[May 02, 2016] |
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IDT Reports Fiscal 2016 Q4 and Full Year Financial Results
Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI)
today announced results for the fiscal fourth quarter ended April 3,
2016.
"We concluded fiscal year 2016 with fourth quarter revenue of $189.4
million, our 10th consecutive quarter of year-over-year
revenue growth. This strength in the quarter was driven by sales of
communications infrastructure products, automotive and industrial
products, and wireless power products. The acquisition of ZMDI is
already yielding tremendous benefits to IDT and we remain on track with
the integration, which should be completed by December of this year,"
said Greg Waters, president and chief executive officer.
"Full year fiscal 2016 revenue grew by over 21 percent to reach $697
million, and was driven by sales of our wireless power products, and
High Performance Computing/Data Center products. We remain very focused
on operational excellence and achieving our target operating model which
includes 30 percent operating margin and 30 percent annual free cash
flow. We are well-positioned to continue outgrowing the semiconductor
market overall, and to deliver best-in-class profitability and earnings
power," concluded Mr. Waters.
Recent Business Highlights - Communications
-
New IDT Family of RF Devices Targets Broadband and CATV Markets
-
IDT Introduces New VersaMixer Family of Highly Flexible RF Mixers,
Delivering Superior Features for Communications Systems
-
Huawei Connects Systems with IDT RapidIO Technology to Achieve
Superior Video Quality
Recent Business Highlights - Computing
-
IDT and Northeastern University Collaborate on Research to Improve
Data Analytics, Caching and Bandwidth in Access Networks
-
IDT Launches Next-Generation RapidIO Switches for 5G Mobile Network
Development and Mobile Edge Computing
-
IDT and 5G Lab Germany Collaborate on Technology to Enable
Network-Connected Autonomous Vehicles
-
IDT and Prodrive Technologies Partner to Develop 100ns Latency,
Energy-Efficient RapidIO Switch Appliance Portfolio
-
IDT Expands Power Portfolio with New Dual-Phase High-Power Digital
Power Controller
-
IDT Memory Interface Devices Qualified for DDR4 Enterprise DIMMs on
Intel Xeon Processor E5-2600 v4 Product Family-Based Systems
Recent Business Highlights - Consumer
-
Galaxy S7 Equips IDT Technology as part of Wireless Fast Charge
-
IDT Integrating Wireless Power and Sensor Technology for Highly
Programmable, Flexible Devices
-
IDT Celebrates Leadership Position in Wireless Power with 70 Million
Units Shipped
-
IDT Announces Tri-Mode Receiver Family Supporting Both Magnetic
Resonance and Induction Wireless Power Standards
-
IDT Launches Industry's Highest Efficiency 15 W Wireless Power
Transmitter and Receiver Solution
-
IDT Introduces New Sensor for Detecting UVB and Ambient Light in
Mobile Applications
Recent Business Highlights - Auto and Industrial
-
IDT and 5G Lab Germany Collaborate on Technology to Enable
Network-Connected Autonomous Vehicles
-
IDT Introduces Energy-Efficient Sensor Signal Conditioner for Consumer
Barometric Pressure and Thermopile Sensors
-
IDT Introduces High-Sensitivity 2-Channel UVA and UVB Light Sensor
Designed to Monitor Environmental Health Risks
The following highlights the Company's financial performance on both a
GAAP and supplemental non-GAAP basis. For financial statement purposes,
the high speed data converter business is treated as discontinued
operations for all periods presented. IDT has excluded results from the
high speed data converter business from current and historical non-GAAP
results. The Company provides supplemental information regarding its
operating performance on a non-GAAP basis that excludes certain gains,
losses and charges 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 from continuing operations is
attached to this press release.
-
Revenue from continuing operations for the fiscal fourth quarter of
2016 was $189.4 million. This compared with $177.6 million reported
last quarter, and $158.4 million reported in the same period one year
ago.
-
GAAP net income from continuing operations for the fiscal fourth
quarter of 2016 was $81.6 million, or $0.59 per diluted share, versus
GAAP net income from continuing operations of $32.5 million or $0.22
per diluted share last quarter, and GAAP net income from continuing
operations of $40.4 million or $0.26 per share in the same period one
year ago. Fiscal fourth quarter GAAP results include $8.2 million in
stock-based compensation, $16.9 million in acquisition and
restructuring charges, $3.2 million in non-cash interest expense and
$58.4 million in related tax effects.
-
Non-GAAP net income for the fiscal fourth quarter of 2016 was $51.5
million or $0.36 per diluted share, compared with non-GAAP net income
of $52.2 million or $0.35 per diluted share last quarter, and non-GAAP
net income of $45.8 million or $0.29 per diluted share reported in the
same period one year ago.
-
GAAP gross profit from continuing operations for the fiscal fourth
quarter of 2016 was $108.0 million, or 57.0 percent, compared with
GAAP gross profit of $107.9 million or 60.8 percent last quarter, and
$98.1 million, or 61.9 percent, reported in the same period one year
ago. Non-GAAP gross profit for the fiscal fourth quarter of 2016 was
$117.0 million, or 61.8 percent, compared with non-GAAP gross profit
of $111.1 million, or 62.6 percent last quarter, and $99.6 million, or
62.9 percent, reported in the same period one year ago.
-
GAAP R&D expense for the fiscal fourth quarter of 2016 was $41.0
million, compared with GAAP R&D expense of $38.4 million last quarter,
and $32.1 million reported in the same period one year ago. Non-GAAP
R&D expense for the fiscal fourth quarter of 2016 was $36.2 million,
compared with non-GAAP R&D expense of $33.8 million last quarter, and
$29.7 million in the same period one year ago.
-
GAAP SG&A expense for the fiscal fourth quarter of 2016 was $40.3
million, compared with GAAP SG&A expense of $38.9 million last
quarter, and $27.1 million in the same period one year ago. Non-GAAP
SG&A expense for the fiscal fourth quarter of 2016 was $28.9 million,
compared with non-GAAP SG&A expense of $25.1 million last quarter, and
$23.8 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 May
2, 2016 by calling (888) 204-4610. The access code is 7492840. 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 May 2, 2016.
The webcast replay will be available after 4:30 p.m. Pacific Time on May
2, 2016 for one week. Register for access to the replay at https://jsp.premiereglobal.com/webrsvp
with Passcode: 7492840.
IDT's next regularly scheduled Quiet Period will begin June 20, 2016,
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 2017 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 March 29, 2015.
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 income and other;
• Provision for (benefit from) income taxes, continuing operations;
• Operating income;
• Net income from continuing operations;
• Diluted net income per share, continuing operations; 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, 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
from continuing operations. Restructuring-related charges (gains)
primarily include:
-
Severance and retention 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.
-
Tax effects of non-GAAP adjustments. Effective first quarter of fiscal
2016, the Company changed its methodology for reporting non-GAAP taxes
to be 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. Non-GAAP tax amounts for periods prior to March 30,
2015 have not been adjusted to reflect the new methodology.
-
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.
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INTEGRATED DEVICE TECHNOLOGY, INC.
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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
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(Unaudited)
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(In thousands, except per share data)
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Three Months Ended
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Twelve Months Ended
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Apr. 3
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Jan. 3
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|
Mar. 29,
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Apr. 3
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Mar. 29,
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2016
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2016
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2015
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|
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2016
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2015
|
|
Revenues
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$
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189,361
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$
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177,610
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|
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$
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158,350
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$
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697,376
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$
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572,905
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Cost of revenues
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81,398
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69,699
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60,295
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275,722
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227,601
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Gross profit
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107,963
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107,911
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|
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98,055
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421,654
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345,304
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Operating expenses:
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Research and development
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41,023
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38,429
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32,071
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|
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148,507
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127,688
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Selling, general and administrative
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40,287
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38,851
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27,050
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136,508
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|
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106,469
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Total operating expenses
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81,310
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77,280
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59,121
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285,015
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234,157
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Operating income
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26,653
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30,631
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38,934
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136,639
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111,147
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Other income (expense), net
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(3,601
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)
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(2,008
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)
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1,966
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(2,775
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)
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4,791
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Income from continuing operations before income taxes
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23,052
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28,623
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40,900
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133,864
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115,938
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Provision for (benefit from) income taxes
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(58,559
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)
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(3,922
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)
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517
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(61,435
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)
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1,357
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Net income from continuing operations
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81,611
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32,545
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40,383
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195,299
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114,581
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Discontinued operations:
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Gain from divestiture
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-
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-
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-
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-
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16,840
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Loss from discontinued operations
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-
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-
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(799
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)
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(547
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)
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(37,237
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)
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Provision for income taxes
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-
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-
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318
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15
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275
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Net loss from discontinued operations
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-
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-
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(1,117
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)
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(562
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)
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(20,672
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)
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Net income
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$
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81,611
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$
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32,545
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$
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39,266
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$
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194,737
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$
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93,909
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Basic net income per share - continuing operations
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$
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0.61
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$
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0.23
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$
|
0.27
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$
|
1.37
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$
|
0.77
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Basic net loss per share - discontinued operations
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-
|
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-
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(0.01
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)
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|
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-
|
|
|
|
(0.14
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)
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Basic net income per share
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|
$
|
0.61
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|
|
$
|
0.23
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$
|
0.26
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$
|
1.37
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$
|
0.63
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Diluted net income per share - continuing operations
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$
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0.59
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$
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0.22
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|
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$
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0.26
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|
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$
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1.32
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$
|
0.74
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Diluted net loss per share - discontinued operations
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-
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-
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(0.01
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)
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-
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(0.13
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)
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Diluted net income per share
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$
|
0.59
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$
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0.22
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$
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0.25
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$
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1.32
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$
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0.61
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Weighted average shares:
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Basic
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134,788
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140,411
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148,326
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142,783
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148,714
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Diluted
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139,239
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145,705
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154,111
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147,652
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|
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153,983
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INTEGRATED DEVICE TECHNOLOGY, INC.
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (a)
|
(Unaudited)
|
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(In thousands, except per share data)
|
|
|
|
|
|
|
|
|
|
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|
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Three Months Ended
|
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Twelve Months Ended
|
|
|
Apr. 3
|
|
Jan. 3
|
|
Mar. 29,
|
|
Apr. 3
|
|
Mar. 29,
|
|
|
|
2016
|
|
|
|
2016
|
|
|
|
2015
|
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2016
|
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|
|
2015
|
|
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|
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GAAP net income from continuing operations
|
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$
|
81,611
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|
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$
|
32,545
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|
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$
|
40,383
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|
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$
|
195,299
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|
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$
|
114,581
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GAAP diluted net income per share - continuing operations
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$
|
0.59
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|
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$
|
0.22
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|
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$
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0.26
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$
|
1.32
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|
|
$
|
0.74
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Acquisition related:
|
|
|
|
|
|
|
|
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|
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Amortization of acquisition related intangibles
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|
|
9,347
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|
|
|
2,732
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|
|
|
1,001
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|
|
|
13,662
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|
|
|
6,573
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Acquisition related fees
|
|
|
245
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|
|
|
2,113
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|
|
|
-
|
|
|
|
2,591
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|
|
|
(125
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)
|
Acquisition related foreign exchange loss
|
|
|
-
|
|
|
|
536
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|
|
|
-
|
|
|
|
536
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|
|
|
-
|
|
Amortization of fair market value adjustment to inventory
|
|
4,641
|
|
|
|
890
|
|
|
|
-
|
|
|
|
5,531
|
|
|
|
-
|
|
Restructuring related:
|
|
|
|
|
|
|
|
|
|
|
Severance and retention costs
|
|
|
2,587
|
|
|
|
6,091
|
|
|
|
-
|
|
|
|
11,493
|
|
|
|
974
|
|
Facility closure costs
|
|
|
53
|
|
|
|
-
|
|
|
|
265
|
|
|
|
207
|
|
|
|
276
|
|
Assets impairment and other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
147
|
|
|
|
2,968
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
8,249
|
|
|
|
9,462
|
|
|
|
5,684
|
|
|
|
34,157
|
|
|
|
22,453
|
|
Non-cash interest expense
|
|
|
3,191
|
|
|
|
2,164
|
|
|
|
-
|
|
|
|
5,355
|
|
|
|
-
|
|
Loan prepayment penalty
|
|
|
-
|
|
|
|
164
|
|
|
|
-
|
|
|
|
164
|
|
|
|
-
|
|
Gain from divestiture
|
|
|
-
|
|
|
|
(22
|
)
|
|
|
(168
|
)
|
|
|
(98
|
)
|
|
|
(272
|
)
|
Assets impairment and other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(586
|
)
|
|
|
-
|
|
Compensation expense (benefit) - deferred compensation plan
|
|
157
|
|
|
|
366
|
|
|
|
213
|
|
|
|
(179
|
)
|
|
|
990
|
|
Loss (gain) on deferred compensation plan securities
|
|
|
(151
|
)
|
|
|
(363
|
)
|
|
|
(205
|
)
|
|
|
205
|
|
|
|
(940
|
)
|
Non-GAAP tax adjustments
|
|
|
(58,388
|
)
|
|
|
(4,506
|
)
|
|
|
(1,391
|
)
|
|
|
(62,629
|
)
|
|
|
(4,596
|
)
|
Non-GAAP net income from continuing operations
|
|
$
|
51,542
|
|
|
$
|
52,172
|
|
|
$
|
45,782
|
|
|
$
|
205,855
|
|
|
$
|
142,882
|
|
GAAP weighted average shares - diluted
|
|
|
139,239
|
|
|
|
145,705
|
|
|
|
154,111
|
|
|
|
147,652
|
|
|
|
153,983
|
|
Non-GAAP adjustment
|
|
|
2,100
|
|
|
|
1,920
|
|
|
|
1,558
|
|
|
|
2,206
|
|
|
|
2,014
|
|
Non-GAAP weighted average shares - diluted
|
|
|
141,339
|
|
|
|
147,625
|
|
|
|
155,669
|
|
|
|
149,858
|
|
|
|
155,997
|
|
Non-GAAP diluted net income per share - continuing operations
|
$
|
0.36
|
|
|
$
|
0.35
|
|
|
$
|
0.29
|
|
|
$
|
1.37
|
|
|
$
|
0.92
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
107,963
|
|
|
$
|
107,911
|
|
|
$
|
98,055
|
|
|
$
|
421,654
|
|
|
$
|
345,304
|
|
Acquisition related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition related intangibles
|
|
|
3,355
|
|
|
|
1,521
|
|
|
|
625
|
|
|
|
6,110
|
|
|
|
4,534
|
|
Amortization of fair market value adjustment to inventory
|
|
4,641
|
|
|
|
890
|
|
|
|
-
|
|
|
|
5,531
|
|
|
|
-
|
|
Restructuring related:
|
|
|
|
|
|
|
|
|
|
|
Severance and retention costs
|
|
|
262
|
|
|
|
-
|
|
|
|
-
|
|
|
|
450
|
|
|
|
23
|
|
Assets impairment and other
|
|
|
-
|
|
|
|
-
|
|
|
|
220
|
|
|
|
147
|
|
|
|
2,489
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation expense (benefit) - deferred compensation plan
|
|
58
|
|
|
|
134
|
|
|
|
78
|
|
|
|
(65
|
)
|
|
|
311
|
|
Stock-based compensation expense
|
|
|
715
|
|
|
|
666
|
|
|
|
589
|
|
|
|
2,708
|
|
|
|
1,936
|
|
Non-GAAP gross profit
|
|
$
|
116,994
|
|
|
$
|
111,122
|
|
|
$
|
99,567
|
|
|
$
|
436,535
|
|
|
$
|
354,597
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP R&D expenses:
|
|
$
|
41,023
|
|
|
$
|
38,429
|
|
|
$
|
32,071
|
|
|
$
|
148,507
|
|
|
$
|
127,688
|
|
Restructuring related:
|
|
|
|
|
|
|
|
|
|
|
Severance and retention costs
|
|
|
(1,152
|
)
|
|
|
(66
|
)
|
|
|
-
|
|
|
|
(2,246
|
)
|
|
|
(467
|
)
|
Facility closure costs
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(154
|
)
|
|
|
(209
|
)
|
Assets impairment and other
|
|
|
-
|
|
|
|
-
|
|
|
|
(45
|
)
|
|
|
261
|
|
|
|
(479
|
)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation benefit (expense) - deferred compensation plan
|
|
(61
|
)
|
|
|
(143
|
)
|
|
|
(83
|
)
|
|
|
70
|
|
|
|
(464
|
)
|
Stock-based compensation expense
|
|
|
(3,660
|
)
|
|
|
(4,433
|
)
|
|
|
(2,266
|
)
|
|
|
(15,268
|
)
|
|
|
(9,813
|
)
|
Non-GAAP R&D expenses
|
|
$
|
36,150
|
|
|
$
|
33,787
|
|
|
$
|
29,677
|
|
|
$
|
131,170
|
|
|
$
|
116,256
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP SG&A expenses:
|
|
$
|
40,287
|
|
|
$
|
38,851
|
|
|
$
|
27,050
|
|
|
$
|
136,508
|
|
|
$
|
106,469
|
|
Acquisition related:
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition related intangibles
|
|
|
(5,992
|
)
|
|
|
(1,211
|
)
|
|
|
(376
|
)
|
|
|
(7,552
|
)
|
|
|
(2,039
|
)
|
Acquisition related fees
|
|
|
(245
|
)
|
|
|
(2,113
|
)
|
|
|
-
|
|
|
|
(2,358
|
)
|
|
|
125
|
|
Restructuring related:
|
|
|
|
|
|
|
|
|
|
|
Severance and retention costs
|
|
|
(1,173
|
)
|
|
|
(6,025
|
)
|
|
|
-
|
|
|
|
(8,797
|
)
|
|
|
(484
|
)
|
Facility closure costs
|
|
|
(53
|
)
|
|
|
-
|
|
|
|
-
|
|
|
|
(53
|
)
|
|
|
(67
|
)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
Compensation benefit (expense) - deferred compensation plan
|
|
(38
|
)
|
|
|
(89
|
)
|
|
|
(52
|
)
|
|
|
(189
|
)
|
|
|
(215
|
)
|
Stock-based compensation expense
|
|
|
(3,874
|
)
|
|
|
(4,363
|
)
|
|
|
(2,829
|
)
|
|
|
(16,182
|
)
|
|
|
(10,704
|
)
|
Non-GAAP SG&A expenses
|
|
$
|
28,912
|
|
|
$
|
25,050
|
|
|
$
|
23,793
|
|
|
$
|
101,377
|
|
|
$
|
93,085
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest and other income (expense), net
|
|
$
|
(3,601
|
)
|
|
$
|
(2,008
|
)
|
|
$
|
1,966
|
|
|
$
|
(2,775
|
)
|
|
$
|
4,791
|
|
Non-cash interest expense
|
|
|
3,191
|
|
|
|
2,164
|
|
|
|
-
|
|
|
|
5,355
|
|
|
|
-
|
|
Loan prepayment penalty
|
|
|
-
|
|
|
|
164
|
|
|
|
-
|
|
|
|
164
|
|
|
|
-
|
|
Acquisition related foreign exchange loss
|
|
|
-
|
|
|
|
536
|
|
|
|
-
|
|
|
|
536
|
|
|
|
-
|
|
Gain from divestiture
|
|
|
-
|
|
|
|
(22
|
)
|
|
|
(168
|
)
|
|
|
(98
|
)
|
|
|
(272
|
)
|
Loss (gain) on deferred compensation plan securities
|
|
|
(151
|
)
|
|
|
(363
|
)
|
|
|
(205
|
)
|
|
|
205
|
|
|
|
(940
|
)
|
Assets impairment and other
|
|
|
-
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(325
|
)
|
|
|
-
|
|
Non-GAAP interest and other income (expense), net
|
|
$
|
(561
|
)
|
|
$
|
471
|
|
|
$
|
1,593
|
|
|
$
|
3,062
|
|
|
$
|
3,579
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP provision for (benefit from) income taxes - continuing
operations
|
$
|
(58,559
|
)
|
|
$
|
(3,922
|
)
|
|
$
|
517
|
|
|
$
|
(61,435
|
)
|
|
$
|
1,357
|
|
Non-GAAP tax adjustments
|
|
|
58,388
|
|
|
|
4,506
|
|
|
|
1,391
|
|
|
|
62,629
|
|
|
|
4,596
|
|
Non-GAAP provision for (benefit from) income taxes - continuing
operations
|
$
|
(171
|
)
|
|
$
|
584
|
|
|
$
|
1,908
|
|
|
$
|
1,194
|
|
|
$
|
5,953
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
Apr. 3
|
|
Mar. 29,
|
(In thousands)
|
|
|
|
2016
|
|
|
2015
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
203,231
|
|
$
|
116,945
|
Short-term investments
|
|
|
|
151,233
|
|
|
438,115
|
Accounts receivable, net
|
|
|
|
74,386
|
|
|
63,618
|
Inventories
|
|
|
|
54,243
|
|
|
45,410
|
Prepaid and other current assets
|
|
|
|
15,008
|
|
|
16,041
|
Total current assets
|
|
|
|
498,101
|
|
|
680,129
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
73,877
|
|
|
65,508
|
Goodwill
|
|
|
|
305,733
|
|
|
135,644
|
Acquisition-related intangibles
|
|
|
|
127,761
|
|
|
5,535
|
Other assets
|
|
|
|
93,717
|
|
|
26,843
|
TOTAL ASSETS
|
|
|
$
|
1,099,189
|
|
$
|
913,659
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
39,858
|
|
$
|
28,006
|
Accrued compensation and related expenses
|
|
|
|
45,269
|
|
|
43,649
|
Deferred income on shipments to distributors
|
|
|
|
7,006
|
|
|
15,694
|
Deferred tax liabilities
|
|
|
|
-
|
|
|
1,401
|
Other accrued liabilities
|
|
|
|
14,974
|
|
|
17,582
|
Total current liabilities
|
|
|
|
107,107
|
|
|
106,332
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
|
19,712
|
|
|
1,121
|
Long term income taxes payable
|
|
|
|
2,190
|
|
|
347
|
Convertible notes
|
|
|
|
272,221
|
|
|
-
|
Other long-term obligations
|
|
|
|
21,264
|
|
|
17,605
|
Total liabilities
|
|
|
|
422,494
|
|
|
125,405
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
676,695
|
|
|
788,254
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
$
|
1,099,189
|
|
$
|
913,659
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160502006110/en/
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