IDT Reports Fiscal 2019 Q2 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


Six Months Ended



Sep. 30, 2018


Jul. 1, 2018


Oct. 1, 2017


Sep. 30, 2018


Oct. 1, 2017

GAAP net income


$       35,500


$    30,720


$     18,680


$       66,220


$     35,394

GAAP diluted net income per share


$           0.26


$        0.23


$         0.14


$           0.49


$         0.26

   Acquisition-related:











        Amortization of acquisition-related intangibles 


9,365


9,334


8,963


18,699


17,839

        Acquisition-related costs


-


-


-


-


2,225

        Amortization of fair market value adjustment to inventory


-


790


2,011


790


6,092

        Merger-related expense


3,884


-


-


3,884


-

   Restructuring-related:











        Severance costs


1,351


367


1,637


1,718


2,290

        Facility closure costs (benefit)


(125)


121


2,542


(4)


2,542

        Assets impairment and other


-


-


917


-


2,882

   Other:











        Stock-based compensation expense 


15,637


15,063


12,950


30,700


24,770

        Non-cash interest expense


3,881


3,955


3,695


7,836


7,587

        Other-than-temporary impairment loss on investment


-


2,000


-


2,000


-

        Certain unrealized foreign exchange loss (gain)


(144)


1,311


(754)


1,167


(2,429)

        Compensation expense - deferred compensation plan


654


576


469


1,230


881

        Gain on deferred compensation plan securities


(650)


(564)


(443)


(1,214)


(803)

        Non-GAAP tax adjustments


(5,892)


(3,538)


(2,518)


(9,430)


(5,859)

Non-GAAP net income 


$       63,461


$    60,135


$     48,149


$      123,596


$     93,411

GAAP weighted average shares - diluted


134,755


132,806


136,059


133,957


136,434

        Non-GAAP adjustment


1,214


2,378


2,780


2,013


2,465

Non-GAAP weighted average shares - diluted


135,969


135,184


138,839


135,970


138,899

Non-GAAP diluted net income per share


$            0.47


$        0.44


$         0.35


$            0.91


$         0.67












GAAP gross profit


$      143,584


$  136,607


$   116,762


$      280,191


$   226,800

   Acquisition-related:











        Amortization of acquisition-related intangibles 


6,274


6,243


5,822


12,517


11,504

        Amortization of fair market value adjustment to inventory


-


790


2,011


790


6,092

   Restructuring-related:











        Severance costs


397


-


30


397


226

   Other:


-






-



        Compensation expense - deferred compensation plan


153


135


110


288


207

        Stock-based compensation expense 


829


1,028


764


1,857


1,396

Non-GAAP gross profit


$      151,237


$  144,803


$   125,499


$      296,040


$   246,225












GAAP R&D expenses:


$        55,509


$    52,234


$     48,742


$      107,743


$     97,191

   Restructuring-related:











        Severance costs


(587)


(110)


(318)


(697)


(363)

        Facility closure costs 


(315)


-


-


(315)


-

        Assets impairment and other


-


-


(835)


-


(2,800)

   Other:











        Compensation expense - deferred compensation plan


(334)


(294)


(239)


(628)


(449)

        Stock-based compensation expense 


(7,829)


(7,136)


(6,094)


(14,965)


(12,057)

Non-GAAP R&D expenses


$       46,444


$    44,694


$     41,256


$       91,138


$     81,522












GAAP SG&A expenses:


$       46,753


$    42,995


$     44,485


$       89,748


$     86,427

   Acquisition-related:











        Amortization of acquisition-related intangibles 


(3,091)


(3,091)


(3,141)


(6,182)


(6,335)

        Acquisition-related costs


-


-


-


-


(2,225)

        Merger-related expense


(3,884)


-


-


(3,884)


-

   Restructuring-related:











        Severance costs


(367)


(257)


(1,289)


(624)


(1,701)

        Facility closure benefit (costs)


440


(121)


(2,542)


319


(2,542)

        Assets impairment and other


-


-


(82)


-


(82)

   Other:











        Compensation expense - deferred compensation plan


(167)


(147)


(120)


(314)


(225)

        Stock-based compensation expense 


(6,979)


(6,899)


(6,092)


(13,878)


(11,317)

Non-GAAP SG&A expenses


$       32,705


$    32,480


$     31,219


$       65,185


$     62,000












GAAP interest and other expense, net


$        (4,608)


$     (5,514)


$     (4,886)


$      (10,122)


$     (8,801)

        Non-cash interest expense


3,881


3,955


3,695


7,836


7,587

        Gain on deferred compensation plan securities


(650)


(564)


(443)


(1,214)


(803)

        Certain unrealized foreign exchange loss (gain)


(144)


1,311


(754)


1,167


(2,429)

Non-GAAP interest and other expense, net


$        (1,521)


$        (812)


$     (2,388)


$        (2,333)


$     (4,446)












GAAP benefit from (provision for) income taxes


$        (1,214)


$     (3,144)


$            31


$        (4,358)


$       1,013

        Non-GAAP tax adjustments


5,892


3,538


2,518


9,430


5,859

Non-GAAP provision for income taxes 


$        (7,106)


$     (6,682)


$     (2,487)


$      (13,788)


$     (4,846)


(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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