IDT Reports Fiscal 2018 Q4 And Full Year Financial Results

 

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. 


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