sensors,
and custom products are all delivering growth and strong design in
traction.
- IDT announced a new family of gas sensors that provide better
sensitivity, stability, and selectivity improvements over many
competing solutions. These qualities are ideal for demanding
industrial applications, where low-level gas detection, long
service life, and accurate readings are critical for
next-generation platforms and proper system operation.
- IDT announced the addition of a family of relative humidity
(RH) sensor ICs to its fast-growing portfolio of advanced sensor
products. IDT's humidity sensors offer high accuracy with the
fastest measurement response time of comparable devices currently
on the market.
- Combining our wireless power and advanced sensor technology
capabilities, IDT introduced the SDAWIR0x wireless sensor hub
evaluation kit, which wirelessly connects IDT's high-performance
humidity, temperature and flow sensors in the latest industrial
IoT, smart home, connected appliances, fluid metering and control
and environmental monitoring applications. Up to one hundred of
these sensor modules can be connected to a single Wi-Fi hub; or
thousands in a full mesh network making it ideal for a wide variety
of connected devices requiring real-time temperature, humidity and
flow data, such as smart thermostats, smart refrigerators,
environmental weather stations, pumps and metering equipment and
medical infusion pumps and CPAPs.
Recent Business Highlights –
Consumer
- LG Electronics and IDT have partnered on the world's first
implementation of Qi wireless charging Extended Power Profile (EPP)
in a flagship smartphone, the LG V30, which enables safe, wireless
fast charging capability. We believe that IDT is well positioned to
be a leader in the Qi/EPP platform with support for 5W to 15W
charging, which will be the preferred standard for Automotive
Wireless Power adoption.
- IDT announced the commencement of production shipments of
wireless power products to a major new Japanese smartphone
OEM.
Recent Business Highlights – Communications &
Computing
- IDT introduced an integrated IEEE 1588 timing platform and
software for a variety of Cavium System on Chip solutions. We
believe that our IEEE 1588 timing platforms and software are well
positioned for fast-growing end markets in data centers,
high-performance computing, storage, networking, wireless 4G/5G
mobile networks, industrial automation applications, and
next-generation video production/transmission networks.
- IDT announced that Qualcomm Datacenter Technologies, a
subsidiary of Qualcomm Technologies, Inc., will use IDT's second
generation DDR4 chipset with the Qualcomm Centriq™ 2400 processor.
This chipset includes the IDT 4RCD0229K register, 4DB0226KB data
buffer and TSE2004 temperature sensor.
- IDT introduced its new 8SLVS1118 buffer, the industry's first
with 18 outputs and the lowest additive jitter in its class. This
combination of 18 outputs – two more than its nearest competitors –
and best-in-class additive jitter performance make the 8SLVS1118
ideal for current and emerging telecommunication, industrial and
medical applications that have critical timing requirements
necessitating well-defined and repeatable clock distribution
performance.
The following highlights the Company's financial performance on
both a GAAP and supplemental non-GAAP basis. The Company provides
supplemental information regarding its operating performance on a
non-GAAP basis that excludes certain gains, losses and charges, or
events which occur relatively infrequently and which management
considers to be outside our core operating results. Non-GAAP
results are not in accordance with GAAP and may not be comparable
to non-GAAP information provided by other companies. Non-GAAP
information should be considered a supplement to, and not a
substitute for, financial statements prepared in accordance with
GAAP. A complete reconciliation of GAAP to non-GAAP results is
attached to this press release.
- Revenue for the fiscal third quarter of 2018 was $217.1 million. This compared with $204.4 million reported last quarter, and
$176.4 million reported in the same
period one year ago.
- GAAP net loss for the fiscal third quarter of 2018 was
$68.2 million, or a loss of
$0.51 per diluted share (including a
one-time GAAP provision of $101.9
million for the estimated impacts of the Tax Cuts and Jobs
Act ("TCJA"), which was enacted on December
22, 2017, discussed further below) versus GAAP net income of
$18.7 million or $0.14 per diluted share last quarter, and GAAP
net income from continuing operations of $33.4 million or $0.24 per diluted share in the same period one
year ago. Fiscal third quarter GAAP results include $10.8 million in acquisition-related and
restructuring charges, $13.6 million
in stock-based compensation, $3.7
million in non-cash interest expense, $0.4 million in certain unrealized foreign
exchange gain and a one-time GAAP provision of $101.9 million for the estimated impacts of the
TCJA.
- The estimated $101.9 million
impact of the TCJA includes $10.2
million from the remeasurement of U.S. deferred tax assets
and liabilities at lower enacted corporate tax rates and
$91.7 million from the tax on deemed
repatriation of historical foreign earnings. The net taxes payable
(net of tax attributes of approximately $59.1 million) on deemed repatriation of
historical foreign earnings is approximately $32.6 million, which will be payable over 8 years
starting in the next fiscal year.
- Non-GAAP net income for the fiscal third quarter of 2018 was
$57.6 million or $0.42 per diluted share, compared with non-GAAP
net income of $48.1 million or
$0.35 per diluted share last quarter,
and non-GAAP net income from continuing operations of $49.0 million or $0.35 per diluted share reported in the same
period one year ago.
- GAAP gross profit for the fiscal third quarter of 2018 was
$128.4 million, or 59.1 percent,
compared with GAAP gross profit of $116.8
million or 57.1 percent last quarter, and $104.1 million, or 59.0 percent, reported in the
same period one year ago. Non-GAAP gross profit for the fiscal
third quarter of 2018 was $136.6
million, or 62.9 percent, compared with non-GAAP gross
profit of $125.5 million, or 61.4
percent last quarter, and $108.7
million, or 61.6 percent, reported in the same period one
year ago.
- GAAP R&D expense for the fiscal third quarter of 2018 was
$49.8 million, compared with GAAP
R&D expense of $48.7 million last
quarter, and $38.2 million reported
in the same period one year ago. Non-GAAP R&D expense for the
fiscal third quarter of 2018 was $42.8
million, compared with non-GAAP R&D expense of
$41.3 million last quarter, and
$33.5 million in the same period one
year ago.
- GAAP SG&A expense for the fiscal third quarter of 2018 was
$40.7 million, compared with GAAP
SG&A expense of $44.5 million
last quarter, and $32.7 million in
the same period one year ago. Non-GAAP SG&A expense for the
fiscal third quarter of 2018 was $31.1
million, compared with non-GAAP SG&A expense of
$31.2 million last quarter, and
$25.7 million in the same period one
year ago.
Webcast and Conference Call Information
Investors may listen to the live call at 1:30 p.m. Pacific Time on January 29, 2018 by calling 844-308-4493.
The access code is 3787275. Investors may listen to a live or
replay webcast of the Company's quarterly financial conference call
at http://ir.idt.com/. The live webcast will begin at
1:30 p.m. Pacific Time on
January 29, 2018. The webcast replay
will be available after 4:30 p.m. Pacific
Time on January 29, 2018 for
one week.
IDT's next regularly scheduled Quiet Period will begin
March 19, 2018, during which time IDT
representatives will not comment on IDT's business outlook,
financial results or expectations. The Quiet Period will extend
until the day when IDT's fourth quarter fiscal 2018 earnings
release is published.
About IDT
Integrated Device Technology, Inc. develops system-level
solutions that optimize its customers' applications. IDT's
market-leading products in RF, timing, wireless power transfer,
serial switching, interfaces and sensing solutions are among the
company's broad array of complete mixed-signal solutions for the
communications, computing, consumer, automotive and industrial
segments. Headquartered in San Jose,
Calif., IDT has design, manufacturing, sales facilities and
distribution partners throughout the world. IDT stock is traded on
the NASDAQ Global Select Stock Market® under the symbol "IDTI."
Additional information about IDT is accessible at www.IDT.com.
Follow IDT on Facebook, LinkedIn, Twitter, YouTube and Google+.
Forward Looking Statements
Investors are cautioned that forward-looking statements in this
release, including but not limited to statements regarding demand
for Company products, anticipated trends in Company sales, expenses
and profits, involve a number of risks and uncertainties that could
cause actual results to differ materially from current
expectations. Risks include, but are not limited to, global
business and economic conditions, fluctuations in product demand,
manufacturing capacity and costs, inventory management,
competition, pricing, patent and other intellectual property rights
of third parties, timely development and introduction of new
products and manufacturing processes, dependence on one or more
customers for a significant portion of sales, successful
integration of acquired businesses and technology, availability of
capital, cash flow and other risk factors detailed in the Company's
Securities and Exchange Commission filings. The Company urges
investors to review in detail the risks and uncertainties in the
Company's Securities and Exchange Commission filings, including but
not limited to the Annual Report on Form 10-K for the fiscal year
ended April 2, 2017. All
forward-looking statements are made as of the date of this release
and the Company disclaims any duty to update such statements.
Non-GAAP Reporting
To supplement its consolidated financial results presented in
accordance with GAAP, IDT uses non-GAAP financial measures which
are adjusted from the most directly comparable GAAP financial
measures to exclude certain items, as described in detail below.
Management believes that these non-GAAP financial measures reflect
an additional and useful way of viewing aspects of the Company's
operations that, when viewed in conjunction with IDT's GAAP
results, provide a more comprehensive understanding of the various
factors and trends affecting the Company's business and operations.
It should also be noted that IDT's non-GAAP information may be
different from the non-GAAP information provided by other
companies. Non-GAAP financial measures used by IDT include:
- Cost of revenues;
- Gross profit;
- Research and development expenses;
- Selling, general and administrative expenses;
- Interest and other income (expense);
- Benefit from (provision for) income taxes;
- Operating income;
- Net income;
- Diluted net income per share; and
- Weighted average shares outstanding - diluted
The Company presents non-GAAP financial measures because the
investor community uses non-GAAP results in its analysis and
comparison of historical results and projections of the Company's
future operating results. These non-GAAP results exclude
acquisition-related expense, restructuring and divestiture related
costs (gain), share-based compensation expense, results from
discontinued operations, and certain other expenses and benefits.
Management uses these non-GAAP measures to manage and assess the
profitability of the business. These non-GAAP results are also
consistent with the way management internally analyzes IDT's
financial results.
There are limitations in using non-GAAP financial measures
because they are not prepared in accordance with GAAP and may be
different from non-GAAP financial measures used by other companies.
The presentation of non-GAAP financial information is not meant to
be considered in isolation or as a substitute for the most directly
comparable GAAP financial measures. The non-GAAP financial measures
supplement, and should be viewed in conjunction with, GAAP
financial measures. Investors should review the reconciliations of
the non-GAAP financial measures to their most directly comparable
GAAP financial measures as provided in the accompanying press
release.
As presented in the "Reconciliation of GAAP to Non-GAAP" tables
in the accompanying press release, each of the non-GAAP financial
measures excludes one or more of the following items:
Acquisition-related. Acquisition-related charges are not
factored into management's evaluation of potential acquisitions or
IDT's performance after completion of acquisitions, because they
are not related to the Company's core operating performance.
Adjustments of these items provide investors with a basis to
compare IDT's performance to other companies without the
variability caused by purchase accounting. Acquisition-related
expenses primarily include:
- Amortization of acquisition-related intangibles, which include
acquired intangibles such as purchased technology, patents,
customer relationships, trademarks, backlog and non-compete
agreements.
- Acquisition-related costs such as legal, accounting and other
professional or consulting fees directly related to an
acquisition.
- Fair market value adjustment to acquired inventory sold.
Restructuring-related. Restructuring charges primarily
relate to changes in IDT's infrastructure in efforts to reduce
costs and expenses (gains) associated with strategic divestitures
and restructuring in force actions. Restructuring charges
(gains) are excluded from non-GAAP financial measures because they
are not considered core operating activities. Although IDT has
engaged in various restructuring activities in the past, each has
been a discrete event based on a unique set of business objectives.
As such, management believes that it is appropriate to exclude
restructuring charges (gains) from IDT's non-GAAP financial
measures as it enhances the ability of investors to compare the
Company's period-over-period operating results.
Restructuring-related charges (gains) primarily include:
- Severance costs directly related to a restructuring
action.
- Facility closure costs consist of ongoing costs associated with
the exit of our leased and owned facilities.
- Gain on divestiture consists of gains recognized upon the
strategic sale of business units.
- Assets impairments including accelerated depreciation of
certain assets no longer in use.
Other adjustments. These items are excluded from non-GAAP
financial measures because they are not related to the core
operating activities and on-going future operating performance of
IDT. Excluding this data allows investors to better compare IDT's
period-over-period performance without such expense, which IDT
believes may be useful to the investor community.
Other adjustments primarily include:
- Stock based compensation expense.
- Compensation expense (benefit) – deferred compensation,
consists of gains and losses on marketable equity securities
related to our deferred compensation arrangements.
- Non-cash interest expense, consists of amortization of issuance
cost and accretion of discount related to the convertible
notes.
- Loss (gain) on deferred compensation plan securities represents
the changes in the fair value of the assets in a separate trust
that is invested in corporate owned life insurance under our
deferred compensation plan.
- Unrealized foreign currency gains and losses resulting from
remeasurement of certain non-functional currency account
balances.
- Tax effects of non-GAAP adjustments. Non-GAAP tax calculation
is based on estimated cash tax expense and reserves. The
Company forecasts its annual cash tax liability and allocates the
tax to each quarter in proportion to earnings for that period. This
approach is designed to enhance the ability of investors to
understand the impact of the Company's tax expense on its current
operations, provide improved modeling accuracy, and substantially
reduce fluctuations caused by GAAP to non-GAAP adjustments, which
may not reflect actual cash tax expense. The one-time tax
impacts of the TCJA related to non-current liabilities and deferred
tax assets are not reflected in the non-GAAP tax provision.
- Diluted weighted average shares non-GAAP adjustment, for
purposes of calculating non-GAAP diluted net income per share, the
GAAP diluted weighted average shares outstanding is adjusted to
exclude the benefits of stock compensation expense attributable to
future services not yet recognized in the financial statements that
are treated as proceeds assumed to be used to repurchase shares
under the GAAP treasury method.
IDT and the IDT logo are trademarks or
registered trademarks of Integrated Device Technology, Inc. All
other brands, product names and marks are or may be trademarks or
registered trademarks used to identify products or services of
their respective owners.
Financial
Contact:
|
Press
Contact:
|
Krishna
Shankar
|
Krista
Pavlakos
|
Head of Investor
Relations
|
IDT Director,
Communications
|
Phone: (408)
574-6995
|
Phone: (408)
574-6640
|
E-mail:
krishna.shankar@idt.com
|
E-mail:
krista.pavlakos@idt.com
|
INTEGRATED DEVICE
TECHNOLOGY, INC.
|
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS
|
(Unaudited)
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
December 31,
2017
|
|
October 1,
2017
|
|
January 1,
2017
|
|
December 31,
2017
|
|
January 1,
2017
|
Revenues
|
|
$
217,075
|
|
$
204,398
|
|
$
176,358
|
|
$
618,186
|
|
$
552,545
|
Cost of
revenues
|
|
88,690
|
|
87,636
|
|
72,273
|
|
263,001
|
|
233,579
|
Gross
profit
|
|
128,385
|
|
116,762
|
|
104,085
|
|
355,185
|
|
318,966
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
49,836
|
|
48,742
|
|
38,173
|
|
147,027
|
|
129,571
|
Selling,
general and administrative
|
|
40,689
|
|
44,485
|
|
32,737
|
|
127,116
|
|
108,968
|
Total operating
expenses
|
|
90,525
|
|
93,227
|
|
70,910
|
|
274,143
|
|
238,539
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
37,860
|
|
23,535
|
|
33,175
|
|
81,042
|
|
80,427
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other
expense, net
|
|
(5,068)
|
|
(4,886)
|
|
(3,810)
|
|
(13,869)
|
|
(8,903)
|
Income from
continuing operations before income taxes
|
|
32,792
|
|
18,649
|
|
29,365
|
|
67,173
|
|
71,524
|
Benefit from
(provision for) income taxes
|
|
(101,033)
|
|
31
|
|
4,072
|
|
(100,020)
|
|
7,451
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
(68,241)
|
|
18,680
|
|
33,437
|
|
(32,847)
|
|
78,975
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
|
|
Gain from
divestiture
|
|
-
|
|
-
|
|
1,385
|
|
-
|
|
1,385
|
Provision for
income taxes
|
|
-
|
|
-
|
|
87
|
|
-
|
|
87
|
Net income from
discontinued operations
|
|
-
|
|
-
|
|
1,298
|
|
-
|
|
1,298
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
(68,241)
|
|
$
18,680
|
|
$
34,735
|
|
$
(32,847)
|
|
$
80,273
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share - continuing operations
|
|
$
(0.51)
|
|
$
0.14
|
|
$
0.25
|
|
$
(0.25)
|
|
$
0.59
|
Basic net income per
share - discontinued operations
|
|
-
|
|
-
|
|
0.01
|
|
-
|
|
0.01
|
Basic net income
(loss) per share
|
|
$
(0.51)
|
|
$
0.14
|
|
$
0.26
|
|
$
(0.25)
|
|
$
0.60
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share - continuing operations
|
|
$
(0.51)
|
|
$
0.14
|
|
$
0.24
|
|
$
(0.25)
|
|
$
0.57
|
Diluted net income
per share - discontinued operations
|
|
-
|
|
-
|
|
0.01
|
|
-
|
|
0.01
|
Diluted net income
(loss) per share
|
|
$
(0.51)
|
|
$
0.14
|
|
$
0.25
|
|
$
(0.25)
|
|
$
0.58
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
132,689
|
|
133,269
|
|
133,846
|
|
133,087
|
|
133,987
|
Diluted
|
|
132,689
|
|
136,059
|
|
137,167
|
|
133,087
|
|
137,581
|
INTEGRATED DEVICE
TECHNOLOGY, INC.
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES (a)
|
(Unaudited)
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Nine Months
Ended
|
|
|
December 31,
2017
|
|
October 1,
2017
|
|
January 1,
2017
|
|
December 31,
2017
|
|
January 1,
2017
|
GAAP net income
(loss) from continuing operations
|
|
$
(68,241)
|
|
$
18,680
|
|
$
33,437
|
|
$
(32,847)
|
|
$
78,975
|
GAAP diluted net
income (loss) per share - continuing operations
|
|
$
(0.51)
|
|
$
0.14
|
|
$
0.24
|
|
$
(0.25)
|
|
$
0.57
|
Acquisition-related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles
|
|
9,287
|
|
8,963
|
|
5,557
|
|
27,126
|
|
16,578
|
Acquisition-related fees
|
|
-
|
|
-
|
|
-
|
|
2,225
|
|
72
|
Amortization of fair market value adjustment to
inventory
|
|
1,178
|
|
2,011
|
|
757
|
|
7,270
|
|
3,672
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs (benefit)
|
|
378
|
|
1,637
|
|
(216)
|
|
2,596
|
|
16,723
|
Facility
closure costs
|
|
-
|
|
2,542
|
|
-
|
|
2,614
|
|
-
|
Assets
impairment and other
|
|
-
|
|
917
|
|
-
|
|
2,882
|
|
870
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
13,578
|
|
12,950
|
|
9,912
|
|
38,348
|
|
29,608
|
Non-cash
interest expense
|
|
3,744
|
|
3,695
|
|
3,360
|
|
11,331
|
|
9,936
|
Assets
impairment and other
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(652)
|
Loss from
divestiture
|
|
-
|
|
-
|
|
710
|
|
-
|
|
710
|
Certain
unrealized foreign exchange gain
|
|
(360)
|
|
(754)
|
|
-
|
|
(2,789)
|
|
-
|
Compensation expense - deferred compensation plan
|
|
525
|
|
469
|
|
262
|
|
1,406
|
|
1,100
|
Gain on
deferred compensation plan securities
|
|
(518)
|
|
(443)
|
|
(249)
|
|
(1,321)
|
|
(1,058)
|
Non-GAAP
tax adjustments
|
|
98,003
|
|
(2,518)
|
|
(4,527)
|
|
92,144
|
|
(8,920)
|
Non-GAAP net
income from continuing operations
|
|
$
57,574
|
|
$
48,149
|
|
$
49,003
|
|
$
150,985
|
|
$
147,614
|
GAAP weighted average
shares - diluted
|
|
132,689
|
|
136,059
|
|
137,167
|
|
133,087
|
|
137,581
|
Non-GAAP
adjustment
|
|
5,714
|
|
2,780
|
|
2,006
|
|
5,787
|
|
2,168
|
Non-GAAP weighted
average shares - diluted
|
|
138,403
|
|
138,839
|
|
139,173
|
|
138,874
|
|
139,749
|
Non-GAAP diluted
net income per share continuing operations
|
|
$
0.42
|
|
$
0.35
|
|
$
0.35
|
|
$
1.09
|
|
$
1.06
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
128,385
|
|
$
116,762
|
|
$
104,085
|
|
$
355,185
|
|
$
318,966
|
Acquisition-related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles
|
|
6,127
|
|
5,822
|
|
3,178
|
|
17,631
|
|
9,701
|
Amortization of fair market value adjustment to
inventory
|
|
1,178
|
|
2,011
|
|
757
|
|
7,270
|
|
3,672
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs (benefit)
|
|
-
|
|
30
|
|
(146)
|
|
226
|
|
2,541
|
Assets
impairment and other
|
|
-
|
|
-
|
|
-
|
|
-
|
|
336
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation expense - deferred compensation plan
|
|
123
|
|
110
|
|
96
|
|
330
|
|
403
|
Stock-based compensation expense
|
|
814
|
|
764
|
|
695
|
|
2,210
|
|
2,276
|
Non-GAAP gross
profit
|
|
$
136,627
|
|
$
125,499
|
|
$
108,665
|
|
$
382,852
|
|
$
337,895
|
|
|
|
|
|
|
|
|
|
|
|
GAAP R&D
expenses:
|
|
$
49,836
|
|
$
48,742
|
|
$
38,173
|
|
$
147,027
|
|
$
129,571
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs
|
|
18
|
|
(318)
|
|
(225)
|
|
(345)
|
|
(10,634)
|
Assets
impairment and other
|
|
-
|
|
(835)
|
|
-
|
|
(2,800)
|
|
(106)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation expense - deferred compensation plan
|
|
(268)
|
|
(239)
|
|
(102)
|
|
(717)
|
|
(429)
|
Stock-based compensation expense
|
|
(6,816)
|
|
(6,094)
|
|
(4,342)
|
|
(18,873)
|
|
(11,841)
|
Non-GAAP R&D
expenses
|
|
$
42,770
|
|
$
41,256
|
|
$
33,504
|
|
$
124,292
|
|
$
106,561
|
|
|
|
|
|
|
|
|
|
|
|
GAAP SG&A
expenses:
|
|
$
40,689
|
|
$
44,485
|
|
$
32,737
|
|
$
127,116
|
|
$
108,968
|
Acquisition-related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles
|
|
(3,160)
|
|
(3,141)
|
|
(2,379)
|
|
(9,495)
|
|
(6,877)
|
Acquisition-related fees
|
|
-
|
|
-
|
|
-
|
|
(2,225)
|
|
(72)
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs (benefit)
|
|
(396)
|
|
(1,289)
|
|
295
|
|
(2,025)
|
|
(3,548)
|
Facility
closure costs
|
|
-
|
|
(2,542)
|
|
-
|
|
(2,614)
|
|
-
|
Assets
impairment and other
|
|
-
|
|
(82)
|
|
-
|
|
(82)
|
|
(428)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation expense - deferred compensation plan
|
|
(134)
|
|
(120)
|
|
(64)
|
|
(359)
|
|
(268)
|
Stock-based compensation expense
|
|
(5,948)
|
|
(6,092)
|
|
(4,875)
|
|
(17,265)
|
|
(15,491)
|
Non-GAAP SG&A
expenses
|
|
$
31,051
|
|
$
31,219
|
|
$
25,714
|
|
$
93,051
|
|
$
82,284
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest and
other expense, net
|
|
$
(5,068)
|
|
$
(4,886)
|
|
$
(3,810)
|
|
$
(13,869)
|
|
$
(8,903)
|
Non-cash
interest expense
|
|
3,744
|
|
3,695
|
|
3,360
|
|
11,331
|
|
9,936
|
Assets
impairment and other
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(652)
|
Loss from
divestiture
|
|
-
|
|
-
|
|
710
|
|
-
|
|
710
|
Gain on
deferred compensation plan securities
|
|
(518)
|
|
(443)
|
|
(249)
|
|
(1,321)
|
|
(1,058)
|
Certain
unrealized foreign exchange gain
|
|
(360)
|
|
(754)
|
|
-
|
|
(2,789)
|
|
-
|
Non-GAAP interest
and other income (expense), net
|
|
$
(2,202)
|
|
$
(2,388)
|
|
$
11
|
|
$
(6,648)
|
|
$
33
|
|
|
|
|
|
|
|
|
|
|
|
GAAP benefit from
(provision for) income taxes - continuing operations
|
|
$
(101,033)
|
|
$
31
|
|
$
4,072
|
|
$
(100,020)
|
|
$
7,451
|
Non-GAAP
tax adjustments
|
|
(98,003)
|
|
2,518
|
|
4,527
|
|
(92,144)
|
|
8,920
|
Non-GAAP provision
for income taxes - continuing operations
|
|
$
(3,030)
|
|
$
(2,487)
|
|
$
(455)
|
|
$
(7,876)
|
|
$
(1,469)
|
|
(a) Refer to
the accompanying "Notes to Non-GAAP Financial Measures" for a
detailed discussion of management's use of non-GAAP financial
measures.
|
INTEGRATED DEVICE
TECHNOLOGY, INC.
|
CONDENSED
CONSOLIDATED BALANCE SHEETS
|
(Unaudited)
|
|
|
|
|
|
|
|
|
(In
thousands)
|
December 31,
2017
|
|
April 2,
2017
|
|
|
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
132,800
|
|
$
214,554
|
|
|
Short-term
investments
|
|
|
264,066
|
|
191,492
|
|
|
Accounts receivable,
net
|
|
|
109,701
|
|
89,312
|
|
|
Inventories
|
|
|
63,892
|
|
52,288
|
|
|
Prepayments and other
current assets
|
|
|
14,590
|
|
13,054
|
|
|
Total current
assets
|
|
|
585,049
|
|
560,700
|
|
|
Property, plant and
equipment, net
|
|
|
86,636
|
|
80,961
|
|
|
Goodwill
|
|
|
420,117
|
|
306,925
|
|
|
Intangible assets,
net
|
|
|
196,977
|
|
108,818
|
|
|
Deferred tax
assets
|
|
|
18,390
|
|
85,831
|
|
|
Other
assets
|
|
|
61,668
|
|
40,399
|
|
|
TOTAL
ASSETS
|
|
|
$
1,368,837
|
|
$
1,183,634
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
|
Accounts
payable
|
|
|
$
41,950
|
|
$
42,020
|
|
|
Accrued compensation
and related expenses
|
|
|
34,055
|
|
26,624
|
|
|
Deferred income on
shipments to distributors
|
|
|
3,521
|
|
1,985
|
|
|
Current portion of
bank loan
|
|
|
2,000
|
|
-
|
|
|
Other accrued
liabilities
|
|
|
22,523
|
|
20,205
|
|
|
Total current
liabilities
|
|
|
104,049
|
|
90,834
|
|
|
Deferred tax
liabilities
|
|
|
11,046
|
|
13,835
|
|
|
Long-term income tax
payable
|
|
|
31,812
|
|
867
|
|
|
Convertible
notes
|
|
|
295,983
|
|
285,541
|
|
|
Long-term bank loan,
net
|
|
|
191,368
|
|
-
|
|
|
Other long-term
liabilities
|
|
|
26,288
|
|
18,894
|
|
|
Total
liabilities
|
|
|
660,546
|
|
409,971
|
|
|
Stockholders'
equity
|
|
|
708,291
|
|
773,663
|
|
|
|
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
$
1,368,837
|
|
$
1,183,634
|
|
|
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SOURCE Integrated Device Technology, Inc.