[February 01, 2016] |
|
IDT Reports Q3 Fiscal Year 2016 Financial Results
Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI)
today announced results for the fiscal third quarter ended January 3,
2016.
"We achieved a number of key milestones in the third quarter of fiscal
2016," said Greg Waters, president and chief executive officer. "On
December 7th, we closed the acquisition of ZMDI and the
following week we executed a $374 million convertible note offering,
with a concurrent accelerated share repurchase program. We delivered our
9th consecutive quarter of year-over-year revenue growth,
driven by strong demand for our communications infrastructure products.
With our continued focus on operational excellence, we achieved a
non-GAAP operating margin of 29.4 percent, and record free cash flow of
30 percent of revenue on a trailing twelve-month basis."
"The integration of recently acquired ZMDI is progressing well, and we
are already leveraging the combined product portfolios into potent
customer cross-selling opportunities. Additionally, as synergies are
realized over the coming year, we expect the acquisition to provide
meaningful revenue and EPS accretion, while supporting IDT's target
operating model," concluded Mr. Waters.
Recent Business Highlights - Communications
-
IDT Announces Broadband Differential Input RF Amplifier, Simplifying
RF DAC and Integrated Transceiver-Based Designs
-
IDT Improves RF Switch Performance with New SPDT Switch Featuring KZ
Constant Impedance Technology
-
IDT and Richardson Electronics Team for Global Distribution of RF
Products
Recent Business Highlights - Computing
-
IDT and CERN open lab Engineer Low-Latency RapidIO Platform to Speed
and Improve Analytics at Large Hadron
-
IDT Introduces Highly Integrated Power Management Solution for
Enterprise SSD and Computing Applications
Recent Business Highlights - Consumer
-
Belkin Selects IDT Dual-Mode Wireless Power Transmitter to Bring
Flexibility to New Generation Charging Pad
-
IDT Teams Up With Digi-Key Electronics for Contest to Create
Wirelessly Powered Devices
-
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 third quarter of
2016 was $177.6 million, which included $3.4 million attributable to
the ZMDI acquisition. This compared with $169.5 million reported last
quarter, and $151.2 million reported in the same period one year ago.
-
GAAP net income from continuing operations for the fiscal third
quarter of 2016 was $32.5 million, or $0.22 per diluted share, versus
GAAP net income from continuing operations of $42.4 million or $0.28
per diluted share last quarter, and GAAP net income from continuing
operations of $32.8 million or $0.21 per share in the same period one
year ago. Fiscal third quarter GAAP results include $9.5 million in
stock-based compensation, $6.1 million in severance and retention
costs, $3.5 million in acquisition related charges, $2.7 million in
amortization of acquisition-related intangibles, $2.2 million in
non-cash interest expense and $4.5 million in related tax effects.
-
Non-GAAP net income for the fiscal third quarter of 2016 was $52.2
million or $0.35 per diluted share, compared with non-GAAP net income
of $53.9 million or $0.35 per diluted share last quarter, and non-GAAP
net income of $38.7 million or $0.25 per diluted share reported in the
same period one year ago.
-
GAAP gross profit from continuing operations for the fiscal third
quarter of 2016 was $107.9 million, or 60.8 percent, compared with
GAAP gross profit of $106.5 million or 62.9 percent last quarter, and
$91.4 million, or 60.4 percent, reported in the same period one year
ago. Non-GAAP gross profit for the fiscal third quarter of 2016 was
$111.1 million, or 62.6 percent, compared with non-GAAP gross profit
of $107.5 million, or 63.4 percent last quarter, and $93.0 million, or
61.5 percent, reported in the same period one year ago.
-
GAAP R&D expense for the fiscal third quarter of 2016 was $38.4
million, compared with GAAP R&D expense of $35.3 million last quarter,
and $32.8 million reported in the same period one year ago. Non-GAAP
R&D expense for the fiscal third quarter of 2016 was $33.8 million,
compared with non-GAAP R&D expense of $31.5 million last quarter, and
$29.7 million in the same period one year ago.
-
GAAP SG&A expense for the fiscal third quarter of 2016 was $38.9
million, compared with GAAP SG&A expense of $29.2 million last
quarter, and $27.2 million in the same period one year ago. Non-GAAP
SG&A expense for the fiscal third quarter of 2016 was $25.1 million,
compared with non-GAAP SG&A expense of $23.5 million last quarter, and
$23.9 million in the same period one year ago.
Webcast and Conference Call Information
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 February 1,
2016. The webcast replay will be available after 5 p.m. Pacific time on
February 1, 2016.
Investors may also listen to the live call at 1:30 p.m. Pacific time on
February 1, 2016 by calling (888) 596-2560 (United States); or (913)
312-1511 (International). The access code is 7407712. The conference
call replay will be available for one week following the event at (888)
203-1112 (United States); or (719) 457-0820 (International). The access
code is 7407712.
IDT's next regularly scheduled Quiet Period will begin March 21, 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 fourth quarter fiscal 2016 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
timing, serial switching and interfaces 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, stockholder
expenses and certain other expenses and benefits. Management uses these
non-GAAP measures to manage and assess the profitability of the
business. These non-GAAP results are also consistent with the way
management internally analyzes IDT's financial results.
There are limitations in using non-GAAP financial measures because they
are not prepared in accordance with GAAP and may be different from
non-GAAP financial measures used by other companies. The presentation of
non-GAAP financial information is not meant to be considered in
isolation or as a substitute for the most directly comparable GAAP
financial measures. The non-GAAP financial measures supplement, and
should be viewed in conjunction with, GAAP financial measures. Investors
should review the reconciliations of the non-GAAP financial measures to
their most directly comparable GAAP financial measures as provided in
the accompanying press release.
As presented in the "Reconciliation of GAAP to Non-GAAP" tables in the
accompanying press release, each of the non-GAAP financial measures
excludes one or more of the following items:
Acquisition related. Acquisition-related
charges are not factored into management's evaluation of potential
acquisitions or IDT's performance after completion of acquisitions,
because they are not related to the Company's core operating
performance. Adjustments of these items provide investors with a basis
to compare IDT's performance to other companies without the variability
caused by purchase accounting. Acquisition-related expenses primarily
include:
-
Amortization of acquisition related intangibles, which include
acquired intangibles such as purchased technology, patents, customer
relationships, trademarks, backlog and non-compete agreements.
-
Acquisition related costs such as legal, accounting and other
professional or consulting fees directly related to an acquisition.
-
Fair market value adjustment to acquired inventory sold.
Restructuring related. Restructuring
charges primarily relate to changes in IDT's infrastructure in efforts
to reduce costs and expenses (gains) associated with strategic
divestitures and restructuring in force actions. Restructuring charges
(gains) are excluded from non-GAAP financial measures because they are
not considered core operating activities. Although IDT has engaged in
various restructuring activities in the past, each has been a discrete
event based on a unique set of business objectives. As such, management
believes that it is appropriate to exclude restructuring charges (gains)
from IDT's non-GAAP financial measures as it enhances the ability of
investors to compare the Company's period-over-period operating results
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 and impairment charge related to a note
receivable and subsequent recoveries.
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.
-
Life insurance proceeds received, represents proceeds received under
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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Nine Months Ended
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Jan. 3
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Sept. 27,
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Dec. 28,
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Jan. 3
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Dec. 28,
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|
|
2016
|
|
2015
|
|
2014
|
|
2016
|
|
2014
|
Revenues
|
|
$
|
177,610
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|
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$
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169,498
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$
|
151,160
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|
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$
|
508,015
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$
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414,555
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Cost of revenues
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|
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69,699
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62,952
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59,796
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|
194,324
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167,306
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Gross profit
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107,911
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|
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106,546
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|
|
91,364
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313,691
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247,249
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Operating expenses:
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Research and development
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38,429
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35,301
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32,825
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107,484
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95,617
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Selling, general and administrative
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38,851
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29,227
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27,165
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96,221
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79,419
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Total operating expenses
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77,280
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|
64,528
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59,990
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203,705
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175,036
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Operating income
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30,631
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|
|
|
42,018
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|
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31,374
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109,986
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|
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72,213
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Other income (expense), net
|
|
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(2,008
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)
|
|
|
1,016
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|
|
1,558
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|
|
|
826
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|
|
|
2,825
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Income from continuing operations before income taxes
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|
|
28,623
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43,034
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32,932
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110,812
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75,038
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Provision for (benefit from) income taxes
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(3,922
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)
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611
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91
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(2,876
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)
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840
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Net income from continuing operations
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32,545
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42,423
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32,841
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113,688
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74,198
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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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(14,538
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)
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(547
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)
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(36,438
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)
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Provision for (benefit from) income taxes
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-
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-
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(55
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)
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15
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(43
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)
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Net loss from discontinued operations
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-
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-
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(14,483
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)
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(562
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)
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(19,555
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)
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Net income
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$
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32,545
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$
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42,423
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$
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18,358
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$
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113,126
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$
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54,643
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Basic net income per share - continuing operations
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$
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0.23
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$
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0.29
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$
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0.22
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|
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$
|
0.78
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|
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$
|
0.50
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Basic net income (loss) per share - discontinued operations
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|
|
-
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|
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|
-
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(0.10
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)
|
|
|
-
|
|
|
|
(0.13
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)
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Basic net income per share
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|
$
|
0.23
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|
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$
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0.29
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$
|
0.12
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$
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0.78
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$
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0.37
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Diluted net income per share - continuing operations
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$
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0.22
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$
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0.28
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$
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0.21
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$
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0.75
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$
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0.48
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Diluted net loss per share - discontinued operations
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-
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-
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(0.09
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)
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-
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(0.12
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)
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Diluted net income per share
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$
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0.22
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$
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0.28
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$
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0.12
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$
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0.75
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$
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0.36
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Weighted average shares:
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Basic
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140,411
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147,724
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148,552
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145,382
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148,844
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Diluted
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145,705
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152,152
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153,973
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150,614
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153,904
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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
|
|
|
Jan. 3
|
|
Sept. 27,
|
|
Dec. 28,
|
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Jan. 3
|
|
Dec. 28,
|
|
|
2016
|
|
2015
|
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2014
|
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2016
|
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2014
|
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GAAP net income from continuing operations
|
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$
|
32,545
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|
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$
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42,423
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|
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$
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32,841
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$
|
113,688
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$
|
74,198
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GAAP diluted net income per share - continuing operations
|
|
$
|
0.22
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|
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$
|
0.28
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|
|
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$
|
0.21
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|
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$
|
0.75
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|
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$
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0.48
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Acquisition related:
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Amortization of acquisition related intangibles
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2,732
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751
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1,347
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4,315
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5,572
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Acquisition related fees
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|
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2,113
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|
|
233
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(125
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)
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2,346
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(125
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)
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Acquisition related foreign exchange loss
|
|
|
536
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-
|
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|
-
|
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|
|
536
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|
-
|
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Amortization of fair market value adjustment to inventory
|
|
|
890
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-
|
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|
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-
|
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|
|
890
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|
|
-
|
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Restructuring related:
|
|
|
|
|
|
|
|
|
|
|
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Severance and retention costs
|
|
|
6,091
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|
|
|
1,894
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|
|
|
|
129
|
|
|
|
8,906
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|
|
|
974
|
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Facility closure costs
|
|
|
-
|
|
|
|
154
|
|
|
|
|
209
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|
|
|
154
|
|
|
|
276
|
|
Assets impairment and other
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
147
|
|
|
|
2,703
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense
|
|
|
9,462
|
|
|
|
8,581
|
|
|
|
|
5,878
|
|
|
|
25,909
|
|
|
|
16,769
|
|
Non-cash interest expense
|
|
|
2,164
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
2,164
|
|
|
|
-
|
|
Loan prepayment penalty
|
|
|
164
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
164
|
|
|
|
-
|
|
Gain from divestiture
|
|
|
(22
|
)
|
|
|
(25
|
)
|
|
|
|
(104
|
)
|
|
|
(98
|
)
|
|
|
(104
|
)
|
Assets impairment and other
|
|
|
-
|
|
|
|
(261
|
)
|
|
|
|
-
|
|
|
|
(586
|
)
|
|
|
-
|
|
Compensation expense (benefit) - deferred compensation plan
|
|
|
366
|
|
|
|
(817
|
)
|
|
|
|
525
|
|
|
|
(336
|
)
|
|
|
777
|
|
Loss (gain) on deferred compensation plan securities
|
|
|
(363
|
)
|
|
|
827
|
|
|
|
|
(500
|
)
|
|
|
356
|
|
|
|
(735
|
)
|
Non-GAAP tax adjustments
|
|
|
(4,506
|
)
|
|
|
182
|
|
|
|
|
(1,521
|
)
|
|
|
(4,242
|
)
|
|
|
(3,206
|
)
|
Non-GAAP net income from continuing operations
|
|
$
|
52,172
|
|
|
$
|
53,942
|
|
|
|
$
|
38,679
|
|
|
$
|
154,313
|
|
|
$
|
97,099
|
|
GAAP weighted average shares - diluted
|
|
|
145,705
|
|
|
|
152,152
|
|
|
|
|
153,973
|
|
|
|
150,614
|
|
|
|
153,904
|
|
Non-GAAP adjustment
|
|
|
1,920
|
|
|
|
2,600
|
|
|
|
|
1,463
|
|
|
|
2,057
|
|
|
|
1,802
|
|
Non-GAAP weighted average shares - diluted
|
|
|
147,625
|
|
|
|
154,752
|
|
|
|
|
155,436
|
|
|
|
152,671
|
|
|
|
155,706
|
|
Non-GAAP diluted net income per share - continuing operations
|
|
$
|
0.35
|
|
|
$
|
0.35
|
|
|
|
$
|
0.25
|
|
|
$
|
1.01
|
|
|
$
|
0.62
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit
|
|
$
|
107,911
|
|
|
$
|
106,546
|
|
|
|
$
|
91,364
|
|
|
$
|
313,691
|
|
|
$
|
247,249
|
|
Acquisition related:
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition related intangibles
|
|
|
1,521
|
|
|
|
617
|
|
|
|
|
959
|
|
|
|
2,755
|
|
|
|
3,909
|
|
Amortization of fair market value adjustment to inventory
|
|
|
890
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
890
|
|
|
|
-
|
|
Restructuring related:
|
|
|
|
|
|
|
|
|
|
|
|
Severance and retention costs
|
|
|
-
|
|
|
|
6
|
|
|
|
|
(96
|
)
|
|
|
188
|
|
|
|
23
|
|
Assets impairment and other
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
147
|
|
|
|
2,269
|
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
Compensation expense (benefit) - deferred compensation plan
|
|
|
134
|
|
|
|
(299
|
)
|
|
|
|
156
|
|
|
|
(123
|
)
|
|
|
233
|
|
Stock-based compensation expense
|
|
|
666
|
|
|
|
645
|
|
|
|
|
592
|
|
|
|
1,993
|
|
|
|
1,347
|
|
Non-GAAP gross profit
|
|
$
|
111,122
|
|
|
$
|
107,515
|
|
|
|
$
|
92,975
|
|
|
$
|
319,541
|
|
|
$
|
255,030
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP R&D expenses:
|
|
$
|
38,429
|
|
|
$
|
35,301
|
|
|
|
$
|
32,825
|
|
|
$
|
107,484
|
|
|
$
|
95,617
|
|
Restructuring related:
|
|
|
|
|
|
|
|
|
|
|
|
Severance and retention costs
|
|
|
(66
|
)
|
|
|
(681
|
)
|
|
|
|
(91
|
)
|
|
|
(1,094
|
)
|
|
|
(467
|
)
|
Facility closure costs
|
|
|
-
|
|
|
|
(154
|
)
|
|
|
|
(209
|
)
|
|
|
(154
|
)
|
|
|
(209
|
)
|
Assets impairment and other
|
|
|
-
|
|
|
|
261
|
|
|
|
|
-
|
|
|
|
261
|
|
|
|
(434
|
)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
Compensation benefit (expense) - deferred compensation plan
|
|
|
(143
|
)
|
|
|
319
|
|
|
|
|
(255
|
)
|
|
|
131
|
|
|
|
(381
|
)
|
Stock-based compensation expense
|
|
|
(4,433
|
)
|
|
|
(3,543
|
)
|
|
|
|
(2,562
|
)
|
|
|
(11,608
|
)
|
|
|
(7,547
|
)
|
Non-GAAP R&D expenses
|
|
$
|
33,787
|
|
|
$
|
31,503
|
|
|
|
$
|
29,708
|
|
|
$
|
95,020
|
|
|
$
|
86,579
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP SG&A expenses:
|
|
$
|
38,851
|
|
|
$
|
29,227
|
|
|
|
$
|
27,165
|
|
|
$
|
96,221
|
|
|
$
|
79,419
|
|
Acquisition related:
|
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition related intangibles
|
|
|
(1,211
|
)
|
|
|
(134
|
)
|
|
|
|
(388
|
)
|
|
|
(1,560
|
)
|
|
|
(1,663
|
)
|
Acquisition related fees
|
|
|
(2,113
|
)
|
|
|
(233
|
)
|
|
|
|
125
|
|
|
|
(2,346
|
)
|
|
|
125
|
|
Restructuring related:
|
|
|
|
|
|
|
|
|
|
|
|
Severance and retention costs
|
|
|
(6,025
|
)
|
|
|
(1,207
|
)
|
|
|
|
(134
|
)
|
|
|
(7,624
|
)
|
|
|
(484
|
)
|
Facility closure costs
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
-
|
|
|
|
(67
|
)
|
Other:
|
|
|
|
|
|
|
|
|
|
|
|
Compensation benefit (expense) - deferred compensation plan
|
|
|
(89
|
)
|
|
|
199
|
|
|
|
|
(114
|
)
|
|
|
82
|
|
|
|
(163
|
)
|
Stock-based compensation expense
|
|
|
(4,363
|
)
|
|
|
(4,393
|
)
|
|
|
|
(2,724
|
)
|
|
|
(12,308
|
)
|
|
|
(7,875
|
)
|
Non-GAAP SG&A expenses
|
|
$
|
25,050
|
|
|
$
|
23,459
|
|
|
|
$
|
23,930
|
|
|
$
|
72,465
|
|
|
$
|
69,292
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest income and other, net
|
|
$
|
(2,008
|
)
|
|
$
|
1,016
|
|
|
|
$
|
1,558
|
|
|
$
|
826
|
|
|
$
|
2,825
|
|
Non-cash interest expense
|
|
|
2,164
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
2,164
|
|
|
|
-
|
|
Loan prepayment penalty
|
|
|
164
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
164
|
|
|
|
-
|
|
Acquisition related foreign exchange loss
|
|
|
536
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
536
|
|
|
|
-
|
|
Gain from divestiture
|
|
|
(22
|
)
|
|
|
(25
|
)
|
|
|
|
(104
|
)
|
|
|
(98
|
)
|
|
|
(104
|
)
|
Loss (gain) on deferred compensation plan securities
|
|
|
(363
|
)
|
|
|
827
|
|
|
|
|
(500
|
)
|
|
|
356
|
|
|
|
(735
|
)
|
Assets impairment and other
|
|
|
-
|
|
|
|
-
|
|
|
|
|
-
|
|
|
|
(325
|
)
|
|
|
-
|
|
Non-GAAP interest income and other, net
|
|
$
|
471
|
|
|
$
|
1,818
|
|
|
|
$
|
954
|
|
|
$
|
3,623
|
|
|
$
|
1,986
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP provision for (benefit from) income taxes - continuing
operations
|
|
$
|
(3,922
|
)
|
|
$
|
611
|
|
|
|
$
|
91
|
|
|
$
|
(2,876
|
)
|
|
$
|
840
|
|
Non-GAAP tax adjustments
|
|
|
4,506
|
|
|
|
(182
|
)
|
|
|
|
1,521
|
|
|
|
4,241
|
|
|
|
3,206
|
|
Non-GAAP provision for income taxes - continuing operations
|
|
$
|
584
|
|
|
$
|
429
|
|
|
|
$
|
1,612
|
|
|
$
|
1,365
|
|
|
$
|
4,046
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(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)
|
|
|
|
|
|
|
|
|
|
Jan. 3
|
|
Mar. 29,
|
(In thousands)
|
|
|
2016
|
|
2015
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
Current assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
|
$
|
152,992
|
|
$
|
116,945
|
Short-term investments
|
|
|
|
199,328
|
|
|
438,115
|
Accounts receivable, net
|
|
|
|
65,916
|
|
|
63,618
|
Inventories
|
|
|
|
54,785
|
|
|
45,410
|
Prepaid and other current assets
|
|
|
|
12,568
|
|
|
16,041
|
Total current assets
|
|
|
|
485,589
|
|
|
680,129
|
|
|
|
|
|
|
Property, plant and equipment, net
|
|
|
|
73,769
|
|
|
65,508
|
Goodwill
|
|
|
|
305,733
|
|
|
135,644
|
Acquisition-related intangibles
|
|
|
|
137,489
|
|
|
5,535
|
Other assets
|
|
|
|
29,081
|
|
|
26,843
|
TOTAL ASSETS
|
|
|
$
|
1,031,661
|
|
$
|
913,659
|
|
|
|
|
|
|
LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
|
|
|
Current liabilities:
|
|
|
|
|
|
Accounts payable
|
|
|
$
|
30,654
|
|
$
|
28,006
|
Accrued compensation and related expenses
|
|
|
|
53,154
|
|
|
43,649
|
Deferred income on shipments to distributors
|
|
|
|
8,523
|
|
|
15,694
|
Deferred taxes liabilities
|
|
|
|
-
|
|
|
1,401
|
Other accrued liabilities
|
|
|
|
16,365
|
|
|
17,582
|
Total current liabilities
|
|
|
|
108,696
|
|
|
106,332
|
|
|
|
|
|
|
Deferred tax liabilities
|
|
|
|
21,106
|
|
|
1,121
|
Long term income taxes payable
|
|
|
|
959
|
|
|
347
|
Convertible notes
|
|
|
|
269,031
|
|
|
-
|
Other long-term obligations
|
|
|
|
22,093
|
|
|
17,605
|
Total liabilities
|
|
|
|
421,885
|
|
|
125,405
|
|
|
|
|
|
|
Stockholders' equity
|
|
|
|
609,776
|
|
|
788,254
|
|
|
|
|
|
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
|
|
|
$
|
1,031,661
|
|
$
|
913,659
|
View source version on businesswire.com: http://www.businesswire.com/news/home/20160201006252/en/
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