IDT Reports Fiscal 2018 Q4 And Full Year Financial Results

Q4 FY18 Revenue of $224.6M, FY18 Revenues of $842.8M

SAN JOSE, Calif., April 30, 2018 — (PRNewswire) —  Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI) today announced results for the fourth quarter and full fiscal year ended April 1, 2018.

IDT Logo (PRNewsFoto/Integrated Device Technology, I)

Fourth quarter fiscal 2018 revenues totaled $224.6 million, up 3 percent sequentially, and up 28 percent from the year ago period.  Strength in the quarter was driven primarily by increased demand for products in the automotive/industrial and consumer end markets.

"We exceeded our original $830 million FY2018 revenue target, delivering revenues of $842.8 million (up 15.7% over FY2017).  We also delivered on our Non-GAAP operating margin model target of 30% for the quarter, up from 27.2% in the year ago period.  For FY2019, we expect continued diversified revenue growth, coupled with further year over year margin expansion," said Greg Waters, President and Chief Executive Officer.

Recent Business Highlights – Datacenter/HPC & Communications Infrastructure

  • IDT announced the availability of its first DDR5 Registered Clock Driver (RCD), the IDT® 5RCD0144H RCD, which pairs seamlessly with the IDT® P8900 PMIC to form the first complete chipset for the early evaluation of DDR5 server memory modules. Providing the first chipset capable of comprehensively evaluating interconnect and power delivery at the system and module level allows IDT's ecosystem partners to get a jumpstart on validation of silicon, hardware and software development efforts. Our platform solution enables DDR5 memory to scale up to twice the maximum speed and effective bandwidth of DDR4 and promises to be the most significant evolution in the memory subsystem in nearly two decades.
  • At the 2018 Optical Forum Conference (OFC), IDT displayed multiple new analog/mixed signal line-driver, transimpedance amplifier (TIA) and clock-data recovery (CDR) timing devices for next generation 200G/400G intra and inter datacenter applications and 400G/600G metro/long distance telecom applications.
  • At OFC 2018, IDT introduced the IDT® GX72170 25G linear driver for 5G wireless network fiber backhaul applications. The demand for 25G and 50G fiber-based backhaul transceivers in the next 5 years is expected to have 45% CAGR or more, according to the latest LightCounting report.

Recent Business Highlights – Consumer      

  • IDTI announced that its latest wireless charging transmitter and receiver chipset is used in the Xiaomi Mobile flagship MI MIX 2S smartphone and associated wireless charging pad. The Xiaomi smartphone implements the Qi standard Baseline Power Profile (BPP) with a proprietary operations mode for a faster wireless charging experience supported by IDT.
  • IDTI announced that its latest wireless charging chipset is being used as the receiver system-on-chip (SoC) in Samsung's flagship Galaxy S9 and Galaxy S9+ Android smartphones as well as the transmitter application in the bundled charging pad.
  • IDT announced that its latest wireless charging chipset is used in HMD Global's new premium smartphone, the Nokia 8 Sirocco, which was launched at Mobile World Congress in Barcelona. Using the IDT wireless charging chipset, the Nokia 8 Sirocco supports the popular Qi wireless charging standard, which allows consumers to quickly and easily charge their smartphones wirelessly without the need for cumbersome cables.

Recent Business Highlights – Auto and Industrial

  • IDT's Auto and Industrial business segment continues to experience healthy growth and design win momentum.  New product releases in sensor signal conditioners, position sensors, and fully integrated sensor platforms are delivering growth and new design wins.   These fully integrated sensor platforms include the sensor, sensor signal processing IC, software/algorithm, calibration with high-volume assembly/test capabilities.

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 full fiscal 2018 was $842.8 million versus $728.2 million for full fiscal 2017. GAAP net loss for fiscal 2018 was $12.1 million or $0.09 per diluted share (including a GAAP charge of $114.2 million for the estimated impacts of the Tax Cuts and Job Act ("TCJA")) compared with fiscal 2017 GAAP net income of $109.2 million or $0.79 per diluted share. Non-GAAP net income for full fiscal 2018 was $214.4 million or $1.55 per diluted share versus $195.7 million for full fiscal 2017 or $1.40 per diluted share.
  • Revenue for the fiscal fourth quarter of 2018 was $224.6 million. This compared with $217.1 million reported last quarter, and $175.7 million reported in the same period one year ago.
  • GAAP net income for the fiscal fourth quarter of 2018 was $20.7 million, or $0.15 per diluted share versus GAAP net loss for the fiscal third quarter of 2018 of $68.2 million, or a loss of $0.51 per diluted share (including a $101.9 million charge for the estimated impacts of TCJA) and GAAP net income of $30.2 million or $0.22 per diluted share in the same period one year ago. Fiscal fourth quarter GAAP results include $15.1 million in restructuring-related charges, $12.4 million in stock-based compensation; $10.1 million in acquisition-related charges and $3.8 million in non-cash interest expense.
  • Non-GAAP net income for the fiscal fourth quarter of 2018 was $63.4 million or $0.46 per diluted share compared with non-GAAP net income of $57.6 million or $0.42 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 fourth quarter of 2018 was $127.1 million, or 56.6 percent, compared with GAAP gross profit of $128.4 million or 59.1 percent last quarter, and $101.7 million , or 57.9 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal fourth quarter of 2018 was $140.5 million , or 62.6 percent, compared with non-GAAP gross profit of $136.6 million , or 62.9 percent last quarter, and $106.1 million , or 60.4 percent, reported in the same period one year ago.
  • GAAP R&D expense for the fiscal fourth quarter of 2018 was $55.7 million , compared with GAAP R&D expense of $49.8 million last quarter, and $35.5 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal fourth quarter of 2018 was $42.2 million , compared with non-GAAP R&D expense of $42.8 million last quarter, and $31.0 million in the same period one year ago.
  • GAAP SG&A expense for the fiscal fourth quarter of 2018 was $41.5 million compared with GAAP SG&A expense of $40.7 million last quarter, and $36.2 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal fourth quarter of 2018 was $30.9 million , compared with non-GAAP SG&A expense of $31.1 million last quarter, and $27.2 million in the same period one year ago.

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