SAN JOSE, Calif., Oct. 29, 2018 /PRNewswire/ -- Integrated Device
Technology, Inc. (IDT®) (NASDAQ: IDTI) today announced
results for the fiscal second quarter 2019, ended September 30, 2018 with revenues of $235.5 million; GAAP EPS of $0.26 and non-GAAP EPS of $0.47.
![IDT Logo (PRNewsFoto/Integrated Device Technology, I) IDT Logo (PRNewsFoto/Integrated Device Technology, I)](https://mma.prnewswire.com/media/283025/integrated_device_technology_inc___logo.jpg)
On September 10, 2018, IDT, a
leading supplier of high-performance system-level
analog/mixed-signal semiconductors, and Renesas Electronics
Corporation ("Renesas", TSE: 6723), a premier supplier of advanced
semiconductor solutions, announced that they have signed a
definitive agreement under which Renesas will acquire IDT for
US$49.00 per share in an all-cash
transaction representing an equity value of approximately
US$6.7 billion (approximately
733.0 billion yen at an exchange rate
of 110 yen to the dollar). The
acquisition combines two recognized leaders in embedded processors
and analog mixed-signal semiconductors, each with unique strengths
in delivering products to improve performance and efficiency in
high-performance electronic systems. The boards of directors of
both companies have unanimously approved the transaction. On
October 22, 2018, the waiting period
under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of
1976 expired; thus satisfying one of the closing conditions for the
acquisition. Closing of the transaction is expected to occur
in the first half of calendar 2019, following approvals by IDT
shareholders and other relevant regulatory authorities.
Due to the pending acquisition by Renesas, IDT management will
not be hosting an investor conference call and will not provide
forward-looking guidance. Investors are requested to review
our IR web site for the quarterly financial highlights and SEC
filings for the latest updates on the pending deal.
Recent Business Highlights – Datacenter &
Communications Infrastructure
- IDT introduced the industry's first integrated CMOS chipset for
56GB multi-channel applications, ideal for 200G/400G Ethernet
Datacom modules. The new IDT chipset addresses the rapid migration
from 100G to 400G that mega data centers are undergoing to meeting
the continuing rise in cloud computing. The chipset is primarily
designed for 200G/400G Short-Reach Ethernet optical transceivers
and active optical cables (AOCs) used in the short distance between
servers and top-of-rack (TOR) switches. The integrated CMOS chipset
combines low power, high-performance requirements and a compact
form factor that meets all 200G/400G module application
requirements.
- IDT announced the release of its high-bandwidth, low-power
single lambda Electro-absorption modulation laser (EML) driver and
trans-impedance amplifier (TIA) for 200G/400G datacenter
applications. Rapid increases in cloud data traffic is driving the
demand for low-cost, high-speed optical interconnects, with low
power requirements. The sales of optical components and modules for
cloud data centers will increase 67% by 2023, with an average
annual growth rate of 20%, according to a 2018 report from
LightCounting.
Recent Business Highlights – Auto and Industrial
- IDT announced a strategic partnership with Steradian
Semiconductor Pvt. Ltd (Bangalore,
India) to deliver ultra-high resolution 4D mmWave imaging
RADAR for emerging industrial, security, medical, and autonomous
vehicle markets. The SenseVerse IC is a multi-channel
high-resolution MIMO RADAR device
that operates in the 76-81 GHz frequency band offering superior
interference performance and the highest number of channels per
device in the industry. With integrated beamforming and support for
multi-device aggregation, the SenseVerse IC provides best-in-class
angular resolution, range, and power consumption in a very small
form factor. IDT's SenseVerse RADAR products are currently sampling
at selected customers.
- IDT announced that NEXCOM, a global provider of IoT automation
solutions and cloud-enabled services, selected IDT's distributed
power management ICs for numerous industrial, factory automation
and IoT products, such as industrial PCs, high performance
point-of-sales (POS) terminals and IP cameras. IDT's innovative
distributed power architecture enables leading system power
scalability that allows customers to reuse the same power subsystem
design across a diverse range of products.
- IDT is enabling its customers to design and create new products
for improving indoor air quality with the introduction of its
latest firmware for its ZMOD™ family of integrated gas sensors. The
ZMOD4410 integrated gas sensors are a superior solution for
manufacturers, as the hardware remains constant while the 'method
of operation' – the firmware – can be easily upgraded to provide
sensitivity for various gases. The ZMOD4410 gas sensors are an
excellent solution for a wide range of indoor air-quality
applications including smart thermostats, air purifiers, smart HVAC
equipment and other "smart home" devices.
- IDT announced that the IDT® SDAWIR03 sensor connectivity kit
for IoT applications is now available on the Amazon® Marketplace.
The new kit offers real-time sensor data collection that seamlessly
integrates into sensor management services hosted on the Amazon Web
Services (AWS) cloud. The kit makes it easier for engineers and
software developers to design complex IoT solutions and
applications and eliminates the need for specific device expertise.
The connectivity kit has been specifically developed for new and
active AWS users who are interested in offering Sensing as a
Service to their customers. The kit includes a sensor node module
with real-time humidity, temperature, and gas flow sensors from
which data is being collected. When additional sensor node modules
are added, it will automatically connect via a mesh network based
on IDT's license-free and royalty-free SensorShare 6LoWPAN
protocol.
Recent Business Highlights – Consumer
- IDT announced that its innovative wireless charging solutions
are used in the new Samsung Galaxy Note9 smartphone and Galaxy
Watch. IDT also announced that its start-of-the-art, high
efficiency wireless power technology is at the heart
of Samsung's new Duo wireless charger pad, the first
capable of fast charging two Samsung smartphones
simultaneously. The Duo was recently introduced as part
of Samsung's launch of its new Galaxy Note9 smartphone and
Galaxy smartwatch, which the Duo can charge simultaneously. The Duo
can also charge any other smartphone certified to the Wireless
Power Consortium's (WPC) popular Qi® charging protocol.
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 second quarter of 2019 was $235.5 million. This compared with $228.5 million reported last quarter, and
$204.4 million reported in the same
period one year ago.
- GAAP net income for the fiscal second quarter of 2019 was
$35.5 million, or $0.26 per diluted share versus GAAP net income of
$30.7 million or $0.23 per diluted share last quarter, and GAAP
net income of $18.7 million or
$0.14 per diluted share in the same
period one year ago. Fiscal second quarter GAAP results include
$14.5 million in acquisition-related
and restructuring charges, $15.6
million in stock-based compensation, $3.9 million in non-cash interest expense,
$0.1 million in certain unrealized
foreign exchange gains and $5.9
million in related tax effects.
- Non-GAAP net income for the fiscal second quarter of 2019 was
$63.5 million or $0.47 per diluted share, compared with non-GAAP
net income of $60.1 million or
$0.44 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 second quarter of 2019 was
$143.6 million, or 61 percent,
compared with GAAP gross profit of $136.6
million or 59.8 percent last quarter, and $116.8 million, or 57.1 percent, reported in the
same period one year ago. Non-GAAP gross profit for the fiscal
second quarter of 2019 was $151.2
million, or 64.2 percent, compared with non-GAAP gross
profit of $144.8 million, or 63.4
percent last quarter, and $125.5
million, or 61.4 percent, reported in the same period one
year ago.
- GAAP R&D expense for the fiscal second quarter of 2019 was
$55.5 million, compared with GAAP
R&D expense of $52.2 million last
quarter, and $48.7 million reported
in the same period one year ago. Non-GAAP R&D expense for the
fiscal second quarter of 2019 was $46.4
million, compared with non-GAAP R&D expense of
$44.7 million last quarter, and
$41.3 million in the same period one
year ago.
- GAAP SG&A expense for the fiscal second quarter of 2019 was
$46.8 million, compared with GAAP
SG&A expense of $43 million last
quarter, and $44.5 million in the
same period one year ago. Non-GAAP SG&A expense for the fiscal
second quarter of 2019 was $32.7
million, compared with non-GAAP SG&A expense of
$32.5 million last quarter, and
$31.2 million in the same period one
year ago.
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 1, 2018. 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 (gains), share-based compensation expense, 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
by the Company.
- Merger-related expenses such as legal, financial advisory and
other fees and expenses associated with pending Renesas
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: The non-GAAP tax
calculation eliminates the effects of certain non-GAAP financial
measures in order to provide investors with improved modeling
accuracy and consistency across financial reporting periods. The
Company forecasts its annual non-GAAP tax rate and makes
adjustments for significant events including stock based
compensation, acquisition and restructuring related items, and
material tax law changes in the major tax jurisdictions in which
the company operates.
- 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
|
|
Six Months
Ended
|
|
|
Sep. 30,
2018
|
|
Jul. 1,
2018
|
|
Oct. 1,
2017
|
|
Sep. 30,
2018
|
|
Oct. 1,
2017
|
Revenues
|
|
$
235,484
|
|
$
228,516
|
|
$
204,398
|
|
$
464,000
|
|
$
401,111
|
Cost of
revenues
|
|
91,900
|
|
91,909
|
|
87,636
|
|
183,809
|
|
174,311
|
Gross
profit
|
|
143,584
|
|
136,607
|
|
116,762
|
|
280,191
|
|
226,800
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
55,509
|
|
52,234
|
|
48,742
|
|
107,743
|
|
97,191
|
Selling,
general and administrative
|
|
46,753
|
|
42,995
|
|
44,485
|
|
89,748
|
|
86,427
|
Total operating
expenses
|
|
102,262
|
|
95,229
|
|
93,227
|
|
197,491
|
|
183,618
|
Operating
income
|
|
41,322
|
|
41,378
|
|
23,535
|
|
82,700
|
|
43,182
|
|
|
|
|
|
|
|
|
|
|
|
Other-than-temporary
impairment loss on investment
|
|
-
|
|
(2,000)
|
|
-
|
|
(2,000)
|
|
-
|
Interest and other
expense, net
|
|
(4,608)
|
|
(5,514)
|
|
(4,886)
|
|
(10,122)
|
|
(8,801)
|
Income before income
taxes
|
|
36,714
|
|
33,864
|
|
18,649
|
|
70,578
|
|
34,381
|
Benefit from
(provision for) income taxes
|
|
(1,214)
|
|
(3,144)
|
|
31
|
|
(4,358)
|
|
1,013
|
Net income
|
|
$
35,500
|
|
$
30,720
|
|
$
18,680
|
|
$
66,220
|
|
$
35,394
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income per
share
|
|
$
0.27
|
|
$
0.24
|
|
$
0.14
|
|
$
0.51
|
|
$
0.27
|
Diluted net income
per share
|
|
$
0.26
|
|
$
0.23
|
|
$
0.14
|
|
$
0.49
|
|
$
0.26
|
Weighted average
shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
129,155
|
|
129,560
|
|
133,269
|
|
129,357
|
|
133,286
|
Diluted
|
|
134,755
|
|
132,806
|
|
136,059
|
|
133,957
|
|
136,434
|
INTEGRATED DEVICE
TECHNOLOGY, INC.
|
RECONCILIATION OF
GAAP TO NON-GAAP FINANCIAL MEASURES (a)
|
(Unaudited)
|
(In thousands,
except per share data)
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Six Months
Ended
|
|
|
Sep. 30,
2018
|
|
Jul. 1,
2018
|
|
Oct. 1,
2017
|
|
Sep. 30,
2018
|
|
Oct. 1,
2017
|
GAAP net
income
|
|
$
35,500
|
|
$
30,720
|
|
$
18,680
|
|
$
66,220
|
|
$
35,394
|
GAAP diluted net
income per share
|
|
$
0.26
|
|
$
0.23
|
|
$
0.14
|
|
$
0.49
|
|
$
0.26
|
Acquisition-related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles
|
|
9,365
|
|
9,334
|
|
8,963
|
|
18,699
|
|
17,839
|
Acquisition-related costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,225
|
Amortization of fair market value adjustment to
inventory
|
|
-
|
|
790
|
|
2,011
|
|
790
|
|
6,092
|
Merger-related expense
|
|
3,884
|
|
-
|
|
-
|
|
3,884
|
|
-
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs
|
|
1,351
|
|
367
|
|
1,637
|
|
1,718
|
|
2,290
|
Facility
closure costs (benefit)
|
|
(125)
|
|
121
|
|
2,542
|
|
(4)
|
|
2,542
|
Assets
impairment and other
|
|
-
|
|
-
|
|
917
|
|
-
|
|
2,882
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
15,637
|
|
15,063
|
|
12,950
|
|
30,700
|
|
24,770
|
Non-cash
interest expense
|
|
3,881
|
|
3,955
|
|
3,695
|
|
7,836
|
|
7,587
|
Other-than-temporary impairment loss on investment
|
|
-
|
|
2,000
|
|
-
|
|
2,000
|
|
-
|
Certain
unrealized foreign exchange loss (gain)
|
|
(144)
|
|
1,311
|
|
(754)
|
|
1,167
|
|
(2,429)
|
Compensation expense - deferred compensation plan
|
|
654
|
|
576
|
|
469
|
|
1,230
|
|
881
|
Gain on
deferred compensation plan securities
|
|
(650)
|
|
(564)
|
|
(443)
|
|
(1,214)
|
|
(803)
|
Non-GAAP
tax adjustments
|
|
(5,892)
|
|
(3,538)
|
|
(2,518)
|
|
(9,430)
|
|
(5,859)
|
Non-GAAP net
income
|
|
$
63,461
|
|
$
60,135
|
|
$
48,149
|
|
$
123,596
|
|
$
93,411
|
GAAP weighted average
shares - diluted
|
|
134,755
|
|
132,806
|
|
136,059
|
|
133,957
|
|
136,434
|
Non-GAAP
adjustment
|
|
1,214
|
|
2,378
|
|
2,780
|
|
2,013
|
|
2,465
|
Non-GAAP weighted
average shares - diluted
|
|
135,969
|
|
135,184
|
|
138,839
|
|
135,970
|
|
138,899
|
Non-GAAP diluted
net income per share
|
|
$
0.47
|
|
$
0.44
|
|
$
0.35
|
|
$
0.91
|
|
$
0.67
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
143,584
|
|
$
136,607
|
|
$
116,762
|
|
$
280,191
|
|
$
226,800
|
Acquisition-related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles
|
|
6,274
|
|
6,243
|
|
5,822
|
|
12,517
|
|
11,504
|
Amortization of fair market value adjustment to
inventory
|
|
-
|
|
790
|
|
2,011
|
|
790
|
|
6,092
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs
|
|
397
|
|
-
|
|
30
|
|
397
|
|
226
|
Other:
|
|
-
|
|
|
|
|
|
-
|
|
|
Compensation expense - deferred compensation plan
|
|
153
|
|
135
|
|
110
|
|
288
|
|
207
|
Stock-based compensation expense
|
|
829
|
|
1,028
|
|
764
|
|
1,857
|
|
1,396
|
Non-GAAP gross
profit
|
|
$
151,237
|
|
$
144,803
|
|
$
125,499
|
|
$
296,040
|
|
$
246,225
|
|
|
|
|
|
|
|
|
|
|
|
GAAP R&D
expenses:
|
|
$
55,509
|
|
$
52,234
|
|
$
48,742
|
|
$
107,743
|
|
$
97,191
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs
|
|
(587)
|
|
(110)
|
|
(318)
|
|
(697)
|
|
(363)
|
Facility
closure costs
|
|
(315)
|
|
-
|
|
-
|
|
(315)
|
|
-
|
Assets
impairment and other
|
|
-
|
|
-
|
|
(835)
|
|
-
|
|
(2,800)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation expense - deferred compensation plan
|
|
(334)
|
|
(294)
|
|
(239)
|
|
(628)
|
|
(449)
|
Stock-based compensation expense
|
|
(7,829)
|
|
(7,136)
|
|
(6,094)
|
|
(14,965)
|
|
(12,057)
|
Non-GAAP R&D
expenses
|
|
$
46,444
|
|
$
44,694
|
|
$
41,256
|
|
$
91,138
|
|
$
81,522
|
|
|
|
|
|
|
|
|
|
|
|
GAAP SG&A
expenses:
|
|
$
46,753
|
|
$
42,995
|
|
$
44,485
|
|
$
89,748
|
|
$
86,427
|
Acquisition-related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles
|
|
(3,091)
|
|
(3,091)
|
|
(3,141)
|
|
(6,182)
|
|
(6,335)
|
Acquisition-related costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,225)
|
Merger-related expense
|
|
(3,884)
|
|
-
|
|
-
|
|
(3,884)
|
|
-
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs
|
|
(367)
|
|
(257)
|
|
(1,289)
|
|
(624)
|
|
(1,701)
|
Facility
closure benefit (costs)
|
|
440
|
|
(121)
|
|
(2,542)
|
|
319
|
|
(2,542)
|
Assets
impairment and other
|
|
-
|
|
-
|
|
(82)
|
|
-
|
|
(82)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation expense - deferred compensation plan
|
|
(167)
|
|
(147)
|
|
(120)
|
|
(314)
|
|
(225)
|
Stock-based compensation expense
|
|
(6,979)
|
|
(6,899)
|
|
(6,092)
|
|
(13,878)
|
|
(11,317)
|
Non-GAAP SG&A
expenses
|
|
$
32,705
|
|
$
32,480
|
|
$
31,219
|
|
$
65,185
|
|
$
62,000
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest and
other expense, net
|
|
$
(4,608)
|
|
$
(5,514)
|
|
$
(4,886)
|
|
$
(10,122)
|
|
$
(8,801)
|
Non-cash
interest expense
|
|
3,881
|
|
3,955
|
|
3,695
|
|
7,836
|
|
7,587
|
Gain on
deferred compensation plan securities
|
|
(650)
|
|
(564)
|
|
(443)
|
|
(1,214)
|
|
(803)
|
Certain
unrealized foreign exchange loss (gain)
|
|
(144)
|
|
1,311
|
|
(754)
|
|
1,167
|
|
(2,429)
|
Non-GAAP interest
and other expense, net
|
|
$
(1,521)
|
|
$
(812)
|
|
$
(2,388)
|
|
$
(2,333)
|
|
$
(4,446)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP benefit from
(provision for) income taxes
|
|
$
(1,214)
|
|
$
(3,144)
|
|
$
31
|
|
$
(4,358)
|
|
$
1,013
|
Non-GAAP
tax adjustments
|
|
5,892
|
|
3,538
|
|
2,518
|
|
9,430
|
|
5,859
|
Non-GAAP provision
for income taxes
|
|
$
(7,106)
|
|
$
(6,682)
|
|
$
(2,487)
|
|
$
(13,788)
|
|
$
(4,846)
|
|
(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)
|
Sep. 30,
2018
|
|
Apr. 1,
2018
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
200,645
|
|
$
136,873
|
Short-term
investments
|
|
192,032
|
|
222,026
|
Accounts receivable,
net
|
|
129,405
|
|
108,779
|
Inventories
|
|
61,078
|
|
68,702
|
Prepayments and other
current assets
|
|
12,358
|
|
12,734
|
Total current
assets
|
|
595,518
|
|
549,114
|
Property, plant and
equipment, net
|
|
88,986
|
|
86,845
|
Goodwill
|
|
420,117
|
|
420,117
|
Intangible assets,
net
|
|
174,886
|
|
180,781
|
Deferred tax
assets
|
|
8,453
|
|
11,764
|
Other
assets
|
|
50,202
|
|
61,910
|
TOTAL
ASSETS
|
|
$
1,338,162
|
|
$1,310,531
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
42,106
|
|
$
41,070
|
Accrued compensation
and related expenses
|
|
39,900
|
|
44,002
|
Current portion of
bank loan
|
|
1,980
|
|
2,000
|
Other accrued
liabilities
|
|
44,091
|
|
26,524
|
Total current
liabilities
|
|
128,077
|
|
113,596
|
Deferred tax
liabilities
|
|
11,362
|
|
10,221
|
Long-term income tax
payable
|
|
23,539
|
|
25,034
|
Convertible
notes
|
|
306,827
|
|
299,551
|
Long-term bank loan,
net
|
|
190,513
|
|
191,073
|
Other long-term
liabilities
|
|
30,286
|
|
25,684
|
Total
liabilities
|
|
690,604
|
|
665,159
|
Stockholders'
equity
|
|
647,558
|
|
645,372
|
|
|
|
|
|
TOTAL LIABILITIES
AND STOCKHOLDERS' EQUITY
|
|
$
1,338,162
|
|
$1,310,531
|
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SOURCE Integrated Device Technology, Inc.