8-K

united states

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 21, 2020

INPHI CORPORATION

(Exact name of registrant as specified in its charter)

Delaware (State or Other Jurisdiction of Incorporation) 001-34942 (Commission File Number) 77-0557980 (I.R.S. Employer
Identification No.)

2953 Bunker Hill Lane, Suite 300
Santa Clara, California	95054
(Address of principal executive offices)	(Zip Code)

(408) 217-7300

(Registrant’s telephone number, including area code)

N/A

(Former name or former address, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading symbol(s)	Name of each exchange on which registered
Common Stock, $0.001 par value per share	IPHI	The New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b–2 of the Securities Exchange Act of 1934 (§240.12b–2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

Inphi Corporation has provided preliminary financial results for its fiscal quarter ended March 31, 2020, included in Exhibit 99.1 to this Current Report on Form 8-K and incorporated by reference herein.

The information in Item 2.02 of this Current Report on Form 8-K, including the preliminary financial results for the quarter ended March 31, 2020 contained in Exhibit 99.1, shall not be deemed to be filed for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

Item 8.01 Other Events.

On April 21, 2020, Inphi Corporation announced a proposed private offering of convertible senior notes due 2025. A copy of the press release is included in Exhibit 99.2 to this Current Report on Form 8-K and incorporated by reference herein.

The Company has updated its disclosures. The disclosures are included in Exhibit 99.3 to this Current Report on Form 8-K and incorporated by reference herein.

Item 9.01 Financial Statements and Exhibits.

(d)        Exhibits

99.1     Press release issued by Inphi Corporation dated April 21, 2020.

99.2     Press release issued by Inphi Corporation dated April 21, 2020.

99.3     Disclosures.

104     Cover Page Interactive Data File (formatted as Inline XBRL).

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: April 21, 2020

INPHI CORPORATION
By:	/s/ Richard T. Ogawa
	Richard T. Ogawa
	General Counsel

EX-99.1

Exhibit 99.1

Inphi Reports Preliminary First Quarter 2020 Results

Q1 Revenue and Operating Income Above Guidance Midpoint, Q1Results and Conference call will Occur on May 7, 2020

SANTA CLARA, Calif., April 21, 2020 – Inphi Corporation (NYSE: IPHI), a leader in high-speed data movement interconnects, today announced preliminary financial results for the first quarter of 2020, ending March 31, 2020.

Our revenue and operating income are expected to be higher for the first quarter than the midpoint of our February 4th guidance of $132.4M for revenue. Based on the midpoint of the guidance given at that time, the associated GAAP Operating Loss was expected to be ($18.6M) and the Non-GAAP Operating Income was expected to be $25.2M. This result was due primarily to higher revenue in Q1 than anticipated coming from our Cloud customers. Revenue contributed from our January 10th acquisition of eSilicon was also slightly higher than originally anticipated. In addition, as of March 31, 2020, we had $238.2M in cash and short term investments.

“We began calendar 2020 expecting strong new product-cycle driven growth for our PAM and coherent products in both the cloud and telecom infrastructure markets. So far, we have seen that growth,” said Ford Tamer, President and CEO of Inphi Corporation. “The growth appears to be the result of customer driven upgrade cycles, as well as other market demands driving the need for more bandwidth. These include demands which appear to also have been accelerated by the COVID-19 pandemic.”

The pre-COVID19 growth vectors for inside and between data centers that we previously identified continue to apply. These growth vectors include the ramp of new products, as well as the continuing addition of new customers adopting PAM4 and coherent solutions for cloud and telecom applications. In addition, COVID-19 has had a significant impact on the global economy, including accelerating the secular shift to cloud computing and concurrently driving a sharp increase in the demand for bandwidth. We expect our business to continue to be favorably impacted by these phenomena.

Preliminary Financial Results for the Three Months Ended March 31, 2020 are as follows:

	Low			High
	(in thousands)
Total revenue	$	138,130		$	139,430
GAAP operating loss	$	(16,900	)	$	(18,000	)
Non-GAAP operating income	$	33,900		$	34,470

GAAP to Non-GAAP Reconciliation

	Low			High
	(in thousands)
Operating loss	$	(16,900	)	$	(18,000	)
Stock-based compensation		23,800			24,400	(a)
Acquisition related expenses		9,000			9,600	(b)
Amortization of intangibles and step up values related to acquisitions		17,500			17,900	(c)
Expense on lease not occupied		500			570	(d)
Non-GAAP operating income	$	33,900		$	34,470

To supplement the financial data presented on a GAAP basis, we disclose certain non-GAAP financial measures, which exclude stock-based compensation, legal, transition costs and other expenses related to acquisitions, purchase price fair value adjustments related to acquisitions, loss on claim settlements and lease expense on building not occupied. These non-GAAP financial measures are not in accordance with GAAP. These results should only be used to evaluate our results of operations in conjunction with the corresponding GAAP measures. We believe that our non-GAAP financial information provides useful information to management and investors regarding financial and business trends relating to its financial condition and results of operations because it excludes charges or benefits that management considers to be outside of our core operating results. We believe that the non-GAAP measure of income from operations, in combination with our financial results calculated in accordance with GAAP, provides investors with additional perspective and understanding of our ongoing operating performance. In addition, our management uses these non-GAAP measures to review and assess the financial performance of our company, to help determine executive officer incentive compensation and to plan and forecast performance in future periods. Our non-GAAP measurements are not prepared in accordance with GAAP, and are not an alternative to GAAP financial information, and may be calculated differently than non-GAAP financial information disclosed by other companies. The preliminary financial data included in this press release has been prepared by, and is the responsibility of, our management. PricewaterhouseCoopers LLP, has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to the preliminary financial data. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto.

(a) Reflects the stock-based compensation expense recorded relating to stock-based awards. We exclude this item when we evaluate the continuing operational performance of our company as management believes this GAAP measure is not indicative of our core operating performance.

(b) Reflects the legal, transition costs and other expenses related to acquisitions. We exclude this item when we evaluate the continuing operational performance of our company as management believes this GAAP measure is not indicative of its core operating performance.

(c) Reflects the cost of goods sold fair value amortization of inventory step-up, amortization of intangibles and fair value depreciation of fixed assets related to acquisitions. The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

(d) Reflects the expense on building lease not yet occupied. The Company excludes these items when it evaluates the continuing operational performance of the Company as management believes this GAAP measure is not indicative of its core operating performance.

The Company will provide a more detailed review of its financial results for Q1 and Business Outlook for Q2 when it reports its first quarter 2020 results on May 7, 2020. There will be no conference call associated with this press release.

Inphi’s First Quarter 2020 Earnings Call

Inphi will release its first quarter 2020 results for the quarter ended March 31, 2020 on Thursday, May 7, 2020, after the close of the market. In conjunction with the release, Inphi will hold a conference call at 4:30 p.m. Eastern Time/1:30 p.m. Pacific Time with Ford Tamer, President and Chief Executive Officer, and John Edmunds, Chief Financial Officer.

To participate via telephone, dial 765-507-2591, conference ID: 3452654. Please dial in 10 minutes prior to the scheduled conference call time. A webcast of the conference call will be available live and archived on Inphi’s website at https://www.inphi.com/investors/.

This update, including the financial results expected for the first fiscal quarter of 2020, is preliminary in nature, based on information available to management as of the date of this release, including with respect to those impacts of the COVID-19 outbreak that are currently known to management, and is subject to further changes upon completion of standard quarter-end closing procedures and based on the duration and severity of the COVID-19 outbreak. Inphi’s independent registered public accounting firm has not completed its review of Inphi’s results for the first fiscal quarter ended March 31, 2020. Inphi undertakes no obligation to update the information in this release in the event facts or circumstances change after the date of this release.

Cautionary Note Concerning Forward-Looking Statements

These forward-looking statements may be identified by terms such as outlook, believe, expect, may, will, provide, continue, could, and should, and the negative of these terms or other similar expressions. These statements include statements relating to: the Company’s business outlook and current expectations for 2020, including with respect to the first quarter of 2020 and subsequent periods, revenue, stock-based compensation expense, operating performance and net income or loss; the Company’s expectations regarding growth opportunities, success of our growth strategy, strength of the cloud and telecom infrastructure markets and increasing demand growth inside data centers, customer relationships, the Company’s expectations regarding the benefits of the eSilicon acquisition and benefits of using non-GAAP financial measures. These statements are based on current expectations and assumptions that are subject to risks and uncertainties. Actual results could differ materially from those anticipated as a result of various factors, including: the completion of the Company’s quarter end closing procedures; the impact of the COVID-19 pandemic on the Company’s business; the Company’s ability to sustain profitable operations due to its history of losses and accumulated deficit; dependence on a limited number of customers for a substantial portion of revenue and lack of long-term purchase commitments from our customers; product defects; risk related to intellectual property matters, lengthy sales cycle and competitive selection process; lengthy and expensive qualification processes; ability to develop new or enhanced products in a timely manner; development of target markets; market demand for the Company’s products; reliance on third parties to manufacture, assemble and test products; ability to compete; the ability to effectively integrate eSilicon and other risks inherent in fabless semiconductor businesses. In addition, actual results could differ materially due to changes in tax rates or tax benefits available, changes in demand, changes in government regulation, changes in claims that may or may not be asserted, as well as changes in pending litigation. For a discussion of these and other related risks, please refer to Inphi Corporation’s recent SEC filings, including its Annual Report on Form 10-K for the year ended December 31, 2019, which are available on the SEC’s website at www.sec.gov. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date thereof. Inphi Corporation undertakes no obligation to update forward-looking statements for any reason, except as required by law, even as new information becomes available or other events occur in the future.

About Inphi
Inphi Corporation is a leader in high-speed data movement interconnects. We move big data fast, throughout the globe, between data centers, and inside data centers.  Inphi's expertise in signal integrity results in reliable data delivery, at high speeds, over a variety of distances. As data volumes ramp exponentially due to video streaming, social media, cloud-based services, and wireless infrastructure, the need for speed has never been greater. That's where we come in. Customers rely on Inphi's solutions to develop and build out the Service Provider and Cloud infrastructures, and data centers of tomorrow. To learn more about Inphi, visit www.inphi.com.

# # #

Inphi, the Inphi logo and Think fast are registered trademarks of Inphi Corporation. All other trademarks used herein are the property of their respective owners.

Investor Contact:

Vernon P. Essi, Jr.

408-606-6524

vessi@inphi.com

Corporate Contact:

Kim Markle

408-217-7329

kmarkle@inphi.com

EX-99.2

Exhibit 99.2

Inphi Corporation Announces Proposed Offering of $330 Million of Convertible Senior Notes

SANTA CLARA, Calif. – April 21, 2020 – Inphi Corporation (NYSE: IPHI) today announced its intention to offer, subject to market conditions and other factors, $330 million aggregate principal amount of convertible senior notes due 2025 (the “notes”) in a private offering to qualified institutional buyers pursuant to an exemption from the registration requirements of the Securities Act of 1933, as amended (the “Securities Act”). In connection with the offering, Inphi expects to grant the initial purchasers of the notes an option to purchase up to an additional $50 million aggregate principal amount of notes on the same terms and conditions.

Inphi intends to use a portion of the net proceeds from the offering of the notes to pay the cost of certain capped call transactions described below. Inphi also intends to use a portion of the net proceeds from the offering of the notes to pay the cash portion of the consideration Inphi delivers in connection with any exchange transactions for up to $100 million aggregate principal amount of its existing 1.125% Convertible Senior Notes due 2020 (the “2020 Notes”) described below. Inphi intends to use the remainder of the net proceeds from the offering of the notes for general corporate purposes, including payments with respect to its outstanding 2020 Notes when due and financing potential acquisitions and other strategic transactions. However, Inphi currently has no commitments with respect to any such acquisitions or other strategic transactions.

Contemporaneously with the pricing of the offering, Inphi intends to enter into separate and privately negotiated transactions with one or more holders of the 2020 Notes to exchange up to $100 million aggregate principal amount of the 2020 Notes for a combination of cash and shares of Inphi’s common stock. The terms of any exchanges of the 2020 notes will be individually negotiated with each holder and will depend on a number of factors, including the market price of Inphi’s common stock and the trading price of the 2020 notes at the time of such exchanges. Inphi expects that holders of 2020 Notes that exchange their 2020 Notes may purchase or sell shares of Inphi’s common stock and/or enter into or unwind various derivatives with respect to Inphi’s common stock (including entering into derivatives with one or more of the initial purchasers or their respective affiliates) concurrently with or shortly after the pricing of the notes. This activity could affect the market price of Inphi’s common stock and could also impact the initial conversion price of the notes.

When issued, the notes will be unsecured, senior obligations of Inphi, and interest will be payable semi-annually in arrears. Prior to the close of business on the business day immediately preceding October 15, 2024, the notes will become convertible only under certain circumstances and during certain periods. Inphi will settle conversions of the notes by paying or delivering, as the case may be, cash, shares of its common stock, or a combination of cash and shares of its common stock, at its election. Final terms of the notes, including the interest rate, the initial conversion rate, repurchase or redemption rights and other terms, will be determined at the time of pricing by negotiations between Inphi and the initial purchasers of the notes.

If the initial purchasers exercise their option to purchase additional notes, Inphi intends to use a portion of the resulting additional net proceeds from the sale of the additional notes to pay the cost of entering into additional capped call transactions and the remainder of the net proceeds from the sale of the additional notes for general corporate purposes.

In connection with the pricing of the notes, Inphi expects to enter into privately negotiated capped call transactions with one or more financial institutions, which may include one or more of the initial purchasers or their respective affiliates and/or other financial institutions (the “option counterparties”). The capped call transactions are expected generally to reduce or offset the potential dilution to Inphi’s common stock upon any conversion of the notes at maturity and/or offset the potential cash payments Inphi is required to make in excess of the principal amount of converted notes, with such reduction and/or offset subject to a cap based on the cap price. If the initial purchasers exercise their option to purchase additional notes, Inphi expects to enter into additional capped call transactions with the option counterparties.

Inphi expects that, in connection with establishing their initial hedge of the capped call transactions, the option counterparties or their respective affiliates will purchase shares of Inphi’s common stock and/or enter into various derivative transactions with respect to Inphi’s common stock concurrently with or shortly after the pricing of the notes. This activity could increase (or reduce the size of any decrease in) the market price of Inphi’s common stock or the notes at that time, and could result in a higher effective conversion price for the notes.

In addition, Inphi has been advised by the option counterparties that the option counterparties or their respective affiliates may modify their hedge positions by entering into or unwinding various derivative transactions with respect to Inphi’s common stock and/or purchasing or selling Inphi’s common stock in secondary market transactions following the pricing of the notes and prior to the maturity of the notes (and are likely to do so during the valuation period for the capped call transactions, which is expected to occur during the 30 trading day period beginning on the 31st scheduled trading day prior to the maturity of the notes). This activity could also cause or avoid an increase or a decrease in the market price of Inphi’s common stock or the notes, which could affect the ability of noteholders to convert the notes and, to the extent the activity occurs during any observation period related to a conversion of the notes, it could affect the amount and value of the consideration that noteholders will receive upon conversion of the notes.

This press release does not constitute an offer to sell or the solicitation of an offer to buy securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful. The notes and the shares of Inphi’s common stock issuable upon conversion of the notes, if any, have not been registered under the Securities Act or the securities laws of any other jurisdiction and, unless so registered, may not be offered or sold in the United States except pursuant to an exemption from such registration requirements.

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Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding the intention to offer the notes, the intended use of net proceeds from the offering, the expected terms of the offering, the extent and potential effects of the capped call transactions and the exchanges of the 2020 Notes. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including risks related to whether Inphi will offer the notes or consummate the offering of the notes on the expected terms, or at all, whether Inphi will consummate the exchanges of the 2020 Notes, the potential impact of market and other general economic conditions, whether Inphi will be able to satisfy the conditions required to close any sale of the notes, the anticipated use of the net proceeds of the offering, the fact that Inphi’s management will have broad discretion in the use of the proceeds from any sale of the notes, whether the capped call transactions will become effective on the anticipated terms or at all, and other risks detailed from time to time in Inphi’s filings with the Securities and Exchange Commission, including its Annual Report on Form 10-K for the year ended December 31, 2019 and its Current Report on Form 8-K dated April 21, 2020. The forward-looking statements in this press release are based on information available to Inphi as of the date hereof, and Inphi does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made except as otherwise required by law.

Investor Contact:

Vernon P. Essi, Jr.

408-606-6524

vessi@inphi.com

Corporate Contact:

Kim Markle

408-217-7329

kmarkle@inphi.com

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EX-99.3

Exhibit 99.3

Recent Developments

First quarter 2020 update

On April 21, 2020, we announced the preliminary unaudited financial results for the three months ended March 31, 2020 presented below. These results are preliminary and are subject to completion of our quarter-end closing procedures and further financial review. Our actual results may differ from these estimates as a result of the completion of our quarter-end closing procedures, review adjustments and other developments that may arise between now and the time our financial results for the period are finalized.

We expect preliminary unaudited first quarter 2020 revenue to be between $138.1 million and $139.4 million. We also expect preliminary unaudited GAAP operating loss to be between $16.9 million and $18.0 million. First quarter 2020 revenue was favorably impacted by higher than anticipated revenues from Cloud customers, as well as revenues contributed from our January 2020 acquisition of eSilicon. In addition, the revenue derived from the eSilicon business generally carries a lower margin than our traditional revenue and therefore will cause our overall margins to decline, including for the three months ended March 31, 2020, as it becomes a more significant part of our total revenue mix. In addition, as of March 31, 2020, we had $238.2 million in cash, cash equivalents and marketable securities.

First quarter revenue growth appears to be the result of customer driven upgrade cycles as well as other market demands driving the need for more bandwidth, including some which appear to also have been accelerated by the COVID-19 pandemic. We cannot predict the extent or duration of the impact of the COVID-19 pandemic on our financial and operating results, but we believe the shelter-in-place and similar policies have led to an increase in demand for bandwidth.

These estimates are preliminary and unaudited and may change, and we have provided a range for the results described above because our financial closing procedures for the three months ended March 31, 2020 are not yet complete. In addition, these preliminary results for the three months ended March 31, 2020 are not necessarily indicative of the results to be achieved for the remainder of the fiscal year ending December 31, 2020 or in any future period, in particular due to the impact of the ongoing COVID-19 pandemic. There can be no assurance that these estimates will be realized, and estimates are subject to risks and uncertainties, many of which are not within our control. See Part II, “Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations” of the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 . We undertake no obligation to update or supplement the information provided above until we release our financial results of operations for the three months ended March 31, 2020. The preliminary financial data included herein has been prepared by, and is the responsibility of, our management. PricewaterhouseCoopers LLP, our independent registered public accounting firm, has not audited, reviewed, compiled, or applied agreed-upon procedures with respect to such preliminary information. Accordingly, PricewaterhouseCoopers LLP does not express an opinion or any other form of assurance with respect thereto.

RISK FACTORS

Risks Related to Our Business

The ongoing effects of the COVID-19 pandemic could disrupt our business or the business of our customers or suppliers, and as such, may adversely affect our financial condition.

Our business, the businesses of our customers, and the businesses of our suppliers could be materially and adversely affected by the effects of the COVID-19 pandemic and the related governmental, business and community responses to it.  Additionally, the economies and financial markets of many countries have been impacted by the pandemic, and the longevity and significance of the resulting economic impact is currently unknown.  A significant economic downturn could materially and adversely affect our end customers, and thus could negatively impact demand for our products and our operating results. While the long-term economic impact and the duration of the COVID-19 pandemic may be difficult to assess or predict, the widespread pandemic has resulted in, and may continue to result in, significant disruption of global financial markets, which could reduce our ability to access capital and could negatively affect our liquidity and the liquidity and stability of markets for our securities. In addition, a recession, further market correction or depression resulting from the spread of COVID-19 could materially affect our business and the value of our securities. 

Many state governments in the U.S. have issued “shelter in place” or “stay at home” orders that generally require residents to remain in their homes, subject to certain exceptions for essential services. For example, in California, where our corporate headquarters are, a “stay at home” order is currently in effect that requires a majority of our employees to work from home until further notice.  The continuing impact of these, and similar orders may adversely impact the efficiency and effectiveness of our organization, as well as the operations of our suppliers and customers. For example, we face additional risks and challenges related to having a portion of our workforce working from home, including added pressure on our IT systems and the security of our network, and new challenges as our team adjusts to online collaboration.  Additionally, our ability to participate in informal collaborative discussions with our customers, such as in-person attendance at industry trade shows, standards meetings, or during routine visits by our sales team, may be truncated or impossible in areas with stay at home orders in place.  We may experience delays in the qualification and testing of our products by our customers if our customers are unable to perform these processes remotely, which may, in turn, affect our revenues.

The ongoing effects of the pandemic also may have a negative impact on the operations of our suppliers.  For example, our principal foundries are located in Taiwan, and our international headquarters, which purchases all wafer material and owns the material until the manufacturing process is complete and the product is shipped to a customer, are located in Singapore.  The business of our principal foundries in Taiwan, and the business of our international headquarters in Singapore could be significantly and negatively impacted if the pandemic worsens in Taiwan or in Singapore, or if additional and more restrictive governmental orders are imposed on companies operating there. 

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The demand for our product is already difficult to ascertain and the additional pressures on our supply chain, as well as the operations of our customers, due to the impact of or response to the COVID-19 pandemic, could result in temporary or long-term disruption in our supply chain, delays in the delivery of our product, or  delays in the qualification and testing of our products in our customer’s systems.  If the impact of an outbreak continues for an extended period, it could adversely impact the growth of our revenues. 

Our actual results for the first quarter of 2020 may be different than the preliminary estimated results included herein.

Our preliminary estimated results for the first quarter of 2020 are unaudited and subject to change as we close our books and complete the quarter end closing process and prepare financial statements for the quarter, including finalizing the accounting for our recent acquisition of eSilicon. Preliminary estimated financial results are inherently subject to business, economic, regulatory, market, financial and competitive uncertainties and contingencies and other future events, as well as matters specific to our business, all of which are difficult to predict and many of which are beyond our control. The inclusion of preliminary estimated financial information herein should not be regarded as an indication that we consider such preliminary estimated financial information to be predictive of actual or future results, in particular in light of the COVID-19 pandemic. Actual results for the quarter may be materially different than the preliminary estimated results presented and our estimated preliminary results should not be relied upon as being necessarily indicative of actual results, and you are cautioned not to place undue reliance on this preliminary financial information. Furthermore, the preliminary financial results do not take into account any circumstances or events occurring after the date they were prepared. Accordingly, our actual results for the first quarter of 2020 may differ from the preliminary estimated results contained herein.

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XML

Document And Entity Information	Apr. 21, 2020
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Document, Type	8-K
Document, Period End Date	Apr. 21, 2020
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Entity, File Number	001-34942
Entity, Tax Identification Number	77-0557980
Entity, Address, Address Line One	2953 Bunker Hill Lane
Entity, Address, City or Town	Santa Clara
Entity, Address, State or Province	CA
Entity, Address, Postal Zip Code	95054
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Local Phone Number	217-7300
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Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	IPHI
Security Exchange Name	NYSE
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Entity, Central Index Key	0001160958