SAN JOSE, CALIFORNIA — (Marketwired) — 07/31/17 — Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI) today announced results for the fiscal first quarter 2018, ended July 2, 2017.
“First quarter fiscal 2018 revenue increased by 12 percent sequentially, driven by our GigPeak acquisition plus broad organic growth across each of our end markets,” said Greg Waters, president and chief executive officer. “We believe that IDT is positioned for continued revenue growth as the fiscal year progresses and expect to see acceleration in profit margin expansion and cash flows in the second half.”
Recent Business Highlights – Consumer
Recent Business Highlights – Communications
Recent Business Highlights – Computing
Recent Business Highlights – Auto and Industrial
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.
Webcast and Conference Call Information
Investors may listen to the live call at 1:30 p.m. Pacific Time on July 31, 2017 by calling (888) 308-4493. The access code is 45266463. Investors may listen to a live or replay webcast of the Company–s quarterly financial conference call at . The live webcast will begin at 1:30 p.m. Pacific Time on July 31, 2017. The webcast replay will be available after 4:30 p.m. Pacific Time on July 31, 2017 for one week.
IDT–s next regularly scheduled Quiet Period will begin September 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 second quarter fiscal 2018 earnings release is published.
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 . Follow IDT on , , , and .
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 3, 2016. 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:
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:
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:
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:
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.
Contacts:
Financial Contact:
Suzanne Schmidt
IDT Investor Relations
(408) 284-6515
Press Contact:
Daniel Aitken
IDT Senior Director of Corporate
Marketing and Communications
(408) 574-6480
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