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. |
