Press Release Tables

INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per share data)
Revenues
Cost of revenues
Gross profit
Operating expenses:
Research and development
Selling, general and administrative
Total operating expenses
Three Months Ended
Mar. 29
Dec. 28,
Mar. 30,
2015
2014
2014
$
158,350
$
151,160
$
118,640
60,295
59,796
57,560
98,055
91,364
61,080
Twelve Months Ended
Mar. 29
Mar. 30,
2015
2014
$
572,905
$
484,779
227,601
211,877
345,304
272,902
32,071
27,050
59,121
32,825
27,165
59,990
32,860
23,322
56,182
127,688
106,469
234,157
140,799
101,148
241,947
Operating income
38,934
31,374
4,898
111,147
30,955
Gain (loss) from divestiture
Other income, net
Income from continuing operations before income taxes
Provision for income taxes
1,966
40,900
517
1,558
32,932
91
(302)
786
5,382
320
4,791
115,938
1,357
78,632
2,707
112,294
981
Net income from continuing operations
40,383
32,841
5,062
114,581
111,313
Discontinued operations:
Gain from divestiture
Loss from discontinued operations
Provision for (benefit from) income taxes
Net loss from discontinued operations
(799)
318
(1,117)
(14,538)
(55)
(14,483)
(5,016)
17
(5,033)
16,840
(37,237)
275
(20,672)
(22,938)
11
(22,949)
Net income
$
Basic net income per share - continuing operations
Basic net loss per share - discontinued operations
Basic net income per share
$
Diluted net income per share - continuing operations
Diluted net loss per share - discontinued operations
Diluted net income per share
$
Weighted average shares:
Basic
Diluted
$
$
39,266
$
0.27
(0.01)
0.26
$
0.26
(0.01)
0.25
$
148,326
154,111
$
$
18,358
$
0.22
(0.10)
0.12
$
0.21
(0.09)
0.12
$
148,552
153,973
$
$
29
$
0.03
(0.03)
-
$
0.03
(0.03)
-
$
150,033
154,390
$
$
93,909
$
0.77
(0.14)
0.63
$
0.74
(0.13)
0.61
$
148,714
153,983
$
$
88,364
0.74
(0.15)
0.59
0.73
(0.15)
0.58
149,480
153,369
INTEGRATED DEVICE TECHNOLOGY, INC.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (a)
(Unaudited)
(In thousands, except per share data)
Mar. 29
2015
GAAP net income from continuing operations
GAAP diluted net income per share continuing operations
Acquisition related:
Amortization of acquisition related intangibles
Impairment of in-process research and development
Acquisition related legal and consulting fees
Restructuring related:
Severance and retention costs
Facility closure costs
Loss (gain) from divestiture
Assets impairment and other
Other:
Stock-based compensation expense
Gain from divestiture
Compensation expense - deferred compensation plan
Gain on deferred compensation plan securities
Tax effects of Non-GAAP adjustments
Non-GAAP net income from continuing operations
GAAP weighted average shares - diluted
Non-GAAP adjustment
Non-GAAP weighted average shares - diluted
Non-GAAP diluted net income per share continuing operations
GAAP gross profit
Acquisition related:
Amortization of acquisition related intangibles
Restructuring related:
Severance and retention costs
Facility closure costs
Assets impairment and other
Other:
Compensation expense - deferred compensation plan
Stock-based compensation expense
Non-GAAP gross profit
$
$
Three Months Ended
Dec. 28,
Mar. 30,
2014
2014
40,383
0.26
$
$
1,001
-
32,841
0.21
$
$
1,347
(125)
265
5,062
0.03
Twelve Months Ended
Mar. 29
Mar. 30,
2015
2014
$ 114,581
$
0.74
11,999
2,433
73
129
209
-
383
107
302
334
$ 111,313
$
0.73
6,573
(125)
21,964
2,433
802
974
276
2,968
6,456
134
(78,632)
4,113
5,684
(168)
213
(205)
(1,391)
$ 45,782
154,111
1,558
155,669
$
0.29
5,878
(104)
525
(500)
(1,521)
$ 38,679
153,973
1,463
155,436
$
0.25
2,368
185
(171)
(1,331)
$ 21,744
154,390
1,492
155,882
$
0.14
22,453
(272)
990
(940)
(4,596)
$ 142,882
153,983
2,014
155,997
$
0.92
12,677
1,265
(1,316)
(4,389)
$ 76,820
153,369
1,981
155,350
$
0.49
$
$
$
61,080
$ 345,304
$ 272,902
11,016
4,534
18,321
117
105
23
2,489
311
1,936
$ 354,597
388
1,189
$ 292,901
$ 127,688
$ 140,799
98,055
91,364
625
959
220
(96)
-
$
78
589
99,567
GAAP R&D expenses:
Acquisition related:
Impairment of in-process research and development
Restructuring related:
Severance and retention costs
Facility closure costs
Assets impairment and other
Other:
Compensation expense - deferred compensation plan
Stock-based compensation expense
Non-GAAP R&D expenses
$
32,071
$
156
592
92,975
$
55
61
72,434
$
32,825
$
32,860
-
(2,433)
204
8
(111)
-
(2,433)
(45)
(91)
(209)
-
(264)
(63)
(467)
(209)
(479)
(4,193)
(9)
(4,058)
$
(83)
(2,266)
29,677
$
(255)
(2,562)
29,708
$
(90)
(1,389)
28,621
(464)
(9,813)
$ 116,256
(650)
(5,601)
$ 123,855
GAAP SG&A expenses:
Acquisition related:
Amortization of acquisition related intangibles
Acquisition related legal and consulting fees
Restructuring related:
Severance and retention costs
Facility closure costs
Assets impairment and other
Other:
Compensation expense - deferred compensation plan
Stock-based compensation expense
Non-GAAP SG&A expenses
$
27,050
$
27,165
$
23,322
$ 106,469
$ 101,148
GAAP interest income and other, net
Gain from divestiture
Gain on deferred compensation plan securities
Non-GAAP interest income and other, net
$
GAAP provision for income taxes - continuing operations
Tax effects of Non-GAAP adjustments
Non-GAAP provision for income taxes - continuing operations
$
(376)
-
$
$
$
(52)
(2,829)
23,793
$
1,966
(168)
(205)
1,593
$
517
1,391
1,908
$
$
$
(388)
125
(983)
(73)
(2,039)
125
(3,643)
(802)
(134)
-
(2)
(107)
(166)
(484)
(67)
-
(2,059)
(117)
(166)
(114)
(2,724)
23,930
(40)
(918)
21,033
(215)
(10,704)
$ 93,085
$
(227)
(5,887)
88,247
$
4,791
(272)
(940)
3,579
$
1,357
4,596
5,953
$
$
1,558
(104)
(500)
954
$
91
1,521
1,612
$
$
$
786
(171)
615
320
1,331
1,651
$
$
$
$
$
2,707
(1,316)
1,391
981
4,389
5,370
(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)
(In thousands)
ASSETS
Current assets:
Cash and cash equivalents
Short-term investments
Accounts receivable, net
Inventories
Prepaid and other current assets
Total current assets
Property, plant and equipment, net
Goodwill
Acquisition-related intangibles
Other assets
TOTAL ASSETS
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable
Accrued compensation and related expenses
Deferred income on shipments to distributors
Deferred taxes liabilities
Other accrued liabilities
Total current liabilities
$
$
$
Mar. 29
March 30,
2015
2014
116,945
438,115
63,618
45,410
16,041
680,129
65,508
135,644
5,535
26,843
913,659
28,006
43,649
15,694
1,401
17,582
106,332
$
$
$
91,211
362,604
68,904
49,622
13,034
585,375
69,827
135,644
18,741
21,373
830,960
25,442
24,343
14,006
1,346
11,525
76,662
Deferred tax liabilities
Long term income taxes payable
Other long-term obligations
Total liabilities
1,121
347
17,605
125,405
1,494
266
18,683
97,105
Stockholders' equity
788,254
733,855
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY
$
913,659
$
830,960