Q2 FY15 Revenue (from Continuing Operations) of $137.1M; up 8.5% Q/Q and 10.5% Y/Y
Q2 FY15 GAAP Diluted EPS (from Continuing Operations) of $0.16
Q2 FY15 Non-GAAP Diluted EPS of $0.20
SAN JOSE, Calif. — (BUSINESS WIRE) — October 27, 2014 — Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI) today announced results for the fiscal second quarter ended September 28, 2014.
“The second fiscal quarter was a continuation of the strong momentum we saw last quarter, highlighted by the achievement of important business milestones across all focus areas and excellent financial results,” said Greg Waters, president and chief executive officer. “Second quarter revenue grew by 8.5 percent sequentially, driven by increasing demand for our products across each of our Communications, Computing, and Consumer end markets. Additionally, we achieved a significant number of design wins that set the stage for additional growth ahead. Along with excellent business and technology traction, our focus on operational excellence led to a non-GAAP operating margin of 23.7 percent and free cash flow equal to 30 percent of revenue for the quarter.”
“As we look ahead to the remainder of this fiscal year and beyond, we are optimistic about our prospects for success and remain focused on executing our growth strategies,” concluded Mr. Waters.
Recent Business Highlights - Communications
- IDT introduced a family of IEEE 1588 time and frequency generator chips that reduce costs while meeting the synchronization needs of LTE-Advanced, wireless backhaul and heterogeneous networks.
- IDT expanded its SoC-friendly PCI Express® timing family with the addition of 1.5 V clock generators and clock multiplexers. Along with IDT’s 1.5 V buffers, the devices provide enterprise-level performance for space- and power-constrained designs.
- IDT added a family of synchronous Ethernet-tested devices to its portfolio of third-generation Universal Frequency Translators (UFT), enabling engineers to simplify complex clock trees through greater flexibility, features, performance and reusability.
- IDT continued the expansion of its rapidly growing radio frequency (RF) portfolio, including a high-performance variable gain amplifier; a dual mixer with low power consumption; and the company’s first RF switch, delivering industry-topping metrics for isolation and linearity.
Recent Business Highlights - Computing
- Orange Silicon Valley, a division of France’s Telecom-Orange, one of the world’s leading telecommunications operators, used IDT’s RapidIO interconnect switches and bridges as the processing platform to successfully test the viability of high-performance real-time analytics on social media traffic during the FIFA World Cup finals.
- At the Intel Developer Forum IDT announced that it had completed OEM and memory supplier qualification of its DDR4 chipset – including RDIMM and LRDIMM – on enterprise servers designed with the Intel® Xeon® processor E5-2600 v3 family.
Recent Business Highlights - Consumer
- IDT announced at the Intel Developer Forum that it is working closely with Intel on the development of “magnetic resonance” wireless charging technology, which enables the charging of multiple devices simultaneously and without the need for direct contact with a charger.
- One of IDT’s wireless power transmitters was selected for the cutting-edge Kube Systems wireless charging stations available in select Marriott Hotels.
The following highlights the Company’s financial performance on both a GAAP and supplemental non-GAAP basis. The Company is pursuing the divestiture of its high speed data converter business and is in active discussions with potential buyers. For financial statement purposes, the high speed data converter business is classified as assets held for sale and 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 second quarter of 2015 was $137.1 million, compared with $126.3 million reported last quarter, and $124.0 million reported in the same period one year ago.
- GAAP net income from continuing operations for the fiscal second quarter of 2015 was $24.2 million, or $0.16 per diluted share, versus GAAP net income from continuing operations of $17.1 million or $0.11 per diluted share last quarter, and a GAAP net income from continuing operations of $87.4 million or $0.57 per share in the same period one year ago. Fiscal second quarter 2015 GAAP results include $1.7 million expense relating to amortization of intangible assets, $5.9 million in stock-based compensation expense, $0.7 million in accelerated depreciation and other restructuring related charges, and $0.8 million benefit in related tax effects.
- Non-GAAP net income for the fiscal second quarter of 2015 was $31.8 million or $0.20 per diluted share, compared with non-GAAP net income of $26.7 million or $0.17 per diluted share last quarter, and non-GAAP net income of $18.5 million or $0.12 per diluted share reported in the same period one year ago.
- GAAP gross profit from continuing operations for the fiscal second quarter of 2015 was $81.9 million, or 59.7 percent, compared with GAAP gross profit of $74.0 million or 58.6 percent last quarter, and $70.8 million, or 57.0 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal second quarter of 2015 was $83.9 million, or 61.2 percent, compared with non-GAAP gross profit of $78.1 million, or 61.9 percent last quarter, and $73.8 million, or 59.5 percent, reported in the same period one year ago.
- GAAP R&D expense for the fiscal second quarter of 2015 was $30.7 million, compared with GAAP R&D expense of $32.1 million last quarter, and $38.9 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal second quarter of 2015 was $28.2 million, compared with non-GAAP R&D of $28.7 million last quarter, and $31.4 million in the same period one year ago.
- GAAP SG&A expense for the fiscal second quarter of 2015 was $26.8 million, compared with GAAP SG&A expense of $ 25.5 million last quarter, and $27.3 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal second quarter of 2015 was $23.3 million, compared with non-GAAP SG&A expense of $22.1 million last quarter, and $22.9 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 October 27, 2014. The webcast replay will be available after 5 p.m. Pacific time on October 27, 2014.
Investors may also listen to the live call at 1:30 p.m. Pacific time on October 27, 2014 by calling (888) 428-9490 or (719) 325-2491. The access code is 9863312. The conference call replay will be available for one week after the event at (888) 203-1112 or (719) 457-0820. The access code is 9863312.
Integrated Device Technology, Inc. develops system-level solutions that optimize its customers’ applications. IDT uses its market leadership in timing, serial switching and interfaces, and adds analog and system expertise to provide complete application-optimized, mixed-signal solutions for the communications, computing and consumer 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 30, 2014. 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 (benefit) for 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.
- 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 2015 the Company used a projected long-term non-GAAP tax rate of 4%. When projecting this long-term rate, the Company evaluated its current long-term projections, current tax structure and other factors such as the Company’s existing tax positions in various jurisdictions and key legislations in major jurisdictions where the company operates. The Company intends to re-evaluate this long-term rate only on an annual basis. This long-term non-GAAP tax rate eliminates the effects of non-recurring and period specific items which can vary in size and frequency, and will provide better consistency within the interim reporting periods. This long-term rate could be subject to change for a variety of reasons, for example, significant structural changes in the geographic earnings mix including acquisition activity, or fundamental tax law changes in major jurisdictions where 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.
| INTEGRATED DEVICE TECHNOLOGY, INC. | |||||||||||||||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | |||||||||||||||||||||||||||||||||||
| (Unaudited) | |||||||||||||||||||||||||||||||||||
| (In thousands, except per share data) | |||||||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||
| Sept. 28, | June 29, | Sept. 29, | Sept. 28, | Sept. 29, | |||||||||||||||||||||||||||||||
| 2014 | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||||||||||||||||
| Revenues | $ | 137,093 | $ | 126,302 | $ | 124,047 | $ | 263,395 | $ | 241,511 | |||||||||||||||||||||||||
| Cost of revenues | 55,217 | 52,293 | 53,286 | 107,510 | 104,628 | ||||||||||||||||||||||||||||||
| Gross profit | 81,876 | 74,009 | 70,761 | 155,885 | 136,883 | ||||||||||||||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||||||||||||||
| Research and development | 30,742 | 32,050 | 38,937 | 62,792 | 76,876 | ||||||||||||||||||||||||||||||
| Selling, general and administrative | 26,795 | 25,459 | 27,301 | 52,254 | 54,139 | ||||||||||||||||||||||||||||||
| Total operating expenses | 57,537 | 57,509 | 66,238 | 115,046 | 131,015 | ||||||||||||||||||||||||||||||
| Operating income | 24,339 | 16,500 | 4,523 | 40,839 | 5,868 | ||||||||||||||||||||||||||||||
| Gain from divestiture | - | - | 82,349 | - | 82,349 | ||||||||||||||||||||||||||||||
| Other income, net | 405 | 862 | 756 | 1,267 | 813 | ||||||||||||||||||||||||||||||
| Income from continuing operations before income taxes | 24,744 | 17,362 | 87,628 | 42,106 | 89,030 | ||||||||||||||||||||||||||||||
| Provision for income taxes | 498 | 251 | 217 | 749 | 118 | ||||||||||||||||||||||||||||||
| Net income from continuing operations | 24,246 | 17,111 | 87,411 | 41,357 | 88,912 | ||||||||||||||||||||||||||||||
| Discontinued operations: | |||||||||||||||||||||||||||||||||||
| Gain from divestiture | - | 16,840 | - | 16,840 | - | ||||||||||||||||||||||||||||||
| Loss from discontinued operations | (9,747 | ) | (12,153 | ) | (3,935 | ) | (21,900 | ) | (7,799 | ) | |||||||||||||||||||||||||
| Provision for (benefit from) income taxes | 57 | (45 | ) | (175 | ) | 12 | (274 | ) | |||||||||||||||||||||||||||
| Net income (loss) from discontinued operations | (9,804 | ) | 4,732 | (3,760 | ) | (5,072 | ) | (7,525 | ) | ||||||||||||||||||||||||||
| Net income | $ | 14,442 | $ | 21,843 | $ | 83,651 | $ | 36,285 | $ | 81,387 | |||||||||||||||||||||||||
| Basic net income per share - continuing operations | $ | 0.16 | $ | 0.11 | $ | 0.58 | $ | 0.28 | $ | 0.60 | |||||||||||||||||||||||||
| Basic net income (loss) per share - discontinued operations | (0.06 | ) | 0.04 | (0.02 | ) | (0.04 | ) | (0.05 | ) | ||||||||||||||||||||||||||
| Basic net income per share | $ | 0.10 | $ | 0.15 | $ | 0.56 | $ | 0.24 | $ | 0.55 | |||||||||||||||||||||||||
| Diluted net income per share - continuing operations | $ | 0.16 | $ | 0.11 | $ | 0.57 | $ | 0.27 | $ | 0.59 | |||||||||||||||||||||||||
| Diluted net income (loss) per share - discontinued operations | (0.07 | ) | 0.03 | (0.03 | ) | (0.03 | ) | (0.05 | ) | ||||||||||||||||||||||||||
| Diluted net income per share | $ | 0.09 | $ | 0.14 | $ | 0.54 | $ | 0.24 | $ | 0.54 | |||||||||||||||||||||||||
| Weighted average shares: | |||||||||||||||||||||||||||||||||||
| Basic | 148,683 | 149,283 | 149,814 | 148,983 | 148,157 | ||||||||||||||||||||||||||||||
| Diluted | 153,784 | 153,741 | 153,497 | 153,816 | 151,630 | ||||||||||||||||||||||||||||||
| INTEGRATED DEVICE TECHNOLOGY, INC. | ||||||||||||||||||||||||||||||||||
| RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (a) | ||||||||||||||||||||||||||||||||||
| (Unaudited) | ||||||||||||||||||||||||||||||||||
| (In thousands, except per share data) | ||||||||||||||||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||
| Sept. 28, | June 29, | Sept. 29, | Sept. 28, | Sept. 29, | ||||||||||||||||||||||||||||||
| 2014 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
| GAAP net income from continuing operations | $ | 24,246 |
|
$ | 17,111 | $ | 87,411 | $ | 41,357 | $ | 88,912 | |||||||||||||||||||||||
| GAAP diluted net income per share continuing operations | $ | 0.16 |
|
$ | 0.11 | $ | 0.57 | $ | 0.27 | $ | 0.59 | |||||||||||||||||||||||
| Acquisition related: | ||||||||||||||||||||||||||||||||||
| Amortization of acquisition related intangibles | 1,676 |
|
2,549 | 3,322 | 4,225 | 6,643 | ||||||||||||||||||||||||||||
| Acquisition related legal and consulting fees | - |
|
- | 240 | - | 708 | ||||||||||||||||||||||||||||
| Restructuring related: | ||||||||||||||||||||||||||||||||||
| Severance and retention costs | 319 |
|
526 | 4,499 | 845 | 5,673 | ||||||||||||||||||||||||||||
| Facility closure costs | 20 |
|
47 | 13 | 67 | 21 | ||||||||||||||||||||||||||||
| Gain from divestiture | - |
|
- | (82,349 | ) | - | (82,349 | ) | ||||||||||||||||||||||||||
| Assets impairment and other | 401 |
|
2,302 | 4,080 | 2,703 | 4,044 | ||||||||||||||||||||||||||||
| Other: | ||||||||||||||||||||||||||||||||||
| Stock-based compensation expense | 5,929 |
|
4,962 | 2,320 | 10,891 | 7,140 | ||||||||||||||||||||||||||||
| Compensation expense (benefit) - deferred compensation plan | (242 | ) |
|
494 | 623 | 252 | 523 | |||||||||||||||||||||||||||
| (Gain) loss on deferred compensation plan securities | 245 |
|
(480 | ) | (619 | ) | (235 | ) | (518 | ) | ||||||||||||||||||||||||
| Tax effects of Non-GAAP adjustments | (826 | ) |
|
(859 | ) | (994 | ) | (1,685 | ) | (1,656 | ) | |||||||||||||||||||||||
| Non-GAAP net income from continuing operations | $ | 31,768 |
|
$ | 26,652 | $ | 18,546 | $ | 58,420 | $ | 29,141 | |||||||||||||||||||||||
| GAAP weighted average shares - diluted | 153,784 |
|
153,741 | 153,497 | 153,816 | 151,630 | ||||||||||||||||||||||||||||
| Non-GAAP adjustment | 2,128 |
|
1,867 | 3,065 | 2,017 | 2,836 | ||||||||||||||||||||||||||||
| Non-GAAP weighted average shares - diluted | 155,912 |
|
155,608 | 156,562 | 155,833 | 154,466 | ||||||||||||||||||||||||||||
| Non-GAAP diluted net income per share continuing operations | $ | 0.20 |
|
$ | 0.17 | $ | 0.12 | $ | 0.37 | $ | 0.19 | |||||||||||||||||||||||
| GAAP gross profit | $ | 81,876 |
|
$ | 74,009 | $ | 70,761 | $ | 155,885 | $ | 136,883 | |||||||||||||||||||||||
| Acquisition related: | ||||||||||||||||||||||||||||||||||
| Amortization of acquisition related intangibles | 1,264 |
|
1,686 | 2,435 | 2,950 | 4,870 | ||||||||||||||||||||||||||||
| Restructuring related: | ||||||||||||||||||||||||||||||||||
| Severance and retention costs | 96 |
|
23 | 86 | 119 |
|
87 | |||||||||||||||||||||||||||
| Facility closure costs | - |
|
- | 4 | - | 6 | ||||||||||||||||||||||||||||
| Assets impairment and other | 334 |
|
1,935 | (38 | ) | 2,269 | (74 | ) | ||||||||||||||||||||||||||
| Other: | ||||||||||||||||||||||||||||||||||
| Compensation expense (benefit) - deferred compensation plan | (70 | ) |
|
147 | 192 | 77 | 161 | |||||||||||||||||||||||||||
| Stock-based compensation expense | 436 |
|
319 | 392 | 755 | 725 | ||||||||||||||||||||||||||||
| Non-GAAP gross profit | $ | 83,936 |
|
$ | 78,119 | $ | 73,832 | $ | 162,055 | $ | 142,658 | |||||||||||||||||||||||
| GAAP R&D expenses: | $ | 30,742 |
|
$ | 32,050 | $ | 38,937 | $ | 62,792 | $ | 76,876 | |||||||||||||||||||||||
| Restructuring related: | ||||||||||||||||||||||||||||||||||
| Severance and retention costs | (136 | ) |
|
(240 | ) | (2,751 | ) | (376 | ) | (3,843 | ) | |||||||||||||||||||||||
| Facility closure costs | - |
|
- | (5 | ) | - | (7 | ) | ||||||||||||||||||||||||||
| Assets impairment and other | (67 | ) | (367 | ) | (4,118 | ) | (434 | ) | (4,118 | ) | ||||||||||||||||||||||||
| Other: | ||||||||||||||||||||||||||||||||||
| Compensation expense (benefit) - deferred compensation plan | 114 |
|
(240 | ) | (323 | ) | (126 | ) | (271 | ) | ||||||||||||||||||||||||
| Stock-based compensation expense | (2,464 | ) |
|
(2,521 | ) | (383 | ) | (4,985 | ) | (2,698 | ) | |||||||||||||||||||||||
| Non-GAAP R&D expenses | $ | 28,189 |
|
$ | 28,682 | $ | 31,357 | $ | 56,871 | $ | 65,939 | |||||||||||||||||||||||
| GAAP SG&A expenses: | $ | 26,795 |
|
$ | 25,459 | $ | 27,301 | $ | 52,254 | $ | 54,139 | |||||||||||||||||||||||
| Acquisition related: | ||||||||||||||||||||||||||||||||||
| Amortization of acquisition related intangibles | (412 | ) |
|
(863 | ) | (887 | ) | (1,275 | ) | (1,773 | ) | |||||||||||||||||||||||
| Acquisition related legal and consulting fees | - |
|
- | (240 | ) | - | (708 | ) | ||||||||||||||||||||||||||
| Restructuring related: | ||||||||||||||||||||||||||||||||||
| Severance and retention costs | (87 | ) |
|
(263 | ) | (1,662 | ) | (350 | ) | (1,743 | ) | |||||||||||||||||||||||
| Facility closure costs | (20 | ) |
|
(47 | ) | (4 | ) | (67 | ) | (8 | ) | |||||||||||||||||||||||
| Other: | ||||||||||||||||||||||||||||||||||
| Compensation expense (benefit) - deferred compensation plan | 58 |
|
(107 | ) | (108 | ) | (49 | ) | (91 | ) | ||||||||||||||||||||||||
| Stock-based compensation expense | (3,029 | ) |
|
(2,122 | ) | (1,545 | ) | (5,151 | ) | (3,717 | ) | |||||||||||||||||||||||
| Non-GAAP SG&A expenses | $ | 23,305 |
|
$ | 22,057 | $ | 22,855 | $ | 45,362 | $ | 46,099 | |||||||||||||||||||||||
| GAAP interest income and other, net | $ | 405 |
|
$ | 862 | $ | 756 | $ | 1,267 | $ | 813 | |||||||||||||||||||||||
| (Gain) loss on deferred compensation plan securities | 245 |
|
(480 | ) | (619 | ) | (235 | ) | (518 | ) | ||||||||||||||||||||||||
| Non-GAAP interest income and other, net | $ | 650 |
|
$ | 382 | $ | 137 | $ | 1,032 | $ | 295 | |||||||||||||||||||||||
| GAAP provision for income taxes - continuing operations | $ | 498 |
|
$ | 251 | $ | 217 | $ | 749 | $ | 118 | |||||||||||||||||||||||
| Tax effects of Non-GAAP adjustments | 826 |
|
859 | 994 | 1,685 | 1,656 | ||||||||||||||||||||||||||||
| Non-GAAP provision for income taxes - continuing operations | $ | 1,324 |
|
$ | 1,110 | $ | 1,211 | $ | 2,434 | $ | 1,774 | |||||||||||||||||||||||
| (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) | |||||||||||||||
| Sept. 28, | March 30, | ||||||||||||||
| (In thousands) | 2014 | 2014 | |||||||||||||
| ASSETS | |||||||||||||||
| Current assets: | |||||||||||||||
| Cash and cash equivalents | $ | 105,020 | $ | 91,211 | |||||||||||
| Short-term investments | 384,493 | 362,604 | |||||||||||||
| Accounts receivable, net | 77,437 | 68,904 | |||||||||||||
| Inventories | 37,639 | 49,622 | |||||||||||||
| Prepaid and other current assets | 10,688 | 13,034 | |||||||||||||
| Total current assets | 615,277 | 585,375 | |||||||||||||
| Property, plant and equipment, net | 65,765 | 69,827 | |||||||||||||
| Goodwill | 135,644 | 135,644 | |||||||||||||
| Acquisition-related intangibles | 7,882 | 18,741 | |||||||||||||
| Other assets | 23,626 | 21,373 | |||||||||||||
| TOTAL ASSETS | $ | 848,194 | $ | 830,960 | |||||||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||||||
| Current liabilities: | |||||||||||||||
| Accounts payable | $ | 27,002 | $ | 25,442 | |||||||||||
| Accrued compensation and related expenses | 28,456 | 24,343 | |||||||||||||
| Deferred income on shipments to distributors | 15,497 | 14,006 | |||||||||||||
| Deferred taxes liabilities | 1,440 | 1,346 | |||||||||||||
| Other accrued liabilities | 14,605 | 11,525 | |||||||||||||
| Total current liabilities | 87,000 | 76,662 | |||||||||||||
| Deferred tax liabilities | 1,494 | 1,494 | |||||||||||||
| Long term income taxes payable | 272 | 266 | |||||||||||||
| Other long term obligations | 18,444 | 18,683 | |||||||||||||
| Total liabilities | 107,210 | 97,105 | |||||||||||||
| Stockholders' equity | 740,984 | 733,855 | |||||||||||||
| TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 848,194 | $ | 830,960 | |||||||||||
Contact:
Financial Contact:
IDT Investor Relations
Suzanne
Schmidt, 415-217-4962
Email Contact
or
Press
Contact:
IDT Worldwide Marketing
Graham Robertson,
408-284-2644
Email Contact