/x/ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
/ / | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
DELAWARE (State or Other Jurisdiction of Incorporation or Organization) | 94-2669985 (I.R.S. Employer Identification No.) |
6024 SILVER CREEK VALLEY ROAD, SAN JOSE, CALIFORNIA (Address of Principal Executive Offices) | 95138 (Zip Code) |
PART I-FINANCIAL INFORMATION | ||
Financial Statements (Unaudited) | ||
PART II-OTHER INFORMATION | ||
(Unaudited in thousands) | June 30, 2013 | March 31, 2013 | |||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 113,995 | $ | 130,837 | |||
Short-term investments | 196,242 | 166,333 | |||||
Accounts receivable, net of allowances of $2,528 and $2,787 | 65,647 | 62,083 | |||||
Inventories | 56,827 | 56,555 | |||||
Income tax receivable | 200 | 192 | |||||
Prepayments and other current assets | 22,450 | 24,505 | |||||
Total current assets | 455,361 | 440,505 | |||||
Property, plant and equipment, net | 76,163 | 74,988 | |||||
Goodwill | 144,924 | 144,924 | |||||
Other intangible assets, net | 44,281 | 48,602 | |||||
Deferred non-current tax assets | 671 | 671 | |||||
Other assets | 17,940 | 18,889 | |||||
Total assets | $ | 739,340 | $ | 728,579 | |||
Liabilities and stockholders' equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 27,843 | $ | 23,244 | |||
Accrued compensation and related expenses | 22,589 | 21,090 | |||||
Deferred income on shipments to distributors | 13,962 | 14,539 | |||||
Deferred tax liabilities | 1,005 | 1,000 | |||||
Other accrued liabilities | 11,813 | 14,652 | |||||
Total current liabilities | 77,212 | 74,525 | |||||
Deferred tax liabilities | 1,552 | 1,552 | |||||
Long-term income tax payable | 284 | 454 | |||||
Other long-term liabilities | 20,673 | 22,022 | |||||
Total liabilities | 99,721 | 98,553 | |||||
Commitments and contingencies (Note 14) | |||||||
Stockholders' equity: | |||||||
Preferred stock: $.001 par value: 10,000 shares authorized; no shares issued | — | — | |||||
Common stock: $.001 par value: 350,000 shares authorized; 148,257 and 146,253 shares outstanding at June 30, 2013 and March 31, 2013, respectively | 148 | 146 | |||||
Additional paid-in capital | 2,420,794 | 2,407,998 | |||||
Treasury stock at cost: 90,426 shares at June 30, 2013 and March 31, 2013, respectively | (977,296 | ) | (977,296 | ) | |||
Accumulated deficit | (804,572 | ) | (802,308 | ) | |||
Accumulated other comprehensive income | 545 | 1,486 | |||||
Total stockholders' equity | 639,619 | 630,026 | |||||
Total liabilities and stockholders' equity | $ | 739,340 | $ | 728,579 |
Three Months Ended | |||||||
(Unaudited in thousands, except per share data) | June 30, 2013 | July 1, 2012 | |||||
Revenues | $ | 117,982 | $ | 130,161 | |||
Cost of revenues | 51,809 | 57,648 | |||||
Gross profit | 66,173 | 72,513 | |||||
Operating expenses: | |||||||
Research and development | 40,849 | 41,544 | |||||
Selling, general and administrative | 27,843 | 36,412 | |||||
Total operating expenses | 68,692 | 77,956 | |||||
Operating loss | (2,519 | ) | (5,443 | ) | |||
Interest income and other, net | 57 | 2,000 | |||||
Loss before income taxes from continuing operations | (2,462 | ) | (3,443 | ) | |||
Income tax benefit | (198 | ) | (3,986 | ) | |||
Net income (loss) from continuing operations | $ | (2,264 | ) | $ | 543 | ||
Discontinued operations: | |||||||
Loss from discontinued operations before income taxes | — | (4,858 | ) | ||||
Net loss from discontinued operations | — | (4,858 | ) | ||||
Net loss | $ | (2,264 | ) | $ | (4,315 | ) | |
Basic net loss per share - continuing operations | $ | (0.02 | ) | $ | — | ||
Basic net loss per share - discontinued operations | $ | — | $ | (0.03 | ) | ||
Basic net loss per share | $ | (0.02 | ) | $ | (0.03 | ) | |
Diluted net loss per share - continuing operations | $ | (0.02 | ) | $ | — | ||
Diluted net loss per share - discontinued operations | $ | — | $ | (0.03 | ) | ||
Diluted net loss per share | $ | (0.02 | ) | $ | (0.03 | ) | |
Weighted average shares: | |||||||
Basic | 147,056 | 142,595 | |||||
Diluted | 147,056 | 143,984 |
Three Months Ended | |||||||
(Unaudited in thousands) | June 30, 2013 | July 1, 2012 | |||||
Net loss | $ | (2,264 | ) | $ | (4,315 | ) | |
Other comprehensive loss, net of taxes: | |||||||
Currency translation adjustments, net of tax | (209 | ) | (181 | ) | |||
Change in net unrealized loss on investments, net of tax | (730 | ) | (49 | ) | |||
Actuarial loss on post-employment and post-retirement benefit plans, net of tax | (2 | ) | — | ||||
Total other comprehensive loss | $ | (941 | ) | $ | (230 | ) | |
Comprehensive loss | $ | (3,205 | ) | $ | (4,545 | ) |
Three Months Ended | |||||||
(Unaudited in thousands) | June 30, 2013 | July 1, 2012 | |||||
Cash flows provided by operating activities: | |||||||
Net loss | $ | (2,264 | ) | $ | (4,315 | ) | |
Adjustments: | |||||||
Depreciation | 5,471 | 4,678 | |||||
Amortization of intangible assets | 4,321 | 4,890 | |||||
Stock-based compensation expense, net of amounts capitalized in inventory | 4,986 | 3,282 | |||||
Deferred tax provision | 5 | (4,268 | ) | ||||
Tax benefit from share-based payment arrangements | — | (45 | ) | ||||
Changes in assets and liabilities (net of amounts acquired): | |||||||
Accounts receivable, net | (3,564 | ) | 288 | ||||
Inventories | (179 | ) | 7,362 | ||||
Prepayments and other assets | 3,312 | 802 | |||||
Accounts payable | 1,930 | (1,645 | ) | ||||
Accrued compensation and related expenses | 1,499 | 104 | |||||
Deferred income on shipments to distributors | (577 | ) | (1,923 | ) | |||
Income taxes payable and receivable | (1,143 | ) | (46 | ) | |||
Other accrued liabilities and long-term liabilities | 109 | 1,955 | |||||
Net cash provided by operating activities | 13,906 | 11,119 | |||||
Cash flows provided by (used for) investing activities: | |||||||
Acquisitions, net of cash acquired | — | (40,295 | ) | ||||
Cash in escrow related to acquisitions | — | (4,700 | ) | ||||
Purchases of property, plant and equipment, net | (3,981 | ) | (9,290 | ) | |||
Purchases of short-term investments | (115,695 | ) | (47,062 | ) | |||
Proceeds from sales of short-term investments | 75,027 | 15,828 | |||||
Proceeds from maturities of short-term investments | 9,721 | 45,370 | |||||
Net cash used for investing activities | (34,928 | ) | (40,149 | ) | |||
Cash flows provided by (used for) financing activities: | |||||||
Proceeds from issuance of common stock | 7,719 | 3,017 | |||||
Payment of acquisition related contingent consideration | (3,330 | ) | — | ||||
Excess tax benefit from share-based payment arrangements | — | 45 | |||||
Net cash provided by financing activities | 4,389 | 3,062 | |||||
Effect of exchange rates on cash and cash equivalents | (209 | ) | (180 | ) | |||
Net decrease in cash and cash equivalents | (16,842 | ) | (26,148 | ) | |||
Cash and cash equivalents at beginning of period | 130,837 | 134,924 | |||||
Cash and cash equivalents at end of period | $ | 113,995 | $ | 108,776 |
Three Months Ended | |||||||
(in thousands, except per share amounts) | June 30, 2013 | July 1, 2012 | |||||
Numerator (basic and diluted): | |||||||
Net income (loss) from continuing operations | $ | (2,264 | ) | $ | 543 | ||
Denominator: | |||||||
Weighted average common shares outstanding, basic | 147,056 | 142,595 | |||||
Dilutive effect of employee stock options and restricted stock units | — | 1,389 | |||||
Weighted average common shares outstanding, diluted | 147,056 | 143,984 | |||||
Basic net income (loss) per share from continuing operations | $ | (0.02 | ) | $ | — | ||
Diluted net income (loss) per share from continuing operations | $ | (0.02 | ) | $ | — |
(in thousands) | Fair Value | ||
Inventories | $ | 252 | |
Property, plant and equipment, net | 1,125 | ||
Funded pension assets * | 666 | ||
Accrued pension liabilities* | (666 | ) | |
Other long term liabilities | (435 | ) | |
Intangible assets (other than goodwill) | 12,500 | ||
Goodwill | 13,720 | ||
Total purchase price | $ | 27,162 |
(in thousands) | Fair Value | ||
Existing technologies | $ | 7,500 | |
Customer relationships | 2,700 | ||
In-process research and development | 1,900 | ||
Non-compete agreements | 300 | ||
Backlog | 100 | ||
Total | $ | 12,500 |
Three Months Ended | |||
(Unaudited in thousands, except per share data) | July 1, 2012 | ||
Revenues | $ | 130,514 | |
Net loss | $ | (4,179 | ) |
Basic net loss per share - continuing operations | $ | (0.03 | ) |
Diluted net loss per share - continuing operations | $ | (0.03 | ) |
(in thousands) | Fair Value | ||
Cash | $ | 1,080 | |
Accounts receivable | 4,053 | ||
Inventories | 2,600 | ||
Prepaid expenses and other current assets | 363 | ||
Property, plant and equipment, net | 656 | ||
Other long-term assets | 1,190 | ||
Accounts payable and accrued expenses | (3,765 | ) | |
Other long-term liabilities | (1,516 | ) | |
Long-term deferred tax liability | (4,345 | ) | |
Intangible assets (other than goodwill) | 12,300 | ||
Goodwill | 16,305 | ||
Total purchase price | $ | 28,921 |
(in thousands) | Fair Value | ||
Existing technologies | $ | 7,900 | |
Customer relationships | 2,000 | ||
Trade names and trademarks | 1,500 | ||
In-process research and development | 900 | ||
Total | $ | 12,300 |
(in thousands) | Fair Value | ||
Cash | $ | 147 | |
Accounts receivable | 211 | ||
Prepaid expenses | 124 | ||
Property, plant and equipment, net | 15 | ||
Accounts payable and other current liabilities | (707 | ) | |
Backlog | 1,500 | ||
Non-competition agreements | 2,300 | ||
Goodwill | 19,712 | ||
Total purchase price | $ | 23,302 |
Amount | |||
Cash proceeds from sale | $ | 5,000 | |
Less book value of assets sold and direct costs related to the sale: | |||
Fixed assets | (1,963 | ) | |
Goodwill | (700 | ) | |
Inventories | (1,288 | ) | |
Transaction and other costs | (163 | ) | |
Gain on divestiture | $ | 886 |
Three Months Ended | |||
July 1, 2012 | |||
Revenues | $ | 978 | |
Cost of revenue | 1,894 | ||
Operating expenses | 3,942 | ||
Net loss from discontinued operations | $ | (4,858 | ) |
Fair Value at Reporting Date Using: | |||||||||||||||
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||
Cash Equivalents and Short-Term investments: | |||||||||||||||
US government treasuries and agencies securities | $ | 78,034 | $ | — | $ | — | $ | 78,034 | |||||||
Money market funds | 67,237 | — | — | 67,237 | |||||||||||
Asset-backed securities | — | 11,294 | — | 11,294 | |||||||||||
Corporate bonds | — | 93,238 | — | 93,238 | |||||||||||
International government bonds | — | 4,034 | — | 4,034 | |||||||||||
Bank deposits | — | 14,512 | — | 14,512 | |||||||||||
Municipal bonds | — | 5,026 | — | 5,026 | |||||||||||
Total assets measured at fair value | $ | 145,271 | $ | 128,104 | $ | — | $ | 273,375 | |||||||
Liabilities: | |||||||||||||||
Fair value of contingent consideration | — | — | 3,408 | 3,408 | |||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 3,408 | $ | 3,408 |
Fair Value at Reporting Date Using | |||||||||||||||
(in thousands) | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | Total | |||||||||||
Cash Equivalents and Short-Term investments: | |||||||||||||||
US government treasuries and agencies securities | $ | 87,379 | $ | — | $ | — | $ | 87,379 | |||||||
Money market funds | 79,083 | — | — | 79,083 | |||||||||||
Asset-backed securities | — | 9,855 | — | 9,855 | |||||||||||
Corporate bonds | — | 58,716 | — | 58,716 | |||||||||||
International government bonds | — | 3,066 | — | 3,066 | |||||||||||
Bank deposits | — | 16,583 | — | 16,583 | |||||||||||
Municipal bonds | — | 2,094 | — | 2,094 | |||||||||||
Total assets measured at fair value | $ | 166,462 | $ | 90,314 | $ | — | $ | 256,776 | |||||||
Liabilities: | |||||||||||||||
Fair value of contingent consideration | — | — | 6,695 | 6,695 | |||||||||||
Total liabilities measured at fair value | $ | — | $ | — | $ | 6,695 | $ | 6,695 |
(in thousands) | Estimated Fair Value | ||
Balance as of March 31, 2013 | $ | 6,695 | |
Payments | (3,287 | ) | |
Balance as of June 30, 2013 | $ | 3,408 |
(in thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
U.S. government treasuries and agencies securities | $ | 78,154 | $ | 4 | $ | (124 | ) | $ | 78,034 | ||||||
Money market funds | 67,237 | — | — | 67,237 | |||||||||||
Asset-backed securities | 11,337 | — | (43 | ) | 11,294 | ||||||||||
Corporate bonds | 93,694 | 7 | (463 | ) | 93,238 | ||||||||||
International government bonds | 4,072 | — | (38 | ) | 4,034 | ||||||||||
Bank deposits | 14,512 | — | — | 14,512 | |||||||||||
Municipal bonds | 5,095 | — | (69 | ) | 5,026 | ||||||||||
Total available-for-sale investments | 274,101 | 11 | (737 | ) | 273,375 | ||||||||||
Less amounts classified as cash equivalents | (77,133 | ) | — | — | (77,133 | ) | |||||||||
Short-term investments | $ | 196,968 | $ | 11 | $ | (737 | ) | $ | 196,242 |
(in thousands) | Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value | |||||||||||
U.S. government treasuries and agencies securities | $ | 87,356 | $ | 24 | $ | (1 | ) | $ | 87,379 | ||||||
Money market funds | 79,083 | — | — | 79,083 | |||||||||||
Asset-backed securities | 9,860 | 2 | (7 | ) | 9,855 | ||||||||||
Corporate bonds | 58,733 | 33 | (50 | ) | 58,716 | ||||||||||
International government bonds | 3,069 | 1 | (4 | ) | 3,066 | ||||||||||
Bank deposits | 16,583 | — | — | 16,583 | |||||||||||
Municipal bonds | 2,089 | 5 | — | 2,094 | |||||||||||
Total available-for-sale investments | 256,773 | 65 | (62 | ) | 256,776 | ||||||||||
Less amounts classified as cash equivalents | (90,443 | ) | — | — | (90,443 | ) | |||||||||
Short-term investments | $ | 166,330 | $ | 65 | $ | (62 | ) | $ | 166,333 |
(in thousands) | Amortized Cost | Estimated Fair Value | |||||
Due in 1 year or less | $ | 108,944 | $ | 108,933 | |||
Due in 1-2 years | 84,498 | 84,328 | |||||
Due in 2-5 years | 80,659 | 80,114 | |||||
Total investments in available-for-sale securities | $ | 274,101 | $ | 273,375 |
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||
Corporate bonds | $ | 87,804 | $ | (463 | ) | $ | — | $ | — | $ | 87,804 | $ | (463 | ) | |||||||||
Asset-backed securities | 11,294 | (43 | ) | — | — | 11,294 | (43 | ) | |||||||||||||||
U.S. government treasuries and agencies securities | 65,478 | (124 | ) | — | — | 65,478 | (124 | ) | |||||||||||||||
Municipal bonds | 5,026 | (69 | ) | — | — | 5,026 | (69 | ) | |||||||||||||||
International government bonds | 3,025 | (38 | ) | — | — | 3,025 | (38 | ) | |||||||||||||||
Total | $ | 172,627 | $ | (737 | ) | $ | — | $ | — | $ | 172,627 | $ | (737 | ) |
Less Than 12 Months | 12 Months or Greater | Total | |||||||||||||||||||||
(in thousands) | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | |||||||||||||||||
Corporate bonds | $ | 32,009 | $ | (50 | ) | $ | — | $ | — | $ | 32,009 | $ | (50 | ) | |||||||||
Asset-backed securities | 6,473 | (7 | ) | — | — | 6,473 | (7 | ) | |||||||||||||||
U.S. government treasuries and agencies securities | 3,324 | (1 | ) | — | — | 3,324 | (1 | ) | |||||||||||||||
International government bonds | 1,007 | (4 | ) | — | — | 1,007 | (4 | ) | |||||||||||||||
Total | $ | 42,813 | $ | (62 | ) | $ | — | $ | — | $ | 42,813 | $ | (62 | ) |
Three Months Ended | |||||||
(in thousands) | June 30, 2013 | July 1, 2012 | |||||
Cost of revenue | $ | 333 | $ | 303 | |||
Research and development | 2,472 | 1,543 | |||||
Selling, general and administrative | 2,181 | 1,277 | |||||
Discontinued operations | — | 159 | |||||
Total stock-based compensation expense | $ | 4,986 | $ | 3,282 |
Three Months Ended June 30, 2013 | ||||||
(shares in thousands) | Shares | Price | ||||
Beginning stock options outstanding | 12,817 | $ | 7.12 | |||
Granted | 1,296 | 7.67 | ||||
Exercised (1) | (926 | ) | 5.62 | |||
Canceled | (617 | ) | 13.41 | |||
Ending stock options outstanding | 12,570 | $ | 6.98 | |||
Ending stock options exercisable | 7,293 | $ | 7.13 |
(1) | Upon exercise, the Company issues new shares of common stock. |
Three Months Ended June 30, 2013 | ||
(shares in thousands) | Shares | |
Beginning RSUs outstanding | 2,591 | |
Granted | 1,753 | |
Released | (682 | ) |
Forfeited | (69 | ) |
Ending RSUs outstanding | 3,593 |
Three Months Ended June 30, 2013 | ||
(shares in thousands) | Shares | |
Beginning PSUs outstanding | 744 | |
Granted | 417 | |
Released | — | |
Forfeited | (16 | ) |
Ending PSUs outstanding | 1,145 |
(in thousands, except per share amounts) | |||
Number of shares issued | 395 | ||
Average issuance price | $ | 6.35 | |
Number of shares available at June 30, 2013 | 830 |
(in thousands) | June 30, 2013 | March 31, 2013 | |||||
Inventories, net | |||||||
Raw materials | $ | 7,130 | $ | 7,008 | |||
Work-in-process | 26,468 | 24,123 | |||||
Finished goods | 23,229 | 25,424 | |||||
Total inventories, net | $ | 56,827 | $ | 56,555 | |||
Property, plant and equipment, net | |||||||
Land | $ | 11,792 | $ | 11,832 | |||
Machinery and equipment (1) | 301,164 | 296,174 | |||||
Building and leasehold improvements | 48,911 | 48,991 | |||||
Total property, plant and equipment, gross | 361,867 | 356,997 | |||||
Less: accumulated depreciation | (285,704 | ) | (282,009 | ) | |||
Total property, plant and equipment, net | $ | 76,163 | $ | 74,988 |
Other accrued liabilities | |||||||
Short-term portion of supplier obligations (2) | $ | 412 | $ | 407 | |||
Other (3) | 11,401 | 14,245 | |||||
Total other accrued liabilities | $ | 11,813 | $ | 14,652 |
Other long-term obligations | |||||||
Deferred compensation related liabilities | $ | 14,624 | $ | 14,615 | |||
Other | 6,049 | 7,407 | |||||
Total other long-term liabilities | $ | 20,673 | $ | 22,022 |
(in thousands) | June 30, 2013 | March 31, 2013 | |||||
Gross deferred revenue | $ | 16,771 | $ | 17,581 | |||
Gross deferred costs | (2,809 | ) | (3,042 | ) | |||
Deferred income on shipments to distributors | $ | 13,962 | $ | 14,539 |
(in thousands) | Cumulative translation adjustments | Unrealized gain on available-for-sale investments | Pension adjustments | Total | |||||||||||
Balance as of March 31, 2013 | $ | 1,563 | $ | — | $ | (77 | ) | $ | 1,486 | ||||||
Other comprehensive loss before reclassifications | (209 | ) | (691 | ) | — | (900 | ) | ||||||||
Amounts reclassified from AOCI | — | (39 | ) | (2 | ) | (41 | ) | ||||||||
Net current-period other comprehensive income | (209 | ) | (730 | ) | (2 | ) | (941 | ) | |||||||
Balance as of June 30, 2013 | $ | 1,354 | $ | (730 | ) | $ | (79 | ) | $ | 545 |
(in thousands) | Three Months Ended June 30, 2013 | Location | |||
Unrealized holding gains (losses) on available-for-sale investments | $ | (39 | ) | interest and other, net | |
Amortization of pension benefits prior service credits | (2 | ) | operating expense | ||
Total amounts reclassified out of accumulated other comprehensive income (loss) | $ | (41 | ) |
Reportable Segment | |||||||||||
(in thousands) | Communications | Computing and Consumer | Total | ||||||||
Balance as of March 31, 2013 | $ | 124,205 | $ | 20,719 | $ | 144,924 | |||||
Dispositions | — | — | — | ||||||||
Additions | — | — | — | ||||||||
Balance as of June 30, 2013 | $ | 124,205 | $ | 20,719 | $ | 144,924 |
June 30, 2013 | |||||||||||
(in thousands) | Gross Assets | Accumulated Amortization | Net Assets | ||||||||
Purchased intangible assets: | |||||||||||
Existing technology | $ | 241,197 | $ | (206,034 | ) | $ | 35,163 | ||||
Trademarks | 4,411 | (2,246 | ) | 2,165 | |||||||
Customer relationships | 131,931 | (128,990 | ) | 2,941 | |||||||
Backlog | 1,600 | (1,597 | ) | 3 | |||||||
Non-compete agreements | 2,600 | (1,024 | ) | 1,576 | |||||||
Total amortizable purchased intangible assets | 381,739 | (339,891 | ) | 41,848 | |||||||
IPR&D * | 2,433 | — | 2,433 | ||||||||
Total purchased intangible assets | $ | 384,172 | $ | (339,891 | ) | $ | 44,281 |
March 31, 2013 | |||||||||||
(in thousands) | Gross Assets | Accumulated Amortization | Net Assets | ||||||||
Purchased intangible assets: | |||||||||||
Existing technology | $ | 241,197 | $ | (203,129 | ) | $ | 38,068 | ||||
Trademarks | 4,411 | (2,018 | ) | 2,393 | |||||||
Customer relationships | 131,931 | (128,107 | ) | 3,824 | |||||||
Backlog | 1,600 | (1,509 | ) | 91 | |||||||
Non-compete agreements | 2,600 | (807 | ) | 1,793 | |||||||
Total amortizable purchased intangible assets | 381,739 | (335,570 | ) | 46,169 | |||||||
IPR&D * | 2,433 | — | 2,433 | ||||||||
Total purchased intangible assets | $ | 384,172 | $ | (335,570 | ) | $ | 48,602 |
Fiscal Year | Amount | ||
2014 (Remaining 9 months) | $ | 12,706 | |
2015 | 13,304 | ||
2016 | 8,290 | ||
2017 | 6,591 | ||
2018 and thereafter | 3,390 | ||
Total | $ | 44,281 |
(in thousands) | Total | ||
Balance as of March 31, 2013 | $ | 1,662 | |
Provision | 410 | ||
Cash payments | (1,478 | ) | |
Balance as of June 30, 2013 | $ | 594 |
• | Communications segment: includes clock and timing solutions, flow-control management devices including Serial RapidIO® switching solutions, multi-port products, telecommunications products, high-speed static random access memory, first in and first out, digital logic, high speed data converters, radio frequency, and MEMS Oscillator solutions. |
• | Computing and Consumer segment: includes clock generation and distribution products, high-performance server memory interfaces, PCI Express switching solutions, power management solutions, signal integrity products, and PC audio. |
Revenues by segment | Three Months Ended | ||||||
(in thousands) | June 30, 2013 | July 1, 2012 | |||||
Communications | $ | 68,205 | $ | 63,070 | |||
Computing and Consumer | 49,777 | 67,091 | |||||
Total revenues | $ | 117,982 | $ | 130,161 |
Income (loss) by segment from continuing operations | Three Months Ended | ||||||
(in thousands) | June 30, 2013 | July 1, 2012 | |||||
Communications | $ | 16,562 | $ | 17,486 | |||
Computing and Consumer | (7,998 | ) | (4,813 | ) | |||
Unallocated expenses: | |||||||
Amortization of intangible assets | (4,321 | ) | (4,891 | ) | |||
Inventory fair market value adjustment | — | (358 | ) | ||||
Fabrication production transfer costs | — | — | |||||
Assets impairment and recoveries | 36 | 59 | |||||
Amortization of stock-based compensation | (4,986 | ) | (3,122 | ) | |||
Severance, retention and facility closure costs | (1,182 | ) | (728 | ) | |||
Acquisition-related costs and other | (730 | ) | (6,636 | ) | |||
Consulting expenses related to stockholder activities | — | (2,576 | ) | ||||
Deferred compensation plan expense (benefit) | (1 | ) | (178 | ) | |||
Proceeds from life insurance policies | — | 2,313 | |||||
Interest income and other, net | 158 | 1 | |||||
Income from continuing operations, before income taxes | $ | (2,462 | ) | $ | (3,443 | ) |
Three Months Ended | |||||||
(in thousands) | June 30, 2013 | July 1, 2012 | |||||
Asia Pacific | $ | 72,334 | $ | 85,870 | |||
Americas (1) | 19,075 | 19,902 | |||||
Japan | 10,106 | 11,460 | |||||
Europe | 16,467 | 12,929 | |||||
Total revenues | $ | 117,982 | $ | 130,161 |
(1) | The revenues from the customers in the U.S. were $16.6 million and $16.4 million in the three months ended June 30, 2013 and July 1, 2012, respectively. |
(in thousands) | June 30, 2013 | March 31, 2013 | |||||
United States | $ | 44,537 | $ | 44,651 | |||
Canada | 5,106 | 5,188 | |||||
Malaysia | 22,949 | 21,379 | |||||
All other countries | 3,571 | 3,770 | |||||
Total property, plant and equipment, net | $ | 76,163 | $ | 74,988 |
• | Focus on market leadership in timing, serial switching and memory interfaces and substantiate the foundation by adding new technologies, including analog, power management and systems expertise; |
• | Investments in applications expertise, system-level knowledge and whole product solution elements that solve difficult technology challenges for our customers and enable them to reduce their overall bill-of-materials (BOM), increase system performance and lower power consumption while accelerating their time-to-market; |
• | Application of our diverse skill, expertise and technology to help our customers achieve maximum benefit from evolving technology standards relevant in the market; |
• | Dependability and reliability of an experienced, high-volume vendor with a long-term view; |
• | Combination of our digital design silicon heritage and the latest in analog, mixed-signal capabilities to provide highly integrated Application Specific Standard Products (ASSPs); and |
• | Customizable model and design services to offer user-configured, application-optimized, quick turn benefits to our customers. |
Three Months Ended | |||||||
(in thousands, except for percentage) | June 30, 2013 | July 1, 2012 | |||||
Revenues | $ | 117,982 | $ | 130,161 | |||
Gross profit | $ | 66,173 | $ | 72,513 | |||
As a % of revenues | 56 | % | 56 | % | |||
Operating loss | $ | (2,519 | ) | $ | (5,443 | ) | |
As a % of revenues | (2 | )% | (4 | )% | |||
Net income (loss) from continuing operations | $ | (2,264 | ) | $ | 543 | ||
As a % of revenues | (2 | )% | — | % |
Revenues by segment: | Three Months Ended | ||||||
(in thousands) | June 30, 2013 | July 1, 2012 | |||||
Communications | $ | 68,205 | $ | 63,070 | |||
Computing and Consumer | 49,777 | 67,091 | |||||
Total revenues | $ | 117,982 | $ | 130,161 |
Product groups representing greater than 10% of net revenues: | Three Months Ended | ||||
As a percentage of net revenues | June 30, 2013 | July 1, 2012 | |||
Communications: | |||||
Communications timing products | 26 | % | 21 | % | |
Serial RapidIO products | 13 | % | * | ||
All others less than 10% individually | 19 | % | 27 | % | |
Total communications | 58 | % | 48 | % | |
Computing and Consumer: | |||||
Consumer and computing timing products | 18 | % | 20 | % | |
Memory interface products | 16 | % | 19 | % | |
All others less than 10% individually | 8 | % | 13 | % | |
Total computing and consumer | 42 | % | 52 | % | |
Total | 100 | % | 100 | % |
Three Months Ended | |||||||
June 30, 2013 | July 1, 2012 | ||||||
Gross Profit (in thousands) | $ | 66,173 | $ | 72,513 | |||
Gross Profit Percentage | 56.1 | % | 55.7 | % |
Three Months Ended | |||||||||||||
June 30, 2013 | July 1, 2012 | ||||||||||||
(in thousands, except for percentages) | Dollar Amount | % of Net Revenues | Dollar Amount | % of Net Revenues | |||||||||
Research and development | $ | 40,849 | 35 | % | $ | 41,544 | 32 | % | |||||
Selling, general and administrative | $ | 27,843 | 24 | % | $ | 36,412 | 28 | % |
Three Months Ended | |||||||
(in thousands) | June 30, 2013 | July 1, 2012 | |||||
Interest income | $ | 264 | $ | 86 | |||
Interest expense | (3 | ) | (396 | ) | |||
Other income (expense), net | (204 | ) | 2,310 | ||||
Interest income and other, net | $ | 57 | $ | 2,000 |
• | global economic conditions, including those related to the credit markets; |
• | the cyclicality of the semiconductor industry; |
• | changes in the demand for and mix of products sold and in the markets we and our customers serve; |
• | the availability of industry-wide wafer processing capacity; |
• | the availability of industry-wide and package specific assembly subcontract capacity and related raw materials; |
• | competitive pricing pressures; |
• | the success and timing of new product and process technology announcements and introductions from us or our competitors; |
• | potential loss of market share among a concentrated group of customers; |
• | difficulty in attracting and retaining key personnel; |
• | difficulty in predicting customer product requirements; |
• | production difficulties and interruptions caused by our complex manufacturing and logistics operations; |
• | reduced control over our manufacturing and product delivery as a result of our increasing reliance on subcontractors, foundry and other manufacturing services; |
• | unrealized potential of acquired businesses and resulting assets impairment; |
• | availability and costs of raw materials from a limited number of suppliers; |
• | political and economic conditions in various geographic areas; |
• | timing and execution of plans and programs subject to foreign labor law requirements, including consultation with work councils; |
• | reduced customer demand as a result of the impact from natural and/or man-made disasters which may adversely impact our customer's manufacturing capability or reduce our customer's ability to acquire critical materials or components to manufacture their end products; |
• | costs associated with other events, such as intellectual property disputes or other litigation; and |
• | legislative, tax, accounting, or regulatory changes or changes in their interpretation. |
• | writing off the value of inventory of such products; |
• | disposing of products that cannot be fixed; |
• | recalling such products that have been shipped to customers; |
• | providing product replacements for, or modifications to, such products; and |
• | defending against litigation related to such products. |
(percentage of total revenues) | First Three Months of Fiscal 2014 | Fiscal 2013 | Fiscal 2012 | |||||
APAC | 61 | % | 64 | % | 66 | % | ||
Americas | 16 | % | 16 | % | 15 | % | ||
Japan | 9 | % | 8 | % | 8 | % | ||
Europe | 14 | % | 12 | % | 11 | % | ||
Total | 100 | % | 100 | % | 100 | % |
• | political instability and acts of war or terrorism, which could disrupt our manufacturing and logistical activities; |
• | regulations regarding use of local employees and suppliers; |
• | exposure to foreign employment practices and labor laws; |
• | currency controls and fluctuations, devaluation of foreign currencies, hard currency shortages and exchange rate fluctuations; |
• | changes in local economic conditions; |
• | governmental regulation of taxation of our earnings and those of our personnel; and |
• | changes in tax laws, import and export controls, tariffs and freight rates. |
• | terminate contracts at its convenience; |
• | terminate, modify or reduce the value of existing contracts, if budgetary constraints or needs change; |
• | cancel multi-year contracts and related orders, if funds become unavailable; |
• | adjust contract costs and fees on the basis of audits performed by U.S. government agencies; |
• | control and potentially prohibit the export of our products; |
• | require that we continue to supply products despite the expiration of a contract under certain circumstances; |
• | require that we fill certain types of rated orders for the U.S. government prior to filling any orders for other customers; and |
• | suspend us from receiving new contracts pending resolution of any alleged violations of procurement laws or regulations. |
• | the need to bid on programs prior to completing the necessary design, which may result in unforeseen technological difficulties, delays and/or cost overruns; |
• | the difficulty in forecasting long-term costs and schedules and the potential obsolescence of products related to long-term fixed price contracts; and |
• | the need to transfer and obtain security clearances and export licenses, as appropriate. |
Exhibit Number | Exhibit Description | ||
3.1 | Restated Certificate of Incorporation, as amended to date. Incorporated by reference to Exhibit 3.1 to Form 10-K filed on May 21, 2012. | ||
3.2 | Certificate of Designations specifying the terms of the Series A Junior Participating Preferred Stock of Integrated Device Technology, Inc., as filed with the Secretary of State of the State of Delaware. Incorporated by reference to Exhibit 3.6 to Form 8-A filed on December 23, 1998. | ||
3.3 | Amended and Restated Bylaws of the Company, as amended and restated. Incorporated by reference to Exhibit 3.1 to Form 8-K filed on July 29, 2013. | ||
10.1 | Asset Purchase Agreement by and among PMC-Sierra, Inc., Integrated Device Technology, Inc. and Integrated Device Technology (Malaysia) Sdn. Bhd., dated as of May 29, 2013. Incorporated by reference to Exhibit 2.1 to Form 8-K filed on May 29, 2013. | ||
10.2* | Integrated Device Technology, Inc. Fiscal 2014 Performance Equity Plan. Incorporated by reference to Exhibit 10.1 to Form 8-K filed on June 16, 2013. | ||
31.1 | Certification of Chief Executive Officer as required by Rule 13a-14(a) and 15(d)-14(a) of the Securities Exchange Act of 1934, as amended. | ||
31.2 | Certification of Chief Financial Officer as required by Rule 13a-14(a) and 15(d)-14(a) of the Securities Exchange Act of 1934, as amended. | ||
32.1** | Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
32.2** | Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | ||
101.INS | XBRL Instance Document. | ||
101.SCH | XBRL Taxonomy Extension Schema Document. | ||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. | ||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document. | ||
101.LAB | XBRL Taxonomy Extension Label Linkbase Document. | ||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
INTEGRATED DEVICE TECHNOLOGY, INC. Registrant | ||
By: | /s/ THEODORE L. TEWKSBURY III | |
August 8, 2013 | Theodore L.Tewksbury III President and Chief Executive Officer | |
/s/ RICHARD D. CROWLEY, JR. | ||
August 8, 2013 | Richard D. Crowley, Jr. Senior Vice President, Chief Financial Officer (Principal Financial and Accounting Officer) |
1. | I have reviewed this quarterly report on Form 10-Q of Integrated Device Technology, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
By: | /s/ THEODORE L. TEWKSBURY III | ||
Date: | August 8, 2013 | Theodore L.Tewksbury III President and Chief Executive Officer |
1. | I have reviewed this quarterly report on Form 10-Q of Integrated Device Technology, Inc.; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
a. | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
b. | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
c. | Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
d. | Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and |
5. | The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): |
a. | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and |
b. | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. |
By: | /s/ RICHARD D. CROWLEY, JR. | ||
Date: | August 8, 2013 | Richard D. Crowley, Jr. Senior Vice President, Chief Financial Officer (Principal Financial and Accounting Officer) |
By: | /s/ THEODORE L. TEWKSBURY III | ||
Date: | August 8, 2013 | Theodore L.Tewksbury III President and Chief Executive Officer |
By: | /s/ RICHARD D. CROWLEY, JR. | ||
Date: | August 8, 2013 | Richard D. Crowley, Jr. Senior Vice President and Chief Financial Officer (Principal Financial and Accounting Officer) |
Accumulated Other Comprehensive Income (Loss)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Accumulated Other Comprehensive Income (Loss) [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) Disclosure [Text Block] | Accumulated Other Comprehensive Income Changes in accumulated other comprehensive income (AOCI) by component, net of tax, for the three months ended June 30, 2013 consisted of the following:
Comprehensive income components consisted of:
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Stockholders' Equity (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
---|---|
Jun. 30, 2013
|
|
Equity [Abstract] | |
Number of shares repurchased | 0 |
Share repurchase program, amount available for future purchase | $ 79.8 |
Discontinued Operations
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Discontinued Operations | Discontinued Operations On September 26, 2011, the Company completed the transfer of certain assets related to IDT’s Hollywood Quality Video (HQV) and Frame Rate Conversion (FRC) video processing product lines to Qualcomm pursuant to an Asset Purchase Agreement. The sale of these HQV and FRC video processing assets is intended to allow the Company to intensify focus on its analog-intensive mixed-signal, timing, and interface solutions. Upon the closing of the transaction, Qualcomm paid the Company $58.7 million in cash consideration, of which $6.0 million has been withheld in an escrow account for a period of two years and is included in the Company’s balance sheet as other current assets. In the second quarter of fiscal 2012, the Company recorded a gain of $45.9 million related to this divestiture. The Company’s HQV and FRC product lines represented a significant portion of the Company’s video business assets. On August 1, 2012, the Company completed the transfer of the remaining assets of its video business to Synaptics for $5.0 million in cash pursuant to an Asset Purchase Agreement. In connection with the divestiture, 47 employees were transferred to Synaptics. In the second quarter of fiscal 2013, the Company recorded a gain of $0.9 million related to this divestiture. The following table summarizes the components of the gain (in thousands):
Prior to second quarter of fiscal 2012, the video business was part of the Company’s Computing and Consumer reportable segment. For financial statement purposes, the results of operations for the video business are presented in the Company's condensed consolidated financial statements as discontinued operations. The results from discontinued operations for the three months ended July 1, 2012 are as follows (in thousands):
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Derivative Financial Instruments
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3 Months Ended |
---|---|
Jun. 30, 2013
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments As of June 30, 2013 and March 31, 2013, the Company did not have any outstanding foreign currency contracts that were designated as hedges of forecasted cash flows or capital equipment purchases. The Company does not enter into derivative financial instruments for speculative or trading purposes. |
Segment Information (Details 1) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |||||
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Jun. 30, 2013
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Jul. 01, 2012
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Segment Reporting Information [Line Items] | ||||||
Revenues | $ 117,982 | $ 130,161 | ||||
Asia Pacific [Member]
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||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 72,334 | 85,870 | ||||
Americas [Member]
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||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 19,075 | [1] | 19,902 | [1] | ||
Japan [Member]
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||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 10,106 | 11,460 | ||||
Europe [Member]
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||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | 16,467 | 12,929 | ||||
UNITED STATES
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||||||
Segment Reporting Information [Line Items] | ||||||
Revenues | $ 16,600 | $ 16,400 | ||||
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Goodwill and Intangible Assets, Net
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Jun. 30, 2013
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets, Net | Goodwill and Intangible Assets, Net Goodwill activity for the three months ended June 30, 2013 is as follows:
The balance as of June 30, 2013 includes approximately $7.3 million in goodwill allocated to held for sale in association with the sale of certain assets of IDT's PCI Express enterprise flash controller business which was completed on July 12, 2013. See Note 19 for additional information on this subsequent event. Balances as of June 30, 2013 and March 31, 2013 are net of $920.4 million in accumulated impairment losses. Intangible asset balances as of June 30, 2013 and March 31, 2013 are summarized as follows:
* IPR&D is initially capitalized at fair value as an intangible asset with an indefinite life and assessed for impairment thereafter. When the IPR&D project is complete, it is reclassified as an amortizable purchased intangible asset and is amortized over its estimated useful life. If an IPR&D project is abandoned, the Company will record a charge for the carrying value of the related intangible asset to its Consolidated Statements of Operations in the period it is abandoned. Amortization expense for the three months ended June 30, 2013 and July 1, 2012 was $4.3 million and $4.9 million, respectively. The intangible assets are being amortized over estimated useful lives of six months to seven years. Based on the intangible assets recorded at June 30, 2013, and assuming no subsequent additions to or impairment of the underlying assets, the remaining estimated amortization expense is expected to be as follows (in thousands):
|
Goodwill and Intangible Assets, Net (Details) (USD $)
|
3 Months Ended | |
---|---|---|
Jun. 30, 2013
|
Mar. 31, 2013
|
|
Goodwill [Line Items] | ||
Goodwill, allocated, amount | $ 7,300,000 | |
Goodwill, Impaired, Accumulated Impairment Loss | 920,400,000 | 920,400,000 |
Goodwill [Roll Forward] | ||
Balance as of March 31, 2013 | 144,924,000 | |
Impairment losses | 0 | |
Additions | 0 | |
Balance as of June 30, 2013 | 144,924,000 | |
Communications [Member]
|
||
Goodwill [Roll Forward] | ||
Balance as of March 31, 2013 | 124,205,000 | |
Impairment losses | 0 | |
Additions | 0 | |
Balance as of June 30, 2013 | 124,205,000 | |
Computing and Consumer [Member]
|
||
Goodwill [Roll Forward] | ||
Balance as of March 31, 2013 | 20,719,000 | |
Impairment losses | 0 | |
Additions | 0 | |
Balance as of June 30, 2013 | $ 20,719,000 |
Segment Information (Tables)
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Jun. 30, 2013
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of reportable segments information |
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Revenues from unaffiliated customers by shipment location | Revenues from unaffiliated customers by geographic area, based on the customers' shipment locations, were as follows:
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Concentration Risk Disclosure [Text Block] | The Company utilizes global and regional distributors around the world, who buy product directly from the Company on behalf of their customers. One distributor, Avnet represented approximately 13% of the Company’s revenues for the three month period ended June 30, 2013. Two distributors, Maxtek and its affiliates and Uniquest represented approximately 10% and 12%, respectively, of the Company’s revenues for the three months period ended July 1, 2012. At June 30, 2013, three distributors represented approximately 17%, 13% and 13% of the Company’s gross accounts receivable. At March 31, 2013, four distributors represented approximately 15%, 15%, 12% and 11% of the Company’s gross accounts receivable. |
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Property, plant and equipment by geographic region | The Company’s significant operations outside of the United States include a test facility in Malaysia, design centers in Canada and China, and sales subsidiaries in Japan, Asia Pacific and Europe. The Company's property, plant and equipment, net, are summarized below by geographic area:
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Net Income Per Share (Tables)
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Jun. 30, 2013
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule Of Earnings Per Share Basic And Diluted | The following table sets forth the computation of basic and diluted net income per share from continuing operations:
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Summary of Significant Accounting Policies (Policies)
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3 Months Ended |
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Jun. 30, 2013
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Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation. The Company's fiscal year is the 52- or 53-week period ending on the Sunday closest to March 31st. In a 52-week year, each fiscal quarter consists of thirteen weeks. In a 53-week year, the additional week is usually added to the third quarter, making such quarter consist of fourteen weeks. The first quarters of fiscal 2014 and fiscal 2013 were thirteen week period |
Principles of Consolidation | Principles of Consolidation. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All inter-company accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates. The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Significant Accounting Policies [Text Block] | Significant Accounting Policies. For a description of significant accounting policies, see Note 1, Summary of Significant Accounting Policies to the consolidated financial statements included in the Company's annual report on Form 10-K for the fiscal year ended March 31, 2013. There have been no material changes to the Company's significant accounting policies since the filing of the annual report on Form 10-K. |
Recent Accounting Pronouncements [Text Block] | Recent Accounting Pronouncements. Accounting Pronouncements Recently Adopted In July 2012, the Financial Accounting Standards Board (FASB) issued an amendment to its guidance regarding the testing of indefinite-lived intangible assets for impairment. This amended guidance allows an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with the guidance on the impairment of intangible assets other than goodwill. This amended guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012. The adoption of this guidance had no impact on the Company’s financial statements. In February 2013, the Financial Accounting Standards Board (“FASB”) issued an Accounting Standards Update (“ASU”) to the guidance on Comprehensive Income, to improve the reporting of reclassifications out of accumulated other income. This guidance requires entities to provide information about the amounts reclassified out of accumulated other income by component. The authoritative guidance also requires an entity to present, either on the face of the statement where net income (loss) is presented or in the notes, significant amounts reclassified out of accumulated other comprehensive income by the respective line items of net income only if the amount reclassified is required under U.S. GAAP to be reclassified to net income (loss) in its entirety in the same reporting period. For amounts not required to be reclassified under U.S. GAAP, entities are required to cross-reference to other disclosures required under U.S. GAAP that provide additional detail about those amounts. The Company adopted this guidance in the first quarter of fiscal 2013 and the adoption did not have a significant impact the Company's condensed consolidated financial statements. See Note 11 for more information. Accounting Pronouncements Not Yet Effective for Fiscal 2014 In February 2013, the FASB issued guidance for the recognition, measurement, and disclosure of certain obligations resulting from joint and several liability arrangements for which the total amount is fixed. Such obligations may include debt arrangements, legal settlements, and other contractual arrangements. The guidance is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2013 and should be applied retrospectively to all prior periods presented for those obligations within the scope which existed as of the beginning of the fiscal year of adoption. Early adoption is permitted. The Company is currently evaluating the new guidance. In March 2013, the FASB issued guidance on the accounting for the cumulative translation adjustment upon derecognition of certain subsidiaries or groups of assets within a foreign entity or of an investment in a foreign entity. The guidance is effective prospectively for fiscal years and interim periods within those fiscal years beginning after December 15, 2013. Early adoption is permitted. The Company is currently evaluating the new guidance. In July 2013, FASB issued an ASU on Income Taxes, to improve the presentation of an unrecognized tax benefit when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This guidance is expected to reduce diversity in practice by and is expected to better reflect the manner in which an entity would settle at the reporting date any additional income taxes that would result from the disallowance of a tax position when net operating loss carryforwards, similar tax losses, or tax credit carryforwards exists. This guidance is effective for interim and annual periods beginning after December 15, 2013. The Company does not believe that the implementation of this authoritative guidance will have a material impact on its financial position or results of operations as it affects presentation of unrecognized tax benefits. |
Deferred Income on Shipments to Distributors (Tables)
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Jun. 30, 2013
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Deferred Revenue Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Income on Shipments to Distributors | The components of deferred income on shipments to distributors as of June 30, 2013 and March 31, 2013 are as follows:
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Net Income Per Share (Details) (USD $)
In Thousands, except Share data, unless otherwise specified |
3 Months Ended | |
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Jun. 30, 2013
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Jul. 01, 2012
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Numerator (basic and diluted): | ||
Net income (loss) from continuing operations | $ (2,264) | $ 543 |
Denominator: | ||
Weighted average common shares outstanding, basic (in shares) | 147,056,000 | 142,595,000 |
Dilutive effect of employee stock options and restricted stock units (in shares) | 0 | 1,389,000 |
Weighted average common shares outstanding, diluted (in shares) | 147,056,000 | 143,984,000 |
Basic net income (loss) per share - continuing operations (in dollars per share) | $ (0.02) | $ 0.00 |
Diluted net income (loss) per share - continuing operations (in dollars per share) | $ (0.02) | $ 0.00 |
Shares excluded from calculation because they were anti-dilutive (in shares) | 8,000,000 | 14,000,000 |
Investments (Details 1) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2013
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Amortized Cost | |
Due in 1 year or less | $ 108,944 |
Due in 1-2 years | 84,498 |
Due in 2-5 years | 80,659 |
Total investments in available-for-sale securities | 274,101 |
Estimated Fair Value | |
Due in 1 year or less | 108,933 |
Due in 1-2 years | 84,328 |
Due in 2-5 years | 80,114 |
Total investments in available-for-sale securities | $ 273,375 |
Investments (Tables)
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Jun. 30, 2013
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Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Available-For-Sale Investments | Available-for-sale investments at June 30, 2013 were as follows:
Available-for-sale investments at March 31, 2013 were as follows:
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Contractual Maturity of Available-For-Sale Debt Securities | The cost and estimated fair value of available-for-sale securities at June 30, 2013, by contractual maturity, were as follows:
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Gross Unrealized Losses and Fair Value of Investments in Continuous Loss Position | The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses as of June 30, 2013, aggregated by investment category and length of time that individual securities have been in a continuous loss position.
The following table shows the gross unrealized losses and fair value of the Company’s investments with unrealized losses, as of March 31, 2013, aggregated by investment category and length of time that individual securities have been in a continuous unrealized loss position.
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Segment Information (Details textual) (Sales Revenue, Goods, Net [Member], Customer Concentration Risk [Member])
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3 Months Ended | |
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Jun. 30, 2013
Distributors
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Jul. 01, 2012
Distributors
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Revenue, Major Customer [Line Items] | ||
Concentration Risk, Number of Significant Customers | 1 | 2 |
Maxtek [Member]
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Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 10.00% | |
Uniquest [Member]
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Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 12.00% | |
Avnet [Member]
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Revenue, Major Customer [Line Items] | ||
Concentration Risk, Percentage | 13.00% |
Income Taxes (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | |
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Jun. 30, 2013
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Jul. 01, 2012
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Income Tax Disclosure [Abstract] | ||
Income tax expense (benefit) | $ (198) | $ (3,986) |
Business Combinations (Details 1) (USD $)
In Thousands, unless otherwise specified |
Jul. 19, 2012
NXP B.V [Member]
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Jul. 19, 2012
NXP B.V [Member]
Existing Technology [Member]
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Jul. 19, 2012
NXP B.V [Member]
Customer Relationships [Member]
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Jul. 19, 2012
NXP B.V [Member]
Order or Production Backlog [Member]
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Jul. 19, 2012
NXP B.V [Member]
Noncompete Agreements [Member]
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Jul. 19, 2012
NXP B.V [Member]
In process research and development [Member]
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Apr. 30, 2012
Fox Enterprises [Member]
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Apr. 30, 2012
Fox Enterprises [Member]
Existing Technology [Member]
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Apr. 30, 2012
Fox Enterprises [Member]
Customer Relationships [Member]
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Apr. 30, 2012
Fox Enterprises [Member]
Trade names and trademarks [Member]
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Apr. 30, 2012
Fox Enterprises [Member]
In process research and development [Member]
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Apr. 16, 2012
Alvand Technologies [Member]
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Amortizable intangible assets: | ||||||||||||
Amortizable intangible assets | $ 7,500 | $ 2,700 | $ 1,900 | $ 7,900 | $ 2,000 | $ 1,500 | $ 900 | |||||
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | $ 12,500 | $ 100 | $ 300 | $ 12,300 | $ 2,300 |
Subsequent Events (Details) (USD $)
In Millions, unless otherwise specified |
3 Months Ended |
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Jun. 30, 2013
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Subsequent Event [Line Items] | |
Approximate gain on divestiture | $ 83 |
Subsequent Events
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3 Months Ended |
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Jun. 30, 2013
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Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 12, 2013, Integrated Device Technology, Inc. and Integrated Device Technology (Malaysia) Sdn. Bhd., a wholly-owned subsidiary of IDT (collectively “IDT”), completed the sale of certain assets of its PCI Express ("PCIe") enterprise flash controller business to PMC-Sierra, Inc., a Delaware corporation (“PMC”), for approximately $96 million in cash. Pursuant to the terms of the Asset Purchase Agreement (the "Purchase Agreement") by and among IDT and PMC, dated May 29, 2013, IDT sold (i) substantially all of the assets that were used by IDT and its subsidiaries in the business of designing, developing, manufacturing, testing, marketing, supporting, maintaining, distributing, provisioning and selling non-volatile memory (flash) controllers and (ii) all technology and intellectual property rights owned by IDT or any of its subsidiaries and used exclusively in, or developed exclusively for use in, (a) switching circuits having the primary function of flexible routing of data from/to multiple switch interface ports, where all switch interface ports conform to the PCIe protocol, or (b) circuits having the primary function of executing all of the capturing, re-timing, re-generating and re-transmitting PCIe signals to help extend the physical reach of the signals in a system (the “Disposition”). In connection with the closing of the Disposition, a license agreement was entered into by IDT and a subsidiary of PMC simultaneously with the Purchase Agreement, whereby IDT will license certain intellectual property rights and technology to PMC, and PMC will license back to IDT certain of the intellectual property rights and technology acquired by PMC in the Disposition. In connection with the closing of the Disposition, IDT and PMC also entered into (a) a transition services agreement and (b) a five year supply agreement, whereby IDT will manufacture certain products for PMC. Additional details regarding the Disposition are provided in the related Current Reports on Form 8-K previously filed by IDT on May 29, 2013 and July 15, 2013. Prior to the divestiture, the operating results for IDTs PCIe flash controller business was included in the Company's Computing and Consumer reportable segment. The PCIe enterprise flash controller business was part of a larger cash-flow generating product group and did not, on its own, represent a separate operation of the Company and, therefore, this sale did not qualify as discontinued operations. The Company expects to record a gain of approximately $83 million on divestiture related to this transaction in the second quarter of fiscal 2014. |
Net Income (Loss) Per Share
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Jun. 30, 2013
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Per Share | Net Income (Loss) Per Share Basic net income (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted-average number of common and dilutive potential common shares outstanding during the period. Potential common shares include employee stock options and restricted stock units. For purposes of computing diluted net income per share, weighted average potential common shares do not include potential common shares that are anti-dilutive under the treasury stock method. The following table sets forth the computation of basic and diluted net income per share from continuing operations:
Potential dilutive common shares of 8.0 million and 14.0 million pertaining to employee stock options and restricted stock units were excluded from the calculation of diluted earnings per share for the three months ended June 30, 2013 and July 1, 2012, respectively, because the effect would have been anti-dilutive. |
Fair Value Measurement
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Jun. 30, 2013
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Measurement | Fair Value Measurement The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2013:
The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2013:
U.S. government treasuries and U.S. government agency securities as of June 30, 2013 and March 31, 2013 do not include any U.S. government guaranteed bank issued paper. Corporate bonds include bank-issued securities that are guaranteed by the Federal Deposit Insurance Corporation (FDIC). The securities in Level 1 are highly liquid and actively traded in exchange markets or over-the-counter markets. Level 2 fixed income securities are priced using quoted market prices for similar instruments, non-binding market prices that are corroborated by observable market data. In connection with the acquisition of Fox Enterprises and Alvand Technologies (See "Note 3 - Business Combinations"), liabilities were recognized for the Company’s estimate of the fair value of contingent consideration on the acquisition dates based on probability-based forecasted revenues, gross profits and attainment of product development milestones. These fair value measurements are based on significant inputs not observed in the market and thus represent a Level 3 measurement, which reflect the Company’s own assumptions concerning future revenues, gross profit and product development milestones of the acquired businesses in measuring fair value. During the three months ended June 30, 2013, the Company settled the contingent consideration with Fox and paid $3.3 million to the former shareholders of Fox. As of June 30, 2013, the fair value of the remaining contingent consideration for Alvand Technologies was $3.4 million. The following table summarizes the change in the fair value of the contingent consideration measured using significant unobservable inputs (Level 3) for the three months ended June 30, 2013:
All of the Company’s available-for-sale investments are subject to a periodic impairment review. Investments are considered to be impaired when a decline in fair value is judged to be other-than-temporary. The Company did not record any impairment charges related to its available-for-sale investments in the three months ended June 30, 2013 and July 1, 2012. |
Business Combinations
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Jun. 30, 2013
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Business Combinations [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combinations | Business Combinations Termination of Proposed Acquisition of PLX Technology, Inc. (PLX) On April 30, 2012, IDT and PLX had entered into an Agreement and Plan of Merger with PLX Technology, Inc. (PLX) for the acquisition of PLX by IDT (the Agreement). On December 19, 2012, the United States Federal Trade Commission (FTC) filed an administrative complaint challenging IDT’s proposed acquisition of PLX. In response to the FTC’s determination to challenge the proposed acquisition of PLX by IDT, effective December 19, 2012, IDT and PLX mutually agreed to terminate the Agreement. Also on December 19, 2012, IDT withdrew its related exchange offer (the Offer) to acquire all of the issued and outstanding shares of common stock, $0.001 par value, of PLX and instructed Computershare, the exchange agent for the Offer, to promptly return all previously tendered shares. Acquisition of NXP B.V.'s Data Converter Business On July 19, 2012, the Company completed an acquisition of certain assets related to technology and products developed for communications analog mixed-signal market applications from NXP B.V. The Company believes this acquisition will enhance its efforts to increase silicon content in wireless infrastructure markets. The Company believes that with this acquisition it can offer its customers a one-stop shop for wireless base stations, including radio frequency (RF) components, analog-to-digital converters (ADCs), digital-to-analog converters (DACs), Serial RapidIO® switches and bridges, high-performance timing devices, data compression IP, and power management ICs, and it will help the Company increase its dollar content in the base station by offering all the key components in the signal chain. The Company acquired the communications analog mixed-signal assets for an aggregate cash purchase price of approximately $31.2 million, less a $4.0 million credit from NXP B.V. for certain accrued liabilities assumed by the Company from NXP B.V. resulting in a net aggregate purchase price of $27.2 million. The assets acquired and liabilities assumed were recognized in the following manner based on their fair values as at July 19, 2012:
* See Note 15 for information regarding pension plans adopted. A summary of the allocation of intangible assets (other than goodwill) is as follows:
The purchase price in excess of the fair value of the assets and liabilities assumed was recognized as goodwill. Identifiable Tangible Assets and Liabilities: Assets and liabilities were reviewed and adjusted, if required, to their estimated fair value. Inventories – The value allocated to inventories reflects the estimated fair value of the acquired inventory based on the expected sales price of the inventory, less reasonable selling margin. Funded pension assets and liabilities – The costs of pension benefits and related liabilities for the employees that were transferred to the Company as a result of the acquisition were determined based on actuarial calculations. Intangible Assets: Existing technologies consist of NXP's data converter products that have reached technological feasibility and in-process research and development (IPR&D) which consists of projects that have not reached technological feasibility. The Company valued the existing technologies and IPR&D utilizing a multi-period excess earnings method (Excess Earnings Method), which uses the discounted future earnings specifically attributed to these intangible assets, that is, in excess of returns for other assets that contributed to those earnings. The Company utilized discount factors of 26% for the existing technologies and is amortizing the intangible assets over 5 years on a straight-line basis. A discount factor of 31% was utilized for IPR&D. The Company estimates that this IPR&D will be completed within 27 months of the acquisition closing date. The Company valued one year of contractual backlog also using the Excess Earnings Method and a discount rate of 19%. Customer relationship and non-competition agreement values have been estimated utilizing a with and without method (With and Without Method), which uses projected cash flows with and without the intangible asset in place. Cash flow differentials are then discounted to present value to arrive at an estimate of fair value for the asset. The Company utilized discount factors of 29% for estimating the value of these intangible assets and is amortizing them over 3 years on a straight-line basis. The financial results of the NXP B.V. data converter business have been included in the Company’s Condensed Consolidated Statements of Operations from July 19, 2012, the closing date of the acquisition. Pro Forma Financial Information (unaudited): The following unaudited pro forma financial information presents the combined results of operations of the Company and the NXP B.V. data converter business as if the acquisition had occurred as of the beginning of fiscal 2012. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of fiscal 2012. The unaudited pro forma financial information presented below for the three months ended July 1, 2012 combines historical IDT and NXP B.V. data converter business results. The pro forma financial information includes the business combination effect of the amortization charges from acquired intangible assets, the amortization of fair market value inventory write-up and acquisition costs.
Acquisition of Fox Enterprises, Inc. On April 30, 2012, the Company completed the acquisition of Fox Enterprises, Inc. (Fox), a leading supplier of frequency control products including crystals and crystal oscillators, in an all-cash transaction for approximately $28.9 million, which included $25.7 million in cash paid at closing and $3.2 million which was recorded as a liability representing the fair value of contingent cash consideration of up to $4.0 million based upon the achievement of future financial milestones, which would be payable after 12 months from the acquisition date. During the three month period ended June 30, 2013, the Company settled the contingent consideration and paid Fox $3.3 million. The Company believes that the combination of Fox's product portfolio with the Company's CrystalFree™ oscillators makes the Company the industry's one-stop shop for frequency control products. In addition, the Company expects this acquisition will help accelerate the adoption of CrystalFree™ by enabling customers to purchase pMEMS and CMOS solid-state oscillators alongside traditional quartz-based components through the Company's established sales channels. The Company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over those fair values was recorded as goodwill. The fair values assigned to tangible and intangible assets acquired were based on management estimates and assumptions. The Company incurred approximately $0.2 million of acquisition-related costs in the first quarter of fiscal 2013, and these costs are included in selling, general and administrative expenses on the Condensed Consolidated Statements of Operations. The aggregate purchase price was allocated as follows:
A summary of the allocation of intangible assets (other than goodwill) is as follows:
Identifiable Tangible Assets and Liabilities Assets and liabilities were reviewed and adjusted, if required, to their estimated fair value. Inventories – The value allocated to inventories reflects the estimated fair value of the acquired inventory based on the expected sales price of the inventory, less reasonable selling margin. Intangible Assets: The Company valued the existing technologies utilizing a discounted cash flow (DCF) model, which uses forecasts of future revenues and expenses related to the intangible assets. The Company utilized a discount factor of 15% for the existing technologies and is amortizing the intangible assets over 5 years on a straight-line basis. Customer relationship values have been estimated utilizing a DCF model, which uses forecasts of future revenues and expenses related to the intangible asset. The Company utilized discount factors of 15% - 20% for this intangible asset and is amortizing this intangible asset over 4 years on a straight-line basis. Trade names and trademarks values have been estimated utilizing a DCF model, which uses forecasts of future revenues and expenses related to the intangible asset. The Company utilized a discount factor of 20% for this intangible asset and is amortizing this intangible asset over 3 years on a straight-line basis. In-process research and development (IPR&D): The Company utilized the DCF method to value the IPR&D, using a discount factor of 21% and will amortize this intangible asset once the projects are complete. The Company estimates that this IPR&D will be completed within the next 12 months. The financial results of Fox Enterprises have been included in the Company’s Condensed Consolidated Statements of Operations from April 30, 2012, the closing date of the acquisition. Pro forma earnings information has not been presented because the effect of the acquisition is not material to the Company’s historical financial statements. Acquisition of Alvand Technologies, Inc. On April 16, 2012, the Company completed the acquisition of Alvand Technologies Inc., a leading analog integrated circuits company specializing in data converters, for total purchase consideration of approximately $23.3 million, of which $20.5 million was paid in cash at closing and $2.8 million was recorded as a liability representing the fair value of contingent cash consideration of up to $4.0 million based upon the achievement of future product development milestones to be completed within 36 months following the acquisition date. Payments will be made on a proportionate basis upon the completion of each milestone. As of June 30, 2013, the fair value of the contingent consideration was re-measured based on a revised product development forecast for the business. As a result, the fair value of the contingent consideration increased to $3.4 million. $0.5 million of the change in the fair value of the contingent consideration was recorded in selling, general and administrative expenses in fiscal 2013 and $0.1 million in the first quarter of fiscal 2014. The Company allocated the purchase price to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values. The excess purchase price over those fair values was recorded as goodwill. The fair values assigned to tangible and intangible assets acquired were based on management estimates and assumptions. The Company incurred approximately $0.1 million of acquisition-related costs in the first quarter of fiscal 2013, which were included in selling, general and administrative expense on the Condensed Consolidated Statements of Operations. The aggregate purchase price was allocated as follows:
Amortizable Intangible Assets: Backlog consists of existing contracts. The Company valued the one-year of contractual backlog by calculating the present value of the projected cash flows that are expected to be generated by the backlog utilizing a discount factor of 15%. The Company will amortize this intangible asset over 1 year on a straight line basis. The Company valued non-competition agreements estimating cash flows with and without non-competition agreements. The projected cash flows were discounted using a discount factor of 22%. The Company is amortizing this intangible asset over 3 years on a straight-line basis. The financial results of Alvand Technologies have been included in the Company’s Condensed Consolidated Statements of Operations from April 16, 2012, the closing date of the acquisition. Pro forma earnings information has not been presented because the effect of the acquisition is not material to the Company’s historical financial statements. |
Business Combinations Business Combinations (Details Textual) (USD $)
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3 Months Ended | 3 Months Ended | 3 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | |||||||||||
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Jun. 30, 2013
NXP B.V [Member]
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Jul. 19, 2012
NXP B.V [Member]
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Jun. 30, 2013
Fox Enterprises [Member]
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Jul. 01, 2012
Fox Enterprises [Member]
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Apr. 30, 2012
Fox Enterprises [Member]
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Jul. 01, 2012
Alvand Technologies [Member]
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Jun. 30, 2013
Alvand Technologies [Member]
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Apr. 16, 2012
Alvand Technologies [Member]
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Jul. 19, 2012
Developed Technology Rights [Member]
NXP B.V [Member]
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Apr. 30, 2012
Developed Technology Rights [Member]
Fox Enterprises [Member]
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Jul. 19, 2012
In Process Research and Development [Member]
NXP B.V [Member]
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Apr. 30, 2012
In Process Research and Development [Member]
Fox Enterprises [Member]
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Apr. 30, 2012
Trademarks [Member]
Fox Enterprises [Member]
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Jul. 19, 2012
Order or Production Backlog [Member]
NXP B.V [Member]
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Apr. 16, 2012
Order or Production Backlog [Member]
Alvand Technologies [Member]
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Jul. 19, 2012
Customer Relationships [Member]
NXP B.V [Member]
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Apr. 30, 2012
Customer Relationships [Member]
Fox Enterprises [Member]
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Jul. 19, 2012
Noncompete Agreements [Member]
NXP B.V [Member]
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Apr. 16, 2012
Noncompete Agreements [Member]
Alvand Technologies [Member]
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Business Acquisition | |||||||||||||||||||
Maximum Discount rate used in discounted cash flow model | 20.00% | ||||||||||||||||||
Discount rate used in discounted cash flow model | 15.00% | 21.00% | 20.00% | 15.00% | 22.00% | ||||||||||||||
Acquired Finite-lived Intangible Asset, Weighted Average Useful Life (in years) | 5 years | 5 years | 3 years | 1 year | 3 years | 4 years | 3 years | 3 years | |||||||||||
Minimum Discount rate used in discounted cash flow model | 15.00% | ||||||||||||||||||
Total purchase price | $ 27,162,000 | $ 28,921,000 | $ 23,302,000 | ||||||||||||||||
Cash consideration | 25,700,000 | 20,500,000 | |||||||||||||||||
Accounts receivable | 4,053,000 | 211,000 | |||||||||||||||||
Maximum payment for contingent consideration | 3,200,000 | 3,400,000 | 2,800,000 | ||||||||||||||||
Acquisition-related costs incurred | 200,000 | 100,000 | |||||||||||||||||
Dicount rate used in excess earnings method | 26.00% | 31.00% | 19.00% | ||||||||||||||||
In process research and development completion time | 27 months | 12 months | |||||||||||||||||
Discount rate used in With and Without Method | 29.00% | 28.70% | |||||||||||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 4,000,000 | $ 4,000,000 |
Business Combinations (Tables)
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Jun. 30, 2013
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Business Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition, Pro Forma Information |
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NXP B.V [Member]
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Business Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Price Allocation | The assets acquired and liabilities assumed were recognized in the following manner based on their fair values as at July 19, 2012:
* See Note 15 for information regarding pension plans adopted. |
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Amortizable Intangible Assets Acquired | A summary of the allocation of intangible assets (other than goodwill) is as follows:
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Fox Enterprises [Member]
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Business Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Price Allocation | The aggregate purchase price was allocated as follows:
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Amortizable Intangible Assets Acquired | A summary of the allocation of intangible assets (other than goodwill) is as follows:
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Alvand Technologies [Member]
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Business Acquisition | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Price Allocation | The aggregate purchase price was allocated as follows:
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Stock-Based Employee Compensation (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2013
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Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | Activity under the Company's ESPP for the three months ended June 30, 2013 is summarized in the following table:
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Schedule of Nonvested Performance-based Units Activity [Table Text Block] | The following table summarizes the Company's performance stock unit activity for each category for the three months ended June 30, 2013:
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Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | The following table summarizes the Company's restricted stock unit activity for each category for the three months ended June 30, 2013:
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Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following is a summary of the Company's stock option activity and related weighted average exercise prices for each category:
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Compensation Expense | The following table summarizes stock-based compensation expense by category appearing in the Company’s Condensed Consolidated Statement of Operations:
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Restructuring (Tables)
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3 Months Ended | ||||||||||||||||||||||||||||
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Jun. 30, 2013
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||
Provision of Restructuring Charges and Liability Remaining | The following table shows the provision of the restructuring charges and the liability remaining as of June 30, 2013:
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