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) May 5, 2014

Integrated Device Technology, Inc.

(Exact name of registrant as specified in its charter)

Delaware	0-12695	94-2669985
(State of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

6024 Silver Creek Valley Road, San Jose, California 95138

(Address of principal executive offices) (Zip Code)

(408) 284-8200

(Registrant’s telephone number, including area code)

Not Applicable

(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 obligation of the registrant under any of the following provisions:

¨ 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))

Item 2.02. Results of Operations and Financial Condition.

The information in this Current Report, including Exhibit 99.1 attached hereto, is furnished pursuant to Item 2.02 of this Current Report. Consequently, it is not deemed “filed” for the purposes of Section 18 of the Securities and Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or the Securities Act of 1933, as amended, if such subsequent filing specifically references this Current Report.

On May 5, 2014, Integrated Device Technology, Inc. (the “Company”) announced its results of operations and financial condition as of and for the three and twelve months ended March 30, 2014, in a publicly disseminated press release that is attached hereto as Exhibit 99.1.

The Company’s press release contains non-GAAP financial measures. Pursuant to the requirements of Regulation G and Item 10(e)(1)(i) of Regulation S-K, the Company has provided reconciliations within the press release of the non-GAAP financial measures to the most directly comparable GAAP financial measures included in the press release.

The foregoing description is qualified in its entirety by reference to the Company’s press release dated May 5, 2014, a copy of which is attached hereto as Exhibit 99.1 and incorporated herein by reference.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits.

Exhibit No.	Description
99.1	Press Release Dated May 5, 2014.

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: May 5, 2014
		INTEGRATED DEVICE TECHNOLOGY, INC.
	By:	/S/ BRIAN C. WHITE
		Brian C. White
		Vice President and Chief Financial Officer (duly authorized officer)

EXHIBIT INDEX

Exhibit No.	Description
99.1	Press Release Dated May 5, 2014.

EX-99.1

Exhibit 99.1

FOR IMMEDIATE RELEASE

Financial Contact: Suzanne Schmidt IDT Investor Relations Phone: (415) 217-4962 E-mail: suzanne@blueshirtgroup.com Press Contact:
Graham Robertson IDT Worldwide Marketing Phone: (408) 284-2644 E-mail: graham.robertson@idt.com

IDT REPORTS Q4 AND FISCAL YEAR 2014 FINANCIAL RESULTS

Q4 Revenue of $118.6M, up 10 Percent Y/Y

Q4 Cash from Operations of $27.4M, 23% of revenue

SAN JOSE, Calif., May 5, 2014 — Integrated Device Technology, Inc. (IDT^® or the Company) (NASDAQ: IDTI), the Analog and Digital Company™ delivering essential mixed-signal semiconductor solutions, today announced results for the fiscal fourth quarter and fiscal year ended March 30, 2014.

“We concluded fiscal year 2014 on a high note with strong Q4 revenue, non-GAAP operating margin and earnings per share,” said Greg Waters, president and executive officer. “The strength in revenues for the fourth fiscal quarter was primarily driven by sales in our Communications end market as the build-out of global 4G/LTE infrastructure accelerated. Non-GAAP gross margin was slightly impacted by inventory reserves associated with our previous fab closure transition and product mix. However, with our continued focus on expense control, we exceeded our guidance for non-GAAP operating margins and non-GAAP EPS, delivering 19.5% and $0.14 per fully diluted share, respectively.”

“We have successfully transformed IDT into a company that generates earnings power as our revenue continues to grow, all supported by a very strong balance sheet. We are investing in high-growth markets and believe we can grow market share in all of our target market segments through the course of this fiscal year.” concluded Mr. Waters.

Recent Business Highlights

• Nominated for four prestigious ACE awards, presented by UBM Tech’s EE Times and EDN publications, IDT won top prize in the “Ultimate Products” category for its third generation Universal Frequency Translator (UFT) clocking family. The three other nominations were for the Timing Commander™ software, an RF-PLL and DDR4 data buffer.

• IDT announced the mass production of its JEDEC 1.0-compliant DDR4 chipset—already validated by Intel^® to meet the requirements of the future Intel Xeon™ processor E5-2600 v3 product family—for use in RDIMMs and LRDIMMs.

• IDT extended its leadership in the timing market with the VersaClock 5 family of programmable clock generators, the best-in-class, complete clock tree solution for cost-sensitive, low-power consumer and low-jitter communication timing applications.

• IDT introduced the industry’s first Ethernet and IEEE 1588 timing devices optimized for smart grid and industrial automation applications. The new low-jitter timing products improve the accuracy and reliability of IEEE 1588 time transport and offer important flexibility with an integrated Ethernet digital PLL (DPLL) and digitally-controlled oscillator (DCO) in a single chip.

• IDT announced a new family of ultra-compact wireless power receivers offering a board area footprint reduction up to 70% compared to switching regulator-based solutions. The latest Wireless Power Consortium’s (WPC) and Power Matter’s Alliance (PMA)-compliant devices expand IDT’s industry-leading wireless power portfolio to address densely populated, cost-sensitive portable applications.

• IDT introduced the industry’s first dual-mode wireless power receiver compatible with both the WPC 1.1 standard, as well as the PMA 1.1 standard. The innovative solution enables OEMs to use a single wireless power receiver IC to develop mobile devices fully compatible with the latest versions of both Qi and PMA charging bases.

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 fourth quarter of 2014 was $118.6 million, compared with $107.8 million reported in the same period one year ago.

• GAAP net income from continuing operations for the fiscal fourth quarter of 2014 was $5.4 million, or $0.04 per diluted share, versus a GAAP net loss from continuing operations of $5.5 million or a loss of $0.04 per share in the same period one year ago. Fiscal fourth quarter 2014 GAAP results include a $14.5 million loss relating to amortization and impairment of intangible assets and other acquisition/divestiture related charges, $2.4 million in stock-based compensation expense, $1.1 million in restructuring related charges, and $1.3 million expense from related tax effects.

• Non-GAAP net income for the fiscal fourth quarter of 2014 was $22.1 million or $0.14 per diluted share, compared with non-GAAP net income of $4.9 million or $0.03 per diluted share reported in the same period one year ago.

• GAAP gross profit from continuing operations for the fiscal fourth quarter of 2014 was $61.1 million, or 51.5 percent, compared with GAAP gross profit of $59.5 million, or 55.2 percent, reported in the same period one year ago. Non-GAAP gross profit for the fiscal fourth quarter of 2014 was $72.5 million, or 61.1 percent, compared with non-GAAP gross profit of $62.7 million, or 58.2 percent, reported in the same period one year ago.

• GAAP R&D expense for the fiscal fourth quarter of 2014 was $32.7 million, compared with GAAP R&D expense of $42.1 million reported in the same period one year ago. Non-GAAP R&D expense for the fiscal fourth quarter of 2014 was $28.4 million, compared with non-GAAP R&D of $35.0 million in the same period one year ago.

• GAAP SG&A expense for the fiscal fourth quarter of 2014 was $23.2 million, compared with GAAP SG&A expense of $27.8 million in the same period one year ago. Non-GAAP SG&A expense for the fiscal fourth quarter of 2014 was $20.9 million, compared with non-GAAP SG&A expense of $22.1 million in the same period one year ago.

Webcast and Conference Call Information

Investors may listen to a live or replay webcast of the Company’s quarterly financial conference call at http://ir.idt.com/. The live webcast will begin at 1:30 p.m. Pacific time on May 5, 2014. The webcast replay will be available after 5 p.m. Pacific time on February 3, 2014.

Investors may also listen to the live call at 1:30 p.m. Pacific time on May 5, 2014 by calling (877) 941-1427 or (480) 629-9664. The access code is 4678229. The conference call replay will be available for one week after the event at (800) 406-7325 or (303) 590-3030. The access code is 4678229.

About IDT

Integrated Device Technology, Inc., the Analog and Digital Company™, develops system-level solutions that optimize its customers’ applications. IDT uses its market leadership in timing, serial switching and interfaces, and adds analog and system expertise to provide complete application-optimized, mixed-signal solutions for the communications, computing and consumer segments. Headquartered in San Jose, Calif., IDT has design, manufacturing, sales facilities and distribution partners throughout the world. IDT stock is traded on the NASDAQ Global Select Stock Market^® under the symbol “IDTI.” Additional information about IDT is accessible at www.IDT.com. Follow IDT on Facebook, LinkedIn, Twitter, and YouTube.

Forward Looking Statements

Investors are cautioned that forward-looking statements in this release, including but not limited to statements regarding demand for Company products, anticipated trends in Company sales, expenses and profits, involve a number of risks and uncertainties that could cause actual results to differ materially from current expectations. Risks include, but are not limited to, global business and economic conditions, fluctuations in product demand, manufacturing capacity and costs, inventory management, competition, pricing, patent and other intellectual property rights of third parties, timely development and introduction of new products and manufacturing processes, dependence on one or more customers for a significant portion of sales, successful integration of acquired businesses and technology, availability of capital, cash flow and other risk factors detailed in the Company’s Securities and Exchange Commission filings. The Company urges investors to review in detail the risks and uncertainties in the Company’s Securities and Exchange Commission filings, including but not limited to the Annual Report on Form 10-K for the fiscal year ended March 31, 2013. All forward-looking statements are made as of the date of this release and the Company disclaims any duty to update such statements.

Non-GAAP Reporting

To supplement its consolidated financial results presented in accordance with GAAP, IDT uses non-GAAP financial measures which are adjusted from the most directly comparable GAAP financial measures to exclude certain items, as described in detail below. Management believes that these non-GAAP financial measures reflect an additional and useful way of viewing aspects of the Company’s operations that, when viewed in conjunction with IDT’s GAAP results, provide a more comprehensive understanding of the various factors and trends affecting the Company’s business and operations. It should also be noted that IDT’s non-GAAP information may be different from the non-GAAP information provided by other companies. Non-GAAP financial measures used by IDT include:

• Cost of revenues;

• Gross profit;

• Research and development expenses;

• Selling, general and administrative expenses;

• Interest income and other;

• Provision (benefit) for income taxes, continuing operations

• Operating income (loss);

• Net income (loss) from continuing operations;

• Diluted net income (loss) per share, continuing operations; and

• Weighted average shares outstanding - diluted

The Company presents non-GAAP financial measures because the investor community uses non-GAAP results in its analysis and comparison of historical results and projections of the Company’s future operating results. These non-GAAP results exclude acquisition related expense, restructuring and divestiture related costs (gain), share-based compensation expense, results from discontinued operations, stockholder expenses and certain other

expenses and benefits. Management uses these non-GAAP measures to manage and assess the profitability of the business. These non-GAAP results are also consistent with the way management internally analyzes IDT’s financial results.

There are limitations in using non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. The presentation of non-GAAP financial information is not meant to be considered in isolation or as a substitute for the most directly comparable GAAP financial measures. The non-GAAP financial measures supplement, and should be viewed in conjunction with, GAAP financial measures. Investors should review the reconciliations of the non-GAAP financial measures to their most directly comparable GAAP financial measures as provided in the accompanying press release.

As presented in the “Reconciliation of GAAP to Non-GAAP” tables in the accompanying press release, each of the non-GAAP financial measures excludes one or more of the following items:

Acquisition related. Acquisition-related charges are not factored into management’s evaluation of potential acquisitions or IDT’s performance after completion of acquisitions, because they are not related to the Company’s core operating performance. Adjustments of these items provide investors with a basis to compare IDT’s performance to other companies without the variability caused by purchase accounting. Acquisition-related expenses primarily include:

• Amortization of acquisition related intangibles, which include acquired intangibles such as purchased technology, patents, customer relationships, trademarks, backlog and non-compete agreements.

• Acquisition related costs such as legal, accounting and other professional or consulting fees directly related to an acquisition.

• Other acquisition related costs which consists of an accrued deferred closing date fee associated with the acquisition of NXP’s high-speed data converter assets.

• Fair market value adjustment to acquired inventory sold.

Restructuring related. Restructuring charges primarily relate to changes in IDT’s infrastructure in efforts to reduce costs and expenses (gains) associated with strategic divestitures and restructuring in force actions. Restructuring charges (gains) are excluded from non-GAAP financial measures because they are not considered core operating activities. Although IDT has engaged in various restructuring activities in the past, each has been a discrete event based on a unique set of business objectives. As such, management believes that it is appropriate to exclude restructuring charges (gains) from IDT’s non-GAAP financial measures as it enhances the ability of investors to compare the Company’s period-over-period operating results from continuing operations. Restructuring-related charges (gains) primarily include:

• Severance and retention costs directly related to a restructuring action.

• Facility closure costs consist of ongoing costs associated with the exit of our leased and owned facilities.

• Gain on divestiture consists of gains recognized upon the strategic sale of business units.

• Assets impairments consists of an impairment charge related to a note receivable and subsequent recoveries.

• Asset impairments, consists of the accelerated depreciation of certain design tools no longer in use

Other adjustments. These items are excluded from non-GAAP financial measures because they are not related to the core operating activities and on-going future operating performance of IDT. Excluding this data allows investors to better compare IDT’s period-over-period performance without such expense, which IDT believes may be useful to the investor community. Other adjustments primarily include:

• Stock based compensation expense.

• Expenses related to stockholder activities reflect advisory fees related to inquiries of Starboard Value LP.

• Compensation expense (benefit) – deferred compensation, consists of gains and losses on marketable equity securities related to our deferred compensation arrangements.

• Loss (gain) on deferred compensation plan securities represents the changes in the fair value of the assets in a separate trust that is invested in corporate owned life insurance under our deferred compensation plan.

• Life insurance proceeds received, represents proceeds received under corporate owned life insurance under our deferred compensation plan.

• Tax effects of non-GAAP adjustments.

• Diluted weighted average shares non-GAAP adjustment, for purposes of calculating non-GAAP diluted net income per share, the GAAP diluted weighted average shares outstanding is adjusted to exclude the benefits of stock compensation expense attributable to future services not yet recognized in the financial statements that are treated as proceeds assumed to be used to repurchase shares under the GAAP treasury method.

###

IDT and the IDT logo are trademarks or registered trademarks of Integrated Device Technology, Inc. All other brands, product names and marks are or may be trademarks or registered trademarks used to identify products or services of their respective owners.

INTEGRATED DEVICE TECHNOLOGY, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(In thousands, except per share data)

	Three Months Ended									Twelve Months Ended
	Mar. 30, 2014			Dec. 29, 2013			Mar. 31, 2013			Mar. 30, 2013			Mar. 31, 2013
Revenues	$	118,640		$	124,628		$	107,779		$	484,779		$	484,452
Cost of revenues		57,509			49,689			48,256			211,826			214,728
Gross profit		61,131			74,939			59,523			272,953			269,724
Operating expenses:
Research and development		32,656			31,063			42,096			140,595			159,471
Selling, general and administrative		23,213			23,687			27,784			101,039			117,648
Total operating expenses		55,869			54,750			69,880			241,634			277,119
Operating income (loss)		5,262			20,189			(10,357	)		31,319			(7,395	)
Gain (loss) from divestiture		(302	)		(3,415	)		7,986			78,632			7,986
Other-than-temporary impairment loss on investments		—			—			(1,708	)		—			(1,708	)
Other income (expense), net		786			1,108			258			2,707			1,708
Income (loss) from continuing operations before income taxes		5,746			17,882			(3,821	)		112,658			591
Provision (benefit) for income taxes		320			543			1,648			981			(2,120	)
Net income (loss) from continuing operations		5,426			17,339			(5,469	)		111,677			2,711
Discontinued operations:
Gain from divestiture		—			—			—			—			886
Loss from discontinued operations		(5,016	)		(10,123	)		(4,995	)		(22,938	)		(23,653	)
Provision (benefit) for income taxes		17			268			163			11			116
Net income (loss) from discontinued operations		(5,033	)		(10,391	)		(5,158	)		(22,949	)		(22,883	)
Net income (loss)	$	393		$	6,948		$	(10,627	)	$	88,728		$	(20,172	)
Basic net income (loss) per share continuing operations	$	0.04		$	0.11		$	(0.04	)	$	0.75		$	0.02
Basic net income (loss) per share discontinued operations		(0.04	)		(0.06	)		(0.03	)		(0.16	)		(0.16	)
Basic net income (loss) per share	$	—		$	0.05		$	(0.07	)	$	0.59		$	(0.14	)
Diluted net income (loss) per share continuing operations	$	0.04		$	0.11		$	(0.04	)	$	0.73		$	0.02
Diluted net income (loss) per share discontinued operations		(0.04	)		(0.07	)		(0.03	)		(0.15	)		(0.16	)
Diluted net income (loss) per share	$	—		$	0.04		$	(0.07	)	$	0.58		$	(0.14	)
Weighted average shares:
Basic		150,033			151,018			145,626			149,480			144,014
Diluted		154,390			155,035			145,626			153,369			145,678

INTEGRATED DEVICE TECHNOLOGY, INC.

RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES (a)

(Unaudited)

(In thousands, except per share data)

	Three Months Ended									Twelve Months Ended
	Mar. 30, 2014			Dec. 29, 2013			Mar. 31, 2013			Mar. 30, 2013			Mar. 31, 2013
GAAP net income (loss) from continuing operations	$	5,426		$	17,339		$	(5,469	)	$	111,677		$	2,711
GAAP diluted net income (loss) per share continuing operations	$	0.04		$	0.11		$	(0.04	)	$	0.73		$	0.02
Acquisition related:
Amortization of acquisition related intangibles		11,999			3,322			4,097			21,964			16,339
Impairment of acquired in-process R&D		2,433			—			—			2,433			—
Acquisition related legal and consulting fees		73			21			1,009			802			11,238
Fair market value adjustment to acquired inventory sold		—			—			—			—			358
Restructuring related:
Severance and retention costs		383			400			1,662			6,456			5,522
Facility closure costs		107			6			2			134			62
Gain on divestiture		302			3,415			(7,986	)		(78,632	)		(7,986	)
Assets impairment and other		334			(265	)		5,687			4,113			6,096
Other:
Other-than-temporary impairment loss on investments		—			—			1,708			—			1,708
Stock-based compensation expense		2,368			3,169			3,813			12,677			13,054
Expenses related to stockholder activities		—			—			(1,000	)		—			1,614
Compensation expense (benefit)—deferred compensation plan		185			557			704			1,265			1,135
Loss (gain) on deferred compensation plan securities		(171	)		(627	)		(696	)		(1,316	)		(941	)
Life insurance proceeds received		—			—			—			—			(2,313	)
Tax effects of Non-GAAP adjustments		(1,331	)		(1,402	)		1,381			(4,389	)		(7,910	)
Non-GAAP net income from continuing operations	$	22,108		$	25,935		$	4,912		$	77,184		$	40,687
GAAP weighted average shares - diluted		154,390			155,035			145,626			153,369			145,678
Non-GAAP adjustment		1,492			2,099			5,026			1,981			1,934
Non-GAAP weighted average shares - diluted		155,882			157,134			150,652			155,350			147,612
Non-GAAP diluted net income per share continuing operations	$	0.14		$	0.17		$	0.03		$	0.50		$	0.28
GAAP gross profit		61,131			74,939			59,523			272,953			269,724
Acquisition and divestiture related:
Amortization of acquisition related intangibles		11,016			2,435			2,740			18,321			12,413
Fair market value adjustment to acquired inventory sold		—			—			—			—			358
Restructuring related:
Severance and retention costs		117			—			—			204			607
Facility closure costs		—			2			(9	)		8			4
Assets impairment and other		105			(142	)		(37	)		(111	)		372
Other:
Compensation expense (benefit)—deferred compensation plan		55			172			217			388			324
Stock-based compensation expense		61			403			263			1,189			1,113
Non-GAAP gross profit		72,485			77,809			62,697			292,952			284,915
GAAP R&D expenses:		32,656			31,063			42,096			140,595			159,471
Acquisition and divestiture related:
Impairment of acquired in-process R&D		(2,433	)		—			—			(2,433	)		—
Restructuring related:
Severance and retention costs		(264	)		(86	)		(1,560	)		(4,193	)		(3,882	)
Facility closure costs		—			(2	)		(6	)		(9	)		(43	)
Assets impairment and other		(63	)		123			(3,203	)		(4,058	)		(3,203	)
Other:
Compensation expense (benefit)—deferred compensation plan		(90	)		(289	)		(365	)		(650	)		(626	)
Stock-based compensation expense		(1,389	)		(1,514	)		(2,001	)		(5,601	)		(6,691	)
Non-GAAP R&D expenses		28,417			29,295			34,961			123,651			145,026
GAAP SG&A expenses:		23,213			23,687			27,784			101,039			117,648
Acquisition and divestiture related:
Amortization of acquisition related intangibles		(983	)		(887	)		(1,357	)		(3,643	)		(3,926	)
Acquisition related legal and consulting fees		(73	)		(21	)		(1,009	)		(802	)		(11,238	)
Restructuring related:
Severance and retention costs		(2	)		(314	)		(102	)		(2,059	)		(1,033	)
Facility closure costs		(107	)		(2	)		(5	)		(117	)		(15	)
Assets impairment and other		(166	)		—			(2,521	)		(166	)		(2,521	)
Other:
Compensation expense (benefit)—deferred compensation plan		(40	)		(96	)		(122	)		(227	)		(185	)
Stock-based compensation expense		(918	)		(1,252	)		(1,549	)		(5,887	)		(5,250	)
Expenses related to stockholder activities		—			—			1,000			—			(1,614	)
Non-GAAP SG&A expenses		20,924			21,115			22,119			88,138			91,866
GAAP interest income and other, net		786			1,108			258			2,707			1,708
Loss (gain) on deferred compensation plan securities		(171	)		(627	)		(696	)		(1,316	)		(941	)
Life insurance proceeds received		—			—			—			—			(2,313	)
Non-GAAP interest income and other, net		615			481			(438	)		1,391			(1,546	)
GAAP provision (benefit) for income taxes continuing operations		320			543			1,648			981			(2,120	)
Tax effects of Non-GAAP adjustments (7)		1,331			1,402			(1,381	)		4,389			7,910
Non-GAAP provision for income taxes continuing operations		1,651			1,945			267			5,370			5,790

(a) Refer to the accompanying “Notes to Non-GAAP Financial Measures” for a detailed discussion of management’s use of non-GAAP financial measures.

INTEGRATED DEVICE TECHNOLOGY, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands)

	Mar. 30, 2014		March 31, 2013
ASSETS
Current assets:
Cash and cash equivalents	$	91,211	$	130,837
Short-term investments		362,604		166,333
Accounts receivable, net		68,904		62,083
Inventories		49,622		56,555
Prepaid and other current assets		13,034		24,697
Total current assets		585,375		440,505
Property, plant and equipment, net		69,827		74,988
Goodwill		135,644		144,924
Acquisition-related intangibles		18,741		48,602
Other assets		21,373		19,560
TOTAL ASSETS	$	830,960	$	728,579
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	25,442	$	23,244
Accrued compensation and related expenses		24,343		21,090
Deferred income on shipments to distributors		14,006		14,539
Deferred taxes liabilities		1,346		1,000
Other accrued liabilities		11,160		14,652
Total current liabilities		76,297		74,525
Deferred tax liabilities		1,494		1,552
Long term income taxes payable		266		454
Other long term obligations		18,683		22,022
Total liabilities		96,740		98,553
Stockholders’ equity		734,220		630,026
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	830,960	$	728,579