"First quarter fiscal 2018 revenue increased by 12 percent sequentially, driven by our GigPeak acquisition plus broad organic growth across each of our end markets," said Greg Waters, president and chief executive officer. "We believe that IDT is positioned for continued revenue growth as the fiscal year progresses and expect to see acceleration in profit margin expansion and cash flows in the second half."
Recent Business Highlights - Consumer
-- IDT partnered with LG to enable wireless charging electronics in LG's
flagship smartphones (LG G6).
-- IDT and Samsung teamed up again to bring rapid wireless charging to
Samsung's Galaxy S8 and S8+ models. The wireless power technology
partnership on the Galaxy S8 is significant and continues the
integration of magnetic secure transmission (MST) payment technology.
Recent Business Highlights - Communications
-- IDT announced its IDT® 8T49N240, a highly-programmable clock generator
and jitter attenuator IC featuring less than 200fs of phase noise that
provides valuable system design margin for 10Gbps interfaces in wireline
and wireless communication networks. The additional phase noise margin
alleviates system design constraints, allowing engineers to reduce bit
error rates (BER) while decreasing overall system costs.
-- IDT won Ericsson Semiconductor Supplier Award 2017 for excellent and
consistent performance and company's support of technology leadership in
mobile broadband and evolution to 5G.
Recent Business Highlights - Computing
-- IDT introduced new flash memory expander to allow customers the ability
to increase solid state drive (SSD) memory at a reduced cost. The IDT
MX0141V is the first 1:4 bidirectional multiplexer explicitly designed
for this application. The MX0141V permits the expansion of SSD memory
without the need for additional controllers and is designed for
datacenter, enterprise and consumer memory subsystems.
-- IDT announced sampling of its 4RCD0232K register and 4DB0232K data
buffer to customers and ecosystem partners. This chipset combines new
features that were included in the latest generation of the JEDEC
standard defined for 3200MT/s capability devices which include decision
feedback equalization (DFE), dedicated NVDIMM communication ports and
fine granularity output signal ring-back control. This chipset also
consumes the lowest power of any DDR4 chipset in the industry today.
Recent Business Highlights - Auto and Industrial
-- IDT exhibited Advanced Sensing Technologies at SENSOR+TEST 2017 in
Nurnberg, Germany. Technologies included: ZMID520x inductive position
sensor, ZSSC4175 automotive sensor signal conditioner for dual voltage
source sensor inputs with SENT or I2C output, ZSSC4165 automotive senor
signal conditioner for dual resistive bridges with SENT or I2C output,
ZSSC3018 sensor signal conditioner for high-accuracy amplification and
analog-to-digital conversion of differential or pseudo-differential
input signal and wireless charging solutions designed for automotive
applications.
-- IDT presented Contactless Position Sensors at Sensors Expo 2017 in San
Jose, California. Sensors displayed included the innovative IDT®
ZMID520x inductive position sensors that are AEC-Q100-qualified, magnet-
free sensors ideal for a variety of automotive, industrial and consumer
applications.
The following highlights the Company's financial performance on both a GAAP and supplemental non-GAAP basis. The Company provides supplemental information regarding its operating performance on a non-GAAP basis that excludes certain gains, losses and charges which occur relatively infrequently and which management considers to be outside our core operating results. Non-GAAP results are not in accordance with GAAP and may not be comparable to non-GAAP information provided by other companies. Non-GAAP information should be considered a supplement to, and not a substitute for, financial statements prepared in accordance with GAAP. A complete reconciliation of GAAP to non-GAAP results is attached to this press release.
-- Revenue for the fiscal first quarter of 2018 was $196.7 million. This
compared with $175.7 million reported last quarter, and $192.1 million
reported in the same period one year ago.
-- GAAP net income for the fiscal first quarter of 2018 was $16.7 million,
or $0.12 per diluted share, versus GAAP net income of $30.2 million or
$0.22 per diluted share last quarter, and GAAP net income of $20.9
million or $0.15 per diluted share in the same period one year ago.
Fiscal first quarter GAAP results include $17.8 million in acquisition
and restructuring charges, $11.8 million in stock-based compensation,
$3.9 million in non-cash interest expense, $1.7 million in certain
unrealized foreign exchange gain and $3.3 million provision in related
tax effects.
-- Non-GAAP net income for the fiscal first quarter of 2018 was $45.3
million or $0.33 per diluted share, compared with non-GAAP net income of
$48.1 million or $0.35 per diluted share last quarter, and non-GAAP net
income of $51.2 million or $0.36 per diluted share reported in the same
period one year ago.
-- GAAP gross profit for the fiscal first quarter of 2018 was $110.0
million, or 55.9 percent, compared with GAAP gross profit of $101.7
million or 57.9 percent last quarter, and $108.3 million, or 56.4
percent, reported in the same period one year ago. Non-GAAP gross profit
for the fiscal first quarter of 2018 was $120.7 million, or 61.4
percent, compared with non-GAAP gross profit of $106.1 million, or 60.4
percent last quarter, and $117.9 million, or 61.3 percent, reported in
the same period one year ago.
-- GAAP R&D expense for the fiscal first quarter of 2018 was $48.4 million,
compared with GAAP R&D expense of $35.5 million last quarter, and $49.6
million reported in the same period one year ago. Non-GAAP R&D expense
for the fiscal first quarter of 2018 was $40.3 million, compared with
non-GAAP R&D expense of $31.0 million last quarter, and $37.7 million in
the same period one year ago.
-- GAAP SG&A expense for the fiscal first quarter of 2018 was $41.9
million, compared with GAAP SG&A expense of $36.2 million last quarter,
and $38.8 million in the same period one year ago. Non-GAAP SG&A expense
for the fiscal first quarter of 2018 was $30.8 million, compared with
non-GAAP SG&A expense of $27.2 million last quarter, and $28.3 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 July 31, 2017 by calling (888) 308-4493. The access code is 45266463. 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 July 31, 2017. The webcast replay will be available after 4:30 p.m. Pacific Time on July 31, 2017 for one week.
IDT's next regularly scheduled Quiet Period will begin September 18, 2017, 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 second quarter fiscal 2018 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
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