IDT Reports Fiscal 2019 Q3 Financial Results

Q3 FY19 Revenue of $240.6 M

SAN JOSE, Calif., Jan. 28, 2019 — (PRNewswire) —  Integrated Device Technology, Inc. (IDT®) (NASDAQ: IDTI) today announced results for the fiscal third quarter 2019, ended December 30, 2018 with revenues of $240.6 million; GAAP EPS of $0.16 and non-GAAP EPS of $0.50.  

IDT Logo (PRNewsFoto/Integrated Device Technology, I)

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.

At the Company's special meeting of stockholders held on January 15, 2019, IDT stockholders voted to adopt the Agreement and Plan of Merger, dated September 10, 2018, by and between IDT and Renesas Electronics Corporation.

On December 21, 2018, IDT reported that the Committee on Foreign Investment in the United States (CFIUS) review regarding national security concerns relating to the Merger was underway and the initial 45-day review period would conclude by January 2, 2019. The review relating to International Traffic in Arms Regulation (ITAR) for the deal was underway and would conclude by January 6, 2019. Due to the U.S. government shutdown that commenced in December 2018, both reviews will resume following the resumption of operations by the relevant U.S. government agencies.

The two companies have already received regulatory antitrust approval for the proposed transaction from China, Germany, Hungary, and Korea. In addition, the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, in connection with the proposed acquisition expired at 11:59 p.m., Eastern Time, on October 22, 2018.  Closing of the transaction is expected to occur in the first half of calendar 2019, following customary closing conditions and approval by 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 announced that it is providing Toshiba Memory Corporation with power management ICs (PMIC) for its new flagship model of enterprise solid-state drive (SSD) solutions. The IDT family of scalable multiphase power management solutions enables Toshiba Memory Corporation to rapidly deploy power systems that are precisely tailored to the power requirements of their various SSDs. IDT's scalable PMIC solution offers best-in-industry integration, programmability and modularity and is based on a modular power delivery architecture and an integrated microcontroller that offers tremendous flexibility.
  • IDT introduced its new high-gain broadband RF amplifier offering configurable high linearity performance at the lowest possible power consumption for 4G and 5G cellular applications. It is an ideal solution for macro base stations, massive MIMO, repeaters, small cell and test equipment for wireless infrastructure, military communications, and industrial applications.

Recent Business Highlights – Auto and Industrial

  • IDT announced the availability of its new ZWIR4532 connectivity module, which is FCC certified and provides critical and secure 6LoWPAN wireless connectivity to link devices to the Internet of Things (IoT). IDT also provides the optional IDT SensorShare firmware, a 6LoWPAN open standard stack that has no associated license fees or royalties. The low power consumption and small form factor makes it ideal for embedding into a variety of IoT-connected consumer, industrial and medical devices with space constraints. These include home automation devices, factory automation monitors, environmental sensors and LED lamps for smart city applications.
  • IDT has given its ZMOD™ family of integrated gas sensors low-power capabilities with the release of new firmware. This firmware allows the ZMOD family to be used in a variety of gas sensing applications that require low-power operation, such as smart, battery-powered devices for measuring indoor air quality (IAQ) or controlling HVAC systems. The low power requirements of the new gas sensors – approximately 1mW – can maximize battery life in smart devices, dramatically reducing how often batteries have to be replaced and improving the user experience. It is an excellent solution for a wide range of indoor air quality applications including smart thermostats, air purifiers, and smart HVAC equipment.

Recent Business Highlights – Consumer

  • IDT is enabling manufacturers to add new odor detection and mitigation capabilities to their smart refrigerators with the introduction of the software-configurable ZMOD4450 gas sensor platform, the first integrated digital gas sensor for Refrigeration Air Quality (RAQ) applications. The ZMOD4450 can detect the gases produced by spoiling fruits, vegetables, and meat or dairy products, enables smart refrigerators to post alerts on their door-mounted displays, notify users via their smartphones, and even trigger active deodorizing systems.
  • At CES 2019 in Las Vegas, IDT displayed its latest advancements in wireless power technology for consumer, automotive, and industrial applications.   IDT led the first wave of wireless power adoption and continues to be at the core of all leading Android smartphone receiver and transmitter device implementation. IDT's wireless power technology demonstrations at CES included:
    • Bi-directional communications: smart, contextually aware transmitters also enable authentication.
    • IDT demonstrated a cutting-edge wireless power transmitter that enables mobile OEMs and peripheral manufacturers to design high-capacity wireless charging into their products. The demonstration is the product of collaboration with Ventiva, a Silicon Valley-based startup developing ionically-cooled solid-state air moving technologies.
    • Devices that combine both receivers and transmitters: the next step for portable power ecosystem.
    • In-vehicle wireless charging: customer reference board and GUI for quick deployment
    • Wirelessly-powered smart locks:  battery-less security technology for electronic locks.

Recent Industry Awards

  • IDT announced that Supply & Demand Chain Executive, the executive's user manual for successful supply and demand chain transformation, has selected IDT as a recipient of an SDCE Green Supply Chain Award for 2018. The Green Supply Chain Award recognizes companies that are working to achieve measurable sustainability goals within their own operations and supply chains and making green sustainability practices a core part of their supply chain strategy.
  • IDT announced that its ZMOD4410 integrated digital gas sensor and P9242-G 15W wireless power transmitter received Technology Innovation Awards at the Elecfans IoT Innovation Conference 2018. The ZMOD4410 gas sensor was recognized because it offers best-in-class stability and sensing for measuring volatile organic compound (VOC) gases and is ideal for consumer and industrial indoor air quality (IAQ) applications. The IDT® P9242-G fixed frequency transmitter IC was acknowledged for its high level of integration and wireless power convergence covering WPC Qi charging profiles and allowing fast wireless charging for both Android and iOS smartphones.

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