Stock Monitor: Inphi Post Earnings Reporting

LONDON, UK / ACCESSWIRE / May 25, 2018 / If you want access to our free earnings report on Integrated Device Technology, Inc. (NASDAQ: IDTI) (''IDT''), all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=IDTI. IDT reported its fourth quarter and fiscal 2018 operating and financial results on April 30, 2018. The chipmaker outperformed top- and bottom-line expectations and provided guidance for the upcoming quarter. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is currently working on the research report for Inphi Corporation (NYSE: IPHI), which also belongs to the Technology sector as the Company Integrated Device Technology. Do not miss out and become a member today for free to access this upcoming report at:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Integrated Device Technology most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

IDT revenue for the fiscal fourth quarter of 2018 was $224.6 million, up 28% compared to $175.7 million reported in Q4 FY17. The Company's reported numbers topped analysts' estimates of $222.8 million.

During Q4 FY18, IDT's GAAP gross profit was $127.1 million, or 56.6%, compared to $101.7 million, or 57.9%, in Q4 FY17. The Company's non-GAAP gross profit for the reported quarter was $140.5 million, or 62.6%, compared to $106.1 million, or 60.4%, in the year earlier same quarter.

For Q4 FY18, IDT's GAAP research and development (R&D) expense was $55.7 million compared to GAAP R&D expense of $35.5 million reported in Q4 FY17. The Company's non-GAAP R&D expense for the reported quarter was $42.2 million compared to $31.0 million in the prior year's same quarter. IDT's GAAP selling, general, and administrative (SG&A) expense was $41.5 million for Q4 FY18 compared to GAAP SG&A expense of $36.2 million in Q4 FY17.

For Q4 FY18, IDT recorded GAAP net income of $20.7 million, or $0.15 per diluted share, versus GAAP net income of $30.2 million, or $0.22 per diluted share, in Q4 FY17. The Company's reported 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.

IDT's non-GAAP net income was $63.4 million, or $0.46 per diluted share, for Q4 FY18 compared to non-GAAP net income of $48.2 million, or $0.35 per diluted share, reported in Q4 FY17. The Company's earnings beat Wall Street's estimates of $0.44 per share.

IDT's revenue for the full fiscal 2018 was $842.8 million, up16% versus $728.2 million for FY17.

For FY18, IDT's GAAP net loss 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 to GAAP net income of $109.2 million, or $0.79 per diluted share, in FY17. The Company's non-GAAP net income was $214.4 million, or $1.55 per diluted share, for FY18 versus $195.7 million, or $1.40 per diluted share, for FY17.

Cash Matters

As on April 01, 2018, IDT's cash and cash equivalents totaled $136.9 million. The Company generated $69 million in cash from operations and spent approximately $9 million on CapEx. The Company's free cash flow was 27% of revenue for the reported quarter and 24% on a trailing 4-quarter basis.

During Q4 FY18, IDT spent approximately $100 million to repurchase 3.3 million shares. For FY18, the Company generated $200 million of free cash flow and returned $185 million, or 93% to shareholders via share repurchases. At the end of the Q4 FY17, IDT had remaining balance on the Company's share buyback authorization was approximately $107 million. The Company announced that its Board has increased the prior authorization by an incremental $400 million, taking its total buyback authorization to over $500 million.

Outlook

For first quarter fiscal 2019, IDT is forecasting revenue to be in the range of $222 million and $232 million, or $227 million at the midpoint. This is up over 15% from the year-ago same period. For Q1 FY19, IDT is projecting non-GAAP gross margin to be approximately 62.5% plus or minus 1 percentage point, and non-GAAP operating margin to be approximately 29%. IDT is estimating non-GAAP earnings to be between $0.40 and $0.46 per share.

Stock Performance Snapshot

May 24, 2018 - At Thursday's closing bell, Integrated Device Technology's stock marginally climbed 0.12%, ending the trading session at $33.04.

Volume traded for the day: 1.10 million shares.

Stock performance in the last month - up 12.53%; previous three-month period - up 10.72%; past twelve-month period - up 32.42%; and year-to-date - up 11.13%

After yesterday's close, Integrated Device Technology's market cap was at $4.43 billion.

Price to Earnings (P/E) ratio was at 43.59.

The stock is part of the Technology sector, categorized under the Semiconductor - Broad Line industry.

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