SAN JOSE, Calif., Jan. 28, 2019 /PRNewswire/ -- Integrated
Device Technology, Inc. (IDT®) (NASDAQ: IDTI) today
announced results for the fiscal third quarter 2019, ended
December 30, 2018 with revenues of
$240.6 million; GAAP EPS of
$0.16 and non-GAAP EPS of
$0.50.
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.
At the Company's special meeting of stockholders held on
January 15, 2019, IDT stockholders
voted to adopt the Agreement and Plan of Merger, dated September 10, 2018, by and between IDT and
Renesas Electronics Corporation.
On December 21, 2018, IDT reported
that the Committee on Foreign Investment in the United States (CFIUS) review regarding
national security concerns relating to the Merger was underway and
the initial 45-day review period would conclude by January 2, 2019. The review relating to
International Traffic in Arms Regulation (ITAR) for the deal was
underway and would conclude by January 6, 2019. Due to the
U.S. government shutdown that commenced in December 2018, both reviews will resume following
the resumption of operations by the relevant U.S. government
agencies.
The two companies have already received regulatory antitrust
approval for the proposed transaction from China, Germany, Hungary, and Korea. In addition, the waiting
period under the Hart-Scott-Rodino Antitrust Improvements Act of
1976, as amended, in connection with the proposed acquisition
expired at 11:59 p.m., Eastern Time,
on October 22, 2018. Closing of
the transaction is expected to occur in the first half of calendar
2019, following customary closing conditions and approval by
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 announced that it is providing Toshiba Memory Corporation
with power management ICs (PMIC) for its new flagship model of
enterprise solid-state drive (SSD) solutions. The IDT family of
scalable multiphase power management solutions enables Toshiba
Memory Corporation to rapidly deploy power systems that are
precisely tailored to the power requirements of their various SSDs.
IDT's scalable PMIC solution offers best-in-industry integration,
programmability and modularity and is based on a modular power
delivery architecture and an integrated microcontroller that offers
tremendous flexibility.
- IDT introduced its new high-gain broadband RF amplifier
offering configurable high linearity performance at the lowest
possible power consumption for 4G and 5G cellular applications. It
is an ideal solution for macro base stations, massive MIMO,
repeaters, small cell and test equipment for wireless
infrastructure, military communications, and industrial
applications.
Recent Business Highlights – Auto and Industrial
- IDT announced the availability of its new ZWIR4532 connectivity
module, which is FCC certified and provides critical and secure
6LoWPAN wireless connectivity to link devices to the Internet of
Things (IoT). IDT also provides the optional IDT SensorShare
firmware, a 6LoWPAN open standard stack that has no associated
license fees or royalties. The low power consumption and small form
factor makes it ideal for embedding into a variety of IoT-connected
consumer, industrial and medical devices with space constraints.
These include home automation devices, factory automation monitors,
environmental sensors and LED lamps for smart city
applications.
- IDT has given its ZMOD™ family of integrated gas sensors
low-power capabilities with the release of new firmware. This
firmware allows the ZMOD family to be used in a variety of gas
sensing applications that require low-power operation, such as
smart, battery-powered devices for measuring indoor air quality
(IAQ) or controlling HVAC systems. The low power requirements of
the new gas sensors – approximately 1mW – can maximize battery life
in smart devices, dramatically reducing how often batteries have to
be replaced and improving the user experience. It is an excellent
solution for a wide range of indoor air quality applications
including smart thermostats, air purifiers, and smart HVAC
equipment.
Recent Business Highlights – Consumer
- IDT is enabling manufacturers to add new odor detection and
mitigation capabilities to their smart refrigerators with the
introduction of the software-configurable ZMOD4450 gas sensor
platform, the first integrated digital gas sensor for Refrigeration
Air Quality (RAQ) applications. The ZMOD4450 can detect the gases
produced by spoiling fruits, vegetables, and meat or dairy
products, enables smart refrigerators to post alerts on their
door-mounted displays, notify users via their smartphones, and even
trigger active deodorizing systems.
- At CES 2019 in Las Vegas, IDT
displayed its latest advancements in wireless power technology for
consumer, automotive, and industrial applications. IDT
led the first wave of wireless power adoption and continues to be
at the core of all leading Android smartphone receiver and
transmitter device implementation. IDT's wireless power technology
demonstrations at CES included:
-
- Bi-directional communications: smart, contextually aware
transmitters also enable authentication.
- IDT demonstrated a cutting-edge wireless power transmitter that
enables mobile OEMs and peripheral manufacturers to design
high-capacity wireless charging into their products. The
demonstration is the product of collaboration with Ventiva,
a Silicon Valley-based startup developing ionically-cooled
solid-state air moving technologies.
- Devices that combine both receivers and transmitters: the next
step for portable power ecosystem.
- In-vehicle wireless charging: customer reference board and GUI
for quick deployment
- Wirelessly-powered smart locks: battery-less security
technology for electronic locks.
Recent Industry Awards
- IDT announced that Supply & Demand Chain Executive, the
executive's user manual for successful supply and demand chain
transformation, has selected IDT as a recipient of an SDCE Green
Supply Chain Award for 2018. The Green Supply Chain Award
recognizes companies that are working to achieve measurable
sustainability goals within their own operations and supply chains
and making green sustainability practices a core part of their
supply chain strategy.
- IDT announced that its ZMOD4410 integrated digital gas sensor
and P9242-G 15W wireless power transmitter received Technology
Innovation Awards at the Elecfans IoT Innovation Conference 2018.
The ZMOD4410 gas sensor was recognized because it offers
best-in-class stability and sensing for measuring volatile organic
compound (VOC) gases and is ideal for consumer and industrial
indoor air quality (IAQ) applications. The IDT® P9242-G fixed
frequency transmitter IC was acknowledged for its high level of
integration and wireless power convergence covering WPC Qi charging
profiles and allowing fast wireless charging for both Android and
iOS smartphones.
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 2019 was $240.6 million. This compared with $235.5 million reported last quarter, and
$217.1 million reported in the same
period one year ago.
- GAAP net income for the fiscal third quarter of 2019 was
$21.6 million, or $0.16 per diluted share versus GAAP net income of
$35.5 million or $0.26 per diluted share last quarter, and GAAP
net loss of $68.2 million or loss of
$0.51 per diluted share in the same
period one year ago. The year ago period included a one-time GAAP
provision of $101.9 million for
estimated impacts of the Tax Cuts and Jobs Act ("TCJA"), which was
enacted on December 22, 2017. Fiscal
third quarter GAAP results include $13.9
million in acquisition-related charges, $37.5 million in stock-based compensation,
$3.9 million in non-cash interest
expense, $0.8 million in investment
impairment loss, $2.0 million loss on
available-for-sale securities, $0.4
million in unrealized foreign exchange loss and $11.9 million in related tax effects.
- Non-GAAP net income for the fiscal third quarter of 2019 was
$68.3 million or $0.50 per diluted share, compared with non-GAAP
net income of $63.5 million or
$0.47 per diluted share last quarter,
and non-GAAP net income of $57.6
million or $0.42 per diluted
share reported in the same period one year ago.
- GAAP gross profit for the fiscal third quarter of 2019 was
$149.3 million, or 62 percent,
compared with GAAP gross profit of $143.6
million or 61 percent last quarter, and $128.4 million, or 59.1 percent, reported in the
same period one year ago. Non-GAAP gross profit for the fiscal
third quarter of 2019 was $156.0
million, or 64.8 percent, compared with non-GAAP gross
profit of $151.2 million, or 64.2
percent last quarter, and $136.6
million, or 62.9 percent, reported in the same period one
year ago.
- GAAP R&D expense for the fiscal third quarter of 2019 was
$62.5 million, compared with GAAP
R&D expense of $55.5 million last
quarter, and $49.8 million reported
in the same period one year ago. Non-GAAP R&D expense for the
fiscal third quarter of 2019 was $45.9
million, compared with non-GAAP R&D expense of
$46.4 million last quarter, and
$42.8 million in the same period one
year ago.
- GAAP SG&A expense for the fiscal third quarter of 2019 was
$58.6 million, compared with GAAP
SG&A expense of $46.8 million
last quarter, and $40.7 million in
the same period one year ago. Non-GAAP SG&A expense for the
fiscal third quarter of 2019 was $32.7
million, compared with non-GAAP SG&A expense of
$32.7 million last quarter, and
$31.1 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, and YouTube.
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.
- Loss on available-for-sale securities which is due to the
actual and anticipated liquidation of these investments, that will
be used to fully settle the Term B-1 loan prior to the merger with
Renesas.
- 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
|
|
Nine Months
Ended
|
|
|
Dec. 30,
2018
|
|
Sep. 30,
2018
|
|
Dec. 31,
2017
|
|
Dec. 30,
2018
|
|
Dec. 31,
2017
|
Revenues
|
|
$
240,587
|
|
$
235,484
|
|
$
217,075
|
|
$
704,587
|
|
$
618,186
|
Cost of
revenues
|
|
91,311
|
|
91,900
|
|
88,690
|
|
275,120
|
|
263,001
|
Gross
profit
|
|
149,276
|
|
143,584
|
|
128,385
|
|
429,467
|
|
355,185
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
Research and
development
|
|
62,496
|
|
55,509
|
|
49,836
|
|
170,239
|
|
147,027
|
Selling,
general and administrative
|
|
58,573
|
|
46,753
|
|
40,689
|
|
148,321
|
|
127,116
|
Total operating
expenses
|
|
121,069
|
|
102,262
|
|
90,525
|
|
318,560
|
|
274,143
|
Operating
income
|
|
28,207
|
|
41,322
|
|
37,860
|
|
110,907
|
|
81,042
|
|
|
|
|
|
|
|
|
|
|
|
Other-than-temporary
impairment loss on investment
|
|
(841)
|
|
-
|
|
-
|
|
(2,841)
|
|
-
|
Interest and other
expense, net
|
|
(10,045)
|
|
(4,608)
|
|
(5,068)
|
|
(20,167)
|
|
(13,869)
|
Income before income
taxes
|
|
17,321
|
|
36,714
|
|
32,792
|
|
87,899
|
|
67,173
|
Benefit from
(provision for) income taxes
|
|
4,285
|
|
(1,214)
|
|
(101,033)
|
|
(73)
|
|
(100,020)
|
Net income
(loss)
|
|
$
21,606
|
|
$
35,500
|
|
$
(68,241)
|
|
$
87,826
|
|
$
(32,847)
|
|
|
|
|
|
|
|
|
|
|
|
Basic net income
(loss) per share
|
|
$
0.17
|
|
$
0.27
|
|
$
(0.51)
|
|
$
0.68
|
|
$
(0.25)
|
Diluted net income
(loss) per share
|
|
$
0.16
|
|
$
0.26
|
|
$
(0.51)
|
|
$
0.65
|
|
$
(0.25)
|
Weighted average
shares:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
129,074
|
|
129,155
|
|
132,689
|
|
129,283
|
|
133,087
|
Diluted
|
|
137,182
|
|
134,755
|
|
132,689
|
|
135,438
|
|
133,087
|
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
|
|
|
Dec. 30,
2018
|
|
Sep. 30,
2018
|
|
Dec. 31,
2017
|
|
Dec. 30,
2018
|
|
Dec. 31,
2017
|
GAAP net income
(loss)
|
|
$
21,606
|
|
$
35,500
|
|
$
(68,241)
|
|
$
87,826
|
|
$
(32,847)
|
GAAP diluted net
income (loss) per share
|
|
$
0.16
|
|
$
0.26
|
|
$
(0.51)
|
|
$
0.65
|
|
$
(0.25)
|
Acquisition-related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles
|
|
9,423
|
|
9,365
|
|
9,287
|
|
28,122
|
|
27,126
|
Acquisition-related costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,225
|
Amortization of fair market value adjustment to
inventory
|
|
-
|
|
-
|
|
1,178
|
|
790
|
|
7,270
|
Merger-related expense
|
|
4,511
|
|
3,884
|
|
-
|
|
8,395
|
|
-
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs
|
|
-
|
|
1,351
|
|
378
|
|
1,718
|
|
2,596
|
Facility
closure costs (benefit)
|
|
-
|
|
(125)
|
|
-
|
|
(4)
|
|
2,614
|
Assets
impairment and other
|
|
-
|
|
-
|
|
-
|
|
-
|
|
2,882
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
37,470
|
|
15,637
|
|
13,578
|
|
68,170
|
|
38,348
|
Non-cash
interest expense
|
|
3,928
|
|
3,881
|
|
3,744
|
|
11,764
|
|
11,331
|
Other-than-temporary impairment loss on investment
|
|
841
|
|
-
|
|
-
|
|
2,841
|
|
-
|
Realized
loss on available-for-sale securities
|
|
652
|
|
-
|
|
-
|
|
652
|
|
-
|
Impairment
of available-for-sale securities
|
|
1,325
|
|
-
|
|
-
|
|
1,325
|
|
-
|
Certain
unrealized foreign exchange loss (gain)
|
|
373
|
|
(144)
|
|
(360)
|
|
1,540
|
|
(2,789)
|
Compensation expense (benefit) - deferred compensation
plan
|
|
(2,185)
|
|
654
|
|
525
|
|
(955)
|
|
1,406
|
Loss
(gain) on deferred compensation plan securities
|
|
2,233
|
|
(650)
|
|
(518)
|
|
1,019
|
|
(1,321)
|
Non-GAAP
tax adjustments
|
|
(11,927)
|
|
(5,892)
|
|
98,003
|
|
(21,357)
|
|
92,144
|
Non-GAAP net
income
|
|
$
68,250
|
|
$
63,461
|
|
$
57,574
|
|
$
191,846
|
|
$
150,985
|
GAAP weighted average
shares - diluted
|
|
137,182
|
|
134,755
|
|
132,689
|
|
135,438
|
|
133,087
|
Non-GAAP
adjustment
|
|
(1,400)
|
|
1,214
|
|
5,714
|
|
608
|
|
5,787
|
Non-GAAP weighted
average shares - diluted
|
|
135,782
|
|
135,969
|
|
138,403
|
|
136,046
|
|
138,874
|
Non-GAAP diluted
net income per share
|
|
$
0.50
|
|
$
0.47
|
|
$
0.42
|
|
$
1.41
|
|
$
1.09
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross
profit
|
|
$
149,276
|
|
$
143,584
|
|
$
128,385
|
|
$
429,467
|
|
$
355,185
|
Acquisition-related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles
|
|
6,332
|
|
6,274
|
|
6,127
|
|
18,849
|
|
17,631
|
Amortization of fair market value adjustment to
inventory
|
|
-
|
|
-
|
|
1,178
|
|
790
|
|
7,270
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs
|
|
-
|
|
397
|
|
-
|
|
397
|
|
226
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation expense (benefit) - deferred compensation
plan
|
|
(507)
|
|
153
|
|
123
|
|
(219)
|
|
330
|
Stock-based compensation expense
|
|
919
|
|
829
|
|
814
|
|
2,776
|
|
2,210
|
Non-GAAP gross
profit
|
|
$
156,020
|
|
$
151,237
|
|
$
136,627
|
|
$
452,060
|
|
$
382,852
|
|
|
|
|
|
|
|
|
|
|
|
GAAP R&D
expenses:
|
|
$
62,496
|
|
$
55,509
|
|
$
49,836
|
|
$
170,239
|
|
$
147,027
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
benefit (costs)
|
|
-
|
|
(587)
|
|
18
|
|
(697)
|
|
(345)
|
Facility
closure costs
|
|
-
|
|
(315)
|
|
-
|
|
(315)
|
|
-
|
Assets
impairment and other
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,800)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation benefit (expense) - deferred compensation
plan
|
|
1,119
|
|
(334)
|
|
(268)
|
|
491
|
|
(717)
|
Stock-based compensation expense
|
|
(17,701)
|
|
(7,829)
|
|
(6,816)
|
|
(32,666)
|
|
(18,873)
|
Non-GAAP R&D
expenses
|
|
$
45,914
|
|
$
46,444
|
|
$
42,770
|
|
$
137,052
|
|
$
124,292
|
|
|
|
|
|
|
|
|
|
|
|
GAAP SG&A
expenses:
|
|
$
58,573
|
|
$
46,753
|
|
$
40,689
|
|
$
148,321
|
|
$
127,116
|
Acquisition-related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles
|
|
(3,091)
|
|
(3,091)
|
|
(3,160)
|
|
(9,273)
|
|
(9,495)
|
Acquisition-related costs
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(2,225)
|
Merger-related expense
|
|
(4,511)
|
|
(3,884)
|
|
-
|
|
(8,395)
|
|
-
|
Restructuring-related:
|
|
|
|
|
|
|
|
|
|
|
Severance
costs
|
|
-
|
|
(367)
|
|
(396)
|
|
(624)
|
|
(2,025)
|
Facility
closure benefit (costs)
|
|
-
|
|
440
|
|
-
|
|
319
|
|
(2,614)
|
Assets
impairment and other
|
|
-
|
|
-
|
|
-
|
|
-
|
|
(82)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation benefit (expense) - deferred compensation
plan
|
|
559
|
|
(167)
|
|
(134)
|
|
245
|
|
(359)
|
Stock-based compensation expense
|
|
(18,850)
|
|
(6,979)
|
|
(5,948)
|
|
(32,728)
|
|
(17,265)
|
Non-GAAP SG&A
expenses
|
|
$
32,680
|
|
$
32,705
|
|
$
31,051
|
|
$
97,865
|
|
$
93,051
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest and
other expense, net
|
|
$
(10,045)
|
|
$
(4,608)
|
|
$
(5,068)
|
|
$
(20,167)
|
|
$
(13,869)
|
Non-cash
interest expense
|
|
3,928
|
|
3,881
|
|
3,744
|
|
11,764
|
|
11,331
|
Realized
loss on available-for-sale securities
|
|
652
|
|
-
|
|
-
|
|
652
|
|
-
|
Impairment
of available-for-sale securities
|
|
1,325
|
|
-
|
|
-
|
|
1,325
|
|
-
|
Loss
(gain) on deferred compensation plan securities
|
|
2,233
|
|
(650)
|
|
(518)
|
|
1,019
|
|
(1,321)
|
Certain
unrealized foreign exchange loss (gain)
|
|
373
|
|
(144)
|
|
(360)
|
|
1,540
|
|
(2,789)
|
Non-GAAP interest
and other expense, net
|
|
$
(1,534)
|
|
$
(1,521)
|
|
$
(2,202)
|
|
$
(3,867)
|
|
$
(6,648)
|
|
|
|
|
|
|
|
|
|
|
|
GAAP benefit from
(provision for) income taxes
|
|
$
4,285
|
|
$
(1,214)
|
|
$
(101,033)
|
|
$
(73)
|
|
$
(100,020)
|
Non-GAAP
tax adjustments
|
|
11,927
|
|
5,892
|
|
(98,003)
|
|
21,357
|
|
(92,144)
|
Non-GAAP provision
for income taxes
|
|
$
(7,642)
|
|
$
(7,106)
|
|
$
(3,030)
|
|
$
(21,430)
|
|
$
(7,876)
|
|
(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)
|
Dec. 30,
2018
|
|
Apr. 1,
2018
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
|
$
287,239
|
|
$
136,873
|
Short-term
investments
|
|
157,129
|
|
222,026
|
Accounts receivable,
net
|
|
119,909
|
|
108,779
|
Inventories
|
|
66,142
|
|
68,702
|
Prepayments and other
current assets
|
|
14,860
|
|
12,734
|
Total current
assets
|
|
645,279
|
|
549,114
|
Property, plant and
equipment, net
|
|
90,877
|
|
86,845
|
Goodwill
|
|
420,117
|
|
420,117
|
Intangible assets,
net
|
|
163,585
|
|
180,781
|
Deferred tax
assets
|
|
10,970
|
|
11,764
|
Other
assets
|
|
46,772
|
|
61,910
|
TOTAL
ASSETS
|
|
$
1,377,600
|
|
$1,310,531
|
|
|
|
|
|
LIABILITIES,
CONVERTIBLE NOTES CONVERSION OBLIGATION AND STOCKHOLDERS'
EQUITY
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
|
$
48,461
|
|
$
41,070
|
Accrued compensation
and related expenses
|
|
46,497
|
|
44,002
|
Short-term
convertible notes
|
|
310,535
|
|
-
|
Current portion of
bank loan
|
|
192,698
|
|
2,000
|
Other accrued
liabilities
|
|
45,434
|
|
26,524
|
Total current
liabilities
|
|
643,625
|
|
113,596
|
Deferred tax
liabilities
|
|
11,723
|
|
10,221
|
Long-term income tax
payable
|
|
23,706
|
|
25,034
|
Convertible
notes
|
|
-
|
|
299,551
|
Long-term bank loan,
net
|
|
-
|
|
191,073
|
Other long-term
liabilities
|
|
27,386
|
|
25,684
|
Total
liabilities
|
|
706,440
|
|
665,159
|
Convertible notes
conversion obligation
|
|
63,214
|
|
-
|
Stockholders'
equity
|
|
607,946
|
|
645,372
|
|
|
|
|
|
TOTAL LIABILITIES,
CONVERTIBLE NOTES CONVERSION OBLIGATION AND STOCKHOLDERS'
EQUITY
|
|
$
1,377,600
|
|
$1,310,531
|
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SOURCE Integrated Device Technology, Inc.