IDT Reports Fiscal 2019 Q2 Financial Results

SAN JOSE, Calif., Oct. 29, 2018 /PRNewswire/ -- Integrated Device Technology, Inc. (IDT(®)) (NASDAQ: IDTI) today announced results for the fiscal second quarter 2019, ended September 30, 2018 with revenues of $235.5 million; GAAP EPS of $0.26 and non-GAAP EPS of $0.47.

On September 10, 2018, IDT, a leading supplier of high-performance system-level analog/mixed-signal semiconductors, and Renesas Electronics Corporation ("Renesas", TSE: 6723), a premier supplier of advanced semiconductor solutions, announced that they have signed a definitive agreement under which Renesas will acquire IDT for US$49.00 per share in an all-cash transaction representing an equity value of approximately US$6.7 billion (approximately 733.0 billion yen at an exchange rate of 110 yen to the dollar). The acquisition combines two recognized leaders in embedded processors and analog mixed-signal semiconductors, each with unique strengths in delivering products to improve performance and efficiency in high-performance electronic systems. The boards of directors of both companies have unanimously approved the transaction. On October 22, 2018, the waiting period under the Hart-Scott-Rodino (HSR) Antitrust Improvements Act of 1976 expired; thus satisfying one of the closing conditions for the acquisition. Closing of the transaction is expected to occur in the first half of calendar 2019, following approvals by IDT shareholders and other relevant regulatory authorities.

Due to the pending acquisition by Renesas, IDT management will not be hosting an investor conference call and will not provide forward-looking guidance. Investors are requested to review our IR web site for the quarterly financial highlights and SEC filings for the latest updates on the pending deal.

Recent Business Highlights - Datacenter & Communications Infrastructure

    --  IDT introduced the industry's first integrated CMOS chipset for 56GB
        multi-channel applications, ideal for 200G/400G Ethernet Datacom
        modules. The new IDT chipset addresses the rapid migration from 100G to
        400G that mega data centers are undergoing to meeting the continuing
        rise in cloud computing. The chipset is primarily designed for 200G/400G
        Short-Reach Ethernet optical transceivers and active optical cables
        (AOCs) used in the short distance between servers and top-of-rack (TOR)
        switches. The integrated CMOS chipset combines low power,
        high-performance requirements and a compact form factor that meets all
        200G/400G module application requirements.
    --  IDT announced the release of its high-bandwidth, low-power single lambda
        Electro-absorption modulation laser (EML) driver and trans-impedance
        amplifier (TIA) for 200G/400G datacenter applications. Rapid increases
        in cloud data traffic is driving the demand for low-cost, high-speed
        optical interconnects, with low power requirements. The sales of optical
        components and modules for cloud data centers will increase 67% by 2023,
        with an average annual growth rate of 20%, according to a 2018 report
        from LightCounting.

Recent Business Highlights - Auto and Industrial

    --  IDT announced a strategic partnership with Steradian Semiconductor Pvt.
        Ltd (Bangalore, India) to deliver ultra-high resolution 4D mmWave
        imaging RADAR for emerging industrial, security, medical, and autonomous
        vehicle markets. The SenseVerse IC is a multi-channel high-resolution
        MIMO RADAR device that operates in the 76-81 GHz frequency band offering
        superior interference performance and the highest number of channels per
        device in the industry. With integrated beamforming and support for
        multi-device aggregation, the SenseVerse IC provides best-in-class
        angular resolution, range, and power consumption in a very small form
        factor. IDT's SenseVerse RADAR products are currently sampling at
        selected customers.
    --  IDT announced that NEXCOM, a global provider of IoT automation solutions
        and cloud-enabled services, selected IDT's distributed power management
        ICs for numerous industrial, factory automation and IoT products, such
        as industrial PCs, high performance point-of-sales (POS) terminals and
        IP cameras. IDT's innovative distributed power architecture enables
        leading system power scalability that allows customers to reuse the same
        power subsystem design across a diverse range of products.
    --  IDT is enabling its customers to design and create new products for
        improving indoor air quality with the introduction of its latest
        firmware for its ZMOD(TM) family of integrated gas sensors. The ZMOD4410
        integrated gas sensors are a superior solution for manufacturers, as the
        hardware remains constant while the 'method of operation' - the firmware
        - can be easily upgraded to provide sensitivity for various gases. The
        ZMOD4410 gas sensors are an excellent solution for a wide range of
        indoor air-quality applications including smart thermostats, air
        purifiers, smart HVAC equipment and other "smart home" devices.
    --  IDT announced that the IDT® SDAWIR03 sensor connectivity kit for IoT
        applications is now available on the Amazon® Marketplace. The new kit
        offers real-time sensor data collection that seamlessly integrates into
        sensor management services hosted on the Amazon Web Services (AWS)
        cloud. The kit makes it easier for engineers and software developers to
        design complex IoT solutions and applications and eliminates the need
        for specific device expertise. The connectivity kit has been
        specifically developed for new and active AWS users who are interested
        in offering Sensing as a Service to their customers. The kit includes a
        sensor node module with real-time humidity, temperature, and gas flow
        sensors from which data is being collected. When additional sensor node
        modules are added, it will automatically connect via a mesh network
        based on IDT's license-free and royalty-free SensorShare 6LoWPAN
        protocol.

Recent Business Highlights - Consumer

    --  IDT announced that its innovative wireless charging solutions are used
        in the new Samsung Galaxy Note9 smartphone and Galaxy Watch. IDT also
        announced that its start-of-the-art, high efficiency wireless power
        technology is at the heart of Samsung's new Duo wireless charger pad,
        the first capable of fast charging two Samsung smartphones
        simultaneously. The Duo was recently introduced as part of Samsung's
        launch of its new Galaxy Note9 smartphone and Galaxy smartwatch, which
        the Duo can charge simultaneously. The Duo can also charge any other
        smartphone certified to the Wireless Power Consortium's (WPC) popular
        Qi® charging protocol.

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 second quarter of 2019 was $235.5 million. This
        compared with $228.5 million reported last quarter, and $204.4 million
        reported in the same period one year ago.
    --  GAAP net income for the fiscal second quarter of 2019 was $35.5 million,
        or $0.26 per diluted share versus GAAP net income of $30.7 million or
        $0.23 per diluted share last quarter, and GAAP net income of $18.7
        million or $0.14 per diluted share in the same period one year ago.
        Fiscal second quarter GAAP results include $14.5 million in
        acquisition-related and restructuring charges, $15.6 million in
        stock-based compensation, $3.9 million in non-cash interest expense,
        $0.1 million in certain unrealized foreign exchange gains and $5.9
        million in related tax effects.
    --  Non-GAAP net income for the fiscal second quarter of 2019 was $63.5
        million or $0.47 per diluted share, compared with non-GAAP net income of
        $60.1 million or $0.44 per diluted share last quarter, and non-GAAP net
        income of $48.2 million or $0.35 per diluted share reported in the same
        period one year ago.
    --  GAAP gross profit for the fiscal second quarter of 2019 was $143.6
        million, or 61 percent, compared with GAAP gross profit of $136.6
        million or 59.8 percent last quarter, and $116.8 million, or 57.1
        percent, reported in the same period one year ago. Non-GAAP gross profit
        for the fiscal second quarter of 2019 was $151.2 million, or 64.2
        percent, compared with non-GAAP gross profit of $144.8 million, or 63.4
        percent last quarter, and $125.5 million, or 61.4 percent, reported in
        the same period one year ago.
    --  GAAP R&D expense for the fiscal second quarter of 2019 was $55.5
        million, compared with GAAP R&D expense of $52.2 million last quarter,
        and $48.7 million reported in the same period one year ago. Non-GAAP R&D
        expense for the fiscal second quarter of 2019 was $46.4 million,
        compared with non-GAAP R&D expense of $44.7 million last quarter, and
        $41.3 million in the same period one year ago.
    --  GAAP SG&A expense for the fiscal second quarter of 2019 was $46.8
        million, compared with GAAP SG&A expense of $43 million last quarter,
        and $44.5 million in the same period one year ago. Non-GAAP SG&A expense
        for the fiscal second quarter of 2019 was $32.7 million, compared with
        non-GAAP SG&A expense of $32.5 million last quarter, and $31.2 million
        in the same period one year ago.

About IDT
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 1, 2018. 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 (loss);
    --  Diluted net income (loss) 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 (gains), share-based compensation expense, 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 by
        the Company.
    --  Merger-related expenses such as legal, financial advisory and other fees
        and expenses associated with pending Renesas 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 and amortization
        of certain assets no longer in use or related to discontinued product
        lines.

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:  The non-GAAP tax calculation
        eliminates the effects of certain non-GAAP financial measures in order
        to provide investors with improved modeling accuracy and consistency
        across financial reporting periods. The Company forecasts its annual
        non-GAAP tax rate and makes adjustments for significant events including
        stock based compensation, acquisition and restructuring related items,
        and material tax law changes in the major tax jurisdictions in which the
        company operates.
    --  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                                                  Six Months Ended



                                                             Sep. 30, 2018                    Jul. 1, 2018                                          Oct. 1, 2017   Sep. 30, 2018    Oct. 1, 2017




     Revenues                                                    $235,484                         $228,516                                               $204,398         $464,000         $401,111



     Cost of revenues                                              91,900                           91,909                                                 87,636          183,809          174,311




     Gross profit                                                 143,584                          136,607                                                116,762          280,191          226,800



     Operating expenses:



       Research and development                                    55,509                           52,234                                                 48,742          107,743           97,191



       Selling, general and administrative                         46,753                           42,995                                                 44,485           89,748           86,427




     Total operating expenses                                     102,262                           95,229                                                 93,227          197,491          183,618




     Operating income                                              41,322                           41,378                                                 23,535           82,700           43,182





     Other-than-temporary impairment loss on investment                                           (2,000)                                                               (2,000)



     Interest and other expense, net                              (4,608)                         (5,514)                                               (4,886)        (10,122)         (8,801)



     Income before income taxes                                    36,714                           33,864                                                 18,649           70,578           34,381



     Benefit from (provision for) income taxes                    (1,214)                         (3,144)                                                    31          (4,358)           1,013




     Net income                                                   $35,500                          $30,720                                                $18,680          $66,220          $35,394






     Basic net income per share                                     $0.27                            $0.24                                                  $0.14            $0.51            $0.27




     Diluted net income per share                                   $0.26                            $0.23                                                  $0.14            $0.49            $0.26




     Weighted average shares:



     Basic                                                        129,155                          129,560                                                133,269          129,357          133,286




     Diluted                                                      134,755                          132,806                                                136,059          133,957          136,434


                                                                                                   
     
                INTEGRATED DEVICE TECHNOLOGY, INC.


                                                                                              
       
       RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (a)


                                                                                                     
              
                (Unaudited)



     
                (In thousands, except per share data)


                                                                        
     
        Three Months Ended                                                    Six Months Ended



                                                                            Sep. 30, 2018                       Jul. 1, 2018                                          Oct. 1, 2017   Sep. 30, 2018    Oct. 1, 2017




     
                GAAP net income                                                $35,500                             $30,720                                                $18,680          $66,220          $35,394




     
                GAAP diluted net income per share                                $0.26                               $0.23                                                  $0.14            $0.49            $0.26




        Acquisition-related:



             Amortization of acquisition-related intangibles                       9,365                               9,334                                                  8,963           18,699           17,839



             Acquisition-related costs                                                                                                                                                                      2,225


              Amortization of fair market value adjustment to inventory                                                  790                                                  2,011              790            6,092



             Merger-related expense                                                3,884                                                                                                     3,884



        Restructuring-related:



             Severance costs                                                       1,351                                 367                                                  1,637            1,718            2,290



             Facility closure costs (benefit)                                      (125)                                121                                                  2,542              (4)           2,542



             Assets impairment and other                                                                                                                                      917                            2,882



        Other:



             Stock-based compensation expense                                     15,637                              15,063                                                 12,950           30,700           24,770



             Non-cash interest expense                                             3,881                               3,955                                                  3,695            7,836            7,587


              Other-than-temporary impairment loss on investment                                                       2,000                                                                  2,000



             Certain unrealized foreign exchange loss (gain)                       (144)                              1,311                                                  (754)           1,167          (2,429)



             Compensation expense - deferred compensation plan                       654                                 576                                                    469            1,230              881



             Gain on deferred compensation plan securities                         (650)                              (564)                                                 (443)         (1,214)           (803)



             Non-GAAP tax adjustments                                            (5,892)                            (3,538)                                               (2,518)         (9,430)         (5,859)




     
                Non-GAAP net income                                            $63,461                             $60,135                                                $48,149         $123,596          $93,411




     GAAP weighted average shares - diluted                                      134,755                             132,806                                                136,059          133,957          136,434



             Non-GAAP adjustment                                                   1,214                               2,378                                                  2,780            2,013            2,465




     Non-GAAP weighted average shares - diluted                                  135,969                             135,184                                                138,839          135,970          138,899




     
                Non-GAAP diluted net income per share                            $0.47                               $0.44                                                  $0.35            $0.91            $0.67






     
                GAAP gross profit                                             $143,584                            $136,607                                               $116,762         $280,191         $226,800




        Acquisition-related:



             Amortization of acquisition-related intangibles                       6,274                               6,243                                                  5,822           12,517           11,504


              Amortization of fair market value adjustment to inventory                                                  790                                                  2,011              790            6,092



        Restructuring-related:



             Severance costs                                                         397                                                                                        30              397              226



        Other:



             Compensation expense - deferred compensation plan                       153                                 135                                                    110              288              207



             Stock-based compensation expense                                        829                               1,028                                                    764            1,857            1,396




     
                Non-GAAP gross profit                                         $151,237                            $144,803                                               $125,499         $296,040         $246,225






     
                GAAP R&D expenses:                                             $55,509                             $52,234                                                $48,742         $107,743          $97,191




        Restructuring-related:



             Severance costs                                                       (587)                              (110)                                                 (318)           (697)           (363)



             Facility closure costs                                                (315)                                                                                                    (315)



             Assets impairment and other                                                                                                                                    (835)                         (2,800)



        Other:



             Compensation expense - deferred compensation plan                     (334)                              (294)                                                 (239)           (628)           (449)



             Stock-based compensation expense                                    (7,829)                            (7,136)                                               (6,094)        (14,965)        (12,057)




     
                Non-GAAP R&D expenses                                          $46,444                             $44,694                                                $41,256          $91,138          $81,522






     
                GAAP SG&A expenses:                                            $46,753                             $42,995                                                $44,485          $89,748          $86,427




        Acquisition-related:



             Amortization of acquisition-related intangibles                     (3,091)                            (3,091)                                               (3,141)         (6,182)         (6,335)



             Acquisition-related costs                                                                                                                                                                    (2,225)



             Merger-related expense                                              (3,884)                                                                                                  (3,884)



        Restructuring-related:



             Severance costs                                                       (367)                              (257)                                               (1,289)           (624)         (1,701)



             Facility closure benefit (costs)                                        440                               (121)                                               (2,542)             319          (2,542)



             Assets impairment and other                                                                                                                                     (82)                            (82)



        Other:



             Compensation expense - deferred compensation plan                     (167)                              (147)                                                 (120)           (314)           (225)



             Stock-based compensation expense                                    (6,979)                            (6,899)                                               (6,092)        (13,878)        (11,317)




     
                Non-GAAP SG&A expenses                                         $32,705                             $32,480                                                $31,219          $65,185          $62,000






     
                GAAP interest and other expense, net                          $(4,608)                           $(5,514)                                              $(4,886)       $(10,122)        $(8,801)




             Non-cash interest expense                                             3,881                               3,955                                                  3,695            7,836            7,587



             Gain on deferred compensation plan securities                         (650)                              (564)                                                 (443)         (1,214)           (803)



             Certain unrealized foreign exchange loss (gain)                       (144)                              1,311                                                  (754)           1,167          (2,429)




     
                Non-GAAP interest and other expense, net                      $(1,521)                             $(812)                                              $(2,388)        $(2,333)        $(4,446)





                   GAAP benefit from (provision for) income taxes                $(1,214)                           $(3,144)                                                   $31         $(4,358)          $1,013




             Non-GAAP tax adjustments                                              5,892                               3,538                                                  2,518            9,430            5,859




     
                Non-GAAP provision for income taxes                           $(7,106)                           $(6,682)                                              $(2,487)       $(13,788)        $(4,846)



               (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)                                              Sep. 30, 2018  Apr. 1, 2018

                                                                                                       ---




     
                ASSETS



     Current assets:



     Cash and cash equivalents                                                     $200,645       $136,873



     Short-term investments                                                         192,032        222,026



     Accounts receivable, net                                                       129,405        108,779



     Inventories                                                                     61,078         68,702


      Prepayments and other current assets                                            12,358         12,734




     Total current assets                                                           595,518        549,114


      Property, plant and equipment, net                                              88,986         86,845



     Goodwill                                                                       420,117        420,117



     Intangible assets, net                                                         174,886        180,781



     Deferred tax assets                                                              8,453         11,764



     Other assets                                                                    50,202         61,910




     
                TOTAL ASSETS                                                   $1,338,162     $1,310,531





                   LIABILITIES AND STOCKHOLDERS' EQUITY



     Current liabilities:



     Accounts payable                                                               $42,106        $41,070


      Accrued compensation and related
       expenses                                                                       39,900         44,002


      Current portion of bank loan                                                     1,980          2,000



     Other accrued liabilities                                                       44,091         26,524




     Total current liabilities                                                      128,077        113,596



     Deferred tax liabilities                                                        11,362         10,221


      Long-term income tax payable                                                    23,539         25,034



     Convertible notes                                                              306,827        299,551



     Long-term bank loan, net                                                       190,513        191,073


      Other long-term liabilities                                                     30,286         25,684




     Total liabilities                                                              690,604        665,159



     Stockholders' equity                                                           647,558        645,372





                   TOTAL LIABILITIES AND STOCKHOLDERS'
                    EQUITY                                                        $1,338,162     $1,310,531

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SOURCE Integrated Device Technology, Inc.