Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 09, 2016 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PCTI | |
Entity Registrant Name | PC TEL INC | |
Entity Central Index Key | 1,057,083 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 17,264,586 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 4,451 | $ 7,055 |
Short-term investment securities | 23,431 | 24,728 |
Accounts receivable, net of allowance for doubtful accounts of $263 and $314 at March 31, 2016 and December 31, 2015, respectively | 16,158 | 21,001 |
Inventories, net | 17,479 | 17,596 |
Prepaid expenses and other assets | 1,726 | 1,586 |
Total current assets | 63,245 | 71,966 |
Property and equipment, net | 13,659 | 13,839 |
Goodwill | 3,332 | 3,332 |
Intangible assets, net | 10,609 | 11,378 |
Deferred tax assets, net | 14,566 | 13,155 |
Other noncurrent assets | 39 | 40 |
TOTAL ASSETS | 105,450 | 113,710 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 4,729 | 6,735 |
Accrued liabilities | 5,283 | 6,190 |
Total current liabilities | 10,012 | 12,925 |
Other long-term liabilities | 415 | 388 |
Total liabilities | 10,427 | 13,313 |
Stockholders’ equity: | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 17,249,586 and 17,654,236 shares issued and outstanding at March 31, 2016 and December 31, 2015, respectively | 17 | 18 |
Additional paid-in capital | 132,643 | 135,714 |
Accumulated deficit | (37,646) | (35,320) |
Accumulated other comprehensive income (loss) | 9 | (15) |
Total stockholders’ equity | 95,023 | 100,397 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 105,450 | $ 113,710 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 263 | $ 314 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 17,249,586 | 17,654,236 |
Common stock, shares outstanding | 17,249,586 | 17,654,236 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Income Statement [Abstract] | ||
REVENUES | $ 21,074 | $ 26,326 |
COST OF REVENUES | 14,023 | 16,137 |
GROSS PROFIT | 7,051 | 10,189 |
OPERATING EXPENSES: | ||
Research and development | 2,607 | 2,738 |
Sales and marketing | 3,115 | 3,530 |
General and administrative | 2,962 | 3,363 |
Amortization of intangible assets | 603 | 654 |
Restructuring expenses | 517 | 0 |
Total operating expenses | 9,804 | 10,285 |
OPERATING LOSS | (2,753) | (96) |
Other income, net | 6 | 44 |
LOSS BEFORE INCOME TAXES | (2,747) | (52) |
Benefit for income taxes | (1,291) | (19) |
NET LOSS | $ (1,456) | $ (33) |
Net Loss per Share: | ||
Basic | $ (0.09) | $ 0 |
Diluted | $ (0.09) | $ 0 |
Weighted Average Shares: | ||
Basic | 16,324 | 18,312 |
Diluted | 16,324 | 18,312 |
Cash dividend per share | $ 0.05 | $ 0.05 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Loss (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
NET LOSS | $ (1,456) | $ (33) |
OTHER COMPREHENSIVE INCOME (LOSS): | ||
Foreign currency translation adjustments | 24 | (4) |
COMPREHENSIVE LOSS | $ (1,432) | $ (37) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity - 3 months ended Mar. 31, 2016 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid - In Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
BALANCE at Dec. 31, 2015 | $ 100,397 | $ 18 | $ 135,714 | $ (35,320) | $ (15) |
Stock-based compensation expense | 859 | 0 | 859 | 0 | 0 |
Issuance of shares for stock purchase and option plans | 350 | 0 | 350 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (186) | 0 | (186) | 0 | 0 |
Repurchase of common stock | (4,095) | (1) | (4,094) | 0 | 0 |
Dividends paid | (870) | 0 | 0 | (870) | 0 |
Net loss | (1,456) | 0 | 0 | (1,456) | 0 |
Foreign currency translation adjustments | 24 | 0 | 0 | 0 | 24 |
BALANCE at Mar. 31, 2016 | $ 95,023 | $ 17 | $ 132,643 | $ (37,646) | $ 9 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Operating Activities: | ||
Net loss | $ (1,456) | $ (33) |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation and amortization | 1,561 | 1,398 |
Stock-based compensation | 859 | 501 |
Restructuring costs | 224 | 0 |
Payment of withholding tax on stock based compensation | (186) | (396) |
Deferred tax provision | (1,411) | (20) |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable | 4,861 | 5,008 |
Inventories | 149 | (1,343) |
Prepaid expenses and other assets | (137) | (289) |
Accounts payable | (1,971) | 63 |
Income taxes payable | 2 | (115) |
Other accrued liabilities | (1,074) | (3,490) |
Deferred revenue | 10 | (1,168) |
Net cash provided by operating activities | 1,431 | 116 |
Investing Activities: | ||
Capital expenditures | (699) | (364) |
Proceeds from disposal of property and equipment | 1 | 0 |
Purchases of investments | (15,602) | (2,430) |
Redemptions/maturities of short-term investments | 16,899 | 11,066 |
Purchase of assets | 0 | (20,500) |
Net cash provided by (used in) investing activities | 599 | (12,228) |
Financing Activities: | ||
Proceeds from issuance of common stock | 350 | 543 |
Payments for repurchase of common stock | (4,095) | 0 |
Cash dividends | (870) | (929) |
Net cash used in financing activities | (4,615) | (386) |
Net decrease in cash and cash equivalents | (2,585) | (12,498) |
Effect of exchange rate changes on cash | (19) | (17) |
Cash and cash equivalents, beginning of year | 7,055 | 20,432 |
Cash and Cash Equivalents, End of Period | $ 4,451 | $ 7,917 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. Nature of Operations PCTEL, Inc. (“PCTEL”, the “Company”, “we”, “ours”, and “us”) delivers P C T Segment Reporting PCTEL operates in two segments for reporting purposes, Connected Solutions and RF Solutions. The Company’s chief operating decision maker uses the profit and loss results through operating profit and identified assets for the Connected Solutions and RF Solutions segments to make operating decisions. Each segment has its own segment manager as well as its own engineering, sales and marketing, and operational general and administrative functions. All of the Company’s accounting and finance, human resources, IT and legal functions are provided on a centralized basis through the corporate function. The Company manages its balance sheet and cash flows centrally at the corporate level, with the exception of trade accounts receivable and inventory which is managed at the segment level. Each of the segment managers reports to and maintains regular contact with the chief operating decision maker to discuss operating activities, financial results, forecasts, or plans for the segment. Connected Solutions Segment Connected Solutions designs and delivers performance critical antennas and site solutions for wireless networks globally. The Company’s antennas and site solutions support networks worldwide, including SCADA for oil, gas and utilities, fleet management, industrial operations, health care, small cell and network timing deployment, defense, public safety, education, and broadband access. PCTEL's performance critical MAXRAD ® There are many competitors for antenna products, as the market is highly fragmented. Competitors include Laird (Cushcraft, Centurion, and Antennex products), Mobile Mark, Radiall/Larsen, Comtelco, Wilson, Commscope (Andrew products), and Kathrein, among others. The Company seeks out product applications that command a premium for product performance and customer service, and avoids commodity markets. PCTEL maintains expertise in several technology areas in order to be competitive in the antenna engineered site solutions market. These include radio frequency engineering, mobile antenna design and manufacturing, mechanical engineering, product quality and testing, and wireless network engineering. RF Solutions Segment RF Solutions develops and provides performance critical test equipment, software, and engineering services for wireless networks. The industry relies upon PCTEL to benchmark network performance, analyze trends, and optimize wireless networks. SeeGull ® On February 27, 2015, PCTEL acquired substantially all of the assets of, and assumed certain specified liabilities of, Nexgen Wireless, Inc. (“Nexgen”), pursuant to an Asset Purchase Agreement dated as of February 27, 2015. Nexgen provides a network analysis tool portfolio now known as SeeHawk ® PCTEL maintains expertise in several technology areas in order to be competitive in the scanning receiver and related engineering services market. These include radio frequency engineering, DSP engineering, manufacturing, mechanical engineering, product quality and testing, and wireless network engineering. Basis of Consolidation The condensed consolidated balance sheet as of March 31, 2016 and the condensed consolidated statements of operations, statements of comprehensive loss, and cash flows for the three months ended March 31, 2016 and 2015, respectively, are unaudited and reflect all adjustments of a normal recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The interim condensed consolidated financial statements are derived from the audited financial statements as of December 31, 2015. The unaudited interim condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted. The significant accounting policies followed by the Company are set forth within the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (“the 2015 Form 10-K”). There were no changes in the Company’s significant accounting policies during the three months ended March 31, 2016. In addition, the Company reaffirms the use of estimates in the preparation of the financial statements as set forth in the 2015 Form 10-K. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the 2015 Form 10-K. The results of operations for the period ended March 31, 2016 may not be indicative of the results for the period ending December 31, 2016. Foreign Operations The Company is exposed to foreign currency fluctuations due to its foreign operations and because products are sold internationally. The functional currency for the Company’s foreign operations is predominantly the applicable local currency. Accounts of foreign operations are translated into U.S. dollars using the exchange rate in effect at the applicable balance sheet date for assets and liabilities and average monthly rates prevailing during the period for revenue and expense accounts. Adjustments resulting from translation are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Gains and losses resulting from other transactions originally in foreign currencies and then translated into U.S. dollars are included in the condensed consolidated statement of operations. Net foreign exchange losses resulting from foreign currency transactions included in other income, net were $17 and $6 for the three months ended March 31, 2016 and 2015, respectively. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU No. 2016-09 affects all entities that issue share-based payment awards to their employees. ASU No. 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows, including recognizing all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement rather than in additional paid-in capital. ASU No. 2016-09 is effective for financial statements issued for annual reporting periods beginning after December 15, 2016 and interim periods within those years. Earlier application is permitted. The Company is currently evaluating the impact the standard may have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize assets and liabilities for the rights and obligations created by most leases on their balance sheet. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. ASU 2016-02 requires modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact the standard may have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, to simplify the presentation of deferred income taxes. The amendments in this update require that deferred tax assets and liabilities be entirely classified as noncurrent within the statement of financial position. Effective December 31, 2015, the Company early adopted the balance sheet classification of deferred taxes on a prospective basis. The guidance requires deferred tax assets and liabilities to be classified as noncurrent rather than split between current and noncurrent. Approximately $1.8 million in current deferred tax assets was reclassified to long-term deferred tax assets at December 31, 2015. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” which introduces a new revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The FASB has voted to approve a one-year deferral of the effective date from January 1, 2017 to January 1, 2018, while allowing for early adoption as of January 1, 2017. The new accounting standard is expected to have an impact to the Company’s consolidated financial statements. The Company is currently evaluating the adoption method options and the impact of the new guidance on our consolidated financial statements. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 2. Fair Value of Financial Instruments The Company follows accounting guidance for fair value measurements and disclosures, which establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash equivalents are measured at fair value and investments are recognized at amortized cost in the Company’s financial statements. Accounts receivable and other investments are financial assets with carrying values that approximate fair value due to the short-term nature of these assets. Accounts payable is a financial liability with a carrying value that approximates fair value due to the short-term nature of these liabilities. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 3. Earnings per Share The following table is the computation of basic and diluted earnings per share: Three Months Ended March 31, 2016 2015 Basic Earnings Per Share computation: Numerator: Net loss $ (1,456 ) $ (33 ) Denominator: Common shares outstanding 16,324 18,312 Earnings per common share - basic Net loss $ (0.09 ) $ (0.00 ) Diluted Earnings Per Share computation: Denominator: Common shares outstanding 16,324 18,312 Restricted shares subject to vesting * * Performance shares subject to vesting * * Common stock option grants * * Total shares 16,324 18,312 Earnings per common share - diluted Net loss $ (0.09 ) $ (0.00 ) * As denoted by “*” in the table above, the weighted average common stock option grants and restricted shares of 140,000 and 213,000 for the three months ended March 31, 2016 and 2015 respectively were excluded from the calculations of diluted net loss per share since their effects are anti-dilutive. |
Cash, Cash Equivalents and Inve
Cash, Cash Equivalents and Investments | 3 Months Ended |
Mar. 31, 2016 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Investments | 4. Cash, Cash Equivalents and Investments The Company’s cash and investments consisted of the following: March 31, December 31, 2016 2015 Cash $ 2,159 $ 6,077 Cash equivalents 2,292 978 Short-term investments 23,431 24,728 $ 27,882 $ 31,783 Cash and Cash equivalents At March 31, 2016, cash and cash equivalents included bank balances and investments with original maturities less than 90 days. At March 31, 2016 and December 31, 2015, the Company’s cash equivalents were invested in highly liquid AAA rated money market funds that are required to comply with Rule 2a-7 of the Investment Company Act of 1940. Such funds utilize the amortized cost method of accounting, seek to maintain a constant $1.00 per share price, and are redeemable upon demand. The Company restricts its investments in AAA money market funds to those invested 100% in either short-term U.S. government agency securities or bank repurchase agreements collateralized by these same securities. The fair values of these money market funds are established through quoted prices in active markets for identical assets (Level 1 inputs). The cash in the Company’s U.S. banks is insured by the Federal Deposit Insurance Corporation up to the insurable limit of $250. At March 31, 2016, the Company had $2.2 million in cash and $2.3 million in cash equivalents, and at December 31, 2015, the Company had $6.1 million in cash and $1.0 million in cash equivalents. The Company had $0.5 million and $1.3 million of cash and cash equivalents in foreign bank accounts at March 31, 2016 and December 31, 2015, respectively. The Company plans to repatriate its cash from its subsidiary in Israel during 2016 because we expect to cease operations of this subsidiary during 2016. The Company expects to incur incremental income tax of $0.1 million related to the repatriation of the funds from Israel. The Company does not expect the foreign currency exchange related to the repatriation of these funds to have a material impact on the financial statements. As of March 31, 2016, the Company has no intentions of repatriating the cash in its foreign bank accounts in the U.K. or China. If the Company decides to repatriate the cash in the foreign bank accounts, it may experience difficulty in doing so in a timely manner. The Company may also be exposed to foreign currency fluctuations and taxes if it repatriates these funds. The Company’s cash in its foreign bank accounts is not insured. Investments At March 31, 2016 and December 31, 2015, the Company’s short-term investments consisted of pre-refunded municipal bonds, U.S. government agency bonds, AA or higher rated corporate bonds, and certificates of deposit, all classified as held-to-maturity. At March 31, 2016, the Company had invested $7.0 million in AA rated or higher corporate bonds, $6.1 million in U.S. government agency bonds, $6.0 million in pre-refunded municipal bonds and $4.4 million in certificates of deposit . The income and principal from the pre-refunded municipal bonds are secured by an irrevocable trust of U.S. Treasury securities. The bonds have original maturities greater than 90 days and mature in less than one year. The Company’s bonds are recorded at the purchase price and carried at amortized cost. The net unrealized gains (losses) were $(8) and $1 at March 31, 2016 and December 31, 2015, respectively. Approximately 8% and 11% of the Company’s bonds were protected by bond default insurance at March 31, 2016 and December 31, 2015, respectively. At December 31, 2015, the Company had invested $7.6 million in AA rated or higher corporate bond funds, $7.5 million in pre-refunded municipal bonds and taxable bond funds, $7.0 million in U.S. government agency bonds, and $2.7 million in certificates of deposit. The Company categorizes its financial instruments within a fair value hierarchy according to accounting guidance for fair value. The fair value hierarchy is described under the Fair Value of Financial Instruments in Note 2. For the Level 2 investments, the Company uses quoted prices of similar assets in active markets. Cash equivalents and Level 1 and Level 2 investments measured at fair value were as follows: March 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds and other cash equivalents $ 2,294 $ 0 $ 0 $ 2,294 $ 978 $ 0 $ 0 $ 978 Investments: Corporate bonds 0 6,972 0 6,972 0 7,558 0 7,558 US government agency bonds 0 6,100 0 6,100 0 7,008 0 7,008 Pre-refunded municipal bonds 0 5,965 0 5,965 0 7,497 0 7,497 Certificates of deposit 4,400 0 0 4,400 2,666 0 0 2,666 Total $ 6,694 $ 19,037 $ 0 $ 25,731 $ 3,644 $ 22,063 $ 0 $ 25,707 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 5. Goodwill and Intangible Assets Goodwill There were no changes to goodwill during the three months ended March 31, 2016. The $3.3 million of goodwill on the balance sheet was recorded in February 2015 as part of the purchase accounting for the Nexgen acquisition and was assigned to the RF Solutions segment. For evaluation purposes, this goodwill is part of the products reporting unit within the RF Solutions segment. Because the Company’s market capitalization plus control premium was below its carrying value at March 31, 2016, the Company considered this deficit as a triggering event for evaluating goodwill for impairment. The Company performed a quantitative evaluation and determined no impairment was required. The Company will continue to monitor goodwill going forward. Intangible Assets The Company amortizes intangible assets with finite lives on a straight-line basis over the estimated useful lives, which range from one to eight years. Amortization expense was approximately $0.8 million and $0.7 million for the three months ended March 31, 2016 and 2015, respectively. For the three months ended March 31, 2016, $0.6 million of the intangible amortization was included in operating expenses and $0.2 million was included in cost of goods sold. For the three months ended March 31, 2015, the intangible amortization of $0.7 million was included in operating expenses. The summary of other intangible assets, net is as follows: March 31, 2016 December 31, 2015 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Customer contracts and relationships $ 25,497 $ 19,075 $ 6,422 $ 25,497 $ 18,616 $ 6,881 Patents and technology 10,114 7,504 2,610 10,114 7,337 2,777 Trademarks and trade names 4,960 3,834 1,126 4,960 3,738 1,222 Other 2,743 2,292 451 2,743 2,245 498 $ 43,314 $ 32,705 $ 10,609 $ 43,314 $ 31,936 $ 11,378 The $0.8 million decrease in the net book value of intangible assets at March 31, 2016 compared to December 31, 2015 reflects amortization expense of $0.8 million recorded for the three months ended March 31, 2016. Because the first quarter results of the Company’s services reporting unit within the RF Solutions segment were below its plan and forecast, the Company reviewed its intangible assets for impairment by performing a test of recoverability. Based on this analysis, no impairment was required. Actual results in relation to the projections are the key factor in recoverability of the assets. If actual results do not meet the forecast, a future impairment may occur. The assigned lives and weighted average amortization periods by intangible asset category is summarized below: Intangible Assets Assigned Life Weighted Average Amortization Period Customer contracts and relationships 4 to 6 years 5.0 Patents and technology 3 to 6 years 4.5 Trademarks and trade names 3 to 8 years 4.7 Other 1 to 6 years 4.4 The Company’s scheduled amortization expense for 2016 and the next five years is as follows: Fiscal Year Amount 2016 $ 2,962 2017 $ 2,785 2018 $ 2,708 2019 $ 2,509 2020 $ 414 |
Balance Sheet Information
Balance Sheet Information | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Information | 6. Balance Sheet Information Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at invoiced amount with standard net terms that range between 30 and 60 days. The Company extends credit to its customers based on an evaluation of a customer’s financial condition and collateral is generally not required. The Company maintains an allowance for doubtful accounts for estimated uncollectible accounts receivable. The allowance is based on the Company’s assessment of known delinquent accounts, historical experience, and other currently available evidence of the collectability and the aging of accounts receivable. The Company’s allowance for doubtful accounts was $0.3 million at March 31, 2016 and at December 31, 2015. The provision for doubtful accounts is included in sales and marketing expense in the condensed consolidated statements of operations. Inventories Inventories are stated at the lower of cost or market and include material, labor and overhead costs using the first-in, first-out (“FIFO”) method of costing. Inventories as of March 31, 2016 and December 31, 2015 were composed of raw materials, sub-assemblies, finished goods and work-in-process. The Company had consigned inventory with customers of $0.5 million and $0.7 million at March 31, 2016 and December 31, 2015, respectively. The Company records allowances to reduce the value of inventory to the lower of cost or market, including allowances for excess and obsolete inventory. Reserves for excess inventory are calculated based on our estimate of inventory in excess of normal and planned usage. Obsolete reserves are based on our identification of inventory where carrying value is above net realizable value. The allowance for inventory losses was $2.3 million at March 31, 2016 and $2.2 million at December 31, 2015. Inventories consisted of the following: March, 31 December 31, 2016 2015 Raw materials $ 10,585 $ 11,012 Work in process 931 917 Finished goods 5,963 5,667 Inventories, net $ 17,479 $ 17,596 Prepaid and Other Current Assets Prepaid assets are stated at cost and are amortized over the useful lives (up to one year) of the assets. Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets. The Company depreciates computer equipment over three to five years, office equipment, manufacturing and test equipment, and motor vehicles over five years, furniture and fixtures over seven years, and buildings over 30 years. Leasehold improvements are amortized over the shorter of the corresponding lease term or useful life. Depreciation expense and gains and losses on the disposal of property and equipment are included in cost of sales and operating expenses in the condensed consolidated statements of operations. Maintenance and repairs are expensed as incurred. Property and equipment consisted of the following: March 31, December 31, 2016 2015 Building $ 6,227 $ 6,227 Computers and office equipment 11,148 10,931 Manufacturing and test equipment 12,985 12,826 Furniture and fixtures 1,231 1,273 Leasehold improvements 1,203 1,001 Motor vehicles 42 42 Total property and equipment 32,836 32,300 Less: Accumulated depreciation and amortization (20,947 ) (20,231 ) Land 1,770 1,770 Property and equipment, net $ 13,659 $ 13,839 Depreciation and amortization expense was approximately $0.8 million and $0.7 million for the three months ended March 31, 2016 and 2015, respectively. Amortization for capital leases is included in depreciation and amortization expense. See Note 10 for information related to capital leases. Liabilities Accrued liabilities consisted of the following: March 31, December 31, 2016 2015 Paid time off $ 1,281 $ 1,271 Inventory receipts 1,220 1,628 Payroll, bonuses, and other employee benefits 697 1,179 Professional fees and contractors 404 305 Income and sales taxes 380 381 Restructuring 364 237 Warranties 326 348 Real estate taxes 189 161 Employee stock purchase plan 85 280 Deferred revenues 74 65 Other 263 335 Total $ 5,283 $ 6,190 Long-term liabilities consist of the following: March 31, December 31, 2016 2015 Deferred rent $ 199 $ 250 Long-term obligations under capital leases 98 107 Restructuring 95 0 Deferred revenues 23 31 Total $ 415 $ 388 |
Acquisitions
Acquisitions | 3 Months Ended |
Mar. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 7. Acquisitions Business combinations are accounted for using the acquisition method of accounting. In general, the acquisition method requires acquisition-date fair value measurement of identifiable assets acquired, liabilities assumed, and non-controlling interests in the acquiree. The measurement requirements result in the recognition of the full amount of acquisition-date goodwill, which includes amounts attributable to non-controlling interests. Neither the direct costs incurred to effect a business combination nor the costs the acquirer expects to incur under a plan to restructure an acquired business may be included as part of the business combination accounting. As a result, those costs are charged to expense when incurred, except for debt or equity issuance costs, which are accounted for in accordance with other generally accepted accounting principles. Acquisition of Nexgen Wireless, Inc. On February 27, 2015, the Company acquired substantially all of the assets of, and assumed certain specified liabilities of, Nexgen Wireless, Inc., an Illinois corporation (“Nexgen”), pursuant to an Asset Purchase Agreement dated as of February 27, 2015 (the “Nexgen APA”) among PCTEL, Inc., Nexgen, Bhumika Thakkar 2012 Irrevocable Trust Number One, Bhumika Thakkar 2012 Irrevocable Trust Number Two, and Jigar Thakkar (collectively, such trusts and Mr. Thakkar are the “Nexgen Shareholders”), and Bhumika Thakkar (collectively with Nexgen and the Nexgen Shareholders, the “Nexgen Parties”). Nexgen provides a network analysis tool portfolio, and engineering services. Nexgen’s software product portfolio translates real-time network performance data into engineering actions to optimize operator performance and supports crowd-based, cloud-based data analysis to enhance network performance. The business provides performance engineering, specialized staffing, and trend analysis for carriers, infrastructure vendors, and neutral hosts for 2G, 3G, 4G, and LTE networks. The purchase consideration for the Nexgen business was $21.4 million, consisting of $18.25 million in cash paid at closing, $2.25 million held in escrow, an estimated $0.8 million excess working capital true-up to be paid in cash, and a contingency payment that was provisionally calculated with a fair value of $0.1 million. The contingent payment was dependent on the achievement of revenue-based goals pertaining to the acquired business for the period commencing on March 1, 2015 and ending on April 30, 2016. The purchase consideration paid in cash was provided from the Company’s existing cash. The Company incurred transaction costs of $0.8 million for the acquisition of Nexgen primarily related to investment banking, legal, and due diligence consulting services. The assets acquired from Nexgen consisted primarily of customer relationships, intellectual property (including trade names), working capital (accounts receivable, work in process, accounts payable and accrued liabilities), and fixed assets. The Nexgen Parties are bound by non-competition covenants under the Nexgen APA, which generally expire on February 27, 2019. The Company calculated the fair value of the customer relationships, trade names, and non-compete agreement assets acquired by using the present value of future discounted cash flows. For the new technology, the Company used the replacement cost method for its valuation. The intangible assets recorded have a weighted average amortization period of 5.0 years. As previously reported in the Company’s Current Report on Form 8-K filed with the SEC on April 14, 2015, on April 7, 2015, Samsung Electronics America, Inc., as successor in interest to Samsung Telecommunications America, LLC (“Samsung”), provided Nexgen and the Company with a final notice of Samsung’s election to terminate, effective April 30, 2015, the Contractor Services Agreement, dated May 2, 2012 (the “CSA”), by and between Samsung and Nexgen. On May 5, 2015, the Company and the Nexgen Parties entered into an Amendment to the Asset Purchase Agreement (the “Nexgen APA Amendment”) with the following principal terms: (a) Nexgen agreed to transfer to the Company previously excluded accounts receivable with an aggregate value of $0.8 million; (b) the aggregate amount potentially payable to the Nexgen Parties as contingent consideration was reduced from $2.0 million to $1.0 million; (c) the Company waived its right to seek additional indemnification from the Nexgen Parties for matters specified therein; (d) the parties directed that $2.25 million in escrowed funds potentially payable to the Nexgen Parties pursuant to the Nexgen APA be released to the Company; (e) Mr. Thakkar relinquished a portion of the equity awards previously granted to him; and (f) the Company released various potential claims against Nexgen and the Nexgen Parties with respect to the termination of the CSA and related matters. The measurement period for the revised amount commenced on January 1, 2016 and ends on December 31, 2016 and is dependent on software revenue-based goals pertaining to the acquired business. As of March 31, 2016 and December 31, 2015, respectively, the Company estimated that the contingent liability would be $0. The amendment terms were accounted for consistent with accounting for legal settlements, as there is not a clear and direct link between the settlement and the acquisition price. During June 2015, the Company received the cash from the escrow fund and the previously excluded accounts receivable. These amounts are recorded in Other Income, net in the condensed consolidated statements of operations. Approximately 78% of Nexgen’s revenue was related to the U.S. Sprint cellular network, contracted either with Samsung or Sprint directly. During due diligence, the Company modeled a likely range of future revenue and cash flow based on the high degree of customer concentration risk. While the terminated CSA represented a material portion of that revenue, the resulting total future revenue and cash flow remained within the lower range of the forecast model. The Company utilized the lower end of the forecast range in evaluating the fair value of the acquired assets. The purchase accounting related to the valuation of certain tangible and intangible assets was complete as of December 31, 2015. The valuation yielded goodwill of $3.3 million, of which $1.5 million was related to the assembled workforce. The goodwill is deductible for income tax purposes. The following is the allocation of the purchase price for the assets from Nexgen at the date of the acquisition as of December 31, 2015: Tangible assets: Accounts receivable $ 5,358 Prepaid and other assets 49 Deferred cost of sales 24 Fixed assets 43 Total tangible assets 5,474 Intangible assets: Customer relationships 8,117 Trade names 972 Technology 3,332 Backlog 162 Non-compete 583 Goodwill 3,332 Total intangible assets 16,498 Total assets 21,972 Accounts payable 200 Accrued liabilities 341 Total liabilities 541 Net assets acquired $ 21,431 A reconciliation of the assets acquired with the cash paid at closing is as follows: Net assets acquired $ 21,431 Due Nexgen - contingent liability (91 ) Due Nexgen - working capital adjustment (840 ) Cash paid at closing $ 20,500 The Company does not have any material relationship with Mr. Thakkar and the other Nexgen Parties other than in respect of the Nexgen APA, the Nexgen APA Amendment and the transactions provided for therein. Effective November 2015, Mr. Thakkar resigned from his role as the Company’s Vice President and Chief Technology Officer, Network Analytics. The Company assumed Nexgen’s existing lease for Nexgen’s offices in Schaumburg, Illinois and is currently operating the acquired business from that location. Effective March 2016, the Company exercised its right of early termination of the Schaumburg lease. The early termination is effective as of August 31, 2016. The Company will move the employees to its Bloomingdale office. The Nexgen services acquired in 2015 were integrated into the existing RF engineering services operation and the data analytics products were integrated in the RF scanner product line. The Company recognizes revenue for the engineering services under the completed performance method. For specialized staffing, the Company recognizes revenue as services are provided to the customer. The Company’s results for the three months ended March 31, 2015 include the operating results for March for the business acquired from Nexgen. The following unaudited pro forma financial information gives effect to the acquisition of the Nexgen business as if the acquisition had taken place on January 1, 2015. The pro forma financial information for Nexgen was derived from the historical accounting records of Nexgen. (unaudited) Three March 31, 2015 REVENUES $ 29,284 NET INCOME $ 63 NET INCOME PER SHARE 0.00 The pro forma results include adjustments for intangible amortization of $0.3 million for the three months ended March 31, 2015. The pro forma information is presented for illustrative purposes only and may not be indicative of the results that would have been obtained had the acquisition actually occurred on January 1, 2015, nor is it necessarily indicative of the Company’s future consolidated results of operations or financial position. |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation The condensed consolidated statements of operations include $0.9 million and $0.5 million of stock compensation expense for the three months ended March 31, 2016 and 2015, respectively. Stock compensation expense for the three months ended March 31, 2016 consists of $0.7 million for restricted stock awards, $87 for stock option expenses and $47 for stock purchase plan expenses. Stock compensation expense for the three months ended March 31, 2015 consists of $0.2 million for restricted stock awards, $0.2 million for stock option expenses and $53 for stock purchase plan expenses. The Company did not capitalize any stock compensation expense during the three months ended March 31, 2016 or 2015. Total stock-based compensation is reflected in the condensed consolidated statements of operations as follows: Three Months Ended March 31, 2016 2015 Cost of revenues $ 131 $ 73 Research and development 167 115 Sales and marketing 145 158 General and administrative 416 155 Total $ 859 $ 501 Restricted Stock – Service Based The Company grants restricted shares as employee incentives. When service-based restricted stock is granted to employees, the Company records deferred stock compensation within additional paid in capital, representing the fair value of the common stock on the date the restricted shares are granted. The Company records stock compensation expense on a straight-line basis over the vesting period of the applicable service-based restricted shares. These grants vest over various periods, but typically vest over four years. The following table summarizes restricted stock activity for the three months ended March 31, 2016: Weighted Average Grant Date Shares Fair Value Unvested Restricted Stock Awards - December 31, 2015 1,050,172 $ 6.11 Shares awarded 346,800 5.61 Shares vested (93,538 ) 7.50 Shares cancelled (13,176 ) 7.56 Unvested Restricted Stock Awards - March 31, 2016 1,290,258 $ 5.86 The intrinsic value of service-based restricted shares that vested during the three months ended March 31, 2016, and 2015, was $0.7 million and $1.0 million, respectively. At March 31, 2016, total unrecognized compensation expense related to restricted stock was approximately $5.1 million, net of forfeitures to be recognized through 2020 over a weighted average period of 1.9 years. Restricted Stock Units – Service Based The Company grants restricted stock units as employee incentives. Restricted stock units are primarily granted to foreign employees for long-term incentive purposes. Employee restricted stock units are service-based awards and are amortized over the vesting period. At the vesting date, these units are converted to shares of common stock. The Company records expense on a straight-line basis for restricted stock units. The following table summarizes the restricted stock unit activity during the three months ended March 31, 2016: Weighted Average Grant Date Units Fair Value Unvested Restricted Stock Units - December 31, 2015 22,725 $ 5.65 Units awarded 15,000 5.61 Units vested (1,337 ) 7.25 Unvested Restricted Stock Units - March 31, 2016 36,388 $ 5.57 The intrinsic value of service-based restricted stock units that vested and were issued as shares during the three months ended March 31, 2016 and 2015 was $10 and $20, respectively. As of March 31, 2016, the unrecognized compensation expense related to the unvested portion of the Company’s restricted stock units was approximately $0.1 million, to be recognized through 2020 over a weighted average period of 1.5 years. Stock Options The Company grants stock options to purchase common stock as long-term incentives. The Company issues stock options with exercise prices no less than the fair value of the Company’s stock on the grant date. The Company grants new stock options with a seven-year life that contain installment vesting over a period of four years, 25% after one year, and monthly thereafter. Stock options may be exercised at any time prior to their expiration date or within ninety days of termination of employment, or such shorter time as may be provided in the related stock option agreement. A summary of the Company’s stock option activity for the three months ended March 31, 2016 is as follows: Weighted Average Options Exercise Outstanding Price Outstanding at December 31, 2015 1,220,442 $ 7.72 Expired or Cancelled (97,695 ) 7.88 Forfeited (35,936 ) 7.20 Outstanding at March 31, 2016 1,086,811 $ 7.73 Exercisable at March 31, 2016 840,019 $ 7.84 There were no exercises of stock options during the three months ended March 31, 2016. During the three months ended March 31, 2015, the Company received proceeds of $0.2 million from the exercise of 23,784 options. The intrinsic value of these options exercised was $31. The range of exercise prices for options outstanding and exercisable at March 31, 2016, was $5.50 to $11.00. The following table summarizes information about stock options outstanding under all stock option plans: Options Outstanding Options Exercisable Weighted Average Weighted- Weighted Range of Number Contractual Life Average Number Average Exercise Prices Outstanding (Years) Exercise Price Exercisable Exercise Price $ 5.50 -- $ 6.00 20,879 6.04 $ 5.91 3,236 $ 5.64 6.01 -- 6.50 16,267 3.04 6.23 14,847 6.23 6.51 -- 7.00 37,522 2.15 6.85 36,126 6.86 7.01 -- 7.50 658,844 4.00 7.17 506,563 7.17 7.51 -- 8.00 20,000 4.10 7.79 10,313 7.80 8.01 -- 8.50 87,728 5.68 8.11 26,138 8.16 8.51 -- 9.00 7,405 3.04 8.76 5,486 8.77 9.01 -- 9.50 181,485 0.49 9.19 181,255 9.20 9.51 -- 10.00 15,781 2.43 9.63 15,155 9.63 10.01 -- 11.00 40,900 0.22 10.64 40,900 10.64 $ 5.50 -- $ 11.00 1,086,811 3.34 $ 7.73 840,019 $ 7.84 The weighted average contractual life and intrinsic value at March 31, 2016, was the following: Weighted Average Contractual Life (years) Intrinsic Value Options Outstanding 3.34 $ 0 Options Exercisable 2.93 $ 0 The intrinsic value is based on the share price of $4.78 at March 31, 2016. The Company calculated the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model using the following assumptions at March 31st: March 31, 2015 Dividend yield 2.5 % Risk-free interest rate 0.5 % Expected volatility 34 % Expected life (in years) 5.2 The fair value of each unvested option was estimated on the date of grant using the Black-Scholes option valuation model. The Black-Scholes option valuation model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility and expected option life. Because the Company’s employee stock options have characteristics significantly different from those of traded options, and because changes in the subjective input assumptions can materially affect the fair value estimate, the existing models may not necessarily provide a reliable single measure of the fair value of the employee stock options. The dividend yield rate was calculated by dividing the Company’s annual dividend by the closing price on the grant date. The risk-free interest rate was based on the U.S. Treasury yields with remaining term that approximates the expected life of the options granted. The Company calculates the volatility based on a five-year historical period of the Company’s stock price. The Company incorporates a forfeiture rate based on historical data in the expense calculation. The expected life used for options granted is based on historical data of employee exercise performance. The Company records expense based on the grading vesting method. As of March 31, 2016, the unrecognized compensation expense related to the unvested portion of the Company’s stock options was approximately $0.2 million, net of estimated forfeitures to be recognized through 2019 over a weighted average period of 1.1 years. Performance-based Equity Awards The Company issued performance share units to executives in 2014 and 2015. The fair value of these performance share units was calculated based on the stock price on the date of grant. In June 2015, the Company’s Board of Directors approved the 2015 Long-Term Incentive Plan (“2015 LTIP”). Under the 2015 LTIP, shares can be earned by certain executive employees based upon achievement of revenue goals over a four-year period with a penalty if certain earnings levels are not maintained. The four-year period is divided into two interim periods (each an “Interim Period”), the first of which will end on December 31, 2016, and the second of which will end on December 31, 2018. At the award date, the number of shares that could be earned collectively by all participants at threshold and target were 212,000 and 424,000, respectively. Stock compensation expense is amortized over the performance period for these awards based on estimated achievement of the goals. No expense was recorded during the year ended December 31, 2015 for the 2015 LTIP because the Company does not believe it will meet the revenue threshold for the year ended December 31, 2016. In March 2014, the Company’s Board of Directors approved the 2014 Long-Term Incentive Plan (“2014 LTIP”). Under the 2014 LTIP, shares can be earned by certain executive employees based upon achievement of revenue goals over a four-year period with a penalty if certain profit levels are not maintained. The four-year period is divided into two interim periods (each an “Interim Period”), the first of which will end on December 31, 2015, and the second of which will end on December 31, 2017. The number of shares that could be earned collectively by all participants at threshold and target were 190,000 and 380,000, respectively. Stock compensation expense is amortized over the performance period for these awards based on estimated achievement of the goals. No expense was recorded for the 2014 LTIP because the Company did not meet the revenue threshold for the year ended 2015. Unvested awards of 162,000 related to the Interim Period ended December 31, 2015 were cancelled in December. The Company had 555,000 unvested performance units at March 31, 2016 and December 31, 2015. There was no activity during the quarter ended March 31, 2016. Employee Stock Purchase Plan (“ESPP”) The ESPP enables eligible employees to purchase common stock at the lower of 85% of the fair market value of the common stock on the first or last day of each offering period. Each offering period is approximately six months. The Company received proceeds of $0.4 million from the issuance of 78,415 shares under the ESPP in February 2016 and received proceeds of $0.4 million from the issuance of 57,293 shares under the ESPP in February 2015. Based on the 15% discount and the fair value of the option feature of this plan, this plan is considered compensatory. Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model. The Company calculated the fair value of each employee stock purchase grant on the date of grant using the Black-Scholes option-pricing model using the following assumptions: March 31, 2016 2015 Dividend yield 4.2 % 2.5 % Risk-free interest rate 0.6 % 0.3 % Expected volatility 34 % 33 % Expected life (in years) 0.5 0.5 The dividend yield rate was calculated by dividing the Company’s annual dividend by the closing price on the grant date. The risk-free interest rate was based on the U.S. Treasury yields with a remaining term that approximates the expected life of the options granted. The dividend yield rate is calculated by dividing the Company’s annual dividend by the closing price on the grant date. The Company calculates the volatility based on a five-year historical period of the Company’s stock price. The expected life used is based on the offering period. Employee Withholding Taxes on Stock Awards For ease in administering the issuance of stock awards, the Company holds back shares of vested restricted stock awards and short-term incentive plan stock awards for the value of the statutory withholding taxes. For each individual receiving a share award, the Company redeems the shares it computes as the value for the withholding tax and remits this amount to the appropriate tax authority. For withholding taxes related to stock awards, the Company paid $0.2 million and $0.4 million during the three months ended March 31, 2016 and 2015, respectively. Stock Repurchases The Company repurchased 783,212 shares at an average price of $5.23 during the three months ended March 31, 2016. The Company repurchased 1,942,788 shares at an average price of $6.22 during the year ended December 31, 2015. In total, the Company repurchased 2,726,000 shares under share repurchase program during the past twelve months. At March 31, 2016, the Company had no shares that could still be repurchased under these programs. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Mar. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 9. Benefit Plans Employee Benefit Plans The Company’s 401(k) plan covers all of the U.S. employees beginning the first of the month following the first month of their employment. Under this plan, employees may elect to contribute up to 15% of their current compensation to the 401(k) plan up to the statutorily prescribed annual limit. The Company may make discretionary contributions to the 401(k) plan. The Company also contributes to various retirement plans for foreign employees. The Company’s contributions to retirement plans were as follows: Three Months Ended March 31, 2016 2015 PCTEL, Inc. 401(k) Profit sharing Plan - US employees $ 175 $ 194 Defined contribution plans - foreign employees 100 78 Total $ 275 $ 272 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Restructuring During the three months ended March 31, 2016, the Company incurred restructuring expenses of $0.5 million consisting of $0.2 million in employee severance and related costs, $0.2 million in lease costs, and $49 related to fixed asset disposals. The Company reduced headcount in its RF Solutions segment related to the services and SeeHawk analytics businesses, and we exited from our Colorado office in order to consolidate facility space. The restructuring expense incurred for net lease costs includes the remaining obligations under the lease, net of an assumption for proceeds for a sublease. Of the $0.5 million restructuring liability at March 31, 2016, $0.4 million was included in accrued liabilities and $0.1 million was included in long-term liabilities in in consolidated balance sheets. The restructuring liability of $0.2 million at December 31, 2015 was included in accrued liabilities in the consolidated balance sheets. The following table summarizes the restructuring activity during the three months ended March 31, 2016 and the status of the reserves at March 31. 2016. December 31, 2015 Restructuring Expenses Cash Payments/ Adjustments March 31, 2016 Severance and related employee benefits $ 237 $ 229 $ (191 ) $ 275 Lease terminations 0 239 (55 ) 184 Fixed assets 0 49 (49 ) 0 Total $ 237 $ 517 $ (295 ) $ 459 . Operating Leases The Company has operating leases for facilities through 2020 and office equipment through 2019. The future minimum rental payments under these leases at March 31, 2016, are as follows: Year Amount 2016 $ 765 2017 818 2018 787 2019 712 2020 222 Future minimum lease payments $ 3,304 The rent expense under leases was approximately $0.3 million and $0.2 million for the three months ended March 31, 2016, and 2015, respectively. In February 2016, the Company modified the lease agreement for the office of its engineering services business in Melbourne, Florida. Under the lease amendment, the Company reduced the lease space from 6,174 sq. ft. to 3,600 sq. ft. The expiration lease term will remain the same at December 31, 2018 with a total remaining lease obligation of $149. There were no additional fees related to this lease amendment. Due to the transfer of certain manufacturing activities to the Company’s Tianjin, China facility, in October 2015 the Company entered into a new five-year lease for additional manufacturing space in Tianjin consisting of 22,163 square feet which expands our footprint in Tianjin to 44,289 square feet. This lease expires October 2020. The total lease obligation pursuant to this lease was $0.2 million. In May 2015 the Company entered into a new five-year, five month lease for office space in Englewood, Colorado, consisting of 4,759 square feet of office space for the services business. The total lease obligation pursuant to this lease was $0.6 million. The lease expires on October 31, 2020; however, during the first quarter 2016, the Company vacated this facility and is marketing this property for sublease. The office is located in an area with low vacancy rates. Pursuant to the Asset Purchase Agreement dated February 27, 2015 with Nexgen, the Company assumed Nexgen’s lease for office space in Schaumburg, Illinois consisting of 6,652 square feet. The total lease obligation pursuant to this lease assumption was $0.3 million. The Schaumburg lease expires on October 31, 2018, but the lease contains a one-time option to elect an early termination of the lease on August 31, 2016. In March 2016, the Company exercised the early termination option and paid a fee of $57. Capital Leases The Company has capital leases for office and manufacturing equipment. The net book values for asset under capital leases were as follows: March December 31, 2015 Cost $ 190 $ 190 Accumulated Depreciation (56 ) (48 ) Net Book Value $ 134 $ 142 The following table presents future minimum lease payments under capital leases together with the present value of the net minimum lease payments due in each year: Year Amount 2016 $ 30 2017 40 2018 40 2019 29 2020 4 Total minimum payments required: 143 Less amount representing interest: 9 Present value of net minimum lease payments: $ 134 Warranty Reserve and Sales Returns The Company allows its major distributors and certain other customers to return unused product under specified terms and conditions. The Company accrues for product returns based on historical sales and return trends. The Company’s allowance for sales returns was $0.2 million at March 31, 2016 and December 31, 2015, respectively, and is included within accounts receivable on the accompanying condensed consolidated balance sheet. The Company offers repair and replacement warranties of up to five years for certain antenna products and scanning receiver products. The Company’s warranty reserve is based on historical sales and costs of repair and replacement trends. The warranty reserve was $0.3 million at March 31, 2016 and December 31, 2015, respectively, and is included in other accrued liabilities in the accompanying condensed consolidated balance sheets. Three Months Ended March 31, 2016 2015 Beginning balance $ 348 $ 304 Provisions for warranties 33 16 Consumption of reserves (55 ) (16 ) Ending balance $ 326 $ 304 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company recorded an income tax benefit of $1.3 million for the three months ended March 31, 2016. The tax benefit for the three months ended March 31, 2016 differed from the statutory rate of 34% due to the combination of U.S. pretax losses and foreign pretax profits at lower tax rates. The Company recorded an income tax benefit of $19 for the three months ended March 31, 2015. The tax benefit for the three months ended March 31, 2015 differed from the statutory rate of 34% primarily because of state income taxes. The Company’s valuation allowance against its deferred tax assets was $0.6 million at March 31, 2016 and December 31, 2015. On a regular basis, the Company evaluates the recoverability of deferred tax assets and the need for a valuation allowance. Such evaluations involve the application of significant judgment. The Company considers multiple factors in its evaluation of the need for a valuation allowance. The Company’s long-term forecasts continue to support the realization of its deferred tax assets. However, the excess between the long-term income forecast and the income required to realize the deferred tax assets was lower at March 31, 2016 as compared to December 31, 2015. The Company’s domestic deferred tax assets have a ratable reversal pattern over 15 years. The carry forward rules allow for up to a 20 year carry forward of net operating losses (“NOL”) to future income that is available to realize the deferred tax assets. The combination of the deferred tax asset reversal pattern and carry forward period yields a 27.5 year average period over which future income can be utilized to realize the deferred tax assets. The Company’s gross unrecognized tax benefit was $0.8 million at March 31, 2016 and December 31, 2015. The Company files a consolidated federal income tax return, income tax returns with various states, and foreign income tax returns in various foreign jurisdictions. The Company’s U.S. federal and state tax returns remain subject to examination for 2012 and subsequent periods. |
Segment, Customer and Geographi
Segment, Customer and Geographic Information | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment, Customer and Geographic Information | 12. Segment, Customer and Geographic Information PCTEL operates in two segments for reporting purposes. The Company’s Connected Solutions segment includes its antenna and engineered site solutions. Its RF Solutions segment includes its scanning receivers and engineering services. Each of the segments has its own segment manager as well as its own engineering, sales and marketing, and operational general and administrative functions. All of the Company’s accounting and finance, human resources, IT and legal functions are provided on a centralized basis through the corporate function. The Company manages its balance sheet and cash flows centrally at the corporate level, with the exception of inventory which are managed at the segment level. Each of the segment managers reports to and maintains regular contact with the chief operating decision maker to discuss operating activities, financial results, forecasts, or plans for the segment. The Company’s chief operating decision maker uses the profit and loss results through operating profit and identified assets for Connected Solutions and RF Solutions segments to make operating decisions. The following tables are the segment operating profits and cash flow information for the three months ended March 31, 2016 and 2015, respectively, and the segment balance sheet information as of March 31, 2016 and December 31, 2015: Three Months Ended March 31, 2016 Connected Solutions RF Solutions Corporate Total REVENUES $ 14,699 $ 6,435 $ (60 ) $ 21,074 GROSS PROFIT 4,324 2,730 (3 ) 7,051 OPERATING INCOME (LOSS) $ 1,305 $ (1,527 ) $ (2,531 ) $ (2,753 ) Depreciation $ 465 $ 327 $ 0 $ 792 Intangible amortization $ 70 $ 699 $ 0 $ 769 Capital expenditures $ 579 $ 89 $ 31 $ 699 As of March 31, 2016 Connected Solutions RF Solutions Corporate Total Accounts receivable $ 10,632 $ 5,526 $ 0 $ 16,158 Inventories $ 14,435 $ 3,044 $ 0 $ 17,479 Long-lived assets: Property and equipment, net $ 10,369 $ 2,713 $ 577 $ 13,659 Goodwill $ 0 $ 3,332 $ 0 $ 3,332 Intangible assets, net $ 355 $ 10,254 $ 0 $ 10,609 Deferred tax assets, net $ 0 $ 0 $ 14,566 $ 14,566 Other noncurrent assets $ 0 $ 0 $ 39 $ 39 Three Months Ended March 31, 2015 Connected Solutions RF Solutions Corporate Total REVENUES $ 17,354 $ 9,051 $ (79 ) $ 26,326 GROSS PROFIT 5,444 4,736 9 10,189 OPERATING INCOME (LOSS) $ 1,613 $ 1,210 $ (2,919 ) $ (96 ) Depreciation $ 420 $ 246 $ 78 $ 744 Intangible amortization $ 230 $ 424 $ 0 $ 654 Capital expenditures $ 177 $ 134 $ 53 $ 364 As of December 31, 2015 Connected Solutions RF Solutions Corporate Total Accounts receivable $ 12,875 $ 8,126 $ 0 $ 21,001 Inventories $ 15,507 $ 2,089 $ 0 $ 17,596 Long-lived assets: Property and equipment, net $ 10,250 $ 2,985 $ 604 $ 13,839 Goodwill $ 0 $ 3,332 $ 0 $ 3,332 Intangible assets, net $ 425 $ 10,953 $ 0 $ 11,378 Deferred tax assets, net $ 0 $ 0 $ 13,155 $ 13,155 Other noncurrent assets $ 0 $ 0 $ 40 $ 40 The Company’s revenues attributable to products and services are as follows: Three Months Ended March 31, 2016 2015 Revenues: Products $ 19,183 $ 23,067 Services 1,891 3,259 Total revenues $ 21,074 $ 26,326 Three Months Ended March 31, 2016 2015 Cost of revenues: Products $ 11,551 $ 13,470 Services 2,472 2,667 Total cost of revenues $ 14,023 $ 16,137 The Company’s revenue to customers by geographic location, as a percent of total revenues, is as follows: Three Months Ended March 31, Region 2016 2015 Asia Pacific 18 % 10 % Europe, Middle East, & Africa 11 % 11 % Other Americas 7 % 5 % Total Foreign sales 36 % 26 % There was one customer that accounted for 10% or greater of revenues during the three months ended March 31, 2016 and one other customer that accounted for 10% or greater of revenues during the three months ended March 31, 2015. |
Related Parties
Related Parties | 3 Months Ended |
Mar. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | 13. Related Parties The Company leased its Pryor, Oklahoma facility from American Tradition Custom Steel LLC, of which Aaron Jarvis is a member. Mr. Jarvis was the operations manager for the Company’s mobile tower business. Mr. Jarvis’ employment with the Company ended in September 2015, and the lease terminated on October 31, 2015. Effective October 2015, the Company entered into a contract with Mr. Jarvis, pursuant to which he provides warranty support for the mobile towers product line. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events The Company evaluates subsequent events occurring between the most recent balance sheet date and the date that the financial statements are available to be issued in order to determine whether the subsequent events are to be recorded and/or disclosed in the Company’s financial statements and footnotes. The financial statements are considered to be available to be issued at the time that they are filed with the SEC. There were no other subsequent events or transactions that required recognition or disclosure in the consolidated financial statements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Nature of Operations | Nature of Operations PCTEL, Inc. (“PCTEL”, the “Company”, “we”, “ours”, and “us”) delivers P C T |
Segment Reporting | Segment Reporting PCTEL operates in two segments for reporting purposes, Connected Solutions and RF Solutions. The Company’s chief operating decision maker uses the profit and loss results through operating profit and identified assets for the Connected Solutions and RF Solutions segments to make operating decisions. Each segment has its own segment manager as well as its own engineering, sales and marketing, and operational general and administrative functions. All of the Company’s accounting and finance, human resources, IT and legal functions are provided on a centralized basis through the corporate function. The Company manages its balance sheet and cash flows centrally at the corporate level, with the exception of trade accounts receivable and inventory which is managed at the segment level. Each of the segment managers reports to and maintains regular contact with the chief operating decision maker to discuss operating activities, financial results, forecasts, or plans for the segment. Connected Solutions Segment Connected Solutions designs and delivers performance critical antennas and site solutions for wireless networks globally. The Company’s antennas and site solutions support networks worldwide, including SCADA for oil, gas and utilities, fleet management, industrial operations, health care, small cell and network timing deployment, defense, public safety, education, and broadband access. PCTEL's performance critical MAXRAD ® There are many competitors for antenna products, as the market is highly fragmented. Competitors include Laird (Cushcraft, Centurion, and Antennex products), Mobile Mark, Radiall/Larsen, Comtelco, Wilson, Commscope (Andrew products), and Kathrein, among others. The Company seeks out product applications that command a premium for product performance and customer service, and avoids commodity markets. PCTEL maintains expertise in several technology areas in order to be competitive in the antenna engineered site solutions market. These include radio frequency engineering, mobile antenna design and manufacturing, mechanical engineering, product quality and testing, and wireless network engineering. RF Solutions Segment RF Solutions develops and provides performance critical test equipment, software, and engineering services for wireless networks. The industry relies upon PCTEL to benchmark network performance, analyze trends, and optimize wireless networks. SeeGull ® On February 27, 2015, PCTEL acquired substantially all of the assets of, and assumed certain specified liabilities of, Nexgen Wireless, Inc. (“Nexgen”), pursuant to an Asset Purchase Agreement dated as of February 27, 2015. Nexgen provides a network analysis tool portfolio now known as SeeHawk ® PCTEL maintains expertise in several technology areas in order to be competitive in the scanning receiver and related engineering services market. These include radio frequency engineering, DSP engineering, manufacturing, mechanical engineering, product quality and testing, and wireless network engineering. |
Basis of Consolidation | Basis of Consolidation The condensed consolidated balance sheet as of March 31, 2016 and the condensed consolidated statements of operations, statements of comprehensive loss, and cash flows for the three months ended March 31, 2016 and 2015, respectively, are unaudited and reflect all adjustments of a normal recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The interim condensed consolidated financial statements are derived from the audited financial statements as of December 31, 2015. The unaudited interim condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the U.S. have been condensed or omitted. The significant accounting policies followed by the Company are set forth within the Company’s Annual Report on Form 10-K for the year ended December 31, 2015 (“the 2015 Form 10-K”). There were no changes in the Company’s significant accounting policies during the three months ended March 31, 2016. In addition, the Company reaffirms the use of estimates in the preparation of the financial statements as set forth in the 2015 Form 10-K. These interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the 2015 Form 10-K. The results of operations for the period ended March 31, 2016 may not be indicative of the results for the period ending December 31, 2016. |
Foreign Operations | Foreign Operations The Company is exposed to foreign currency fluctuations due to its foreign operations and because products are sold internationally. The functional currency for the Company’s foreign operations is predominantly the applicable local currency. Accounts of foreign operations are translated into U.S. dollars using the exchange rate in effect at the applicable balance sheet date for assets and liabilities and average monthly rates prevailing during the period for revenue and expense accounts. Adjustments resulting from translation are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Gains and losses resulting from other transactions originally in foreign currencies and then translated into U.S. dollars are included in the condensed consolidated statement of operations. Net foreign exchange losses resulting from foreign currency transactions included in other income, net were $17 and $6 for the three months ended March 31, 2016 and 2015, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. ASU No. 2016-09 affects all entities that issue share-based payment awards to their employees. ASU No. 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows, including recognizing all excess tax benefits and tax deficiencies as income tax expense or benefit in the income statement rather than in additional paid-in capital. ASU No. 2016-09 is effective for financial statements issued for annual reporting periods beginning after December 15, 2016 and interim periods within those years. Earlier application is permitted. The Company is currently evaluating the impact the standard may have on its consolidated financial statements and related disclosures. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize assets and liabilities for the rights and obligations created by most leases on their balance sheet. The guidance is effective for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Early application is permitted. ASU 2016-02 requires modified retrospective adoption for all leases existing at, or entered into after, the date of initial application, with an option to use certain transition relief. The Company is currently evaluating the impact the standard may have on its consolidated financial statements and related disclosures. In November 2015, the FASB issued ASU 2015-17, Balance Sheet Classification of Deferred Taxes, to simplify the presentation of deferred income taxes. The amendments in this update require that deferred tax assets and liabilities be entirely classified as noncurrent within the statement of financial position. Effective December 31, 2015, the Company early adopted the balance sheet classification of deferred taxes on a prospective basis. The guidance requires deferred tax assets and liabilities to be classified as noncurrent rather than split between current and noncurrent. Approximately $1.8 million in current deferred tax assets was reclassified to long-term deferred tax assets at December 31, 2015. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” which introduces a new revenue recognition model in which an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, more judgment and estimates may be required within the revenue recognition process than are required under existing U.S. GAAP. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The FASB has voted to approve a one-year deferral of the effective date from January 1, 2017 to January 1, 2018, while allowing for early adoption as of January 1, 2017. The new accounting standard is expected to have an impact to the Company’s consolidated financial statements. The Company is currently evaluating the adoption method options and the impact of the new guidance on our consolidated financial statements. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table is the computation of basic and diluted earnings per share: Three Months Ended March 31, 2016 2015 Basic Earnings Per Share computation: Numerator: Net loss $ (1,456 ) $ (33 ) Denominator: Common shares outstanding 16,324 18,312 Earnings per common share - basic Net loss $ (0.09 ) $ (0.00 ) Diluted Earnings Per Share computation: Denominator: Common shares outstanding 16,324 18,312 Restricted shares subject to vesting * * Performance shares subject to vesting * * Common stock option grants * * Total shares 16,324 18,312 Earnings per common share - diluted Net loss $ (0.09 ) $ (0.00 ) * As denoted by “*” in the table above, the weighted average common stock option grants and restricted shares of 140,000 and 213,000 for the three months ended March 31, 2016 and 2015 respectively were excluded from the calculations of diluted net loss per share since their effects are anti-dilutive. |
Cash, Cash Equivalents and In24
Cash, Cash Equivalents and Investments (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents and Investments | The Company’s cash and investments consisted of the following: March 31, December 31, 2016 2015 Cash $ 2,159 $ 6,077 Cash equivalents 2,292 978 Short-term investments 23,431 24,728 $ 27,882 $ 31,783 |
Cash Equivalents and Investments Measured at Fair Value | Cash equivalents and Level 1 and Level 2 investments measured at fair value were as follows: March 31, 2016 December 31, 2015 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds and other cash equivalents $ 2,294 $ 0 $ 0 $ 2,294 $ 978 $ 0 $ 0 $ 978 Investments: Corporate bonds 0 6,972 0 6,972 0 7,558 0 7,558 US government agency bonds 0 6,100 0 6,100 0 7,008 0 7,008 Pre-refunded municipal bonds 0 5,965 0 5,965 0 7,497 0 7,497 Certificates of deposit 4,400 0 0 4,400 2,666 0 0 2,666 Total $ 6,694 $ 19,037 $ 0 $ 25,731 $ 3,644 $ 22,063 $ 0 $ 25,707 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Other Intangible Assets | The summary of other intangible assets, net is as follows: March 31, 2016 December 31, 2015 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Customer contracts and relationships $ 25,497 $ 19,075 $ 6,422 $ 25,497 $ 18,616 $ 6,881 Patents and technology 10,114 7,504 2,610 10,114 7,337 2,777 Trademarks and trade names 4,960 3,834 1,126 4,960 3,738 1,222 Other 2,743 2,292 451 2,743 2,245 498 $ 43,314 $ 32,705 $ 10,609 $ 43,314 $ 31,936 $ 11,378 |
Summary of Assigned Lives and Weighted Average Amortization Periods by Intangible Asset Category | The assigned lives and weighted average amortization periods by intangible asset category is summarized below: Intangible Assets Assigned Life Weighted Average Amortization Period Customer contracts and relationships 4 to 6 years 5.0 Patents and technology 3 to 6 years 4.5 Trademarks and trade names 3 to 8 years 4.7 Other 1 to 6 years 4.4 |
Schedule of Expected Amortization Expense | The Company’s scheduled amortization expense for 2016 and the next five years is as follows: Fiscal Year Amount 2016 $ 2,962 2017 $ 2,785 2018 $ 2,708 2019 $ 2,509 2020 $ 414 |
Balance Sheet Information (Tabl
Balance Sheet Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Inventories | Inventories consisted of the following: March, 31 December 31, 2016 2015 Raw materials $ 10,585 $ 11,012 Work in process 931 917 Finished goods 5,963 5,667 Inventories, net $ 17,479 $ 17,596 |
Summary of Property and Equipment | Property and equipment consisted of the following: March 31, December 31, 2016 2015 Building $ 6,227 $ 6,227 Computers and office equipment 11,148 10,931 Manufacturing and test equipment 12,985 12,826 Furniture and fixtures 1,231 1,273 Leasehold improvements 1,203 1,001 Motor vehicles 42 42 Total property and equipment 32,836 32,300 Less: Accumulated depreciation and amortization (20,947 ) (20,231 ) Land 1,770 1,770 Property and equipment, net $ 13,659 $ 13,839 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following: March 31, December 31, 2016 2015 Paid time off $ 1,281 $ 1,271 Inventory receipts 1,220 1,628 Payroll, bonuses, and other employee benefits 697 1,179 Professional fees and contractors 404 305 Income and sales taxes 380 381 Restructuring 364 237 Warranties 326 348 Real estate taxes 189 161 Employee stock purchase plan 85 280 Deferred revenues 74 65 Other 263 335 Total $ 5,283 $ 6,190 |
Summary of Long-term Liabilities | Long-term liabilities consist of the following: March 31, December 31, 2016 2015 Deferred rent $ 199 $ 250 Long-term obligations under capital leases 98 107 Restructuring 95 0 Deferred revenues 23 31 Total $ 415 $ 388 |
Acquisitions (Tables)
Acquisitions (Tables) - Nexgen Wireless, Inc. [Member] | 3 Months Ended |
Mar. 31, 2016 | |
Provisional Allocation of Purchase Price for Assets from Date of Acquisition | The following is the allocation of the purchase price for the assets from Nexgen at the date of the acquisition as of December 31, 2015: Tangible assets: Accounts receivable $ 5,358 Prepaid and other assets 49 Deferred cost of sales 24 Fixed assets 43 Total tangible assets 5,474 Intangible assets: Customer relationships 8,117 Trade names 972 Technology 3,332 Backlog 162 Non-compete 583 Goodwill 3,332 Total intangible assets 16,498 Total assets 21,972 Accounts payable 200 Accrued liabilities 341 Total liabilities 541 Net assets acquired $ 21,431 |
Reconciliation of Assets Acquired with Cash Paid at Closing | A reconciliation of the assets acquired with the cash paid at closing is as follows: Net assets acquired $ 21,431 Due Nexgen - contingent liability (91 ) Due Nexgen - working capital adjustment (840 ) Cash paid at closing $ 20,500 |
Pro Forma Financial Information for Nexgen | The pro forma financial information for Nexgen was derived from the historical accounting records of Nexgen. (unaudited) Three March 31, 2015 REVENUES $ 29,284 NET INCOME $ 63 NET INCOME PER SHARE 0.00 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation | The Company did not capitalize any stock compensation expense during the three months ended March 31, 2016 or 2015. Total stock-based compensation is reflected in the condensed consolidated statements of operations as follows: Three Months Ended March 31, 2016 2015 Cost of revenues $ 131 $ 73 Research and development 167 115 Sales and marketing 145 158 General and administrative 416 155 Total $ 859 $ 501 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the three months ended March 31, 2016 is as follows: Weighted Average Options Exercise Outstanding Price Outstanding at December 31, 2015 1,220,442 $ 7.72 Expired or Cancelled (97,695 ) 7.88 Forfeited (35,936 ) 7.20 Outstanding at March 31, 2016 1,086,811 $ 7.73 Exercisable at March 31, 2016 840,019 $ 7.84 |
Information about Stock Options Outstanding Under all Stock Plans | The following table summarizes information about stock options outstanding under all stock option plans: Options Outstanding Options Exercisable Weighted Average Weighted- Weighted Range of Number Contractual Life Average Number Average Exercise Prices Outstanding (Years) Exercise Price Exercisable Exercise Price $ 5.50 -- $ 6.00 20,879 6.04 $ 5.91 3,236 $ 5.64 6.01 -- 6.50 16,267 3.04 6.23 14,847 6.23 6.51 -- 7.00 37,522 2.15 6.85 36,126 6.86 7.01 -- 7.50 658,844 4.00 7.17 506,563 7.17 7.51 -- 8.00 20,000 4.10 7.79 10,313 7.80 8.01 -- 8.50 87,728 5.68 8.11 26,138 8.16 8.51 -- 9.00 7,405 3.04 8.76 5,486 8.77 9.01 -- 9.50 181,485 0.49 9.19 181,255 9.20 9.51 -- 10.00 15,781 2.43 9.63 15,155 9.63 10.01 -- 11.00 40,900 0.22 10.64 40,900 10.64 $ 5.50 -- $ 11.00 1,086,811 3.34 $ 7.73 840,019 $ 7.84 |
Weighted Average Contractual Life and Intrinsic Value of the Options Outstanding | The weighted average contractual life and intrinsic value at March 31, 2016, was the following: Weighted Average Contractual Life (years) Intrinsic Value Options Outstanding 3.34 $ 0 Options Exercisable 2.93 $ 0 |
Fair Value of Date of Grant Using Black-Scholes Option-Pricing Model | The Company calculated the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model using the following assumptions at March 31st: March 31, 2015 Dividend yield 2.5 % Risk-free interest rate 0.5 % Expected volatility 34 % Expected life (in years) 5.2 |
Calculation of Fair Value of Each Employee Stock Purchase Grant Using Black-Scholes Option-Pricing Model | The Company calculated the fair value of each employee stock purchase grant on the date of grant using the Black-Scholes option-pricing model using the following assumptions: March 31, 2016 2015 Dividend yield 4.2 % 2.5 % Risk-free interest rate 0.6 % 0.3 % Expected volatility 34 % 33 % Expected life (in years) 0.5 0.5 |
Restricted Stock [Member] | |
Summary of Restricted Stock Activity | The following table summarizes restricted stock activity for the three months ended March 31, 2016: Weighted Average Grant Date Shares Fair Value Unvested Restricted Stock Awards - December 31, 2015 1,050,172 $ 6.11 Shares awarded 346,800 5.61 Shares vested (93,538 ) 7.50 Shares cancelled (13,176 ) 7.56 Unvested Restricted Stock Awards - March 31, 2016 1,290,258 $ 5.86 |
Restricted Stock Units [Member] | |
Summary of Restricted Stock Activity | The following table summarizes the restricted stock unit activity during the three months ended March 31, 2016: Weighted Average Grant Date Units Fair Value Unvested Restricted Stock Units - December 31, 2015 22,725 $ 5.65 Units awarded 15,000 5.61 Units vested (1,337 ) 7.25 Unvested Restricted Stock Units - March 31, 2016 36,388 $ 5.57 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Contributions to Retirement Plans | The Company’s contributions to retirement plans were as follows: Three Months Ended March 31, 2016 2015 PCTEL, Inc. 401(k) Profit sharing Plan - US employees $ 175 $ 194 Defined contribution plans - foreign employees 100 78 Total $ 275 $ 272 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Restructuring Activity | The following table summarizes the restructuring activity during the three months ended March 31, 2016 and the status of the reserves at March 31. 2016. December 31, 2015 Restructuring Expenses Cash Payments/ Adjustments March 31, 2016 Severance and related employee benefits $ 237 $ 229 $ (191 ) $ 275 Lease terminations 0 239 (55 ) 184 Fixed assets 0 49 (49 ) 0 Total $ 237 $ 517 $ (295 ) $ 459 . |
Future Minimum Rental Payments Under Operating Leases | The future minimum rental payments under these leases at March 31, 2016, are as follows: Year Amount 2016 $ 765 2017 818 2018 787 2019 712 2020 222 Future minimum lease payments $ 3,304 |
Summary of Capital Leases for Office and Manufacturing Equipment | The Company has capital leases for office and manufacturing equipment. The net book values for asset under capital leases were as follows: March December 31, 2015 Cost $ 190 $ 190 Accumulated Depreciation (56 ) (48 ) Net Book Value $ 134 $ 142 |
Present Value of Net Minimum Lease Payments, Capital Leases | The following table presents future minimum lease payments under capital leases together with the present value of the net minimum lease payments due in each year: Year Amount 2016 $ 30 2017 40 2018 40 2019 29 2020 4 Total minimum payments required: 143 Less amount representing interest: 9 Present value of net minimum lease payments: $ 134 |
Changes in Warranty Reserves | Three Months Ended March 31, 2016 2015 Beginning balance $ 348 $ 304 Provisions for warranties 33 16 Consumption of reserves (55 ) (16 ) Ending balance $ 326 $ 304 |
Segment, Customer and Geograp31
Segment, Customer and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting [Abstract] | |
Assets by Segment | The following tables are the segment operating profits and cash flow information for the three months ended March 31, 2016 and 2015, respectively, and the segment balance sheet information as of March 31, 2016 and December 31, 2015: As of March 31, 2016 Connected Solutions RF Solutions Corporate Total Accounts receivable $ 10,632 $ 5,526 $ 0 $ 16,158 Inventories $ 14,435 $ 3,044 $ 0 $ 17,479 Long-lived assets: Property and equipment, net $ 10,369 $ 2,713 $ 577 $ 13,659 Goodwill $ 0 $ 3,332 $ 0 $ 3,332 Intangible assets, net $ 355 $ 10,254 $ 0 $ 10,609 Deferred tax assets, net $ 0 $ 0 $ 14,566 $ 14,566 Other noncurrent assets $ 0 $ 0 $ 39 $ 39 As of December 31, 2015 Connected Solutions RF Solutions Corporate Total Accounts receivable $ 12,875 $ 8,126 $ 0 $ 21,001 Inventories $ 15,507 $ 2,089 $ 0 $ 17,596 Long-lived assets: Property and equipment, net $ 10,250 $ 2,985 $ 604 $ 13,839 Goodwill $ 0 $ 3,332 $ 0 $ 3,332 Intangible assets, net $ 425 $ 10,953 $ 0 $ 11,378 Deferred tax assets, net $ 0 $ 0 $ 13,155 $ 13,155 Other noncurrent assets $ 0 $ 0 $ 40 $ 40 |
Result of Operations by Segments | The following tables are the segment operating profits and cash flow information for the three months ended March 31, 2016 and 2015, respectively, and the segment balance sheet information as of March 31, 2016 and December 31, 2015: Three Months Ended March 31, 2016 Connected Solutions RF Solutions Corporate Total REVENUES $ 14,699 $ 6,435 $ (60 ) $ 21,074 GROSS PROFIT 4,324 2,730 (3 ) 7,051 OPERATING INCOME (LOSS) $ 1,305 $ (1,527 ) $ (2,531 ) $ (2,753 ) Depreciation $ 465 $ 327 $ 0 $ 792 Intangible amortization $ 70 $ 699 $ 0 $ 769 Capital expenditures $ 579 $ 89 $ 31 $ 699 Three Months Ended March 31, 2015 Connected Solutions RF Solutions Corporate Total REVENUES $ 17,354 $ 9,051 $ (79 ) $ 26,326 GROSS PROFIT 5,444 4,736 9 10,189 OPERATING INCOME (LOSS) $ 1,613 $ 1,210 $ (2,919 ) $ (96 ) Depreciation $ 420 $ 246 $ 78 $ 744 Intangible amortization $ 230 $ 424 $ 0 $ 654 Capital expenditures $ 177 $ 134 $ 53 $ 364 |
Revenues Attributable to Products and Services | The Company’s revenues attributable to products and services are as follows: Three Months Ended March 31, 2016 2015 Revenues: Products $ 19,183 $ 23,067 Services 1,891 3,259 Total revenues $ 21,074 $ 26,326 Three Months Ended March 31, 2016 2015 Cost of revenues: Products $ 11,551 $ 13,470 Services 2,472 2,667 Total cost of revenues $ 14,023 $ 16,137 |
Customer Accounted Revenues by Geographic Location | The Company’s revenue to customers by geographic location, as a percent of total revenues, is as follows: Three Months Ended March 31, Region 2016 2015 Asia Pacific 18 % 10 % Europe, Middle East, & Africa 11 % 11 % Other Americas 7 % 5 % Total Foreign sales 36 % 26 % |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016USD ($)Segment | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | |
Nature Of Operations [Line Items] | |||
Number of operating segments | Segment | 2 | ||
Net foreign exchange losses resulting from foreign currency transactions included in other income | $ 17 | $ 6 | |
ASU 2015-17 [Member] | |||
Nature Of Operations [Line Items] | |||
Current deferred tax assets reclassified to long-term deferred tax assets | $ 1,800 |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Numerator: | ||
Net loss | $ (1,456) | $ (33) |
Denominator: | ||
Common shares outstanding | 16,324 | 18,312 |
Earnings per common share - basic | ||
Net loss | $ (0.09) | $ 0 |
Denominator: | ||
Common shares outstanding | 16,324 | 18,312 |
Total shares | 16,324 | 18,312 |
Earnings per common share - diluted | ||
Net loss | $ (0.09) | $ 0 |
Earnings per Share - Computat34
Earnings per Share - Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares excluded | 140,000 | 213,000 |
Cash, Cash Equivalents and In35
Cash, Cash Equivalents and Investments - Cash and Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Cash And Cash Equivalents [Abstract] | ||
Cash | $ 2,159 | $ 6,077 |
Cash equivalents | 2,292 | 978 |
Short-term investments | 23,431 | 24,728 |
Cash and investments | $ 27,882 | $ 31,783 |
Cash, Cash Equivalents and In36
Cash, Cash Equivalents and Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Cash and cash equivalents maturities | 90 days | ||
Investment of cash equivalents are redeemable upon demand using amortized cost method | $ 1 | ||
Investment in money market funds restricted by investment in short term securities, percentage | 100.00% | ||
Cash | $ 2,159,000 | $ 6,077,000 | |
Cash equivalents | 2,292,000 | 978,000 | |
Cash and cash equivalents in foreign bank | 500,000 | 1,300,000 | |
Income tax expense (benefit) | (1,291,000) | $ (19,000) | |
Short-term investments | $ 23,431,000 | 24,728,000 | |
Short-term investments, maturities | 90 days | ||
Net unrealized gains (losses) | $ (8,000) | $ 1,000 | |
Percentage of investment in bond protected by bond default insurance | 8.00% | 11.00% | |
Corporate Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investments | $ 7,000,000 | $ 7,600,000 | |
U.S. Government Agency Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investments | 6,100,000 | 7,000,000 | |
Pre-refunded Municipal Bonds [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investments | 6,000,000 | 7,500,000 | |
Certificates of Deposit [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Short-term investments | 4,400,000 | $ 2,700,000 | |
Israel [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Income tax expense (benefit) | 100,000 | ||
Maximum [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Federal Deposit Insurance Corporation insured limit | $ 250,000 |
Cash, Cash Equivalents and In37
Cash, Cash Equivalents and Investments - Cash Equivalents and Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 2,294 | $ 978 |
Total | 25,731 | 25,707 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 2,294 | 978 |
Total | 6,694 | 3,644 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Total | 19,037 | 22,063 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Total | 0 | 0 |
Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 6,972 | 7,558 |
Corporate Bonds [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Corporate Bonds [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 6,972 | 7,558 |
Corporate Bonds [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 6,100 | 7,008 |
U.S. Government Agency Bonds [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
U.S. Government Agency Bonds [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 6,100 | 7,008 |
U.S. Government Agency Bonds [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 5,965 | 7,497 |
Pre-refunded Municipal Bonds [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Pre-refunded Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 5,965 | 7,497 |
Pre-refunded Municipal Bonds [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 4,400 | 2,666 |
Certificates of Deposit [Member] | Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 4,400 | 2,666 |
Certificates of Deposit [Member] | Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Certificates of Deposit [Member] | Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 0 | $ 0 |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |
Feb. 28, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Change in goodwill | $ 0 | |||
Goodwill impairment | 0 | |||
Amortization of intangible assets | 769,000 | $ 654,000 | ||
Increase (decrease) in cost of intangible assets | 800,000 | |||
RF Solutions [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Impairment of intangible assets | $ 0 | |||
Operating Expense [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | 600,000 | $ 700,000 | ||
Cost of Revenues [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets | $ 200,000 | |||
Minimum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets basis over estimated useful lives | 1 year | |||
Maximum [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization of intangible assets basis over estimated useful lives | 8 years | |||
Nexgen Wireless, Inc. [Member] | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Goodwill acquired | $ 3,300,000 |
Goodwill and Intangible Asset39
Goodwill and Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 43,314 | $ 43,314 |
Accumulated Amortization | 32,705 | 31,936 |
Net Book Value | 10,609 | 11,378 |
Customer Contracts and Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 25,497 | 25,497 |
Accumulated Amortization | 19,075 | 18,616 |
Net Book Value | 6,422 | 6,881 |
Patents and Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 10,114 | 10,114 |
Accumulated Amortization | 7,504 | 7,337 |
Net Book Value | 2,610 | 2,777 |
Trademarks and Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 4,960 | 4,960 |
Accumulated Amortization | 3,834 | 3,738 |
Net Book Value | 1,126 | 1,222 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 2,743 | 2,743 |
Accumulated Amortization | 2,292 | 2,245 |
Net Book Value | $ 451 | $ 498 |
Goodwill and Intangible Asset40
Goodwill and Intangible Assets - Summary of Assigned Lives and Weighted Average Amortization Periods by Intangible Asset Category (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Minimum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 1 year |
Maximum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 8 years |
Customer Contracts and Relationships [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Weighted Average Amortization Period | 5 years |
Customer Contracts and Relationships [Member] | Minimum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 4 years |
Customer Contracts and Relationships [Member] | Maximum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 6 years |
Patents and Technology [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Weighted Average Amortization Period | 4 years 6 months |
Patents and Technology [Member] | Minimum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 3 years |
Patents and Technology [Member] | Maximum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 6 years |
Trademarks and Trade Names [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Weighted Average Amortization Period | 4 years 8 months 12 days |
Trademarks and Trade Names [Member] | Minimum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 3 years |
Trademarks and Trade Names [Member] | Maximum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 8 years |
Other [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Weighted Average Amortization Period | 4 years 4 months 24 days |
Other [Member] | Minimum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 1 year |
Other [Member] | Maximum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 6 years |
Goodwill and Intangible Asset41
Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,016 | $ 2,962 |
2,017 | 2,785 |
2,018 | 2,708 |
2,019 | 2,509 |
2,020 | $ 414 |
Balance Sheet Information - Add
Balance Sheet Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Allowance for doubtful accounts | $ 263 | $ 314 | |
Consigned inventory with customers | 500 | 700 | |
Allowance for inventory losses | 2,300 | $ 2,200 | |
Depreciation and amortization | $ 800 | $ 700 | |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Period over which assets are depreciated | 5 years | ||
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Period over which assets are depreciated | 7 years | ||
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Period over which assets are depreciated | 30 years | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Standard term of accounts receivable | 30 days | ||
Minimum [Member] | Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Period over which assets are depreciated | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Standard term of accounts receivable | 60 days | ||
Useful lives of the assets | 1 year | ||
Maximum [Member] | Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Period over which assets are depreciated | 5 years |
Balance Sheet Information - Sum
Balance Sheet Information - Summary of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory Net [Abstract] | ||
Raw materials | $ 10,585 | $ 11,012 |
Work in process | 931 | 917 |
Finished goods | 5,963 | 5,667 |
Inventories, net | $ 17,479 | $ 17,596 |
Balance Sheet Information - S44
Balance Sheet Information - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 32,836 | $ 32,300 |
Less: Accumulated depreciation and amortization | (20,947) | (20,231) |
Land | 1,770 | 1,770 |
Property and equipment, net | 13,659 | 13,839 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 6,227 | 6,227 |
Computers and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 11,148 | 10,931 |
Manufacturing and Test Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 12,985 | 12,826 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,231 | 1,273 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,203 | 1,001 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 42 | $ 42 |
Balance Sheet Information - S45
Balance Sheet Information - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Payables And Accruals [Abstract] | ||
Paid time off | $ 1,281 | $ 1,271 |
Inventory receipts | 1,220 | 1,628 |
Payroll, bonuses, and other employee benefits | 697 | 1,179 |
Professional fees and contractors | 404 | 305 |
Income and sales taxes | 380 | 381 |
Restructuring | 364 | 237 |
Warranties | 326 | 348 |
Real estate taxes | 189 | 161 |
Employee stock purchase plan | 85 | 280 |
Deferred revenues | 74 | 65 |
Other | 263 | 335 |
Total | $ 5,283 | $ 6,190 |
Balance Sheet Information - S46
Balance Sheet Information - Summary of Long-term Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Liabilities Noncurrent [Abstract] | ||
Deferred rent | $ 199 | $ 250 |
Long-term obligations under capital leases | 98 | 107 |
Restructuring | 95 | 0 |
Deferred revenues | 23 | 31 |
Total | $ 415 | $ 388 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Feb. 27, 2015 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | May. 05, 2015 |
Business Acquisition [Line Items] | |||||
Business acquisition, acquired entity name | Nexgen Wireless, Inc. | ||||
Business acquisition, effective date | Feb. 27, 2015 | ||||
Asset purchase, date of agreement | Feb. 27, 2015 | ||||
Contingent consideration related to claims escrow | $ 0 | $ 0 | |||
Goodwill | 3,332,000 | 3,332,000 | |||
Amortization of intangible assets | $ 603,000 | $ 654,000 | |||
Pro Forma [Member] | |||||
Business Acquisition [Line Items] | |||||
Amortization of intangible assets | $ 300,000 | ||||
Nexgen Wireless, Inc. [Member] | |||||
Business Acquisition [Line Items] | |||||
Provisional purchase consideration | $ 21,400,000 | ||||
Cash paid | 18,250,000 | 20,500,000 | |||
Contingent consideration related to claims escrow | 2,250,000 | 91,000 | |||
Business acquisition estimated excess working capital paid | 800,000 | ||||
Potential earn-out at fair value | 100,000 | ||||
Acquisition related transaction costs | $ 800,000 | ||||
Weighted average amortization period of intangible assets | 5 years | ||||
Percentage of revenue | 78.00% | ||||
Goodwill | 3,332,000 | ||||
Assembled workforce, goodwill earned | $ 1,500,000 | ||||
Nexgen APA Amendment [Member] | |||||
Business Acquisition [Line Items] | |||||
Contingent consideration related to claims escrow | $ 1,000,000 | ||||
Portion of accounts receivable transferred | 800,000 | ||||
Escrowed funds payable | 2,250,000 | ||||
Nexgen APA Amendment [Member] | Estimated Fair Value [Member] | |||||
Business Acquisition [Line Items] | |||||
Contingent consideration related to claims escrow | $ 2,000,000 |
Acquisitions - Allocation of Pu
Acquisitions - Allocation of Purchase Price for Assets from Date of Acquisition (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Business Acquisition Purchase Price Allocation [Line Items] | ||
Purchase price allocation, Goodwill | $ 3,332 | $ 3,332 |
Nexgen Wireless, Inc. [Member] | ||
Business Acquisition Purchase Price Allocation [Line Items] | ||
Purchase price allocation, Accounts receivable | 5,358 | |
Purchase price allocation, Prepaid and other assets | 49 | |
Purchase price allocation, Deferred cost of sales | 24 | |
Purchase price allocation, Fixed assets | 43 | |
Purchase price allocation, Assets | 5,474 | |
Purchase price allocation, Goodwill | 3,332 | |
Purchase price allocation, Total intangible assets | 16,498 | |
Purchase price allocation, Assets | 21,972 | |
Purchase price allocation, Accounts payable | 200 | |
Purchase price allocation, Accrued liabilities | 341 | |
Purchase price allocation, Liabilities | 541 | |
Purchase price allocation, Assets and Liabilities Assumed, Net | 21,431 | |
Nexgen Wireless, Inc. [Member] | Customer Relationships [Member] | ||
Business Acquisition Purchase Price Allocation [Line Items] | ||
Purchase price allocation, Intangible assets | 8,117 | |
Nexgen Wireless, Inc. [Member] | Trade Names [Member] | ||
Business Acquisition Purchase Price Allocation [Line Items] | ||
Purchase price allocation, Intangible assets | 972 | |
Nexgen Wireless, Inc. [Member] | Technology [Member] | ||
Business Acquisition Purchase Price Allocation [Line Items] | ||
Purchase price allocation, Intangible assets | 3,332 | |
Nexgen Wireless, Inc. [Member] | Backlog [Member] | ||
Business Acquisition Purchase Price Allocation [Line Items] | ||
Purchase price allocation, Intangible assets | 162 | |
Nexgen Wireless, Inc. [Member] | Non-Compete [Member] | ||
Business Acquisition Purchase Price Allocation [Line Items] | ||
Purchase price allocation, Intangible assets | $ 583 |
Acquisitions - Reconciliation o
Acquisitions - Reconciliation of Assets Acquired with Cash Paid at Closing (Detail) - USD ($) | Feb. 27, 2015 | Dec. 31, 2015 | Mar. 31, 2016 |
Business Acquisition [Line Items] | |||
Due Nexgen - contingent liability | $ 0 | $ 0 | |
Nexgen Wireless, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Net assets acquired | 21,431,000 | ||
Due Nexgen - contingent liability | $ (2,250,000) | (91,000) | |
Due Nexgen - working capital adjustment | (840,000) | ||
Cash paid at closing | $ 18,250,000 | $ 20,500,000 |
Acquisitions - Pro Forma Financ
Acquisitions - Pro Forma Financial Information for Nexgen (Detail) - Nexgen Wireless, Inc. [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2015USD ($)$ / shares | |
Business Acquisition, Pro Forma Information, Nonrecurring Adjustment [Line Items] | |
REVENUES | $ 29,284 |
NET INCOME | $ 63 |
NET INCOME PER SHARE | $ / shares | $ 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 900 | $ 500 |
Restricted Stock Award [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | 700 | 200 |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | 87 | 200 |
Employee Stock Purchase Plan ("ESPP") [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock compensation expense | $ 47 | $ 53 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 859 | $ 501 |
Cost of Revenues [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 131 | 73 |
Research and Development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 167 | 115 |
Sales and Marketing [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 145 | 158 |
General and Administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 416 | $ 155 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock - Service-Based - Additional Information (Detail) - Service Based Restricted Stock [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants vesting period | 4 years | |
Restricted shares vested grant date intrinsic value | $ 0.7 | $ 1 |
Unrecognized compensation expense | $ 5.1 | |
Weighted average period | 1 year 10 months 24 days |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ending balance, Shares | 555,000,000 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning balance, Shares | 1,050,172,000 |
Shares awarded, Shares | 346,800,000 |
Shares vested, Shares | (93,538,000) |
Shares cancelled, Shares | (13,176,000) |
Ending balance, Shares | 1,290,258,000 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 6.11 |
Shares awarded, Weighted Average Grant Date Fair Value | $ / shares | 5.61 |
Shares vested, Weighted Average Grant Date Fair Value | $ / shares | 7.50 |
Shares cancelled, Weighted Average Grant Date Fair Value | $ / shares | 7.56 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 5.86 |
Stock-Based Compensation - Su55
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Schedule Of Summary Of Restricted Stock Unit Activity [Line Items] | |
Ending balance, Shares | 555,000,000 |
Restricted Stock Units [Member] | |
Schedule Of Summary Of Restricted Stock Unit Activity [Line Items] | |
Beginning balance, Shares | 22,725,000 |
Units awarded, Units | 15,000,000 |
Units vested, Units | (1,337,000) |
Ending balance, Shares | 36,388,000 |
Beginning balance, Weighted Average Grant Date Fair Value | $ / shares | $ 5.65 |
Units awarded, Weighted Average Grant Date Fair Value | $ / shares | 5.61 |
Units vested, Weighted Average Grant Date Fair Value | $ / shares | 7.25 |
Ending balance, Weighted Average Grant Date Fair Value | $ / shares | $ 5.57 |
Stock-Based Compensation - Re56
Stock-Based Compensation - Restricted Stock Units - Service-Based - Additional Information (Detail) - Service Based Restricted Stock Units [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares vested intrinsic value | $ 10 | $ 20 |
Unrecognized compensation expense | $ 100 | |
Weighted average period | 1 year 6 months |
Stock-Based Compensation - St57
Stock-Based Compensation - Stock Options - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Lower range of exercise prices | $ 5.50 | |
Upper range of exercise prices | 11 | |
Intrinsic value based on share price | $ 4.78 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Employee stock options vesting provisions, description | The Company grants new stock options with a seven-year life that contain installment vesting over a period of four years, 25% after one year, and monthly thereafter. | |
Options vested in remaining period | 4 years | |
Options vesting percentage after one year | 25.00% | |
Period of termination of employment | 90 days | |
Stock options granted period | 7 years | |
Proceeds from options exercised | $ 200 | |
Options exercised | 0 | 23,784,000 |
Intrinsic value | $ 31 | |
Lower range of exercise prices | $ 5.50 | |
Upper range of exercise prices | $ 11 | |
Period of expected life, options granted | 5 years | |
Unrecognized compensation expense | $ 200 | |
Weighted average period | 1 year 1 month 6 days |
Stock-Based Compensation - Su58
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Summary Of Stock Option Activities [Line Items] | |
Options Outstanding, Beginning balance, Shares | shares | 1,220,442,000 |
Options Outstanding, Expired or cancelled | shares | (97,695,000) |
Options Outstanding, Forfeited | shares | (35,936,000) |
Options Outstanding, Ending balance, Shares | shares | 1,086,811,000 |
Options Exercisable, Ending balance, Shares | shares | 840,019,000 |
Options Outstanding, Beginning balance, Weighted Average Exercise Price | $ / shares | $ 7.72 |
Weighted Average Exercise Price, Expired or Cancelled | $ / shares | 7.88 |
Weighted Average Exercise Price, Forfeited | $ / shares | 7.20 |
Options Outstanding, Ending balance, Weighted Average Exercise Price | $ / shares | 7.73 |
Options Outstanding, Exercisable at End of Year, Weighted Average Exercise Price | $ / shares | $ 7.84 |
Stock-Based Compensation - Info
Stock-Based Compensation - Information about Stock Options Outstanding Under all Stock Plans (Detail) | 3 Months Ended |
Mar. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | $ 5.50 |
Upper range of exercise prices | $ 11 |
Options Outstanding, Number | shares | 1,086,811,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 3 years 4 months 2 days |
Options Outstanding, Weighted Average Exercise Price | $ 7.73 |
Options Exercisable, Number | shares | 840,019,000 |
Options Exercisable, Weighted Average Exercise Price | $ 7.84 |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 5.50 |
Upper range of exercise prices | $ 6 |
Options Outstanding, Number | shares | 20,879,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 6 years 15 days |
Options Outstanding, Weighted Average Exercise Price | $ 5.91 |
Options Exercisable, Number | shares | 3,236,000 |
Options Exercisable, Weighted Average Exercise Price | $ 5.64 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 6.01 |
Upper range of exercise prices | $ 6.50 |
Options Outstanding, Number | shares | 16,267,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 3 years 15 days |
Options Outstanding, Weighted Average Exercise Price | $ 6.23 |
Options Exercisable, Number | shares | 14,847,000 |
Options Exercisable, Weighted Average Exercise Price | $ 6.23 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 6.51 |
Upper range of exercise prices | $ 7 |
Options Outstanding, Number | shares | 37,522,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 1 month 24 days |
Options Outstanding, Weighted Average Exercise Price | $ 6.85 |
Options Exercisable, Number | shares | 36,126,000 |
Options Exercisable, Weighted Average Exercise Price | $ 6.86 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 7.01 |
Upper range of exercise prices | $ 7.50 |
Options Outstanding, Number | shares | 658,844,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 4 years |
Options Outstanding, Weighted Average Exercise Price | $ 7.17 |
Options Exercisable, Number | shares | 506,563,000 |
Options Exercisable, Weighted Average Exercise Price | $ 7.17 |
Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 7.51 |
Upper range of exercise prices | $ 8 |
Options Outstanding, Number | shares | 20,000,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 4 years 1 month 6 days |
Options Outstanding, Weighted Average Exercise Price | $ 7.79 |
Options Exercisable, Number | shares | 10,313,000 |
Options Exercisable, Weighted Average Exercise Price | $ 7.80 |
Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 8.01 |
Upper range of exercise prices | $ 8.50 |
Options Outstanding, Number | shares | 87,728,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 5 years 8 months 5 days |
Options Outstanding, Weighted Average Exercise Price | $ 8.11 |
Options Exercisable, Number | shares | 26,138,000 |
Options Exercisable, Weighted Average Exercise Price | $ 8.16 |
Range Seven [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 8.51 |
Upper range of exercise prices | $ 9 |
Options Outstanding, Number | shares | 7,405,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 3 years 15 days |
Options Outstanding, Weighted Average Exercise Price | $ 8.76 |
Options Exercisable, Number | shares | 5,486,000 |
Options Exercisable, Weighted Average Exercise Price | $ 8.77 |
Range Eight [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 9.01 |
Upper range of exercise prices | $ 9.50 |
Options Outstanding, Number | shares | 181,485,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 5 months 27 days |
Options Outstanding, Weighted Average Exercise Price | $ 9.19 |
Options Exercisable, Number | shares | 181,255,000 |
Options Exercisable, Weighted Average Exercise Price | $ 9.20 |
Range Nine [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 9.51 |
Upper range of exercise prices | $ 10 |
Options Outstanding, Number | shares | 15,781,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 5 months 5 days |
Options Outstanding, Weighted Average Exercise Price | $ 9.63 |
Options Exercisable, Number | shares | 15,155,000 |
Options Exercisable, Weighted Average Exercise Price | $ 9.63 |
Range Ten [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 10.01 |
Upper range of exercise prices | $ 11 |
Options Outstanding, Number | shares | 40,900,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 months 19 days |
Options Outstanding, Weighted Average Exercise Price | $ 10.64 |
Options Exercisable, Number | shares | 40,900,000 |
Options Exercisable, Weighted Average Exercise Price | $ 10.64 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Contractual Life and Intrinsic Value of Options Outstanding (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |
Options Outstanding Weighted Average Contractual Life (years) | 3 years 4 months 2 days |
Options Exercisable Weighted Average Contractual Life (years) | 2 years 11 months 5 days |
Options Outstanding Intrinsic Value | $ 0 |
Options Exercisable Intrinsic Value | $ 0 |
Stock-Based Compensation - Fair
Stock-Based Compensation - Fair Value of Date of Grant Using Black-Scholes Option-Pricing Model (Detail) - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2015 | |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |
Dividend yield | 2.50% |
Risk-free interest rate | 0.50% |
Expected volatility | 34.00% |
Expected life (in years) | 5 years 2 months 12 days |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance-based Equity Awards - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 900,000 | $ 500,000 | |
Unvested performance units | 555,000,000 | 555,000,000 | |
2015 Long-Term Incentive Plan [Member] | Performance Based Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 0 | ||
2014 LTIP - One-year Revenue Goals [Member] | Performance Based Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 0 | ||
Unvested awards cancelled | 162,000,000 | ||
Minimum [Member] | 2015 Long-Term Incentive Plan [Member] | Performance Based Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares earned | 212,000,000 | ||
Minimum [Member] | 2014 LTIP - One-year Revenue Goals [Member] | Performance Based Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares earned | 190,000,000 | ||
Maximum [Member] | 2015 Long-Term Incentive Plan [Member] | Performance Based Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares earned | 424,000,000 | ||
Maximum [Member] | 2014 LTIP - One-year Revenue Goals [Member] | Performance Based Equity Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number of shares earned | 380,000,000 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan ("ESPP") - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Feb. 29, 2016 | Feb. 28, 2015 | Mar. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Offering period | 6 months | ||
Employee Stock Purchase Plan ("ESPP") [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of fair market value to determine purchase price | 85.00% | ||
Proceeds of from issuance of shares under ESPP | $ 0.4 | $ 0.4 | |
Options issued | 78,415,000 | 57,293,000 | |
Rate of discount on fair market value of common stock under ESPP | 15.00% | ||
Period of expected life, options granted | 5 years |
Stock-Based Compensation - Calc
Stock-Based Compensation - Calculation of Fair Value of Each Employee Stock Purchase Grant Using the Black-Scholes Option-Pricing Model (Detail) - Employee Stock Purchase Plan ("ESPP") [Member] | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Calculation of fair value of each employee stock purchase grant using the Black-Scholes option-pricing model | ||
Dividend yield | 4.20% | 2.50% |
Risk-free interest rate | 0.60% | 0.30% |
Expected volatility | 34.00% | 33.00% |
Expected life (in years) | 6 months | 6 months |
Stock-Based Compensation - Em65
Stock-Based Compensation - Employee Withholding Taxes on Stock Awards - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Withholding Taxes on Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payment of withholding taxes related to stock awards | $ 0.2 | $ 0.4 |
Stock-Based Compensation - St66
Stock-Based Compensation - Stock Repurchases - Additional Information (Detail) - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | |
Share Repurchases [Abstract] | |||
Stock repurchased during period, shares | 783,212,000 | 2,726,000,000 | 1,942,788,000 |
Stock repurchased during period, average price per share | $ 5.23 | $ 6.22 | |
Number of shares to be repurchased under stock repurchase program | 0 | 0 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Employee Benefit Plans [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Maximum percentage of current compensation of employee to contribute in plan | 15.00% |
Benefit Plans - Summary of Cont
Benefit Plans - Summary of Contributions to Retirement Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Compensation And Retirement Disclosure [Abstract] | ||
PCTEL, Inc. 401(k) Profit sharing Plan - US employees | $ 175 | $ 194 |
Defined contribution plans - foreign employees | 100 | 78 |
Total | $ 275 | $ 272 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | Feb. 27, 2015USD ($)ft² | Feb. 29, 2016USD ($)ft² | Oct. 31, 2015USD ($)ft² | May. 31, 2015USD ($)ft² | Mar. 31, 2016USD ($) | Mar. 31, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Restructuring expenses | $ 517 | $ 0 | ||||||
Restructuring reserve | 459 | $ 237 | ||||||
Rent expense under leases | 300 | 200 | ||||||
Operating lease obligation | 3,304 | |||||||
Allowance for sales returns | 200 | 200 | ||||||
Warranty reserve | $ 326 | 348 | ||||||
Antenna [Member] | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Repair and replacement warranty | 5 years | |||||||
Warranty Reserves [Member] | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Warranty reserve | $ 326 | $ 304 | 348 | $ 304 | ||||
Melbourne, Florida [Member] | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Area of office space before modification | ft² | 6,174 | |||||||
Area of office space | ft² | 3,600 | |||||||
Lease expiration date | Dec. 31, 2018 | |||||||
Operating lease obligation | $ 149 | |||||||
Tianjin, China [Member] | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Area of office space | ft² | 22,163 | |||||||
Lease expiration date | Oct. 31, 2020 | |||||||
Operating lease obligation | $ 200 | |||||||
Lease term | 5 years | |||||||
Area of office additional manufacturing space | ft² | 44,289 | |||||||
Englewood, Colorado [Member] | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Area of office space | ft² | 4,759 | |||||||
Lease expiration date | Oct. 31, 2020 | |||||||
Operating lease obligation | $ 600 | |||||||
Lease term | 5 years | |||||||
Schaumburg, Illinois [Member] | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Area of office space | ft² | 6,652 | |||||||
Lease expiration date | Oct. 31, 2018 | |||||||
Operating lease obligation | $ 300 | |||||||
Lease option on early termination date | Aug. 31, 2016 | |||||||
Termination fee on early payment | 57 | |||||||
Accrued liabilities | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Restructuring reserve | 400 | |||||||
Long-term liabilities | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Restructuring reserve | 100 | |||||||
Employee Severance and Related Costs [Member] | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Restructuring expenses | 228,000 | |||||||
Lease Costs [Member] | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Restructuring expenses | 239 | |||||||
Restructuring reserve | 184 | 0 | ||||||
Disposal of Fixed Assets [Member] | ||||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||||
Restructuring expenses | 49 | |||||||
Restructuring reserve | $ 0 | $ 0 |
Commitments and Contingencies70
Commitments and Contingencies - Summary of Restructuring Activity (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | $ 237 | |
Restructuring Expenses | 517 | $ 0 |
Cash Payments/ Adjustments | (295) | |
Ending Balance | 459 | |
Severance and Related Employee Benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 237 | |
Restructuring Expenses | 229 | |
Cash Payments/ Adjustments | (191) | |
Ending Balance | 275 | |
Lease Terminations [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 0 | |
Restructuring Expenses | 239 | |
Cash Payments/ Adjustments | (55) | |
Ending Balance | 184 | |
Fixed Assets [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Beginning Balance | 0 | |
Restructuring Expenses | 49 | |
Cash Payments/ Adjustments | (49) | |
Ending Balance | $ 0 |
Commitments and Contingencies71
Commitments and Contingencies - Future Minimum Rental Payments Under Operating Leases (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2,016 | $ 765 |
2,017 | 818 |
2,018 | 787 |
2,019 | 712 |
2,020 | 222 |
Future minimum lease payments | $ 3,304 |
Commitments and Contingencies72
Commitments and Contingencies - Summary of Capital Leases for Office and Manufacturing Equipment (Detail) - Office and Manufacturing Equipment [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Capital Leased Assets [Line Items] | ||
Cost | $ 190 | $ 190 |
Accumulated Depreciation | (56) | (48) |
Net Book Value | $ 134 | $ 142 |
Commitments and Contingencies73
Commitments and Contingencies - Present Value of Net Minimum Lease Payments, Capital Leases (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,016 | $ 30 |
2,017 | 40 |
2,018 | 40 |
2,019 | 29 |
2,020 | 4 |
Total minimum payments required: | 143 |
Less amount representing interest: | 9 |
Present value of net minimum lease payments: | $ 134 |
Commitments and Contingencies74
Commitments and Contingencies - Changes in Warranty Reserves (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Changes in warranty reserves | ||
Beginning balance | $ 348 | |
Ending balance | 326 | |
Warranty Reserves [Member] | ||
Changes in warranty reserves | ||
Beginning balance | 348 | $ 304 |
Provisions for warranties | 33 | 16 |
Consumption of reserves | (55) | (16) |
Ending balance | $ 326 | $ 304 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Income tax expense (benefit) | $ (1,291) | $ (19) | |
Statutory rate | 34.00% | 34.00% | |
Deferred tax assets, valuation allowances | $ 600 | $ 600 | |
Domestic deferred tax assets ratable reversal pattern period | 15 years | ||
Operating loss carry forward, expiration period | The carry forward rules allow for up to a 20 year carry forward of net operating losses | ||
Net operating loss carry forward period | 20 years | ||
Average period required to utilize future income | 27 years 6 months | ||
Gross unrecognized tax benefit | $ 800 | $ 800 |
Segment, Customer and Geograp76
Segment, Customer and Geographic Information - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2016SegmentCustomer | Mar. 31, 2015Customer | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Number of reporting segments | Segment | 2 | |
Number of customers accounted for more than ten percentage of revenue | Customer | 1 | 1 |
Sales [Member] | Customer Concentration Risk | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Entity wide revenue major customer, benchmark percentage | 10.00% | 10.00% |
Segment, Customer and Geograp77
Segment, Customer and Geographic Information - Result of Operations by Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Results of operations by segments | ||
REVENUES | $ 21,074 | $ 26,326 |
GROSS PROFIT | 7,051 | 10,189 |
OPERATING INCOME (LOSS) | (2,753) | (96) |
Depreciation | 792 | 744 |
Intangible amortization | 769 | 654 |
Capital expenditures | 699 | 364 |
Operating Segments [Member] | Connected Solutions [Member] | ||
Results of operations by segments | ||
REVENUES | 14,699 | 17,354 |
GROSS PROFIT | 4,324 | 5,444 |
OPERATING INCOME (LOSS) | 1,305 | 1,613 |
Depreciation | 465 | 420 |
Intangible amortization | 70 | 230 |
Capital expenditures | 579 | 177 |
Operating Segments [Member] | RF Solutions [Member] | ||
Results of operations by segments | ||
REVENUES | 6,435 | 9,051 |
GROSS PROFIT | 2,730 | 4,736 |
OPERATING INCOME (LOSS) | (1,527) | 1,210 |
Depreciation | 327 | 246 |
Intangible amortization | 699 | 424 |
Capital expenditures | 89 | 134 |
Corporate, Non-Segment [Member] | ||
Results of operations by segments | ||
REVENUES | (60) | (79) |
GROSS PROFIT | (3) | 9 |
OPERATING INCOME (LOSS) | (2,531) | (2,919) |
Depreciation | 0 | 78 |
Intangible amortization | 0 | 0 |
Capital expenditures | $ 31 | $ 53 |
Segment, Customer and Geograp78
Segment, Customer and Geographic Information - Assets by Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Results of operations by segments | ||
Accounts receivable | $ 16,158 | $ 21,001 |
Inventories | 17,479 | 17,596 |
Property and equipment, net | 13,659 | 13,839 |
Goodwill | 3,332 | 3,332 |
Intangible assets, net | 10,609 | 11,378 |
Deferred tax assets, net | 14,566 | 13,155 |
Other noncurrent assets | 39 | 40 |
Operating Segments [Member] | Connected Solutions [Member] | ||
Results of operations by segments | ||
Accounts receivable | 10,632 | 12,875 |
Inventories | 14,435 | 15,507 |
Property and equipment, net | 10,369 | 10,250 |
Goodwill | 0 | 0 |
Intangible assets, net | 355 | 425 |
Deferred tax assets, net | 0 | 0 |
Other noncurrent assets | 0 | 0 |
Operating Segments [Member] | RF Solutions [Member] | ||
Results of operations by segments | ||
Accounts receivable | 5,526 | 8,126 |
Inventories | 3,044 | 2,089 |
Property and equipment, net | 2,713 | 2,985 |
Goodwill | 3,332 | 3,332 |
Intangible assets, net | 10,254 | 10,953 |
Deferred tax assets, net | 0 | 0 |
Other noncurrent assets | 0 | 0 |
Corporate, Non-Segment [Member] | ||
Results of operations by segments | ||
Accounts receivable | 0 | 0 |
Inventories | 0 | 0 |
Property and equipment, net | 577 | 604 |
Goodwill | 0 | 0 |
Intangible assets, net | 0 | 0 |
Deferred tax assets, net | 14,566 | 13,155 |
Other noncurrent assets | $ 39 | $ 40 |
Segment, Customer and Geograp79
Segment, Customer and Geographic Information - Revenues Attributable to Products and Services (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Revenues: | ||
Products | $ 19,183 | $ 23,067 |
Services | 1,891 | 3,259 |
Total revenues | 21,074 | 26,326 |
Cost of revenues: | ||
Products | 11,551 | 13,470 |
Services | 2,472 | 2,667 |
Total cost of revenues | $ 14,023 | $ 16,137 |
Segment, Customer and Geograp80
Segment, Customer and Geographic Information - Customer Accounted Revenues by Geographic Location (Detail) - Sales [Member] - Geographic Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 18.00% | 10.00% |
Europe, Middle East, & Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 11.00% | 11.00% |
Other Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 7.00% | 5.00% |
Total Foreign Sales [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 36.00% | 26.00% |
Related Parties - Additional In
Related Parties - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016 | |
Pryor, Oklahoma Facility [Member] | |
Related Party Transaction [Line Items] | |
Lease termination date | 2015-10 |