Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Mar. 10, 2017 | Jun. 30, 2016 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | PCTI | ||
Entity Registrant Name | PC TEL INC | ||
Entity Central Index Key | 1,057,083 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 17,332,602 | ||
Entity Public Float | $ 81,598,423 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
ASSETS | ||
Cash and cash equivalents | $ 14,855 | $ 7,055 |
Short-term investment securities | 18,456 | 24,728 |
Accounts receivable, net of allowance for doubtful accounts of $273 and $314 at December 31, 2016 and December 31, 2015, respectively | 19,101 | 21,001 |
Inventories, net | 14,442 | 17,596 |
Prepaid expenses and other assets | 1,548 | 1,586 |
Total current assets | 68,402 | 71,966 |
Property and equipment, net | 12,609 | 13,839 |
Goodwill | 3,332 | 3,332 |
Intangible assets, net | 3,275 | 11,378 |
Deferred tax assets, net | 4,512 | 13,155 |
Other noncurrent assets | 36 | 40 |
TOTAL ASSETS | 92,166 | 113,710 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 6,073 | 6,735 |
Accrued liabilities | 7,177 | 6,190 |
Total current liabilities | 13,250 | 12,925 |
Other long-term liabilities | 391 | 388 |
Total liabilities | 13,641 | 13,313 |
Stockholders’ equity: | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 17,335,122 and 17,654,236 shares issued and outstanding at December 31, 2016 and December 31, 2015, respectively | 17 | 18 |
Additional paid-in capital | 134,480 | 135,714 |
Accumulated deficit | (55,590) | (35,320) |
Accumulated other comprehensive loss | (382) | (15) |
Total stockholders’ equity | 78,525 | 100,397 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 92,166 | $ 113,710 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 273 | $ 314 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 17,335,122 | 17,654,236 |
Common stock, shares outstanding | 17,335,122 | 17,654,236 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Statement [Abstract] | |||
REVENUES | $ 96,713 | $ 106,615 | $ 107,164 |
COST OF REVENUES | 61,507 | 69,354 | 63,577 |
GROSS PROFIT | 35,206 | 37,261 | 43,587 |
OPERATING EXPENSES: | |||
Research and development | 10,158 | 11,205 | 11,736 |
Sales and marketing | 13,810 | 14,196 | 12,961 |
General and administrative | 12,051 | 12,399 | 12,819 |
Amortization of intangible assets | 1,651 | 3,426 | 1,967 |
Impairment of goodwill and other intangible assets | 5,785 | 161 | 0 |
Restructuring charges | 664 | 1,630 | 0 |
Total operating expenses | 44,119 | 43,017 | 39,483 |
OPERATING (LOSS) INCOME | (8,913) | (5,756) | 4,104 |
Other income, net | 112 | 3,287 | 1,666 |
(LOSS) INCOME BEFORE INCOME TAXES | (8,801) | (2,469) | 5,770 |
Expense (benefit) for income taxes | 8,880 | (901) | 1,158 |
NET (LOSS) INCOME | $ (17,681) | $ (1,568) | $ 4,612 |
(Loss) Earnings per Share: | |||
Basic | $ (1.09) | $ (0.09) | $ 0.25 |
Diluted | $ (1.09) | $ (0.09) | $ 0.25 |
Weighted Average Shares: | |||
Basic | 16,151 | 17,737 | 18,159 |
Diluted | 16,151 | 17,737 | 18,389 |
Cash dividend per share | $ 0.20 | $ 0.20 | $ 0.16 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive (Loss) Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Statement Of Income And Comprehensive Income [Abstract] | |||
NET (LOSS) INCOME | $ (17,681) | $ (1,568) | $ 4,612 |
OTHER COMPREHENSIVE LOSS | |||
Foreign currency translation adjustments | (367) | (150) | (74) |
COMPREHENSIVE (LOSS) INCOME | $ (18,048) | $ (1,718) | $ 4,538 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - 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, 2013 | $ 112,052 | $ 19 | $ 143,572 | $ (31,748) | $ 209 |
Stock-based compensation expense | 3,276 | 0 | 3,276 | 0 | 0 |
Issuance of shares for stock purchase and option plans | 1,092 | 1 | 1,091 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (1,037) | 0 | (1,037) | 0 | 0 |
Tax effect from stock based compensation | 203 | 0 | 203 | 0 | 0 |
Repurchase of common stock | (1,652) | (1) | (1,651) | 0 | 0 |
Dividends paid | (2,957) | 0 | 8 | (2,965) | 0 |
Net income (Loss) | 4,612 | 0 | 0 | 4,612 | 0 |
Change in cumulative translation adjustment, net | (74) | 0 | 0 | 0 | (74) |
BALANCE at Dec. 31, 2014 | 115,515 | 19 | 145,462 | (30,101) | 135 |
Stock-based compensation expense | 1,865 | 0 | 1,865 | 0 | 0 |
Issuance of shares for stock purchase and option plans | 1,018 | 0 | 1,018 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (438) | 0 | (438) | 0 | 0 |
Tax effect from stock based compensation | (115) | 0 | (115) | 0 | 0 |
Repurchase of common stock | (12,079) | (1) | (12,078) | 0 | 0 |
Dividends paid | (3,651) | 0 | 0 | (3,651) | 0 |
Net income (Loss) | (1,568) | 0 | 0 | (1,568) | 0 |
Change in cumulative translation adjustment, net | (150) | 0 | 0 | 0 | (150) |
BALANCE at Dec. 31, 2015 | 100,397 | 18 | 135,714 | (35,320) | (15) |
Stock-based compensation expense | 3,986 | 0 | 3,986 | 0 | 0 |
Issuance of shares for stock purchase and option plans | 649 | 0 | 649 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (426) | 0 | (426) | 0 | 0 |
Tax effect from stock based compensation | (482) | 0 | (482) | 0 | 0 |
Repurchase of common stock | (4,095) | (1) | (4,094) | 0 | 0 |
Dividends paid | (3,456) | 0 | (867) | (2,589) | 0 |
Net income (Loss) | (17,681) | 0 | 0 | (17,681) | 0 |
Change in cumulative translation adjustment, net | (367) | 0 | 0 | 0 | (367) |
BALANCE at Dec. 31, 2016 | $ 78,525 | $ 17 | $ 134,480 | $ (55,590) | $ (382) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Activities: | |||
Net (loss) income | $ (17,681) | $ (1,568) | $ 4,612 |
Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||
Depreciation and amortization | 5,468 | 7,105 | 4,806 |
Stock based compensation | 3,986 | 1,865 | 3,276 |
Impairment of goodwill and other intangible assets | 5,785 | 161 | 0 |
(Gain) loss on disposal/sale of property and equipment | 2 | (12) | 9 |
Restructuring costs | 30 | 688 | 0 |
Payment of withholding tax on stock based compensation | (426) | (438) | (1,037) |
Deferred tax provision | 8,152 | (1,284) | 1,666 |
Changes in operating assets and liabilities, net of acquisitions: | |||
Accounts receivable | 1,695 | 8,260 | (5,301) |
Inventories | 2,863 | (1,385) | (1,870) |
Prepaid expenses and other assets | 17 | 227 | 1,406 |
Accounts payable | (484) | 1,114 | 1,050 |
Income taxes payable | 81 | 4 | (79) |
Other accrued liabilities | 878 | (4,465) | (1,625) |
Deferred revenue | 40 | (1,198) | 1,063 |
Net cash provided by operating activities | 10,406 | 9,074 | 7,976 |
Investing Activities: | |||
Capital expenditures | (1,912) | (2,102) | (2,542) |
Proceeds from disposal of property and equipment | 15 | 64 | 0 |
Purchase of investments | (74,264) | (30,146) | (58,629) |
Redemptions/maturities of short-term investments | 80,536 | 44,995 | 55,157 |
Purchase of assets | 0 | (20,500) | 0 |
Net cash provided by (used in) investing activities | 4,375 | (7,689) | (6,014) |
Financing Activities: | |||
Proceeds from issuance of common stock | 649 | 1,018 | 1,092 |
Tax benefit from stock based compensation | 0 | 0 | 203 |
Payments for repurchase of common stock | (4,095) | (12,079) | (1,652) |
Dividends paid | (3,456) | (3,651) | (2,957) |
Net cash used in financing activities | (6,902) | (14,712) | (3,314) |
Net increase (decrease) in cash and cash equivalents | 7,879 | (13,327) | (1,352) |
Effect of exchange rate changes on cash | (79) | (50) | (6) |
Cash and cash equivalents, beginning of year | 7,055 | 20,432 | 21,790 |
Cash and Cash Equivalents, End of Year | 14,855 | 7,055 | 20,432 |
Other information: | |||
Cash paid for income taxes | 622 | 413 | 199 |
Cash paid for interest | 8 | 7 | 14 |
Non-cash investing and financing information: | |||
Increases (decreases) to deferred stock compensation, net | (879) | 3,566 | 12 |
Issuance of restricted common stock, net of cancellations | 1,725 | 4,941 | 431 |
Purchase of assets under capital leases | $ 134 | $ 30 | $ 189 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Nature of Operations PCTEL, Inc. (“PCTEL”, the “Company”, “we”, “ours”, and “us”) delivers P erformance C ritical TEL ecom technology solutions to the wireless industry. PCTEL is the leading global supplier of wireless network antenna and testing solutions. PCTEL’s Connected Solutions segment designs and manufactures precision antennas. PCTEL antennas are deployed in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in network equipment and devices for the Industrial Internet of Things (“IIoT”). PCTEL’s RF Solutions segment p rovides test tools and engineering services that improve the performance of wireless networks globally. Mobile operators, neutral hosts, and equipment manufacturers rely on PCTEL to analyze, design, and optimize next generation wireless networks. Segment Reporting PCTEL operates in two segments for reporting purposes, Connected Solutions and RF Solutions. The Company’s chief operating decision maker uses operating profits 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 PCTEL Connected Solutions original equipment manufacturer (“OEM”) providers where they are designed into the customer’s solution. Competition in the antenna markets addressed by Connected Solutions is fragmented. Competitors include Amphenol, Comtelco, Laird, Mobile Mark, Pulse, and Radiall/Larsen. 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 market. These include radio frequency engineering, mobile antenna design and manufacturing, mechanical engineering, product quality and testing, and wireless network engineering. RF Solutions Segment PCTEL RF Solutions rovides test tools and engineering services to analyze, design, and optimize next generation wireless networks. Revenue growth is driven by the implementation and roll out of new wireless technology standards (i.e. 1G to 2G, 2G to 3G, 3G to 4G, 4G to 5G, etc…). PCTEL test equipment is sold directly to wireless carriers or to OEM providers who integrate the Company’s products into their solution which is then sold to wireless carriers. Competitors for PCTEL’s test tool products include OEMs such as Anritsu, Berkley Varitronics, Digital Receiver Technology, and Rohde and Schwarz. PCTEL maintains expertise in several technology areas in order to be competitive in the test tool 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 These consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. 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 year-end exchange rate for assets and liabilities and average monthly rates for revenue and expense accounts. Adjustments resulting from translation are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Gains and losses resulting from other transactions originally in foreign currencies and then translated into U.S. dollars are included in the consolidated statements of operations. Net foreign exchange gains (losses) resulting from foreign currency transactions included in other income, net were $13, $(33), and $(49) in the years ended December 31, 2016, 2015, and 2014, respectively. Fair Value of Financial Instruments The Company follows accounting pronouncements 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. Cash and Cash Equivalents and Investments The Company’s cash and investments consist of the following: December 31, December 31, 2016 2015 Cash $ 7,507 $ 6,077 Cash equivalents 7,348 978 Short-term investments 18,456 24,728 $ 33,311 $ 31,783 Cash and Cash equivalents At December 31, 2016, cash and cash equivalents included bank balances and investments with original maturities less than 90 days. At December 31, 2016 and 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 under 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 December 31, 2016, the Company had $7.5 million in cash and $7.3 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 $0.9 million and $1.3 million of cash and cash equivalents in foreign bank accounts at December 31, 2016 and at December 31, 2015, respectively. Within the cash in foreign bank accounts, the Company had cash of $0.5 million and $0.8 million in China bank accounts at December 31, 2016 and December 31, 2015, respectively. Investments At December 31, 2016 and 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 December 31, 2016, the Company had invested $7.8 million in pre-refunded municipal bonds and taxable bond funds, $5.6 million in AA rated or higher corporate bond funds, $2.6 million in U.S. government agency bonds, and $2.5 million in certificates of deposit. The income and principal from the pre-refunded municipal bonds is secured by an irrevocable trust of U.S. Treasury securities. The bonds have original maturities greater than 90 days and mature in 2017. The Company’s bonds are recorded at the purchase price and carried at amortized cost. The net unrealized gains (losses) were approximately $(9) and $1 at December 31, 2016 and December 31, 2015, respectively. Approximately 6% and 11% of the Company’s bonds were protected by bond default insurance at December 31, 2016 and 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 1. 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: December 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 $ 7,349 $ 0 $ 0 $ 7,349 $ 978 $ 0 $ 0 $ 978 Investments: Pre-refunded municipal bonds 0 7,776 0 7,776 0 7,497 0 7,497 Corporate bonds 0 5,569 0 5,569 0 7,558 0 7,558 US government agency bonds 0 2,571 0 2,571 0 7,008 0 7,008 Certificates of deposit 2,530 0 0 2,530 2,666 0 0 2,666 Total $ 9,879 $ 15,916 $ 0 $ 25,795 $ 3,644 $ 22,063 $ 0 $ 25,707 Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at invoiced amount with standard net terms for most customers that range between 30 and 60 days. The Company extends credit to its customers based on an evaluation of a company’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 December 31, 2016 and 2015, respectively. The provision for doubtful accounts is included in sales and marketing expense in the 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 December 31, 2016 and 2015 were composed of raw materials, sub-assemblies, finished goods and work-in-process. The Company had consigned inventory of $0.4 million and $0.7 million at December 31, 2016 and 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 the Company’s estimate of inventory in excess of normal and planned usage. Obsolete reserves are based on the Company’s identification of inventory where carrying value is above net realizable value. The allowance for inventory losses was $2.9 million and $2.2 million as of December 31, 2016 and 2015, respectively. Inventories consisted of the following: December 31, 2016 December 31, 2015 Raw materials $ 8,718 $ 11,012 Work in process 1,486 917 Finished goods 4,238 5,667 Inventories, net $ 14,442 $ 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 computers 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 consolidated statements of operations. Maintenance and repairs are expensed as incurred. Property and equipment consisted of the following: December 31, 2016 December 31, 2015 Building $ 6,351 $ 6,227 Computers and office equipment 11,577 10,931 Manufacturing and test equipment 12,940 12,826 Furniture and fixtures 1,239 1,273 Leasehold improvements 1,191 1,001 Motor vehicles 20 42 Total property and equipment 33,318 32,300 Less: Accumulated depreciation and amortization (22,479 ) (20,231 ) Land 1,770 1,770 Property and equipment, net $ 12,609 $ 13,839 Depreciation and amortization expense was approximately $3.2 million, $3.1 million, and $2.8 million for the years ended December 31, 2016, 2015, and 2014, respectively. Amortization for capital leases is included in depreciation and amortization expense. See Note 7 for information related to capital leases. Liabilities Accrued liabilities consisted of the following: December 31, 2016 December 31, 2015 Payroll, bonuses, and other employee benefits $ 2,029 $ 1,179 Inventory receipts 1,622 1,628 Paid time off 1,230 1,271 Income and sales taxes 546 381 Warranties 394 348 Professional fees and contractors 320 305 Employee stock purchase plan 300 280 Real estate taxes 152 161 Restructuring 126 237 Deferred revenues 104 65 Other 354 335 Total $ 7,177 $ 6,190 Long-term liabilities consisted of the following: December 31, 2016 December 31, 2015 Long-term obligations under capital leases $ 157 $ 107 Deferred rent 156 250 Restructuring 70 0 Deferred revenues 8 31 Total $ 391 $ 388 Revenue Recognition The Company sells antennas, site solutions, and scanning receiver products, and provides network engineering and staffing services. The Company recognizes revenue when the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, price is fixed and determinable, and collectability is reasonably assured. The Company recognizes revenue for sales of its products when title transfers, which is predominantly upon shipment from its factory. For products shipped on consignment, the Company recognizes revenue upon delivery from the consignment location. The Company allows its major antenna product distributors to return product under specified terms and conditions and accrues for product returns. The Company recognizes revenue for its engineering services under the completed performance method. Most services occur in one week or less, and revenue is generally recognized when engineering reports are completed and issued to the customer. For specialized staffing, the Company recognizes revenue as services are provided to the customer. Research and Development Costs The Company expenses research and development costs as incurred. To date, the Company has expensed all software development costs related to research and development because the costs incurred subsequent to the products reaching technological feasibility were not significant. Advertising Costs Advertising costs are expensed in the period in which they are incurred. Advertising expense was $162, $212, and $175 in each of the fiscal years ended December 31, 2016, 2015, and 2014, respectively. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets, which are not likely to be realized. On a regular basis, management evaluates the recoverability of deferred tax assets and the need for a valuation allowance. Deferred tax assets arise when the Company recognizes charges or expenses in the financial statements that will not be allowed as income tax deductions until future periods. The deferred tax assets also include unused tax net operating losses and tax credits that the Company is allowed to carry forward to future years. Accounting rules permit the Company to carry the deferred tax assets on the balance sheet at full value as long as it is more likely than not the deductions, losses, or credits will be used in the future. A valuation allowance must be recorded against a deferred tax asset if this test cannot be met. During 2016, the Company recorded adjustments to the valuation allowance of $12.6 million because the Company does not believe it will generate sufficient US taxable income to realize a significant portion of its deferred tax assets. See Note 6 for more information on the deferred tax valuation allowance. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. Sales and Value Added Taxes Taxes collected from customers and remitted to governmental authorities are presented on a net basis in cost of sales in the accompanying consolidated statements of operations. Shipping and handling costs Shipping and handling costs are included on a gross basis in cost of sales in the accompanying consolidated statements of operations. Goodwill The Company performs an annual impairment test of goodwill as of the end of the first month of the fiscal fourth quarter (October 31st), or at an interim date if an event occurs or if circumstances change that would indicate that an impairment loss may have been incurred. In performing the annual impairment test, the Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If the qualitative assessment is indicative of possible impairment, then a two-step quantitative fair value assessment is performed at the reporting unit level. In the first step, the fair value of each reporting unit is compared with its carrying value. If the fair value exceeds the carrying value, then goodwill is not impaired and no further testing is performed. The second step is performed if the carrying value exceeds the fair value. The implied fair value of goodwill is then compared against the carrying value of goodwill to determine the amount of impairment. The process of evaluating the potential impairment of goodwill is subjective because it requires the use of estimates and assumptions in determining a reporting unit’s fair value. The Company calculates the fair value of each reporting unit by using the income approach based on the present value of future discounted cash flows. The discounted cash flow method requires the Company to use estimates and judgments about the future cash flows of the reporting units. Although the Company bases cash flow forecasts on assumptions that are consistent with plans and estimates the Company uses to manage the underlying reporting units, there is significant judgment in determining the cash flows attributable to these reporting units, including markets and market share, sales volumes and mix, research and development expenses, tax rates, capital spending, discount rate and working capital changes. Cash flow forecasts are based on reporting unit operating plans for the early years and business projections in later years. The Company believes the accounting estimate related to the valuation of goodwill is a critical accounting estimate because it requires us to make assumptions that are highly uncertain about the future cash flows of the reporting units. Changes in these estimates can have a material impact on the Company’s financial statements. The Company performed its annual goodwill test on the RF Solutions products reporting unit at October 31, 2016. The Company tested goodwill of $3.3 million that was recorded from the Nexgen acquisition in February 2015. The Company performed both a qualitative analysis of goodwill and the step one quantitative analysis. There was no triggering event from the qualitative analysis, and the fair value of the reporting unit was higher than its carrying value in the quantitative analysis. Based on the Company’s analysis, there was no impairment of goodwill as of the testing date because the fair value of the reporting unit exceeded its carrying value by a significant margin. The Company performed its annual goodwill test at October 31, 2015 for its goodwill within the RF Solutions segment. The Company tested its goodwill of $3.3 million for products and $0.2 million for services. At that date the carrying value of the Company’s assets was $102.5 million as compared to a $100.0 million market capitalization and a $9.3 million control premium determined by the Company as the net present value of its public company costs that would become cost savings synergies to an acquirer. During the fourth quarter the products reporting unit was operating consistently with the projections made at September 30, 2015. The services reporting unit was operating at a lower level than the projections at September 30, 2015. The Company performed a qualitative assessment and concluded it is more likely than not that the fair value of the products reporting unit is more than its carrying value, including goodwill, and the services reporting unit is less likely than not. In addition the Company performed a Step 1 quantitative goodwill test for both reporting units at October 31, 2015 which confirmed the qualitative assessments. The Company performed a Step 2 quantitative goodwill test at October 31, 2015 on the Services reporting unit and concluded that all $0.2 million of the goodwill was impaired. The Company’s carrying value at December 31, 2015 was $100.5 million as compared to a market capitalization of $80.3 million and a control premium of $9.3 million. The market cap deficit had existed since mid-November 2015. A stock performance comparison was performed with twelve of the peer companies the Company uses for compensation comparable data that are still publicly traded at December 31, 2015. The company list can be found in the Company’s Proxy Statement dated April 30, 2015. When comparing the period October 31, 2015 to December 31, 2015 eight of the companies experienced stock price declines, two of which were comparable to PCTEL’s decline. Trading volume for all the companies including PCTEL during that period was consistent with historical levels. Management concluded that the market was distressed but liquid. The Company considered the decline in market capitalization and resulting deficit to carrying value to be an indication that an impairment loss may have occurred at December 31, 2015. The Company performed another Step 1 quantitative goodwill test at December 31, 2015. The higher discount rates used for the reporting units reconciled the total fair value of the Company to its December 31, 2015 market capitalization. The test indicated the remaining goodwill was not impaired. Long-lived and Definite-Lived Intangible assets The Company reviews definite-lived intangible assets, investments and other long-lived assets for impairment when events or changes in circumstances indicate that their carrying values may not be fully recoverable. This analysis differs from the Company’s goodwill analysis in that definite-lived intangible asset impairment is only deemed to have occurred if the sum of the forecasted undiscounted future cash flows related to the assets being evaluated is less than the carrying value of the assets. The estimate of long-term undiscounted cash flows includes long-term forecasts of revenue growth, gross margins, and operating expenses. All of these items require significant judgment and assumptions. An impairment loss may exist when the estimated undiscounted cash flows attributable to the assets are less than the carrying amount. During 2016, the Company recorded total impairment expense of $5.8 million related to customer relationships for the Services reporting unit within the RF Solutions segment, consisting of $4.7 million at June 30, 2016 and $1.1 million at December 31, 2016. For the three months ended June 30, 2016, the revenue and contribution margin of the services reporting unit were below its forecasts. The results and revised forecast were reflective of a long-term slowdown in the DAS market which is the primary market addressed by the Company’s services offering. The Company considered the changes to its forecast and the industry and market trends as a triggering event to assess the intangible assets of the services reporting units for impairment. The Company reviewed the intangible assets for impairment by performing a test of recoverability. The cash flow forecast prepared by the Company included assumptions for revenues, gross margins, and operating expenses. The test of recoverability failed because the undiscounted cash flows were below the carrying value of the services reporting unit. The Company calculated the fair value of the services reporting unit with the assistance of a third-party valuation firm. For the three months ended December 31, 2016, the revenues and contribution margin for the services reporting unit declined sequentially. The fourth quarter 2016 gross margin was negatively impacted by the lower revenue volume and by lower average margins on individual projects. At December 31, 2016 the backlog was lower than historical trends and there were no known large projects in the sales funnel. Based on these facts and an updated review of the market and industry trends, the Company lowered its profit forecast for 2017 compared to the profit forecast prepared for the 2017 operating plan and the Company lowered its long-term revenue and profit forecast. The Company determined that the revision to the forecast for services was a triggering event for its review of intangible assets for impairment. The Company reviewed its intangible assets for impairment by performing a test of recoverability. The cash flow forecast prepared by the Company included assumptions for revenues, gross margins, and operating expenses. The test of recoverability failed because the undiscounted cash flows were below the carrying value of the services reporting unit. The Company calculated the fair value of the Services reporting unit based on the valuation assumptions from the analysis at June 30, 2016. The impairment charge of $1.1 million represented the remaining value of the customer relationships as of December 31, 2016. As discussed in the goodwill section above, the Company recorded an impairment of all $0.2 million of the goodwill carried by the services reporting unit at the annual impairment test date. Additionally at December 31, 2015, the services reporting unit forecast had deteriorated from that used in the October 31, 2015 goodwill impairment analysis. Management concluded that these were triggering events indicating that a potential impairment of long-lived intangible assets in that reporting unit may have occurred. The Company performed a long-lived asset impairment test by comparing the undiscounted future cash flows for the services reporting unit to the reporting unit’s asset carrying value. The customer relationships were determined to be the primary asset of the asset group. Since this asset was not separable from the other assets in the services reporting unit, the asset group consisted of all of the assets in the reporting group. No impairment was indicated. Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“ Accounting Standards Update In August 2016, the FASB issued ASU 2016-15 , In June 2016, the FASB issued Accounting Standards Update No. 2016-13 ("ASU 2016-13") regarding ASC Topic 326, "Financial Instruments - Credit Losses," which modifies the measurement of expected credit losses of certain financial instruments. The amendments will be effective for the Company on January 1, 2020. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements In March 2016, the FASB issued 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. Upon adoption, the Company anticipates recognizing deferred tax assets for all excess tax benefits that had not been previously recognized. This will be accomplished through a cumulative-effect adjustment to retained earnings of approximately $0.6 million. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which amends existing guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. This ASU also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cash flows. This guidance will be effective for the Company on January 1, 2019. The Company is currently evaluating this guidance and the impact it will 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 3 |
Earnings (Loss) per Share
Earnings (Loss) per Share | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) per Share | 2. Earnings (Loss) per Share The Company computes earnings per share data under two different disclosures, basic and diluted, for all periods in which statements of operations are presented. Basic earnings (loss) per share is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding, less shares subject to repurchase. Diluted earnings (loss) per share are computed by dividing net income by the weighted average number of common stock and common stock equivalents outstanding. Common stock equivalents consist of stock options using the treasury stock method. Common stock options are excluded from the computation of diluted earnings per share if their effect is anti-dilutive. The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share: Years Ended December 31, 2016 2015 2014 Basic (Loss) Earnings Per Share computation: Numerator: Net (loss) income $ (17,681 ) $ (1,568 ) $ 4,612 Denominator: Common shares outstanding 16,151 17,737 18,159 (Loss) Earnings per common share - basic Net (loss) income $ (1.09 ) $ (0.09 ) $ 0.25 Diluted (Loss) Earnings Per Share computation: Denominator: Common shares outstanding 16,151 17,737 18,159 Restricted shares subject to vesting * * 139 Performance shares subject to vesting * * 80 Common stock option grants * * 11 Total shares 16,151 17,737 18,389 (Loss) Earnings per common share - diluted Net (loss) income $ (1.09 ) $ (0.09 ) $ 0.25 * As denoted by “*” in the table above, weighted average common stock option grants and restricted shares of 174,000 and 520,000 were excluded from the calculations of diluted net loss per share for the years ended December 31, 2016 and 2015, respectively, since their effects are anti-dilutive. |
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | 3. 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 business from 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”). The business acquired from Nexgen was based in Schaumburg, Illinois. Nexgen provided 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 earnout 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 earnout commenced on January 1, 2016 and ends on December 31, 2016 and is dependent on software revenue-based goals pertaining to the acquired business. The contingent liability was 0 at December 31, 2016. 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. At December 31, 2015 and 2016, the Company assumed no liability for the contingent earnout consideration. 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. At 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 purchase accounting related to the valuation of certain tangible and intangible assets was complete as of December 31, 2015. 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 did 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. Effective March 2016, the Company exercised its right of early termination of the Schaumburg lease. The lease termination was effective as of August 31, 2016. The Company moved the employees from the Schaumburg office to its Bloomingdale office prior to the termination date. The Nexgen services acquired in 2015 were integrated into the existing RF Solutions services reporting unit and the data analytics products were integrated in the RF Solutions product reporting unit. 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. Revenues for Nexgen were $23.8 million for the year ended December 31, 2014. The Company’s results for the year ended December 31, 2015 include the operating results for March through December 2015 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, 2014. The pro forma financial information for Nexgen was derived from the historical accounting records of Nexgen. (unaudited) Year Ended December 31, 2015 (unaudited) Year Ended December 31, 2014 REVENUES $ 109,573 $ 130,991 NET (LOSS) INCOME $ (1,435 ) $ 8,954 NET (LOSS) INCOME PER SHARE $ (0.08 ) $ 0.49 The pro forma results include adjustments for intangible amortization of $0.3 million and $2.6 million for the years ended December 31, 2015 and 2014, respectively. 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, 2014, nor is it necessarily indicative of the Company’s future consolidated results of operations or financial position. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 4. Goodwill and Other Intangible Assets Goodwill The activity related to goodwill for the years ended December 31, 2016 and 2015 was as follows: Amount Balance at January 1, 2015 $ 161 Acquisition of business from Nexgen Wireless 3,332 Impairment of goodwill - RF Services (161 ) Balance at December 31, 2015 $ 3,332 No changes 0 Balance at December 31, 2016 $ 3,332 The Company recorded $0.2 million of goodwill related to the business acquired from Envision Wireless, Inc. in 2011 and recorded goodwill of $3.3 million of goodwill related to the business acquired from Nexgen in February 2015. There are two reporting units for goodwill testing purposes within the RF Solutions segment, products and services. The $3.3 million of goodwill from the Nexgen acquisition was recorded in products and the $0.2 million of goodwill from the Envision acquisition was recorded in services. The Company recorded an impairment charge of $0.2 million in the fourth quarter 2015 because the fair value of the services reporting unit was below its carrying value. See the goodwill section of Note 1 for more information on the evaluation of goodwill. 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 $2.3 million, $4.0 million, and $2.0 million for the years ended December 31, 2016, 2015, and 2014, respectively. For the year ended December 31, 2016, $1.6 million of the intangible amortization was included in operating expenses and $0.7 million was included in cost of goods sold. For the year ended December 31, 2015, $3.4 million of the intangible amortization was included in operating expenses and $0.6 million was included in cost of goods sold. For the year ended December 31, 2014 all of the intangible amortization was recorded within operating expenses. The summary of other intangible assets, net is as follows: December 31, 2016 December 31, 2015 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Customer contracts and relationships $ 25,497 $ 25,497 $ 0 $ 25,497 $ 18,616 $ 6,881 Patents and technology 10,114 8,004 2,110 10,114 7,337 2,777 Trademarks and trade names 4,960 4,111 849 4,960 3,738 1,222 Other 2,743 2,427 316 2,743 2,245 498 $ 43,314 $ 40,039 $ 3,275 $ 43,314 $ 31,936 $ 11,378 The $8.1 million decrease in the net book value of intangible assets at December 31, 2016 compared to December 31, 2015 reflects impairment of $5.8 million of customer relationships and amortization expense of $2.3 million recorded for the year ended December 31, 2016. See the section on long-lived assets in Note 1 for more information related to the impairment charge. The amortization expense for technology of $0.7 million was recorded in cost of revenues, and for all other intangible assets of $1.6 million was recorded in operating expenses. In 2015, the Company recorded $13.1 million of intangible assets for the purchase of the business from Nexgen and wrote off $0.4 million of assets related to the Company’s exit from the mobile towers product line. As a restructuring charge, the Company wrote off the remaining technology and a portion of the trade names and customer relationships from the acquisition of the TelWorx business in 2012. The amortization related to the assets recorded for the acquisition of the business from Nexgen was $2.0 million and $2.4 million for the years ended December 31, 2016 and 2015, respectively. 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 5.1 Trademarks and trade names 3 to 8 years 5.5 Other 1 to 6 years 3.4 The Company’s scheduled amortization expense over the next four years is as follows: Fiscal Year Amount 2017 $ 1,162 2018 $ 1,084 2019 $ 885 2020 $ 144 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring | 5. Restructuring The Company incurred restructuring expense of $0.7 million and $1.6 million for the years ended December 31, 2016 and 2015, respectively. No restructuring expenses were recorded for the year ended December 31, 2014. 2016 Restructuring During the first quarter 2016, the Company reduced headcount in its RF Solutions segment related to services and SeeHawk analytics, and exited from its Colorado office in order to consolidate facility space. In the third and fourth quarters, the Company recorded additional restructuring expense primarily related to updated assumptions for the Colorado lease obligation. The total restructuring expense in 2016 consisted of $0.3 million in employee severance and payroll related costs, $0.3 million for lease terminations, and $0.1 million related to fixed asset disposals. The restructuring expense incurred for lease terminations includes the remaining obligations under the lease, net of assumed proceeds for a sublease. As of December 31, 2016, the Colorado office has not been subleased. Of the $0.2 million restructuring liability at December 31, 2016, $0.1 million was included in accrued liabilities and $0.1 million was included in long-term liabilities in the consolidated balance sheets. 2015 Restructuring In June 2015, the Company committed to a restructuring program for reductions in U.S. headcount and the exit from the mobile towers product line. To lower operating and production costs, the Company reduced headcount in engineering related to scanning receivers, in U.S. operations for Connected Solutions, and related to the mobile tower product line. The Company terminated 51 employees between June and December 2015 and recorded severance and other employee benefits of $1.2 million. The Company acquired the mobile tower product line in the 2012 acquisition of TelWorx. The Company’s mobile towers were primarily sold into the oil and gas exploration market in North America. The mobile towers were used to primarily provide a communications link to an oil drilling site or lighting for a site under construction. The decline in oil prices caused a decline in related mobile tower sales. The Company made the decision to exit the mobile tower product line due to the anticipated long term effect on revenue from depressed oil prices, and the fact that one of its two tower suppliers filing for Chapter 7 bankruptcy in June 2015 as a result of the decline in sales. Mobile towers were not a key element of the company’s kitting operation or antenna business within Connected Solutions. The Company’s exit from the mobile tower product line does not meet the accounting guidance for discontinued operations. The exit from mobile towers did not constitute a strategic shift in the Company’s operations. The Company recorded a charge of $0.4 million related to write-off of intangible assets related to the mobile product line. 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 Company’s restructuring accrual activity for 2015 and 2016: Intangible Lease Asset Severance Assets Terminations Disposals Total Balance at January 1, 2015 $ 0 $ 0 $ 0 $ 0 $ 0 Restructuring charges 1,199 406 0 25 1,630 Payments/Charges (962 ) (406 ) 0 (25 ) (1,393 ) Balance at December 31, 2015 237 0 0 0 237 Restructuring charges 254 0 338 72 664 Payments/Charges (485 ) 0 (148 ) (72 ) (705 ) Balance at December 31, 2016 $ 6 $ 0 $ 190 $ 0 $ 196 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 6. Income Taxes The Company recorded income tax expense of $8.9 million for the year ended December 31, 2016, an income tax benefit of $0.9 million for the year ended December 31, 2015, and income tax expense of $1.2 million for the years ended December 31, 2014. The 2016 effective tax rate differed from the statutory Federal rate of 34% primarily due to adjustments to the deferred tax valuation allowance. The Company recorded adjustments of $12.6 million to the deferred tax valuation allowance in 2016. The 2015 effective tax rate differed from the statutory Federal rate of 34% primarily due to research and development credits and incremental tax on repatriation of funds from Israel. The 2014 effective tax rate differed from the statutory Federal rate of 34% primarily because of reversals of liabilities for uncertain tax positions related to research credits and foreign withholding taxes. During 2016 and 2015 the Company wrote off $0.5 million and $0.1 million, respectively of deferred tax assets to additional paid in capital related to vested stock options that were forfeited. During 2014, the Company recorded $0.2 million to additional paid in capital related to excess tax benefits for stock-based compensation. A reconciliation of the expense (benefit) for income taxes at the federal statutory rate compared to the expense (benefit) at the effective tax rate is as follows: Years Ended December 31 2016 2015 2014 Statutory federal income tax rate 34 % 34 % 34 % State income tax, net of federal benefit 4 % 2 % 4 % Tax effect of permanent differences 0 % -2 % 1 % Tax on repatriation 0 % -5 % 0 % Effective state rate change to deferred tax assets 1 % 0 % 0 % Foreign income taxed at different rates 2 % 3 % -1 % Research and development credits 1 % 5 % -3 % Return to provision adjustments 1 % 0 % 0 % Change in valuation allowance -144 % 0 % 0 % Release of FIN 48 liability 0 % 0 % -15 % -101 % 37 % 20 % The domestic and foreign components of the continuing income (loss) before expense (benefit) for income taxes were as follows: Years Ended December 31, 2016 2015 2014 Domestic $ (11,475 ) $ (3,705 ) $ 4,882 Foreign 2,674 1,236 888 $ (8,801 ) $ (2,469 ) $ 5,770 The expense (benefit) for income taxes of continuing operations consisted of the following: Years Ended December 31, 2016 2015 2014 Current: Federal $ (5 ) $ 30 $ (716 ) State 12 91 60 Foreign 721 262 148 728 383 (508 ) Deferred: Federal 7,478 (1,214 ) 1,521 State 666 (113 ) 164 Foreign 8 43 (19 ) 8,152 (1,284 ) 1,666 Total $ 8,880 $ (901 ) $ 1,158 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The net deferred tax accounts consist of the following: December 31, 2016 2015 Deferred Tax Assets: Amortization $ 9,313 $ 7,799 Stock compensation 1,902 1,571 Federal, foreign, and state credits 1,307 1,247 Inventory reserves 1,397 1,191 Accrued vacation 461 465 Net operating loss carryforwards 4,029 2,514 Other 298 330 Gross deferred tax assets 18,707 15,117 Valuation allowance (13,300 ) (659 ) Net deferred tax asset 5,407 14,458 Deferred Tax liabilities: Depreciation (895 ) (1,303 ) Net Deferred Tax Assets $ 4,512 $ 13,155 Effective December 31, 2015, the Company early adopted the balance sheet classification of deferred taxes on a prospective basis. The guidance required 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 were reclassified to long-term deferred tax assets at December 31, 2015. Deferred Tax Valuation Allowance At December 31, 2016, the Company had $4.5 million of net deferred tax assets, including domestic net deferred tax assets of $4.4 million and foreign net deferred tax assets of $0.1 million. At December 31, 2015, the Company had $13.2 million of net deferred tax assets, including domestic net deferred tax assets of $13.1 million and foreign net deferred tax assets of $0.1 million. The most significant balance within the net deferred tax assets at December 31, 2016 and 2015 relates to intangible assets acquired under purchase accounting which are amortized for tax purposes over 15 years, but for shorter periods under generally accepted accounting principles. The Company had a valuation allowance of $13.3 million and $0.7 million at December 31, 2016 and 2015, respectively. The valuation allowance at December 31, 2016 is primarily because the Company does not believe it will generate sufficient US taxable income to realize a significant portion of its deferred tax assets. The valuation allowance at December 31, 2015 related to credits and state operating losses that the Company does not expect to realize because they correspond to tax jurisdictions where the Company no longer has significant operations. 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 domestic deferred tax assets have a ratable reversal pattern over 15 years. The carry forward rules allow for up to a 20 year carryforward 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 27.0 year average period over which future income can be utilized to realize the deferred tax assets. In 2016, the Company recorded adjustments of $12.6 million to the valuation allowance for deferred tax assets. During the quarter ended June 30, 2016, there were two significant changes in the deferred tax asset recoverability evidence pattern. The cumulative three year US book income turned to a loss. In addition, the Company experienced a significant shift in its Connected Solutions segment revenue to products that are designed, manufactured and sold through the Company’s China subsidiary directly into China. This will cause a significant shift going forward in the Company’s tax profitability from the United States to China. The Company believes this is the beginning of a long-term trend. In the third quarter, the Company completed a recapitalization of its China subsidiary to accommodate the initial working capital growth required to support the shift and continues to anticipate permanently reinvesting future earnings and profits from its China subsidiary in China to support its future working capital needs there. The Company re-forecasted its long term domestic profitability in light of the shift in business to China that is occurring. The analysis that the Company prepared to determine the valuation allowance required significant judgment and assumptions regarding future market conditions as well as forecasts for profits, taxable income, and taxable income by jurisdiction. The Company used a series of projections bound on the low side by what it would take for none of its deferred tax assets to be realized and on the high side by what it would take for all of the deferred tax assets to be realized. Based on assigned probabilities to each scenario, the Company recorded an adjustment to the valuation allowance of $7.6 million. In the fourth quarter 2016, the Company updated its projections for its analysis to determine the valuation allowance. The Company reduced its domestic profit forecast because it lowered its long-term forecast for its services business and increased the contribution of the profits from its China subsidiary. The Company also updated its estimated tax deductions. The Company used the same approach with a series of projections bound on the low side by what it would take for none of its deferred tax assets to be realized and on the high side by what it would take for all of the deferred tax assets to be realized. Based on assigned probabilities to each scenario, the Company recorded an adjustment to the valuation allowance of $5.0 million. Due to the sensitivity of the analysis, changes to the assumptions in subsequent periods could have a material effect on the valuation allowance. Accounting for Uncertainty for Income Taxes A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2016 2015 Beginning of period $ 850 $ 807 Addition related to tax positions in current year 20 43 End of period $ 870 $ 850 Included in the balance of total unrecognized tax benefits at December 31, 2016 are potential benefits of $0.9 million that, if recognized, would affect the effective rate on income before taxes. During 2014, the Company recognized tax benefits of $0.8 million related to the reversal of liabilities related to tax positions for research credits and foreign withholding taxes. The Company is unaware of any positions for which it is reasonably possible that the unrecognized tax benefits will significantly increase or decrease within the next twelve months. The Company recognizes all interest and penalties, including those relating to unrecognized tax benefits as income tax expense. There was no income tax expense related to interest and penalties for the years ended December 31, 2016, 2015, and 2014. Audits The Company and its subsidiaries file income tax returns in the U.S. and various foreign jurisdictions. The Company’s U.S. federal tax returns remain subject to examination for 2012 and subsequent periods. The Company’s state tax returns remain subject to examination for 2012 and subsequent periods. The Company’s foreign tax returns remain subject to examination for 2010 and subsequent periods. Summary of Carryforwards At December 31, 2016, the Company has a federal net operating loss carryforward of $11.8 million that expires between 2033 and 2037, state net operating loss carryforwards of $11.7 million that expire between 2025 and 2037. Of the $11.8 million net operating loss, $1.7 million is related to stock-based compensation tax deductions in excess of book compensation expense (APIC NOLs) that will be credited to additional paid in capital when such deductions reduce taxes payable as determined on a "with-and-without" basis. The Company’s state net operating losses consist of tax deductible expenses in addition to excess tax benefits for stock-based compensation. Additionally, the Company has $1.5 million of state research credits with no expiration. Investment in Foreign Operations In 2015 the Company provided U.S. income taxes of $0.1 million related to the expected repatriation of earnings from its subsidiary in Israel. The Company expects to liquidate this entity and repatriate the earnings in 2017. As of December 31, 2016 there are no business activities in this subsidiary. The Company has not provided deferred U.S. income taxes and foreign withholding taxes on approximately $4.8 million of undistributed cumulative earnings of other foreign subsidiaries because the Company considers such earnings to be permanently reinvested in those operations. Upon repatriation of these earnings, the Company would be subject to U.S. income tax, net of available foreign tax credits. The Company does not believe that the net tax effect of repatriation of foreign earnings is significant. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 7. Commitments and Contingencies Operating Leases The Company has operating leases for facilities through 2020 and office equipment through 2021. The future minimum rental payments under these leases at December 31, 2016, are as follows: Year Amount 2017 $ 936 2018 884 2019 821 2020 305 Thereafter 28 Future minimum lease payments $ 2,974 The rent expense under leases was approximately $0.9 million, $1.1 million, and $0.9 million for the years ended December 31, 2016, 2015, and 2014, respectively. Capital Leases The Company has capital leases for office and manufacturing equipment. As of December 31, 2016 and 2015, the equipment had cost, accumulated depreciation, and a net book value as follows: December 31, 2016 December 31, 2015 Cost $ 324 $ 190 Accumulated Depreciation (105 ) (48 ) Net Book Value $ 219 $ 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 2017 $ 77 2018 76 2019 60 2020 20 2021 8 Total minimum payments required: 241 Less amount representing interest: 15 Present value of net minimum lease payments: $ 226 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 December 31, 2016 and 2015 and is included within accounts receivable on the consolidated balance sheet. The Company offers repair and replacement warranties of primarily five years for antenna products and for scanning receivers. The Company’s warranty reserve is based on historical sales and costs of repair and replacement trends. The warranty reserve was $0.4 million at December 31, 2016 and $0.3 million at December 31, 2015 and is included in other accrued liabilities in the accompanying consolidated balance sheets. Year Ended December 31, 2016 2015 Beginning balance $ 348 $ 304 Provisions for warranties 114 60 Consumption of reserves (68 ) (16 ) Ending balance $ 394 $ 348 Contingent Consideration As part of the acquisition of the business from Nexgen, the purchase consideration included a contingent payment that 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. As part of the Nexgen APA Amendment, the parties revised the terms of the contingent consideration to software revenue-based goals pertaining to the acquired business. The measurement period for the revised earnout commenced on January 1, 2016 and ended on December 31, 2016. Based on the 2016 results, there was no contingent liability at December 31, 2016. See Note 3 for information related to the Nexgen APA Amendment. Legal Proceedings Settlement with TelWorx Parties and Other Parties On March 27, 2013, the Company and the TelWorx Parties (as defined below) entered into an Amendment (the “Amendment”) to the Asset Purchase Agreement dated July 9, 2012 (the “Original Agreement), among the Company, PCTelWorx, Ciao Enterprises, LLC f/k/a TelWorx Communications, LLC and certain of its affiliated entities (collectively, the “TelWorx Entities”) and Tim and Brenda Scronce (“Sellers” and collectively with the TelWorx Entities, the “TelWorx Parties”), as part of a settlement arrangement relative to PCTelWorx’s acquisition of substantially all of the assets and the assumption of certain specified liabilities of the TelWorx Entities on July 9, 2012 (the “Acquisition”). As disclosed in the Company’s Form 8-K/A filed with the Securities and Exchange Commission (the “Commission”) on March 13, 2013, after completion of the Acquisition, the Company became aware of certain accounting irregularities with respect to the TelWorx Entities and the Company’s Board of Directors directed management to conduct an internal investigation. Based on the results of the Company’s investigation, the Company’s Board of Directors directed management to seek restitution from the TelWorx Parties, and after protracted negotiations and concurrent litigation, the parties entered into the Amendment and related settlement agreements to resolve their dispute. The settlement had an aggregate fair value of $5.4 million. The Company received restitution from two other parties used by the TelWorx Parties for professional services in their sale of the business to the Company. In 2014, the Company settled in cash with the two parties for $0.1 million $0.8 million, respectively. The Company recorded the settlements as other income. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Shareholders' Equity | 8. Shareholders’ Equity Common Stock The activity related to common shares outstanding for the years ended December 31 st 2016 2015 2014 Beginning of year 17,654 18,571 18,566 Issuance of common stock on exercise of stock options net of stock swaps 0 35 58 Issuance of restricted common stock and performance shares, net of cancellations 400 916 183 Issuance of common stock from purchase of Employee Stock Purchase Plan shares 146 134 101 Cancellation of stock for withholding tax for vested shares (82 ) (59 ) (121 ) Common stock buyback (783 ) (1,943 ) (216 ) End of Year 17,335 17,654 18,571 Preferred Stock The Company is authorized to issue up to 5,000,000 shares of preferred stock in one or more series, each with a par value of $0.001 per share. As of December 31, 2016 and 2015, no shares of preferred stock were issued or outstanding. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 9. Stock-Based Compensation Stock Plans Common Stock Reserved for Future Issuance At December 31, 2016, the Company had 4,459,926 shares of common stock that could potentially be issued under various stock-based compensation plans described in this footnote. A summary of the reserved shares of common stock for future issuance are as follows: December 31, 2016 2015 Stock Plan 3,937,606 4,712,576 2001 Stock Plan 31,110 50,530 Employee Stock Purchase Plan 491,210 637,158 Total shares reserved 4,459,926 5,400,264 These amounts include the shares available for grant and the options outstanding. Stock Plan The Board of Directors may grant to employees, directors and consultants restricted stock, options to purchase common stock, or stock purchase rights at terms and prices determined by the Board under the 1997 Stock Plan which expires in 2016. Under the 1997 Stock Plan, each restricted share award consumes 1.78 of shares available and each stock option award consumes 1.0 share available. As of December 31, 2016, options to acquire 794,451 shares were outstanding and a total of 3,143,155 shares remain available for future grants. 2001 Non-Statutory Stock Option Plan Options granted under the 2001 Plan are exercisable at any time within ten years from the date of grant or within ninety days of termination of employment. In June 2010 the stockholders approved certain changes to the 1997 Stock Plan that included the following: (i) there would be no additional grants from the 2001 Stock Plan; and (ii) any shares returned (or that would have otherwise returned) to the 2001 Plan would be added to the shares of common stock authorized for issuance under the 1997 Stock Plan. The 2001 Plan terminated in August 2011, and options to acquire 31,110 shares were outstanding at December 31, 2016. Employee Stock Purchase Plan Under the Company’s ESPP, eligible employees can 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. In June 2014, the Company’s shareholders approved an amended and restated ESPP. Under the restated ESPP, the number of shares authorized for issuance was increased by 750,000 and the expiration date of the ESPP was modified from March 2017 to the date that all shares authorized have been granted. As of December 31, 2016, the Company had 491,210 shares remaining that can be issued under the Purchase Plan. Stock-Based Compensation Expense The consolidated statements of operations include $4.0 million, $1.9 million, and $3.3 million of stock compensation expense for the years ended December 31, 2016, 2015, and 2014, respectively. Stock compensation expense for the year ended December 31, 2016, consisted of $3.0 million for service-based restricted stock and restricted stock unit awards, $0.6 million for stock bonuses and $0.3 million for stock option and stock purchase plan expenses. Stock compensation expense for the year ended December 31, 2015, consisted of $1.8 million for service-based restricted stock and restricted stock unit awards and $0.6 million for stock option and stock purchase plan expenses, offset by a $0.5 million benefit related to expense reversals for performance-based stock awards. Stock compensation expense for the year ended December 31, 2014, consisted of $1.5 million for service-based restricted stock and restricted stock unit awards, $1.2 million for stock option and stock purchase plan expenses, and $0.6 million for performance-based stock awards. The Company did not capitalize any stock compensation expense during the years ended December 31, 2016, 2015, and 2014. The stock-based compensation expense by type is as follows: Years Ended December 31, 2016 2015 2014 Service-based awards $ 3,030 $ 1,813 $ 1,468 Stock bonuses 624 0 0 Stock option and employee purchase plans 332 562 1,192 Performance-based shares and stock options 0 (510 ) 616 $ 3,986 $ 1,865 $ 3,276 The stock-based compensation is reflected in the consolidated statements of operations as follows: Years Ended December 31, 2016 2015 2014 Cost of revenues $ 411 $ 370 $ 426 Research and development 650 419 659 Sales and marketing 627 238 661 General and administrative 2,298 838 1,530 Total $ 3,986 $ 1,865 $ 3,276 Restricted Stock - Serviced Based The Company grants service-based 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. During the years ended December 31, 2016, 2015 and 2014, the Company awarded annual service-based restricted stock to eligible employees as long-term incentives. The following table summarizes service-based restricted stock activity for the years ended December 31 st 2016 2015 2014 Unvested Restricted Stock Awards Shares Weighted Average Fair Value Shares Weighted Average Fair Value Shares Weighted Average Fair Value Beginning of year 1,050,172 $ 6.11 343,836 $ 7.41 543,021 $ 6.59 Shares awarded 457,300 5.60 1,033,776 6.12 182,407 8.19 Shares vested (242,585 ) 6.43 (193,751 ) 7.20 (378,417 ) 6.60 Shares cancelled (143,927 ) 6.20 (133,689 ) 7.90 (3,175 ) 8.28 End of year 1,120,960 $ 5.83 1,050,172 $ 6.11 343,836 $ 7.41 The intrinsic values of service-based restricted shares that vested were $1.1 million, $1.5 million, and $3.2 million during the years ended December 31, 2016, 2015, and 2014, respectively. As of December 31, 2016, the unrecognized compensation expense related to the unvested portion of the Company’s restricted stock was approximately $3.8 million, net of estimated forfeitures to be recognized through 2020 over a weighted average period of 2.0 years. Restricted Stock Units – Service Based The Company grants service-based 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 summarizes the service-based restricted stock unit activity during the year ended December 31 st 2016 2015 2014 Unvested Restricted Stock Units Shares Weighted Average Fair Value Shares Weighted Average Fair Value Shares Weighted Average Fair Value Beginning of year 22,725 $ 5.65 4,600 $ 7.47 6,325 $ 6.70 Units awarded 15,000 5.61 22,350 5.62 1,500 8.77 Units vested/Shares awarded (1,337 ) 7.25 (2,475 ) 7.00 (3,225 ) 6.56 Units cancelled 0 0 (1,750 ) 7.91 0 0 End of year 36,388 $ 5.57 22,725 $ 5.65 4,600 $ 7.47 The intrinsic values of service-based restricted stock units that vested were $7, $20, and $27 during the years ended December 31, 2016, 2015, and 2014, respectively. The Company recorded stock compensation expense of $58, $22, and $21 for restricted stock units in the years ended December 31, 2016, 2015, and 2014, respectively. As of December 31, 2016, the unrecognized compensation expense related to the unvested portion of the Company’s restricted stock units was $0.1, million net of estimated forfeitures to be recognized through 2020 over a weighted average period of 1.4 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. Employee options are subject to installment vesting typically over a period of four years. 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. Prior to July 2010, the Company primarily granted stock options with a ten-year life. Beginning with options granted in July 2010, the Company grants stock options with a seven-year life. During 2013, the Company issued its annual long-term incentive awards in the form of stock options, and during the years ended December 31, 2016, 2015, and 2014, the Company awarded stock options to eligible new employees for incentive purposes. A summary of the Company’s stock option activity for the years ended December 31 st 2016 2015 2014 Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Beginning of Year 1,220,442 $ 7.72 1,357,928 $ 7.81 1,461,559 $ 8.40 Options granted 26,000 4.95 185,000 7.61 25,800 8.19 Options granted from stock option rights 0 0.00 0 0.00 207,236 7.16 Options exercised 0 0.00 (35,134 ) 7.25 (74,463 ) 7.46 Options forfeited (86,061 ) 7.36 (141,722 ) 7.46 (10,144 ) 7.98 Options cancelled/expired (334,820 ) 8.64 (145,630 ) 8.75 (252,060 ) 10.86 End of Year 825,561 $ 7.30 1,220,442 $ 7.72 1,357,928 $ 7.81 Exercisable 628,333 $ 7.40 764,546 $ 7.97 643,810 $ 8.46 During the year ended December 31, 2015, the Company received proceeds of $0.3 million from the exercise of 35,134 options. The intrinsic value of these options exercised was $34. During the year ended December 31, 2014, the Company received proceeds of $0.6 million from the exercise of 74,463 options. The intrinsic value of these options exercised was $72. There were no exercises during the year ended December 31, 2016. The range of exercise prices for options outstanding and exercisable at December 31, 2016, was $4.00 to $11.00. The following table summarizes information about stock options outstanding under all stock option plans: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 4.00 — $ 5.00 9,000 6.53 $ 4.75 0 $ 0.00 5.01 — 6.00 26,335 5.92 5.38 4,372 5.94 6.01 — 6.50 11,267 2.18 6.27 11,267 6.27 6.51 — 7.00 37,522 1.40 6.85 36,314 6.86 7.01 — 7.50 608,548 3.27 7.17 470,918 7.17 7.51 — 8.00 18,000 3.79 7.80 12,695 7.81 8.01 — 8.50 52,729 3.79 8.13 32,167 8.15 8.51 — 9.00 6,750 2.58 8.76 5,534 8.77 9.01 — 10.00 54,010 0.59 9.39 53,666 9.39 10.01 — 11.00 1,400 1.59 10.46 1,400 10.46 $ 4.00 — $ 11.00 825,561 3.15 $ 7.30 628,333 $ 7.40 The weighted average contractual life and intrinsic value at December 31, 2016, was the following: Weighted Average Contractual Life (years) Intrinsic Value Options Outstanding 3.15 $ 11 Options Exercisable 2.88 $ 0 The intrinsic value is based on the share price of $5.38 at December 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 December 31 st 2016 2015 2014 Dividend yield 3.7 % 4.4 % 2.3 % Risk-free interest rate 0.8 % 0.7 % 0.8 % Expected volatility 32 % 34 % 33 % Expected life (in years) 4.9 5.2 5.3 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 December 31, 2016, the unrecognized compensation expense related to the unvested portion of the Company’s stock options was approximately $48, net of estimated forfeitures to be recognized through 2020 over a weighted average period of 1.3 years. Stock Bonuses For the Company’s 2016 short-term incentive plan (“STIP”), executives will be paid in the Company’s stock. The value of the shares was based on percentages achieved related to the 2016 metrics and the number of shares was based on the value as of March 3, 2017 the date the Compensation Committee approved the payments under the STIP. . The Company recorded $0.6 million of compensation expense based on the stock bonuses earned by the executive employees. The shares will be awarded in March 2017. Performance-based Equity Awards Performance units 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 March 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 years ended December 31, 2015 or 2016 for the 2015 LTIP because the Company did not meet the revenue threshold for the year ended December 31, 2016. The units cancelled during 2016 consist of 158,500 awards that did not vest related to the Interim Period ended December 31, 2016 and 100,000 awards for terminated employees. 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 and does not expect to meet the revenue threshold for the year ended 2017. The units cancelled during 2015 consist of 162,000 awards that did not vest related to the Interim Period ended December 31, 2015 and 80,798 awards for terminated employees. The following summarizes the performance unit activity during the years ended December 31 st 2016 2015 2014 Unvested Performance Units Awards Weighted Average Fair Value Awards Weighted Average Fair Value Awards Weighted Average Fair Value Beginning of Year 555,000 $ 7.78 380,000 $ 8.47 0 $ 0.00 Units awarded 0 0.00 431,000 7.49 380,000 8.47 Units vested 0 0.00 (13,202 ) 7.98 0 0.00 Units cancelled (258,500 ) 7.58 (242,798 ) 8.34 0 0.00 End of Year 296,500 $ 7.95 555,000 $ 7.78 380,000 $ 8.47 The number of awards presented in the table above is based on achievement at target. The intrinsic value of performance units that vested during the year ended December 31, 2015 was $82. Performance stock option rights For the Company’s 2013 Long-Term Incentive Plan, the Company awarded 182,500 performance-based retention stock option rights to executive officers with a weighted average grant date fair value of $2.83 in April 2013. The number of options granted was based on the target for the Company’s 2013 revenue goal. In March 2014, the Company awarded 207,236 stock options because the Company exceeded the target revenue goal for 2013. These options will vest between two and four years beginning in April 2014. The Company records expense for these retention stock options on the grading vested method based on achievement of the performance goals. The assumptions used for the valuation of these stock options were consistent with the employee stock options awarded to employees in April 2013. The following table summarizes the retention stock option activity for the year ended December 31, 2014: 2014 Retention Stock Option Rights Stock Options Rights Weighted Average Exercise Price Beginning of Year 182,500 $ 7.16 Stock option rights granted 24,736 7.16 Stock options granted (207,236 ) 7.16 End of Year 0 $ 0.00 Exercisable 0 $ 0.00 Employee Stock Purchase Plan The following summarizes the Purchase Plan activity during the years ended December 31 st 2016 2015 2014 Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Outstanding, beginning of year 0 $ 0.00 0 $ 0.00 0 $ 0.00 Granted 145,948 1.16 133,607 1.35 100,608 1.88 Vested (145,948 ) 1.16 (133,607 ) 1.35 (100,608 ) 1.88 Outstanding, end of year 0 $ 0.00 0 $ 0.00 0 $ 0.00 Based on the 15% discount and the fair value of the option feature of this plan, the ESPP is considered compensatory. Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model. The Company recognized compensation expense of $0.2 million for the years ended December 31, 2016, 2015 and 2014, respectively. 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: Employee Stock Purchase Plan 2016 2015 2014 Dividend yield 3.7 % 3.4 % 2.2 % Risk-free interest rate 0.8 % 0.6 % 0.3 % Expected volatility 33 % 34 % 38 % Expected life (in years) 0.5 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 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. Board of Director Equity Awards The Company grants equity awards to members of its Board of Directors for an annual retainer and for committee services in shares of the Company’s stock. These awards vest immediately. New directors receive service-based restricted shares which vest over three years. During the year ended December 31, 2016, the Company issued 85,374 shares of the Company’s stock with a fair value of $0.4 million which vested immediately to the directors. During the year ended December 31, 2015, the Company issued 37,379 shares of the Company’s stock with a fair value of $0.3 million which vested immediately to the directors. During the year ended December 31, 2014, the Company issued 35,555 shares of the Company’s stock with a fair value of $0.3 million which vested immediately to the directors. 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 $0.4 million during the years ended December 31, 2016 and 2015, and $1.0 million during the year ended December 31, 2014. |
Stock Repurchases
Stock Repurchases | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Stock Repurchases | 10. Stock Repurchases All share repurchase programs are authorized by the Company’s Board of Directors and are announced publicly. On March 18, 2013, the Board of Directors approved a share repurchase program of $5.0 million. On May 6, 2014, the Board of Directors extended this stock buyback program through September 2014. On November 13, 2014, the Board of Directors approved a share repurchase program of up to 926,000 of the Company’s outstanding shares that will expire on the earlier of the date that the total shares are repurchased or November 13, 2016. On April 20, 2015, the Board of Directors authorized an increase to the share repurchase program to purchase another 500,000 shares of stock. Additionally, on August 10, 2015, the Board of Directors authorized another increase to the share repurchase program to purchase an additional 1,300,000 shares, for a total of 2,726,000 shares. The Company repurchased 783,212 shares at an average price of $5.23 during the year ended December 31, 2016. The Company repurchased 1,942,788 shares at an average price of $6.22 during the year ended December 31, 2015. At December 31, 2016, the Company did not have any shares that could still be repurchased under these programs. The following table is a summary of the share repurchases for the years ended December 31 st Year Shares Amount Avg price per Share 2014 215,650 $ 1,651 $ 7.66 2015 1,942,788 $ 12,079 $ 6.22 2016 783,212 $ 4,095 $ 5.23 |
Segment, Customer and Geographi
Segment, Customer and Geographic Information | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segment, Customer and Geographic Information | 11. 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 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. 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 years ended December 31, 2016, 2015 and 2014, and the segment balance sheet information as of December 31, 2016 and December 31, 2015: Year Ended December 31, 2016 Connected Solutions RF Solutions Corporate Total REVENUES $ 65,763 $ 31,126 $ (176 ) $ 96,713 GROSS PROFIT 20,706 14,485 15 35,206 OPERATING INCOME (LOSS) $ 7,804 $ (6,738 ) $ (9,979 ) $ (8,913 ) Depreciation $ 1,720 $ 1,181 $ 249 $ 3,150 Intangible amortization $ 192 $ 2,126 $ 0 $ 2,318 Capital expenditures $ 1,192 $ 347 $ 373 $ 1,912 As of December 31, 2016 Connected Solutions RF Solutions Corporate Total Accounts receivable $ 12,731 $ 6,370 $ 0 $ 19,101 Inventories $ 12,301 $ 2,141 $ 0 $ 14,442 Long-lived assets: Property and equipment, net $ 9,756 $ 2,122 $ 731 $ 12,609 Goodwill $ 0 $ 3,332 $ 0 $ 3,332 Intangible assets, net $ 233 $ 3,042 $ 0 $ 3,275 Deferred tax assets, net $ 0 $ 0 $ 4,512 $ 4,512 Other noncurrent assets $ 0 $ 0 $ 36 $ 36 Year Ended December 31, 2015 Connected Solutions RF Solutions Corporate Total REVENUES $ 69,579 $ 37,255 $ (219 ) $ 106,615 GROSS PROFIT 20,426 16,803 32 37,261 OPERATING INCOME (LOSS) $ 5,040 $ (298 ) $ (10,498 ) $ (5,756 ) Depreciation $ 1,706 $ 1,108 $ 271 $ 3,085 Intangible amortization $ 850 $ 3,170 $ 0 $ 4,020 Capital expenditures $ 954 $ 997 $ 151 $ 2,102 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 Year Ended December 31, 2014 Connected Solutions RF Solutions Corporate Total REVENUES $ 72,333 $ 35,113 $ (282 ) $ 107,164 GROSS PROFIT 22,818 20,743 26 43,587 OPERATING INCOME (LOSS) $ 7,357 $ 7,333 $ (10,586 ) $ 4,104 Depreciation $ 1,700 $ 795 $ 344 $ 2,839 Intangible amortization $ 1,151 $ 816 $ 0 $ 1,967 Capital expenditures $ 1,173 $ 1,328 $ 41 $ 2,542 The Company’s revenues attributable to products and services are as follows: Years Ended December 31, 2016 2015 2014 Revenues: Products $ 85,006 $ 90,533 $ 96,346 Services 11,707 16,082 10,818 Total revenues $ 96,713 $ 106,615 $ 107,164 Years Ended December 31, 2016 2015 2014 Cost of revenues: Products $ 50,595 $ 55,405 $ 55,813 Services 10,912 13,949 7,764 Total cost of revenues $ 61,507 $ 69,354 $ 63,577 The Company’s revenue to customers by geographic location, as a percent of total revenues, is as follows: Years Ended December 31, Region 2016 2015 2014 Asia Pacific 21 % 9 % 11 % Europe, Middle East, & Africa 8 % 10 % 11 % Other Americas 6 % 6 % 5 % Total Foreign sales 35 % 25 % 27 % Total Domestic sales 65 % 75 % 73 % 100 % 100 % 100 % Huawei Technologies Co., Ltd (“Huawei”) accounted for approximately 11% of revenues during the year ended December 31, 2016. Approximately 89% of the revenues for Huawei are within Connected Solutions. No other customer accounted for 10% or greater of revenues during the year ended December 31, 2016. There were no customers that accounted for 10% or greater of revenues during the years ended December 31, 2015 and December 31, 2014. At December 31, 2016, Huawei accounted for 17% of customer accounts receivable at December 31, 2016. No other customer accounts receivable balance represented 10% or greater of gross accounts receivable at December 31, 2016. At December 31, 2015, no customer accounts receivable balance represented 10% or greater of gross accounts receivable. The long-lived assets by geographic region are as follows: December 31, 2016 2015 2014 United States $ 22,557 $ 23,741 $ 26,436 All Other 1,207 994 954 $ 23,764 $ 24,735 $ 27,390 |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 12. 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. For the years ended December 31, 2016 and 2015, contributions of $71 and $55, respectively, were related to employees from the acquisition of the business from Nexgen. The Company also contributes to various defined contribution retirement plans for foreign employees. The Company’s contributions to retirement plans were as follows: Year Ended December 31, 2016 2015 2014 PCTEL, Inc. 401(k) Profit sharing Plan - US employees $ 673 $ 757 $ 666 Defined contribution plans - foreign employees 378 345 332 Total $ 1,051 $ 1,102 $ 998 |
Quarterly Data (Unaudited)
Quarterly Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Data (Unaudited) | 13. Quarterly Data (Unaudited) Quarters Ended, March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Revenues $ 21,074 $ 24,243 $ 24,687 $ 26,709 Gross profit 7,051 9,237 8,937 9,981 Operating loss (2,753 ) (5,330 ) (163 ) (667 ) Loss before income taxes (2,747 ) (5,322 ) (128 ) (604 ) Net (loss) income $ (1,456 ) $ (11,073 ) $ 175 $ (5,327 ) (Loss) earnings per Share: Basic $ (0.09 ) $ (0.69 ) $ 0.01 $ (0.33 ) Diluted $ (0.09 ) $ (0.69 ) $ 0.01 $ (0.33 ) Weighted Average Shares: Basic 16,324 15,979 16,106 16,194 Diluted 16,324 15,979 16,245 16,194 Quarters Ended, March 31, June 30, September 30, December 31, 2015 2015 2015 2015 Revenues $ 26,326 $ 27,625 $ 26,526 $ 26,138 Gross profit 10,169 9,350 8,463 9,279 Operating loss (96 ) (1,665 ) (2,221 ) (1,774 ) (Loss) income before income taxes (52 ) 540 (1,687 ) (1,270 ) Net (loss) income $ (33 ) $ 347 $ (1,062 ) $ (820 ) (Loss) earnings per Share: Basic $ 0.00 $ 0.02 $ (0.06 ) $ (0.05 ) Diluted $ 0.00 $ 0.02 $ (0.06 ) $ (0.05 ) Weighted Average Shares: Basic 18,312 18,257 17,626 16,820 Diluted 18,312 18,408 17,626 16,820 The quarterly information for 2015 includes reclassifications between cost of revenues and operating expenses for intangible amortization. The Company reclassified $20 from operating expense to cost of revenues for the quarter ended March 31, 2015, reclassified $0.2 million from operating expenses to cost of revenues for the quarters ended June 30, 2015 and September 30, 2015, respectively, and reclassified $0.4 million from cost of revenues to operating expenses for the quarter ended December 31, 2015. |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Parties | 14. 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 was separated from employment with the Company in September 2015, and the lease terminated on October 31, 2015. Mr. Jarvis provided warranty support as a contractor for the mobile towers product line through October, 2016, because all warranty periods ended by then. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | 15. Accumulated Other Comprehensive Income Accumulated other comprehensive loss of $382 and $15 at December 31, 2016 and December 31, 2015, respectively, consists of foreign currency translation adjustments. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | 16. 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. Except as described below, there were no other subsequent events or transactions that required recognition or disclosure in the consolidated financial statements. On January 2, 2017, Mr. David Neumann began serving as Chief Executive Officer. Mr. Neumann had been serving as the Senior Vice President and General Manager of the company's RF Solutions segment. Mr. Steve Levy, who currently serves on the PCTEL Board, began serving as Chairman. Levy currently chairs the Nominating and Governance Committee. Mr. Marty Singer, who had been Chairman and CEO for over 15 years, began providing services as the company's Vice Chair but will no longer serve as a director on the Company's Board of Directors. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Valuation And Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | PCTEL, INC. SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS (in thousands) Balance at Charged to Balance at Beginning Costs and Addition End of of Year Expenses (Deductions) Year Year Ended December 31, 2014: Allowance for doubtful accounts $ 130 48 (57 ) $ 121 Warranty reserves $ 305 124 (125 ) $ 304 Deferred tax asset valuation allowance $ 640 (7 ) 0 $ 633 Year Ended December 31, 2015: Allowance for doubtful accounts $ 121 205 (12 ) $ 314 Warranty reserves $ 304 60 (16 ) $ 348 Deferred tax asset valuation allowance $ 633 26 0 $ 659 Year Ended December 31, 2016: Allowance for doubtful accounts $ 314 (40 ) (1 ) $ 273 Warranty reserves $ 348 114 (68 ) $ 394 Deferred tax asset valuation allowance $ 659 12,641 0 $ 13,300 |
Organization and Summary of S25
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 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 erformance C ritical TEL ecom technology solutions to the wireless industry. PCTEL is the leading global supplier of wireless network antenna and testing solutions. PCTEL’s Connected Solutions segment designs and manufactures precision antennas. PCTEL antennas are deployed in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in network equipment and devices for the Industrial Internet of Things (“IIoT”). PCTEL’s RF Solutions segment p rovides test tools and engineering services that improve the performance of wireless networks globally. Mobile operators, neutral hosts, and equipment manufacturers rely on PCTEL to analyze, design, and optimize next generation wireless networks. |
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 operating profits 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 PCTEL Connected Solutions original equipment manufacturer (“OEM”) providers where they are designed into the customer’s solution. Competition in the antenna markets addressed by Connected Solutions is fragmented. Competitors include Amphenol, Comtelco, Laird, Mobile Mark, Pulse, and Radiall/Larsen. 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 market. These include radio frequency engineering, mobile antenna design and manufacturing, mechanical engineering, product quality and testing, and wireless network engineering. RF Solutions Segment PCTEL RF Solutions rovides test tools and engineering services to analyze, design, and optimize next generation wireless networks. Revenue growth is driven by the implementation and roll out of new wireless technology standards (i.e. 1G to 2G, 2G to 3G, 3G to 4G, 4G to 5G, etc…). PCTEL test equipment is sold directly to wireless carriers or to OEM providers who integrate the Company’s products into their solution which is then sold to wireless carriers. Competitors for PCTEL’s test tool products include OEMs such as Anritsu, Berkley Varitronics, Digital Receiver Technology, and Rohde and Schwarz. PCTEL maintains expertise in several technology areas in order to be competitive in the test tool 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 These consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany accounts and transactions have been eliminated. |
Use of Estimates | Use of Estimates The preparation of financial statements in conformity with generally accepted accounting principles in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods reported. Actual results could differ from those estimates. |
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 year-end exchange rate for assets and liabilities and average monthly rates for revenue and expense accounts. Adjustments resulting from translation are included in accumulated other comprehensive income (loss), a separate component of stockholders’ equity. Gains and losses resulting from other transactions originally in foreign currencies and then translated into U.S. dollars are included in the consolidated statements of operations. Net foreign exchange gains (losses) resulting from foreign currency transactions included in other income, net were $13, $(33), and $(49) in the years ended December 31, 2016, 2015, and 2014, respectively. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company follows accounting pronouncements 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. |
Cash and Cash equivalents | Cash and Cash equivalents At December 31, 2016, cash and cash equivalents included bank balances and investments with original maturities less than 90 days. At December 31, 2016 and 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 under 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 December 31, 2016, the Company had $7.5 million in cash and $7.3 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 $0.9 million and $1.3 million of cash and cash equivalents in foreign bank accounts at December 31, 2016 and at December 31, 2015, respectively. Within the cash in foreign bank accounts, the Company had cash of $0.5 million and $0.8 million in China bank accounts at December 31, 2016 and December 31, 2015, respectively. |
Investments | Investments At December 31, 2016 and 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 December 31, 2016, the Company had invested $7.8 million in pre-refunded municipal bonds and taxable bond funds, $5.6 million in AA rated or higher corporate bond funds, $2.6 million in U.S. government agency bonds, and $2.5 million in certificates of deposit. The income and principal from the pre-refunded municipal bonds is secured by an irrevocable trust of U.S. Treasury securities. The bonds have original maturities greater than 90 days and mature in 2017. The Company’s bonds are recorded at the purchase price and carried at amortized cost. The net unrealized gains (losses) were approximately $(9) and $1 at December 31, 2016 and December 31, 2015, respectively. Approximately 6% and 11% of the Company’s bonds were protected by bond default insurance at December 31, 2016 and 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 1. 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: December 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 $ 7,349 $ 0 $ 0 $ 7,349 $ 978 $ 0 $ 0 $ 978 Investments: Pre-refunded municipal bonds 0 7,776 0 7,776 0 7,497 0 7,497 Corporate bonds 0 5,569 0 5,569 0 7,558 0 7,558 US government agency bonds 0 2,571 0 2,571 0 7,008 0 7,008 Certificates of deposit 2,530 0 0 2,530 2,666 0 0 2,666 Total $ 9,879 $ 15,916 $ 0 $ 25,795 $ 3,644 $ 22,063 $ 0 $ 25,707 |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Accounts receivable are recorded at invoiced amount with standard net terms for most customers that range between 30 and 60 days. The Company extends credit to its customers based on an evaluation of a company’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 December 31, 2016 and 2015, respectively. The provision for doubtful accounts is included in sales and marketing expense in the consolidated statements of operations. |
Inventories | 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 December 31, 2016 and 2015 were composed of raw materials, sub-assemblies, finished goods and work-in-process. The Company had consigned inventory of $0.4 million and $0.7 million at December 31, 2016 and 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 the Company’s estimate of inventory in excess of normal and planned usage. Obsolete reserves are based on the Company’s identification of inventory where carrying value is above net realizable value. The allowance for inventory losses was $2.9 million and $2.2 million as of December 31, 2016 and 2015, respectively. Inventories consisted of the following: December 31, 2016 December 31, 2015 Raw materials $ 8,718 $ 11,012 Work in process 1,486 917 Finished goods 4,238 5,667 Inventories, net $ 14,442 $ 17,596 |
Prepaid and Other Current Assets | 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 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 computers 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 consolidated statements of operations. Maintenance and repairs are expensed as incurred. Property and equipment consisted of the following: December 31, 2016 December 31, 2015 Building $ 6,351 $ 6,227 Computers and office equipment 11,577 10,931 Manufacturing and test equipment 12,940 12,826 Furniture and fixtures 1,239 1,273 Leasehold improvements 1,191 1,001 Motor vehicles 20 42 Total property and equipment 33,318 32,300 Less: Accumulated depreciation and amortization (22,479 ) (20,231 ) Land 1,770 1,770 Property and equipment, net $ 12,609 $ 13,839 Depreciation and amortization expense was approximately $3.2 million, $3.1 million, and $2.8 million for the years ended December 31, 2016, 2015, and 2014, respectively. Amortization for capital leases is included in depreciation and amortization expense. See Note 7 for information related to capital leases. |
Revenue Recognition | Revenue Recognition The Company sells antennas, site solutions, and scanning receiver products, and provides network engineering and staffing services. The Company recognizes revenue when the following criteria are met: persuasive evidence of an arrangement exists, delivery has occurred or services have been rendered, price is fixed and determinable, and collectability is reasonably assured. The Company recognizes revenue for sales of its products when title transfers, which is predominantly upon shipment from its factory. For products shipped on consignment, the Company recognizes revenue upon delivery from the consignment location. The Company allows its major antenna product distributors to return product under specified terms and conditions and accrues for product returns. The Company recognizes revenue for its engineering services under the completed performance method. Most services occur in one week or less, and revenue is generally recognized when engineering reports are completed and issued to the customer. For specialized staffing, the Company recognizes revenue as services are provided to the customer. |
Research and Development Costs | Research and Development Costs The Company expenses research and development costs as incurred. To date, the Company has expensed all software development costs related to research and development because the costs incurred subsequent to the products reaching technological feasibility were not significant. |
Advertising Costs | Advertising Costs Advertising costs are expensed in the period in which they are incurred. Advertising expense was $162, $212, and $175 in each of the fiscal years ended December 31, 2016, 2015, and 2014, respectively. |
Income Taxes | Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. Valuation allowances are provided against deferred tax assets, which are not likely to be realized. On a regular basis, management evaluates the recoverability of deferred tax assets and the need for a valuation allowance. Deferred tax assets arise when the Company recognizes charges or expenses in the financial statements that will not be allowed as income tax deductions until future periods. The deferred tax assets also include unused tax net operating losses and tax credits that the Company is allowed to carry forward to future years. Accounting rules permit the Company to carry the deferred tax assets on the balance sheet at full value as long as it is more likely than not the deductions, losses, or credits will be used in the future. A valuation allowance must be recorded against a deferred tax asset if this test cannot be met. During 2016, the Company recorded adjustments to the valuation allowance of $12.6 million because the Company does not believe it will generate sufficient US taxable income to realize a significant portion of its deferred tax assets. See Note 6 for more information on the deferred tax valuation allowance. The Company recognizes the effect of income tax positions only if those positions are more likely than not of being sustained. Recognized income tax positions are measured at the largest amount that is greater than 50% likely of being realized. Changes in recognition or measurement are reflected in the period in which the change in judgment occurs. |
Sales and Value Added Taxes | Sales and Value Added Taxes Taxes collected from customers and remitted to governmental authorities are presented on a net basis in cost of sales in the accompanying consolidated statements of operations. |
Shipping and handling costs | Shipping and handling costs Shipping and handling costs are included on a gross basis in cost of sales in the accompanying consolidated statements of operations. |
Goodwill | Goodwill The Company performs an annual impairment test of goodwill as of the end of the first month of the fiscal fourth quarter (October 31st), or at an interim date if an event occurs or if circumstances change that would indicate that an impairment loss may have been incurred. In performing the annual impairment test, the Company first performs a qualitative assessment to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying value, including goodwill. If the qualitative assessment is indicative of possible impairment, then a two-step quantitative fair value assessment is performed at the reporting unit level. In the first step, the fair value of each reporting unit is compared with its carrying value. If the fair value exceeds the carrying value, then goodwill is not impaired and no further testing is performed. The second step is performed if the carrying value exceeds the fair value. The implied fair value of goodwill is then compared against the carrying value of goodwill to determine the amount of impairment. The process of evaluating the potential impairment of goodwill is subjective because it requires the use of estimates and assumptions in determining a reporting unit’s fair value. The Company calculates the fair value of each reporting unit by using the income approach based on the present value of future discounted cash flows. The discounted cash flow method requires the Company to use estimates and judgments about the future cash flows of the reporting units. Although the Company bases cash flow forecasts on assumptions that are consistent with plans and estimates the Company uses to manage the underlying reporting units, there is significant judgment in determining the cash flows attributable to these reporting units, including markets and market share, sales volumes and mix, research and development expenses, tax rates, capital spending, discount rate and working capital changes. Cash flow forecasts are based on reporting unit operating plans for the early years and business projections in later years. The Company believes the accounting estimate related to the valuation of goodwill is a critical accounting estimate because it requires us to make assumptions that are highly uncertain about the future cash flows of the reporting units. Changes in these estimates can have a material impact on the Company’s financial statements. The Company performed its annual goodwill test on the RF Solutions products reporting unit at October 31, 2016. The Company tested goodwill of $3.3 million that was recorded from the Nexgen acquisition in February 2015. The Company performed both a qualitative analysis of goodwill and the step one quantitative analysis. There was no triggering event from the qualitative analysis, and the fair value of the reporting unit was higher than its carrying value in the quantitative analysis. Based on the Company’s analysis, there was no impairment of goodwill as of the testing date because the fair value of the reporting unit exceeded its carrying value by a significant margin. The Company performed its annual goodwill test at October 31, 2015 for its goodwill within the RF Solutions segment. The Company tested its goodwill of $3.3 million for products and $0.2 million for services. At that date the carrying value of the Company’s assets was $102.5 million as compared to a $100.0 million market capitalization and a $9.3 million control premium determined by the Company as the net present value of its public company costs that would become cost savings synergies to an acquirer. During the fourth quarter the products reporting unit was operating consistently with the projections made at September 30, 2015. The services reporting unit was operating at a lower level than the projections at September 30, 2015. The Company performed a qualitative assessment and concluded it is more likely than not that the fair value of the products reporting unit is more than its carrying value, including goodwill, and the services reporting unit is less likely than not. In addition the Company performed a Step 1 quantitative goodwill test for both reporting units at October 31, 2015 which confirmed the qualitative assessments. The Company performed a Step 2 quantitative goodwill test at October 31, 2015 on the Services reporting unit and concluded that all $0.2 million of the goodwill was impaired. The Company’s carrying value at December 31, 2015 was $100.5 million as compared to a market capitalization of $80.3 million and a control premium of $9.3 million. The market cap deficit had existed since mid-November 2015. A stock performance comparison was performed with twelve of the peer companies the Company uses for compensation comparable data that are still publicly traded at December 31, 2015. The company list can be found in the Company’s Proxy Statement dated April 30, 2015. When comparing the period October 31, 2015 to December 31, 2015 eight of the companies experienced stock price declines, two of which were comparable to PCTEL’s decline. Trading volume for all the companies including PCTEL during that period was consistent with historical levels. Management concluded that the market was distressed but liquid. The Company considered the decline in market capitalization and resulting deficit to carrying value to be an indication that an impairment loss may have occurred at December 31, 2015. The Company performed another Step 1 quantitative goodwill test at December 31, 2015. The higher discount rates used for the reporting units reconciled the total fair value of the Company to its December 31, 2015 market capitalization. The test indicated the remaining goodwill was not impaired. |
Long-lived and Definite-Lived Intangible assets | Long-lived and Definite-Lived Intangible assets The Company reviews definite-lived intangible assets, investments and other long-lived assets for impairment when events or changes in circumstances indicate that their carrying values may not be fully recoverable. This analysis differs from the Company’s goodwill analysis in that definite-lived intangible asset impairment is only deemed to have occurred if the sum of the forecasted undiscounted future cash flows related to the assets being evaluated is less than the carrying value of the assets. The estimate of long-term undiscounted cash flows includes long-term forecasts of revenue growth, gross margins, and operating expenses. All of these items require significant judgment and assumptions. An impairment loss may exist when the estimated undiscounted cash flows attributable to the assets are less than the carrying amount. During 2016, the Company recorded total impairment expense of $5.8 million related to customer relationships for the Services reporting unit within the RF Solutions segment, consisting of $4.7 million at June 30, 2016 and $1.1 million at December 31, 2016. For the three months ended June 30, 2016, the revenue and contribution margin of the services reporting unit were below its forecasts. The results and revised forecast were reflective of a long-term slowdown in the DAS market which is the primary market addressed by the Company’s services offering. The Company considered the changes to its forecast and the industry and market trends as a triggering event to assess the intangible assets of the services reporting units for impairment. The Company reviewed the intangible assets for impairment by performing a test of recoverability. The cash flow forecast prepared by the Company included assumptions for revenues, gross margins, and operating expenses. The test of recoverability failed because the undiscounted cash flows were below the carrying value of the services reporting unit. The Company calculated the fair value of the services reporting unit with the assistance of a third-party valuation firm. For the three months ended December 31, 2016, the revenues and contribution margin for the services reporting unit declined sequentially. The fourth quarter 2016 gross margin was negatively impacted by the lower revenue volume and by lower average margins on individual projects. At December 31, 2016 the backlog was lower than historical trends and there were no known large projects in the sales funnel. Based on these facts and an updated review of the market and industry trends, the Company lowered its profit forecast for 2017 compared to the profit forecast prepared for the 2017 operating plan and the Company lowered its long-term revenue and profit forecast. The Company determined that the revision to the forecast for services was a triggering event for its review of intangible assets for impairment. The Company reviewed its intangible assets for impairment by performing a test of recoverability. The cash flow forecast prepared by the Company included assumptions for revenues, gross margins, and operating expenses. The test of recoverability failed because the undiscounted cash flows were below the carrying value of the services reporting unit. The Company calculated the fair value of the Services reporting unit based on the valuation assumptions from the analysis at June 30, 2016. The impairment charge of $1.1 million represented the remaining value of the customer relationships as of December 31, 2016. As discussed in the goodwill section above, the Company recorded an impairment of all $0.2 million of the goodwill carried by the services reporting unit at the annual impairment test date. Additionally at December 31, 2015, the services reporting unit forecast had deteriorated from that used in the October 31, 2015 goodwill impairment analysis. Management concluded that these were triggering events indicating that a potential impairment of long-lived intangible assets in that reporting unit may have occurred. The Company performed a long-lived asset impairment test by comparing the undiscounted future cash flows for the services reporting unit to the reporting unit’s asset carrying value. The customer relationships were determined to be the primary asset of the asset group. Since this asset was not separable from the other assets in the services reporting unit, the asset group consisted of all of the assets in the reporting group. No impairment was indicated. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In January 2017, the Financial Accounting Standards Board (“ Accounting Standards Update In August 2016, the FASB issued ASU 2016-15 , In June 2016, the FASB issued Accounting Standards Update No. 2016-13 ("ASU 2016-13") regarding ASC Topic 326, "Financial Instruments - Credit Losses," which modifies the measurement of expected credit losses of certain financial instruments. The amendments will be effective for the Company on January 1, 2020. The Company is currently evaluating this guidance and the impact it will have on its consolidated financial statements In March 2016, the FASB issued 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. Upon adoption, the Company anticipates recognizing deferred tax assets for all excess tax benefits that had not been previously recognized. This will be accomplished through a cumulative-effect adjustment to retained earnings of approximately $0.6 million. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842), which amends existing guidance to require lessees to recognize assets and liabilities on the balance sheet for the rights and obligations created by long-term leases and to disclose additional quantitative and qualitative information about leasing arrangements. This ASU also provides clarifications surrounding the presentation of the effects of leases in the income statement and statement of cash flows. This guidance will be effective for the Company on January 1, 2019. The Company is currently evaluating this guidance and the impact it will 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 July 2015, the FASB issued ASU No. 2015-11, Simplifying the Measurement of Inventory. ASU 2015-11 simplifies the subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. ASU 2015-11 applies only to inventories for which cost is determined by methods other than last-in first-out and the retail inventory method. ASU 2015-11 is effective for public companies for annual reporting periods beginning after December 15, 2016, and interim periods within those fiscal years. The Company is currently evaluating the impact of ASU 2015-11 and has preliminarily concluded that it will not have a significant impact on the consolidated financial statements. 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. This guidance will be effective for us on January 1, 2018. The FASB has also issued the following standards which clarify ASU 2014-09 and have the same effective date as the original standard: ASU 2016-20, Technical Corrections and Improvements to Topic 606, ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients, ASU 2016-10, Identifying Performance Obligations and Licensing and ASU 2016-08, Principal versus Agent Considerations. The Company will commence our assessment of ASU 2014-09 during the first quarter of 2017 and develop a project plan to guide the implementation. This project plan includes analyzing the standard’s impact on the Company’s contract portfolio, comparing historical accounting policies and practices to the requirements of the new standard and identifying potential differences from applying the requirements of the new standard to its contracts. The Company will draft an updated accounting policy, evaluate new disclosure requirements and identify and implement appropriate changes to business processes, systems and controls to support recognition and disclosure under the new standard. The Company expects to adopt this new standard using the modified retrospective method that will result in a cumulative effect adjustment as of the date of adoption. The Company is currently evaluating this guidance and the impact it will have on the consolidated financial statements. |
Organization and Summary of S26
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Cash and Cash Equivalents and Investments | Cash and Cash Equivalents and Investments The Company’s cash and investments consist of the following: December 31, December 31, 2016 2015 Cash $ 7,507 $ 6,077 Cash equivalents 7,348 978 Short-term investments 18,456 24,728 $ 33,311 $ 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: December 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 $ 7,349 $ 0 $ 0 $ 7,349 $ 978 $ 0 $ 0 $ 978 Investments: Pre-refunded municipal bonds 0 7,776 0 7,776 0 7,497 0 7,497 Corporate bonds 0 5,569 0 5,569 0 7,558 0 7,558 US government agency bonds 0 2,571 0 2,571 0 7,008 0 7,008 Certificates of deposit 2,530 0 0 2,530 2,666 0 0 2,666 Total $ 9,879 $ 15,916 $ 0 $ 25,795 $ 3,644 $ 22,063 $ 0 $ 25,707 |
Summary of Inventories | Inventories consisted of the following: December 31, 2016 December 31, 2015 Raw materials $ 8,718 $ 11,012 Work in process 1,486 917 Finished goods 4,238 5,667 Inventories, net $ 14,442 $ 17,596 |
Summary of Property and Equipment | Property and equipment consisted of the following: December 31, 2016 December 31, 2015 Building $ 6,351 $ 6,227 Computers and office equipment 11,577 10,931 Manufacturing and test equipment 12,940 12,826 Furniture and fixtures 1,239 1,273 Leasehold improvements 1,191 1,001 Motor vehicles 20 42 Total property and equipment 33,318 32,300 Less: Accumulated depreciation and amortization (22,479 ) (20,231 ) Land 1,770 1,770 Property and equipment, net $ 12,609 $ 13,839 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following: December 31, 2016 December 31, 2015 Payroll, bonuses, and other employee benefits $ 2,029 $ 1,179 Inventory receipts 1,622 1,628 Paid time off 1,230 1,271 Income and sales taxes 546 381 Warranties 394 348 Professional fees and contractors 320 305 Employee stock purchase plan 300 280 Real estate taxes 152 161 Restructuring 126 237 Deferred revenues 104 65 Other 354 335 Total $ 7,177 $ 6,190 |
Summary of Long-term Liabilities | Long-term liabilities consisted of the following: December 31, 2016 December 31, 2015 Long-term obligations under capital leases $ 157 $ 107 Deferred rent 156 250 Restructuring 70 0 Deferred revenues 8 31 Total $ 391 $ 388 |
Earnings (Loss) per Share (Tabl
Earnings (Loss) per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table provides a reconciliation of the numerators and denominators used in calculating basic and diluted earnings per share: Years Ended December 31, 2016 2015 2014 Basic (Loss) Earnings Per Share computation: Numerator: Net (loss) income $ (17,681 ) $ (1,568 ) $ 4,612 Denominator: Common shares outstanding 16,151 17,737 18,159 (Loss) Earnings per common share - basic Net (loss) income $ (1.09 ) $ (0.09 ) $ 0.25 Diluted (Loss) Earnings Per Share computation: Denominator: Common shares outstanding 16,151 17,737 18,159 Restricted shares subject to vesting * * 139 Performance shares subject to vesting * * 80 Common stock option grants * * 11 Total shares 16,151 17,737 18,389 (Loss) Earnings per common share - diluted Net (loss) income $ (1.09 ) $ (0.09 ) $ 0.25 * As denoted by “*” in the table above, weighted average common stock option grants and restricted shares of 174,000 and 520,000 were excluded from the calculations of diluted net loss per share for the years ended December 31, 2016 and 2015, respectively, since their effects are anti-dilutive. |
Acquisitions (Tables)
Acquisitions (Tables) - Nexgen Wireless, Inc. [Member] | 12 Months Ended |
Dec. 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) Year Ended December 31, 2015 (unaudited) Year Ended December 31, 2014 REVENUES $ 109,573 $ 130,991 NET (LOSS) INCOME $ (1,435 ) $ 8,954 NET (LOSS) INCOME PER SHARE $ (0.08 ) $ 0.49 |
Goodwill and Other Intangible29
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The activity related to goodwill for the years ended December 31, 2016 and 2015 was as follows: Amount Balance at January 1, 2015 $ 161 Acquisition of business from Nexgen Wireless 3,332 Impairment of goodwill - RF Services (161 ) Balance at December 31, 2015 $ 3,332 No changes 0 Balance at December 31, 2016 $ 3,332 |
Summary of Other Intangible Assets | The summary of other intangible assets, net is as follows: December 31, 2016 December 31, 2015 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Customer contracts and relationships $ 25,497 $ 25,497 $ 0 $ 25,497 $ 18,616 $ 6,881 Patents and technology 10,114 8,004 2,110 10,114 7,337 2,777 Trademarks and trade names 4,960 4,111 849 4,960 3,738 1,222 Other 2,743 2,427 316 2,743 2,245 498 $ 43,314 $ 40,039 $ 3,275 $ 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 5.1 Trademarks and trade names 3 to 8 years 5.5 Other 1 to 6 years 3.4 |
Schedule of Expected Amortization Expense | The Company’s scheduled amortization expense over the next four years is as follows: Fiscal Year Amount 2017 $ 1,162 2018 $ 1,084 2019 $ 885 2020 $ 144 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Restructuring And Related Activities [Abstract] | |
Summary of Restructuring Charges | The following table summarizes the Company’s restructuring accrual activity for 2015 and 2016: Intangible Lease Asset Severance Assets Terminations Disposals Total Balance at January 1, 2015 $ 0 $ 0 $ 0 $ 0 $ 0 Restructuring charges 1,199 406 0 25 1,630 Payments/Charges (962 ) (406 ) 0 (25 ) (1,393 ) Balance at December 31, 2015 237 0 0 0 237 Restructuring charges 254 0 338 72 664 Payments/Charges (485 ) 0 (148 ) (72 ) (705 ) Balance at December 31, 2016 $ 6 $ 0 $ 190 $ 0 $ 196 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Reconciliation of Expense (Benefit) for Income Taxes | A reconciliation of the expense (benefit) for income taxes at the federal statutory rate compared to the expense (benefit) at the effective tax rate is as follows: Years Ended December 31 2016 2015 2014 Statutory federal income tax rate 34 % 34 % 34 % State income tax, net of federal benefit 4 % 2 % 4 % Tax effect of permanent differences 0 % -2 % 1 % Tax on repatriation 0 % -5 % 0 % Effective state rate change to deferred tax assets 1 % 0 % 0 % Foreign income taxed at different rates 2 % 3 % -1 % Research and development credits 1 % 5 % -3 % Return to provision adjustments 1 % 0 % 0 % Change in valuation allowance -144 % 0 % 0 % Release of FIN 48 liability 0 % 0 % -15 % -101 % 37 % 20 % |
Components of Continuing Income (Loss) Before Expense (Benefit) for Income Taxes | The domestic and foreign components of the continuing income (loss) before expense (benefit) for income taxes were as follows: Years Ended December 31, 2016 2015 2014 Domestic $ (11,475 ) $ (3,705 ) $ 4,882 Foreign 2,674 1,236 888 $ (8,801 ) $ (2,469 ) $ 5,770 |
Summary of Expense (Benefit) for Income Taxes | The expense (benefit) for income taxes of continuing operations consisted of the following: Years Ended December 31, 2016 2015 2014 Current: Federal $ (5 ) $ 30 $ (716 ) State 12 91 60 Foreign 721 262 148 728 383 (508 ) Deferred: Federal 7,478 (1,214 ) 1,521 State 666 (113 ) 164 Foreign 8 43 (19 ) 8,152 (1,284 ) 1,666 Total $ 8,880 $ (901 ) $ 1,158 |
Summary of Net Deferred Tax Accounts | The net deferred tax accounts consist of the following: December 31, 2016 2015 Deferred Tax Assets: Amortization $ 9,313 $ 7,799 Stock compensation 1,902 1,571 Federal, foreign, and state credits 1,307 1,247 Inventory reserves 1,397 1,191 Accrued vacation 461 465 Net operating loss carryforwards 4,029 2,514 Other 298 330 Gross deferred tax assets 18,707 15,117 Valuation allowance (13,300 ) (659 ) Net deferred tax asset 5,407 14,458 Deferred Tax liabilities: Depreciation (895 ) (1,303 ) Net Deferred Tax Assets $ 4,512 $ 13,155 |
Schedule of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: December 31, 2016 2015 Beginning of period $ 850 $ 807 Addition related to tax positions in current year 20 43 End of period $ 870 $ 850 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Minimum Rental Payments Under Operating Leases | The future minimum rental payments under these leases at December 31, 2016, are as follows: Year Amount 2017 $ 936 2018 884 2019 821 2020 305 Thereafter 28 Future minimum lease payments $ 2,974 |
Summary of Capital Leases for Office and Manufacturing Equipment | The Company has capital leases for office and manufacturing equipment. As of December 31, 2016 and 2015, the equipment had cost, accumulated depreciation, and a net book value as follows: December 31, 2016 December 31, 2015 Cost $ 324 $ 190 Accumulated Depreciation (105 ) (48 ) Net Book Value $ 219 $ 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 2017 $ 77 2018 76 2019 60 2020 20 2021 8 Total minimum payments required: 241 Less amount representing interest: 15 Present value of net minimum lease payments: $ 226 |
Changes in Warranty Reserves | Year Ended December 31, 2016 2015 Beginning balance $ 348 $ 304 Provisions for warranties 114 60 Consumption of reserves (68 ) (16 ) Ending balance $ 394 $ 348 |
Shareholders' Equity (Tables)
Shareholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Summary of Activity Related to Common Shares Outstanding | The activity related to common shares outstanding for the years ended December 31 st 2016 2015 2014 Beginning of year 17,654 18,571 18,566 Issuance of common stock on exercise of stock options net of stock swaps 0 35 58 Issuance of restricted common stock and performance shares, net of cancellations 400 916 183 Issuance of common stock from purchase of Employee Stock Purchase Plan shares 146 134 101 Cancellation of stock for withholding tax for vested shares (82 ) (59 ) (121 ) Common stock buyback (783 ) (1,943 ) (216 ) End of Year 17,335 17,654 18,571 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Summary of the Reserved Shares of Common Stock for Future Issuance | A summary of the reserved shares of common stock for future issuance are as follows: December 31, 2016 2015 Stock Plan 3,937,606 4,712,576 2001 Stock Plan 31,110 50,530 Employee Stock Purchase Plan 491,210 637,158 Total shares reserved 4,459,926 5,400,264 |
Summary of Stock-Based Compensation Expense by Type | The stock-based compensation expense by type is as follows: Years Ended December 31, 2016 2015 2014 Service-based awards $ 3,030 $ 1,813 $ 1,468 Stock bonuses 624 0 0 Stock option and employee purchase plans 332 562 1,192 Performance-based shares and stock options 0 (510 ) 616 $ 3,986 $ 1,865 $ 3,276 |
Stock-Based Compensation | The stock-based compensation is reflected in the consolidated statements of operations as follows: Years Ended December 31, 2016 2015 2014 Cost of revenues $ 411 $ 370 $ 426 Research and development 650 419 659 Sales and marketing 627 238 661 General and administrative 2,298 838 1,530 Total $ 3,986 $ 1,865 $ 3,276 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the years ended December 31 st 2016 2015 2014 Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Options Outstanding Weighted Average Exercise Price Beginning of Year 1,220,442 $ 7.72 1,357,928 $ 7.81 1,461,559 $ 8.40 Options granted 26,000 4.95 185,000 7.61 25,800 8.19 Options granted from stock option rights 0 0.00 0 0.00 207,236 7.16 Options exercised 0 0.00 (35,134 ) 7.25 (74,463 ) 7.46 Options forfeited (86,061 ) 7.36 (141,722 ) 7.46 (10,144 ) 7.98 Options cancelled/expired (334,820 ) 8.64 (145,630 ) 8.75 (252,060 ) 10.86 End of Year 825,561 $ 7.30 1,220,442 $ 7.72 1,357,928 $ 7.81 Exercisable 628,333 $ 7.40 764,546 $ 7.97 643,810 $ 8.46 |
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 Range of Exercise Prices Number Outstanding Weighted Average Contractual Life (Years) Weighted- Average Exercise Price Number Exercisable Weighted Average Exercise Price $ 4.00 — $ 5.00 9,000 6.53 $ 4.75 0 $ 0.00 5.01 — 6.00 26,335 5.92 5.38 4,372 5.94 6.01 — 6.50 11,267 2.18 6.27 11,267 6.27 6.51 — 7.00 37,522 1.40 6.85 36,314 6.86 7.01 — 7.50 608,548 3.27 7.17 470,918 7.17 7.51 — 8.00 18,000 3.79 7.80 12,695 7.81 8.01 — 8.50 52,729 3.79 8.13 32,167 8.15 8.51 — 9.00 6,750 2.58 8.76 5,534 8.77 9.01 — 10.00 54,010 0.59 9.39 53,666 9.39 10.01 — 11.00 1,400 1.59 10.46 1,400 10.46 $ 4.00 — $ 11.00 825,561 3.15 $ 7.30 628,333 $ 7.40 |
Weighted Average Contractual Life and Intrinsic Value of the Options Outstanding | The weighted average contractual life and intrinsic value at December 31, 2016, was the following: Weighted Average Contractual Life (years) Intrinsic Value Options Outstanding 3.15 $ 11 Options Exercisable 2.88 $ 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 December 31 st 2016 2015 2014 Dividend yield 3.7 % 4.4 % 2.3 % Risk-free interest rate 0.8 % 0.7 % 0.8 % Expected volatility 32 % 34 % 33 % Expected life (in years) 4.9 5.2 5.3 |
Summary of Performance Share Activity | The following summarizes the performance unit activity during the years ended December 31 st 2016 2015 2014 Unvested Performance Units Awards Weighted Average Fair Value Awards Weighted Average Fair Value Awards Weighted Average Fair Value Beginning of Year 555,000 $ 7.78 380,000 $ 8.47 0 $ 0.00 Units awarded 0 0.00 431,000 7.49 380,000 8.47 Units vested 0 0.00 (13,202 ) 7.98 0 0.00 Units cancelled (258,500 ) 7.58 (242,798 ) 8.34 0 0.00 End of Year 296,500 $ 7.95 555,000 $ 7.78 380,000 $ 8.47 |
Summary of Retention Stock Option Activity | The following table summarizes the retention stock option activity for the year ended December 31, 2014: 2014 Retention Stock Option Rights Stock Options Rights Weighted Average Exercise Price Beginning of Year 182,500 $ 7.16 Stock option rights granted 24,736 7.16 Stock options granted (207,236 ) 7.16 End of Year 0 $ 0.00 Exercisable 0 $ 0.00 |
Summary of Purchase Plan Activity | The following summarizes the Purchase Plan activity during the years ended December 31 st 2016 2015 2014 Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Shares Weighted Average Fair Value at Grant Date Outstanding, beginning of year 0 $ 0.00 0 $ 0.00 0 $ 0.00 Granted 145,948 1.16 133,607 1.35 100,608 1.88 Vested (145,948 ) 1.16 (133,607 ) 1.35 (100,608 ) 1.88 Outstanding, end of year 0 $ 0.00 0 $ 0.00 0 $ 0.00 |
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: Employee Stock Purchase Plan 2016 2015 2014 Dividend yield 3.7 % 3.4 % 2.2 % Risk-free interest rate 0.8 % 0.6 % 0.3 % Expected volatility 33 % 34 % 38 % Expected life (in years) 0.5 0.5 0.5 |
Restricted Stock [Member] | |
Summary of Service-based Restricted Stock Activity | The following table summarizes service-based restricted stock activity for the years ended December 31 st 2016 2015 2014 Unvested Restricted Stock Awards Shares Weighted Average Fair Value Shares Weighted Average Fair Value Shares Weighted Average Fair Value Beginning of year 1,050,172 $ 6.11 343,836 $ 7.41 543,021 $ 6.59 Shares awarded 457,300 5.60 1,033,776 6.12 182,407 8.19 Shares vested (242,585 ) 6.43 (193,751 ) 7.20 (378,417 ) 6.60 Shares cancelled (143,927 ) 6.20 (133,689 ) 7.90 (3,175 ) 8.28 End of year 1,120,960 $ 5.83 1,050,172 $ 6.11 343,836 $ 7.41 |
Restricted Stock Units [Member] | |
Summary of Service-based Restricted Stock Activity | The following summarizes the service-based restricted stock unit activity during the year ended December 31 st 2016 2015 2014 Unvested Restricted Stock Units Shares Weighted Average Fair Value Shares Weighted Average Fair Value Shares Weighted Average Fair Value Beginning of year 22,725 $ 5.65 4,600 $ 7.47 6,325 $ 6.70 Units awarded 15,000 5.61 22,350 5.62 1,500 8.77 Units vested/Shares awarded (1,337 ) 7.25 (2,475 ) 7.00 (3,225 ) 6.56 Units cancelled 0 0 (1,750 ) 7.91 0 0 End of year 36,388 $ 5.57 22,725 $ 5.65 4,600 $ 7.47 |
Stock Repurchases (Tables)
Stock Repurchases (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Text Block [Abstract] | |
Summary of Share Repurchases | The following table is a summary of the share repurchases for the years ended December 31 st Year Shares Amount Avg price per Share 2014 215,650 $ 1,651 $ 7.66 2015 1,942,788 $ 12,079 $ 6.22 2016 783,212 $ 4,095 $ 5.23 |
Segment, Customer and Geograp36
Segment, Customer and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Result of Operations by Segments | The following tables are the segment operating profits and cash flow information for the years ended December 31, 2016, 2015 and 2014, and the segment balance sheet information as of December 31, 2016 and December 31, 2015: Year Ended December 31, 2016 Connected Solutions RF Solutions Corporate Total REVENUES $ 65,763 $ 31,126 $ (176 ) $ 96,713 GROSS PROFIT 20,706 14,485 15 35,206 OPERATING INCOME (LOSS) $ 7,804 $ (6,738 ) $ (9,979 ) $ (8,913 ) Depreciation $ 1,720 $ 1,181 $ 249 $ 3,150 Intangible amortization $ 192 $ 2,126 $ 0 $ 2,318 Capital expenditures $ 1,192 $ 347 $ 373 $ 1,912 Year Ended December 31, 2015 Connected Solutions RF Solutions Corporate Total REVENUES $ 69,579 $ 37,255 $ (219 ) $ 106,615 GROSS PROFIT 20,426 16,803 32 37,261 OPERATING INCOME (LOSS) $ 5,040 $ (298 ) $ (10,498 ) $ (5,756 ) Depreciation $ 1,706 $ 1,108 $ 271 $ 3,085 Intangible amortization $ 850 $ 3,170 $ 0 $ 4,020 Capital expenditures $ 954 $ 997 $ 151 $ 2,102 Year Ended December 31, 2014 Connected Solutions RF Solutions Corporate Total REVENUES $ 72,333 $ 35,113 $ (282 ) $ 107,164 GROSS PROFIT 22,818 20,743 26 43,587 OPERATING INCOME (LOSS) $ 7,357 $ 7,333 $ (10,586 ) $ 4,104 Depreciation $ 1,700 $ 795 $ 344 $ 2,839 Intangible amortization $ 1,151 $ 816 $ 0 $ 1,967 Capital expenditures $ 1,173 $ 1,328 $ 41 $ 2,542 |
Assets by Segment | The following tables are the segment operating profits and cash flow information for the years ended December 31, 2016, 2015 and 2014, and the segment balance sheet information as of December 31, 2016 and December 31, 2015: As of December 31, 2016 Connected Solutions RF Solutions Corporate Total Accounts receivable $ 12,731 $ 6,370 $ 0 $ 19,101 Inventories $ 12,301 $ 2,141 $ 0 $ 14,442 Long-lived assets: Property and equipment, net $ 9,756 $ 2,122 $ 731 $ 12,609 Goodwill $ 0 $ 3,332 $ 0 $ 3,332 Intangible assets, net $ 233 $ 3,042 $ 0 $ 3,275 Deferred tax assets, net $ 0 $ 0 $ 4,512 $ 4,512 Other noncurrent assets $ 0 $ 0 $ 36 $ 36 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 |
Revenues Attributable to Products and Services | The Company’s revenues attributable to products and services are as follows: Years Ended December 31, 2016 2015 2014 Revenues: Products $ 85,006 $ 90,533 $ 96,346 Services 11,707 16,082 10,818 Total revenues $ 96,713 $ 106,615 $ 107,164 Years Ended December 31, 2016 2015 2014 Cost of revenues: Products $ 50,595 $ 55,405 $ 55,813 Services 10,912 13,949 7,764 Total cost of revenues $ 61,507 $ 69,354 $ 63,577 |
Customer Accounted Revenues by Geographic Location | The Company’s revenue to customers by geographic location, as a percent of total revenues, is as follows: Years Ended December 31, Region 2016 2015 2014 Asia Pacific 21 % 9 % 11 % Europe, Middle East, & Africa 8 % 10 % 11 % Other Americas 6 % 6 % 5 % Total Foreign sales 35 % 25 % 27 % Total Domestic sales 65 % 75 % 73 % 100 % 100 % 100 % |
Long-lived Assets by Geographic Region | The long-lived assets by geographic region are as follows: December 31, 2016 2015 2014 United States $ 22,557 $ 23,741 $ 26,436 All Other 1,207 994 954 $ 23,764 $ 24,735 $ 27,390 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Contributions to Retirement Plans | The Company’s contributions to retirement plans were as follows: Year Ended December 31, 2016 2015 2014 PCTEL, Inc. 401(k) Profit sharing Plan - US employees $ 673 $ 757 $ 666 Defined contribution plans - foreign employees 378 345 332 Total $ 1,051 $ 1,102 $ 998 |
Quarterly Data (Unaudited) (Tab
Quarterly Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | Quarters Ended, March 31, June 30, September 30, December 31, 2016 2016 2016 2016 Revenues $ 21,074 $ 24,243 $ 24,687 $ 26,709 Gross profit 7,051 9,237 8,937 9,981 Operating loss (2,753 ) (5,330 ) (163 ) (667 ) Loss before income taxes (2,747 ) (5,322 ) (128 ) (604 ) Net (loss) income $ (1,456 ) $ (11,073 ) $ 175 $ (5,327 ) (Loss) earnings per Share: Basic $ (0.09 ) $ (0.69 ) $ 0.01 $ (0.33 ) Diluted $ (0.09 ) $ (0.69 ) $ 0.01 $ (0.33 ) Weighted Average Shares: Basic 16,324 15,979 16,106 16,194 Diluted 16,324 15,979 16,245 16,194 Quarters Ended, March 31, June 30, September 30, December 31, 2015 2015 2015 2015 Revenues $ 26,326 $ 27,625 $ 26,526 $ 26,138 Gross profit 10,169 9,350 8,463 9,279 Operating loss (96 ) (1,665 ) (2,221 ) (1,774 ) (Loss) income before income taxes (52 ) 540 (1,687 ) (1,270 ) Net (loss) income $ (33 ) $ 347 $ (1,062 ) $ (820 ) (Loss) earnings per Share: Basic $ 0.00 $ 0.02 $ (0.06 ) $ (0.05 ) Diluted $ 0.00 $ 0.02 $ (0.06 ) $ (0.05 ) Weighted Average Shares: Basic 18,312 18,257 17,626 16,820 Diluted 18,312 18,408 17,626 16,820 |
Organization and Summary of S39
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016USD ($) | Oct. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Oct. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($)Segment$ / shares | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Nature Of Operations [Line Items] | ||||||||||
Number of operating segments | Segment | 2 | |||||||||
Net foreign exchange gains (losses) resulting from foreign currency transactions included in other income | $ 13,000 | $ (33,000) | $ (49,000) | |||||||
Cash and cash equivalents maturities | 90 days | |||||||||
Investment of cash equivalents are redeemable upon demand using amortized cost method | $ / shares | $ 1 | |||||||||
Investment in money market funds restricted by investment in short term securities, percentage | 100.00% | 100.00% | 100.00% | |||||||
Cash | $ 7,507,000 | $ 7,507,000 | $ 6,077,000 | $ 7,507,000 | 6,077,000 | |||||
Cash equivalents | 7,348,000 | 7,348,000 | 978,000 | 7,348,000 | 978,000 | |||||
Cash and cash equivalents in foreign bank | 900,000 | 900,000 | 1,300,000 | 900,000 | 1,300,000 | |||||
Income tax expense (benefit) | 8,880,000 | (901,000) | 1,158,000 | |||||||
Short-term investments | $ 18,456,000 | $ 18,456,000 | $ 24,728,000 | $ 18,456,000 | 24,728,000 | |||||
Short-term investments, maturities | 90 days | |||||||||
Net unrealized gains (losses) | $ (9,000) | $ 1,000 | ||||||||
Percentage of investment in bond protected by bond default insurance | 6.00% | 6.00% | 11.00% | 6.00% | 11.00% | |||||
Allowance for doubtful accounts | $ 273,000 | $ 273,000 | $ 314,000 | $ 273,000 | $ 314,000 | |||||
Consigned inventory with customers | 400,000 | 400,000 | 700,000 | 400,000 | 700,000 | |||||
Allowance for inventory losses | 2,900,000 | 2,900,000 | 2,200,000 | 2,900,000 | 2,200,000 | |||||
Depreciation and amortization | 3,200,000 | 3,100,000 | 2,800,000 | |||||||
Advertising expense | 162,000 | 212,000 | 175,000 | |||||||
Adjustments of deferred tax valuation allowance | 5,000,000 | $ 7,600,000 | $ 12,600,000 | |||||||
Most likely than not benefit likelihood percentage being realized upon ultimate settlement with taxing authority resulting from sustainability of tax examination | 50.00% | |||||||||
Goodwill acquired | 3,332,000 | |||||||||
Goodwill | 3,332,000 | 3,332,000 | 3,332,000 | $ 3,332,000 | 3,332,000 | $ 161,000 | ||||
ASU No. 2016-09 [Member] | Retained Earnings [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Cumulative-effect adjustment to retained earnings | 600,000 | 600,000 | $ 600,000 | |||||||
ASU 2015-17 [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Current deferred tax assets reclassified to long-term deferred tax assets | 1,800,000 | 1,800,000 | ||||||||
Customer Contracts and Relationships [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Impairment of intangible assets | 5,800,000 | |||||||||
RF Solutions [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Goodwill impairment test | October 31, 2015 | |||||||||
Goodwill | $ 102,500,000 | 100,500,000 | 100,500,000 | |||||||
Goodwill, fair value | 100,000,000 | 80,300,000 | 80,300,000 | |||||||
Fair value inputs, control premium amount | 9,300,000 | 9,300,000 | 9,300,000 | |||||||
Goodwill impairment | 200,000 | |||||||||
RF Solutions [Member] | Customer Contracts and Relationships [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Impairment of intangible assets | 1,100,000 | $ 4,700,000 | $ 5,800,000 | |||||||
RF Solutions [Member] | Product [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Goodwill impairment test | October 31, 2016 | |||||||||
Goodwill acquired | $ 3,300,000 | 3,300,000 | ||||||||
RF Solutions [Member] | Services [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Goodwill acquired | 200,000 | |||||||||
Goodwill impairment | $ 200,000 | 200,000 | ||||||||
Equipment [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Period over which assets are depreciated | 5 years | |||||||||
Furniture and Fixtures [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Period over which assets are depreciated | 7 years | |||||||||
Building [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Period over which assets are depreciated | 30 years | |||||||||
Corporate Bonds [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Short-term investments | 5,600,000 | 5,600,000 | 7,600,000 | $ 5,600,000 | 7,600,000 | |||||
Pre-refunded Municipal Bonds [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Short-term investments | 7,800,000 | 7,800,000 | 7,500,000 | 7,800,000 | 7,500,000 | |||||
U.S. Government Agency Bonds [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Short-term investments | 2,600,000 | 2,600,000 | 7,000,000 | 2,600,000 | 7,000,000 | |||||
Certificates of Deposit [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Short-term investments | 2,500,000 | 2,500,000 | 2,700,000 | 2,500,000 | 2,700,000 | |||||
China [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Cash in foreign bank | 500,000 | 500,000 | $ 800,000 | 500,000 | 800,000 | |||||
Israel [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Income tax expense (benefit) | $ 100,000 | |||||||||
Maximum [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Federal Deposit Insurance Corporation insured limit | $ 250,000 | $ 250,000 | $ 250,000 | |||||||
Standard term of accounts receivable | 60 days | |||||||||
Useful lives of the assets | 1 year | |||||||||
Maximum [Member] | Computer Equipment [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Period over which assets are depreciated | 5 years | |||||||||
Minimum [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Standard term of accounts receivable | 30 days | |||||||||
Minimum [Member] | Computer Equipment [Member] | ||||||||||
Nature Of Operations [Line Items] | ||||||||||
Period over which assets are depreciated | 3 years |
Organization and Summary of S40
Organization and Summary of Significant Accounting Policies - Cash and Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cash And Cash Equivalents [Abstract] | ||
Cash | $ 7,507 | $ 6,077 |
Cash equivalents | 7,348 | 978 |
Short-term investments | 18,456 | 24,728 |
Cash and investments | $ 33,311 | $ 31,783 |
Organization and Summary of S41
Organization and Summary of Significant Accounting Policies - Cash Equivalents and Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | $ 7,349 | $ 978 |
Total | 25,795 | 25,707 |
Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 5,569 | 7,558 |
Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 7,776 | 7,497 |
U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 2,571 | 7,008 |
Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 2,530 | 2,666 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 7,349 | 978 |
Total | 9,879 | 3,644 |
Level 1 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 1 [Member] | Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 1 [Member] | U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 1 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 2,530 | 2,666 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Total | 15,916 | 22,063 |
Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 5,569 | 7,558 |
Level 2 [Member] | Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 7,776 | 7,497 |
Level 2 [Member] | U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 2,571 | 7,008 |
Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Total | 0 | 0 |
Level 3 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 3 [Member] | Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 3 [Member] | U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 3 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 0 | $ 0 |
Organization and Summary of S42
Organization and Summary of Significant Accounting Policies - Summary of Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Inventory Net [Abstract] | ||
Raw materials | $ 8,718 | $ 11,012 |
Work in process | 1,486 | 917 |
Finished goods | 4,238 | 5,667 |
Inventories, net | $ 14,442 | $ 17,596 |
Organization and Summary of S43
Organization and Summary of Significant Accounting Policies - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 33,318 | $ 32,300 |
Less: Accumulated depreciation and amortization | (22,479) | (20,231) |
Land | 1,770 | 1,770 |
Property and equipment, net | 12,609 | 13,839 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 6,351 | 6,227 |
Computers and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 11,577 | 10,931 |
Manufacturing and Test Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 12,940 | 12,826 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,239 | 1,273 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,191 | 1,001 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 20 | $ 42 |
Organization and Summary of S44
Organization and Summary of Significant Accounting Policies - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Payables And Accruals [Abstract] | ||
Payroll, bonuses, and other employee benefits | $ 2,029 | $ 1,179 |
Inventory receipts | 1,622 | 1,628 |
Paid time off | 1,230 | 1,271 |
Income and sales taxes | 546 | 381 |
Warranties | 394 | 348 |
Professional fees and contractors | 320 | 305 |
Employee stock purchase plan | 300 | 280 |
Real estate taxes | 152 | 161 |
Restructuring | 126 | 237 |
Deferred revenues | 104 | 65 |
Other | 354 | 335 |
Total | $ 7,177 | $ 6,190 |
Organization and Summary of S45
Organization and Summary of Significant Accounting Policies - Summary of Long-term Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Liabilities Noncurrent [Abstract] | ||
Long-term obligations under capital leases | $ 157 | $ 107 |
Deferred rent | 156 | 250 |
Restructuring | 70 | 0 |
Deferred revenues | 8 | 31 |
Total | $ 391 | $ 388 |
Earnings (Loss) per Share - Com
Earnings (Loss) per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Numerator: | |||||||||||
Net (loss) income | $ (5,327) | $ 175 | $ (11,073) | $ (1,456) | $ (820) | $ (1,062) | $ 347 | $ (33) | $ (17,681) | $ (1,568) | $ 4,612 |
Denominator: | |||||||||||
Common shares outstanding | 16,194 | 16,106 | 15,979 | 16,324 | 16,820 | 17,626 | 18,257 | 18,312 | 16,151 | 17,737 | 18,159 |
(Loss) Earnings per common share - basic | |||||||||||
Net (loss) income | $ (0.33) | $ 0.01 | $ (0.69) | $ (0.09) | $ (0.05) | $ (0.06) | $ 0.02 | $ 0 | $ (1.09) | $ (0.09) | $ 0.25 |
Denominator: | |||||||||||
Common shares outstanding | 16,194 | 16,106 | 15,979 | 16,324 | 16,820 | 17,626 | 18,257 | 18,312 | 16,151 | 17,737 | 18,159 |
Common stock option grants | 11 | ||||||||||
Total shares | 16,194 | 16,245 | 15,979 | 16,324 | 16,820 | 17,626 | 18,408 | 18,312 | 16,151 | 17,737 | 18,389 |
(Loss) Earnings per common share - diluted | |||||||||||
Net (loss) income | $ (0.33) | $ 0.01 | $ (0.69) | $ (0.09) | $ (0.05) | $ (0.06) | $ 0.02 | $ 0 | $ (1.09) | $ (0.09) | $ 0.25 |
Restricted Stock [Member] | |||||||||||
Denominator: | |||||||||||
Shares subject to vesting | 139 | ||||||||||
Performance Based Equity Awards [Member] | |||||||||||
Denominator: | |||||||||||
Shares subject to vesting | 80 |
Earnings (Loss) per Share - C47
Earnings (Loss) per Share - Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares excluded | 174,000 | 520,000 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) | Feb. 27, 2015 | Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | 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 | $ 0 | $ 0 | |||||||||
Goodwill | 3,332,000 | 3,332,000 | 3,332,000 | 3,332,000 | $ 161,000 | ||||||||
Revenue | $ 26,709,000 | $ 24,687,000 | $ 24,243,000 | $ 21,074,000 | 26,138,000 | $ 26,526,000 | $ 27,625,000 | $ 26,326,000 | 96,713,000 | 106,615,000 | 107,164,000 | ||
Amortization of intangible assets | $ 1,651,000 | 3,426,000 | 1,967,000 | ||||||||||
Pro Forma [Member] | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Amortization of intangible assets | 300,000 | 2,600,000 | |||||||||||
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 | 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 | 3,332,000 | |||||||||||
Assembled workforce, goodwill earned | $ 1,500,000 | $ 1,500,000 | |||||||||||
Lease termination date | Aug. 31, 2016 | ||||||||||||
Revenue | $ 23,800,000 | ||||||||||||
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 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition Purchase Price Allocation [Line Items] | |||
Purchase price allocation, Goodwill | $ 3,332 | $ 3,332 | $ 161 |
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 | Dec. 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] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Business Acquisition Pro Forma Information Nonrecurring Adjustment [Line Items] | ||
REVENUES | $ 109,573 | $ 130,991 |
NET (LOSS) INCOME | $ (1,435) | $ 8,954 |
NET (LOSS) INCOME PER SHARE | $ (0.08) | $ 0.49 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets - Schedule of Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning balance | $ 3,332 | $ 161 |
Acquisition of business from Nexgen Wireless | 3,332 | |
Impairment of goodwill - RF Services | (161) | |
No changes | 0 | |
Ending balance | $ 3,332 | $ 3,332 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2016USD ($) | Oct. 31, 2016USD ($) | Jun. 30, 2016USD ($) | Oct. 31, 2015USD ($) | Feb. 28, 2015USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2011Reporting_Unit | |
Finite Lived Intangible Assets [Line Items] | ||||||||||
Goodwill acquired | $ 3,332 | |||||||||
Amortization of intangible assets | $ 2,318 | 4,020 | $ 1,967 | |||||||
Increase (decrease) in cost of intangible assets | 8,100 | |||||||||
Customer Contracts and Relationships [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Impairment of intangible assets | 5,800 | |||||||||
Operating Expense [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Amortization of intangible assets | 1,600 | 3,400 | ||||||||
Cost of Revenues [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Amortization of intangible assets | $ 700 | 600 | ||||||||
Minimum [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Amortization of intangible assets basis over estimated useful lives | 1 year | |||||||||
Minimum [Member] | Customer Contracts and Relationships [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Amortization of intangible assets basis over estimated useful lives | 4 years | |||||||||
Maximum [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Amortization of intangible assets basis over estimated useful lives | 8 years | |||||||||
Maximum [Member] | Customer Contracts and Relationships [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Amortization of intangible assets basis over estimated useful lives | 6 years | |||||||||
RF Solutions [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Number of reporting units for goodwill testing purposes | Reporting_Unit | 2 | |||||||||
Goodwill impairment | $ 200 | |||||||||
RF Solutions [Member] | Customer Contracts and Relationships [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Impairment of intangible assets | $ 1,100 | $ 4,700 | $ 5,800 | |||||||
Product [Member] | RF Solutions [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Goodwill acquired | $ 3,300 | $ 3,300 | ||||||||
Services [Member] | RF Solutions [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Goodwill acquired | 200 | |||||||||
Goodwill impairment | $ 200 | 200 | ||||||||
Envision Wireless, Inc. [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Goodwill acquired | 200 | |||||||||
Envision Wireless, Inc. [Member] | Services [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Goodwill acquired | 200 | |||||||||
Nexgen Wireless, Inc. [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Goodwill acquired | $ 3,300 | |||||||||
Intangible asset | $ 13,100 | 13,100 | ||||||||
Intangible asset amortization expense | $ 2,000 | 2,400 | ||||||||
Nexgen Wireless, Inc. [Member] | Product [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Goodwill acquired | $ 3,300 | |||||||||
Nexgen Wireless, Inc. [Member] | Mobile Product Line [Member] | ||||||||||
Finite Lived Intangible Assets [Line Items] | ||||||||||
Write off of intangible assets | $ 400 |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Finite Lived Intangible Assets [Line Items] | ||
Cost | $ 43,314 | $ 43,314 |
Accumulated Amortization | 40,039 | 31,936 |
Net Book Value | 3,275 | 11,378 |
Customer Contracts and Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 25,497 | 25,497 |
Accumulated Amortization | 25,497 | 18,616 |
Net Book Value | 0 | 6,881 |
Patents and Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 10,114 | 10,114 |
Accumulated Amortization | 8,004 | 7,337 |
Net Book Value | 2,110 | 2,777 |
Trademarks and Trade Names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 4,960 | 4,960 |
Accumulated Amortization | 4,111 | 3,738 |
Net Book Value | 849 | 1,222 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 2,743 | 2,743 |
Accumulated Amortization | 2,427 | 2,245 |
Net Book Value | $ 316 | $ 498 |
Goodwill and Other Intangible55
Goodwill and Other Intangible Assets - Summary of Assigned Lives and Weighted Average Amortization Periods by Intangible Asset Category (Detail) | 12 Months Ended |
Dec. 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 | 5 years 1 month 6 days |
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 | 5 years 6 months |
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 | 3 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 Other Intangible56
Goodwill and Other Intangible Assets - Schedule of Expected Amortization Expense (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,017 | $ 1,162 |
2,018 | 1,084 |
2,019 | 885 |
2,020 | $ 144 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)Employee | Dec. 31, 2014USD ($) | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring expense | $ 664 | $ 1,630 | $ 0 |
Restructuring reserve | 196 | 237 | 0 |
Lease Terminations [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring expense | 338 | 0 | |
Restructuring reserve | 190 | 0 | 0 |
Severance [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring expense | 254 | 1,199 | |
Restructuring reserve | 6 | 237 | $ 0 |
2016 Restructuring Plan [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring reserve | 200 | ||
2016 Restructuring Plan [Member] | Accrued Liabilities [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring reserve | 100 | ||
2016 Restructuring Plan [Member] | Long-term Liabilities [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring reserve | 100 | ||
2016 Restructuring Plan [Member] | Employee Severance and Payroll Related Costs [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring expense | 300 | ||
2016 Restructuring Plan [Member] | Lease Terminations [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring expense | 300 | ||
2016 Restructuring Plan [Member] | Disposal of Fixed Assets [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring expense | $ 100 | ||
2015 Restructuring Plan [Member] | Mobile Product Line [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring expense | $ 400 | ||
2015 Restructuring Plan [Member] | Connected Solutions [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Number of employees terminated | Employee | 51 | ||
2015 Restructuring Plan [Member] | Accrued Liabilities [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring reserve | $ 200 | ||
2015 Restructuring Plan [Member] | Severance [Member] | Connected Solutions [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring expense | $ 1,200 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Charges (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restructuring Cost And Reserve [Line Items] | |||
Beginning balance | $ 237 | $ 0 | |
Restructuring charges | 664 | 1,630 | $ 0 |
Payments/Charges | (705) | (1,393) | |
Ending balance | 196 | 237 | 0 |
Severance [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Beginning balance | 237 | 0 | |
Restructuring charges | 254 | 1,199 | |
Payments/Charges | (485) | (962) | |
Ending balance | 6 | 237 | 0 |
Intangible Assets [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Beginning balance | 0 | 0 | |
Restructuring charges | 0 | 406 | |
Payments/Charges | 0 | (406) | |
Ending balance | 0 | 0 | 0 |
Lease Terminations [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Beginning balance | 0 | 0 | |
Restructuring charges | 338 | 0 | |
Payments/Charges | (148) | 0 | |
Ending balance | 190 | 0 | 0 |
Asset Disposals [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Beginning balance | 0 | 0 | |
Restructuring charges | 72 | 25 | |
Payments/Charges | (72) | (25) | |
Ending balance | $ 0 | $ 0 | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Jun. 30, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Line Items] | |||||
Income tax expense (benefit) | $ 8,880,000 | $ (901,000) | $ 1,158,000 | ||
Statutory rate | 34.00% | 34.00% | 34.00% | ||
Adjustments of deferred tax valuation allowance | $ 5,000,000 | $ 7,600,000 | $ 12,600,000 | ||
Additional paid in capital related to tax benefits for stock compensation | (482,000) | $ (115,000) | $ 203,000 | ||
Current deferred tax assets reclassified to long-term deferred tax assets | 4,512,000 | 4,512,000 | 13,155,000 | ||
Net deferred tax assets | 4,512,000 | $ 4,512,000 | $ 13,155,000 | ||
Acquired intangible asset amortization period for tax purpose | 15 years | 15 years | |||
Deferred tax assets, valuation allowance | 13,300,000 | $ 13,300,000 | $ 659,000 | ||
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 carryforward of net operating losses | ||||
Net operating loss carry forward period | 20 years | ||||
Average period required to utilize future income | 27 years | ||||
Potential benefits that would affect the effective rate | 900,000 | $ 900,000 | |||
Unrecognized tax benefits expected to settled twelve months | 800,000 | ||||
Period of increase or decrease in unrecognized tax benefits | 12 months | ||||
Unrecognized tax benefits, interest on income taxes expense | $ 0 | 0 | $ 0 | ||
Deferred tax assets, investment in subsidiaries | 4,800,000 | 4,800,000 | |||
Israel [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Income tax expense (benefit) | 100,000 | ||||
Research Tax Credit Carryforward [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
State research credits with no expiration | 1,500,000 | 1,500,000 | |||
Domestic Tax Authority [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net deferred tax assets | 4,400,000 | 4,400,000 | 13,100,000 | ||
Operating Loss Carry forwards | 11,800,000 | $ 11,800,000 | |||
Operating loss carry forwards expiration year | 2,033 | ||||
Operating loss carry forwards expiration year | 2,037 | ||||
Domestic Tax Authority [Member] | Amended and Restated Stock Plan [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Operating Loss Carry forwards | 1,700,000 | $ 1,700,000 | |||
Foreign [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Net deferred tax assets | 100,000 | 100,000 | 100,000 | ||
State and Local Jurisdiction [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Operating Loss Carry forwards | $ 11,700,000 | $ 11,700,000 | |||
Operating loss carry forwards expiration year | 2,025 | ||||
Operating loss carry forwards expiration year | 2,037 | ||||
After Reclassification [Member] | |||||
Income Tax Disclosure [Line Items] | |||||
Current deferred tax assets reclassified to long-term deferred tax assets | $ 1,800,000 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Expense (Benefit) for Income Taxes (Detail) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Continuing Operations Tax Rate Reconciliation [Abstract] | |||
Statutory federal income tax rate | 34.00% | 34.00% | 34.00% |
State income tax, net of federal benefit | 4.00% | 2.00% | 4.00% |
Tax effect of permanent differences | 0.00% | (2.00%) | 1.00% |
Tax on repatriation | 0.00% | (5.00%) | 0.00% |
Effective state rate change to deferred tax assets | 1.00% | 0.00% | 0.00% |
Foreign income taxed at different rates | 2.00% | 3.00% | (1.00%) |
Research and development credits | 1.00% | 5.00% | (3.00%) |
Return to provision adjustments | 1.00% | 0.00% | 0.00% |
Change in valuation allowance | (144.00%) | 0.00% | 0.00% |
Release of FIN 48 liability | 0.00% | 0.00% | (15.00%) |
Total | (101.00%) | 37.00% | 20.00% |
Income Taxes - Components of Co
Income Taxes - Components of Continuing Income (Loss) Before Expense (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments [Abstract] | |||||||||||
Domestic | $ (11,475) | $ (3,705) | $ 4,882 | ||||||||
Foreign | 2,674 | 1,236 | 888 | ||||||||
(LOSS) INCOME BEFORE INCOME TAXES | $ (604) | $ (128) | $ (5,322) | $ (2,747) | $ (1,270) | $ (1,687) | $ 540 | $ (52) | $ (8,801) | $ (2,469) | $ 5,770 |
Income Taxes - Summary of Expen
Income Taxes - Summary of Expense (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||
Federal | $ (5) | $ 30 | $ (716) |
State | 12 | 91 | 60 |
Foreign | 721 | 262 | 148 |
Gross | 728 | 383 | (508) |
Deferred: | |||
Federal | 7,478 | (1,214) | 1,521 |
State | 666 | (113) | 164 |
Foreign | 8 | 43 | (19) |
Gross | 8,152 | (1,284) | 1,666 |
Total | $ 8,880 | $ (901) | $ 1,158 |
Income Taxes - Summary of Net D
Income Taxes - Summary of Net Deferred Tax Accounts (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets: | ||
Amortization | $ 9,313 | $ 7,799 |
Stock compensation | 1,902 | 1,571 |
Federal, foreign, and state credits | 1,307 | 1,247 |
Inventory reserves | 1,397 | 1,191 |
Accrued vacation | 461 | 465 |
Net operating loss carryforwards | 4,029 | 2,514 |
Other | 298 | 330 |
Gross deferred tax assets | 18,707 | 15,117 |
Valuation allowance | (13,300) | (659) |
Net deferred tax asset | 5,407 | 14,458 |
Deferred Tax liabilities: | ||
Depreciation | (895) | (1,303) |
Net Deferred Tax Assets | $ 4,512 | $ 13,155 |
Income Taxes - Reconciliation64
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation Of Unrecognized Tax Benefits Excluding Amounts Pertaining To Examined Tax Returns Roll Forward | ||
Beginning of period | $ 850 | $ 807 |
Addition related to tax positions in current year | 20 | 43 |
End of period | $ 870 | $ 850 |
Commitments and Contingencies -
Commitments and Contingencies - Future Minimum Rental Payments Under Operating Leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2,017 | $ 936 |
2,018 | 884 |
2,019 | 821 |
2,020 | 305 |
Thereafter | 28 |
Future minimum lease payments | $ 2,974 |
Commitments and Contingencies66
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Mar. 27, 2013 | |
Commitments And Contingencies Disclosure [Line Items] | ||||
Rent expense under leases | $ 900,000 | $ 1,100,000 | $ 900,000 | |
Allowance for sales returns | 200,000 | 200,000 | ||
Warranty reserve | 394,000 | 348,000 | ||
Contingent liability amount | $ 0 | 0 | ||
Settlement agreement fair value | $ 5,400,000 | |||
Other Party [Member] | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Acquisition related legal settlements | 800,000 | |||
Acquisition Related Costs [Member] | ||||
Commitments And Contingencies Disclosure [Line Items] | ||||
Acquisition related legal settlements | 100,000 | |||
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 | $ 394,000 | $ 348,000 | $ 304,000 |
Commitments and Contingencies67
Commitments and Contingencies - Summary of Capital Leases for Office and Manufacturing Equipment (Detail) - Office and Manufacturing Equipment [Member] - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Capital Leased Assets [Line Items] | ||
Cost | $ 324 | $ 190 |
Accumulated Depreciation | (105) | (48) |
Net Book Value | $ 219 | $ 142 |
Commitments and Contingencies68
Commitments and Contingencies - Present Value of Net Minimum Lease Payments, Capital Leases (Detail) $ in Thousands | Dec. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,017 | $ 77 |
2,018 | 76 |
2,019 | 60 |
2,020 | 20 |
2,021 | 8 |
Total minimum payments required: | 241 |
Less amount representing interest: | 15 |
Present value of net minimum lease payments: | $ 226 |
Commitments and Contingencies69
Commitments and Contingencies - Changes in Warranty Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in warranty reserves | ||
Beginning balance | $ 348 | |
Ending balance | 394 | $ 348 |
Warranty Reserves [Member] | ||
Changes in warranty reserves | ||
Beginning balance | 348 | 304 |
Provisions for warranties | 114 | 60 |
Consumption of reserves | (68) | (16) |
Ending balance | $ 394 | $ 348 |
Shareholders' Equity - Summary
Shareholders' Equity - Summary of Activity Related to Common Shares Outstanding (Detail) - shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Equity [Abstract] | |||
Common stock shares outstanding, Beginning balance | 17,654,236 | 18,571,000 | 18,566,000 |
Issuance of common stock on exercise of stock options net of stock swaps | 0 | 35,000 | 58,000 |
Issuance of restricted common stock and performance shares, net of cancellations | 400,000 | 916,000 | 183,000 |
Issuance of common stock from purchase of Employee Stock Purchase Plan shares | 146,000 | 134,000 | 101,000 |
Cancellation of stock for withholding tax for vested shares | (82,000) | (59,000) | (121,000) |
Common stock buyback | (783,000) | (1,943,000) | (216,000) |
Common stock shares outstanding, End of Year | 17,335,122 | 17,654,236 | 18,571,000 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - $ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Plans - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2016shares | Dec. 31, 2015shares | Dec. 31, 2014shares | Dec. 31, 2013shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total shares reserved | 4,459,926 | 5,400,264 | ||
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Options outstanding | 825,561 | 1,220,442 | 1,357,928 | 1,461,559 |
Period of termination of employment | 90 days | |||
1997 Stock Plan [Member] | Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Ratio of restricted award to available for grant shares stock | 1.78 | |||
Ratio of stock option to available for grant shares | 1 | |||
Options outstanding | 794,451 | |||
Shares available for future grants | 3,143,155 | |||
2001 Stock Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Total shares reserved | 31,110 | 50,530 | ||
Options outstanding | 31,110 | |||
Plan exercisable period | 10 years | |||
Period of termination of employment | 90 days |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of the Reserved Shares of Common Stock for Future Issuance (Detail) - shares | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 4,459,926 | 5,400,264 |
Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 3,937,606 | 4,712,576 |
2001 Stock Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 31,110 | 50,530 |
Employee Stock Purchase Plan ("ESPP") [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total shares reserved | 491,210 | 637,158 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan ("ESPP") - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 3,986 | $ 1,865 | $ 3,276 | |
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% | |||
Number of shares authorized for issuance, increase | 750,000 | |||
Shares remaining that can be issued under the Purchase Plan | 491,210 | |||
Rate of discount on fair market value of common stock under ESPP | 15.00% | |||
Stock compensation expense | $ 200 | $ 200 | $ 200 | |
Period of expected life, options granted | 5 years |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 3,986 | $ 1,865 | $ 3,276 |
Restricted Stock and Restricted Stock Unit Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | 3,000 | 1,800 | 1,500 |
Stock Option and Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | 300 | 600 | 1,200 |
Performance-based Stock Option Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 500 | $ 600 | |
Stock Bonuses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 624 |
Stock-Based Compensation - Su76
Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Type (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Based Compensation [Line Items] | |||
Total | $ 3,986 | $ 1,865 | $ 3,276 |
Service-based awards [Member] | |||
Stock Based Compensation [Line Items] | |||
Total | 3,030 | 1,813 | 1,468 |
Stock Bonuses [Member] | |||
Stock Based Compensation [Line Items] | |||
Total | 624 | 0 | 0 |
Performance Units [Member] | |||
Stock Based Compensation [Line Items] | |||
Total | 0 | (510) | 616 |
Employee purchase plans [Member] | Stock Options [Member] | |||
Stock Based Compensation [Line Items] | |||
Total | $ 332 | $ 562 | $ 1,192 |
Stock-Based Compensation - St77
Stock-Based Compensation - Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 3,986 | $ 1,865 | $ 3,276 |
Cost of Revenues [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 411 | 370 | 426 |
Research and Development [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 650 | 419 | 659 |
Sales and Marketing [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | 627 | 238 | 661 |
General and Administrative [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Stock-based compensation | $ 2,298 | $ 838 | $ 1,530 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock - Service-Based - Additional Information (Detail) - Service Based Restricted Stock [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants vesting period | 4 years | ||
Restricted shares vested grant date intrinsic value | $ 1.1 | $ 1.5 | $ 3.2 |
Unrecognized compensation expense | $ 3.8 | ||
Weighted average period | 2 years |
Stock-Based Compensation - Su79
Stock-Based Compensation - Summary of Service-based Restricted Stock Activity (Detail) - Restricted Stock [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Shares | 1,050,172 | 343,836 | 543,021 |
Units awarded, Shares | 457,300 | 1,033,776 | 182,407 |
Units vested, Shares | (242,585) | (193,751) | (378,417) |
Units cancelled, Shares | (143,927) | (133,689) | (3,175) |
Ending balance, Shares | 1,120,960 | 1,050,172 | 343,836 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 6.11 | $ 7.41 | $ 6.59 |
Shares awarded, Weighted Average Grant Date Fair Value | 5.60 | 6.12 | 8.19 |
Shares vested, Weighted Average Grant Date Fair Value | 6.43 | 7.20 | 6.60 |
Shares cancelled, Weighted Average Grant Date Fair Value | 6.20 | 7.90 | 8.28 |
Ending balance, Weighted Average Grant Date Fair Value | $ 5.83 | $ 6.11 | $ 7.41 |
Stock-Based Compensation - Su80
Stock-Based Compensation - Summary of Service-based Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Summary Of Restricted Stock Unit Activity [Line Items] | |||
Beginning balance, Shares | 22,725 | 4,600 | 6,325 |
Units awarded, Units | 15,000 | 22,350 | 1,500 |
Units vested, Units | (1,337) | (2,475) | (3,225) |
Units cancelled, Units | 0 | (1,750) | 0 |
Ending balance, Shares | 36,388 | 22,725 | 4,600 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 5.65 | $ 7.47 | $ 6.70 |
Units awarded, Weighted Average Grant Date Fair Value | 5.61 | 5.62 | 8.77 |
Units vested, Weighted Average Grant Date Fair Value | 7.25 | 7 | 6.56 |
Units cancelled, Weighted Average Grant Date Fair Value | 0 | 7.91 | 0 |
Ending balance, Weighted Average Grant Date Fair Value | $ 5.57 | $ 5.65 | $ 7.47 |
Stock-Based Compensation - Re81
Stock-Based Compensation - Restricted Stock Units - Service-Based - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 3,986 | $ 1,865 | $ 3,276 |
Service Based Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Restricted shares vested intrinsic value | 7 | 20 | 27 |
Stock compensation expense | 58 | $ 22 | $ 21 |
Unrecognized compensation expense | $ 100 | ||
Weighted average period | 1 year 4 months 24 days |
Stock-Based Compensation - St82
Stock-Based Compensation - Stock Options - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Options exercised | 0 | 35,000 | 58,000 |
Lower range of exercise prices | $ 4 | ||
Upper range of exercise prices | 11 | ||
Intrinsic value based on share price | $ 5.38 | ||
Stock compensation expense | $ 3,986 | $ 1,865 | $ 3,276 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee stock options vesting provisions, description | Employee options are subject to installment vesting typically over a period of four years. | ||
Options vested in remaining period | 4 years | ||
Period of termination of employment | 90 days | ||
Stock options granted period | 7 years | 10 years | |
Proceeds from options exercised | $ 300 | $ 600 | |
Options exercised | 0 | 35,134 | 74,463 |
Intrinsic value | $ 34 | $ 72 | |
Lower range of exercise prices | $ 4 | ||
Upper range of exercise prices | $ 11 | ||
Period of expected life, options granted | 5 years | ||
Unrecognized compensation expense | $ 48,000 | ||
Weighted average period | 1 year 3 months 18 days | ||
Stock Bonuses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 624 | ||
Stock Bonuses [Member] | 2016 Short-Term Incentive Plan (STIP) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 600 |
Stock-Based Compensation - Su83
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Mar. 31, 2014 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Summary Of Stock Option Activities [Line Items] | ||||
Options Outstanding, Exercised | 0 | (35,000) | (58,000) | |
Stock Options [Member] | ||||
Summary Of Stock Option Activities [Line Items] | ||||
Options Outstanding, Beginning balance, Shares | 1,220,442 | 1,357,928 | 1,461,559 | |
Options Outstanding, Granted | 207,236 | 26,000 | 185,000 | 25,800 |
Options granted from stock option rights | 0 | 0 | 207,236 | |
Options Outstanding, Exercised | 0 | (35,134) | (74,463) | |
Options Outstanding, Forfeited | (86,061) | (141,722) | (10,144) | |
Options Outstanding, Cancelled/expired | (334,820) | (145,630) | (252,060) | |
Options Outstanding, Ending balance, Shares | 825,561 | 1,220,442 | 1,357,928 | |
Options Exercisable, Ending balance, Shares | 628,333 | 764,546 | 643,810 | |
Options Outstanding, Beginning balance, Weighted Average Exercise Price | $ 7.72 | $ 7.81 | $ 8.40 | |
Weighted Average Exercise Price, Granted | 4.95 | 7.61 | 8.19 | |
Weighted Average Exercise Price, Options granted from stock option rights | 0 | 0 | 7.16 | |
Weighted Average Exercise Price, Exercised | 0 | 7.25 | 7.46 | |
Weighted Average Exercise Price, Forfeited | 7.36 | 7.46 | 7.98 | |
Weighted Average Exercise Price, Expired or Cancelled | 8.64 | 8.75 | 10.86 | |
Options Outstanding, Ending balance, Weighted Average Exercise Price | 7.30 | 7.72 | 7.81 | |
Options Outstanding, Exercisable at End of Year, Weighted Average Exercise Price | $ 7.40 | $ 7.97 | $ 8.46 |
Stock-Based Compensation - Info
Stock-Based Compensation - Information about Stock Options Outstanding Under all Stock Plans (Detail) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | $ 4 |
Upper range of exercise prices | $ 11 |
Options Outstanding, Number | shares | 825,561 |
Options Outstanding, Weighted Average Contractual Life (Years) | 3 years 1 month 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 7.30 |
Options Exercisable, Number | shares | 628,333 |
Options Exercisable, Weighted Average Exercise Price | $ 7.40 |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 4 |
Upper range of exercise prices | $ 5 |
Options Outstanding, Number | shares | 9,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 6 years 6 months 11 days |
Options Outstanding, Weighted-Average Exercise Price | $ 4.75 |
Options Exercisable, Number | shares | 0 |
Options Exercisable, Weighted Average Exercise Price | $ 0 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 5.01 |
Upper range of exercise prices | $ 6 |
Options Outstanding, Number | shares | 26,335 |
Options Outstanding, Weighted Average Contractual Life (Years) | 5 years 11 months 1 day |
Options Outstanding, Weighted-Average Exercise Price | $ 5.38 |
Options Exercisable, Number | shares | 4,372 |
Options Exercisable, Weighted Average Exercise Price | $ 5.94 |
Range Three [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 | 11,267 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 2 months 5 days |
Options Outstanding, Weighted-Average Exercise Price | $ 6.27 |
Options Exercisable, Number | shares | 11,267 |
Options Exercisable, Weighted Average Exercise Price | $ 6.27 |
Range Four [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 |
Options Outstanding, Weighted Average Contractual Life (Years) | 1 year 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 6.85 |
Options Exercisable, Number | shares | 36,314 |
Options Exercisable, Weighted Average Exercise Price | $ 6.86 |
Range Five [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 | 608,548 |
Options Outstanding, Weighted Average Contractual Life (Years) | 3 years 3 months 7 days |
Options Outstanding, Weighted-Average Exercise Price | $ 7.17 |
Options Exercisable, Number | shares | 470,918 |
Options Exercisable, Weighted Average Exercise Price | $ 7.17 |
Range Six [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 | 18,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 3 years 9 months 15 days |
Options Outstanding, Weighted-Average Exercise Price | $ 7.80 |
Options Exercisable, Number | shares | 12,695 |
Options Exercisable, Weighted Average Exercise Price | $ 7.81 |
Range Seven [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 | 52,729 |
Options Outstanding, Weighted Average Contractual Life (Years) | 3 years 9 months 15 days |
Options Outstanding, Weighted-Average Exercise Price | $ 8.13 |
Options Exercisable, Number | shares | 32,167 |
Options Exercisable, Weighted Average Exercise Price | $ 8.15 |
Range Eight [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 | 6,750 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 6 months 29 days |
Options Outstanding, Weighted-Average Exercise Price | $ 8.76 |
Options Exercisable, Number | shares | 5,534 |
Options Exercisable, Weighted Average Exercise Price | $ 8.77 |
Range Nine [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 | $ 10 |
Options Outstanding, Number | shares | 54,010 |
Options Outstanding, Weighted Average Contractual Life (Years) | 7 months 2 days |
Options Outstanding, Weighted-Average Exercise Price | $ 9.39 |
Options Exercisable, Number | shares | 53,666 |
Options Exercisable, Weighted Average Exercise Price | $ 9.39 |
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 | 1,400 |
Options Outstanding, Weighted Average Contractual Life (Years) | 1 year 7 months 2 days |
Options Outstanding, Weighted-Average Exercise Price | $ 10.46 |
Options Exercisable, Number | shares | 1,400 |
Options Exercisable, Weighted Average Exercise Price | $ 10.46 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Contractual Life and Intrinsic Value of Options Outstanding (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2016USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |
Options Outstanding Weighted Average Contractual Life (years) | 3 years 1 month 24 days |
Options Exercisable Weighted Average Contractual Life (years) | 2 years 10 months 17 days |
Options Outstanding Intrinsic Value | $ 11 |
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] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share Based Payment Award Stock Options Valuation Assumptions [Line Items] | |||
Dividend yield | 3.70% | 4.40% | 2.30% |
Risk-free interest rate | 0.80% | 0.70% | 0.80% |
Expected volatility | 32.00% | 34.00% | 33.00% |
Expected life (in years) | 4 years 10 months 24 days | 5 years 2 months 12 days | 5 years 3 months 18 days |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance-based Equity Awards - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock compensation expense | $ 3,986,000 | $ 1,865,000 | $ 3,276,000 |
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 | 0 | |
Unvested units cancelled | 158,500 | ||
2015 Long-Term Incentive Plan [Member] | Performance Based Equity Awards [Member] | Terminated Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested units cancelled | 100,000 | ||
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 units cancelled | 162,000 | ||
2014 LTIP - One-year Revenue Goals [Member] | Performance Based Equity Awards [Member] | Terminated Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unvested units cancelled | 80,798 | ||
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 | ||
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 | ||
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 | ||
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 |
Stock-Based Compensation - Su88
Stock-Based Compensation - Summary of Performance Share Activity (Detail) - Performance Units [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, Shares | 555,000 | 380,000 | 0 |
Units awarded, Shares | 0 | 431,000 | 380,000 |
Units vested, Shares | 0 | (13,202) | 0 |
Units cancelled, Shares | (258,500) | (242,798) | 0 |
Ending balance, Shares | 296,500 | 555,000 | 380,000 |
Beginning balance, Weighted Average Grant Date Fair Value | $ 7.78 | $ 8.47 | $ 0 |
Units awarded, Weighted Average Grant Date Fair Value | 0 | 7.49 | 8.47 |
Units vested, Weighted Average Grant Date Fair Value | 0 | 7.98 | 0 |
Units cancelled, Weighted Average Grant Date Fair Value | 7.58 | 8.34 | 0 |
Ending balance, Weighted Average Grant Date Fair Value | $ 7.95 | $ 7.78 | $ 8.47 |
Stock-Based Compensation - Pe89
Stock-Based Compensation - Performance Units - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Performance Units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Performance units vested, intrinsic value | $ 82 |
Stock-Based Compensation - Rete
Stock-Based Compensation - Retention Stock Options - Additional Information (Detail) - $ / shares | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2014 | Apr. 30, 2013 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted | 207,236 | 26,000 | 185,000 | 25,800 | |
Minimum [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants vesting period | 2 years | ||||
Maximum [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Grants vesting period | 4 years | ||||
Executive Officer [Member] | Retention Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options granted | 182,500 | 24,736 | |||
Weighted average grant date fair value | $ 2.83 |
Stock-Based Compensation - Su91
Stock-Based Compensation - Summary of Retention Stock Option Activity (Detail) - Retention Stock Options [Member] - Executive Officer [Member] - $ / shares | 1 Months Ended | 12 Months Ended |
Apr. 30, 2013 | Dec. 31, 2014 | |
Schedule Of Stock Options [Line Items] | ||
Options Outstanding, Beginning balance, Shares | 182,500 | |
Retention Stock Options Granted, shares | 182,500 | 24,736 |
Options Outstanding, Retention stock options converted to regular stock options, shares | (207,236) | |
Options Outstanding, Ending balance, Shares | 0 | |
Retention Stock Options outstanding, Exercisable, Ending balance, shares | 0 | |
Options Outstanding, Beginning balance, Weighted Average Exercise Price | $ 7.16 | |
Retention Stock Options Granted, Weighted Average Exercise Price | 7.16 | |
Retention stock rights converted to stock options, Weighted Average Exercise Price | 7.16 | |
Options Outstanding, Ending balance, Weighted Average Exercise Price | 0 | |
Retention Stock Options outstanding, Exercisable, Ending balance, Weighted Average Exercise Price | $ 0 |
Stock-Based Compensation - Su92
Stock-Based Compensation - Summary of Purchase Plan Activity (Detail) - Employee Stock Purchase Plan ("ESPP") [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Schedule Of Share Based Compensation Arrangements By Share Based Payment Award Options [Line Items] | |||
Options Outstanding, Beginning balance, Shares | 0 | 0 | 0 |
Units awarded, Shares | 145,948 | 133,607 | 100,608 |
Units vested, Shares | (145,948) | (133,607) | (100,608) |
Options Outstanding, Ending balance, Shares | 0 | 0 | 0 |
Options Outstanding, Beginning balance, Weighted Average Exercise Price | $ 0 | $ 0 | $ 0 |
Shares granted, Weighted Average Grant Date Fair Value | 1.16 | 1.35 | 1.88 |
Units vested, Weighted Average Grant Date Fair Value | 1.16 | 1.35 | 1.88 |
Options Outstanding, Ending balance, Weighted Average Exercise Price | $ 0 | $ 0 | $ 0 |
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] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Calculation of fair value of each employee stock purchase grant using the Black-Scholes option-pricing model | |||
Dividend yield | 3.70% | 3.40% | 2.20% |
Risk-free interest rate | 0.80% | 0.60% | 0.30% |
Expected volatility | 33.00% | 34.00% | 38.00% |
Expected life (in years) | 6 months | 6 months | 6 months |
Stock-Based Compensation - Boar
Stock-Based Compensation - Board of Director Equity Awards - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Service Based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants vesting period | 4 years | ||
Board of Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock issued | 85,374 | 37,379 | 35,555 |
Company's stock at fair value | $ 0.4 | $ 0.3 | $ 0.3 |
Board of Directors [Member] | Service Based Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Grants vesting period | 3 years |
Stock-Based Compensation - Em95
Stock-Based Compensation - Employee Withholding Taxes on Stock Awards - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
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 | $ 0.4 | $ 0.4 | $ 1 |
Stock Repurchases - Additional
Stock Repurchases - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Aug. 10, 2015 | Apr. 20, 2015 | Nov. 13, 2014 | Mar. 18, 2013 | |
Share Repurchases [Abstract] | |||||||
Share repurchase program, approved amount | $ 5,000,000 | ||||||
Share repurchase program, number of shares authorized to be repurchased | 2,726,000 | 926,000 | |||||
Share repurchase program, number of additional shares authorized to be repurchased | 1,300,000 | 500,000 | |||||
Stock repurchased during period, shares | 783,212 | 1,942,788 | 215,650 | ||||
Stock repurchased during period, average price per share | $ 5.23 | $ 6.22 | $ 7.66 | ||||
Number of shares to be repurchased under stock repurchase program | 0 |
Stock Repurchases - Summary of
Stock Repurchases - Summary of Shares Repurchases (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share Repurchases [Abstract] | |||
Shares | 783,212 | 1,942,788 | 215,650 |
Amount | $ 4,095 | $ 12,079 | $ 1,651 |
Avg price per Share | $ 5.23 | $ 6.22 | $ 7.66 |
Segment, Customer and Geograp98
Segment, Customer and Geographic Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2016Customer | Dec. 31, 2015SegmentCustomer | Dec. 31, 2014Customer | |
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 | 0 | 0 | 0 |
Number of customer account receivable | 0 | 0 | |
Huawei Technologies Co., Ltd [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of customer accounts receivable | 17.00% | ||
Sales [Member] | Customer Concentration Risk [Member] | Minimum [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Entity wide revenue major customer, benchmark percentage | 10.00% | 10.00% | 10.00% |
Sales [Member] | Huawei Technologies Co., Ltd [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Entity wide revenue major customer, benchmark percentage | 11.00% | ||
Sales [Member] | Huawei Technologies Co., Ltd [Member] | Connected Solutions [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Entity wide revenue major customer, benchmark percentage | 89.00% | ||
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Minimum [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Entity wide revenue major customer, benchmark percentage | 10.00% | 10.00% |
Segment, Customer and Geograp99
Segment, Customer and Geographic Information - Result of Operations by Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Results of operations by segments | |||||||||||
REVENUES | $ 26,709 | $ 24,687 | $ 24,243 | $ 21,074 | $ 26,138 | $ 26,526 | $ 27,625 | $ 26,326 | $ 96,713 | $ 106,615 | $ 107,164 |
GROSS PROFIT | 9,981 | 8,937 | 9,237 | 7,051 | 9,279 | 8,463 | 9,350 | 10,169 | 35,206 | 37,261 | 43,587 |
OPERATING INCOME (LOSS) | $ (667) | $ (163) | $ (5,330) | $ (2,753) | $ (1,774) | $ (2,221) | $ (1,665) | $ (96) | (8,913) | (5,756) | 4,104 |
Depreciation | 3,150 | 3,085 | 2,839 | ||||||||
Intangible amortization | 2,318 | 4,020 | 1,967 | ||||||||
Capital expenditures | 1,912 | 2,102 | 2,542 | ||||||||
Operating Segments [Member] | Connected Solutions [Member] | |||||||||||
Results of operations by segments | |||||||||||
REVENUES | 65,763 | 69,579 | 72,333 | ||||||||
GROSS PROFIT | 20,706 | 20,426 | 22,818 | ||||||||
OPERATING INCOME (LOSS) | 7,804 | 5,040 | 7,357 | ||||||||
Depreciation | 1,720 | 1,706 | 1,700 | ||||||||
Intangible amortization | 192 | 850 | 1,151 | ||||||||
Capital expenditures | 1,192 | 954 | 1,173 | ||||||||
Operating Segments [Member] | RF Solutions [Member] | |||||||||||
Results of operations by segments | |||||||||||
REVENUES | 31,126 | 37,255 | 35,113 | ||||||||
GROSS PROFIT | 14,485 | 16,803 | 20,743 | ||||||||
OPERATING INCOME (LOSS) | (6,738) | (298) | 7,333 | ||||||||
Depreciation | 1,181 | 1,108 | 795 | ||||||||
Intangible amortization | 2,126 | 3,170 | 816 | ||||||||
Capital expenditures | 347 | 997 | 1,328 | ||||||||
Corporate, Non-Segment [Member] | |||||||||||
Results of operations by segments | |||||||||||
REVENUES | (176) | (219) | (282) | ||||||||
GROSS PROFIT | 15 | 32 | 26 | ||||||||
OPERATING INCOME (LOSS) | (9,979) | (10,498) | (10,586) | ||||||||
Depreciation | 249 | 271 | 344 | ||||||||
Intangible amortization | 0 | 0 | 0 | ||||||||
Capital expenditures | $ 373 | $ 151 | $ 41 |
Segment, Customer and Geogra100
Segment, Customer and Geographic Information - Assets by Segment (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Oct. 31, 2015 | Dec. 31, 2014 |
Results of operations by segments | ||||
Accounts receivable | $ 19,101 | $ 21,001 | ||
Inventories | 14,442 | 17,596 | ||
Property and equipment, net | 12,609 | 13,839 | ||
Goodwill | 3,332 | 3,332 | $ 161 | |
Intangible assets, net | 3,275 | 11,378 | ||
Deferred tax assets, net | 4,512 | 13,155 | ||
Other noncurrent assets | 36 | 40 | ||
RF Solutions [Member] | ||||
Results of operations by segments | ||||
Goodwill | 100,500 | $ 102,500 | ||
Operating Segments [Member] | Connected Solutions [Member] | ||||
Results of operations by segments | ||||
Accounts receivable | 12,731 | 12,875 | ||
Inventories | 12,301 | 15,507 | ||
Property and equipment, net | 9,756 | 10,250 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 233 | 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 | 6,370 | 8,126 | ||
Inventories | 2,141 | 2,089 | ||
Property and equipment, net | 2,122 | 2,985 | ||
Goodwill | 3,332 | 3,332 | ||
Intangible assets, net | 3,042 | 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 | 731 | 604 | ||
Goodwill | 0 | 0 | ||
Intangible assets, net | 0 | 0 | ||
Deferred tax assets, net | 4,512 | 13,155 | ||
Other noncurrent assets | $ 36 | $ 40 |
Segment, Customer and Geogra101
Segment, Customer and Geographic Information - Revenues Attributable to Products and Services (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues: | |||||||||||
Products | $ 85,006 | $ 90,533 | $ 96,346 | ||||||||
Services | 11,707 | 16,082 | 10,818 | ||||||||
Total revenues | $ 26,709 | $ 24,687 | $ 24,243 | $ 21,074 | $ 26,138 | $ 26,526 | $ 27,625 | $ 26,326 | 96,713 | 106,615 | 107,164 |
Cost of revenues: | |||||||||||
Products | 50,595 | 55,405 | 55,813 | ||||||||
Services | 10,912 | 13,949 | 7,764 | ||||||||
Total cost of revenues | $ 61,507 | $ 69,354 | $ 63,577 |
Segment, Customer and Geogra102
Segment, Customer and Geographic Information - Customer Accounted Revenues by Geographic Location (Detail) - Sales [Member] - Geographic Concentration Risk [Member] | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Sales | 100.00% | 100.00% | 100.00% |
Europe, Middle East, & Africa [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Sales | 8.00% | 10.00% | 11.00% |
Asia Pacific [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Sales | 21.00% | 9.00% | 11.00% |
Other Americas [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Sales | 6.00% | 6.00% | 5.00% |
Total Foreign Sales [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Sales | 35.00% | 25.00% | 27.00% |
Total Domestic Sales [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total Sales | 65.00% | 75.00% | 73.00% |
Segment, Customer and Geogra103
Segment, Customer and Geographic Information - Long-lived Assets by Geographic Region (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Geographic And Business Segment Information [Line Items] | |||
Long-Lived Assets | $ 23,764 | $ 24,735 | $ 27,390 |
United States [Member] | |||
Geographic And Business Segment Information [Line Items] | |||
Long-Lived Assets | 22,557 | 23,741 | 26,436 |
All Other [Member] | |||
Geographic And Business Segment Information [Line Items] | |||
Long-Lived Assets | $ 1,207 | $ 994 | $ 954 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contributions to employees from acquisition | $ 1,051 | $ 1,102 | $ 998 |
Employee Benefit Plans [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum percentage of current compensation of employee to contribute in plan | 15.00% | ||
Nexgen Wireless, Inc. [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Defined contributions to employees from acquisition | $ 71 | $ 55 |
Benefit Plans - Summary of Cont
Benefit Plans - Summary of Contributions to Retirement Plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Compensation And Retirement Disclosure [Abstract] | |||
PCTEL, Inc. 401(k) Profit sharing Plan - US employees | $ 673 | $ 757 | $ 666 |
Defined contribution plans - foreign employees | 378 | 345 | 332 |
Total | $ 1,051 | $ 1,102 | $ 998 |
Quarterly Data - Schedule of Qu
Quarterly Data - Schedule of Quarterly Financial Information (Unaudited) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 26,709 | $ 24,687 | $ 24,243 | $ 21,074 | $ 26,138 | $ 26,526 | $ 27,625 | $ 26,326 | $ 96,713 | $ 106,615 | $ 107,164 |
Gross profit | 9,981 | 8,937 | 9,237 | 7,051 | 9,279 | 8,463 | 9,350 | 10,169 | 35,206 | 37,261 | 43,587 |
Operating loss | (667) | (163) | (5,330) | (2,753) | (1,774) | (2,221) | (1,665) | (96) | (8,913) | (5,756) | 4,104 |
(Loss) income before income taxes | (604) | (128) | (5,322) | (2,747) | (1,270) | (1,687) | 540 | (52) | (8,801) | (2,469) | 5,770 |
Net (loss) income | $ (5,327) | $ 175 | $ (11,073) | $ (1,456) | $ (820) | $ (1,062) | $ 347 | $ (33) | $ (17,681) | $ (1,568) | $ 4,612 |
(Loss) earnings per Share: | |||||||||||
Basic | $ (0.33) | $ 0.01 | $ (0.69) | $ (0.09) | $ (0.05) | $ (0.06) | $ 0.02 | $ 0 | $ (1.09) | $ (0.09) | $ 0.25 |
Diluted | $ (0.33) | $ 0.01 | $ (0.69) | $ (0.09) | $ (0.05) | $ (0.06) | $ 0.02 | $ 0 | $ (1.09) | $ (0.09) | $ 0.25 |
Weighted Average Shares: | |||||||||||
Basic | 16,194 | 16,106 | 15,979 | 16,324 | 16,820 | 17,626 | 18,257 | 18,312 | 16,151 | 17,737 | 18,159 |
Diluted | 16,194 | 16,245 | 15,979 | 16,324 | 16,820 | 17,626 | 18,408 | 18,312 | 16,151 | 17,737 | 18,389 |
Quarterly Data - Additional Inf
Quarterly Data - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | ||||
Reclassification from operating expense to cost of revenues | $ 400 | $ 200 | $ 200 | $ 20 |
Related Parties - Additional In
Related Parties - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2016 | |
Pryor, Oklahoma Facility [Member] | |
Related Party Transaction [Line Items] | |
Lease termination date | 2016-10 |
Accumulated Other Comprehens109
Accumulated Other Comprehensive Income - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Of Income And Comprehensive Income [Abstract] | ||
Accumulated other comprehensive loss | $ 382 | $ 15 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) | Jan. 02, 2017 |
Subsequent Events [Member] | |
Subsequent Event [Line Items] | |
Subsequent event description | Mr. David Neumann began serving as Chief Executive Officer. Mr. Neumann had been serving as the Senior Vice President and General Manager of the company's RF Solutions segment. Mr. Steve Levy, who currently serves on the PCTEL Board, began serving as Chairman. |
Schedule II - Valuation and 111
Schedule II - Valuation and Qualifying Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $ 314 | $ 121 | $ 130 |
Charged to Costs and Expenses | (40) | 205 | 48 |
Addition (Deductions) | (1) | (12) | (57) |
Balance at End of Year | 273 | 314 | 121 |
Warranty Reserves [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 348 | 304 | 305 |
Charged to Costs and Expenses | 114 | 60 | 124 |
Addition (Deductions) | (68) | (16) | (125) |
Balance at End of Year | 394 | 348 | 304 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | 659 | 633 | 640 |
Charged to Costs and Expenses | 12,641 | 26 | (7) |
Addition (Deductions) | 0 | 0 | 0 |
Balance at End of Year | $ 13,300 | $ 659 | $ 633 |