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
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SAN JOSE, CALIFORNIA -- (Marketwired) -- 10/30/17 -- 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® 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.
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
------------------------------------------------
October 1, 2017 July 2, 2017 October 2, 2016
------------------------------------------------
Revenues $ 204,398 $ 196,713 $ 184,059
Cost of revenues 87,636 86,675 77,527
------------------------------------------------
Gross profit 116,762 110,038 106,532
Operating expenses:
Research and development 48,742 48,449 41,750
Selling, general and
administrative 44,485 41,942 37,415
------------------------------------------------
Total operating expenses 93,227 90,391 79,165
------------------------------------------------
Operating income 23,535 19,647 27,367
Interest and other expense,
net (4,886) (3,915) (2,597)
------------------------------------------------
Income before income taxes 18,649 15,732 24,770
Benefit from (provision for)
income taxes 31 982 (179)
------------------------------------------------
Net income $ 18,680 $ 16,714 $ 24,591
================================================
Basic net income per share $ 0.14 $ 0.13 $ 0.18
================================================
Diluted net income per share $ 0.14 $ 0.12 $ 0.18
================================================
Weighted average shares:
Basic 133,269 133,302 134,186
================================================
Diluted 136,059 136,642 137,206
================================================
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per
share data)
Six Months Ended
--------------------------------
October 1, 2017 October 2, 2016
--------------------------------
Revenues $ 401,111 $ 376,187
Cost of revenues 174,311 161,306
--------------------------------
Gross profit 226,800 214,881
Operating expenses:
Research and development 97,191 91,398
Selling, general and
administrative 86,427 76,231
--------------------------------
Total operating expenses 183,618 167,629
--------------------------------
Operating income 43,182 47,252
Interest and other expense,
net (8,801) (5,093)
--------------------------------
Income before income taxes 34,381 42,159
Benefit from (provision for)
income taxes 1,013 3,379
--------------------------------
Net income $ 35,394 $ 45,538
================================
Basic net income per share $ 0.27 $ 0.34
================================
Diluted net income per share $ 0.26 $ 0.33
================================
Weighted average shares:
Basic 133,286 134,059
================================
Diluted 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
------------------------------------------------
October 1, 2017 July 2, 2017 October 2, 2016
------------------------------------------------
GAAP net income $ 18,680 $ 16,714 $ 24,591
================================================
GAAP diluted net income per
share $ 0.14 $ 0.12 $ 0.18
================================================
Acquisition-related:
Amortization of
acquisition-related
intangibles 8,963 8,876 5,246
Acquisition-related
costs - 2,225 72
Amortization of fair
market value adjustment
to inventory 2,011 4,081 520
Restructuring-related:
Severance costs 1,637 653 5,002
Facility closure costs 2,542 - -
Assets impairment and
other 917 1,965 -
Other:
Stock-based compensation
expense 12,950 11,820 9,181
Non-cash interest
expense 3,695 3,892 3,309
Asset impairment and
other - - (652)
Certain foreign exchange
gain (754) (1,675) -
Compensation expense -
deferred compensation
plan 469 412 435
Gain on deferred
compensation plan
securities (443) (360) (417)
Non-GAAP tax adjustments (2,518) (3,341) 147
------------------------------------------------
Non-GAAP net income $ 48,149 $ 45,262 $ 47,434
------------------------------------------------
GAAP weighted average shares
- diluted 136,059 136,642 137,206
Non-GAAP adjustment 2,780 2,319 2,581
------------------------------------------------
Non-GAAP weighted average
shares - diluted 138,839 138,961 139,787
------------------------------------------------
Non-GAAP diluted net income
per share $ 0.35 $ 0.33 $ 0.34
================================================
GAAP gross profit $ 116,762 $ 110,038 $ 106,532
------------------------------------------------
Acquisition-related:
Amortization of
acquisition-related
intangibles 5,822 5,682 3,108
Amortization of fair
market value adjustment
to inventory 2,011 4,081 520
Restructuring-related:
Severance costs 30 196 257
Assets impairment and
other - - -
Other:
Compensation expense -
deferred compensation
plan 110 97 159
Stock-based compensation
expense 764 632 802
------------------------------------------------
Non-GAAP gross profit $ 125,499 $ 120,726 $ 111,378
------------------------------------------------
GAAP R&D expenses: $ 48,742 $ 48,449 $ 41,750
------------------------------------------------
Restructuring-related:
Severance costs (318) (45) (3,074)
Assets impairment and
other (835) (1,965) -
Other:
Compensation expense -
deferred compensation
plan (239) (210) (170)
Stock-based compensation
expense (6,094) (5,963) (3,191)
------------------------------------------------
Non-GAAP R&D expenses $ 41,256 $ 40,266 $ 35,315
------------------------------------------------
GAAP SG&A expenses: $ 44,485 $ 41,942 $ 37,415
------------------------------------------------
Acquisition-related:
Amortization of
acquisition-related
intangibles (3,141) (3,194) (2,138)
Acquisition-related
costs - (2,225) (72)
Restructuring-related:
Severance costs (1,289) (412) (1,671)
Facility closure costs (2,542) - -
Assets impairment and
other (82) - -
Other:
Compensation expense -
deferred compensation
plan (120) (105) (106)
Stock-based compensation
expense (6,092) (5,225) (5,188)
------------------------------------------------
Non-GAAP SG&A expenses $ 31,219 $ 30,781 $ 28,240
------------------------------------------------
GAAP interest and other
expense, net $ (4,886) $ (3,915) $ (2,597)
------------------------------------------------
Non-cash interest
expense 3,695 3,892 3,309
Gain on deferred
compensation plan
securities (443) (360) (417)
Certain foreign exchange
gain (754) (1,675) (652)
------------------------------------------------
Non-GAAP interest and other
income (expense), net $ (2,388) $ (2,058) $ (357)
------------------------------------------------
GAAP benefit from (provision
for) income taxes $ 31 $ 982 $ (179)
------------------------------------------------
Non-GAAP tax adjustments 2,518 3,341 (147)
------------------------------------------------
Non-GAAP provision for
income taxes $ (2,487) $ (2,359) $ (32)
------------------------------------------------
(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.
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (a)
(Unaudited)
(In thousands, except per
share data)
Six Months Ended
--------------------------------
October 1, 2017 October 2, 2016
--------------------------------
GAAP net income $ 35,394 $ 45,538
================================
GAAP diluted net income per
share $ 0.26 $ 0.33
================================
Acquisition-related:
Amortization of
acquisition-related
intangibles 17,839 11,021
Acquisition-related
costs 2,225 72
Amortization of fair
market value adjustment
to inventory 6,092 2,915
Restructuring-related:
Severance costs 2,290 16,920
Facility closure costs 2,542 19
Assets impairment and
other 2,882 870
Other:
Stock-based compensation
expense 24,770 19,696
Non-cash interest
expense 7,587 6,577
Asset impairment and
other - (652)
Certain foreign exchange
gain (2,429) -
Compensation expense -
deferred compensation
plan 881 837
Gain on deferred
compensation plan
securities (803) (809)
Non-GAAP tax adjustments (5,859) (4,393)
--------------------------------
Non-GAAP net income $ 93,411 $ 98,611
--------------------------------
GAAP weighted average shares
- diluted 136,434 137,698
Non-GAAP adjustment 2,465 2,313
--------------------------------
Non-GAAP weighted average
shares - diluted 138,899 140,011
--------------------------------
Non-GAAP diluted net income
per share $ 0.67 $ 0.70
================================
GAAP gross profit $ 226,800 $ 214,881
--------------------------------
Acquisition-related:
Amortization of
acquisition-related
intangibles 11,504 6,523
Amortization of fair
market value adjustment
to inventory 6,092 2,915
Restructuring-related:
Severance costs 226 2,687
Assets impairment and
other - 336
Other:
Compensation expense -
deferred compensation
plan 207 307
Stock-based compensation
expense 1,396 1,581
--------------------------------
Non-GAAP gross profit $ 246,225 $ 229,230
--------------------------------
GAAP R&D expenses: $ 97,191 $ 91,398
--------------------------------
Restructuring-related:
Severance costs (363) (10,408)
Assets impairment and
other (2,800) (107)
Other:
Compensation expense -
deferred compensation
plan (449) (327)
Stock-based compensation
expense (12,057) (7,499)
--------------------------------
Non-GAAP R&D expenses $ 81,522 $ 73,057
--------------------------------
GAAP SG&A expenses: $ 86,427 $ 76,231
--------------------------------
Acquisition-related:
Amortization of
acquisition-related
intangibles (6,335) (4,498)
Acquisition-related
costs (2,225) (72)
Restructuring-related:
Severance costs (1,701) (3,825)
Facility closure costs (2,542) (18)
Assets impairment and
other (82) (428)
Other:
Compensation expense -
deferred compensation
plan (225) (203)
Stock-based compensation
expense (11,317) (10,616)
--------------------------------
Non-GAAP SG&A expenses $ 62,000 $ 56,571
--------------------------------
GAAP interest and other
expense, net $ (8,801) $ (5,093)
--------------------------------
Non-cash interest
expense 7,587 6,577
Gain on deferred
compensation plan
securities (803) (809)
Certain foreign exchange
gain (2,429) (652)
--------------------------------
Non-GAAP interest and other
income (expense), net $ (4,446) $ 23
--------------------------------
GAAP benefit from (provision
for) income taxes $ 1,013 $ 3,379
--------------------------------
Non-GAAP tax adjustments 5,859 4,393
--------------------------------
Non-GAAP provision for
income taxes $ (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)
(In thousands) October 1, 2017 April 2, 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
========================================
Contacts: Financial Contact: Suzanne Schmidt IDT Investor Relations (408) 284-6515 [email protected] Press Contact: Krista Pavlakos IDT Director, Communications (408) 574-6640 [email protected]
Source: Integrated Device Technology, Inc.
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