IDT Reports Fiscal 2019 Q3 Financial Results

  • Amortization of acquisition-related intangibles, which include acquired intangibles such as purchased technology, patents, customer relationships, trademarks, backlog and non-compete agreements.
  • Acquisition-related costs such as legal, accounting and other professional or consulting fees directly related to an acquisition by the Company.
  • Merger-related expenses such as legal, financial advisory and other fees and expenses associated with pending Renesas acquisition.
  • Fair market value adjustment to acquired inventory sold.

Restructuring-related.  Restructuring charges primarily relate to changes in IDT's infrastructure in efforts to reduce costs and expenses (gains) associated with strategic divestitures and restructuring in force actions.  Restructuring charges (gains) are excluded from non-GAAP financial measures because they are not considered core operating activities. Although IDT has engaged in various restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. As such, management believes that it is appropriate to exclude restructuring charges (gains) from IDT's non-GAAP financial measures as it enhances the ability of investors to compare the Company's period-over-period operating results.  Restructuring-related charges (gains) primarily include:

  • Severance costs directly related to a restructuring action.
  • Facility closure costs consist of ongoing costs associated with the exit of our leased and owned facilities.
  • Gain on divestiture consists of gains recognized upon the strategic sale of business units.
  • Assets impairments including accelerated depreciation and amortization of certain assets no longer in use or related to discontinued product lines.

Other adjustments.  These items are excluded from non-GAAP financial measures because they are not related to the core operating activities and on-going future operating performance of IDT. Excluding this data allows investors to better compare IDT's period-over-period performance without such expense, which IDT believes may be useful to the investor community. 
Other adjustments primarily include:

  • Stock based compensation expense.
  • Compensation expense (benefit) – deferred compensation, consists of gains and losses on marketable equity securities related to our deferred compensation arrangements.
  • Non-cash interest expense, consists of amortization of issuance cost and accretion of discount related to the convertible notes.
  • Loss (gain) on deferred compensation plan securities represents the changes in the fair value of the assets in a separate trust that is invested in corporate owned life insurance under our deferred compensation plan.
  • Loss on available-for-sale securities which is due to the actual and anticipated liquidation of these investments, that will be used to fully settle the Term B-1 loan prior to the merger with Renesas.
  • Unrealized foreign currency gains and losses resulting from remeasurement of certain non-functional currency account balances.
  • Tax effects of non-GAAP adjustments:  The non-GAAP tax calculation eliminates the effects of certain non-GAAP financial measures in order to provide investors with improved modeling accuracy and consistency across financial reporting periods. The Company forecasts its annual non-GAAP tax rate and makes adjustments for significant events including stock based compensation, acquisition and restructuring related items, and material tax law changes in the major tax jurisdictions in which the company operates. 
  • Diluted weighted average shares non-GAAP adjustment, for purposes of calculating non-GAAP diluted net income per share, the GAAP diluted weighted average shares outstanding is adjusted to exclude the benefits of stock compensation expense attributable to future services not yet recognized in the financial statements that are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury method.

IDT and the IDT logo are trademarks or registered trademarks of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

Financial Contact:

Press Contact:

Krishna Shankar

Krista Pavlakos

Head of Investor Relations

IDT Director, Communications

Phone: (408) 574-6995

Phone: (408) 574-6640

E-mail: krishna.shankar@idt.com 

E-mail: krista.pavlakos@idt.com

 

INTEGRATED DEVICE TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)












Three Months Ended


Nine Months Ended



Dec. 30, 2018


Sep. 30, 2018


Dec. 31, 2017


Dec. 30, 2018


Dec. 31, 2017

Revenues


$     240,587


$      235,484


$     217,075


$     704,587


$     618,186

Cost of revenues


91,311


91,900


88,690


275,120


263,001

Gross profit 


149,276


143,584


128,385


429,467


355,185

Operating expenses:











  Research and development


62,496


55,509


49,836


170,239


147,027

  Selling, general and administrative


58,573


46,753


40,689


148,321


127,116

Total operating expenses


121,069


102,262


90,525


318,560


274,143

Operating income


28,207


41,322


37,860


110,907


81,042












Other-than-temporary impairment loss on investment


(841)


-


-


(2,841)


-

Interest and other expense, net


(10,045)


(4,608)


(5,068)


(20,167)


(13,869)

Income before income taxes


17,321


36,714


32,792


87,899


67,173

Benefit from (provision for) income taxes


4,285


(1,214)


(101,033)


(73)


(100,020)

Net income (loss)


$       21,606


$       35,500


$      (68,241)


$       87,826


$      (32,847)












Basic net income (loss) per share


$           0.17


$           0.27


$          (0.51)


$           0.68


$          (0.25)

Diluted net income (loss) per share


$           0.16


$           0.26


$          (0.51)


$           0.65


$          (0.25)

Weighted average shares:











Basic 


129,074


129,155


132,689


129,283


133,087

Diluted


137,182


134,755


132,689


135,438


133,087


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