IDT Reports Fiscal 2018 Q3 Financial Results
SAN JOSE, Calif., Jan. 29, 2018 /PRNewswire/ -- Integrated Device Technology, Inc. (IDT(®)) (NASDAQ: IDTI) today announced results for the fiscal third quarter 2018, ended December 31, 2017.
"Third quarter fiscal 2018 revenues totaled $217.1 million, six percent higher sequentially, and 23 percent higher than the year ago period. Strength in the quarter was driven primarily by increasing demand for products in our high-performance compute and automotive/industrial end markets, " said Greg Waters, President and Chief Executive Officer. "We expect product cycles in our consumer end market to kick in during our fiscal fourth quarter, driving total company growth beyond normal seasonality."
Recent Business Highlights - Auto and Industrial
-- IDT's Auto and Industrial business continues to expand. New product
releases in sensor signal conditioners, position sensors, and custom
products are all delivering growth and strong design in traction.
-- IDT announced a new family of gas sensors that provide better
sensitivity, stability, and selectivity improvements over many competing
solutions. These qualities are ideal for demanding industrial
applications, where low-level gas detection, long service life, and
accurate readings are critical for next-generation platforms and proper
system operation.
-- IDT announced the addition of a family of relative humidity (RH) sensor
ICs to its fast-growing portfolio of advanced sensor products. IDT's
humidity sensors offer high accuracy with the fastest measurement
response time of comparable devices currently on the market.
-- Combining our wireless power and advanced sensor technology
capabilities, IDT introduced the SDAWIR0x wireless sensor hub evaluation
kit, which wirelessly connects IDT's high-performance humidity,
temperature and flow sensors in the latest industrial IoT, smart home,
connected appliances, fluid metering and control and environmental
monitoring applications. Up to one hundred of these sensor modules can
be connected to a single Wi-Fi hub; or thousands in a full mesh network
making it ideal for a wide variety of connected devices requiring
real-time temperature, humidity and flow data, such as smart
thermostats, smart refrigerators, environmental weather stations, pumps
and metering equipment and medical infusion pumps and CPAPs.
Recent Business Highlights - Consumer
-- LG Electronics and IDT have partnered on the world's first
implementation of Qi wireless charging Extended Power Profile (EPP) in a
flagship smartphone, the LG V30, which enables safe, wireless fast
charging capability. We believe that IDT is well positioned to be a
leader in the Qi/EPP platform with support for 5W to 15W charging, which
will be the preferred standard for Automotive Wireless Power adoption.
-- IDT announced the commencement of production shipments of wireless power
products to a major new Japanese smartphone OEM.
Recent Business Highlights - Communications & Computing
-- IDT introduced an integrated IEEE 1588 timing platform and software for
a variety of Cavium System on Chip solutions. We believe that our IEEE
1588 timing platforms and software are well positioned for fast-growing
end markets in data centers, high-performance computing, storage,
networking, wireless 4G/5G mobile networks, industrial automation
applications, and next-generation video production/transmission
networks.
-- IDT announced that Qualcomm Datacenter Technologies, a subsidiary of
Qualcomm Technologies, Inc., will use IDT's second generation DDR4
chipset with the Qualcomm Centriq(TM) 2400 processor. This chipset
includes the IDT 4RCD0229K register, 4DB0226KB data buffer and TSE2004
temperature sensor.
-- IDT introduced its new 8SLVS1118 buffer, the industry's first with 18
outputs and the lowest additive jitter in its class. This combination of
18 outputs - two more than its nearest competitors - and best-in-class
additive jitter performance make the 8SLVS1118 ideal for current and
emerging telecommunication, industrial and medical applications that
have critical timing requirements necessitating well-defined and
repeatable clock distribution performance.
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, or events 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 third quarter of 2018 was $217.1 million. This
compared with $204.4 million reported last quarter, and $176.4 million
reported in the same period one year ago.
-- GAAP net loss for the fiscal third quarter of 2018 was $68.2 million, or
a loss of $0.51 per diluted share (including a one-time GAAP provision
of $101.9 million for the estimated impacts of the Tax Cuts and Jobs Act
("TCJA"), which was enacted on December 22, 2017, discussed further
below) versus GAAP net income of $18.7 million or $0.14 per diluted
share last quarter, and GAAP net income from continuing operations of
$33.4 million or $0.24 per diluted share in the same period one year
ago. Fiscal third quarter GAAP results include $10.8 million in
acquisition-related and restructuring charges, $13.6 million in
stock-based compensation, $3.7 million in non-cash interest expense,
$0.4 million in certain unrealized foreign exchange gain and a one-time
GAAP provision of $101.9 million for the estimated impacts of the TCJA.
-- The estimated $101.9 million impact of the TCJA includes $10.2 million
from the remeasurement of U.S. deferred tax assets and liabilities at
lower enacted corporate tax rates and $91.7 million from the tax on
deemed repatriation of historical foreign earnings. The net taxes
payable (net of tax attributes of approximately $59.1 million) on deemed
repatriation of historical foreign earnings is approximately $32.6
million, which will be payable over 8 years starting in the next fiscal
year.
-- Non-GAAP net income for the fiscal third quarter of 2018 was $57.6
million or $0.42 per diluted share, compared with non-GAAP net income of
$48.1 million or $0.35 per diluted share last quarter, and non-GAAP net
income from continuing operations of $49.0 million or $0.35 per diluted
share reported in the same period one year ago.
-- GAAP gross profit for the fiscal third quarter of 2018 was $128.4
million, or 59.1 percent, compared with GAAP gross profit of $116.8
million or 57.1 percent last quarter, and $104.1 million, or 59.0
percent, reported in the same period one year ago. Non-GAAP gross profit
for the fiscal third quarter of 2018 was $136.6 million, or 62.9
percent, compared with non-GAAP gross profit of $125.5 million, or 61.4
percent last quarter, and $108.7 million, or 61.6 percent, reported in
the same period one year ago.
-- GAAP R&D expense for the fiscal third quarter of 2018 was $49.8 million,
compared with GAAP R&D expense of $48.7 million last quarter, and $38.2
million reported in the same period one year ago. Non-GAAP R&D expense
for the fiscal third quarter of 2018 was $42.8 million, compared with
non-GAAP R&D expense of $41.3 million last quarter, and $33.5 million in
the same period one year ago.
-- GAAP SG&A expense for the fiscal third quarter of 2018 was $40.7
million, compared with GAAP SG&A expense of $44.5 million last quarter,
and $32.7 million in the same period one year ago. Non-GAAP SG&A expense
for the fiscal third quarter of 2018 was $31.1 million, compared with
non-GAAP SG&A expense of $31.2 million last quarter, and $25.7 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 January 29, 2018 by calling 844-308-4493. The access code is 3787275. 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 January 29, 2018. The webcast replay will be available after 4:30 p.m. Pacific Time on January 29, 2018 for one week.
IDT's next regularly scheduled Quiet Period will begin March 19, 2018, 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 fourth 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.
The one-time tax impacts of the TCJA related to non-current liabilities
and deferred tax assets are not reflected in the non-GAAP tax provision.
-- 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.
Financial Contact: Press Contact:
Krishna Shankar Krista Pavlakos
Head of Investor Relations IDT Director, Communications
Phone: (408) 574-6995 Phone: (408) 574-6640
E-mail: krishna.shankar@idt.com E-mail: krista.pavlakos@idt.com
INTEGRATED DEVICE TECHNOLOGY, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(In thousands, except per
share data)
Three Months Ended Nine Months Ended
------------------ -----------------
December 31, 2017 October 1, 2017 January 1, 2017 December 31, 2017 January 1, 2017
----------------- --------------- --------------- ----------------- ---------------
Revenues $217,075 $204,398 $176,358 $618,186 $552,545
Cost of revenues 88,690 87,636 72,273 263,001 233,579
------ ------ ------ ------- -------
Gross profit 128,385 116,762 104,085 355,185 318,966
Operating expenses:
Research and development 49,836 48,742 38,173 147,027 129,571
Selling, general and
administrative 40,689 44,485 32,737 127,116 108,968
------ ------ ------ ------- -------
Total operating expenses 90,525 93,227 70,910 274,143 238,539
------ ------ ------ ------- -------
Operating income 37,860 23,535 33,175 81,042 80,427
Interest and other expense,
net (5,068) (4,886) (3,810) (13,869) (8,903)
Income from continuing
operations before income
taxes 32,792 18,649 29,365 67,173 71,524
Benefit from (provision for)
income taxes (101,033) 31 4,072 (100,020) 7,451
-------- --- ----- -------- -----
Net income (loss) from
continuing operations (68,241) 18,680 33,437 (32,847) 78,975
------- ------ ------ ------- ------
Discontinued operations:
Gain from divestiture - - 1,385 - 1,385
Provision for income taxes - - 87 - 87
--- --- --- --- ---
Net income from discontinued
operations - - 1,298 - 1,298
--- --- ----- --- -----
Net income (loss) $(68,241) $18,680 $34,735 $(32,847) $80,273
======== ======= ======= ======== =======
Basic net income (loss) per
share -continuing
operations $(0.51) $0.14 $0.25 $(0.25) $0.59
Basic net income per share -
discontinued operations - - 0.01 - 0.01
----
Basic net income (loss) per
share $(0.51) $0.14 $0.26 $(0.25) $0.60
====== ===== ===== ====== =====
Diluted net income (loss) per
share -continuing
operations $(0.51) $0.14 $0.24 $(0.25) $0.57
Diluted net income per share
-discontinued operations - - 0.01 - 0.01
----
Diluted net income (loss)
per share $(0.51) $0.14 $0.25 $(0.25) $0.58
====== ===== ===== ====== =====
Weighted average shares:
Basic 132,689 133,269 133,846 133,087 133,987
======= ======= ======= ======= =======
Diluted 132,689 136,059 137,167 133,087 137,581
======= ======= ======= ======= =======
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
------------------ -----------------
December 31, 2017 October 1, 2017 January 1, 2017 December 31, 2017 January 1, 2017
----------------- --------------- --------------- ----------------- ---------------
GAAP net income (loss) from
continuing operations $(68,241) $18,680 $33,437 $(32,847) $78,975
======== ======= ======= ======== =======
GAAP diluted net income (loss)
per share -continuing
operations $(0.51) $0.14 $0.24 $(0.25) $0.57
====== ===== ===== ====== =====
Acquisition-related:
Amortization of acquisition-
related intangibles 9,287 8,963 5,557 27,126 16,578
Acquisition-related fees - - - 2,225 72
Amortization of fair market
value adjustment to inventory 1,178 2,011 757 7,270 3,672
Restructuring-related:
Severance costs (benefit) 378 1,637 (216) 2,596 16,723
Facility closure costs - 2,542 - 2,614 -
Assets impairment and other - 917 - 2,882 870
Other:
Stock-based compensation
expense 13,578 12,950 9,912 38,348 29,608
Non-cash interest expense 3,744 3,695 3,360 11,331 9,936
Assets impairment and other - - - - (652)
Loss from divestiture - - 710 - 710
Certain unrealized foreign
exchange gain (360) (754) - (2,789) -
Compensation expense -
deferred compensation plan 525 469 262 1,406 1,100
Gain on deferred compensation
plan securities (518) (443) (249) (1,321) (1,058)
Non-GAAP tax adjustments 98,003 (2,518) (4,527) 92,144 (8,920)
------ ------ ------ ------ ------
Non-GAAP net income from
continuing operations $57,574 $48,149 $49,003 $150,985 $147,614
------- ------- ------- -------- --------
GAAP weighted average shares -
diluted 132,689 136,059 137,167 133,087 137,581
Non-GAAP adjustment 5,714 2,780 2,006 5,787 2,168
Non-GAAP weighted average
shares - diluted 138,403 138,839 139,173 138,874 139,749
------- ------- ------- ------- -------
Non-GAAP diluted net income
per share continuing
operations $0.42 $0.35 $0.35 $1.09 $1.06
===== ===== ===== ===== =====
GAAP gross profit $128,385 $116,762 $104,085 $355,185 $318,966
-------- -------- -------- -------- --------
Acquisition-related:
Amortization of acquisition-
related intangibles 6,127 5,822 3,178 17,631 9,701
Amortization of fair market
value adjustment to inventory 1,178 2,011 757 7,270 3,672
Restructuring-related:
Severance costs (benefit) - 30 (146) 226 2,541
Assets impairment and other - - - - 336
Other:
Compensation expense -
deferred compensation plan 123 110 96 330 403
Stock-based compensation
expense 814 764 695 2,210 2,276
--- --- --- ----- -----
Non-GAAP gross profit $136,627 $125,499 $108,665 $382,852 $337,895
-------- -------- -------- -------- --------
GAAP R&D expenses: $49,836 $48,742 $38,173 $147,027 $129,571
------- ------- ------- -------- --------
Restructuring-related:
Severance costs 18 (318) (225) (345) (10,634)
Assets impairment and other - (835) - (2,800) (106)
Other:
Compensation expense -
deferred compensation plan (268) (239) (102) (717) (429)
Stock-based compensation
expense (6,816) (6,094) (4,342) (18,873) (11,841)
------ ------ ------ ------- -------
Non-GAAP R&D expenses $42,770 $41,256 $33,504 $124,292 $106,561
------- ------- ------- -------- --------
GAAP SG&A expenses: $40,689 $44,485 $32,737 $127,116 $108,968
------- ------- ------- -------- --------
Acquisition-related:
Amortization of acquisition-
related intangibles (3,160) (3,141) (2,379) (9,495) (6,877)
Acquisition-related fees - - - (2,225) (72)
Restructuring-related:
Severance costs (benefit) (396) (1,289) 295 (2,025) (3,548)
Facility closure costs - (2,542) - (2,614) -
Assets impairment and other - (82) - (82) (428)
Other:
Compensation expense -
deferred compensation plan (134) (120) (64) (359) (268)
Stock-based compensation
expense (5,948) (6,092) (4,875) (17,265) (15,491)
------ ------ ------ ------- -------
Non-GAAP SG&A expenses $31,051 $31,219 $25,714 $93,051 $82,284
------- ------- ------- ------- -------
GAAP interest and other
expense, net $(5,068) $(4,886) $(3,810) $(13,869) $(8,903)
------- ------- ------- -------- -------
Non-cash interest expense 3,744 3,695 3,360 11,331 9,936
Assets impairment and other - - - - (652)
Loss from divestiture - - 710 - 710
Gain on deferred compensation
plan securities (518) (443) (249) (1,321) (1,058)
Certain unrealized foreign
exchange gain (360) (754) - (2,789) -
---- ---- --- ------ ---
Non-GAAP interest and other
income (expense), net $(2,202) $(2,388) $11 $(6,648) $33
------- ------- --- ------- ---
GAAP benefit from (provision
for) income taxes -
continuing operations $(101,033) $31 $4,072 $(100,020) $7,451
--------- --- ------ --------- ------
Non-GAAP tax adjustments (98,003) 2,518 4,527 (92,144) 8,920
------- ----- ----- ------- -----
Non-GAAP provision for income
taxes - continuing
operations $(3,030) $(2,487) $(455) $(7,876) $(1,469)
------- ------- ----- ------- -------
(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) December 31, 2017 April 2, 2017
----------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $132,800 $214,554
Short-term investments 264,066 191,492
Accounts receivable, net 109,701 89,312
Inventories 63,892 52,288
Prepayments and other current assets 14,590 13,054
------ ------
Total current assets 585,049 560,700
Property, plant and equipment, net 86,636 80,961
Goodwill 420,117 306,925
Intangible assets, net 196,977 108,818
Deferred tax assets 18,390 85,831
Other assets 61,668 40,399
------ ------
TOTAL ASSETS $1,368,837 $1,183,634
========== ==========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $41,950 $42,020
Accrued compensation and related
expenses 34,055 26,624
Deferred income on shipments to
distributors 3,521 1,985
Current portion of bank loan 2,000 -
Other accrued liabilities 22,523 20,205
------ ------
Total current liabilities 104,049 90,834
Deferred tax liabilities 11,046 13,835
Long-term income tax payable 31,812 867
Convertible notes 295,983 285,541
Long-term bank loan, net 191,368 -
Other long-term liabilities 26,288 18,894
------ ------
Total liabilities 660,546 409,971
Stockholders' equity 708,291 773,663
------- -------
TOTAL LIABILITIES AND STOCKHOLDERS'
EQUITY $1,368,837 $1,183,634
========== ==========
View original content with multimedia:http://www.prnewswire.com/news-releases/idt-reports-fiscal-2018-q3-financial-results-300589752.html
SOURCE Integrated Device Technology, Inc.
