Document


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
WASHINGTON, D.C. 20549
______________
 FORM 8-K
______________

 CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported) October 30, 2017
  ______________
Integrated Device Technology, Inc.
(Exact name of registrant as specified in its charter)
  ______________
 

Delaware
0-12695
94-2669985
(State of
Incorporation)
(Commission File Number)
(IRS Employer
Identification No.)


6024 Silver Creek Valley Road, San Jose, California  95138
(Address of principal executive offices) (Zip Code)
 
(408) 284-8200
(Registrant's telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)
 ______________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 
 
Emerging growth company o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o












Item 2.02.  Results of Operations and Financial Condition.
 
The information in this Current Report, including Exhibit 99.1 attached hereto, is furnished pursuant to Item 2.02 of this Current Report.  Consequently, it is not deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended, if such subsequent filing specifically references this Current Report.
 
On October 30, 2017, Integrated Device Technology, Inc. (the “Company”) announced its results of operations and financial condition as of and for the three and six months ended October 1, 2017, in a publicly disseminated press release that is attached hereto as Exhibit 99.1.
 
The Company's press release contains non-GAAP financial measures.  Pursuant to the requirements of Regulation G and Item 10(e)(1)(i) of Regulation S-K, the Company has provided reconciliations within the press release of the non-GAAP financial measures to the most directly comparable GAAP financial measures included in the press release.
 
The foregoing description is qualified in its entirety by reference to the Company's press release dated October 30, 2017, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.


Item 9.01 Financial Statements and Exhibits.
 
(d)       Exhibits.
 

Exhibit No.
Description
 
 
99.1
Press Release Dated October 30, 2017






 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 

Dated:
October 30, 2017
 
 
INTEGRATED DEVICE TECHNOLOGY, INC.
 
 
 
 
By:
/S/ BRIAN C. WHITE
 
Brian C. White
 
Senior Vice President and Chief Financial Officer
(duly authorized officer)







































 






EXHIBIT INDEX
 

Exhibit No.
Description
 
 
Press Release Dated October 30, 2017.




Exhibit


Exhibit 99.1
http://api.tenkwizard.com/cgi/image?quest=1&rid=23&ipage=11860004&doc=3




FOR IMMEDIATE RELEASE
Financial Contact:
 
Press Contact:
Suzanne Schmidt
IDT Investor Relations
Phone: (408) 284-6515
E-mail: ir@idt.com
 
Krista Pavlakos
IDT Director, Communications
Phone: (408) 574-6640
E-mail: krista.pavlakos@idt.com

IDT REPORTS FISCAL 2018 Q2 FINANCIAL RESULTS
Q2 FY18 Revenue of $204.4 M,
Q2 FY18 GAAP Diluted EPS of $0.14,
Q2 FY18 Non-GAAP Diluted EPS of $0.35

SAN JOSE, Calif., October 30, 2017 - Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI) today announced results for the fiscal second quarter 2018, ended October 1, 2017.

“The second quarter of fiscal 2018 marked another period of growth driven by broad-based strength across our product lines and end markets,” said Greg Waters, President and Chief Executive Officer. “As we move into the second half of our fiscal year, we continue to see accelerating momentum in new product adoption by major customers, and see strength across all of our target market segments.”

Recent Business Highlights - Auto and Industrial
IDT’s Auto and Industrial revenue has increased by over 30 percent on an organic basis, versus the year ago quarter. New product releases in sensor signal conditioners, position sensors, and custom products are all delivering growth and strong design in traction.
IDT commenced sampling of advanced solid state flow sensor modules to its growing portfolio of industry-leading sensor products. The cutting edge solid-state sensor element design eliminates cavities and diaphragms often found in competitive offerings and features a protective silicon-carbide coating, making it the industry's most robust and reliable flow sensor element also compatible with food-grade applications.

Recent Business Highlights - Consumer
IDT announced that they have surpassed a milestone shipment of 30 million ICs of Qi-based wireless power transmitters utilizing leading-edge, high efficiency, IDT wireless power platforms.
IDT announced its collaboration with Samsung to deliver fast wireless charging for Samsung's next-level Note device, the new Galaxy Note8, featuring Samsung's most advanced wireless charging capabilities to date.





IDT announced an extremely small size, low power family of programmable clocks for wearable, medical, and portable applications. The MicroClock™ devices retains the very popular VersaClock™ product family’s programming and innovations, and also will enable new applications such as ultraportable cameras, wearables, and health devices.
Recent Business Highlights - Communications
IDT announced that it is sampling a portfolio of millimeter wave beamformer products for 5G next generation communications systems. These products accelerate IDT's growth in the RF market and consolidate its position as a leading supplier of RF and millimeter wave (mmWave) products for wireless infrastructure
Recent Business Highlights - Computing
IDT demonstrated its latest 200G VCSEL and DML Drivers, and TIA ICs at ECOC 2017. This newest family of 2- and 4-channel PAM4 CDR/Retimers, 1x and 4x VCSEL and DML Drivers, and TIAs will help address current datacenter challenges, enabling IDT's customers to upgrade hyper-scale datacenter and cloud computing infrastructure from 100G to 200G and beyond.
IDT introduced new versions of its low-power VersaClock(R) 3S programmable clock generators. These new devices are ideal for computing systems, digital cameras, IP set-top boxes, home entertainment, audio systems, multi-function printers, IoT gateways, small-business storage, smart devices, medical equipment and automotive infotainment.
The following highlights the Company’s financial performance on both a GAAP and supplemental non-GAAP basis. 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 is attached to this press release.
Revenue for the fiscal second quarter of 2018 was $204.4 million. This compared with $196.7 million reported last quarter, and $184.1 million reported in the same period one year ago.
GAAP net income for the fiscal second quarter of 2018 was $18.7 million, or $0.14 per diluted share, versus GAAP net income of $16.7 million or $0.12 per diluted share last quarter, and GAAP net income of $24.6 million or $0.18 per diluted share in the same period one year ago. Fiscal second quarter GAAP results include $16.1 million in acquisition-related and restructuring charges, $13.0 million in stock-based compensation, $3.7 million in non-cash interest expense, $0.8 million in certain unrealized foreign exchange gain and $2.5 million provision in related tax effects.
Non-GAAP net income for the fiscal second quarter of 2018 was $48.1 million or $0.35 per diluted share, compared with non-GAAP net income of $45.3 million or $0.33 per diluted share last quarter, and non-GAAP net income of $47.4 million or $0.34 per diluted share reported in the same period one year ago.
GAAP gross profit for the fiscal second quarter of 2018 was $116.8 million, or 57.1 percent, compared with GAAP gross profit of $110.0 million or 55.9 percent last quarter, and $106.5 million, or 57.9 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal second quarter of 2018 was $125.5 million, or 61.4 percent, compared with non-GAAP gross profit of $120.7 million, or 61.4 percent last quarter, and $111.4 million, or 60.5 percent, reported in the same period one year ago.





GAAP R&D expense for the fiscal second quarter of 2018 was $48.7 million, compared with GAAP R&D expense of $48.4 million last quarter, and $41.8 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal second quarter of 2018 was $41.3 million, compared with non-GAAP R&D expense of $40.3 million last quarter, and $35.3 million in the same period one year ago.
GAAP SG&A expense for the fiscal second quarter of 2018 was $44.5 million, compared with GAAP SG&A expense of $41.9 million last quarter, and $37.4 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal second quarter of 2018 was $31.2 million, compared with non-GAAP SG&A expense of $30.8 million last quarter, and $28.2 million in the same period one year ago.

Webcast and Conference Call Information

Investors may listen to the live call at 1:30 p.m. Pacific Time on October 30, 2017 by calling 844-308-4493. The access code is 94503421. 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 30, 2017. The webcast replay will be available after 4:30 p.m. Pacific Time on October 30, 2017 for one week.

IDT’s next regularly scheduled Quiet Period will begin December 18, 2017, during which time IDT representatives will not comment on IDT’s business outlook, financial results or expectations. The Quiet Period will extend until the day when IDT’s third quarter fiscal 2018 earnings release is published.

About IDT
Integrated Device Technology, Inc. develops system-level solutions that optimize its customers’ applications. IDT’s market-leading products in RF, timing, wireless power transfer, serial switching, interfaces and sensing solutions are among the company’s broad array of complete mixed-signal solutions for the communications, computing, consumer, automotive and industrial 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 April 2, 2017. 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 and other income (expense);
Benefit from (provision for) income taxes;
Operating income;
Net income;
Diluted net income per share; 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, 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. Restructuring-related charges (gains) primarily include:
Severance 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.

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.
Non-cash interest expense, consists of amortization of issuance cost and accretion of discount related to the convertible notes.
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.
Unrealized foreign currency gains and losses resulting from remeasurement of certain non-functional currency account balances.
Tax effects of non-GAAP adjustments. Non-GAAP tax calculation is based on estimated cash tax expense and reserves. The Company forecasts its annual cash tax liability and allocates the tax to each quarter in proportion to earnings for that period. This approach is designed to enhance the ability of investors to understand the impact of the Company's tax expense on its current operations, provide improved modeling accuracy, and substantially reduce fluctuations caused by GAAP to non-GAAP adjustments, which may not reflect actual cash tax expense.
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
 
 
October 1, 2017
 
July 2, 2017
 
October 2, 2016
 
October 1, 2017
 
October 2, 2016
Revenues
 
$
204,398

 
$
196,713

 
$
184,059

 
$
401,111

 
$
376,187

Cost of revenues
 
87,636

 
86,675

 
77,527

 
174,311

 
161,306

Gross profit
 
116,762

 
110,038

 
106,532

 
226,800

 
214,881

Operating expenses:
 
 
 
 
 
 
 
 
 
 
Research and development
 
48,742

 
48,449

 
41,750

 
97,191

 
91,398

Selling, general and administrative
 
44,485

 
41,942

 
37,415

 
86,427

 
76,231

Total operating expenses
 
93,227

 
90,391

 
79,165

 
183,618

 
167,629

Operating income
 
23,535

 
19,647

 
27,367

 
43,182

 
47,252

Interest and other expense, net
 
(4,886
)
 
(3,915
)
 
(2,597
)
 
(8,801
)
 
(5,093
)
Income before income taxes
 
18,649

 
15,732

 
24,770

 
34,381

 
42,159

Benefit from (provision for) income taxes
 
31

 
982

 
(179
)
 
1,013

 
3,379

Net income
 
$
18,680

 
$
16,714

 
$
24,591

 
$
35,394

 
$
45,538

 
 
 
 
 
 
 
 
 
 
 
Basic net income per share
 
$
0.14

 
$
0.13

 
$
0.18

 
$
0.27

 
$
0.34

Diluted net income per share
 
$
0.14

 
$
0.12

 
$
0.18

 
$
0.26

 
$
0.33

Weighted average shares:
 
 
 
 
 
 
 
 
 
 
Basic
 
133,269

 
133,302

 
134,186

 
133,286

 
134,059

Diluted
 
136,059

 
136,642

 
137,206

 
136,434

 
137,698

 
 
 
 
 
 
 
 
 
 
 






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
 
 
October 1, 2017
 
July 2, 2017
 
October 2, 2016
 
October 1, 2017
 
October 2, 2016
 
 
 
 
 
 
 
 
 
 
 
GAAP net income
 
$
18,680

 
$
16,714

 
$
24,591

 
$
35,394

 
$
45,538

GAAP diluted net income per share
 
$
0.14

 
$
0.12

 
$
0.18

 
$
0.26

 
$
0.33

   Acquisition-related:
 
 
 
 
 
 
 
 
 
 
        Amortization of acquisition-related intangibles
 
8,963

 
8,876

 
5,246

 
17,839

 
11,021

        Acquisition-related costs
 

 
2,225

 
72

 
2,225

 
72

        Amortization of fair market value adjustment to inventory
 
2,011

 
4,081

 
520

 
6,092

 
2,915

   Restructuring-related:
 
 
 
 
 
 
 
 
 
 
        Severance costs
 
1,637

 
653

 
5,002

 
2,290

 
16,920

        Facility closure costs
 
2,542

 

 

 
2,542

 
19

        Assets impairment and other
 
917

 
1,965

 

 
2,882

 
870

   Other:
 
 
 
 
 
 
 
 
 
 
        Stock-based compensation expense
 
12,950

 
11,820

 
9,181

 
24,770

 
19,696

        Non-cash interest expense
 
3,695

 
3,892

 
3,309

 
7,587

 
6,577

Asset impairment and other
 

 

 
(652
)
 

 
(652
)
       Certain unrealized foreign exchange gain
 
(754
)
 
(1,675
)
 

 
(2,429
)
 

       Compensation expense - deferred compensation plan
 
469

 
412

 
435

 
881

 
837

       Gain on deferred compensation plan securities
 
(443
)
 
(360
)
 
(417
)
 
(803
)
 
(809
)
        Non-GAAP tax adjustments
 
(2,518
)
 
(3,341
)
 
147

 
(5,859
)
 
(4,393
)
Non-GAAP net income
 
$
48,149

 
$
45,262

 
$
47,434

 
$
93,411

 
$
98,611

GAAP weighted average shares - diluted
 
136,059

 
136,642

 
137,206

 
136,434

 
137,698

        Non-GAAP adjustment
 
2,780

 
2,319

 
2,581

 
2,465

 
2,313

Non-GAAP weighted average shares - diluted
 
138,839

 
138,961

 
139,787

 
138,899

 
140,011

Non-GAAP diluted net income per share
 
$
0.35

 
$
0.33

 
$
0.34

 
$
0.67

 
$
0.70

 
 
 
 
 
 
 
 
 
 
 
GAAP gross profit
 
$
116,762

 
$
110,038

 
$
106,532

 
$
226,800

 
$
214,881

   Acquisition-related:
 
 
 
 
 
 
 
 
 
 
        Amortization of acquisition-related intangibles
 
5,822

 
5,682

 
3,108

 
11,504

 
6,523

        Amortization of fair market value adjustment to inventory
 
2,011

 
4,081

 
520

 
6,092

 
2,915

   Restructuring-related:
 
 
 
 
 
 
 
 
 
 
        Severance costs
 
30

 
196

 
257

 
226

 
2,687

        Assets impairment and other
 

 

 

 

 
336

   Other:
 
 
 
 
 
 
 
 
 
 
       Compensation expense - deferred compensation plan
 
110

 
97

 
159

 
207

 
307

        Stock-based compensation expense
 
764

 
632

 
802

 
1,396

 
1,581

Non-GAAP gross profit
 
$
125,499

 
$
120,726

 
$
111,378

 
$
246,225

 
$
229,230

 
 
 
 
 
 
 
 
 
 
 
GAAP R&D expenses:
 
$
48,742

 
$
48,449

 
$
41,750

 
$
97,191

 
$
91,398

   Restructuring-related:
 
 
 
 
 
 
 
 
 
 
        Severance costs
 
(318
)
 
(45
)
 
(3,074
)
 
(363
)
 
(10,408
)
        Assets impairment and other
 
(835
)
 
(1,965
)
 

 
(2,800
)
 
(107
)





   Other:
 
 
 
 
 
 
 
 
 
 
       Compensation expense - deferred compensation plan
 
(239
)
 
(210
)
 
(170
)
 
(449
)
 
(327
)
        Stock-based compensation expense
 
(6,094
)
 
(5,963
)
 
(3,191
)
 
(12,057
)
 
(7,499
)
Non-GAAP R&D expenses
 
$
41,256

 
$
40,266

 
$
35,315


$
81,522

 
$
73,057

 
 
 
 
 
 
 
 
 
 
 
GAAP SG&A expenses:
 
$
44,485

 
$
41,942

 
$
37,415

 
$
86,427

 
$
76,231

   Acquisition-related:
 
 
 
 
 
 
 
 
 
 
        Amortization of acquisition-related intangibles
 
(3,141
)
 
(3,194
)
 
(2,138
)
 
(6,335
)
 
(4,498
)
        Acquisition-related costs
 

 
(2,225
)
 
(72
)
 
(2,225
)
 
(72
)
   Restructuring-related:
 
 
 
 
 
 
 
 
 
 
        Severance costs
 
(1,289
)
 
(412
)
 
(1,671
)
 
(1,701
)
 
(3,825
)
        Facility closure costs
 
(2,542
)
 

 

 
(2,542
)
 
(18
)
        Assets impairment and other
 
(82
)
 

 

 
(82
)
 
(428
)
   Other:
 
 
 
 
 
 
 
 
 
 
       Compensation expense - deferred compensation plan
 
(120
)
 
(105
)
 
(106
)
 
(225
)
 
(203
)
        Stock-based compensation expense
 
(6,092
)
 
(5,225
)
 
(5,188
)
 
(11,317
)
 
(10,616
)
Non-GAAP SG&A expenses
 
$
31,219

 
$
30,781

 
$
28,240


$
62,000

 
$
56,571

 
 
 
 
 
 
 
 
 
 
 
GAAP interest and other expense, net
 
$
(4,886
)
 
$
(3,915
)
 
$
(2,597
)
 
$
(8,801
)
 
$
(5,093
)
        Non-cash interest expense
 
3,695

 
3,892

 
3,309

 
7,587

 
6,577

       Gain on deferred compensation plan securities
 
(443
)
 
(360
)
 
(417
)
 
(803
)
 
(809
)
       Certain unrealized foreign exchange gain
 
(754
)
 
(1,675
)
 
(652
)
 
(2,429
)
 
(652
)
Non-GAAP interest and other income (expense), net
 
$
(2,388
)
 
$
(2,058
)
 
$
(357
)

$
(4,446
)
 
$
23

 
 
 
 
 
 
 
 
 
 
 
GAAP benefit from (provision for) income taxes
 
$
31

 
$
982

 
$
(179
)
 
$
1,013

 
$
3,379

        Non-GAAP tax adjustments
 
2,518

 
3,341

 
(147
)
 
5,859

 
4,393

Non-GAAP provision for income taxes
 
$
(2,487
)
 
$
(2,359
)
 
$
(32
)

$
(4,846
)
 
$
(1,014
)
(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)
 
 
 
 
 
 
 
 
 
October 1
 
April 2
(In thousands)
 
 
2017
 
2017
ASSETS
 
 
 
 
 
Current assets:
 
 
 
 
 
Cash and cash equivalents
 
 
$
147,897

 
$
214,554

Short-term investments
 
 
222,623

 
191,492

Accounts receivable, net
 
 
105,688

 
89,312

Inventories
 
 
63,692

 
52,288

Prepayments and other current assets
 
 
14,386

 
13,054

Total current assets
 
 
554,286

 
560,700

Property, plant and equipment, net
 
 
84,166

 
80,961

Goodwill
 
 
420,117

 
306,925

Intangible assets, net
 
 
207,355

 
108,818

Deferred tax assets
 
 
87,696

 
85,831

Other assets
 
 
62,408

 
40,399

TOTAL ASSETS
 
 
$
1,416,028

 
$
1,183,634

 
 
 
 
 
 
LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
 
 
 
Current liabilities:
 
 
 
 
 
Accounts payable
 
 
$
38,768

 
$
42,020

Accrued compensation and related expenses
 
 
30,630

 
26,624

Deferred income on shipments to distributors
 
 
2,823

 
1,985

Current portion of bank loan
 
 
2,000

 

Other accrued liabilities
 
 
28,077

 
20,205

Total current liabilities
 
 
102,298

 
90,834

Deferred tax liabilities
 
 
11,406

 
13,835

Convertible notes
 
 
292,458

 
285,541

Long-term bank loan, net
 
 
191,662

 

Other long-term liabilities
 
 
31,147

 
19,761

Total liabilities
 
 
628,971

 
409,971

Stockholders' equity
 
 
787,057

 
773,663

 
 
 
 
 
 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
 
 
$
1,416,028

 
$
1,183,634