Q4 FY16 Revenue of $189.4M; up 6.6% Q/Q and 19.6% Y/Y
FY16 Revenue of $697.4M; up 21.7%
Q4 FY16 GAAP Diluted EPS of $0.59; Q4 FY16 Non-GAAP Diluted EPS of $0.36
FY16 GAAP Diluted EPS of $1.32; FY16 Non-GAAP Diluted EPS of $1.37
SAN JOSE, Calif. — (BUSINESS WIRE) — May 2, 2016 — 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.
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.
| INTEGRATED DEVICE TECHNOLOGY, INC. | ||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| Apr. 3 | Jan. 3 | Mar. 29, | Apr. 3 | Mar. 29, | ||||||||||||||||
| 2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
| Revenues | $ | 189,361 | $ | 177,610 | $ | 158,350 | $ | 697,376 | $ | 572,905 | ||||||||||
| Cost of revenues | 81,398 | 69,699 | 60,295 | 275,722 | 227,601 | |||||||||||||||
| Gross profit | 107,963 | 107,911 | 98,055 | 421,654 | 345,304 | |||||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development | 41,023 | 38,429 | 32,071 | 148,507 | 127,688 | |||||||||||||||
| Selling, general and administrative | 40,287 | 38,851 | 27,050 | 136,508 | 106,469 | |||||||||||||||
| Total operating expenses | 81,310 | 77,280 | 59,121 | 285,015 | 234,157 | |||||||||||||||
| Operating income | 26,653 | 30,631 | 38,934 | 136,639 | 111,147 | |||||||||||||||
| Other income (expense), net | (3,601 | ) | (2,008 | ) | 1,966 | (2,775 | ) | 4,791 | ||||||||||||
| Income from continuing operations before income taxes | 23,052 | 28,623 | 40,900 | 133,864 | 115,938 | |||||||||||||||
| Provision for (benefit from) income taxes | (58,559 | ) | (3,922 | ) | 517 | (61,435 | ) | 1,357 | ||||||||||||
| Net income from continuing operations | 81,611 | 32,545 | 40,383 | 195,299 | 114,581 | |||||||||||||||
| Discontinued operations: | ||||||||||||||||||||
| Gain from divestiture | - | - | - | - | 16,840 | |||||||||||||||
| Loss from discontinued operations | - | - | (799 | ) | (547 | ) | (37,237 | ) | ||||||||||||
| Provision for income taxes | - | - | 318 | 15 | 275 | |||||||||||||||
| Net loss from discontinued operations | - | - | (1,117 | ) | (562 | ) | (20,672 | ) | ||||||||||||
| Net income | $ | 81,611 | $ | 32,545 | $ | 39,266 | $ | 194,737 | $ | 93,909 | ||||||||||
| Basic net income per share - continuing operations | $ | 0.61 | $ | 0.23 | $ | 0.27 | $ | 1.37 | $ | 0.77 | ||||||||||
| Basic net loss per share - discontinued operations | - | - | (0.01 | ) | - | (0.14 | ) | |||||||||||||
| Basic net income per share | $ | 0.61 | $ | 0.23 | $ | 0.26 | $ | 1.37 | $ | 0.63 | ||||||||||
| Diluted net income per share - continuing operations | $ | 0.59 | $ | 0.22 | $ | 0.26 | $ | 1.32 | $ | 0.74 | ||||||||||
| Diluted net loss per share - discontinued operations | - | - | (0.01 | ) | - | (0.13 | ) | |||||||||||||
| Diluted net income per share | $ | 0.59 | $ | 0.22 | $ | 0.25 | $ | 1.32 | $ | 0.61 | ||||||||||
| Weighted average shares: | ||||||||||||||||||||
| Basic | 134,788 | 140,411 | 148,326 | 142,783 | 148,714 | |||||||||||||||
| Diluted | 139,239 | 145,705 | 154,111 | 147,652 | 153,983 | |||||||||||||||
| INTEGRATED DEVICE TECHNOLOGY, INC. | ||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (a) | ||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||
| Three Months Ended | Twelve Months Ended | |||||||||||||||||||
| Apr. 3 | Jan. 3 | Mar. 29, | Apr. 3 | Mar. 29, | ||||||||||||||||
| 2016 | 2016 | 2015 | 2016 | 2015 | ||||||||||||||||
| GAAP net income from continuing operations | $ | 81,611 |
|
$ | 32,545 | $ | 40,383 | $ | 195,299 |
|
$ | 114,581 | ||||||||
| GAAP diluted net income per share - continuing operations | $ | 0.59 |
|
$ | 0.22 | $ | 0.26 | $ | 1.32 |
|
$ | 0.74 | ||||||||
| Acquisition related: | ||||||||||||||||||||
| Amortization of acquisition related intangibles | 9,347 |
|
2,732 | 1,001 | 13,662 |
|
6,573 | |||||||||||||
| Acquisition related fees | 245 |
|
2,113 | - | 2,591 |
|
(125 | ) | ||||||||||||
| Acquisition related foreign exchange loss | - | 536 | - | 536 | - | |||||||||||||||
| 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/
Contact:
Integrated Device Technology, Inc.
Financial Contact:
IDT
Investor Relations
Suzanne Schmidt, 415-217-4962
Email Contact
or
Press
Contact:
IDT Public Relations Manager
Dean Solov,
408-284-2608
Email Contact