SAN JOSE, Calif., April 30, 2018 /PRNewswire/ -- Integrated
Device Technology, Inc. (IDT®) (NASDAQ: IDTI) today
announced results for the fourth quarter and full fiscal year ended
April 1, 2018.
Fourth quarter fiscal 2018 revenues totaled $224.6 million, up 3 percent sequentially, and up
28 percent from the year ago period. Strength in the quarter
was driven primarily by increased demand for products in the
automotive/industrial and consumer end markets.
"We exceeded our original $830
million FY2018 revenue target, delivering revenues of
$842.8 million (up 15.7% over
FY2017). We also delivered on our Non-GAAP operating margin
model target of 30% for the quarter, up from 27.2% in the year ago
period. For FY2019, we expect continued diversified revenue
growth, coupled with further year over year margin expansion," said
Greg Waters, President and Chief
Executive Officer.
Recent Business Highlights – Datacenter/HPC &
Communications Infrastructure
- IDT announced the availability of its first DDR5 Registered
Clock Driver (RCD), the IDT® 5RCD0144H RCD, which pairs seamlessly
with the IDT® P8900 PMIC to form the first complete chipset for the
early evaluation of DDR5 server memory modules. Providing the first
chipset capable of comprehensively evaluating interconnect and
power delivery at the system and module level allows IDT's
ecosystem partners to get a jumpstart on validation of silicon,
hardware and software development efforts. Our platform solution
enables DDR5 memory to scale up to twice the maximum speed and
effective bandwidth of DDR4 and promises to be the most significant
evolution in the memory subsystem in nearly two decades.
- At the 2018 Optical Forum Conference (OFC), IDT displayed
multiple new analog/mixed signal line-driver, transimpedance
amplifier (TIA) and clock-data recovery (CDR) timing devices for
next generation 200G/400G intra and inter datacenter applications
and 400G/600G metro/long distance telecom applications.
- At OFC 2018, IDT introduced the IDT® GX72170 25G linear driver
for 5G wireless network fiber backhaul applications. The demand for
25G and 50G fiber-based backhaul transceivers in the next 5 years
is expected to have 45% CAGR or more, according to the latest
LightCounting report.
Recent Business Highlights –
Consumer
- IDTI announced that its latest wireless charging transmitter
and receiver chipset is used in the Xiaomi Mobile flagship
MI MIX 2S smartphone and associated
wireless charging pad. The Xiaomi smartphone implements the Qi
standard Baseline Power Profile (BPP) with a proprietary operations
mode for a faster wireless charging experience supported by
IDT.
- IDTI announced that its latest wireless charging chipset is
being used as the receiver system-on-chip (SoC) in Samsung's
flagship Galaxy S9 and Galaxy S9+ Android smartphones as well as
the transmitter application in the bundled charging pad.
- IDT announced that its latest wireless charging chipset is used
in HMD Global's new premium smartphone, the Nokia 8 Sirocco, which
was launched at Mobile World Congress in Barcelona. Using the IDT wireless charging
chipset, the Nokia 8 Sirocco supports the popular Qi wireless
charging standard, which allows consumers to quickly and easily
charge their smartphones wirelessly without the need for cumbersome
cables.
Recent Business Highlights – Auto and Industrial
- IDT's Auto and Industrial business segment continues to
experience healthy growth and design win momentum. New
product releases in sensor signal conditioners, position sensors,
and fully integrated sensor platforms are delivering growth and new
design wins. These fully integrated sensor platforms
include the sensor, sensor signal processing IC,
software/algorithm, calibration with high-volume assembly/test
capabilities.
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 full fiscal 2018 was $842.8 million versus $728.2 million for full fiscal 2017. GAAP net
loss for fiscal 2018 was $12.1
million or $0.09 per diluted
share (including a GAAP charge of $114.2
million for the estimated impacts of the Tax Cuts and Job
Act ("TCJA")) compared with fiscal 2017 GAAP net income of
$109.2 million or $0.79 per diluted share. Non-GAAP net income for
full fiscal 2018 was $214.4 million
or $1.55 per diluted share versus
$195.7 million for full fiscal 2017
or $1.40 per diluted share.
- Revenue for the fiscal fourth quarter of 2018 was $224.6 million. This compared with $217.1 million reported last quarter, and
$175.7 million reported in the same
period one year ago.
- GAAP net income for the fiscal fourth quarter of 2018 was
$20.7 million, or $0.15 per diluted share versus GAAP net loss for
the fiscal third quarter of 2018 of $68.2
million, or a loss of $0.51
per diluted share (including a $101.9
million charge for the estimated impacts of TCJA) and GAAP
net income of $30.2 million or
$0.22 per diluted share in the same
period one year ago. Fiscal fourth quarter GAAP results include
$15.1 million in
restructuring-related charges, $12.4
million in stock-based compensation; $10.1 million in acquisition-related charges and
$3.8 million in non-cash interest
expense.
- Non-GAAP net income for the fiscal fourth quarter of 2018 was
$63.4 million or $0.46 per diluted share compared with non-GAAP
net income of $57.6 million or
$0.42 per diluted share last quarter,
and non-GAAP net income of $48.2
million or $0.35 per diluted
share reported in the same period one year ago.
- GAAP gross profit for the fiscal fourth quarter of 2018 was
$127.1 million, or 56.6 percent,
compared with GAAP gross profit of $128.4
million or 59.1 percent last quarter, and $101.7 million, or 57.9 percent, reported in the
same period one year ago. Non-GAAP gross profit for the fiscal
fourth quarter of 2018 was $140.5
million, or 62.6 percent, compared with non-GAAP gross
profit of $136.6 million, or 62.9
percent last quarter, and $106.1
million, or 60.4 percent, reported in the same period one
year ago.
- GAAP R&D expense for the fiscal fourth quarter of 2018 was
$55.7 million, compared with GAAP
R&D expense of $49.8 million last
quarter, and $35.5 million reported
in the same period one year ago. Non-GAAP R&D expense for the
fiscal fourth quarter of 2018 was $42.2
million, compared with non-GAAP R&D expense of
$42.8 million last quarter, and
$31.0 million in the same period one
year ago.
- GAAP SG&A expense for the fiscal fourth quarter of 2018 was
$41.5 million compared with GAAP
SG&A expense of $40.7 million
last quarter, and $36.2 million in
the same period one year ago. Non-GAAP SG&A expense for the
fiscal fourth quarter of 2018 was $30.9
million, compared with non-GAAP SG&A expense of
$31.1 million last quarter, and
$27.2 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 April 30, 2018 by calling
844-308-4493. The access code is 7085488.
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 April 30,
2018. The webcast replay will be available after
4:30 p.m. Pacific Time on
April 30, 2018 for one week.
IDT's next regularly scheduled Quiet Period will begin
June 18, 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 first quarter fiscal 2019 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 (loss);
- Diluted net income (loss) 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 and
amortization of certain assets no longer in use or related to
discontinued product lines.
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 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
|
|
Twelve Months
Ended
|
|
|
Apr. 1,
2018
|
|
Dec. 31,
2017
|
|
Apr. 2,
2017
|
|
Apr. 1,
2018
|
|
Apr. 2,
2017
|
Revenues
|
|
$
224,578
|
|
$
217,075
|
|
$
175,698
|
|
$
842,764
|
|
$
728,243
|
Cost of
revenues
|
|
97,478
|
|
88,690
|
|
74,026
|
|
360,479
|
|
307,605
|
Gross
profit
|
|
127,100
|
|
128,385
|
|
101,672
|
|
482,285
|
|
420,638
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
55,694
|
|
49,836
|
|
35,533
|
|
202,721
|
|
165,104
|
Selling,
general and administrative
|
|
41,532
|
|
40,689
|
|
36,225
|
|
168,648
|
|
145,193
|
Total operating
expenses
|
|
97,226
|
|
90,525
|
|
71,758
|
|
371,369
|
|
310,297
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income
|
|
29,874
|
|
37,860
|
|
29,914
|
|
110,916
|
|
110,341
|
|
|
|
|
|
|
|
|
|
|
|
Interest and other
expense, net
|
|
(4,875)
|
|
(5,068)
|
|
(2,153)
|
|
(18,744)
|
|
(11,056)
|
Income from
continuing operations before income taxes
|
|
24,999
|
|
32,792
|
|
27,761
|
|
92,172
|
|
99,285
|
Benefit from
(provision for) income taxes
|
|
(4,288)
|
|
(101,033)
|
|
2,448
|
|
(104,308)
|
|
9,899
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
from continuing operations
|
|
20,711
|
|
(68,241)
|
|
30,209
|
|
(12,136)
|
|
109,184
|
|
|
|
|
|
|
|
|
|
|
|
Discontinued
operations:
|
|
|
|
|
|
|
|
|
|
|
Gain from
divestiture
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,385
|
Provision for
income taxes
|
|
-
|
|
-
|
|
-
|
|
-
|
|
87
|
Net income from
discontinued operations
|
|
-
|
|
-
|
|
-
|
|
-
|
|
1,298
|
|
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
20,711
|
|
$
(68,241)
|
|
$
30,209
|
|
$
(12,136)
|
|
$
110,482
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share - continuing operations
|
|
$
0.16
|
|
$
(0.51)
|
|
$
0.23
|
|
$
(0.09)
|
|
$
0.82
|
Basic net income per
share - discontinued operations
|
|
-
|
|
-
|
|
-
|
|
-
|
|
0.01
|
Basic net income
(loss) per share
|
|
$
0.16
|
|
$
(0.51)
|
|
$
0.23
|
|
$
(0.09)
|
|
$
0.83
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net income
(loss) per share - continuing operations
|
|
$
0.15
|
|
$
(0.51)
|
|
$
0.22
|
|
$
(0.09)
|
|
$
0.79
|
Diluted net income
per share - discontinued operations
|
|
-
|
|
-
|
|
-
|
|
-
|
|
0.01
|
Diluted net income
(loss) per share
|
|
$
0.15
|
|
$
(0.51)
|
|
$
0.22
|
|
$
(0.09)
|
|
$
0.80
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
131,341
|
|
132,689
|
|
133,309
|
|
132,651
|
|
133,817
|
Diluted
|
|
135,016
|
|
132,689
|
|
136,903
|
|
132,651
|
|
137,440
|
INTEGRATED DEVICE
TECHNOLOGY, INC.
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES (a)
|
(Unaudited)
|
(In thousands,
except per share data)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
|
Apr. 1,
2018
|
|
Dec. 31,
2017
|
|
Apr. 2,
2017
|
|
Apr. 1,
2018
|
|
Apr. 2,
2017
|
GAAP net income
(loss) from continuing operations
|
|
$
20,711
|
|
$
(68,241)
|
|
$
30,209
|
|
$
(12,136)
|
|
$
109,184
|
GAAP diluted net
income (loss) per share - continuing operations
|
|
$
0.15
|
|
$
(0.51)
|
|
$
0.22
|
|
$
(0.09)
|
|
$
0.79
|
Acquisition-related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles
|
|
9,326
|
|
9,287
|
|
4,782
|
|
36,452
|
|
21,360
|
Acquisition-related costs
|
|
-
|
|
-
|
|
2,223
|
|
2,225
|
|
2,295
|
Amortization of fair market value adjustment to
inventory
|
|
753
|
|
1,178
|
|
407
|
|
8,023
|
|
4,079
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs (benefit)
|
|
4,953
|
|
378
|
|
(387)
|
|
7,549
|
|
16,139
|
Facility
closure costs
|
|
299
|
|
-
|
|
-
|
|
2,913
|
|
197
|
Assets
impairment and other
|
|
9,862
|
|
-
|
|
156
|
|
12,744
|
|
1,026
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
12,436
|
|
13,578
|
|
10,266
|
|
50,784
|
|
39,874
|
Non-cash
interest expense
|
|
3,792
|
|
3,744
|
|
3,393
|
|
15,123
|
|
13,329
|
Assets
impairment and other
|
|
(184)
|
|
-
|
|
-
|
|
(184)
|
|
(652)
|
Loss from
divestiture
|
|
-
|
|
-
|
|
-
|
|
-
|
|
710
|
Certain
unrealized foreign exchange gain
|
|
(794)
|
|
(360)
|
|
-
|
|
(3,583)
|
|
-
|
Compensation expense (benefit) - deferred compensation
plan
|
|
(128)
|
|
525
|
|
486
|
|
1,278
|
|
1,586
|
Loss
(gain) on deferred compensation plan securities
|
|
158
|
|
(518)
|
|
(474)
|
|
(1,163)
|
|
(1,532)
|
Non-GAAP
tax adjustments
|
|
2,183
|
|
98,003
|
|
(2,942)
|
|
94,327
|
|
(11,862)
|
Non-GAAP net
income from continuing operations
|
|
$
63,367
|
|
$
57,574
|
|
$
48,119
|
|
$
214,352
|
|
$
195,733
|
GAAP weighted average
shares - diluted
|
|
135,016
|
|
132,689
|
|
136,903
|
|
132,651
|
|
137,440
|
Non-GAAP
adjustment
|
|
1,773
|
|
5,714
|
|
1,596
|
|
5,675
|
|
1,976
|
Non-GAAP weighted
average shares - diluted
|
|
136,789
|
|
138,403
|
|
138,499
|
|
138,326
|
|
139,416
|
Non-GAAP diluted
net income per share continuing operations
|
|
$
0.46
|
|
$
0.42
|
|
$
0.35
|
|
$
1.55
|
|
$
1.40
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
127,100
|
|
$
128,385
|
|
$
101,672
|
|
$
482,285
|
|
$
420,638
|
Acquisition-related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles
|
|
6,264
|
|
6,127
|
|
3,116
|
|
23,895
|
|
12,817
|
Amortization of fair market value adjustment to
inventory
|
|
753
|
|
1,178
|
|
407
|
|
8,023
|
|
4,079
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs (benefit)
|
|
164
|
|
-
|
|
(36)
|
|
390
|
|
2,505
|
Assets
impairment and other
|
|
5,460
|
|
-
|
|
156
|
|
5,460
|
|
492
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation expense (benefit) - deferred compensation
plan
|
|
(29)
|
|
123
|
|
114
|
|
301
|
|
517
|
Stock-based compensation expense
|
|
830
|
|
814
|
|
660
|
|
3,040
|
|
2,936
|
Non-GAAP gross
profit
|
|
$
140,542
|
|
$
136,627
|
|
$
106,089
|
|
$
523,394
|
|
$
443,984
|
|
|
|
|
|
|
|
|
|
|
|
GAAP R&D
expenses:
|
|
$
55,694
|
|
$
49,836
|
|
$
35,533
|
|
$
202,721
|
|
$
165,104
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
benefit (costs)
|
|
(3,733)
|
|
18
|
|
(44)
|
|
(4,078)
|
|
(10,531)
|
Facility
closure costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(147)
|
Assets
impairment and other
|
|
(4,402)
|
|
-
|
|
-
|
|
(7,202)
|
|
(106)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation benefit (expense) - deferred compensation
plan
|
|
66
|
|
(268)
|
|
(248)
|
|
(651)
|
|
(677)
|
Stock-based compensation expense
|
|
(5,390)
|
|
(6,816)
|
|
(4,226)
|
|
(24,263)
|
|
(16,067)
|
Non-GAAP R&D
expenses
|
|
$
42,235
|
|
$
42,770
|
|
$
31,015
|
|
$
166,527
|
|
$
137,576
|
|
|
|
|
|
|
|
|
|
|
|
GAAP SG&A
expenses:
|
|
$
41,532
|
|
$
40,689
|
|
$
36,225
|
|
$
168,648
|
|
$
145,193
|
Acquisition-related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles
|
|
(3,062)
|
|
(3,160)
|
|
(1,666)
|
|
(12,557)
|
|
(8,543)
|
Acquisition-related costs
|
|
-
|
|
-
|
|
(2,223)
|
|
(2,225)
|
|
(2,295)
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
benefit (costs)
|
|
(1,056)
|
|
(396)
|
|
395
|
|
(3,081)
|
|
(3,103)
|
Facility
closure costs
|
|
(299)
|
|
-
|
|
-
|
|
(2,913)
|
|
(50)
|
Assets
impairment and other
|
|
-
|
|
-
|
|
-
|
|
(82)
|
|
(428)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation benefit (expense) - deferred compensation
plan
|
|
33
|
|
(134)
|
|
(124)
|
|
(326)
|
|
(392)
|
Stock-based compensation expense
|
|
(6,216)
|
|
(5,948)
|
|
(5,380)
|
|
(23,481)
|
|
(20,871)
|
Non-GAAP SG&A
expenses
|
|
$
30,932
|
|
$
31,051
|
|
$
27,227
|
|
$
123,983
|
|
$
109,511
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest and
other expense, net
|
|
$
(4,875)
|
|
$
(5,068)
|
|
$
(2,153)
|
|
$
(18,744)
|
|
$
(11,056)
|
Non-cash
interest expense
|
|
3,792
|
|
3,744
|
|
3,393
|
|
15,123
|
|
13,329
|
Assets
impairment and other
|
|
(184)
|
|
-
|
|
-
|
|
(184)
|
|
(652)
|
Loss from
divestiture
|
|
-
|
|
-
|
|
-
|
|
-
|
|
710
|
Loss
(gain) on deferred compensation plan securities
|
|
158
|
|
(518)
|
|
(474)
|
|
(1,163)
|
|
(1,532)
|
Certain
unrealized foreign exchange gain
|
|
(794)
|
|
(360)
|
|
-
|
|
(3,583)
|
|
-
|
Non-GAAP interest
and other income (expense), net
|
|
$
(1,903)
|
|
$
(2,202)
|
|
$
766
|
|
$
(8,551)
|
|
$
799
|
|
|
|
|
|
|
|
|
|
|
|
GAAP benefit from
(provision for) income taxes - continuing operations
|
|
$
(4,288)
|
|
$
(101,033)
|
|
$
2,448
|
|
$
(104,308)
|
|
$
9,899
|
Non-GAAP
tax adjustments
|
|
(2,183)
|
|
(98,003)
|
|
2,942
|
|
(94,327)
|
|
11,862
|
Non-GAAP provision
for income taxes - continuing operations
|
|
$
(2,105)
|
|
$
(3,030)
|
|
$
(494)
|
|
$
(9,981)
|
|
$
(1,963)
|
|
(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)
|
Apr. 1,
2018
|
|
Apr. 2,
2017
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
Cash and cash
equivalents
|
|
|
$
136,873
|
|
$
214,554
|
Short-term
investments
|
|
|
222,026
|
|
191,492
|
Accounts receivable,
net
|
|
|
108,779
|
|
89,312
|
Inventories
|
|
|
68,702
|
|
52,288
|
Prepayments and other
current assets
|
|
|
12,734
|
|
13,054
|
Total current
assets
|
|
|
549,114
|
|
560,700
|
Property, plant and
equipment, net
|
|
|
86,845
|
|
80,961
|
Goodwill
|
|
|
420,117
|
|
306,925
|
Intangible assets,
net
|
|
|
180,781
|
|
108,818
|
Deferred tax
assets
|
|
|
11,764
|
|
85,831
|
Other
assets
|
|
|
61,910
|
|
40,399
|
TOTAL
ASSETS
|
|
|
$1,310,531
|
|
$1,183,634
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
Accounts
payable
|
|
|
$
41,070
|
|
$
42,020
|
Accrued compensation
and related expenses
|
|
|
44,002
|
|
26,624
|
Deferred income on
shipments to distributors
|
|
|
-
|
|
1,985
|
Current portion of
bank loan
|
|
|
2,000
|
|
-
|
Other accrued
liabilities
|
|
|
26,524
|
|
20,205
|
Total current
liabilities
|
|
|
113,596
|
|
90,834
|
Deferred tax
liabilities
|
|
|
10,221
|
|
13,835
|
Long-term income tax
payable
|
|
|
25,034
|
|
867
|
Convertible
notes
|
|
|
299,551
|
|
285,541
|
Long-term bank loan,
net
|
|
|
191,073
|
|
-
|
Other long-term
liabilities
|
|
|
25,684
|
|
18,894
|
Total
liabilities
|
|
|
665,159
|
|
409,971
|
Stockholders'
equity
|
|
|
645,372
|
|
773,663
|
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
|
$1,310,531
|
|
$1,183,634
|
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SOURCE Integrated Device Technology, Inc.