Q3 FY15 Revenue of $151.2M; up 10.3% Q/Q and 21.3% Y/Y
Q3 FY15 GAAP Diluted EPS (from Continuing Operations) of $0.21
Q3 FY15 Non-GAAP Diluted EPS of $0.25
SAN JOSE, Calif. — (BUSINESS WIRE) — February 2, 2015 — Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI) today announced results for the fiscal third quarter ended December 28, 2014.
“We achieved excellent financial results in our third fiscal quarter with revenue up over 10 percent sequentially, and up over 20 percent year-over-year, driven primarily by strength in our High Performance Computing and Communications businesses,” said Greg Waters, president and chief executive officer. “In particular, we have become the clear leader in the latest generation of DDR4 memory interface, and our SRIO business is benefitting from the continued deployment of 4G LTE base stations on a global basis. Additionally, our Consumer business is positioned for strong growth with excellent traction in the area of wireless power.”
“We are growing well above semiconductor industry averages, before any meaningful contribution from our wireless power business. We continue to gain traction in new products and new content, gaining share at key customers across all of our key business lines. In addition to our strong top line performance, our non-GAAP operating margin improved in the quarter to 26 percent, and free cash flow was 25 percent of revenue for the quarter. With our ongoing focus on operational excellence and our targeted investments in areas that offer the highest potential return, we are poised to continue leveraging our business and technology strength and anticipate driving sustainable and profitable growth in the future,” concluded Mr. Waters.
Recent Business Highlights - Communications
- IDT Introduces New High-Performance Synthesizer, Delivering Ultra-Low Phase Jitter for Serial Data Communications
- IDT’s Universal Frequency Translator Wins Elektra Award for Best Digital Product of the Year
- IDT Expands VersaClock 5 Family with Six New Products, Delivering Best-in-Class Jitter Performance in Cost-Effective Configurations
- IDT Introduces High-Performance Crystal Oscillators with Best-in-Class Jitter Performance, Low Cost and Short Production Lead Times
- IDT Announces New Internally Matched Broadband RF VGA with Ultra-High Linearity
Recent Business Highlights - Consumer
- IDT Introduces New Family of Highly Efficient Wireless Power Transmitters, Targeting the Expanding Ecosystem of Wireless Charging Applications
- IDT Wireless Power Chips Used for State-of-the-Art ‘Cube’ Remote Control
Recent Business Highlights - Computing
- IDT Surpasses Milestone of 3 Million Low-Power PCIe Gen3 Buffers Shipped
- IDT, Orange Silicon Valley, NVIDIA Accelerate Computing Breakthrough with RapidIO-based Clusters Ideal for Gaming, Analytics
- IDT Launches RapidIO 40-100 Gbps Interface Portfolio, Reducing Latency and Boosting Bandwidth for Communications and Computing
The following highlights the Company’s financial performance on both a GAAP and supplemental non-GAAP basis. The Company is pursuing the divestiture of its high speed data converter business and is in active discussions with potential buyers. For financial statement purposes, the high speed data converter business is classified as assets held for sale and is treated as discontinued operations for all periods presented. IDT has excluded results from the high speed data converter business from current and historical non-GAAP results. 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 from continuing operations is attached to this press release.
- Revenue from continuing operations for the fiscal third quarter of 2015 was $151.2 million, compared with $137.1 million reported last quarter, and $124.6 million reported in the same period one year ago.
- GAAP net income from continuing operations for the fiscal third quarter of 2015 was $32.8 million, or $0.21 per diluted share, versus GAAP net income from continuing operations of $24.2 million or $0.16 per diluted share last quarter, and a GAAP net income from continuing operations of $17.3 million or $0.11 per share in the same period one year ago. Fiscal third quarter 2015 GAAP results include $1.3 million expense relating to amortization of intangible assets, $5.9 million in stock-based compensation expense, $0.1 million in other restructuring related charges, and $1.5 million benefit in related tax effects.
- Non-GAAP net income for the fiscal third quarter of 2015 was $38.7 million or $0.25 per diluted share, compared with non-GAAP net income of $31.8 million or $0.20 per diluted share last quarter, and non-GAAP net income of $25.9 million or $0.17 per diluted share reported in the same period one year ago.
- GAAP gross profit from continuing operations for the fiscal third quarter of 2015 was $91.4 million, or 60.4 percent, compared with GAAP gross profit of $81.9 million or 59.7 percent last quarter, and $74.9 million, or 60.1 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal third quarter of 2015 was $93.0 million, or 61.5 percent, compared with non-GAAP gross profit of $83.9 million, or 61.2 percent last quarter, and $77.8 million, or 62.4 percent, reported in the same period one year ago.
- GAAP R&D expense for the fiscal third quarter of 2015 was $32.8 million, compared with GAAP R&D expense of $30.7 million last quarter, and $31.1 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal third quarter of 2015 was $29.7 million, compared with non-GAAP R&D expense of $28.2 million last quarter, and $29.3 million in the same period one year ago.
- GAAP SG&A expense for the fiscal third quarter of 2015 was $27.2 million, compared with GAAP SG&A expense of $26.8 million last quarter, and $23.7 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal third quarter of 2015 was $23.9 million, compared with non-GAAP SG&A expense of $23.3 million last quarter, and $21.1 million in the same period one year ago.