IDT Reports Fiscal 2019 Q3 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


Nine Months Ended



Dec. 30, 2018


Sep. 30, 2018


Dec. 31, 2017


Dec. 30, 2018


Dec. 31, 2017

GAAP net income (loss)


$       21,606


$       35,500


$      (68,241)


$       87,826


$      (32,847)

GAAP diluted net income (loss) per share


$           0.16


$           0.26


$          (0.51)


$           0.65


$          (0.25)

   Acquisition-related:











        Amortization of acquisition-related intangibles 


9,423


9,365


9,287


28,122


27,126

        Acquisition-related costs


-


-


-


-


2,225

        Amortization of fair market value adjustment to inventory


-


-


1,178


790


7,270

        Merger-related expense


4,511


3,884


-


8,395


-

   Restructuring-related:











        Severance costs


-


1,351


378


1,718


2,596

        Facility closure costs (benefit)


-


(125)


-


(4)


2,614

        Assets impairment and other


-


-


-


-


2,882

   Other:











        Stock-based compensation expense 


37,470


15,637


13,578


68,170


38,348

        Non-cash interest expense


3,928


3,881


3,744


11,764


11,331

        Other-than-temporary impairment loss on investment


841


-


-


2,841


-

        Realized loss on available-for-sale securities


652


-


-


652


-

        Impairment of available-for-sale securities


1,325


-


-


1,325


-

        Certain unrealized foreign exchange loss (gain)


373


(144)


(360)


1,540


(2,789)

        Compensation expense (benefit) - deferred compensation plan


(2,185)


654


525


(955)


1,406

        Loss (gain) on deferred compensation plan securities


2,233


(650)


(518)


1,019


(1,321)

        Non-GAAP tax adjustments


(11,927)


(5,892)


98,003


(21,357)


92,144

Non-GAAP net income 


$       68,250


$       63,461


$       57,574


$      191,846


$      150,985

GAAP weighted average shares - diluted


137,182


134,755


132,689


135,438


133,087

        Non-GAAP adjustment


(1,400)


1,214


5,714


608


5,787

Non-GAAP weighted average shares - diluted


135,782


135,969


138,403


136,046


138,874

Non-GAAP diluted net income per share


$           0.50


$           0.47


$           0.42


$           1.41


$           1.09












GAAP gross profit


$      149,276


$      143,584


$      128,385


$      429,467


$      355,185

   Acquisition-related:











        Amortization of acquisition-related intangibles 


6,332


6,274


6,127


18,849


17,631

        Amortization of fair market value adjustment to inventory


-


-


1,178


790


7,270

   Restructuring-related:











        Severance costs


-


397


-


397


226

   Other:











        Compensation expense (benefit) - deferred compensation plan


(507)


153


123


(219)


330

        Stock-based compensation expense 


919


829


814


2,776


2,210

Non-GAAP gross profit


$      156,020


$      151,237


$      136,627


$      452,060


$      382,852












GAAP R&D expenses:


$       62,496


$       55,509


$       49,836


$      170,239


$      147,027

   Restructuring-related:











        Severance benefit (costs)


-


(587)


18


(697)


(345)

        Facility closure costs 


-


(315)


-


(315)


-

        Assets impairment and other


-


-


-


-


(2,800)

   Other:











        Compensation benefit (expense) - deferred compensation plan


1,119


(334)


(268)


491


(717)

        Stock-based compensation expense 


(17,701)


(7,829)


(6,816)


(32,666)


(18,873)

Non-GAAP R&D expenses


$       45,914


$       46,444


$       42,770


$      137,052


$      124,292












GAAP SG&A expenses:


$       58,573


$       46,753


$       40,689


$      148,321


$      127,116

   Acquisition-related:











        Amortization of acquisition-related intangibles 


(3,091)


(3,091)


(3,160)


(9,273)


(9,495)

        Acquisition-related costs


-


-


-


-


(2,225)

        Merger-related expense


(4,511)


(3,884)


-


(8,395)


-

   Restructuring-related:











        Severance costs


-


(367)


(396)


(624)


(2,025)

        Facility closure benefit (costs)


-


440


-


319


(2,614)

        Assets impairment and other


-


-


-


-


(82)

   Other:











        Compensation benefit (expense) - deferred compensation plan


559


(167)


(134)


245


(359)

        Stock-based compensation expense 


(18,850)


(6,979)


(5,948)


(32,728)


(17,265)

Non-GAAP SG&A expenses


$       32,680


$       32,705


$       31,051


$       97,865


$       93,051












GAAP interest and other expense, net


$      (10,045)


$        (4,608)


$        (5,068)


$      (20,167)


$      (13,869)

        Non-cash interest expense


3,928


3,881


3,744


11,764


11,331

        Realized loss on available-for-sale securities


652


-


-


652


-

        Impairment of available-for-sale securities


1,325


-


-


1,325


-

        Loss (gain) on deferred compensation plan securities


2,233


(650)


(518)


1,019


(1,321)

        Certain unrealized foreign exchange loss (gain)


373


(144)


(360)


1,540


(2,789)

Non-GAAP interest and other expense, net


$        (1,534)


$        (1,521)


$        (2,202)


$        (3,867)


$        (6,648)












GAAP benefit from (provision for) income taxes


$         4,285


$        (1,214)


$     (101,033)


$             (73)


$     (100,020)

        Non-GAAP tax adjustments


11,927


5,892


(98,003)


21,357


(92,144)

Non-GAAP provision for income taxes 


$        (7,642)


$        (7,106)


$        (3,030)


$      (21,430)


$        (7,876)


(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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