|
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. 1, 2018 |
|
Dec. 31, 2017 |
|
Apr. 2, 2017 |
|
Apr. 1, 2018 |
|
Apr. 2, 2017 |
|
GAAP net income (loss) from continuing operations |
|
$ 20,711 |
|
$ (68,241) |
|
$ 30,209 |
|
$ (12,136) |
|
$ 109,184 |
|
GAAP diluted net income (loss) per share - continuing operations |
|
$ 0.15 |
|
$ (0.51) |
|
$ 0.22 |
|
$ (0.09) |
|
$ 0.79 |
|
Acquisition-related: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles |
|
9,326 |
|
9,287 |
|
4,782 |
|
36,452 |
|
21,360 |
|
Acquisition-related costs |
|
- |
|
- |
|
2,223 |
|
2,225 |
|
2,295 |
|
Amortization of fair market value adjustment to inventory |
|
753 |
|
1,178 |
|
407 |
|
8,023 |
|
4,079 |
|
Restructuring-related: |
|
|
|
|
|
|
|
|
|
|
|
Severance costs (benefit) |
|
4,953 |
|
378 |
|
(387) |
|
7,549 |
|
16,139 |
|
Facility closure costs |
|
299 |
|
- |
|
- |
|
2,913 |
|
197 |
|
Assets impairment and other |
|
9,862 |
|
- |
|
156 |
|
12,744 |
|
1,026 |
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
Stock-based compensation expense |
|
12,436 |
|
13,578 |
|
10,266 |
|
50,784 |
|
39,874 |
|
Non-cash interest expense |
|
3,792 |
|
3,744 |
|
3,393 |
|
15,123 |
|
13,329 |
|
Assets impairment and other |
|
(184) |
|
- |
|
- |
|
(184) |
|
(652) |
|
Loss from divestiture |
|
- |
|
- |
|
- |
|
- |
|
710 |
|
Certain unrealized foreign exchange gain |
|
(794) |
|
(360) |
|
- |
|
(3,583) |
|
- |
|
Compensation expense (benefit) - deferred compensation plan |
|
(128) |
|
525 |
|
486 |
|
1,278 |
|
1,586 |
|
Loss (gain) on deferred compensation plan securities |
|
158 |
|
(518) |
|
(474) |
|
(1,163) |
|
(1,532) |
|
Non-GAAP tax adjustments |
|
2,183 |
|
98,003 |
|
(2,942) |
|
94,327 |
|
(11,862) |
|
Non-GAAP net income from continuing operations |
|
$ 63,367 |
|
$ 57,574 |
|
$ 48,119 |
|
$ 214,352 |
|
$ 195,733 |
|
GAAP weighted average shares - diluted |
|
135,016 |
|
132,689 |
|
136,903 |
|
132,651 |
|
137,440 |
|
Non-GAAP adjustment |
|
1,773 |
|
5,714 |
|
1,596 |
|
5,675 |
|
1,976 |
|
Non-GAAP weighted average shares - diluted |
|
136,789 |
|
138,403 |
|
138,499 |
|
138,326 |
|
139,416 |
|
Non-GAAP diluted net income per share continuing operations |
|
$ 0.46 |
|
$ 0.42 |
|
$ 0.35 |
|
$ 1.55 |
|
$ 1.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP gross profit |
|
$ 127,100 |
|
$ 128,385 |
|
$ 101,672 |
|
$ 482,285 |
|
$ 420,638 |
|
Acquisition-related: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles |
|
6,264 |
|
6,127 |
|
3,116 |
|
23,895 |
|
12,817 |
|
Amortization of fair market value adjustment to inventory |
|
753 |
|
1,178 |
|
407 |
|
8,023 |
|
4,079 |
|
Restructuring-related: |
|
|
|
|
|
|
|
|
|
|
|
Severance costs (benefit) |
|
164 |
|
- |
|
(36) |
|
390 |
|
2,505 |
|
Assets impairment and other |
|
5,460 |
|
- |
|
156 |
|
5,460 |
|
492 |
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
Compensation expense (benefit) - deferred compensation plan |
|
(29) |
|
123 |
|
114 |
|
301 |
|
517 |
|
Stock-based compensation expense |
|
830 |
|
814 |
|
660 |
|
3,040 |
|
2,936 |
|
Non-GAAP gross profit |
|
$ 140,542 |
|
$ 136,627 |
|
$ 106,089 |
|
$ 523,394 |
|
$ 443,984 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP R&D expenses: |
|
$ 55,694 |
|
$ 49,836 |
|
$ 35,533 |
|
$ 202,721 |
|
$ 165,104 |
|
Restructuring-related: |
|
|
|
|
|
|
|
|
|
|
|
Severance benefit (costs) |
|
(3,733) |
|
18 |
|
(44) |
|
(4,078) |
|
(10,531) |
|
Facility closure costs |
|
- |
|
- |
|
- |
|
- |
|
(147) |
|
Assets impairment and other |
|
(4,402) |
|
- |
|
- |
|
(7,202) |
|
(106) |
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
Compensation benefit (expense) - deferred compensation plan |
|
66 |
|
(268) |
|
(248) |
|
(651) |
|
(677) |
|
Stock-based compensation expense |
|
(5,390) |
|
(6,816) |
|
(4,226) |
|
(24,263) |
|
(16,067) |
|
Non-GAAP R&D expenses |
|
$ 42,235 |
|
$ 42,770 |
|
$ 31,015 |
|
$ 166,527 |
|
$ 137,576 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP SG&A expenses: |
|
$ 41,532 |
|
$ 40,689 |
|
$ 36,225 |
|
$ 168,648 |
|
$ 145,193 |
|
Acquisition-related: |
|
|
|
|
|
|
|
|
|
|
|
Amortization of acquisition-related intangibles |
|
(3,062) |
|
(3,160) |
|
(1,666) |
|
(12,557) |
|
(8,543) |
|
Acquisition-related costs |
|
- |
|
- |
|
(2,223) |
|
(2,225) |
|
(2,295) |
|
Restructuring-related: |
|
|
|
|
|
|
|
|
|
|
|
Severance benefit (costs) |
|
(1,056) |
|
(396) |
|
395 |
|
(3,081) |
|
(3,103) |
|
Facility closure costs |
|
(299) |
|
- |
|
- |
|
(2,913) |
|
(50) |
|
Assets impairment and other |
|
- |
|
- |
|
- |
|
(82) |
|
(428) |
|
Other: |
|
|
|
|
|
|
|
|
|
|
|
Compensation benefit (expense) - deferred compensation plan |
|
33 |
|
(134) |
|
(124) |
|
(326) |
|
(392) |
|
Stock-based compensation expense |
|
(6,216) |
|
(5,948) |
|
(5,380) |
|
(23,481) |
|
(20,871) |
|
Non-GAAP SG&A expenses |
|
$ 30,932 |
|
$ 31,051 |
|
$ 27,227 |
|
$ 123,983 |
|
$ 109,511 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP interest and other expense, net |
|
$ (4,875) |
|
$ (5,068) |
|
$ (2,153) |
|
$ (18,744) |
|
$ (11,056) |
|
Non-cash interest expense |
|
3,792 |
|
3,744 |
|
3,393 |
|
15,123 |
|
13,329 |
|
Assets impairment and other |
|
(184) |
|
- |
|
- |
|
(184) |
|
(652) |
|
Loss from divestiture |
|
- |
|
- |
|
- |
|
- |
|
710 |
|
Loss (gain) on deferred compensation plan securities |
|
158 |
|
(518) |
|
(474) |
|
(1,163) |
|
(1,532) |
|
Certain unrealized foreign exchange gain |
|
(794) |
|
(360) |
|
- |
|
(3,583) |
|
- |
|
Non-GAAP interest and other income (expense), net |
|
$ (1,903) |
|
$ (2,202) |
|
$ 766 |
|
$ (8,551) |
|
$ 799 |
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP benefit from (provision for) income taxes - continuing operations |
|
$ (4,288) |
|
$ (101,033) |
|
$ 2,448 |
|
$ (104,308) |
|
$ 9,899 |
|
Non-GAAP tax adjustments |
|
(2,183) |
|
(98,003) |
|
2,942 |
|
(94,327) |
|
11,862 |
|
Non-GAAP provision for income taxes - continuing operations |
|
$ (2,105) |
|
$ (3,030) |
|
$ (494) |
|
$ (9,981) |
|
$ (1,963) |
|
| |||||||
|
(a) Refer to the accompanying "Notes to Non-GAAP Financial Measures" for a detailed discussion of management's use of non-GAAP financial measures. |
