Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 08, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | PCTI | |
Entity Registrant Name | PC TEL INC | |
Entity Central Index Key | 1,057,083 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 18,258,643 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 12,452 | $ 5,559 |
Short-term investment securities | 22,285 | 32,499 |
Accounts receivable, net of allowances of $66 and $319 at March 31, 2018 and December 31, 2017, respectively | 19,026 | 18,624 |
Inventories, net | 12,582 | 12,756 |
Prepaid expenses and other assets | 1,874 | 1,605 |
Total current assets | 68,219 | 71,043 |
Property and equipment, net | 12,537 | 12,369 |
Goodwill | 3,332 | 3,332 |
Intangible assets, net | 1,823 | 2,113 |
Deferred tax assets, net | 8,068 | 7,734 |
Other noncurrent assets | 64 | 72 |
TOTAL ASSETS | 94,043 | 96,663 |
LIABILITIES AND STOCKHOLDERS’ EQUITY | ||
Accounts payable | 5,226 | 5,471 |
Accrued liabilities | 5,787 | 7,481 |
Total current liabilities | 11,013 | 12,952 |
Long-term liabilities | 485 | 392 |
Total liabilities | 11,498 | 13,344 |
Stockholders’ equity: | ||
Common stock, $0.001 par value, 100,000,000 shares authorized, 18,258,643 and 17,806,792 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 18 | 18 |
Additional paid-in capital | 134,253 | 134,505 |
Accumulated deficit | (52,024) | (51,258) |
Accumulated other comprehensive loss | 298 | 54 |
Total stockholders’ equity | 82,545 | 83,319 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 94,043 | $ 96,663 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Allowance for accounts receivable | $ 66 | $ 319 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 18,258,643 | 17,806,792 |
Common stock, shares outstanding | 18,258,643 | 17,806,792 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
REVENUES | $ 21,731 | $ 22,970 |
COST OF REVENUES | 13,867 | 13,516 |
GROSS PROFIT | 7,864 | 9,454 |
OPERATING EXPENSES: | ||
Research and development | 2,940 | 2,716 |
Sales and marketing | 3,028 | 3,253 |
General and administrative | 2,993 | 3,339 |
Amortization of intangible assets | 124 | 124 |
Total operating expenses | 9,085 | 9,432 |
OPERATING (LOSS) INCOME | (1,221) | 22 |
Other income, net | 51 | 28 |
(LOSS) INCOME BEFORE INCOME TAXES | (1,170) | 50 |
Benefit for income taxes | (312) | (134) |
NET (LOSS) INCOME FROM CONTINUING OPERATIONS | (858) | 184 |
NET LOSS FROM DISCONTINUED OPERATIONS, NET OF TAX BENEFIT | 0 | (214) |
NET LOSS | $ (858) | $ (30) |
Net (Loss) Income per Share from Continuing Operations: | ||
Basic | $ (0.05) | $ 0.01 |
Diluted | (0.05) | 0.01 |
Net Loss per Share from Discontinued Operations: | ||
Basic | 0 | (0.01) |
Diluted | 0 | (0.01) |
Net Loss per Share: | ||
Basic | (0.05) | 0 |
Diluted | $ (0.05) | $ 0 |
Weighted Average Shares: | ||
Basic | 17,056 | 16,340 |
Diluted | 17,056 | 16,340 |
Cash dividend per share | $ 0.055 | $ 0.05 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive (Loss) Income (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
NET LOSS | $ (858) | $ (30) |
OTHER COMPREHENSIVE INCOME: | ||
Foreign currency translation adjustments | 244 | 51 |
COMPREHENSIVE (LOSS) INCOME | $ (614) | $ 21 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Stockholders' Equity (unaudited) - 3 months ended Mar. 31, 2018 - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid - In Capital [Member] | Retained Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
BALANCE at beginning of year at Dec. 31, 2017 | $ 83,319 | $ 18 | $ 134,505 | $ (51,258) | $ 54 |
Cumulative-effect adjustment resulting from adoption of ASU 2016-16 at Dec. 31, 2017 | 92 | 92 | |||
BALANCE at beginning of year, as adjusted at Dec. 31, 2017 | 83,411 | 18 | 134,505 | (51,166) | 54 |
Stock-based compensation expense | 668 | 0 | 668 | 0 | 0 |
Issuance of shares for stock purchase plans | 364 | 0 | 364 | 0 | 0 |
Cancellation of shares for payment of withholding tax | (289) | 0 | (289) | 0 | 0 |
Dividends paid | (995) | 0 | (995) | 0 | 0 |
Net loss | (858) | 0 | 0 | (858) | 0 |
Change in cumulative translation adjustment, net | 244 | 0 | 0 | 0 | 244 |
BALANCE at end of year at Mar. 31, 2018 | $ 82,545 | $ 18 | $ 134,253 | $ (52,024) | $ 298 |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Activities: | ||
Net (loss) income from continuing operations | $ (858) | $ 184 |
Adjustments to reconcile net loss to net cash provided by operating activities: | ||
Depreciation | 674 | 628 |
Intangible asset amortization | 290 | 290 |
Stock-based compensation | 668 | 708 |
Loss on disposal of property and equipment | 10 | 0 |
Restructuring costs | (11) | (33) |
Bad debt provision | 15 | (7) |
Deferred tax provision | (236) | (276) |
Changes in operating assets and liabilities: | ||
Accounts receivable | (350) | 794 |
Inventories | 321 | 1,790 |
Prepaid expenses and other assets | (250) | 319 |
Accounts payable | (64) | (812) |
Income taxes payable | (3) | (70) |
Other accrued liabilities | (1,808) | (1,467) |
Deferred revenue | 14 | (12) |
Net cash (used in) provided by operating activities | (1,588) | 2,036 |
Investing Activities: | ||
Capital expenditures | (884) | (1,052) |
Proceeds from disposal of property and equipment | 14 | 0 |
Purchases of investments | (7,266) | (9,743) |
Redemptions/maturities of short-term investments | 17,480 | 10,197 |
Net cash provided by (used in) investing activities | 9,344 | (598) |
Financing Activities: | ||
Proceeds from issuance of common stock | 364 | 330 |
Payment of withholding tax on stock-based compensation | (289) | (614) |
Principle payments on capital leases | (24) | (19) |
Cash dividends | (995) | (865) |
Net cash used in financing activities | (944) | (1,168) |
Cash flows from discontinued operations: | ||
Net cash used in operating activities | 0 | (174) |
Net cash used in investing activities | 0 | (1) |
Net cash flows used in discontinued operations | 0 | (175) |
Net increase in cash and cash equivalents | 6,812 | 95 |
Effect of exchange rate changes on cash | 81 | 10 |
Cash and cash equivalents, beginning of year | 5,559 | 14,855 |
Cash and Cash Equivalents, End of Period | $ 12,452 | $ 14,960 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 1. Basis of Presentation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. For further information, refer to the audited consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2017 (the “2017 Form 10-K”). 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 a rovides test tools 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 for resource allocations. Each segment has its own segment manager as well as its own engineering, business development, 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 designs and manufactures precision antennas. PCTEL antennas are deployed primarily in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the IIoT. Revenue growth in these markets is driven by the increased use of wireless communications and increased complexity occurring in these markets. PCTEL antennas are primarily sold to original equipment manufacturer (“OEM”) providers where they are designed into the customer’s solution. Competition in the antenna markets addressed by the Connected Solutions segment is fragmented. Competitors include Airgain, Amphenol, Laird, Pulse, and Taoglas. The Company seeks out product applications that command a premium for product performance and customer service, and it 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 p rovides test tools to analyze, design, and optimize their networks. Revenue growth is driven by the implementation and roll out of new wireless technology standards (i.e. 3G to 4G, 4G to 5G). PCTEL test equipment is sold directly to wireless carriers or to 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 market. These include radio frequency engineering, digital signal process (“DSP”) engineering, manufacturing, mechanical engineering, product quality and testing, and wireless network engineering . During the quarter ended June 30, 2017, the Company approved a plan to sell its Network Engineering Service business (“Engineering Services”) and shift its focus toward research and development driven radio frequency (“RF”) products. On July 31, 2017, the Company sold substantially all of the assets of the Company’s Engineering Services business to Gabe’s Construction Co., Inc. (“Gabe’s”) for a purchase price of $1.45 million. The Engineering Services business provided design, testing, commissioning, optimization, and consulting services for cellular, Wi-Fi and public safety networks and was a reporting unit within the RF Solutions segment. Due to the significance of its historical results and because this disposition represented a strategic shift by the Company to focus on products, the disposition of Engineering Services also qualified as a discontinued operation for reporting purposes. As such, the Company reported the results of its Engineering Services business as discontinued operations beginning with the quarter ended June 30, 2017. The Company restated the results of Engineering Services as discontinued operations for the quarter ended March 31, 2017. See Note 5 for more information on discontinued operations. Basis of Consolidation The unaudited interim condensed consolidated financial statements of the Company, which include the condensed consolidated balance sheet and the condensed consolidated statement of stockholders’ equity as of March 31, 2018 and the condensed consolidated statements of operations, statements of comprehensive (loss) income, and cash flows for the three months ended March 31, 2018 and 2017, respectively, are unaudited and reflect all adjustments of a normal recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The condensed consolidated balance sheet as of December 31, 2017 is derived from the audited financial statements as of December 31, 2017. Certain amounts in the prior year have been reclassified to conform to the current year presentation. The unaudited interim condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The significant accounting policies followed by the Company are set forth within the 2017. There were no changes in the Company’s significant accounting policies during the three months ended March 31, 2018. See Note 13 related to Revenue from Contracts with Customers for additional disclosures related to revenue policies. In addition, the Company reaffirms the use of estimates in the preparation of the financial statements as set forth in the 2017 Form 10-K. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the 2017 Form 10-K. The results of operations for the period ended March 31, 2018 may not be indicative of the results for the period ending December 31, 2018. Foreign Operations The Company is exposed to foreign currency fluctuations due to its foreign operations and because products are sold internationally. The functional currency for the Company’s foreign operations is predominantly the applicable local currency. Accounts of foreign operations are translated into U.S. dollars using the exchange rate in effect at the applicable balance sheet date for assets and liabilities and average monthly rates prevailing during the period for revenue and expense accounts. Adjustments resulting from translation are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Gains and losses resulting from other transactions originally in foreign currencies and then translated into U.S. dollars are included in the condensed consolidated statement of operations. Net foreign exchange losses resulting from foreign currency transactions included in other income, net was $69 and $12 for the three months ended March 31, 2018 and 2017, respectively. Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“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 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. Topic 842 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 August 2016, the FASB issued ASU 2016-15 , In October 2016, the FASB issued ASU 2016-16, Income Taxes (“Topic 740”): Intra-Entity Transfer of Assets Other than Inventory. Topic 740 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The Company adopted Topic 740 on January 1, 2018 using the modified retrospective approach, and as a result recorded a deferred tax asset with a corresponding adjustment to retained earnings of $0.1 million associated with an inter-entity transfer of goodwill in 2009. The goodwill was transferred to the U.S. entity from a Canadian entity that was dissolved in 2009. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“Topic 606”) 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. Topic 606 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 were required under prior U.S. GAAP. Topic 606 also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The FASB has also issued the following standards which clarify Topic 606 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 adopted Topic 606 on January 1, 2018 using the modified retrospective approach. The majority of the Company’s revenue is recognized on a “point-in-time” basis and a nominal amount of our revenue is recognized “over time” under the new standard, which is consistent with our revenue recognition policy under the previous guidance. There were no changes to retained earnings from the adoption of Topic 606. The Company made changes to incorporate the impact of the new standard into our policies, processes, and controls. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 2. Fair Value of Financial Instruments The Company follows accounting guidance for fair value measurements and disclosures, which establishes a fair value hierarchy that requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. Fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, a three-tier fair value hierarchy has been established, which prioritizes the inputs used in measuring fair value as follows: Level 1: inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2: inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets and liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of assets or liabilities. Level 3: unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Cash equivalents are measured at fair value and investments are recognized at amortized cost in the Company’s financial statements. Accounts receivable and other investments are financial assets with carrying values that approximate fair value due to the short-term nature of these assets. Accounts payable is a financial liability with a carrying value that approximates fair value due to the short-term nature of these liabilities. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 3. Earnings per Share The following table is the computation of basic and diluted earnings per share: Three Months Ended March 31, 2018 2017 Basic Income (Loss) Per Share computation: Numerator: Net (loss) income from continuing operations $ (858 ) $ 184 Net loss from discontinued operations $ 0 $ (214 ) Net loss $ (858 ) $ (30 ) Denominator: Common shares outstanding 17,056 16,340 Net Income (Loss) per common share - basic Net (loss) income from continuing operations $ (0.05 ) $ 0.01 Net loss from discontinued operations $ 0.00 $ (0.01 ) Net loss $ (0.05 ) $ (0.00 ) Diluted Loss Per Share computation: Denominator: Common shares outstanding 17,056 16,340 Restricted shares subject to vesting * * Common stock option grants * * Total shares 17,056 16,340 Income Loss per common share - diluted Net (loss) income from continuing operations $ (0.05 ) $ 0.01 Net loss from discontinued operations $ 0.00 $ (0.01 ) Net loss $ (0.05 ) $ (0.00 ) * As denoted by “*” in the table above, the weighted average common stock option grants and restricted shares of 565,000 and 375,000 for the three months ended March 31, 2018 and 2017, respectively, were excluded from the calculations of diluted net loss per share since their effects are anti-dilutive. |
Cash, Cash Equivalents and Inve
Cash, Cash Equivalents and Investments | 3 Months Ended |
Mar. 31, 2018 | |
Cash And Cash Equivalents [Abstract] | |
Cash, Cash Equivalents and Investments | 4. Cash, Cash Equivalents and Investments The Company’s cash and investments consisted of the following: March 31, December 31, 2018 2017 Cash $ 3,146 $ 3,785 Cash equivalents 9,306 1,774 Short-term investments 22,285 32,499 Total $ 34,737 $ 38,058 Cash and Cash Equivalents At March 31, 2018 and December 31, 2017, cash and cash equivalents included bank balances and investments with original maturities less than 90 days. At March 31, 2018 and December 31, 2017, the Company’s cash equivalents were invested in highly liquid AAA rated money market funds that are required to comply with Rule 2a-7 of the Investment Company Act of 1940. Such funds utilize the amortized cost method of accounting, seek to maintain a constant $1.00 per share price, and are redeemable upon demand. The Company restricts its investments in AAA money market funds to those invested 100% in either short-term U.S. government agency securities or bank repurchase agreements collateralized by these same securities. The fair values of these money market funds are established through quoted prices in active markets for identical assets (Level 1 inputs). The Company’s cash in U.S. banks is insured by the Federal Deposit Insurance Corporation up to the insurable limit of $250. At March 31, 2018, the Company had $3.1 million in cash and $9.3 million in cash equivalents, and at December 31, 2017, the Company had $3.8 million in cash and $1.8 million in cash equivalents. At March 31, 2018, the Company had in cash equivalents $5.6 million in AA rated or higher corporate bonds, $1.9 million in certificates of deposit, $1.7 million in U.S. government agency bonds, and $0.1 million in money market funds. At December 31, 2017, the Company had in cash equivalents, $1.3 million in AA rated or higher corporate bonds, $0.3 million in U.S. government agency bonds, and $0.2 million in money market funds. The Company had $1.3 million and $1.2 million of cash and cash equivalents in foreign bank accounts at March 31, 2018 and December 31, 2017, respectively. Of the foreign cash amount, the Company had cash of $1.2 million and $1.0 million in China bank accounts at March 31, 2018 and December 31, 2017, respectively. As of March 31, 2018, the Company has no intentions of repatriating the cash in its foreign bank accounts in China. If the Company decides to repatriate the cash in the foreign bank accounts, it may experience difficulty in doing so in a timely manner. The Company may also be exposed to foreign currency fluctuations and taxes if it repatriates these funds. The Company’s cash in its foreign bank accounts is not insured. Investments At March 31, 2018 and December 31, 2017, the Company’s short-term investments consisted of pre-refunded municipal bonds, U.S. government agency bonds, AA or higher rated corporate bonds, and certificates of deposit, all classified as held-to-maturity. At March 31, 2018, the Company had invested $9.5 million in AA rated or higher corporate bonds, $8.5 million in certificates of deposit, and $4.3 million in U.S. government agency bonds. The income and principal from the pre-refunded municipal bonds are secured by an irrevocable trust of U.S. Treasury securities. The bonds have original maturities greater than 90 days and mature in less than one year. The Company’s bond investments are recorded at the purchase price and carried at amortized cost. The net unrealized losses were $36 and $34 at March 31, 2018 and December 31, 2017, respectively. Approximately 8% of the Company’s municipal bond investments were protected by bond default insurance at December 31, 2017. All of the municipal bonds matured during the quarter ended March 31, 2018. At December 31, 2017, the Company had invested $18.5 million in AA rated or higher corporate bond funds, $7.4 million in certificates of deposit, $4.5 million in U.S. government agency bonds, and $2.1 million in pre-refunded municipal bonds and taxable bond funds. The Company categorizes its financial instruments within a fair value hierarchy according to accounting guidance for fair value. The fair value hierarchy is described under the Fair Value of Financial Instruments in Note 2. For the Level 2 investments, the Company uses quoted prices of similar assets in active markets. Cash equivalents and investments measured at fair value were as follows at March 31, 2018 and December 31, 2017: March 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Corporate bonds $ 0 $ 5,594 $ 0 $ 5,594 $ 0 $ 1,347 $ 0 $ 1,347 US government agency bonds 0 1,699 0 1,699 0 250 0 250 Certificates of deposit 1,906 0 0 1,906 0 0 0 0 Money market funds 101 0 0 101 175 0 0 175 Investments: Corporate bonds 0 9,452 0 9,452 0 18,433 0 18,433 Pre-refunded municipal bonds 0 0 0 0 0 2,132 0 2,132 US government agency bonds 0 4,340 0 4,340 0 4,455 0 4,455 Certificates of deposit 8,463 0 0 8,463 7,447 0 0 7,447 Total $ 10,470 $ 21,085 $ 0 $ 31,555 $ 7,622 $ 26,617 $ 0 $ 34,239 |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Discontinued Operations | 5. Discontinued Operations During the quarter ended June 30, 2017, the Company approved a plan to sell its Network Engineering Services business (“Engineering Services”) and shift its focus toward research and development driven radio frequency (“RF”) products. On July 31, 2017, the Company sold its Network Engineering Services business to Gabe’s Construction Co., Inc. (“Gabe’s”). The Company filed a Form 8-K related to the disposition on August 4, 2017. The disposition met the requirements for classification as held for sale during the quarter ended June 30, 2017 because the disposition met all the criteria outlined in the accounting guidance. Due to the significance of the results during the years ended December 31, 2016, 2015, and 2014, and because this disposition represented a strategic shift by the Company to focus on products, the disposition of Engineering Services also qualified as a discontinued operation for reporting purposes. As such, the Company reported the results of its Engineering Services business as discontinued operations beginning with the quarter ended June 30, 2017. The results for Engineering Services are reported as discontinued operations for the three months ended March 31, 2017. There were no activities related to discontinued operations during the three months ended March 31, 2018 other than transition services for billing for one customer. The Company expects to complete the transition for billing by June 30, 2018. The Company sold the fixed assets and backlog of the Network Engineering Services business to Gabe’s for $1.45 million. At closing, the Company received $1.4 million, consisting of $1.3 million for the sale of the business and $0.1 million related to future services. The Company recorded a pre-tax book gain of $0.5 million in discontinued operations during the quarter ended September 30, 2017. The net pre-tax book gain included proceeds from the sale of assets minus the book value of the assets disposed as well as severance and related payroll benefits for terminated employees. The book value of the assets was $0.6 million at the date of closing. On August 1, 2017, the Company terminated 25 employees, and Gabe’s hired 11 of these employees. The severance and related benefits for the terminated employees who were not subsequently hired by Gabe’s was $0.2 million. The income tax gain was $0.3 million, which included the tax value of the fixed assets and the remaining tax value for intangible assets no longer being used by the Company as of the sale to Gabe’s. The Company retained working capital of approximately $0.5 million, including accounts receivable, accounts payable, and accrued liabilities. There was no impairment loss recorded on the disposal of the long-lived assets because the fair value of the assets less cost to sell was higher than the carrying value of the assets. The details of the discontinued operations within the Statement of Operations are as follows: Three Months Ended March 31, 2017 Revenues $ 2,009 Cost of revenues 2,148 Gross profit (139 ) Operating expenses: Sales and marketing 154 General and administrative 13 Restructuring expenses 8 Total operating expenses 175 Operating loss (314 ) Benefit for income taxes (100 ) Net loss $ (214 ) All of the revenues and cost of revenues in discontinued operations related to services provided by the Company. The details of the cash flows for discontinued operations are as follows: . Three Months Ended March 31, 2017 Cash flows from discontinued operations: Operating Activities: Net loss $ (214 ) Depreciation 106 Deferred tax provision (101 ) Stock compensation 21 Prepaid expenses and other assets 14 Net cash used in operating activities $ (174 ) Investing Activities: Capital expenditures $ (1 ) Net cash used in investing activities $ (1 ) Net cash flows used in discontinued operations: $ (175 ) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 6. Goodwill and Intangible Assets Goodwill There were no changes to goodwill during the three months ended March 31, 2018. The $3.3 million of goodwill on the balance sheet relates to the RF Solutions segment. There were no triggering events for the RF Solutions segment during the quarter ended March 31, 2018. The Company will continue to monitor goodwill for impairment going forward. Intangible Assets The Company amortizes intangible assets with finite lives on a straight-line basis over the estimated useful lives, which range from one to six years. Amortization expense was approximately $0.3 million for the three months ended March 31, 2018 and 2017, respectively. Amortization for technology assets is included in cost of revenues and amortization for all other intangible assets is included in operating expenses. For the three months ended March 31, 2018 and 2017, $0.1 million of the intangible asset amortization was included in operating expenses and The summary of other intangible assets, net is as follows: March 31, 2018 December 31, 2017 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Customer contracts and relationships $ 16,880 $ 16,880 $ 0 $ 16,880 $ 16,880 $ 0 Patents and technology 10,114 8,837 1,277 10,114 8,670 1,444 Trademarks and trade names 4,834 4,422 412 4,834 4,335 499 Other 2,506 2,372 134 2,506 2,336 170 Total $ 34,334 $ 32,511 $ 1,823 $ 34,334 $ 32,221 $ 2,113 The $0.3 million decrease in the net book value of intangible assets at March 31, 2018 compared to December 31, 2017 relates to amortization expense for the three months ended March 31, 2018. The assigned lives and weighted average amortization periods by intangible asset category are summarized below: Intangible Assets Assigned Life Weighted Average Amortization Period Customer contracts and relationships 5 years 5.0 Patents and technology 5 to 6 years 5.1 Trademarks and trade names 5 to 6 years 5.6 Other 1 to 6 years 3.0 The Company’s intangible amortization is scheduled through February 2020. The amortization expense for 2018 and the next two years is as follows: Fiscal Year Amount 2018 $ 1,084 2019 $ 885 2020 $ 144 |
Balance Sheet Information
Balance Sheet Information | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Balance Sheet Information | 7. Accounts Receivable Accounts receivable are recorded at invoiced amount with standard net terms that range between 30 and 90 days. The Company extends credit to its customers based on an evaluation of a customer’s financial condition and collateral is generally not required. The Company maintains an allowance for 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 $0.1 million and $0.3 million at March 31, 2018 and December 31, 2017, respectively. Inventories Inventories are stated at the lower of cost or market and include material, labor and overhead costs using the first-in, first-out (“FIFO”) method of costing. Inventories as of March 31, 2018 and December 31, 2017 were composed of raw materials, sub-assemblies, finished goods and work-in-process. The Company had consigned inventory with customers of $0.4 million and $0.5 million at March 31, 2018 and December 31, 2017, respectively. The Company records allowances to reduce the value of inventory to the lower of cost or market, including allowances for excess and obsolete inventory. Reserves for excess inventory are calculated based on our estimate of inventory in excess of normal and planned usage. Obsolete reserves are based on our identification of inventory where the carrying value is above net realizable value. The allowance for inventory losses was $3.0 million at March 31, 2018 and December 31, 2017. Inventories consisted of the following: March 31, 2018 December 31, 2017 Raw materials $ 6,601 $ 6,849 Work-in-process 1,369 962 Finished goods 4,612 4,945 Inventories, net $ 12,582 $ 12,756 Prepaid and Other Current Assets Prepaid assets are stated at cost and are amortized over the useful lives (up to one year) of the assets. Property and Equipment Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets. The Company depreciates computer equipment over three to five years, office equipment, manufacturing and test equipment, and motor vehicles over five years, furniture and fixtures over seven years, and buildings over 30 years. Leasehold improvements are amortized over the shorter of the corresponding lease term or useful life. Depreciation expense and gains and losses on the disposal of property and equipment are included in cost of sales and operating expenses in the condensed consolidated statements of operations. Maintenance and repairs are expensed as incurred. Property and equipment consisted of the following: March 31, 2018 December 31, 2017 Building $ 6,351 $ 6,351 Computers and office equipment 10,995 10,873 Manufacturing and test equipment 13,403 13,012 Furniture and fixtures 1,365 1,288 Leasehold improvements 1,712 1,444 Motor vehicles 20 20 Total property and equipment 33,846 32,988 Less: Accumulated depreciation and amortization (23,079 ) (22,389 ) Land 1,770 1,770 Property and equipment, net $ 12,537 $ 12,369 Depreciation and amortization expense was approximately $0.7 million and $0.6 million for the three months ended March 31, 2018 and 2017, respectively. Amortization for capital leases is included in depreciation and amortization expense. See Note 10 for information related to capital leases. Liabilities Accrued liabilities consisted of the following: March 31, 2018 December 31, 2017 Inventory receipts $ 1,894 $ 1,730 Paid time off 1,096 1,011 Payroll, bonuses, and other employee benefits 866 2,780 Warranties 378 382 Deferred revenues 203 189 Real estate taxes 185 148 Customer refunds for estimated returns 184 197 Income and sales taxes 179 243 Professional fees and contractors 163 155 Employee stock purchase plan 140 314 Short-term obligations under capital leases 98 97 Other 401 235 Total $ 5,787 $ 7,481 Long-term liabilities consisted of the following: March 31, 2018 December 31, 2017 Capital leases $ 155 $ 180 Deferred rent 153 89 Other 177 123 Total $ 485 $ 392 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 8. Stock-Based Compensation The condensed consolidated statements of operations include $0.7 million of stock compensation expense for the three months ended March 31, 2018 and 2017, respectively. T The stock-based compensation expense by type is as follows: Three Months Ended March 31, 2018 2017 Service-based awards $ 572 $ 624 Equity awards for short-term incentive plan 41 0 Stock option and employee purchase plans 55 84 Total continuing operations 668 708 Discontinued operations 0 21 Total $ 668 $ 729 Total stock-based compensation is reflected in the condensed consolidated statements of operations as follows: Three Months Ended March 31, 2018 2017 Cost of revenues $ 88 $ 61 Research and development 138 146 Sales and marketing 131 119 General and administrative 311 382 Total continuing operations 668 708 Discontinued operations 0 21 Total $ 668 $ 729 Restricted Stock – Service Based The Company grants restricted shares as employee incentives. When service-based restricted stock is granted to employees, the Company records deferred stock compensation within additional paid in capital, representing the fair value of the common stock on the date the restricted shares are granted. The Company records stock compensation expense on a straight-line basis over the vesting period of the applicable service-based restricted shares. These grants vest over various periods. During the first quarter 2018, the Company issued 420,977 service-based restricted stock awards to employees that vest in equal annual increments over three years. The following table summarizes service-based restricted stock activity for the three months ended March 31, 2018: Shares Weighted Average Fair Value Unvested Restricted Stock Awards - December 31, 2017 828,576 $ 5.66 Shares awarded 420,977 7.00 Shares vested (115,800 ) 6.33 Unvested Restricted Stock Awards - March 31, 2018 1,133,753 $ 6.09 The intrinsic value of service-based restricted shares that vested during the three months ended March 31, 2018, and 2017 was $0.8 million and $1.0 million, respectively. At March 31, 2018, total unrecognized compensation expense related to restricted stock was approximately $5.1 million to be recognized through 2021 over a weighted average period of 1.6 years. Restricted Stock Units – Service Based The Company grants restricted stock units as employee incentives. Restricted stock units are primarily granted to foreign employees for long-term incentive purposes. Employee restricted stock units are service-based awards and are amortized over the vesting period. At the vesting date, these units are converted to shares of common stock. The Company records expense on a straight-line basis for restricted stock units. The following table summarizes the restricted stock unit activity during the three months ended March 31, 2018: Shares Weighted Average Fair Value Unvested Restricted Stock Units - December 31, 2017 31,800 $ 5.47 Units awarded 5,500 7.05 Units vested/Shares awarded (4,087 ) 5.79 Units cancelled (75 ) 7.49 Unvested Restricted Stock Units - March 31, 2018 33,138 $ 5.68 The intrinsic value of service-based restricted stock units that vested and were issued as shares during the three months ended March 31, 2018 and 2017 was $29 and $23, respectively. As of March 31, 2018, the unrecognized compensation expense related to the unvested portion of the Company’s restricted stock units was approximately $0.1 million, to be recognized through 2021 over a weighted average period of 1.2 years. Stock Options The Company grants stock options to purchase common stock as long-term incentives. The exercise price of the stock options is no less than the fair value of the Company’s stock on the grant date. The stock options have a seven-year life and generally vest over a period of four years, 25% after one year, and ratably on a monthly basis thereafter. Stock options may be exercised at any time prior to their expiration date or within ninety days of termination of employment, or such shorter time as may be provided in the related stock option agreement. A summary of the Company’s stock option activity for the three months ended March 31, 2018 is as follows: Options Outstanding Weighted Average Exercise Price Outstanding at December 31, 2017 470,484 $ 7.24 Options granted 2,000 6.98 Options forfeited (84 ) 7.31 Options cancelled/expired (12,400 ) 9.12 Outstanding at March 31, 2018 460,000 $ 7.19 Exercisable at March 31, 2018 447,782 $ 7.23 There were no stock options exercised during the three months ended March 31, 2018. The range of exercise prices for options outstanding and exercisable at March 31, 2018, was $5.00 to $10.46. 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 $ 5.00 — $ 6.00 13,500 5.48 $ 5.05 4,999 $ 5.05 6.00 — 7.00 9,189 2.75 6.75 7,189 6.69 7.00 — 8.00 422,261 2.04 7.20 421,420 7.20 8.00 — 9.00 7,500 2.40 8.25 6,624 8.28 9.00 — 10.00 6,150 0.50 9.66 6,150 9.66 10.00 — 10.46 1,400 0.34 10.46 1,400 10.46 $ 5.00 — $ 10.46 460,000 2.14 $ 7.19 447,782 $ 7.23 The weighted average contractual life and intrinsic value of options outstanding and options exercisable at March 31, 2018, was the following: Weighted Average Contractual Life (years) Intrinsic Value Options Outstanding 2.14 $ 39 Options Exercisable 2.05 $ 20 The intrinsic value is based on the share price of $7.18 at March 31, 2018. The Company calculated the fair value of each option grant on the date of grant using the Black-Scholes option-pricing model based upon the following assumptions during the three months ended March 31, 2018: March 31, 2018 Dividend yield 3.2% Risk-free interest rate 2.4% Expected volatility 33% Expected life (in years) 3.7 The fair value of each stock option outstanding was estimated on the date of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model was developed for use in estimating the fair value of traded options, which have no vesting restrictions and are fully transferable. 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. In addition, option valuation models require the input of highly subjective assumptions including the expected stock price volatility and expected option life. The dividend yield rate was calculated by dividing the Company’s annual dividend by the closing price on the grant date. The risk-free interest rate was based on the U.S. Treasury yields with a remaining term that approximates the expected life of the options granted. The volatility was based on a five-year historical period of the Company’s stock price. The expected life used for options granted was based on historical data of employee exercise performance. The Company records expense based on the graded vesting method. As of March 31, 2018, the unrecognized compensation expense related to the unvested portion of the Company’s stock options was approximately $9 to be recognized through 2021 over a weighted average period of 1.4 years. Performance-based Equity Awards The Company had 110,500 unvested performance awards at March 31, 2018 and December 31, 2017, respectively. There was no activity related to performance units during the first quarter of 2018. As of March 31, 2018, the Company does not expect any of the outstanding performance awards to vest. Short-term incentive plan Incentive awards earned by certain executives and key managers under the Company’s 2018 short-term incentive plan (“STIP”) will be 50% in cash and 50% in shares of the Company’s stock for certain executives. The incentive awards for all other participants under the 2018 STIP will be 100% in cash. All incentive awards earned under the 2017 STIP were paid in cash. Employee Stock Purchase Plan (“ESPP”) The ESPP enables eligible employees to purchase common stock at the lower of 85% of the fair market value of the common stock on the first or last day of each offering period. Each offering period is approximately six months. The Company received proceeds of $0.4 million from the issuance of 68,212 shares under the ESPP in February 2018 and received proceeds of $0.3 million from the issuance of 72,218 shares under the ESPP in February 2017. Based on the 15% discount and the fair value of the option feature of this plan, this plan is considered compensatory. Compensation expense is calculated using the fair value of the employees’ purchase rights under the Black-Scholes model. The Company calculated the fair value of each employee stock purchase grant on the date of grant using the Black-Scholes option-pricing model using the following assumptions: Employee Stock Purchase Plan 2018 2017 Dividend yield 3.2 % 3.8 % Risk-free interest rate 2.1 % 0.8 % Expected volatility 33 % 33 % Expected life (in years) 0.5 0.5 The dividend yield rate was calculated by dividing the Company’s annual dividend by the closing price on the grant date. The risk-free interest rate was based on the U.S. Treasury yields with a remaining term that approximates the expected life of the options granted. The volatility was based on a five-year historical period of the Company’s stock price. The expected life used was based on the offering period. Employee Withholding Taxes on Stock Awards For ease in administering the issuance of stock awards, the Company holds back shares of vested restricted stock awards and short-term incentive plan stock awards for the value of the statutory withholding taxes. For each individual receiving a share award, the Company redeems the shares it computes as the value for the withholding tax and remits this amount to the appropriate tax authority. For withholding taxes related to stock awards, the Company paid $0.3 million and $0.6 million during the three months ended March 31, 2018 and 2017, respectively. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Mar. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Benefit Plans | 9. Benefit Plans Employee Benefit Plans The Company’s 401(k) plan covers all of the U.S. employees beginning the first day 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 matches employee contributions up to 4% and may also make discretionary contributions to the 401(k) plan. The Company also contributes to various retirement plans for foreign employees. The Company’s contributions to retirement plans were as follows: Three Months Ended March 31, 2018 2017 PCTEL, Inc. 401(k) profit sharing plan - US employees $ 202 $ 185 Defined contribution plans - foreign employees 128 99 Total $ 330 $ 284 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 10. Commitments and Contingencies Restructuring -Discontinued Operations During the first quarter 2016, the Company exited from its Colorado office in order to consolidate facility space and recorded restructuring expense for the remaining obligations under the lease, net of proceeds for a sublease. The Company signed a sublease for the office space in the second quarter 2017. In July 2017, the Engineering Services business was sold to Gabe’s Construction and the activity related to Engineering Services is reported as discontinued operations. The obligation for the Colorado lease was retained by the Company. See Note 5 for additional information related to discontinued operations. The following table summarizes the restructuring activity during the three months ended March 31, 2018 and the status of the reserves at March 31, 2018: Lease Terminations Balance at December 31, 2017 $ 116 Restructuring expense 0 Payments/charges (9 ) Balance at March 31, 2018 $ 107 The restructuring liability is recorded on the balance sheet at March 31, 2018 and December 31, 2017 are as follows: March 31, 2018 December 31, 2017 Accrued liabilities $ 36 $ 35 Long-term liabilities 71 81 Total $ 107 $ 116 Operating Leases The Company has operating leases for facilities through 2025 and office equipment through 2021. The future minimum rental payments as of March 31, 2018 are as follows: Year Amount 2018 $ 896 2019 1,102 2020 491 2021 139 Thereafter 350 Future minimum lease payments $ 2,978 The rent expense under leases was approximately $0.2 million for the three months ended March 31, 2018, and 2017, respectively. In August 2017, the Company executed a new seven-year lease for 5,977 square feet of office space in Akron, Ohio for wireless product development related to the Connected Solutions segment. The annual lease obligation pursuant to the lease agreement is approximately $0.1 million. The Company assumed occupancy of this office in March 2018. During the first quarter 2016, the Company vacated its Colorado office lease in order to consolidate facility space related to our Engineering Services reporting unit. In May 2017, the Company signed a sublease with a term through the lease termination date. The lease expires on October 31, 2020. See discussion related to the Colorado office in the restructuring section of this footnote. Capital Leases The Company has capital leases for office equipment. The net book values for assets under capital leases were as follows: March 31, 2018 December 31, 2017 Cost $ 463 $ 453 Accumulated Depreciation (219 ) (195 ) Net Book Value $ 244 $ 258 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 2018 80 2019 90 2020 50 2021 37 Thereafter 12 Total minimum payments required 269 Less: amount representing interest 16 Present value of net minimum lease payments $ 253 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 refund liability related to estimated sales returns was $0.2 million at March 31, 2018 and December 31, 2017, respectively, and is included within accrued liabilities on the accompanying condensed consolidated balance sheets. The Company offers repair and replacement warranties of up to five years for certain antenna products and scanning receiver products. The Company’s warranty reserve is based on historical sales and costs of repair and replacement trends. The warranty reserve was $0.4 million at March 31, 2018 and December 31, 2017, respectively, and is included in other accrued liabilities in the accompanying condensed consolidated balance sheets. Three Months Ended March 31, 2018 2017 Beginning balance $ 382 $ 394 Provisions for warranties 15 52 Consumption of reserves (19 ) (26 ) Ending balance $ 378 $ 420 |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes On December 22, 2017, the United States federal government enacted the Tax Cuts and Jobs Act (“Tax Act”), marking a change from a worldwide tax system to a modified territorial tax system in the United States. As part of this change, the Tax Act, among other changes, provides for a transition tax on the accumulated unremitted foreign earnings and profits of foreign subsidiaries (“Transition Tax”), a reduction of the U.S. federal corporate income tax rate from 34% to 21%, and an indefinite carryforward of net operating losses (“NOL’s”) incurred in 2018 and future periods. In response to the enactment of the Tax Act in late 2017, the U.S. Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (“SAB 118”) to address situations where the accounting is incomplete for certain income tax effects of the Tax Act upon issuance of an entity’s financial statements for the reporting period in which the Tax Act was enacted. Under SAB 118, a company may record provisional amounts during a measurement period for specific income tax effects of the Tax Act for which the accounting is incomplete, but a reasonable estimate can be determined, and when unable to determine a reasonable estimate for any income tax effects, report provisional amounts in the first reporting period in which a reasonable estimate can be determined. The measurement period should not extend beyond one year. To determine the amount of the Transition Tax, the Company must determine, in addition to other factors, the amount of post-1986 earnings and profits of relevant subsidiaries, as well as the amount of non-U.S. income taxes paid on such earnings. During the year ended December 31, 2017, the Company recorded provisional income tax expense of $0.6 million related to the deemed repatriation of the accumulated unremitted earnings and profits of the Company’s foreign subsidiaries. This provisional amount was based on information that was currently available, including estimated tax earnings and profits from foreign subsidiaries. While we were able to make a reasonable estimate of the impact of the reduction in the corporate rate, it may be affected by state treatment of the deemed repatriation of foreign profits and the Company’s Transition Tax. In order to complete the accounting for the effects of the Transition Tax in 2018, the Company is continuing to gather additional information including refining the calculation of earnings and profits of foreign subsidiaries and is continuing to monitor the guidance from the I.R.S., states, and other government agencies to more precisely compute the amount of the Transition Tax and the state income tax impact of the deemed distributions of the foreign earnings and profits. No adjustments were recorded related to the Transition Tax during the three months ended March 31, 2018. The analyses will continue throughout 2018 and is expected to be completed when the Company files its income tax returns in late 2018. The Tax Act also includes a provision designed to tax global intangible low taxed income (“GILTI”). Under the provision, a U.S. shareholder is required to include in gross income the amount of its GILTI, which is generally the net income of its controlled foreign corporations in excess of a 10% return on depreciable tangible assets after identification of other income subject to non-deferral rules. Under U.S. GAAP, the Company is allowed to make an accounting policy choice of either (1) treating taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the "period cost method") or (2) factoring such amounts into the Company's measurement of its deferred taxes (the "deferred method"). Due to the complexity of the new GILTI tax rules and uncertainty of the application of the foreign tax credit rules in relation to GILTI, the Company is continuing to evaluate this provision of the Tax Act. However, the Company has included an estimate of the 2018 current GILTI impact in the annual effective tax rate for 2018. The amount included for GILTI does not have a significant impact on the Company’s tax provision for the three months ended March 31, 2018. The Company recorded an income tax benefit of $0.3 million and $0.1 million for the three months ended March 31, 2018 and 2017, respectively. The benefit recorded for the three months ended March 31, 2018 differed from the statutory rate of 21% primarily due to permanent differences and estimated research credits. The net tax benefit for the three months ended March 31, 2017 differed from the statutory rate of 34% due to the combination of U.S. pretax losses and foreign pretax profits taxed at lower rates. The net tax benefit for the three months ended March 31, 2017 included income tax expense of $0.1 million related to tax deficiencies with restricted stock and stock options and $0.1 million income tax benefit related to previously unrecognized tax benefits for research credits. The Company had deferred tax assets net of deferred tax liabilities of $8.1 million and $7.7 million The Company’s net deferred tax assets consist of assets related to net operating losses (“NOL’s”) and credits as well as assets related to timing differences. The Company’s net operating losses and credits have a finite life primarily based on the 20-year carry forward of federal net operating losses generated as of December 31, 2017. The timing differences have a ratable reversal pattern over 13 years. 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 valuation allowance against its deferred tax assets was $5.2 million at March 31, 2018 and December 31, 2017, respectively. For the deferred tax assets related to net operating losses (“NOLs”) and credits, the Company believes that it is more likely than not that these deferred tax assets will not be realized based on the negative evidence of a cumulative three-year loss through March 31, 2018 and expiration of the NOLs. 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. Due to the sensitivity of the analysis, changes to the assumptions in subsequent periods could have a material effect on the valuation allowance. The Company’s gross unrecognized tax benefit was $0.7 million at March 31, 2018 and at December 31, 2017. The Company files a consolidated federal income tax return, income tax returns with various states, and foreign income tax returns in various foreign jurisdictions. The Company’s U.S. federal and state tax returns remain subject to examination for 2012 and subsequent periods. |
Segment, Customer and Geographi
Segment, Customer and Geographic Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segment, Customer and Geographic Information | 12. Segment, Customer and Geographic Information 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, business development, 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 are managed at the segment level. Each of the segment managers reports to and maintains regular contact with the chief operating decision maker to discuss operating activities, financial results, forecasts, or plans for the segment. The following tables are the segment operating profits and cash flow information for the three months ended March 31, 2018 and 2017, respectively, and the segment balance sheet information as of March 31, 2018 and December 31, 2017: Three Months Ended March 31, 2018 Connected Solutions RF Solutions Corporate Total REVENUES $ 17,764 $ 3,999 $ (32 ) $ 21,731 GROSS PROFIT 5,198 2,670 (4 ) 7,864 OPERATING INCOME (LOSS) FOR CONTINUING OPERATIONS $ 1,605 $ (328 ) $ (2,498 ) $ (1,221 ) Depreciation $ 477 $ 137 $ 60 $ 674 Intangible amortization $ 39 $ 251 $ 0 $ 290 Capital expenditures $ 720 $ 107 $ 57 $ 884 As of March 31, 2018 Connected Solutions RF Solutions Corporate Total Accounts receivable $ 14,578 $ 4,448 $ 0 $ 19,026 Inventories $ 11,184 $ 1,398 $ 0 $ 12,582 Long-lived assets: Property and equipment, net $ 10,383 $ 1,271 $ 883 $ 12,537 Goodwill $ 0 $ 3,332 $ 0 $ 3,332 Intangible assets, net $ 39 $ 1,784 $ 0 $ 1,823 Deferred tax assets, net $ 0 $ 0 $ 8,068 $ 8,068 Other noncurrent assets $ 0 $ 0 $ 64 $ 64 Three Months Ended March 31, 2017 Connected Solutions RF Solutions Corporate Total REVENUES $ 17,271 $ 5,756 $ (57 ) $ 22,970 GROSS PROFIT 5,403 4,045 6 9,454 OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS $ 1,744 $ 1,024 $ (2,746 ) $ 22 Depreciation $ 426 $ 141 $ 61 $ 628 Intangible amortization $ 39 $ 251 $ 0 $ 290 Capital expenditures $ 318 $ 55 $ 679 $ 1,052 As of December 31, 2017 Connected Solutions RF Solutions Corporate Total Accounts receivable $ 13,158 $ 5,466 $ 0 $ 18,624 Inventories $ 11,418 $ 1,338 $ 0 $ 12,756 Long-lived assets: Property and equipment, net $ 10,161 $ 1,300 $ 908 $ 12,369 Goodwill $ 0 $ 3,332 $ 0 $ 3,332 Intangible assets, net $ 78 $ 2,035 $ 0 $ 2,113 Deferred tax assets, net $ 0 $ 0 $ 7,734 $ 7,734 Other noncurrent assets $ 0 $ 0 $ 72 $ 72 The Company’s revenue to customers by geographic location, as a percent of total revenues, is as follows: Three Months Ended March 31, Region 2018 2017 Asia Pacific 15% 22% Europe, Middle East, & Africa 10% 6% Other Americas 4% 4% Total Foreign sales 29% 32% The following table represents the customers that accounted for 10% or more of revenues during the three months ended March 31, 2018 and 2017. Three Months Ended March 31, Revenues 2018 2017 Customer A 11% 0% The following table represents the customers that accounted for 10% or more of total trade accounts receivable at March 31, 2018 and December 31, 2017. Trade Accounts Receivable March 31, 2018 December 31, 2017 Customer A 15% 4% Customer B 7% 12% |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | 13. Revenue from Contracts with Customers Under Topic 606, a contract with a customer is an agreement which both parties have approved, that creates enforceable rights and obligations, has commercial substance and where payment terms are identified, and collectability is probable. Once the Company has entered a contract, it is evaluated to identify performance obligations. For each performance obligation, revenue is recognized as control of promised goods or services transfers to the customer in an amount that reflects the consideration the Company expects to receive in exchange for those goods or services. The amount of revenue recognized takes into account variable consideration, such as returns and volume rebates. A majority of the Company’s revenue is short cycle in nature with shipments within one year from order. The Company's payment terms generally range between 30 to 90 days. All of the Company’s revenue relates to contracts with customers. The Company’s accounting contracts are from purchase orders or purchase orders combined with purchase agreements. The majority of the Company’s revenue is recognized on a “point-in-time” basis and a nominal amount of revenue is recognized “over time”. For the sale of antenna products and test tool products, the Company satisfies its performance obligations generally at the time of shipment, or upon delivery based on the contractual terms with its customers. For products shipped on consignment, the Company recognizes revenue upon delivery from the consignment location. For its software test tools, the Company has a performance obligation to provide software maintenance and support for one year. The Company recognizes revenues for the maintenance and support over this period. The Company considers shipping and handling performed by the Company as fulfillment activities. Amounts billed for shipping and handling are included in revenues, while costs incurred for shipping and handling are included in cost of revenues. The Company excludes taxes from the transaction price. Cost of contracts include sales commissions. The Company expenses the cost of contracts when incurred because the amortization period is one year or less. The Company allows its major distributors and certain other customers to return unused product under specified terms and conditions. The Company estimates product returns based on historical sales and return trends and records a corresponding refund liability. The refund liability was $0.2 million at March 31, 2018 and December 31, 2017, respectively, and is included within accrued liabilities on the accompanying condensed consolidated balance sheets. The December 31, 2017 refund liability was reclassified from accounts receivable to accrued liabilities for consistency with the current year presentation. Additionally, the Company recorded an asset based on historical experience for the amount of product we expect to return to inventory as a result of the return, which is recorded in inventories in the condensed consolidated balance sheets. The product return asset was $0.1 million at March 31, 2018 and December 31, 2017. There were no contract assets at March 31, 2018 or December 31, 2017. The Company records contract liabilities for deferred revenue and customer prepayments. Contract liabilities are recorded in accrued liabilities in the condensed consolidated balance sheets. The contract liability was $0.3 million at March 31, 2018 and December 31, 2017. The Company recognized revenue of $0.1 million during the three months ended March 31, 2018 related to contract liabilities at the beginning of the period. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 14. Subsequent Events The Company evaluates subsequent events occurring between the most recent balance sheet date and the date that the financial statements are available to be issued in order to determine whether the subsequent events are to be recorded and/or disclosed in the Company’s financial statements and footnotes. The financial statements are considered to be available to be issued at the time that they are filed with the SEC. There were no subsequent events or transactions that required recognition or disclosure in the unaudited interim condensed consolidated financial statements. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
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 a rovides test tools 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 for resource allocations. Each segment has its own segment manager as well as its own engineering, business development, 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 designs and manufactures precision antennas. PCTEL antennas are deployed primarily in small cells, enterprise Wi-Fi access points, fleet management and transit systems, and in equipment and devices for the IIoT. Revenue growth in these markets is driven by the increased use of wireless communications and increased complexity occurring in these markets. PCTEL antennas are primarily sold to original equipment manufacturer (“OEM”) providers where they are designed into the customer’s solution. Competition in the antenna markets addressed by the Connected Solutions segment is fragmented. Competitors include Airgain, Amphenol, Laird, Pulse, and Taoglas. The Company seeks out product applications that command a premium for product performance and customer service, and it 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 p rovides test tools to analyze, design, and optimize their networks. Revenue growth is driven by the implementation and roll out of new wireless technology standards (i.e. 3G to 4G, 4G to 5G). PCTEL test equipment is sold directly to wireless carriers or to 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 market. These include radio frequency engineering, digital signal process (“DSP”) engineering, manufacturing, mechanical engineering, product quality and testing, and wireless network engineering . During the quarter ended June 30, 2017, the Company approved a plan to sell its Network Engineering Service business (“Engineering Services”) and shift its focus toward research and development driven radio frequency (“RF”) products. On July 31, 2017, the Company sold substantially all of the assets of the Company’s Engineering Services business to Gabe’s Construction Co., Inc. (“Gabe’s”) for a purchase price of $1.45 million. The Engineering Services business provided design, testing, commissioning, optimization, and consulting services for cellular, Wi-Fi and public safety networks and was a reporting unit within the RF Solutions segment. Due to the significance of its historical results and because this disposition represented a strategic shift by the Company to focus on products, the disposition of Engineering Services also qualified as a discontinued operation for reporting purposes. As such, the Company reported the results of its Engineering Services business as discontinued operations beginning with the quarter ended June 30, 2017. The Company restated the results of Engineering Services as discontinued operations for the quarter ended March 31, 2017. See Note 5 for more information on discontinued operations. |
Basis of Consolidation | Basis of Consolidation The unaudited interim condensed consolidated financial statements of the Company, which include the condensed consolidated balance sheet and the condensed consolidated statement of stockholders’ equity as of March 31, 2018 and the condensed consolidated statements of operations, statements of comprehensive (loss) income, and cash flows for the three months ended March 31, 2018 and 2017, respectively, are unaudited and reflect all adjustments of a normal recurring nature that are, in the opinion of management, necessary for a fair presentation of the interim period financial statements. The condensed consolidated balance sheet as of December 31, 2017 is derived from the audited financial statements as of December 31, 2017. Certain amounts in the prior year have been reclassified to conform to the current year presentation. The unaudited interim condensed consolidated financial statements of the Company have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The significant accounting policies followed by the Company are set forth within the 2017. There were no changes in the Company’s significant accounting policies during the three months ended March 31, 2018. See Note 13 related to Revenue from Contracts with Customers for additional disclosures related to revenue policies. In addition, the Company reaffirms the use of estimates in the preparation of the financial statements as set forth in the 2017 Form 10-K. These unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the 2017 Form 10-K. The results of operations for the period ended March 31, 2018 may not be indicative of the results for the period ending December 31, 2018. |
Foreign Operations | Foreign Operations The Company is exposed to foreign currency fluctuations due to its foreign operations and because products are sold internationally. The functional currency for the Company’s foreign operations is predominantly the applicable local currency. Accounts of foreign operations are translated into U.S. dollars using the exchange rate in effect at the applicable balance sheet date for assets and liabilities and average monthly rates prevailing during the period for revenue and expense accounts. Adjustments resulting from translation are included in accumulated other comprehensive income (loss), a separate component of shareholders’ equity. Gains and losses resulting from other transactions originally in foreign currencies and then translated into U.S. dollars are included in the condensed consolidated statement of operations. Net foreign exchange losses resulting from foreign currency transactions included in other income, net was $69 and $12 for the three months ended March 31, 2018 and 2017, respectively. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“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 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. Topic 842 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 August 2016, the FASB issued ASU 2016-15 , In October 2016, the FASB issued ASU 2016-16, Income Taxes (“Topic 740”): Intra-Entity Transfer of Assets Other than Inventory. Topic 740 requires an entity to recognize the income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The Company adopted Topic 740 on January 1, 2018 using the modified retrospective approach, and as a result recorded a deferred tax asset with a corresponding adjustment to retained earnings of $0.1 million associated with an inter-entity transfer of goodwill in 2009. The goodwill was transferred to the U.S. entity from a Canadian entity that was dissolved in 2009. In May 2014, the FASB issued ASU 2014-09, “Revenue from Contracts with Customers” (“Topic 606”) 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. Topic 606 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 were required under prior U.S. GAAP. Topic 606 also requires disclosures sufficient to enable users to understand the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. The FASB has also issued the following standards which clarify Topic 606 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 adopted Topic 606 on January 1, 2018 using the modified retrospective approach. The majority of the Company’s revenue is recognized on a “point-in-time” basis and a nominal amount of our revenue is recognized “over time” under the new standard, which is consistent with our revenue recognition policy under the previous guidance. There were no changes to retained earnings from the adoption of Topic 606. The Company made changes to incorporate the impact of the new standard into our policies, processes, and controls. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Earnings Per Share | The following table is the computation of basic and diluted earnings per share: Three Months Ended March 31, 2018 2017 Basic Income (Loss) Per Share computation: Numerator: Net (loss) income from continuing operations $ (858 ) $ 184 Net loss from discontinued operations $ 0 $ (214 ) Net loss $ (858 ) $ (30 ) Denominator: Common shares outstanding 17,056 16,340 Net Income (Loss) per common share - basic Net (loss) income from continuing operations $ (0.05 ) $ 0.01 Net loss from discontinued operations $ 0.00 $ (0.01 ) Net loss $ (0.05 ) $ (0.00 ) Diluted Loss Per Share computation: Denominator: Common shares outstanding 17,056 16,340 Restricted shares subject to vesting * * Common stock option grants * * Total shares 17,056 16,340 Income Loss per common share - diluted Net (loss) income from continuing operations $ (0.05 ) $ 0.01 Net loss from discontinued operations $ 0.00 $ (0.01 ) Net loss $ (0.05 ) $ (0.00 ) * As denoted by “*” in the table above, the weighted average common stock option grants and restricted shares of 565,000 and 375,000 for the three months ended March 31, 2018 and 2017, respectively, were excluded from the calculations of diluted net loss per share since their effects are anti-dilutive. |
Cash, Cash Equivalents and In24
Cash, Cash Equivalents and Investments (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents and Investments | The Company’s cash and investments consisted of the following: March 31, December 31, 2018 2017 Cash $ 3,146 $ 3,785 Cash equivalents 9,306 1,774 Short-term investments 22,285 32,499 Total $ 34,737 $ 38,058 |
Cash Equivalents and Investments Measured at Fair Value | Cash equivalents and investments measured at fair value were as follows at March 31, 2018 and December 31, 2017: March 31, 2018 December 31, 2017 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Cash equivalents: Corporate bonds $ 0 $ 5,594 $ 0 $ 5,594 $ 0 $ 1,347 $ 0 $ 1,347 US government agency bonds 0 1,699 0 1,699 0 250 0 250 Certificates of deposit 1,906 0 0 1,906 0 0 0 0 Money market funds 101 0 0 101 175 0 0 175 Investments: Corporate bonds 0 9,452 0 9,452 0 18,433 0 18,433 Pre-refunded municipal bonds 0 0 0 0 0 2,132 0 2,132 US government agency bonds 0 4,340 0 4,340 0 4,455 0 4,455 Certificates of deposit 8,463 0 0 8,463 7,447 0 0 7,447 Total $ 10,470 $ 21,085 $ 0 $ 31,555 $ 7,622 $ 26,617 $ 0 $ 34,239 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Schedule of Discontinued Operations within Statement of Operations | The details of the discontinued operations within the Statement of Operations are as follows: Three Months Ended March 31, 2017 Revenues $ 2,009 Cost of revenues 2,148 Gross profit (139 ) Operating expenses: Sales and marketing 154 General and administrative 13 Restructuring expenses 8 Total operating expenses 175 Operating loss (314 ) Benefit for income taxes (100 ) Net loss $ (214 ) |
Schedule of Cash Flows for Discontinued Operations | The details of the cash flows for discontinued operations are as follows: . Three Months Ended March 31, 2017 Cash flows from discontinued operations: Operating Activities: Net loss $ (214 ) Depreciation 106 Deferred tax provision (101 ) Stock compensation 21 Prepaid expenses and other assets 14 Net cash used in operating activities $ (174 ) Investing Activities: Capital expenditures $ (1 ) Net cash used in investing activities $ (1 ) Net cash flows used in discontinued operations: $ (175 ) |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Other Intangible Assets | The summary of other intangible assets, net is as follows: March 31, 2018 December 31, 2017 Accumulated Net Book Accumulated Net Book Cost Amortization Value Cost Amortization Value Customer contracts and relationships $ 16,880 $ 16,880 $ 0 $ 16,880 $ 16,880 $ 0 Patents and technology 10,114 8,837 1,277 10,114 8,670 1,444 Trademarks and trade names 4,834 4,422 412 4,834 4,335 499 Other 2,506 2,372 134 2,506 2,336 170 Total $ 34,334 $ 32,511 $ 1,823 $ 34,334 $ 32,221 $ 2,113 |
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 are summarized below: Intangible Assets Assigned Life Weighted Average Amortization Period Customer contracts and relationships 5 years 5.0 Patents and technology 5 to 6 years 5.1 Trademarks and trade names 5 to 6 years 5.6 Other 1 to 6 years 3.0 |
Schedule of Expected Amortization Expense | The Company’s intangible amortization is scheduled through February 2020. The amortization expense for 2018 and the next two years is as follows: Fiscal Year Amount 2018 $ 1,084 2019 $ 885 2020 $ 144 |
Balance Sheet Information (Tabl
Balance Sheet Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Summary of Inventories | Inventories consisted of the following: March 31, 2018 December 31, 2017 Raw materials $ 6,601 $ 6,849 Work-in-process 1,369 962 Finished goods 4,612 4,945 Inventories, net $ 12,582 $ 12,756 |
Summary of Property and Equipment | Property and equipment consisted of the following: March 31, 2018 December 31, 2017 Building $ 6,351 $ 6,351 Computers and office equipment 10,995 10,873 Manufacturing and test equipment 13,403 13,012 Furniture and fixtures 1,365 1,288 Leasehold improvements 1,712 1,444 Motor vehicles 20 20 Total property and equipment 33,846 32,988 Less: Accumulated depreciation and amortization (23,079 ) (22,389 ) Land 1,770 1,770 Property and equipment, net $ 12,537 $ 12,369 |
Summary of Accrued Liabilities | Accrued liabilities consisted of the following: March 31, 2018 December 31, 2017 Inventory receipts $ 1,894 $ 1,730 Paid time off 1,096 1,011 Payroll, bonuses, and other employee benefits 866 2,780 Warranties 378 382 Deferred revenues 203 189 Real estate taxes 185 148 Customer refunds for estimated returns 184 197 Income and sales taxes 179 243 Professional fees and contractors 163 155 Employee stock purchase plan 140 314 Short-term obligations under capital leases 98 97 Other 401 235 Total $ 5,787 $ 7,481 |
Summary of Long-term Liabilities | Long-term liabilities consisted of the following: March 31, 2018 December 31, 2017 Capital leases $ 155 $ 180 Deferred rent 153 89 Other 177 123 Total $ 485 $ 392 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Summary of Stock-Based Compensation Expense by Type | The stock-based compensation expense by type is as follows: Three Months Ended March 31, 2018 2017 Service-based awards $ 572 $ 624 Equity awards for short-term incentive plan 41 0 Stock option and employee purchase plans 55 84 Total continuing operations 668 708 Discontinued operations 0 21 Total $ 668 $ 729 |
Stock-Based Compensation | Total stock-based compensation is reflected in the condensed consolidated statements of operations as follows: Three Months Ended March 31, 2018 2017 Cost of revenues $ 88 $ 61 Research and development 138 146 Sales and marketing 131 119 General and administrative 311 382 Total continuing operations 668 708 Discontinued operations 0 21 Total $ 668 $ 729 |
Summary of Stock Option Activity | A summary of the Company’s stock option activity for the three months ended March 31, 2018 is as follows: Options Outstanding Weighted Average Exercise Price Outstanding at December 31, 2017 470,484 $ 7.24 Options granted 2,000 6.98 Options forfeited (84 ) 7.31 Options cancelled/expired (12,400 ) 9.12 Outstanding at March 31, 2018 460,000 $ 7.19 Exercisable at March 31, 2018 447,782 $ 7.23 |
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 $ 5.00 — $ 6.00 13,500 5.48 $ 5.05 4,999 $ 5.05 6.00 — 7.00 9,189 2.75 6.75 7,189 6.69 7.00 — 8.00 422,261 2.04 7.20 421,420 7.20 8.00 — 9.00 7,500 2.40 8.25 6,624 8.28 9.00 — 10.00 6,150 0.50 9.66 6,150 9.66 10.00 — 10.46 1,400 0.34 10.46 1,400 10.46 $ 5.00 — $ 10.46 460,000 2.14 $ 7.19 447,782 $ 7.23 |
Weighted Average Contractual Life and Intrinsic Value of the Options Outstanding and Options Exercisable | The weighted average contractual life and intrinsic value of options outstanding and options exercisable at March 31, 2018, was the following: Weighted Average Contractual Life (years) Intrinsic Value Options Outstanding 2.14 $ 39 Options Exercisable 2.05 $ 20 |
Calculation of Fair Value of Each Option 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 based upon the following assumptions during the three months ended March 31, 2018: March 31, 2018 Dividend yield 3.2% Risk-free interest rate 2.4% Expected volatility 33% Expected life (in years) 3.7 |
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 2018 2017 Dividend yield 3.2 % 3.8 % Risk-free interest rate 2.1 % 0.8 % Expected volatility 33 % 33 % Expected life (in years) 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 three months ended March 31, 2018: Shares Weighted Average Fair Value Unvested Restricted Stock Awards - December 31, 2017 828,576 $ 5.66 Shares awarded 420,977 7.00 Shares vested (115,800 ) 6.33 Unvested Restricted Stock Awards - March 31, 2018 1,133,753 $ 6.09 |
Restricted Stock Units [Member] | |
Summary of Service-based Restricted Stock Activity | The following table summarizes the restricted stock unit activity during the three months ended March 31, 2018: Shares Weighted Average Fair Value Unvested Restricted Stock Units - December 31, 2017 31,800 $ 5.47 Units awarded 5,500 7.05 Units vested/Shares awarded (4,087 ) 5.79 Units cancelled (75 ) 7.49 Unvested Restricted Stock Units - March 31, 2018 33,138 $ 5.68 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Compensation And Retirement Disclosure [Abstract] | |
Summary of Contributions to Retirement Plans | The Company’s contributions to retirement plans were as follows: Three Months Ended March 31, 2018 2017 PCTEL, Inc. 401(k) profit sharing plan - US employees $ 202 $ 185 Defined contribution plans - foreign employees 128 99 Total $ 330 $ 284 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Restructuring Activity | The following table summarizes the restructuring activity during the three months ended March 31, 2018 and the status of the reserves at March 31, 2018: Lease Terminations Balance at December 31, 2017 $ 116 Restructuring expense 0 Payments/charges (9 ) Balance at March 31, 2018 $ 107 |
Schedule of Restructuring Liability Recorded | The restructuring liability is recorded on the balance sheet at March 31, 2018 and December 31, 2017 are as follows: March 31, 2018 December 31, 2017 Accrued liabilities $ 36 $ 35 Long-term liabilities 71 81 Total $ 107 $ 116 |
Future Minimum Rental Payments Under Operating Leases | The future minimum rental payments as of March 31, 2018 are as follows: Year Amount 2018 $ 896 2019 1,102 2020 491 2021 139 Thereafter 350 Future minimum lease payments $ 2,978 |
Summary of Capital Leases for Office Equipment | The Company has capital leases for office equipment. The net book values for assets under capital leases were as follows: March 31, 2018 December 31, 2017 Cost $ 463 $ 453 Accumulated Depreciation (219 ) (195 ) Net Book Value $ 244 $ 258 |
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 2018 80 2019 90 2020 50 2021 37 Thereafter 12 Total minimum payments required 269 Less: amount representing interest 16 Present value of net minimum lease payments $ 253 |
Changes in Warranty Reserves | Three Months Ended March 31, 2018 2017 Beginning balance $ 382 $ 394 Provisions for warranties 15 52 Consumption of reserves (19 ) (26 ) Ending balance $ 378 $ 420 |
Segment, Customer and Geograp31
Segment, Customer and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Result of Operations by Segments | The following tables are the segment operating profits and cash flow information for the three months ended March 31, 2018 and 2017, respectively, and the segment balance sheet information as of March 31, 2018 and December 31, 2017: Three Months Ended March 31, 2018 Connected Solutions RF Solutions Corporate Total REVENUES $ 17,764 $ 3,999 $ (32 ) $ 21,731 GROSS PROFIT 5,198 2,670 (4 ) 7,864 OPERATING INCOME (LOSS) FOR CONTINUING OPERATIONS $ 1,605 $ (328 ) $ (2,498 ) $ (1,221 ) Depreciation $ 477 $ 137 $ 60 $ 674 Intangible amortization $ 39 $ 251 $ 0 $ 290 Capital expenditures $ 720 $ 107 $ 57 $ 884 Three Months Ended March 31, 2017 Connected Solutions RF Solutions Corporate Total REVENUES $ 17,271 $ 5,756 $ (57 ) $ 22,970 GROSS PROFIT 5,403 4,045 6 9,454 OPERATING INCOME (LOSS) FROM CONTINUING OPERATIONS $ 1,744 $ 1,024 $ (2,746 ) $ 22 Depreciation $ 426 $ 141 $ 61 $ 628 Intangible amortization $ 39 $ 251 $ 0 $ 290 Capital expenditures $ 318 $ 55 $ 679 $ 1,052 |
Assets by Segment | The following tables are the segment operating profits and cash flow information for the three months ended March 31, 2018 and 2017, respectively, and the segment balance sheet information as of March 31, 2018 and December 31, 2017: As of March 31, 2018 Connected Solutions RF Solutions Corporate Total Accounts receivable $ 14,578 $ 4,448 $ 0 $ 19,026 Inventories $ 11,184 $ 1,398 $ 0 $ 12,582 Long-lived assets: Property and equipment, net $ 10,383 $ 1,271 $ 883 $ 12,537 Goodwill $ 0 $ 3,332 $ 0 $ 3,332 Intangible assets, net $ 39 $ 1,784 $ 0 $ 1,823 Deferred tax assets, net $ 0 $ 0 $ 8,068 $ 8,068 Other noncurrent assets $ 0 $ 0 $ 64 $ 64 As of December 31, 2017 Connected Solutions RF Solutions Corporate Total Accounts receivable $ 13,158 $ 5,466 $ 0 $ 18,624 Inventories $ 11,418 $ 1,338 $ 0 $ 12,756 Long-lived assets: Property and equipment, net $ 10,161 $ 1,300 $ 908 $ 12,369 Goodwill $ 0 $ 3,332 $ 0 $ 3,332 Intangible assets, net $ 78 $ 2,035 $ 0 $ 2,113 Deferred tax assets, net $ 0 $ 0 $ 7,734 $ 7,734 Other noncurrent assets $ 0 $ 0 $ 72 $ 72 |
Customer Accounted Revenues by Geographic Location | The Company’s revenue to customers by geographic location, as a percent of total revenues, is as follows: Three Months Ended March 31, Region 2018 2017 Asia Pacific 15% 22% Europe, Middle East, & Africa 10% 6% Other Americas 4% 4% Total Foreign sales 29% 32% |
Sales [Member] | |
Schedule of Revenues and Total Trade Accounts Receivable Represents Customer Accounted for 10% or More Percentage | The following table represents the customers that accounted for 10% or more of revenues during the three months ended March 31, 2018 and 2017. Three Months Ended March 31, Revenues 2018 2017 Customer A 11% 0% |
Trade Accounts Receivable [Member] | |
Schedule of Revenues and Total Trade Accounts Receivable Represents Customer Accounted for 10% or More Percentage | The following table represents the customers that accounted for 10% or more of total trade accounts receivable at March 31, 2018 and December 31, 2017. Trade Accounts Receivable March 31, 2018 December 31, 2017 Customer A 15% 4% Customer B 7% 12% |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | Jul. 31, 2017USD ($) | Mar. 31, 2018USD ($)Segment | Mar. 31, 2017USD ($) | Jan. 01, 2018USD ($) | Dec. 31, 2017USD ($) |
Nature Of Operations [Line Items] | |||||
Number of operating segments | Segment | 2 | ||||
Net foreign exchange losses resulting from foreign currency transactions included in other income | $ 69,000 | $ 12,000 | |||
Adjustment to retained earnings | $ 100,000 | $ 92,000 | |||
Retained Earnings [Member] | |||||
Nature Of Operations [Line Items] | |||||
Adjustment to retained earnings | $ 92,000 | ||||
Retained Earnings [Member] | ASU 2014-09 [Member] | Adoption of Topic 606 [Member] | |||||
Nature Of Operations [Line Items] | |||||
Changes to retained earnings | $ 0 | ||||
Engineering Services [Member] | |||||
Nature Of Operations [Line Items] | |||||
Proceeds from sale of business | $ 1,450,000 |
Earnings per Share - Computatio
Earnings per Share - Computation of Basic and Diluted Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Numerator: | ||
Net (loss) income from continuing operations | $ (858) | $ 184 |
Net loss from discontinued operations | 0 | (214) |
Net loss | $ (858) | $ (30) |
Denominator: | ||
Common shares outstanding | 17,056 | 16,340 |
Net Income (Loss) per common share - basic | ||
Net (loss) income from continuing operations | $ (0.05) | $ 0.01 |
Net loss from discontinued operations | 0 | (0.01) |
Net loss | $ (0.05) | $ 0 |
Denominator: | ||
Common shares outstanding | 17,056 | 16,340 |
Total shares | 17,056 | 16,340 |
Income Loss per common share - diluted | ||
Net (loss) income from continuing operations | $ (0.05) | $ 0.01 |
Net loss from discontinued operations | 0 | (0.01) |
Net loss | $ (0.05) | $ 0 |
Earnings per Share - Computat34
Earnings per Share - Computation of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Antidilutive shares excluded | 565,000 | 375,000 |
Cash, Cash Equivalents and In35
Cash, Cash Equivalents and Investments - Cash and Cash Equivalents and Investments (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Cash And Cash Equivalents [Abstract] | ||
Cash | $ 3,146 | $ 3,785 |
Cash equivalents | 9,306 | 1,774 |
Short-term investments | 22,285 | 32,499 |
Total | $ 34,737 | $ 38,058 |
Cash, Cash Equivalents and In36
Cash, Cash Equivalents and Investments - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents maturities | 90 days | 90 days |
Investment of cash equivalents are redeemable upon demand using amortized cost method | $ 1 | |
Investment in money market funds restricted by investment in short term securities, percentage | 100.00% | |
Cash | $ 3,146,000 | $ 3,785,000 |
Cash equivalents | 9,306,000 | 1,774,000 |
Cash and cash equivalents in foreign bank | 1,300,000 | 1,200,000 |
Short-term investments | $ 22,285,000 | 32,499,000 |
Short-term investments, maturities | 90 days | |
Net unrealized gains (losses) | $ 36,000 | $ 34,000 |
Percentage of investment in municipal bond protected by bond default insurance | 8.00% | |
Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 5,600,000 | $ 1,300,000 |
Short-term investments | 9,500,000 | 18,500,000 |
Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,900,000 | |
Short-term investments | 8,500,000 | 7,400,000 |
U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,700,000 | 300,000 |
Short-term investments | 4,300,000 | 4,500,000 |
Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 100,000 | 200,000 |
Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term investments | 2,100,000 | |
China [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash in foreign bank | 1,200,000 | $ 1,000,000 |
Maximum [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Federal Deposit Insurance Corporation insured limit | $ 250,000 |
Cash, Cash Equivalents and In37
Cash, Cash Equivalents and Investments - Cash Equivalents and Investments Measured at Fair Value (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | $ 31,555 | $ 34,239 |
Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 5,594 | 1,347 |
Investments | 9,452 | 18,433 |
U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,699 | 250 |
Investments | 4,340 | 4,455 |
Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,906 | 0 |
Investments | 8,463 | 7,447 |
Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 101 | 175 |
Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 2,132 |
Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 10,470 | 7,622 |
Level 1 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Investments | 0 | 0 |
Level 1 [Member] | U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Investments | 0 | 0 |
Level 1 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,906 | 0 |
Investments | 8,463 | 7,447 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 101 | 175 |
Level 1 [Member] | Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 21,085 | 26,617 |
Level 2 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 5,594 | 1,347 |
Investments | 9,452 | 18,433 |
Level 2 [Member] | U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 1,699 | 250 |
Investments | 4,340 | 4,455 |
Level 2 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Investments | 0 | 0 |
Level 2 [Member] | Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 2 [Member] | Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | 0 | 2,132 |
Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | 0 | 0 |
Level 3 [Member] | Corporate Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Investments | 0 | 0 |
Level 3 [Member] | U.S. Government Agency Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Investments | 0 | 0 |
Level 3 [Member] | Certificates of Deposit [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Investments | 0 | 0 |
Level 3 [Member] | Money Market Funds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash equivalents | 0 | 0 |
Level 3 [Member] | Pre-refunded Municipal Bonds [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Investments | $ 0 | $ 0 |
Discontinued Operations - Addit
Discontinued Operations - Additional Information (Detail) | Aug. 01, 2017USD ($)Employee | Jul. 31, 2017USD ($) | Mar. 31, 2018USD ($) | Sep. 30, 2017USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Book value of the assets sold | $ 94,043,000 | $ 96,663,000 | ||||
Income tax gain related to tax value of fixed assets and remaining tax value for intangible assets | $ 100,000 | |||||
Engineering Services [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of business | $ 1,450,000 | |||||
Amount received from sale of business at closing | 1,400,000 | |||||
Amount recieved from sale of business | 1,300,000 | |||||
Proceeds from sale of business related to future services | 100,000 | |||||
Pre-tax book gain in discontinued operations | $ 500,000 | |||||
Book value of the assets sold | 600,000 | |||||
Number of employees terminated | Employee | 25 | |||||
Estimated severance and related benefits, related to employees not subsequently hired by gabe's | $ 200,000 | |||||
Income tax gain related to tax value of fixed assets and remaining tax value for intangible assets | 300,000 | |||||
Working capital retained including accounts receivable, accounts payable and accrued liabilities | $ 500,000 | |||||
Impairment loss recorded on disposal of long-lived assets | $ 0 | |||||
Engineering Services [Member] | Gabe's Construction Company Inc [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Number of employees hired | Employee | 11 |
Discontinued Operations - Sched
Discontinued Operations - Schedule of Discontinued Operations within Statement of Operations (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2017USD ($) | |
Discontinued Operations And Disposal Groups [Abstract] | |
Revenues | $ 2,009 |
Cost of revenues | 2,148 |
Gross profit | (139) |
Operating expenses: | |
Sales and marketing | 154 |
General and administrative | 13 |
Restructuring expenses | 8 |
Total operating expenses | 175 |
Operating loss | (314) |
Benefit for income taxes | (100) |
Net loss | $ (214) |
Discontinued Operations - Sch40
Discontinued Operations - Schedule of Cash Flows for Discontinued Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating Activities: | ||
Net loss | $ (214) | |
Depreciation | 106 | |
Deferred tax provision | (101) | |
Stock compensation | 21 | |
Prepaid expenses and other assets | 14 | |
Net cash used in operating activities | $ 0 | (174) |
Investing Activities: | ||
Capital expenditures | (1) | |
Net cash used in investing activities | 0 | (1) |
Net cash flows used in discontinued operations | $ 0 | $ (175) |
Goodwill and Intangible Assets
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Finite Lived Intangible Assets [Line Items] | |||
Change in goodwill | $ 0 | ||
Goodwill | 3,332,000 | $ 3,332,000 | |
Amortization of intangible assets | 290,000 | $ 290,000 | |
Increase (decrease) in cost of intangible assets | 300,000 | ||
Operating Expense [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 100,000 | 100,000 | |
Cost of Revenues [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 200,000 | $ 200,000 | |
Minimum [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets basis over estimated useful lives | 1 year | ||
Maximum [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets basis over estimated useful lives | 6 years | ||
RF Solutions [Member] | |||
Finite Lived Intangible Assets [Line Items] | |||
Goodwill | $ 3,300,000 |
Goodwill and Intangible Asset42
Goodwill and Intangible Assets - Summary of Other Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets [Line Items] | ||
Cost | $ 34,334 | $ 34,334 |
Accumulated Amortization | 32,511 | 32,221 |
Net Book Value | 1,823 | 2,113 |
Customer Contracts and Relationships [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 16,880 | 16,880 |
Accumulated Amortization | 16,880 | 16,880 |
Net Book Value | 0 | 0 |
Patents and Technology [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 10,114 | 10,114 |
Accumulated Amortization | 8,837 | 8,670 |
Net Book Value | 1,277 | 1,444 |
Trademarks and Trade Names [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 4,834 | 4,834 |
Accumulated Amortization | 4,422 | 4,335 |
Net Book Value | 412 | 499 |
Other [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Cost | 2,506 | 2,506 |
Accumulated Amortization | 2,372 | 2,336 |
Net Book Value | $ 134 | $ 170 |
Goodwill and Intangible Asset43
Goodwill and Intangible Assets - Summary of Assigned Lives and Weighted Average Amortization Periods by Intangible Asset Category (Detail) | 3 Months Ended |
Mar. 31, 2018 | |
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 | 6 years |
Customer Contracts and Relationships [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 5 years |
Weighted Average Amortization Period | 5 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 | 5 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 7 months 6 days |
Trademarks and Trade Names [Member] | Minimum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 5 years |
Trademarks and Trade Names [Member] | Maximum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 6 years |
Other [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Weighted Average Amortization Period | 3 years |
Other [Member] | Minimum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 1 year |
Other [Member] | Maximum [Member] | |
Summary of assigned lives and weighted average amortization periods by intangible asset category | |
Assigned Life | 6 years |
Goodwill and Intangible Asset44
Goodwill and Intangible Assets - Schedule of Expected Amortization Expense (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2,018 | $ 1,084 |
2,019 | 885 |
2,020 | $ 144 |
Balance Sheet Information - Add
Balance Sheet Information - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Allowance for doubtful accounts | $ 66 | $ 319 | |
Consigned inventory with customers | 400 | 500 | |
Allowance for inventory losses | 3,000 | $ 3,000 | |
Depreciation and amortization | $ 700 | $ 600 | |
Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Period over which assets are depreciated | 5 years | ||
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Period over which assets are depreciated | 7 years | ||
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Period over which assets are depreciated | 30 years | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Standard term of accounts receivable | 30 days | ||
Minimum [Member] | Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Period over which assets are depreciated | 3 years | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Standard term of accounts receivable | 90 days | ||
Useful lives of the assets | 1 year | ||
Maximum [Member] | Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Period over which assets are depreciated | 5 years |
Balance Sheet Information - Sum
Balance Sheet Information - Summary of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Net [Abstract] | ||
Raw materials | $ 6,601 | $ 6,849 |
Work-in-process | 1,369 | 962 |
Finished goods | 4,612 | 4,945 |
Inventories, net | $ 12,582 | $ 12,756 |
Balance Sheet Information - S47
Balance Sheet Information - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 33,846 | $ 32,988 |
Less: Accumulated depreciation and amortization | (23,079) | (22,389) |
Land | 1,770 | 1,770 |
Property and equipment, net | 12,537 | 12,369 |
Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 6,351 | 6,351 |
Computers and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 10,995 | 10,873 |
Manufacturing and Test Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 13,403 | 13,012 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,365 | 1,288 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 1,712 | 1,444 |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 20 | $ 20 |
Balance Sheet Information - S48
Balance Sheet Information - Summary of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Payables And Accruals [Abstract] | ||
Inventory receipts | $ 1,894 | $ 1,730 |
Paid time off | 1,096 | 1,011 |
Payroll, bonuses, and other employee benefits | 866 | 2,780 |
Warranties | 378 | 382 |
Deferred revenues | 203 | 189 |
Real estate taxes | 185 | 148 |
Customer refunds for estimated returns | 184 | 197 |
Income and sales taxes | 179 | 243 |
Professional fees and contractors | 163 | 155 |
Employee stock purchase plan | 140 | 314 |
Short-term obligations under capital leases | 98 | 97 |
Other | 401 | 235 |
Total | $ 5,787 | $ 7,481 |
Balance Sheet Information - S49
Balance Sheet Information - Summary of Long-term Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Liabilities Noncurrent [Abstract] | ||
Capital leases | $ 155 | $ 180 |
Deferred rent | 153 | 89 |
Other | 177 | 123 |
Total | $ 485 | $ 392 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||
Stock compensation expense | $ 0.7 | $ 0.7 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Stock-Based Compensation Expense by Type (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Stock Based Compensation [Line Items] | ||
Total | $ 668 | $ 729 |
Continuing Operations [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 668 | 708 |
Discontinued Operations [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 0 | 21 |
Service-based awards [Member] | Continuing Operations [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 572 | 624 |
Equity Awards for Short-term Incentive Plan [Member] | Continuing Operations [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | 41 | 0 |
Stock Option and Employee Purchase Plans [Member] | Continuing Operations [Member] | ||
Stock Based Compensation [Line Items] | ||
Total | $ 55 | $ 84 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock-Based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 668 | $ 729 |
Continuing Operations [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 668 | 708 |
Discontinued Operations [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 0 | 21 |
Cost of Revenues [Member] | Continuing Operations [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 88 | 61 |
Research and Development [Member] | Continuing Operations [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 138 | 146 |
Sales and Marketing [Member] | Continuing Operations [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | 131 | 119 |
General and Administrative [Member] | Continuing Operations [Member] | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Stock-based compensation | $ 311 | $ 382 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock - Service-Based - Additional Information (Detail) - Service Based Restricted Stock [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock awards issued during the period | 420,977 | |
Restricted shares vested grant date intrinsic value | $ 0.8 | $ 1 |
Unrecognized compensation expense | $ 5.1 | |
Weighted average period | 1 year 7 months 6 days | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Grants vesting period | 3 years |
Stock-Based Compensation - Su54
Stock-Based Compensation - Summary of Service-based Restricted Stock Activity (Detail) - Restricted Stock [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Beginning balance, Shares | shares | 828,576 |
Shares awarded, Shares | shares | 420,977 |
Shares vested, Shares | shares | (115,800) |
Unvested Ending balance, Shares | shares | 1,133,753 |
Unvested Beginning balance, Weighted Average Fair Value | $ / shares | $ 5.66 |
Shares awarded, Weighted Average Fair Value | $ / shares | 7 |
Shares vested, Weighted Average Fair Value | $ / shares | 6.33 |
Unvested Ending balance, Weighted Average Fair Value | $ / shares | $ 6.09 |
Stock-Based Compensation - Su55
Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested Beginning balance, Shares | shares | 31,800 |
Units awarded, Shares | shares | 5,500 |
Units vested/Shares awarded, Shares | shares | (4,087) |
Units cancelled, Shares | shares | (75) |
Unvested Ending balance, Shares | shares | 33,138 |
Unvested Beginning balance, Weighted Average Fair Value | $ / shares | $ 5.47 |
Units awarded, Weighted Average Fair Value | $ / shares | 7.05 |
Units vested/Shares awarded, Weighted Average Fair Value | $ / shares | 5.79 |
Units cancelled, Weighted Average Fair Value | $ / shares | 7.49 |
Unvested Ending balance, Weighted Average Fair Value | $ / shares | $ 5.68 |
Stock-Based Compensation - Re56
Stock-Based Compensation - Restricted Stock Units - Service-Based - Additional Information (Detail) - Service Based Restricted Stock Units [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted shares vested intrinsic value | $ 29 | $ 23 |
Unrecognized compensation expense | $ 100 | |
Weighted average period | 1 year 2 months 12 days |
Stock-Based Compensation - St57
Stock-Based Compensation - Stock Options - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended |
Mar. 31, 2018USD ($)$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Intrinsic value based on share price | $ 7.18 |
Stock Options [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee stock options vesting provisions, description | The stock options have a seven-year life and generally vest over a period of four years, 25% after one year, and ratably on a monthly basis thereafter. |
Options vested in remaining period | 4 years |
Options vesting percentage after one year | 25.00% |
Period of termination of employment | 90 days |
Stock options granted period | 7 years |
Options exercised | shares | 0 |
Lower range of exercise prices | $ 5 |
Upper range of exercise prices | $ 10.46 |
Period of expected life, options granted | 5 years |
Unrecognized compensation expense | $ | $ 9 |
Weighted average period | 1 year 4 months 24 days |
Stock-Based Compensation - Su58
Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Summary Of Stock Option Activities [Line Items] | |
Options Outstanding, Beginning balance, Shares | shares | 470,484 |
Options Outstanding, Granted | shares | 2,000 |
Options Outstanding, Forfeited | shares | (84) |
Options Outstanding, Cancelled/expired | shares | (12,400) |
Options Outstanding, Ending balance, Shares | shares | 460,000 |
Options Exercisable, Ending balance, Shares | shares | 447,782 |
Weighted Average Exercise Price, Beginning balance | $ / shares | $ 7.24 |
Weighted Average Exercise Price, Options granted | $ / shares | 6.98 |
Weighted Average Exercise Price, Options forfeited | $ / shares | 7.31 |
Weighted Average Exercise Price, Options cancelled/expired | $ / shares | 9.12 |
Weighted Average Exercise Price, Ending balance | $ / shares | 7.19 |
Weighted Average Exercise Price, Exercisable | $ / shares | $ 7.23 |
Stock-Based Compensation - Info
Stock-Based Compensation - Information about Stock Options Outstanding Under all Stock Plans (Detail) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Range One [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | $ 5 |
Upper range of exercise prices | $ 6 |
Options Outstanding, Number | shares | 13,500 |
Options Outstanding, Weighted Average Contractual Life (Years) | 5 years 5 months 23 days |
Options Outstanding, Weighted-Average Exercise Price | $ 5.05 |
Options Exercisable, Number | shares | 4,999 |
Options Exercisable, Weighted Average Exercise Price | $ 5.05 |
Range Two [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 6 |
Upper range of exercise prices | $ 7 |
Options Outstanding, Number | shares | 9,189 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 9 months |
Options Outstanding, Weighted-Average Exercise Price | $ 6.75 |
Options Exercisable, Number | shares | 7,189 |
Options Exercisable, Weighted Average Exercise Price | $ 6.69 |
Range Three [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 7 |
Upper range of exercise prices | $ 8 |
Options Outstanding, Number | shares | 422,261 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 14 days |
Options Outstanding, Weighted-Average Exercise Price | $ 7.20 |
Options Exercisable, Number | shares | 421,420 |
Options Exercisable, Weighted Average Exercise Price | $ 7.20 |
Range Four [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 8 |
Upper range of exercise prices | $ 9 |
Options Outstanding, Number | shares | 7,500 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 4 months 24 days |
Options Outstanding, Weighted-Average Exercise Price | $ 8.25 |
Options Exercisable, Number | shares | 6,624 |
Options Exercisable, Weighted Average Exercise Price | $ 8.28 |
Range Five [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 9 |
Upper range of exercise prices | $ 10 |
Options Outstanding, Number | shares | 6,150 |
Options Outstanding, Weighted Average Contractual Life (Years) | 6 months |
Options Outstanding, Weighted-Average Exercise Price | $ 9.66 |
Options Exercisable, Number | shares | 6,150 |
Options Exercisable, Weighted Average Exercise Price | $ 9.66 |
Range Six [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 10 |
Upper range of exercise prices | $ 10.46 |
Options Outstanding, Number | shares | 1,400 |
Options Outstanding, Weighted Average Contractual Life (Years) | 4 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 |
Range Seven [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Lower range of exercise prices | 5 |
Upper range of exercise prices | $ 10.46 |
Options Outstanding, Number | shares | 460,000 |
Options Outstanding, Weighted Average Contractual Life (Years) | 2 years 1 month 20 days |
Options Outstanding, Weighted-Average Exercise Price | $ 7.19 |
Options Exercisable, Number | shares | 447,782 |
Options Exercisable, Weighted Average Exercise Price | $ 7.23 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Contractual Life and Intrinsic Value of Options Outstanding and Options Exercisable (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Share Based Compensation Arrangement By Share Based Payment Award Options Additional Disclosures [Abstract] | |
Options Outstanding Weighted Average Contractual Life (years) | 2 years 1 month 20 days |
Options Exercisable Weighted Average Contractual Life (years) | 2 years 18 days |
Options Outstanding Intrinsic Value | $ 39 |
Options Exercisable Intrinsic Value | $ 20 |
Stock-Based Compensation - Calc
Stock-Based Compensation - Calculation of Fair Value of Each Option Grant Using Black-Scholes Option-Pricing Model (Detail) - Stock Options [Member] | 3 Months Ended |
Mar. 31, 2018 | |
Calculation of fair value of each option grant using the Black-Scholes option-pricing model | |
Dividend yield | 3.20% |
Risk-free interest rate | 2.40% |
Expected volatility | 33.00% |
Expected life (in years) | 3 years 8 months 12 days |
Stock-Based Compensation - Perf
Stock-Based Compensation - Performance-based Equity Awards - Additional Information (Detail) - shares | Mar. 31, 2018 | Dec. 31, 2017 |
Performance Based Equity Awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Unvested performance units | 110,500 | 110,500 |
Stock-Based Compensation - Shor
Stock-Based Compensation - Short-term Incentive Plan - Additional Information (Detail) - Short-Term Incentive Plan (STIP) [Member] | 3 Months Ended |
Mar. 31, 2018 | |
Certain Executives [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of incentive awards in shares | 50.00% |
Percentage of incentive awards in cash | 50.00% |
All Other Participants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of incentive awards in cash | 100.00% |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan ("ESPP") - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Feb. 28, 2018 | Feb. 28, 2017 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Offering period | 6 months | ||
Employee Stock Purchase Plan ("ESPP") [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Percentage of fair market value to determine purchase price | 85.00% | ||
Proceeds of from issuance of shares under ESPP | $ 0.4 | $ 0.3 | |
Options issued | 68,212 | 72,218 | |
Rate of discount on fair market value of common stock under ESPP | 15.00% | ||
Period of expected life, options granted | 5 years |
Stock-Based Compensation - Ca65
Stock-Based Compensation - Calculation of Fair Value of Each Employee Stock Purchase Grant Using the Black-Scholes Option-Pricing Model (Detail) - Employee Stock Purchase Plan ("ESPP") [Member] | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Calculation of fair value of each employee stock purchase grant using the Black-Scholes option-pricing model | ||
Dividend yield | 3.20% | 3.80% |
Risk-free interest rate | 2.10% | 0.80% |
Expected volatility | 33.00% | 33.00% |
Expected life (in years) | 6 months | 6 months |
Stock-Based Compensation - Em66
Stock-Based Compensation - Employee Withholding Taxes on Stock Awards - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Payment of withholding taxes related to stock awards | $ 289 | $ 614 |
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 | $ 300 | $ 600 |
Benefit Plans - Additional Info
Benefit Plans - Additional Information (Detail) - Employee Benefit Plans [Member] | 3 Months Ended |
Mar. 31, 2018 | |
Defined Benefit Plan Disclosure [Line Items] | |
Maximum percentage of current compensation of employee to contribute in plan | 15.00% |
Maximum [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Employer matches employee contribution percentage | 4.00% |
Benefit Plans - Summary of Cont
Benefit Plans - Summary of Contributions to Retirement Plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to retirement plans | $ 330 | $ 284 |
US Employees [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to retirement plans | 202 | 185 |
Foreign Employees [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Contribution to retirement plans | $ 128 | $ 99 |
Commitments and Contingencies -
Commitments and Contingencies - Summary of Restructuring Activity (Detail) - Lease Terminations [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Beginning balance | $ 116 |
Restructuring expense | 0 |
Payments/charges | (9) |
Ending balance | $ 107 |
Commitments and Contingencies70
Commitments and Contingencies - Summary of Restructuring Liability Recorded (Detail) - Discontinued Operations [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Restructuring Cost And Reserve [Line Items] | ||
Restructuring liability | $ 107 | $ 116 |
Accrued Liabilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring liability | 36 | 35 |
Long-term Liabilities [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Restructuring liability | $ 71 | $ 81 |
Commitments and Contingencies71
Commitments and Contingencies - Future Minimum Rental Payments Under Operating Leases (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Operating Leases Future Minimum Payments Due [Abstract] | |
2,018 | $ 896 |
2,019 | 1,102 |
2,020 | 491 |
2,021 | 139 |
Thereafter | 350 |
Future minimum lease payments | $ 2,978 |
Commitments and Contingencies72
Commitments and Contingencies - Additional Information (Detail) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Aug. 31, 2017USD ($)ft² | May 31, 2017 | Mar. 31, 2018USD ($) | Mar. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Commitments And Contingencies Disclosure [Line Items] | ||||||
Rent expense under leases | $ 200 | $ 200 | ||||
Refund liability related to estimated sales returns | 200 | $ 200 | ||||
Warranty reserve | $ 378 | 382 | ||||
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 | $ 378 | $ 420 | $ 382 | $ 394 | ||
Akron, Ohio [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Annual capital lease obligation | $ 100 | |||||
Capital lease, assumed occupancy date | 2018-03 | |||||
Akron, Ohio [Member] | Connected Solutions [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Lease term | 7 years | |||||
Area of office space | ft² | 5,977 | |||||
Colorado Office [Member] | ||||||
Commitments And Contingencies Disclosure [Line Items] | ||||||
Lease expiration date | Oct. 31, 2020 |
Commitments and Contingencies73
Commitments and Contingencies - Summary of Capital Leases for Office Equipment (Detail) - Office Equipment [Member] - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Capital Leased Assets [Line Items] | ||
Cost | $ 463 | $ 453 |
Accumulated Depreciation | (219) | (195) |
Net Book Value | $ 244 | $ 258 |
Commitments and Contingencies74
Commitments and Contingencies - Present Value of Net Minimum Lease Payments, Capital Leases (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,018 | $ 80 |
2,019 | 90 |
2,020 | 50 |
2,021 | 37 |
Thereafter | 12 |
Total minimum payments required | 269 |
Less: amount representing interest | 16 |
Present value of net minimum lease payments | $ 253 |
Commitments and Contingencies75
Commitments and Contingencies - Changes in Warranty Reserves (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Changes in warranty reserves | ||
Beginning balance | $ 382 | |
Ending balance | 378 | |
Warranty Reserves [Member] | ||
Changes in warranty reserves | ||
Beginning balance | 382 | $ 394 |
Provisions for warranties | 15 | 52 |
Consumption of reserves | (19) | (26) |
Ending balance | $ 378 | $ 420 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Income Tax Disclosure [Line Items] | |||
Statutory rate | 21.00% | 34.00% | 34.00% |
Income tax expense (benefit) | $ (312,000) | $ (134,000) | |
Income tax deficiencies with restricted stock and stock options | 100,000 | ||
Adjustments related to transition tax | $ 0 | ||
Designed to tax global intangible low taxed income, minimum percentage return on depreciable tangible assets. | 10.00% | ||
Deferred tax assets, net of deferred tax liabilities | $ 8,100,000 | $ 7,700,000 | |
Operating loss and credit carry forward, expiration period | The Company’s net operating losses and credits have a finite life primarily based on the 20-year carry forward of federal net operating losses generated as of December 31, 2017. | ||
Net operating loss carry forward period | 20 years | ||
Domestic deferred tax assets ratable reversal pattern period | 13 years | ||
Deferred tax assets, valuation allowance | $ 5,200,000 | 5,200,000 | |
Gross unrecognized tax benefit | $ 700,000 | $ 700,000 | |
Research Tax Credit Carryforward [Member] | |||
Income Tax Disclosure [Line Items] | |||
Tax benefit related to previously unrecognized tax benefits | $ 100,000 |
Segment, Customer and Geograp77
Segment, Customer and Geographic Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2018Segment | |
Segment Reporting [Abstract] | |
Number of reporting segments | 2 |
Segment, Customer and Geograp78
Segment, Customer and Geographic Information - Result of Operations by Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Results of operations by segments | ||
REVENUES | $ 21,731 | $ 22,970 |
GROSS PROFIT | 7,864 | 9,454 |
OPERATING INCOME (LOSS) FOR CONTINUING OPERATIONS | (1,221) | 22 |
Depreciation | 674 | 628 |
Intangible amortization | 290 | 290 |
Capital expenditures | 884 | 1,052 |
Operating Segments [Member] | Connected Solutions [Member] | ||
Results of operations by segments | ||
REVENUES | 17,764 | 17,271 |
GROSS PROFIT | 5,198 | 5,403 |
OPERATING INCOME (LOSS) FOR CONTINUING OPERATIONS | 1,605 | 1,744 |
Depreciation | 477 | 426 |
Intangible amortization | 39 | 39 |
Capital expenditures | 720 | 318 |
Operating Segments [Member] | RF Solutions [Member] | ||
Results of operations by segments | ||
REVENUES | 3,999 | 5,756 |
GROSS PROFIT | 2,670 | 4,045 |
OPERATING INCOME (LOSS) FOR CONTINUING OPERATIONS | (328) | 1,024 |
Depreciation | 137 | 141 |
Intangible amortization | 251 | 251 |
Capital expenditures | 107 | 55 |
Corporate, Non-Segment [Member] | ||
Results of operations by segments | ||
REVENUES | (32) | (57) |
GROSS PROFIT | (4) | 6 |
OPERATING INCOME (LOSS) FOR CONTINUING OPERATIONS | (2,498) | (2,746) |
Depreciation | 60 | 61 |
Intangible amortization | 0 | 0 |
Capital expenditures | $ 57 | $ 679 |
Segment, Customer and Geograp79
Segment, Customer and Geographic Information - Assets by Segment (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Results of operations by segments | ||
Accounts receivable | $ 19,026 | $ 18,624 |
Inventories | 12,582 | 12,756 |
Property and equipment, net | 12,537 | 12,369 |
Goodwill | 3,332 | 3,332 |
Intangible assets, net | 1,823 | 2,113 |
Deferred tax assets, net | 8,068 | 7,734 |
Other noncurrent assets | 64 | 72 |
RF Solutions [Member] | ||
Results of operations by segments | ||
Goodwill | 3,300 | |
Operating Segments [Member] | Connected Solutions [Member] | ||
Results of operations by segments | ||
Accounts receivable | 14,578 | 13,158 |
Inventories | 11,184 | 11,418 |
Property and equipment, net | 10,383 | 10,161 |
Goodwill | 0 | 0 |
Intangible assets, net | 39 | 78 |
Deferred tax assets, net | 0 | 0 |
Other noncurrent assets | 0 | 0 |
Operating Segments [Member] | RF Solutions [Member] | ||
Results of operations by segments | ||
Accounts receivable | 4,448 | 5,466 |
Inventories | 1,398 | 1,338 |
Property and equipment, net | 1,271 | 1,300 |
Goodwill | 3,332 | 3,332 |
Intangible assets, net | 1,784 | 2,035 |
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 | 883 | 908 |
Goodwill | 0 | 0 |
Intangible assets, net | 0 | 0 |
Deferred tax assets, net | 8,068 | 7,734 |
Other noncurrent assets | $ 64 | $ 72 |
Segment, Customer and Geograp80
Segment, Customer and Geographic Information - Customer Accounted Revenues by Geographic Location (Detail) - Sales [Member] - Geographic Concentration Risk [Member] | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 15.00% | 22.00% |
Europe, Middle East, & Africa [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 10.00% | 6.00% |
Other Americas [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 4.00% | 4.00% |
Total Foreign Sales [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Sales | 29.00% | 32.00% |
Segment, Customer and Geograp81
Segment, Customer and Geographic Information - Schedule of Revenues and Total Trade Accounts Receivable Represents Customer Accounted for 10% or More Percentage (Detail) - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Sales [Member] | Customer A [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Customer A | 11.00% | 0.00% | |
Trade Accounts Receivable [Member] | Customer A [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Customer A | 15.00% | 4.00% | |
Trade Accounts Receivable [Member] | Customer B [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Customer A | 7.00% | 12.00% |
Revenue from Contracts with C82
Revenue from Contracts with Customers - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Disaggregation Of Revenue [Line Items] | ||
Order shipments, description | A majority of the Company’s revenue is short cycle in nature with shipments within one year from order. | |
Payment terms, description | The Company's payment terms generally range between 30 to 90 days. | |
Period for performance obligation to provide software maintenance and support | 1 year | |
Contract assets | $ 0 | $ 0 |
Contract with customer liability, revenue recognized | 100,000 | |
Accrued Liabilities [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Refund liability | 200,000 | 200,000 |
Contract liability | 300,000 | 300,000 |
Inventories [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Product return asset | $ 100,000 | $ 100,000 |