Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Oct. 31, 2013 | Dec. 03, 2013 | |
Document and Entity Information | ' | ' |
Entity Registrant Name | 'OMNIVISION TECHNOLOGIES INC | ' |
Entity Central Index Key | '0001106851 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 31-Oct-13 | ' |
Amendment Flag | 'false | ' |
Current Fiscal Year End Date | '--04-30 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 55,957,863 |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $207,171 | $190,171 |
Short-term investments | 58,427 | 22,164 |
Accounts receivable, net | 170,871 | 166,517 |
Inventories | 390,275 | 430,315 |
Deferred income taxes | 2,554 | 4,028 |
Prepaid expenses and other current assets | 8,174 | 11,982 |
Total current assets | 837,472 | 825,177 |
Property, plant and equipment, net | 157,400 | 158,394 |
Long-term investments | 145,643 | 139,746 |
Goodwill | 10,227 | 10,227 |
Intangibles, net | 50,729 | 56,804 |
Other long-term assets | 37,413 | 36,666 |
Total assets | 1,238,884 | 1,227,014 |
Current liabilities: | ' | ' |
Accounts payable | 127,019 | 188,261 |
Accrued expenses and other current liabilities | 42,076 | 40,274 |
Income tax payable | 195 | 2,904 |
Deferred revenues, less cost of revenues | 24,791 | 15,493 |
Current portion of long-term debt | 3,809 | 3,769 |
Total current liabilities | 197,890 | 250,701 |
Long-term liabilities: | ' | ' |
Long-term income tax payable | 83,449 | 90,777 |
Non-current portion of long-term debt | 35,586 | 35,709 |
Other long-term liabilities | 4,008 | 4,618 |
Total long-term liabilities | 123,043 | 131,104 |
Total liabilities | 320,933 | 381,805 |
Commitments and contingencies (Note 13) | ' | ' |
Stockholders' equity: | ' | ' |
Common stock, $0.001 par value; 100,000 shares authorized; 76,213 shares issued and 55,614 outstanding at October 31, 2013 and 74,574 shares issued and 53,975 outstanding at April 30, 2013, respectively | 76 | 75 |
Additional paid-in capital | 640,432 | 616,379 |
Accumulated other comprehensive income | 3,276 | 3,952 |
Treasury stock, 20,599 at October 31, 2013 and April 30, 2013, respectively | -278,683 | -278,683 |
Retained earnings | 552,850 | 503,486 |
Total stockholders' equity | 917,951 | 845,209 |
Total liabilities and stockholders' equity | $1,238,884 | $1,227,014 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
CONDENSED CONSOLIDATED BALANCE SHEETS | ' | ' |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 76,213 | 74,574 |
Common stock, shares outstanding | 55,614 | 53,975 |
Treasury stock, shares | 20,599 | 20,599 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ' | ' | ' | ' |
Revenues | $397,249 | $390,137 | $770,937 | $648,201 |
Cost of revenues | 322,383 | 325,453 | 630,910 | 534,302 |
Gross profit | 74,866 | 64,684 | 140,027 | 113,899 |
Operating expenses: | ' | ' | ' | ' |
Research, development and related | 29,123 | 30,361 | 56,825 | 59,209 |
Selling, general and administrative | 18,456 | 18,131 | 36,656 | 36,859 |
Amortization of acquired patent portfolio | 2,322 | 2,322 | 4,643 | 4,643 |
Total operating expenses | 49,901 | 50,814 | 98,124 | 100,711 |
Income from operations | 24,965 | 13,870 | 41,903 | 13,188 |
Equity in earnings of investee | 1,317 | 1,192 | 2,427 | 2,332 |
Interest expense, net | -535 | -728 | -1,076 | -1,486 |
Other income, net | 2,345 | 222 | 1,168 | 316 |
Income before income taxes | 28,092 | 14,556 | 44,422 | 14,350 |
Provision for (benefit from) income taxes | 1,789 | 4,211 | -4,942 | 1,678 |
Net income | $26,303 | $10,345 | $49,364 | $12,672 |
Net income per share: | ' | ' | ' | ' |
Basic (in dollars per share) | $0.47 | $0.19 | $0.90 | $0.24 |
Diluted (in dollars per share) | $0.47 | $0.19 | $0.89 | $0.24 |
Shares used in computing net income per share: | ' | ' | ' | ' |
Basic (in shares) | 55,584 | 53,514 | 55,098 | 53,172 |
Diluted (in shares) | 55,732 | 53,675 | 55,453 | 53,310 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ' | ' | ' | ' |
Net income | $26,303 | $10,345 | $49,364 | $12,672 |
Other comprehensive income (loss), net of tax: | ' | ' | ' | ' |
Translation gains | 122 | 33 | 242 | 41 |
Unrealized gains (losses) on available-for-sale securities | 7 | 722 | 370 | -272 |
Reclassification adjustments for (gains) losses on available-for-sale securities included in net income | -1,288 | 14 | -1,288 | 14 |
Unrealized gains (losses) on available-for-sale securities | -1,281 | 736 | -918 | -258 |
Other comprehensive income (loss) | -1,159 | 769 | -676 | -217 |
Comprehensive income | $25,144 | $11,114 | $48,688 | $12,455 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $49,364 | $12,672 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 15,531 | 17,295 |
Change in fair value of interest rate swap | -613 | -227 |
Stock-based compensation | 16,969 | 17,962 |
Tax effect from stock-based compensation | 1,338 | 1,618 |
Gain on equity investments, net | -12,585 | -9,357 |
Write-down of inventories | 17,755 | 11,429 |
Excess tax benefit from stock-based compensation | -1,109 | -1,345 |
Gain on sale of investment in Tong Hsing | -1,990 | ' |
(Gain) loss on disposal of property, plant and equipment | -2 | 166 |
Changes in assets and liabilities: | ' | ' |
Accounts receivable, net | -4,354 | -141,490 |
Inventories | 21,392 | -121,012 |
Deferred income taxes | 1,581 | 1,980 |
Prepaid expenses and other assets | 1,198 | 9,902 |
Accounts payable | -60,324 | 35,366 |
Accrued expenses and other current liabilities | 3,264 | 40 |
Income tax payable | -10,037 | -4,003 |
Deferred revenues, less cost of revenues | 9,154 | 3,634 |
Net cash provided by (used in) operating activities | 46,532 | -165,370 |
Cash flows from investing activities: | ' | ' |
Purchases of short-term investments | -84,609 | -207,766 |
Proceeds from sales or maturities of short-term investments | 48,008 | 223,892 |
Purchases of property, plant and equipment, net of sales | -9,501 | -19,711 |
Purchases and deposits for intangible and other assets | ' | -10,271 |
Proceeds from sale of investment in Tong Hsing | 6,224 | ' |
Net cash used in investing activities | -39,878 | -13,856 |
Cash flows from financing activities: | ' | ' |
Repayment of long-term borrowings | -277 | -1,276 |
Excess tax benefits from stock-based compensation | 1,109 | 1,345 |
Proceeds from exercise of stock options and employee stock purchase plan | 9,493 | 4,232 |
Net cash provided by financing activities | 10,325 | 4,301 |
Effect of exchange rate changes on cash and cash equivalents | 21 | -56 |
Net increase (decrease) in cash and cash equivalents | 17,000 | -174,981 |
Cash and cash equivalents at beginning of period | 190,171 | 290,492 |
Cash and cash equivalents at end of period | 207,171 | 115,511 |
Supplemental cash flow information: | ' | ' |
Taxes paid | 2,331 | 4,307 |
Interest paid | 1,219 | 1,320 |
Supplemental schedule of non-cash investing and financing activities: | ' | ' |
Additions to property, plant and equipment included in accounts payable and accrued expenses and other current liabilities | 3,407 | 2,436 |
Write-off of employee stock-based compensation-related deferred tax assets | $1,045 | $1,550 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Oct. 31, 2013 | |
Basis of Presentation | ' |
Basis of Presentation | ' |
Note 1 — Basis of Presentation | |
Overview | |
The accompanying interim unaudited condensed consolidated financial statements as of October 31, 2013 and April 30, 2013 and for the three and six months ended October 31, 2013 and 2012 have been prepared by OmniVision Technologies, Inc., and its subsidiaries (“OmniVision” or the “Company”) in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The amounts as of April 30, 2013 are derived from the Company’s audited annual financial statements. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles have been condensed or omitted in accordance with SEC rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to state fairly the financial position of the Company and its results of operations and cash flows as of and for the periods presented. These condensed consolidated financial statements should be read in conjunction with the audited annual financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended April 30, 2013 (the “Form 10-K”). | |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on its historical experience, knowledge of current conditions and beliefs of what could occur in the future considering available information. Actual results could differ from these estimates. | |
Classification of Land-use Rights | |
Certain previously reported amounts have been revised to correct the classification of land-use rights from “Property, plant and equipment, net” to “Other long-term assets” as of April 30, 2013. The net book value of the Company’s land-use rights totaled approximately $2.2 million at October 31, 2013 and April 30, 2013, respectively. The reclassification had no impact on the results of operations or cash flows of the Company. | |
The net book value of the Company’s land-use rights comprises three separate arrangements. One of the Company’s wholly-owned subsidiaries, OmniVision Semiconductor (Shanghai) Co. Ltd. (“OSC”), formerly Hua Wei Semiconductor (Shanghai) Co. Ltd., holds a land-use right that was acquired from the Shanghai SongJiang Housing and Land Administration Bureau in December 2000 for approximately $0.8 million. The cost of the land-use right is being amortized over 40 years, the useful life of the right. | |
In January 2007, the Company, through its wholly-owned subsidiary, OmniVision Technologies (Shanghai) Co. Ltd. (“OTC”), formerly Shanghai OmniVision IC Design Co. Ltd., entered into a Land-Use-Right Purchase Agreement (the “Purchase Agreement”) with the Construction and Transportation Commission of the Pudong New District, Shanghai. The Purchase Agreement has an effective date of December 31, 2006. Under the terms of the Purchase Agreement, the Company paid an aggregate amount of approximately $0.6 million in exchange for the right to use approximately 323,000 square feet of land located in Shanghai, China. The cost of the land-use right is being amortized over 50 years, the useful life of the right. | |
In addition, in July 2011, the Company, through its wholly-owned subsidiary, Shanghai OmniVision Semiconductor Technology Co. Ltd. (“OST”), entered into a Land-Use-Right Purchase Agreement with the Shanghai SongJiang District Zoning and Land Administration Bureau. Under the terms of the agreement, the Company paid an aggregate amount of approximately $1.0 million in exchange for the right to use approximately 113,175 square feet of land located in Shanghai for a period of 50 years, starting from August 19, 2011. The cost of the land-use right is being amortized over 50 years, the useful life of the right. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 6 Months Ended |
Oct. 31, 2013 | |
Recent Accounting Pronouncements | ' |
Recent Accounting Pronouncements | ' |
Note 2 — Recent Accounting Pronouncements | |
In March 2013, the Financial Accounting Standards Board (“FASB”) revised the authoritative guidance on accounting for cumulative translation adjustment. The revised guidance specifies that a cumulative translation adjustment should be released into earnings when an entity ceases to have a controlling financial interest in a subsidiary or a group of assets within a consolidated foreign entity and the sale or transfer results in the complete or substantially complete liquidation of the foreign entity. For sales of an equity method investment that is a foreign entity, a pro rata portion of cumulative translation adjustment attributable to the investment would be recognized in earnings upon sale of the investment. The guidance is effective for the Company beginning in the first quarter of fiscal 2015. The Company does not expect the adoption of this guidance to have any material impact on its financial position, results of operations or cash flows. | |
In July 2013, the FASB issued final guidance on the presentation of certain unrecognized tax benefits in the financial statements. Under the new guidance, a liability related to an unrecognized tax benefit would be offset against a deferred tax asset for a net operating loss carryforward, a similar tax loss or a tax credit carryforward if such settlement is required or expected in the event the uncertain tax position is disallowed. The guidance is effective for the Company beginning in the first quarter of fiscal 2015. The Company is currently evaluating the impact this guidance may have on its financial position, results of operations and cash flows. | |
ShortTerm_Investments
Short-Term Investments | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Short-Term Investments | ' | |||||||||||||
Short-Term Investments | ' | |||||||||||||
Note 3 — Short-Term Investments | ||||||||||||||
Available-for-sale securities as of the dates presented were as follows (in thousands): | ||||||||||||||
As of October 31, 2013 | ||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||
Unrealized | Unrealized | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||
Municipal bonds | $ | 1,113 | $ | 1 | $ | — | $ | 1,114 | ||||||
Corporate debt securities/commercial paper | 57,319 | 6 | (12 | ) | 57,313 | |||||||||
$ | 58,432 | $ | 7 | $ | (12 | ) | $ | 58,427 | ||||||
Contractual maturity dates, less than one year | $ | 58,427 | ||||||||||||
As of April 30, 2013 | ||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||
Unrealized | Unrealized | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||
Municipal bonds | $ | 1,707 | $ | — | $ | — | 1,707 | |||||||
Corporate debt securities/commercial paper | 20,463 | — | (6 | ) | 20,457 | |||||||||
$ | 22,170 | $ | — | $ | (6 | ) | $ | 22,164 | ||||||
Contractual maturity dates, less than one year | $ | 20,764 | ||||||||||||
Contractual maturity dates, two years to twenty-three years | 1,400 | |||||||||||||
$ | 22,164 | |||||||||||||
Supplemental_Balance_Sheet_Acc
Supplemental Balance Sheet Account Information (in thousands) | 6 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Supplemental Balance Sheet Account Information (in thousands) | ' | |||||||
Supplemental Balance Sheet Account Information (in thousands) | ' | |||||||
Note 4 — Supplemental Balance Sheet Account Information (in thousands) | ||||||||
October 31, | April 30, | |||||||
2013 | 2013 | |||||||
Cash and cash equivalents: | ||||||||
Cash | $ | 169,242 | $ | 145,762 | ||||
Money market funds, certificates of deposit and U.S. government bonds | 37,929 | 44,409 | ||||||
$ | 207,171 | $ | 190,171 | |||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 176,982 | $ | 172,833 | ||||
Less: Allowance for doubtful accounts | (719 | ) | (945 | ) | ||||
Allowance for sales returns | (5,392 | ) | (5,371 | ) | ||||
$ | 170,871 | $ | 166,517 | |||||
Inventories: | ||||||||
Work in progress | $ | 159,046 | $ | 213,095 | ||||
Finished goods | 231,229 | 217,220 | ||||||
$ | 390,275 | $ | 430,315 | |||||
Prepaid expenses and other current assets: | ||||||||
Prepaid expenses | $ | 7,260 | $ | 7,974 | ||||
Deposits and other | 542 | 3,907 | ||||||
Interest receivable | 372 | 101 | ||||||
$ | 8,174 | $ | 11,982 | |||||
Property, plant and equipment, net: | ||||||||
Land | $ | 13,000 | $ | 13,000 | ||||
Buildings | 82,547 | 57,246 | ||||||
Buildings/leasehold improvements | 28,692 | 24,659 | ||||||
Machinery and equipment | 116,106 | 102,429 | ||||||
Furniture and fixtures | 5,017 | 5,013 | ||||||
Software | 8,872 | 6,954 | ||||||
Construction in progress | 1,364 | 37,725 | ||||||
255,598 | 247,026 | |||||||
Less: Accumulated depreciation and amortization | (98,198 | ) | (88,632 | ) | ||||
$ | 157,400 | $ | 158,394 | |||||
Other long-term assets: | ||||||||
Deferred income tax assets — non-current | $ | 5,122 | $ | 6,251 | ||||
Land-use rights | 2,208 | 2,236 | ||||||
Other long-term assets | 30,083 | 28,179 | ||||||
$ | 37,413 | $ | 36,666 | |||||
Accrued expenses and other current liabilities: | ||||||||
Due to VisEra for acquisition of production operations | $ | 9,000 | $ | 9,000 | ||||
Employee compensation | 15,814 | 12,856 | ||||||
Third party commissions | 402 | 850 | ||||||
Professional services | 2,847 | 2,176 | ||||||
Noncancelable purchase commitments | 1,313 | 4,817 | ||||||
Rebates | 2,044 | 2,557 | ||||||
Other | 10,656 | 8,018 | ||||||
$ | 42,076 | $ | 40,274 | |||||
Other long-term liabilities: | ||||||||
Interest rate swap | $ | 3,571 | $ | 4,184 | ||||
Other | 437 | 434 | ||||||
$ | 4,008 | $ | 4,618 | |||||
Longterm_Investments
Long-term Investments | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Long-term Investments | ' | |||||||||||||
Long-term Investments | ' | |||||||||||||
Note 5 — Long-term Investments | ||||||||||||||
Long-term investments as of the dates indicated consisted of the following (in thousands): | ||||||||||||||
October 31, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
VisEra | $ | 115,643 | $ | 105,233 | ||||||||||
WLCSP | 25,339 | 22,539 | ||||||||||||
XinTec | 4,661 | 4,661 | ||||||||||||
Tong Hsing | — | 5,313 | ||||||||||||
Phostek | — | 2,000 | ||||||||||||
Total | $ | 145,643 | $ | 139,746 | ||||||||||
VisEra Technologies Company, Ltd. | ||||||||||||||
On October 29, 2003, the Company and Taiwan Semiconductor Manufacturing Company Limited (“TSMC”) entered into an agreement to form VisEra Technologies Company, Ltd. (“VisEra”), a joint venture in Taiwan, for the purposes of providing certain manufacturing and automated final testing services related to complementary metal oxide semiconductor (“CMOS”) image sensors. In August 2005, under an amendment to the original 2003 joint-venture agreement, the Company and TSMC formed VisEra Holding Company (“VisEra Cayman”), a company incorporated in the Cayman Islands, and VisEra became a subsidiary of VisEra Cayman. The Company and TSMC have equal interests in VisEra Cayman. As of October 31, 2013, the Company owned 49.1% of VisEra Cayman. | ||||||||||||||
On June 20, 2011, the Company entered into an agreement with VisEra to acquire from VisEra its CameraCubeChip production operations. The acquisition of the production operations was closed in October 2011, and the Company accounted for the transaction as a business combination. Under the terms of the agreement, the closing consideration was $42.9 million in cash, with no additional contingent consideration. As of October 31, 2013, $9.0 million was recorded in “Accrued expenses and other current liabilities,” representing the remaining cash consideration due to VisEra. | ||||||||||||||
The Company received the following dividend payments from VisEra during the periods presented (in thousands): | ||||||||||||||
Six Months Ended | ||||||||||||||
October 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Dividend payments received from VisEra | $ | — | $ | 13,760 | ||||||||||
The Company accounts for its investment in VisEra under the equity method. The following table presents equity income before elimination of unrealized intercompany profits and the equity income recorded by the Company for the periods indicated in “Cost of revenues,” consisting of its portion of the net income recorded by VisEra during the periods presented after the elimination of unrealized intercompany profits (in thousands). | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Equity income | $ | 4,951 | $ | 5,990 | $ | 10,410 | $ | 9,855 | ||||||
Net effect on Cost of revenues, after the elimination of unrealized intercompany profits | $ | 6,271 | $ | 4,774 | $ | 12,158 | $ | 6,752 | ||||||
China WLCSP Limited | ||||||||||||||
China WLCSP Limited (“WLCSP”) is in the business of designing, manufacturing, packaging and selling certain wafer level chip scale packaging related services. In May 2007, the Company acquired 4,500,000 units of WLCSP’s equity interests, or 20.0% of WLCSP’s registered capital on a fully-diluted basis, for an aggregate purchase amount of $9.0 million. The Company has appointed a member to WLCSP’s board of directors and a supervisor. As of October 31, 2013, the Company owned 18.7% of WLCSP. | ||||||||||||||
The Company received the following dividend payments from WLCSP during the periods presented (in thousands): | ||||||||||||||
Six Months Ended | ||||||||||||||
October 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Dividend payments received from WLCSP | $ | 830 | $ | 890 | ||||||||||
The Company accounts for its investment in WLCSP under the equity method. The following table presents equity income recorded by the Company for the periods indicated in “Equity in earnings of investee” consisting of its portion of the net income recorded by WLCSP during the periods presented, and equity method investment adjustments (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Equity income | $ | 1,317 | $ | 1,192 | $ | 2,427 | $ | 2,332 | ||||||
XinTec, Inc. | ||||||||||||||
XinTec, Inc. (“XinTec”) is a Taiwan-based supplier of chip scale packaging services. The Company first made investments in XinTec in April 2003, for $2.8 million. As of October 31, 2013, the Company’s direct ownership percentage in XinTec was 4.2%. Separately, VisEra Cayman owns a 15.8% interest in XinTec. Consequently, the Company’s beneficial ownership percentage in XinTec was approximately 11.9%. The Company accounts for XinTec as a cost method investment. | ||||||||||||||
Tong Hsing Electronic Industries, Limited | ||||||||||||||
Tong Hsing Electronic Industries, Limited (“Tong Hsing”) is a Taiwan-based public company principally engaged in the development and provision of microelectronic packaging technologies. In December 2009, the Company obtained 0.8% of the outstanding shares of common stock of Tong Hsing, or 996,250 shares, when Tong Hsing acquired ImPac Technology Co., Ltd. (“ImPac”) in a stock-for-stock exchange. Prior to the exchange, the Company owned 25.7% of ImPac. In June 2010 and June 2011, the Company participated in Tong Hsing’s secondary offerings and purchased 95,570 and 115,481 shares, respectively, for corresponding amounts of approximately $282,000 and $421,000. In October 2013, the Company sold its entire investment in Tong Hsing, which amounted to an ownership percentage in Tong Hsing of approximately 0.7%. With the sale, the Company recorded a gain of approximately $2.0 million in “Other income, net.” | ||||||||||||||
Prior to the stock sale in October 2013, the Company reported its investment in Tong Hsing on a mark-to-market basis, net of deferred taxes, since the shares of Tong Hsing are traded on the Taiwan Stock Exchange and the share price is readily determinable. For the periods indicated, the Company recorded the following unrealized holding gains (losses) in “Accumulated other comprehensive income” (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Unrealized holding gains (losses) | $ | — | $ | 740 | $ | 566 | $ | (260 | ) | |||||
Phostek, Inc. | ||||||||||||||
Phostek, Inc. (“Phostek”) is a privately held company that develops and manufactures light emitting diodes in Taiwan. The Company made an investment in Phostek in February 2012, for a total of $2.0 million in cash. The Company does not have the ability to exercise significant influence over the operating and financial policies of Phostek. As a result, the Company accounts for this investment using the cost method. | ||||||||||||||
In July 2013, based on a combination of factors, including Phostek’s accumulated losses and its decision to not pursue any additional fundings to support its original business plans, the Company performed an impairment analysis and concluded that the investment in Phostek should be impaired in its entirety. Consequently, the Company recorded an impairment charge of $2.0 million in “Other income, net” for the three months ended July 31, 2013. | ||||||||||||||
The following table presents the summary financial information of VisEra and WLCSP, as derived from their financial statements for the periods indicated. Each investee’s financial statement was prepared under GAAP (in thousands): | ||||||||||||||
VisEra Technologies Company, Ltd. | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Operating data: | ||||||||||||||
Revenues | $ | 37,511 | $ | 45,529 | $ | 79,264 | $ | 87,499 | ||||||
Gross profit | 16,317 | 15,761 | 33,719 | 25,317 | ||||||||||
Income from operations | 13,632 | 12,554 | 28,386 | 19,093 | ||||||||||
Net income | $ | 12,760 | $ | 9,664 | $ | 24,740 | $ | 13,640 | ||||||
China WLCSP Limited | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Operating data: | ||||||||||||||
Revenues | $ | 20,021 | $ | 14,697 | $ | 38,965 | $ | 28,544 | ||||||
Gross profit | 11,651 | 8,765 | 21,862 | 16,835 | ||||||||||
Income from operations | 8,423 | 7,720 | 15,986 | 14,809 | ||||||||||
Net income | $ | 7,055 | $ | 6,385 | $ | 12,997 | $ | 12,490 | ||||||
The Company’s share of undistributed earnings of investees accounted for by the equity method as of the dates indicated were as follows (in thousands): | ||||||||||||||
October 31, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
Undistributed earnings of investees | $ | 64,415 | $ | 49,830 | ||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||
Note 6 — Goodwill and Intangible Assets | ||||||||||||||
Goodwill | ||||||||||||||
The following table summarizes the change to the carrying value of the Company’s goodwill during the periods presented (in thousands): | ||||||||||||||
Six Months Ended | ||||||||||||||
October 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Beginning balance | $ | 10,227 | $ | 10,227 | ||||||||||
Changes to carrying value | — | — | ||||||||||||
Ending balance | $ | 10,227 | $ | 10,227 | ||||||||||
Intangible Assets | ||||||||||||||
Intangible assets as of the dates indicated consisted of the following (in thousands): | ||||||||||||||
October 31, 2013 | ||||||||||||||
Cost | Accumulated | Net Book | ||||||||||||
Amortization | Value | |||||||||||||
Acquired patent portfolio | $ | 65,000 | $ | 23,988 | $ | 41,012 | ||||||||
Core technology | 36,100 | 26,947 | 9,153 | |||||||||||
Patents and licenses | 14,160 | 13,713 | 447 | |||||||||||
Trademarks and tradenames | 1,400 | 1,400 | — | |||||||||||
Customer relationships | 340 | 223 | 117 | |||||||||||
Intangible assets, net | $ | 117,000 | $ | 66,271 | $ | 50,729 | ||||||||
April 30, 2013 | ||||||||||||||
Cost | Accumulated | Net Book | ||||||||||||
Amortization | Value | |||||||||||||
Acquired patent portfolio | $ | 65,000 | $ | 19,345 | $ | 45,655 | ||||||||
Core technology | 36,100 | 25,649 | 10,451 | |||||||||||
Patents and licenses | 14,160 | 13,596 | 564 | |||||||||||
Trademarks and tradenames | 1,400 | 1,400 | — | |||||||||||
Customer relationships | 340 | 206 | 134 | |||||||||||
Intangible assets, net | $ | 117,000 | $ | 60,196 | $ | 56,804 | ||||||||
The following table presents the amortization of intangible assets recorded by the Company for the periods indicated (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Amortization of intangible assets | $ | 582 | $ | 901 | $ | 1,432 | $ | 1,785 | ||||||
Amortization of acquired patent portfolio | $ | 2,322 | $ | 2,322 | $ | 4,643 | $ | 4,643 | ||||||
The total expected future annual amortization of these intangible assets is as follows (in thousands): | ||||||||||||||
Years Ending April 30, | ||||||||||||||
2014 | $ | 5,809 | ||||||||||||
2015 | 11,496 | |||||||||||||
2016 | 11,319 | |||||||||||||
2017 | 11,193 | |||||||||||||
2018 | 10,112 | |||||||||||||
Thereafter | 800 | |||||||||||||
Total | $ | 50,729 | ||||||||||||
Borrowing_Arrangements_and_Rel
Borrowing Arrangements and Related Derivative Instruments | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Borrowing Arrangements and Related Derivative Instruments | ' | |||||||||||||
Borrowing Arrangements and Related Derivative Instruments | ' | |||||||||||||
Note 7 — Borrowing Arrangements and Related Derivative Instruments | ||||||||||||||
The following table sets forth the Company’s debt as of the dates indicated (in thousands): | ||||||||||||||
October 31, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
Mortgage loan | $ | 23,929 | $ | 24,207 | ||||||||||
Construction loan | 15,466 | 15,271 | ||||||||||||
39,395 | 39,478 | |||||||||||||
Less: amount due within one year | (3,809 | ) | (3,769 | ) | ||||||||||
Non-current portion of long-term debt | $ | 35,586 | $ | 35,709 | ||||||||||
As of October 31, 2013, aggregate debt maturities were as follows (in thousands): | ||||||||||||||
Years Ending April 30, | Mortgage | Construction | Total | |||||||||||
Loan | Loan | |||||||||||||
2014 | $ | 554 | $ | 3,255 | $ | 3,809 | ||||||||
2015 | 554 | 3,256 | 3,810 | |||||||||||
2016 | 554 | 6,512 | 7,066 | |||||||||||
2017 | 22,267 | 2,443 | 24,710 | |||||||||||
Total | $ | 23,929 | $ | 15,466 | $ | 39,395 | ||||||||
Mortgage Loan | ||||||||||||||
On March 16, 2007, the Company entered into a Loan and Security Agreement with a domestic bank for the purchase of a complex of four buildings located in Santa Clara, California (the “Santa Clara Property”). The Loan and Security Agreement provides for a mortgage loan in the principal amount of $27.9 million (the “Mortgage Loan”) and a secured line of credit with an aggregate maximum principal amount of up to $12.0 million (the “Term Loan”). The Company drew down the entire $12.0 million under the Term Loan by July 2008, and paid it off by July 31, 2012. | ||||||||||||||
The Mortgage Loan matures on March 31, 2017, and borrowings under the Mortgage Loan accrue interest at the London Interbank Borrowing Rate (“LIBOR”) plus 90 basis points. The Company was in compliance with the financial covenants of the Loan and Security Agreement as of October 31, 2013. | ||||||||||||||
Interest rates under the Mortgage Loan for the dates indicated are set forth below: | ||||||||||||||
October 31, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
Mortgage Loan | 1.1 | % | 1.1 | % | ||||||||||
In conjunction with the Mortgage Loan, the Company entered into an interest rate swap with the same bank to effectively convert the variable interest rate described above to a fixed rate. The swap is for a period of ten years, and the notional amount of the swap approximates the principal outstanding under the Mortgage Loan. The Company is the fixed rate payer under the swap and the rate is fixed at 5.3% per annum and the effective rate on the Mortgage Loan is fixed at approximately 6.2%. The Company had a second interest rate swap associated with the Term Loan that fixed the Term Loan’s interest rate at 4.3% per annum and fixed the effective rate at approximately 5.5%. The second swap expired in July 2012 when the Term Loan matured and was paid off. | ||||||||||||||
Construction Loan | ||||||||||||||
On August 3, 2009, OmniVision Technologies (Shanghai) Co. Ltd., a wholly-owned subsidiary of the Company, entered into a Fixed Assets Loan Agreement with a bank in China (the “Construction Loan”). The purpose of the Construction Loan was to construct a research center for the Company in the Zhang Jiang Science Park in the Pudong Development Zone in Shanghai, China. During the second quarter of fiscal 2011, the Company completed the construction of the research center. As of October 31, 2013, the total amount outstanding under the Construction Loan was Chinese Yuan 95.0 million, or approximately $15.5 million. The Construction Loan matures on June 30, 2016. | ||||||||||||||
The interest rate under the Construction Loan is based on an indicative rate as published by the Chinese government, and will be adjusted every September to the then current published rate. The interest rate under the Construction Loan was 5.9% at October 31, 2013 and April 30, 2013, respectively. The Company was in compliance with the financial covenants of the Fixed Assets Loan Agreement as of October 31, 2013. | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
As indicated above, the Company entered into two separate interest rate swaps in connection with the Mortgage Loan and the Term Loan. The interest rate swap related to the Mortgage Loan is scheduled to expire in March 2017, while the interest rate swap related to the Term Loan expired on July 31, 2012. The swaps were set up to reduce the effect of interest rate variability on the two loans’ interest payments. During the set up, the Company did not designate the two interest rate swaps as hedging instruments. Consequently, the Company remeasures the two interest rate swaps at fair value at each balance sheet date, and immediately recognizes any changes to the fair values in earnings. On the condensed consolidated balance sheet, the Company records the swap as either an asset or a liability, depending on whether the fair value represents a net gain or net loss. (See Note 9.) | ||||||||||||||
The table below presents the location of the swaps on the Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets, and the related effects on the Company’s results of operations and financial positions for the periods indicated (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Location of amounts recognized in Condensed Consolidated Statements of Income and amount of gains: | ||||||||||||||
Other income, net | $ | 134 | $ | 325 | $ | 613 | $ | 227 | ||||||
October 31, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
Location of amounts on Condensed Consolidated Balance Sheets and fair values: | ||||||||||||||
Other long-term liabilities | $ | 3,571 | $ | 4,184 | ||||||||||
Net_Income_Per_Share
Net Income Per Share | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Net Income Per Share | ' | |||||||||||||
Net Income Per Share | ' | |||||||||||||
Note 8 — Net Income Per Share | ||||||||||||||
Basic net income per share is computed by dividing net income attributable to OmniVision by the weighted average number of common shares outstanding during the period. | ||||||||||||||
Diluted net income per share is computed according to the treasury stock method using the weighted average number of common and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares represent the effect of stock options, purchases via employee stock purchase plans and restricted stock units. The following table sets forth the number of stock options that were excluded from the calculation of diluted net income per share because they were antidilutive for the periods indicated: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Antidilutive common stock subject to outstanding options | 2,624,000 | 2,292,000 | 2.624,000 | 2,862,000 | ||||||||||
The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Basic: | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 26,303 | $ | 10,345 | $ | 49,364 | $ | 12,672 | ||||||
Denominator: | ||||||||||||||
Weighted average common shares for net income per share | 55,584 | 53,514 | 55,098 | 53,172 | ||||||||||
Basic net income per share | $ | 0.47 | $ | 0.19 | $ | 0.9 | $ | 0.24 | ||||||
Diluted: | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 26,303 | $ | 10,345 | $ | 49,364 | $ | 12,672 | ||||||
Denominator: | ||||||||||||||
Denominator for basic net income per share | 55,584 | 53,514 | 55,098 | 53,172 | ||||||||||
Weighted average effect of dilutive securities: | ||||||||||||||
Stock options, restricted stock units and employee stock purchase plan shares | 148 | 161 | 355 | 138 | ||||||||||
Weighted average common shares for diluted net income per share | 55,732 | 53,675 | 55,453 | 53,310 | ||||||||||
Diluted net income per share | $ | 0.47 | $ | 0.19 | $ | 0.89 | $ | 0.24 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Fair Value Measurements | ' | |||||||||||||
Note 9 — Fair Value Measurements | ||||||||||||||
The authoritative guidance for fair value measurements specifies a hierarchy of valuation techniques based upon whether the inputs to those valuation techniques reflect assumptions other market participants would use based upon market data obtained from independent sources (observable inputs) or reflect the Company’s own assumptions of market participant valuation (unobservable inputs). The fair value hierarchy consists of the following three levels: | ||||||||||||||
· Level 1 — Inputs are quoted prices in active markets for identical assets or liabilities. | ||||||||||||||
· Level 2 — Inputs are quoted prices for similar assets or liabilities in an active market, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable and market-corroborated inputs which are derived principally from or corroborated by observable market data. | ||||||||||||||
· Level 3 — Inputs are derived from valuation techniques in which one or more significant inputs or value drivers are unobservable. | ||||||||||||||
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis | ||||||||||||||
The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were comprised of the following types of instruments as of the date indicated (in thousands): | ||||||||||||||
October 31, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Money market funds | $ | 20,448 | $ | 20,448 | $ | — | $ | — | ||||||
U.S. government debt securities and municipal bonds | 1,113 | — | 1,113 | — | ||||||||||
Corporate debt securities/commercial paper | 74,795 | — | 74,795 | — | ||||||||||
Total assets | $ | 96,356 | $ | 20,448 | $ | 75,908 | $ | — | ||||||
Interest rate swap | (3,571 | ) | — | (3,571 | ) | — | ||||||||
Total liabilities | $ | (3,571 | ) | $ | — | $ | (3,571 | ) | $ | — | ||||
The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were presented on the Company’s Condensed Consolidated Balance Sheets as of the date indicated (in thousands): | ||||||||||||||
October 31, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents | $ | 37,929 | $ | 20,448 | $ | 17,481 | $ | — | ||||||
Short-term investments | 58,427 | — | 58,427 | — | ||||||||||
Total assets | $ | 96,356 | $ | 20,448 | $ | 75,908 | $ | — | ||||||
Interest rate swap | (3,571 | ) | — | (3,571 | ) | $ | — | |||||||
Total liabilities | $ | (3,571 | ) | $ | — | $ | (3,571 | ) | $ | — | ||||
The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were comprised of the following types of instruments as of the date indicated (in thousands): | ||||||||||||||
April 30, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Money market funds | $ | 44,409 | $ | 44,409 | $ | — | $ | — | ||||||
U.S. government debt securities and municipal bonds | 1,707 | — | 1,707 | — | ||||||||||
Corporate debt securities/commercial paper | 20,457 | — | 20,457 | — | ||||||||||
Equity investment in Tong Hsing | 5,313 | 5,313 | — | — | ||||||||||
Total assets | $ | 71,886 | $ | 49,722 | $ | 22,164 | $ | — | ||||||
Interest rate swap | (4,184 | ) | — | (4,184 | ) | — | ||||||||
Total liabilities | $ | (4,184 | ) | $ | — | $ | (4,184 | ) | $ | — | ||||
The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were presented on the Company’s Condensed Consolidated Balance Sheets as of the date indicated (in thousands): | ||||||||||||||
April 30, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents | $ | 44,409 | $ | 44,409 | $ | — | $ | — | ||||||
Short-term investments | 22,164 | — | 22,164 | — | ||||||||||
Long-term investments | 5,313 | 5,313 | — | — | ||||||||||
Total assets | $ | 71,886 | $ | 49,722 | $ | 22,164 | $ | — | ||||||
Interest rate swap | (4,184 | ) | — | (4,184 | ) | — | ||||||||
Total liabilities | $ | (4,184 | ) | $ | — | $ | (4,184 | ) | $ | — | ||||
For the Company’s interest rate swap, the Company obtains fair value quotes from the issuing bank and assesses the quotes for reasonableness by comparing them to the present values of expected cash flows. The present value approach is based on observable market interest rate curves that are commensurate with the terms of the interest rate swap. The carrying value represents the fair value of the swap, as adjusted for any non-performance risk associated with the Company. | ||||||||||||||
Due to their short maturities, the reported amounts of the Company’s financial instruments, including cash equivalents, short-term investments, accounts receivable, accounts payable and other current liabilities approximate their fair values. | ||||||||||||||
The Mortgage Loan and the Construction Loan are recorded at cost. Their book values, however, approximate fair values as the underlying interest rates are based on risk-adjusted market rates; they are categorized as Level 2 for purposes of the fair value measurement hierarchy. | ||||||||||||||
Segment_and_Geographic_Informa
Segment and Geographic Information | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Segment and Geographic Information | ' | |||||||||||||
Segment and Geographic Information | ' | |||||||||||||
Note 10 — Segment and Geographic Information | ||||||||||||||
For all periods presented, the Company operated in a single reportable business segment. | ||||||||||||||
The Company sells its image-sensor products either directly to original equipment manufacturers (“OEMs”) and value added resellers (“VARs”) or indirectly through distributors. The following table illustrates the percentage of revenues from sales to OEMs and VARs and to distributors for the periods indicated, respectively: | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
OEMs and VARs | 84.1 | % | 85.2 | % | 82.9 | % | 80.2 | % | ||||||
Distributors | 15.9 | 14.8 | 17.1 | 19.8 | ||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||
Since the Company’s customers’ end-user customers market and sell their products worldwide, the Company’s revenues by geographic location are not necessarily indicative of the geographic distribution of end-user sales, but rather indicate where their components are sourced. The revenues by geography in the following table are based on the country or region in which the Company’s customers issue their purchase orders for the periods presented (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
China | $ | 305,918 | $ | 265,432 | $ | 584,829 | $ | 440,539 | ||||||
South Korea | 47,624 | 64,954 | 103,761 | 113,773 | ||||||||||
Japan | 28,259 | 18,626 | 43,770 | 32,422 | ||||||||||
United Kingdom | 4,521 | 3,449 | 8,963 | 6,295 | ||||||||||
United States | 1,340 | 1,351 | 2,761 | 1,856 | ||||||||||
All other | 9,587 | 36,325 | 26,853 | 53,316 | ||||||||||
Total | $ | 397,249 | $ | 390,137 | $ | 770,937 | $ | 648,201 | ||||||
The Company’s long-lived assets, including its property, plant and equipment, net, long-term investments, land-use rights and other long-term assets, are located in the following countries as of the dates indicated (in thousands): | ||||||||||||||
October 31, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
China | $ | 156,158 | $ | 139,482 | ||||||||||
Taiwan | 126,016 | 137,359 | ||||||||||||
United States | 52,405 | 50,903 | ||||||||||||
All other | 755 | 811 | ||||||||||||
Total | $ | 335,334 | $ | 328,555 | ||||||||||
Supplemental_Financial_Informa
Supplemental Financial Information | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Supplemental Financial Information | ' | ||||||||||||||||
Supplemental Financial Information | ' | ||||||||||||||||
Note 11 — Supplemental Financial Information | |||||||||||||||||
Additional Paid-in Capital | |||||||||||||||||
The following table shows the amounts recorded to “Additional paid-in capital” for the six months ended October 31, 2013 (in thousands): | |||||||||||||||||
Additional | |||||||||||||||||
Paid-in | |||||||||||||||||
Capital | |||||||||||||||||
Balance at April 31, 2013 | $ | 616,379 | |||||||||||||||
Exercise of common stock options | 6,054 | ||||||||||||||||
Employee stock purchase plan | 3,438 | ||||||||||||||||
Employee stock-based compensation | 16,969 | ||||||||||||||||
Withholding tax deduction on restricted stock units | (2,701 | ) | |||||||||||||||
Tax effect from stock-based compensation | 1,338 | ||||||||||||||||
Write-off of employee stock-based compensation related deferred tax assets | (1,045 | ) | |||||||||||||||
Balance at October 31, 2013 | $ | 640,432 | |||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||
The following table presents the components of, and the changes in, accumulated other comprehensive income for the six months ended October 31, 2013 (in thousands): | |||||||||||||||||
Balance at | Other | Amounts | Related Tax | Balance at | |||||||||||||
April 30, | Comprehensive | Reclassified out | Effects | October 31, | |||||||||||||
2013 | Income Before | of Accumulated | 2013 | ||||||||||||||
Reclassification | Other | ||||||||||||||||
Comprehensive | |||||||||||||||||
Income | |||||||||||||||||
Accumulated translation gains | $ | 3,036 | $ | 373 | $ | — | $ | (131 | ) | $ | 3,278 | ||||||
Accumulated unrealized gains (losses) on available-for-sale securities, net | 916 | 370 | (1,641 | ) | 353 | (2 | ) | ||||||||||
Total accumulated other comprehensive income | $ | 3,952 | $ | 743 | $ | (1,641 | ) | $ | 222 | $ | 3,276 | ||||||
The following table sets forth the amounts reclassified out of Accumulated Other Comprehensive Income into the Condensed Consolidated Statements of Income and the associated presentation location, for the periods indicated (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
Comprehensive Income | October 31, | October 31, | |||||||||||||||
Components | Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Accumulated unrealized gains (losses) on available-for-sale securities, net | |||||||||||||||||
Other income, net | $ | (1,641 | ) | $ | — | $ | (1,641 | ) | $ | — | |||||||
Total amounts reclassified out of Accumulated Other Comprehensive Income | $ | (1,641 | ) | $ | — | $ | (1,641 | ) | $ | — | |||||||
Income_Taxes
Income Taxes | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Income Taxes | ' | |||||||||||||
Income Taxes | ' | |||||||||||||
Note 12 — Income Taxes | ||||||||||||||
The Company reported the following operating results for the periods presented (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Income before income taxes | $ | 28,092 | $ | 14,556 | $ | 44,422 | $ | 14,350 | ||||||
Provision for (benefit from) income taxes | $ | 1,789 | $ | 4,211 | $ | (4,942 | ) | $ | 1,678 | |||||
Effective income tax rate | 6.4 | % | 28.9 | % | (11.1 | )% | 11.7 | % | ||||||
The Company’s effective income tax rate reflects the impact of a significant amount of the Company’s earnings being taxed in foreign jurisdictions at rates below the U.S. statutory tax rate. | ||||||||||||||
The Company’s quarterly income taxes reflect an estimate of the corresponding fiscal year’s annual effective tax rate and include, when applicable, adjustments from discrete tax items. For the three months ended October 31, 2013, the discrete adjustments to the Company’s provision for income taxes included unfavorable impacts from the income tax expenses accrued on undistributed earnings for certain non-U.S. investee companies and the foreign exchange losses associated with the Company’s unrecognized tax benefits. These unfavorable discrete adjustments were partially offset by a reduction of unrecognized tax benefits related to the U.S. Federal Research and Development tax credit (“Federal R&D Credit”) as a result of the issuance of proposed regulations that clarify and expand the types of qualifying research and experimental expenditures that are eligible for Federal R&D Credit. | ||||||||||||||
The Company is currently under tax examination in a foreign jurisdiction for the fiscal years ended April 30, 2004 through April 30, 2009. It is possible that this tax examination may be concluded in the next 12 months. The Company will continue to review its tax positions and provide for, or reverse, unrecognized tax benefits as issues arise. As of October 31, 2013, the Company anticipates that the balance of gross unrecognized tax benefits will decrease by $15.5 million due to the lapse of the applicable statutes of limitations in various foreign jurisdictions over the next 12 months. | ||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Oct. 31, 2013 | |
Commitments and Contingencies | ' |
Commitments and Contingencies | ' |
Note 13 — Commitments and Contingencies | |
Commitments | |
During the three months ended July 31, 2013, the Company formed OmniVision Technologies (Wuhan) Co. Ltd. (“OV-Wuhan”), a wholly-owned subsidiary in Wuhan, China, to support the Company’s growing research and development efforts. As of October 31, 2013, the Company had contributed $1.0 million to OV-Wuhan, meeting the registered capital commitment requirement. | |
Litigation | |
From time to time, the Company has been subject to legal proceedings and claims with respect to such matters as patents, product liabilities and other actions arising out of the normal course of business. | |
Ziptronix, Inc. v. OmniVision Technologies, Inc., Taiwan Semiconductor Manufacturing Company Ltd., and TSMC North America Corp. | |
On December 6, 2010, Ziptronix, Inc. (“Ziptronix”) filed a complaint alleging patent infringement against the Company in the District Court for the Northern District of California. The case is entitled Ziptronix, Inc. v. OmniVision Technologies, Inc., Taiwan Semiconductor Manufacturing Company Ltd., and TSMC North America Corp., Case No. CV10-05525. In its complaint, Ziptronix asserts that the Company has made, used, offered to sell, sold and/or imported into the United States image sensors that infringe the following six patents: U.S. Patent Nos. 7,387,944 (“Method for Low Temperature Bonding and Bonded Structure”), 7,335,572 (“Method for Low Temperature Bonding and Bonded Structure”), 7,553,744 (“Method for Low Temperature Bonding and Bonded Structure”), 7,037,755 (“Three Dimensional Device Integration Method and Integrated Device”), 6,864,585 (“Three Dimensional Device Integration Method and Integrated Device”), and 7,807,549 (“Method for Low Temperature Bonding and Bonded Structure”). The complaint seeks unspecified monetary damages, enhanced damages, interest, fees, expenses, costs, and injunctive relief against the Company. The Company answered the complaint on May 4, 2011 and denied each of Ziptronix’s infringement claims against it. | |
On November 22, 2011, Defendants Taiwan Semiconductor Manufacturing Company Ltd., and TSMC North America Corp. (collectively “TSMC”) filed amended counterclaims asserting that Ziptronix has infringed, actively induced infringement of, and/or induced contributory infringement of the following five patents: U.S. Patent Nos. 6,682,981 (“Stress Controlled Dielectric Integrated Circuit Fabrication”), 7,307,020 (“Membrane 3D IC Fabrication”), 6,765,279 (“Membrane 3D IC Fabrication”), 7,385,835 (“Membrane 3D IC Fabrication”), and 6,350,694 (“Reducing CMP Scratch, Dishing and Erosion by Post CMP Etch Back Method for Low-K Materials”). Ziptronix answered the amended counterclaims on December 9, 2011 and denied each of TSMC’s infringement claims against it. | |
On August 9, 2012, Ziptronix filed a second amended complaint adding claims that the defendants infringe the following three patents: U.S. Patent Nos. 8,153,505 (“Method for Low Temperature Bonding and Bonded Structure”), 8,043,329 (“Method for Low Temperature Bonding and Bonded Structure”), and 7,871,898 (“Method for Low Temperature Bonding and Bonded Structure”). The Company answered the second amended complaint on August 27, 2012, and denied each of Ziptronix’s infringement claims against it. | |
Claim construction briefing has been submitted, and a claim construction hearing is scheduled for January 29, 2014. The Company expects to vigorously defend itself against Ziptronix’s allegations. The Company is currently unable to predict the outcome of this complaint and therefore cannot determine the likelihood of loss nor estimate the loss or a range of possible loss. | |
In re OmniVision Technologies, Inc. Litigation | |
On October 26, 2011, the first of several putative class action complaints was filed in the United States District Court for the Northern District of California against the Company and three of its executives, one of whom is a director. All of the complaints alleged that the defendants violated the federal securities laws by making misleading statements or omissions regarding the Company’s business and financial results, in particular regarding the use of its imaging sensors in Apple Inc.’s iPhone. These actions have been consolidated as In re OmniVision Technologies, Inc. Litigation, Case No. 11-CV-5235 (RMW) (the “Securities Case”). On April 23, 2012, plaintiffs filed a consolidated complaint on behalf of a purported class of purchasers of the Company’s common stock between August 27, 2010 and November 6, 2011, seeking unspecified damages. On March 29, 2013, the court denied the defendants’ motion to dismiss. No trial date has been set. The Company is currently unable to predict the outcome of this action and therefore cannot determine the likelihood of loss nor estimate the loss or a range of possible loss. | |
In re OmniVision Technologies, Inc. Derivative Litigation | |
On November 15, 2011, the first of three shareholder derivative complaints was filed in the Superior Court of California, County of Santa Clara, against several of the Company’s current and former officers and directors. These three state court actions were consolidated under the caption In re OmniVision Technologies, Inc. Derivative Litigation, Case No. 1-12-CV-216875. On March 21, 2012, a fourth similar shareholder derivative complaint captioned Carpenters Pension Fund of West Virginia v. Shaw Hong, et al., Case No. 12-CV-1423, was filed in the United States District Court for the Northern District of California. On May 10, 2012, a fifth similar shareholder derivative complaint captioned Edker Pope v. Shaw Hong, et al., Case No. 7514, was filed in the Court of Chancery of the State of Delaware. These complaints make allegations similar to those presented in Securities Case, but they assert various state law causes of action, including claims of breach of fiduciary duty and unjust enrichment. All of these derivative complaints seek unspecified damages on behalf of the Company, which is named solely as nominal defendant against whom no recovery is sought. The proceedings in these derivative actions have been stayed by agreement pending the outcome of a future summary judgment motion in the Securities Case. The Company is currently unable to predict the outcome of these actions and therefore cannot determine the likelihood of loss nor estimate the loss or a range of possible loss. | |
Requests for Indemnification | |
In March 2011, a third party filed a complaint in a federal district court asserting patent infringement claims against some of the end-user customers of OmniVision’s products. Among other things, the complaint asserts that the defendants’ products incorporating the Company’s image sensors infringe certain patents held by the third party plaintiff. The complaint sought unspecified monetary damages, fees and expenses and injunctive relief against the defendants. In April 2013, the parties to this action agreed to resolve all claims pursuant to settlement agreements, and the case was closed in July 2013. The Company was not a party to this lawsuit, but certain parties have requested indemnification from the Company for this matter to the extent that the infringement claims related to the Company’s image sensors. The Company is currently unable to predict the outcome of any indemnity-related negotiations or other matters and therefore cannot determine the likelihood of loss nor estimate the loss or a range of possible loss. | |
Related_Party_Transactions
Related Party Transactions | 6 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Related Party Transactions | ' | |||||||||||||||
Related Party Transactions | ' | |||||||||||||||
Note 14 — Related Party Transactions | ||||||||||||||||
The following table presents the amounts paid for services provided by related parties and the balances payable for the periods indicated (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
Related | October 31, | October 31, | ||||||||||||||
Party | Description | 2013 | 2012 | 2013 | 2012 | |||||||||||
VisEra | Purchases of color filter and other manufacturing services | $ | 32,852 | $ | 45,028 | $ | 71,231 | $ | 86,198 | |||||||
Rent and other services(1) | $ | — | $ | 910 | $ | 3 | $ | 1,823 | ||||||||
Balances payable at period end, net | $ | 32,320 | $ | 30,286 | $ | 32,320 | $ | 30,286 | ||||||||
WLCSP | Purchases of packaging services | $ | 43 | $ | — | $ | 43 | $ | — | |||||||
Balances payable at period end, net | $ | 43 | $ | — | $ | 43 | $ | — | ||||||||
(1) The Company leased manufacturing floor space from VisEra from November 2011 to May 2013. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Oct. 31, 2013 | |
Basis of Presentation | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company bases its estimates and judgments on its historical experience, knowledge of current conditions and beliefs of what could occur in the future considering available information. Actual results could differ from these estimates. | |
Classification of Land-use Rights | ' |
Classification of Land-use Rights | |
Certain previously reported amounts have been revised to correct the classification of land-use rights from “Property, plant and equipment, net” to “Other long-term assets” as of April 30, 2013. The net book value of the Company’s land-use rights totaled approximately $2.2 million at October 31, 2013 and April 30, 2013, respectively. The reclassification had no impact on the results of operations or cash flows of the Company. | |
The net book value of the Company’s land-use rights comprises three separate arrangements. One of the Company’s wholly-owned subsidiaries, OmniVision Semiconductor (Shanghai) Co. Ltd. (“OSC”), formerly Hua Wei Semiconductor (Shanghai) Co. Ltd., holds a land-use right that was acquired from the Shanghai SongJiang Housing and Land Administration Bureau in December 2000 for approximately $0.8 million. The cost of the land-use right is being amortized over 40 years, the useful life of the right. | |
In January 2007, the Company, through its wholly-owned subsidiary, OmniVision Technologies (Shanghai) Co. Ltd. (“OTC”), formerly Shanghai OmniVision IC Design Co. Ltd., entered into a Land-Use-Right Purchase Agreement (the “Purchase Agreement”) with the Construction and Transportation Commission of the Pudong New District, Shanghai. The Purchase Agreement has an effective date of December 31, 2006. Under the terms of the Purchase Agreement, the Company paid an aggregate amount of approximately $0.6 million in exchange for the right to use approximately 323,000 square feet of land located in Shanghai, China. The cost of the land-use right is being amortized over 50 years, the useful life of the right. | |
In addition, in July 2011, the Company, through its wholly-owned subsidiary, Shanghai OmniVision Semiconductor Technology Co. Ltd. (“OST”), entered into a Land-Use-Right Purchase Agreement with the Shanghai SongJiang District Zoning and Land Administration Bureau. Under the terms of the agreement, the Company paid an aggregate amount of approximately $1.0 million in exchange for the right to use approximately 113,175 square feet of land located in Shanghai for a period of 50 years, starting from August 19, 2011. The cost of the land-use right is being amortized over 50 years, the useful life of the right. | |
ShortTerm_Investments_Tables
Short-Term Investments (Tables) | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Short-Term Investments | ' | |||||||||||||
Schedule of available-for-sale securities | ' | |||||||||||||
Available-for-sale securities as of the dates presented were as follows (in thousands): | ||||||||||||||
As of October 31, 2013 | ||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||
Unrealized | Unrealized | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||
Municipal bonds | $ | 1,113 | $ | 1 | $ | — | $ | 1,114 | ||||||
Corporate debt securities/commercial paper | 57,319 | 6 | (12 | ) | 57,313 | |||||||||
$ | 58,432 | $ | 7 | $ | (12 | ) | $ | 58,427 | ||||||
Contractual maturity dates, less than one year | $ | 58,427 | ||||||||||||
As of April 30, 2013 | ||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||
Unrealized | Unrealized | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||
Municipal bonds | $ | 1,707 | $ | — | $ | — | 1,707 | |||||||
Corporate debt securities/commercial paper | 20,463 | — | (6 | ) | 20,457 | |||||||||
$ | 22,170 | $ | — | $ | (6 | ) | $ | 22,164 | ||||||
Contractual maturity dates, less than one year | $ | 20,764 | ||||||||||||
Contractual maturity dates, two years to twenty-three years | 1,400 | |||||||||||||
$ | 22,164 | |||||||||||||
Supplemental_Balance_Sheet_Acc1
Supplemental Balance Sheet Account Information (in thousands) (Tables) | 6 Months Ended | |||||||
Oct. 31, 2013 | ||||||||
Supplemental Balance Sheet Account Information (in thousands) | ' | |||||||
Schedule of supplemental balance sheet account information | ' | |||||||
Supplemental Balance Sheet Account Information (in thousands) | ||||||||
October 31, | April 30, | |||||||
2013 | 2013 | |||||||
Cash and cash equivalents: | ||||||||
Cash | $ | 169,242 | $ | 145,762 | ||||
Money market funds, certificates of deposit and U.S. government bonds | 37,929 | 44,409 | ||||||
$ | 207,171 | $ | 190,171 | |||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 176,982 | $ | 172,833 | ||||
Less: Allowance for doubtful accounts | (719 | ) | (945 | ) | ||||
Allowance for sales returns | (5,392 | ) | (5,371 | ) | ||||
$ | 170,871 | $ | 166,517 | |||||
Inventories: | ||||||||
Work in progress | $ | 159,046 | $ | 213,095 | ||||
Finished goods | 231,229 | 217,220 | ||||||
$ | 390,275 | $ | 430,315 | |||||
Prepaid expenses and other current assets: | ||||||||
Prepaid expenses | $ | 7,260 | $ | 7,974 | ||||
Deposits and other | 542 | 3,907 | ||||||
Interest receivable | 372 | 101 | ||||||
$ | 8,174 | $ | 11,982 | |||||
Property, plant and equipment, net: | ||||||||
Land | $ | 13,000 | $ | 13,000 | ||||
Buildings | 82,547 | 57,246 | ||||||
Buildings/leasehold improvements | 28,692 | 24,659 | ||||||
Machinery and equipment | 116,106 | 102,429 | ||||||
Furniture and fixtures | 5,017 | 5,013 | ||||||
Software | 8,872 | 6,954 | ||||||
Construction in progress | 1,364 | 37,725 | ||||||
255,598 | 247,026 | |||||||
Less: Accumulated depreciation and amortization | (98,198 | ) | (88,632 | ) | ||||
$ | 157,400 | $ | 158,394 | |||||
Other long-term assets: | ||||||||
Deferred income tax assets — non-current | $ | 5,122 | $ | 6,251 | ||||
Land-use rights | 2,208 | 2,236 | ||||||
Other long-term assets | 30,083 | 28,179 | ||||||
$ | 37,413 | $ | 36,666 | |||||
Accrued expenses and other current liabilities: | ||||||||
Due to VisEra for acquisition of production operations | $ | 9,000 | $ | 9,000 | ||||
Employee compensation | 15,814 | 12,856 | ||||||
Third party commissions | 402 | 850 | ||||||
Professional services | 2,847 | 2,176 | ||||||
Noncancelable purchase commitments | 1,313 | 4,817 | ||||||
Rebates | 2,044 | 2,557 | ||||||
Other | 10,656 | 8,018 | ||||||
$ | 42,076 | $ | 40,274 | |||||
Other long-term liabilities: | ||||||||
Interest rate swap | $ | 3,571 | $ | 4,184 | ||||
Other | 437 | 434 | ||||||
$ | 4,008 | $ | 4,618 | |||||
Longterm_Investments_Tables
Long-term Investments (Tables) | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Long-term Investments | ' | |||||||||||||
Schedule of long-term investments | ' | |||||||||||||
Long-term investments as of the dates indicated consisted of the following (in thousands): | ||||||||||||||
October 31, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
VisEra | $ | 115,643 | $ | 105,233 | ||||||||||
WLCSP | 25,339 | 22,539 | ||||||||||||
XinTec | 4,661 | 4,661 | ||||||||||||
Tong Hsing | — | 5,313 | ||||||||||||
Phostek | — | 2,000 | ||||||||||||
Total | $ | 145,643 | $ | 139,746 | ||||||||||
Schedule of dividend payments received from VisEra | ' | |||||||||||||
The Company received the following dividend payments from VisEra during the periods presented (in thousands): | ||||||||||||||
Six Months Ended | ||||||||||||||
October 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Dividend payments received from VisEra | $ | — | $ | 13,760 | ||||||||||
Schedule of equity income in VisEra | ' | |||||||||||||
The following table presents equity income before elimination of unrealized intercompany profits and the equity income recorded by the Company for the periods indicated in “Cost of revenues,” consisting of its portion of the net income recorded by VisEra during the periods presented after the elimination of unrealized intercompany profits (in thousands). | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Equity income | $ | 4,951 | $ | 5,990 | $ | 10,410 | $ | 9,855 | ||||||
Net effect on Cost of revenues, after the elimination of unrealized intercompany profits | $ | 6,271 | $ | 4,774 | $ | 12,158 | $ | 6,752 | ||||||
Schedule of dividend payments received from WLCSP | ' | |||||||||||||
The Company received the following dividend payments from WLCSP during the periods presented (in thousands): | ||||||||||||||
Six Months Ended | ||||||||||||||
October 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Dividend payments received from WLCSP | $ | 830 | $ | 890 | ||||||||||
Schedule of equity income in WLCSP | ' | |||||||||||||
The following table presents equity income recorded by the Company for the periods indicated in “Equity in earnings of investee” consisting of its portion of the net income recorded by WLCSP during the periods presented, and equity method investment adjustments (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Equity income | $ | 1,317 | $ | 1,192 | $ | 2,427 | $ | 2,332 | ||||||
Schedule of investment in Tong Hsing Electronic Industries, Limited unrealized holding gains (losses) | ' | |||||||||||||
For the periods indicated, the Company recorded the following unrealized holding gains (losses) in “Accumulated other comprehensive income” (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Unrealized holding gains (losses) | $ | — | $ | 740 | $ | 566 | $ | (260 | ) | |||||
Schedule of summary financial information of VisEra Technologies Company, Ltd | ' | |||||||||||||
Each investee’s financial statement was prepared under GAAP (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Operating data: | ||||||||||||||
Revenues | $ | 37,511 | $ | 45,529 | $ | 79,264 | $ | 87,499 | ||||||
Gross profit | 16,317 | 15,761 | 33,719 | 25,317 | ||||||||||
Income from operations | 13,632 | 12,554 | 28,386 | 19,093 | ||||||||||
Net income | $ | 12,760 | $ | 9,664 | $ | 24,740 | $ | 13,640 | ||||||
Schedule of summary financial information of WLCSP | ' | |||||||||||||
Each investee’s financial statement was prepared under GAAP (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Operating data: | ||||||||||||||
Revenues | $ | 20,021 | $ | 14,697 | $ | 38,965 | $ | 28,544 | ||||||
Gross profit | 11,651 | 8,765 | 21,862 | 16,835 | ||||||||||
Income from operations | 8,423 | 7,720 | 15,986 | 14,809 | ||||||||||
Net income | $ | 7,055 | $ | 6,385 | $ | 12,997 | $ | 12,490 | ||||||
Schedule of Company's share of undistributed earnings of investees accounted for by equity method | ' | |||||||||||||
The Company’s share of undistributed earnings of investees accounted for by the equity method as of the dates indicated were as follows (in thousands): | ||||||||||||||
October 31, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
Undistributed earnings of investees | $ | 64,415 | $ | 49,830 | ||||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Goodwill and Intangible Assets | ' | |||||||||||||
Schedule of change to carrying value of goodwill | ' | |||||||||||||
The following table summarizes the change to the carrying value of the Company’s goodwill during the periods presented (in thousands): | ||||||||||||||
Six Months Ended | ||||||||||||||
October 31, | ||||||||||||||
2013 | 2012 | |||||||||||||
Beginning balance | $ | 10,227 | $ | 10,227 | ||||||||||
Changes to carrying value | — | — | ||||||||||||
Ending balance | $ | 10,227 | $ | 10,227 | ||||||||||
Schedule of intangible assets | ' | |||||||||||||
Intangible assets as of the dates indicated consisted of the following (in thousands): | ||||||||||||||
October 31, 2013 | ||||||||||||||
Cost | Accumulated | Net Book | ||||||||||||
Amortization | Value | |||||||||||||
Acquired patent portfolio | $ | 65,000 | $ | 23,988 | $ | 41,012 | ||||||||
Core technology | 36,100 | 26,947 | 9,153 | |||||||||||
Patents and licenses | 14,160 | 13,713 | 447 | |||||||||||
Trademarks and tradenames | 1,400 | 1,400 | — | |||||||||||
Customer relationships | 340 | 223 | 117 | |||||||||||
Intangible assets, net | $ | 117,000 | $ | 66,271 | $ | 50,729 | ||||||||
April 30, 2013 | ||||||||||||||
Cost | Accumulated | Net Book | ||||||||||||
Amortization | Value | |||||||||||||
Acquired patent portfolio | $ | 65,000 | $ | 19,345 | $ | 45,655 | ||||||||
Core technology | 36,100 | 25,649 | 10,451 | |||||||||||
Patents and licenses | 14,160 | 13,596 | 564 | |||||||||||
Trademarks and tradenames | 1,400 | 1,400 | — | |||||||||||
Customer relationships | 340 | 206 | 134 | |||||||||||
Intangible assets, net | $ | 117,000 | $ | 60,196 | $ | 56,804 | ||||||||
Schedule of amortization of intangible assets | ' | |||||||||||||
The following table presents the amortization of intangible assets recorded by the Company for the periods indicated (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Amortization of intangible assets | $ | 582 | $ | 901 | $ | 1,432 | $ | 1,785 | ||||||
Amortization of acquired patent portfolio | $ | 2,322 | $ | 2,322 | $ | 4,643 | $ | 4,643 | ||||||
Schedule of expected future annual amortization of intangible assets | ' | |||||||||||||
The total expected future annual amortization of these intangible assets is as follows (in thousands): | ||||||||||||||
Years Ending April 30, | ||||||||||||||
2014 | $ | 5,809 | ||||||||||||
2015 | 11,496 | |||||||||||||
2016 | 11,319 | |||||||||||||
2017 | 11,193 | |||||||||||||
2018 | 10,112 | |||||||||||||
Thereafter | 800 | |||||||||||||
Total | $ | 50,729 | ||||||||||||
Borrowing_Arrangements_and_Rel1
Borrowing Arrangements and Related Derivative Instruments (Tables) | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Borrowing Arrangements and Related Derivative Instruments | ' | |||||||||||||
Schedule of the Company's debt | ' | |||||||||||||
The following table sets forth the Company’s debt as of the dates indicated (in thousands): | ||||||||||||||
October 31, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
Mortgage loan | $ | 23,929 | $ | 24,207 | ||||||||||
Construction loan | 15,466 | 15,271 | ||||||||||||
39,395 | 39,478 | |||||||||||||
Less: amount due within one year | (3,809 | ) | (3,769 | ) | ||||||||||
Non-current portion of long-term debt | $ | 35,586 | $ | 35,709 | ||||||||||
Schedule of aggregate debt maturities | ' | |||||||||||||
As of October 31, 2013, aggregate debt maturities were as follows (in thousands): | ||||||||||||||
Years Ending April 30, | Mortgage | Construction | Total | |||||||||||
Loan | Loan | |||||||||||||
2014 | $ | 554 | $ | 3,255 | $ | 3,809 | ||||||||
2015 | 554 | 3,256 | 3,810 | |||||||||||
2016 | 554 | 6,512 | 7,066 | |||||||||||
2017 | 22,267 | 2,443 | 24,710 | |||||||||||
Total | $ | 23,929 | $ | 15,466 | $ | 39,395 | ||||||||
Schedule of interest rates of mortgage loan | ' | |||||||||||||
October 31, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
Mortgage Loan | 1.1 | % | 1.1 | % | ||||||||||
Schedule of location of swaps on condensed consolidated statements of income and condensed consolidated balance sheets, and related effects on entity's results of operations and financial positions | ' | |||||||||||||
The table below presents the location of the swaps on the Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets, and the related effects on the Company’s results of operations and financial positions for the periods indicated (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Location of amounts recognized in Condensed Consolidated Statements of Income and amount of gains: | ||||||||||||||
Other income, net | $ | 134 | $ | 325 | $ | 613 | $ | 227 | ||||||
October 31, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
Location of amounts on Condensed Consolidated Balance Sheets and fair values: | ||||||||||||||
Other long-term liabilities | $ | 3,571 | $ | 4,184 | ||||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Net Income Per Share | ' | |||||||||||||
Schedule of antidilutive securities excluded from computation of income per share | ' | |||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Antidilutive common stock subject to outstanding options | 2,624,000 | 2,292,000 | 2.624,000 | 2,862,000 | ||||||||||
Schedule of computation of basic and diluted earnings per share | ' | |||||||||||||
The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Basic: | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 26,303 | $ | 10,345 | $ | 49,364 | $ | 12,672 | ||||||
Denominator: | ||||||||||||||
Weighted average common shares for net income per share | 55,584 | 53,514 | 55,098 | 53,172 | ||||||||||
Basic net income per share | $ | 0.47 | $ | 0.19 | $ | 0.9 | $ | 0.24 | ||||||
Diluted: | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 26,303 | $ | 10,345 | $ | 49,364 | $ | 12,672 | ||||||
Denominator: | ||||||||||||||
Denominator for basic net income per share | 55,584 | 53,514 | 55,098 | 53,172 | ||||||||||
Weighted average effect of dilutive securities: | ||||||||||||||
Stock options, restricted stock units and employee stock purchase plan shares | 148 | 161 | 355 | 138 | ||||||||||
Weighted average common shares for diluted net income per share | 55,732 | 53,675 | 55,453 | 53,310 | ||||||||||
Diluted net income per share | $ | 0.47 | $ | 0.19 | $ | 0.89 | $ | 0.24 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Fair Value Measurements | ' | |||||||||||||
Schedule of financial assets and liabilities measured at fair value on a recurring basis comprising types of instruments | ' | |||||||||||||
The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were comprised of the following types of instruments as of the date indicated (in thousands): | ||||||||||||||
October 31, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Money market funds | $ | 20,448 | $ | 20,448 | $ | — | $ | — | ||||||
U.S. government debt securities and municipal bonds | 1,113 | — | 1,113 | — | ||||||||||
Corporate debt securities/commercial paper | 74,795 | — | 74,795 | — | ||||||||||
Total assets | $ | 96,356 | $ | 20,448 | $ | 75,908 | $ | — | ||||||
Interest rate swap | (3,571 | ) | — | (3,571 | ) | — | ||||||||
Total liabilities | $ | (3,571 | ) | $ | — | $ | (3,571 | ) | $ | — | ||||
The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were comprised of the following types of instruments as of the date indicated (in thousands): | ||||||||||||||
April 30, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Money market funds | $ | 44,409 | $ | 44,409 | $ | — | $ | — | ||||||
U.S. government debt securities and municipal bonds | 1,707 | — | 1,707 | — | ||||||||||
Corporate debt securities/commercial paper | 20,457 | — | 20,457 | — | ||||||||||
Equity investment in Tong Hsing | 5,313 | 5,313 | — | — | ||||||||||
Total assets | $ | 71,886 | $ | 49,722 | $ | 22,164 | $ | — | ||||||
Interest rate swap | (4,184 | ) | — | (4,184 | ) | — | ||||||||
Total liabilities | $ | (4,184 | ) | $ | — | $ | (4,184 | ) | $ | — | ||||
Schedule of financial assets and liabilities measured at fair value on a recurring basis presented on the entity's Condensed consolidated balance sheets | ' | |||||||||||||
The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were presented on the Company’s Condensed Consolidated Balance Sheets as of the date indicated (in thousands): | ||||||||||||||
October 31, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents | $ | 37,929 | $ | 20,448 | $ | 17,481 | $ | — | ||||||
Short-term investments | 58,427 | — | 58,427 | — | ||||||||||
Total assets | $ | 96,356 | $ | 20,448 | $ | 75,908 | $ | — | ||||||
Interest rate swap | (3,571 | ) | — | (3,571 | ) | $ | — | |||||||
Total liabilities | $ | (3,571 | ) | $ | — | $ | (3,571 | ) | $ | — | ||||
The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were presented on the Company’s Condensed Consolidated Balance Sheets as of the date indicated (in thousands): | ||||||||||||||
April 30, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents | $ | 44,409 | $ | 44,409 | $ | — | $ | — | ||||||
Short-term investments | 22,164 | — | 22,164 | — | ||||||||||
Long-term investments | 5,313 | 5,313 | — | — | ||||||||||
Total assets | $ | 71,886 | $ | 49,722 | $ | 22,164 | $ | — | ||||||
Interest rate swap | (4,184 | ) | — | (4,184 | ) | — | ||||||||
Total liabilities | $ | (4,184 | ) | $ | — | $ | (4,184 | ) | $ | — | ||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Segment and Geographic Information | ' | |||||||||||||
Schedule of revenues by customer segment | ' | |||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
OEMs and VARs | 84.1 | % | 85.2 | % | 82.9 | % | 80.2 | % | ||||||
Distributors | 15.9 | 14.8 | 17.1 | 19.8 | ||||||||||
Total | 100 | % | 100 | % | 100 | % | 100 | % | ||||||
Schedule of revenues by geography based on the country or region in which the Company's customers issue their purchase orders | ' | |||||||||||||
The revenues by geography in the following table are based on the country or region in which the Company’s customers issue their purchase orders for the periods presented (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
China | $ | 305,918 | $ | 265,432 | $ | 584,829 | $ | 440,539 | ||||||
South Korea | 47,624 | 64,954 | 103,761 | 113,773 | ||||||||||
Japan | 28,259 | 18,626 | 43,770 | 32,422 | ||||||||||
United Kingdom | 4,521 | 3,449 | 8,963 | 6,295 | ||||||||||
United States | 1,340 | 1,351 | 2,761 | 1,856 | ||||||||||
All other | 9,587 | 36,325 | 26,853 | 53,316 | ||||||||||
Total | $ | 397,249 | $ | 390,137 | $ | 770,937 | $ | 648,201 | ||||||
Schedule of the Company's long-lived assets, including its property, plant and equipment, net, long-term investments, land-use rights and other long-term assets | ' | |||||||||||||
The Company’s long-lived assets, including its property, plant and equipment, net, long-term investments, land-use rights and other long-term assets, are located in the following countries as of the dates indicated (in thousands): | ||||||||||||||
October 31, | April 30, | |||||||||||||
2013 | 2013 | |||||||||||||
China | $ | 156,158 | $ | 139,482 | ||||||||||
Taiwan | 126,016 | 137,359 | ||||||||||||
United States | 52,405 | 50,903 | ||||||||||||
All other | 755 | 811 | ||||||||||||
Total | $ | 335,334 | $ | 328,555 | ||||||||||
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 6 Months Ended | ||||||||||||||||
Oct. 31, 2013 | |||||||||||||||||
Supplemental Financial Information | ' | ||||||||||||||||
Schedule of amounts recorded to "Additional paid-in capital" | ' | ||||||||||||||||
The following table shows the amounts recorded to “Additional paid-in capital” for the six months ended October 31, 2013 (in thousands): | |||||||||||||||||
Additional | |||||||||||||||||
Paid-in | |||||||||||||||||
Capital | |||||||||||||||||
Balance at April 31, 2013 | $ | 616,379 | |||||||||||||||
Exercise of common stock options | 6,054 | ||||||||||||||||
Employee stock purchase plan | 3,438 | ||||||||||||||||
Employee stock-based compensation | 16,969 | ||||||||||||||||
Withholding tax deduction on restricted stock units | (2,701 | ) | |||||||||||||||
Tax effect from stock-based compensation | 1,338 | ||||||||||||||||
Write-off of employee stock-based compensation related deferred tax assets | (1,045 | ) | |||||||||||||||
Balance at October 31, 2013 | $ | 640,432 | |||||||||||||||
Schedule of components of, and the changes in, accumulated other comprehensive income | ' | ||||||||||||||||
The following table presents the components of, and the changes in, accumulated other comprehensive income for the six months ended October 31, 2013 (in thousands): | |||||||||||||||||
Balance at | Other | Amounts | Related Tax | Balance at | |||||||||||||
April 30, | Comprehensive | Reclassified out | Effects | October 31, | |||||||||||||
2013 | Income Before | of Accumulated | 2013 | ||||||||||||||
Reclassification | Other | ||||||||||||||||
Comprehensive | |||||||||||||||||
Income | |||||||||||||||||
Accumulated translation gains | $ | 3,036 | $ | 373 | $ | — | $ | (131 | ) | $ | 3,278 | ||||||
Accumulated unrealized gains (losses) on available-for-sale securities, net | 916 | 370 | (1,641 | ) | 353 | (2 | ) | ||||||||||
Total accumulated other comprehensive income | $ | 3,952 | $ | 743 | $ | (1,641 | ) | $ | 222 | $ | 3,276 | ||||||
Schedule of amounts reclassified out of Accumulated Other Comprehensive Income into the Condensed Consolidated Statements of Income and the associated presentation location | ' | ||||||||||||||||
The following table sets forth the amounts reclassified out of Accumulated Other Comprehensive Income into the Condensed Consolidated Statements of Income and the associated presentation location, for the periods indicated (in thousands): | |||||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||
Comprehensive Income | October 31, | October 31, | |||||||||||||||
Components | Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Accumulated unrealized gains (losses) on available-for-sale securities, net | |||||||||||||||||
Other income, net | $ | (1,641 | ) | $ | — | $ | (1,641 | ) | $ | — | |||||||
Total amounts reclassified out of Accumulated Other Comprehensive Income | $ | (1,641 | ) | $ | — | $ | (1,641 | ) | $ | — | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | |||||||||||||
Oct. 31, 2013 | ||||||||||||||
Income Taxes | ' | |||||||||||||
Schedule of operating results for the period | ' | |||||||||||||
The Company reported the following operating results for the periods presented (in thousands): | ||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||
October 31, | October 31, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Income before income taxes | $ | 28,092 | $ | 14,556 | $ | 44,422 | $ | 14,350 | ||||||
Provision for (benefit from) income taxes | $ | 1,789 | $ | 4,211 | $ | (4,942 | ) | $ | 1,678 | |||||
Effective income tax rate | 6.4 | % | 28.9 | % | (11.1 | )% | 11.7 | % | ||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 6 Months Ended | |||||||||||||||
Oct. 31, 2013 | ||||||||||||||||
Related Party Transactions | ' | |||||||||||||||
Schedule of related party transactions and balances | ' | |||||||||||||||
The following table presents the amounts paid for services provided by related parties and the balances payable for the periods indicated (in thousands): | ||||||||||||||||
Three Months Ended | Six Months Ended | |||||||||||||||
Related | October 31, | October 31, | ||||||||||||||
Party | Description | 2013 | 2012 | 2013 | 2012 | |||||||||||
VisEra | Purchases of color filter and other manufacturing services | $ | 32,852 | $ | 45,028 | $ | 71,231 | $ | 86,198 | |||||||
Rent and other services(1) | $ | — | $ | 910 | $ | 3 | $ | 1,823 | ||||||||
Balances payable at period end, net | $ | 32,320 | $ | 30,286 | $ | 32,320 | $ | 30,286 | ||||||||
WLCSP | Purchases of packaging services | $ | 43 | $ | — | $ | 43 | $ | — | |||||||
Balances payable at period end, net | $ | 43 | $ | — | $ | 43 | $ | — | ||||||||
(1) The Company leased manufacturing floor space from VisEra from November 2011 to May 2013. |
Basis_of_Presentation_Details
Basis of Presentation (Details) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Dec. 31, 2000 | Jan. 31, 2007 | Jul. 31, 2011 |
item | OSC | OTC | OST | ||
sqft | sqft | ||||
Reclassifications | ' | ' | ' | ' | ' |
Land-use rights, net | $2,208,000 | $2,236,000 | ' | ' | ' |
Number of land-use rights agreements | 3 | ' | ' | ' | ' |
Land-use rights, gross | ' | ' | $800,000 | $600,000 | $1,000,000 |
Land-use rights, amortization period | ' | ' | '40 years | '50 years | '50 years |
Area of land (in square feet) | ' | ' | ' | 323,000 | 113,175 |
ShortTerm_Investments_Details
Short-Term Investments (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Apr. 30, 2013 |
Available-for-sale securities | ' | ' |
Amortized Cost | $58,432 | $22,170 |
Gross Unrealized Gains | 7 | ' |
Gross Unrealized Losses | -12 | -6 |
Fair Value | 58,427 | 22,164 |
Contractual maturity dates | ' | ' |
Contractual maturity dates, less than one year | 58,427 | 20,764 |
Contractual maturity dates, two years to twenty-three years | ' | 1,400 |
Fair Value | 58,427 | 22,164 |
Municipal bonds | ' | ' |
Available-for-sale securities | ' | ' |
Amortized Cost | 1,113 | 1,707 |
Gross Unrealized Gains | 1 | ' |
Fair Value | 1,114 | 1,707 |
Contractual maturity dates | ' | ' |
Fair Value | 1,114 | 1,707 |
Corporate debt securities/commercial paper | ' | ' |
Available-for-sale securities | ' | ' |
Amortized Cost | 57,319 | 20,463 |
Gross Unrealized Gains | 6 | ' |
Gross Unrealized Losses | -12 | -6 |
Fair Value | 57,313 | 20,457 |
Contractual maturity dates | ' | ' |
Fair Value | $57,313 | $20,457 |
Supplemental_Balance_Sheet_Acc2
Supplemental Balance Sheet Account Information (in thousands) (Details) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2012 | Apr. 30, 2012 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents: | ' | ' | ' | ' |
Cash | $169,242 | $145,762 | ' | ' |
Money market funds, certificates of deposit and U.S. government bonds | 37,929 | 44,409 | ' | ' |
Cash and cash equivalents | 207,171 | 190,171 | 115,511 | 290,492 |
Accounts receivable, net: | ' | ' | ' | ' |
Accounts receivable | 176,982 | 172,833 | ' | ' |
Less: Allowance for doubtful accounts | -719 | -945 | ' | ' |
Allowance for sales returns | -5,392 | -5,371 | ' | ' |
Accounts receivable, net | 170,871 | 166,517 | ' | ' |
Inventories: | ' | ' | ' | ' |
Work in progress | 159,046 | 213,095 | ' | ' |
Finished goods | 231,229 | 217,220 | ' | ' |
Inventories | 390,275 | 430,315 | ' | ' |
Prepaid expenses and other current assets: | ' | ' | ' | ' |
Prepaid expenses | 7,260 | 7,974 | ' | ' |
Deposits and other | 542 | 3,907 | ' | ' |
Interest receivable | 372 | 101 | ' | ' |
Prepaid expenses and other current assets | 8,174 | 11,982 | ' | ' |
Property, plant and equipment, net: | ' | ' | ' | ' |
Property, plant and equipment, gross | 255,598 | 247,026 | ' | ' |
Less: Accumulated depreciation and amortization | -98,198 | -88,632 | ' | ' |
Property, plant and equipment, net | 157,400 | 158,394 | ' | ' |
Other long-term assets: | ' | ' | ' | ' |
Deferred income tax assets - non-current | 5,122 | 6,251 | ' | ' |
Land-use rights | 2,208 | 2,236 | ' | ' |
Other long-term assets | 30,083 | 28,179 | ' | ' |
Total other long-term assets | 37,413 | 36,666 | ' | ' |
Accrued expenses and other current liabilities: | ' | ' | ' | ' |
Due to VisEra for acquisition of production operations | 9,000 | 9,000 | ' | ' |
Employee compensation | 15,814 | 12,856 | ' | ' |
Third party commissions | 402 | 850 | ' | ' |
Professional services | 2,847 | 2,176 | ' | ' |
Noncancelable purchase commitments | 1,313 | 4,817 | ' | ' |
Rebates | 2,044 | 2,557 | ' | ' |
Other | 10,656 | 8,018 | ' | ' |
Accrued expenses and other current liabilities | 42,076 | 40,274 | ' | ' |
Other long-term liabilities: | ' | ' | ' | ' |
Interest rate swap | 3,571 | 4,184 | ' | ' |
Other | 437 | 434 | ' | ' |
Other long-term liabilities | 4,008 | 4,618 | ' | ' |
Land | ' | ' | ' | ' |
Property, plant and equipment, net: | ' | ' | ' | ' |
Property, plant and equipment, gross | 13,000 | 13,000 | ' | ' |
Buildings | ' | ' | ' | ' |
Property, plant and equipment, net: | ' | ' | ' | ' |
Property, plant and equipment, gross | 82,547 | 57,246 | ' | ' |
Buildings/leasehold improvements | ' | ' | ' | ' |
Property, plant and equipment, net: | ' | ' | ' | ' |
Property, plant and equipment, gross | 28,692 | 24,659 | ' | ' |
Machinery and equipment | ' | ' | ' | ' |
Property, plant and equipment, net: | ' | ' | ' | ' |
Property, plant and equipment, gross | 116,106 | 102,429 | ' | ' |
Furniture and fixtures | ' | ' | ' | ' |
Property, plant and equipment, net: | ' | ' | ' | ' |
Property, plant and equipment, gross | 5,017 | 5,013 | ' | ' |
Software | ' | ' | ' | ' |
Property, plant and equipment, net: | ' | ' | ' | ' |
Property, plant and equipment, gross | 8,872 | 6,954 | ' | ' |
Construction in progress | ' | ' | ' | ' |
Property, plant and equipment, net: | ' | ' | ' | ' |
Property, plant and equipment, gross | $1,364 | $37,725 | ' | ' |
Longterm_Investments_Details
Long-term Investments (Details) (USD $) | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | |||||||||||||||||||||||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | Apr. 30, 2003 | Oct. 31, 2013 | Apr. 30, 2013 | Apr. 30, 2013 | Feb. 29, 2012 | Jul. 31, 2013 | Jun. 30, 2011 | 31-May-07 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | Nov. 30, 2009 | Jun. 30, 2011 | Jun. 30, 2010 | Dec. 31, 2009 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | Oct. 31, 2011 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | |
XinTec, Inc. ("XinTec") | XinTec, Inc. ("XinTec") | XinTec, Inc. ("XinTec") | Phostek, Inc. ("Phostek") | Phostek, Inc. ("Phostek") | Phostek, Inc. ("Phostek") | CameraCube production operations | China WLCSP Limited ("WLCSP") | China WLCSP Limited ("WLCSP") | China WLCSP Limited ("WLCSP") | China WLCSP Limited ("WLCSP") | China WLCSP Limited ("WLCSP") | China WLCSP Limited ("WLCSP") | ImPac Technology Co., Ltd. ("ImPac") | Tong Hsing Electronic Industries, Limited ("Tong Hsing") | Tong Hsing Electronic Industries, Limited ("Tong Hsing") | Tong Hsing Electronic Industries, Limited ("Tong Hsing") | Tong Hsing Electronic Industries, Limited ("Tong Hsing") | Tong Hsing Electronic Industries, Limited ("Tong Hsing") | Tong Hsing Electronic Industries, Limited ("Tong Hsing") | Tong Hsing Electronic Industries, Limited ("Tong Hsing") | Tong Hsing Electronic Industries, Limited ("Tong Hsing") | VisEra Technologies Company, Ltd. ("VisEra") | VisEra Technologies Company, Ltd. ("VisEra") | VisEra Technologies Company, Ltd. ("VisEra") | VisEra Technologies Company, Ltd. ("VisEra") | VisEra Technologies Company, Ltd. ("VisEra") | VisEra Technologies Company, Ltd. ("VisEra") | VisEra Technologies Company, Ltd. ("VisEra") | VisEra Holding Company ("VisEra Cayman") | VisEra Holding Company ("VisEra Cayman") | ||||||
Other income, net | Other income, net | Accrued expenses and other current liabilities | XinTec, Inc. ("XinTec") | |||||||||||||||||||||||||||||||||
Long-term investment disclosures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term investments | $145,643,000 | ' | $145,643,000 | ' | $139,746,000 | ' | $4,661,000 | $4,661,000 | $2,000,000 | $2,000,000 | ' | ' | ' | $25,339,000 | ' | $25,339,000 | ' | $22,539,000 | ' | ' | ' | ' | ' | ' | ' | $5,313,000 | ' | $115,643,000 | ' | $115,643,000 | ' | $105,233,000 | ' | ' | ' | ' |
Percentage of equity ownership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20.00% | 18.70% | ' | 18.70% | ' | ' | 25.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49.10% | ' |
Consideration for production operations from VisEra | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional contingent consideration | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' |
Consideration payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' |
Dividend payments received from investee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 830,000 | 890,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,760,000 | ' | ' | ' | ' | ' |
Equity income | 1,317,000 | 1,192,000 | 2,427,000 | 2,332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,317,000 | 1,192,000 | 2,427,000 | 2,332,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity income | ' | ' | 12,585,000 | 9,357,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,951,000 | 5,990,000 | 10,410,000 | 9,855,000 | ' | ' | ' | ' | ' |
Net effect on Cost of revenues, after the elimination of unrealized intercompany profits | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,271,000 | 4,774,000 | 12,158,000 | 6,752,000 | ' | ' | ' | ' | ' |
Investment acquired (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,500,000 | ' | ' | ' | ' | ' | ' | 115,481 | 95,570 | 996,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase amount of equity method investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase of long-term investment | ' | ' | ' | ' | ' | 2,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership percentage | ' | ' | ' | ' | ' | ' | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.80% |
Beneficial ownership percentage | ' | ' | ' | ' | ' | ' | 11.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of equity ownership | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.80% | ' | 0.70% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on sale of investment | ' | ' | 1,990,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional contributions to other investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 421,000 | 282,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrealized holding gains (losses) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 740,000 | 566,000 | -260,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Impairment charge | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating data: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,021,000 | 14,697,000 | 38,965,000 | 28,544,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 37,511,000 | 45,529,000 | 79,264,000 | 87,499,000 | ' | ' | ' | ' | ' |
Gross profit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,651,000 | 8,765,000 | 21,862,000 | 16,835,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,317,000 | 15,761,000 | 33,719,000 | 25,317,000 | ' | ' | ' | ' | ' |
Income from operations | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,423,000 | 7,720,000 | 15,986,000 | 14,809,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,632,000 | 12,554,000 | 28,386,000 | 19,093,000 | ' | ' | ' | ' | ' |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,055,000 | 6,385,000 | 12,997,000 | 12,490,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,760,000 | 9,664,000 | 24,740,000 | 13,640,000 | ' | ' | ' | ' | ' |
Undistributed earnings of investees | $64,415,000 | ' | $64,415,000 | ' | $49,830,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2012 | Apr. 30, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Apr. 30, 2013 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
In Thousands, unless otherwise specified | Acquired patent portfolio | Acquired patent portfolio | Core technology | Core technology | Patents and licenses | Patents and licenses | Patents and licenses | Patents and licenses | Patents and licenses | Trademarks and tradenames | Trademarks and tradenames | Customer relationships | Customer relationships | Amortization of finite Lived intangibles excluding acquired patent portfolio | Amortization of finite Lived intangibles excluding acquired patent portfolio | Amortization of finite Lived intangibles excluding acquired patent portfolio | Amortization of finite Lived intangibles excluding acquired patent portfolio | ||||
Change to carrying value of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning balance | $10,227 | $10,227 | $10,227 | $10,227 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending balance | 10,227 | 10,227 | 10,227 | 10,227 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived intangible assets, Cost | 117,000 | 117,000 | ' | ' | 65,000 | 65,000 | 36,100 | 36,100 | 14,160 | ' | 14,160 | ' | 14,160 | 1,400 | 1,400 | 340 | 340 | ' | ' | ' | ' |
Finite-lived intangible assets, Accumulated Amortization | 66,271 | 60,196 | ' | ' | 23,988 | 19,345 | 26,947 | 25,649 | 13,713 | ' | 13,713 | ' | 13,596 | 1,400 | 1,400 | 223 | 206 | ' | ' | ' | ' |
Finite-lived intangible assets, Net Book Value | 50,729 | 56,804 | ' | ' | 41,012 | 45,655 | 9,153 | 10,451 | 447 | ' | 447 | ' | 564 | ' | ' | 117 | 134 | ' | ' | ' | ' |
Amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amortization of intangibles | ' | ' | ' | ' | ' | ' | ' | ' | 2,322 | 2,322 | 4,643 | 4,643 | ' | ' | ' | ' | ' | 582 | 901 | 1,432 | 1,785 |
Expected future annual amortization of intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | 5,809 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2015 | 11,496 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2016 | 11,319 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2017 | 11,193 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2018 | 10,112 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Thereafter | 800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total | $50,729 | $56,804 | ' | ' | $41,012 | $45,655 | $9,153 | $10,451 | $447 | ' | $447 | ' | $564 | ' | ' | $117 | $134 | ' | ' | ' | ' |
Borrowing_Arrangements_and_Rel2
Borrowing Arrangements and Related Derivative Instruments (Details) | 0 Months Ended | 3 Months Ended | 6 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||||||
Mar. 16, 2007 | Oct. 31, 2013 | Apr. 30, 2013 | Jul. 31, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Mar. 16, 2007 | Oct. 31, 2013 | Jul. 31, 2008 | Jul. 31, 2012 | Oct. 31, 2013 | Mar. 16, 2007 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Apr. 30, 2013 | |
item | USD ($) | USD ($) | item | Other long-term liabilities | Other long-term liabilities | Other income, net | Other income, net | Other income, net | Other income, net | Mortgage loan | Mortgage loan | Mortgage loan | Mortgage loan | Term loan | Term loan | Term loan | Term loan | Construction loan | Construction loan | Construction loan | Construction loan | Construction loan | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | LIBOR | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | OmniVision Technologies (Shanghai) Co., Ltd. | OmniVision Technologies (Shanghai) Co., Ltd. | OmniVision Technologies (Shanghai) Co., Ltd. | ||||||
USD ($) | CNY | ||||||||||||||||||||||
Borrowing arrangements | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long term debt | ' | $39,395,000 | $39,478,000 | ' | ' | ' | ' | ' | ' | ' | $23,929,000 | $24,207,000 | ' | ' | ' | ' | ' | ' | $15,466,000 | $15,271,000 | ' | ' | ' |
Less: amount due within one year | ' | -3,809,000 | -3,769,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-current portion of long-term debt | ' | 35,586,000 | 35,709,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate debt maturities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
2014 | ' | 3,809,000 | ' | ' | ' | ' | ' | ' | ' | ' | 554,000 | ' | ' | ' | ' | ' | ' | ' | 3,255,000 | ' | ' | ' | ' |
2015 | ' | 3,810,000 | ' | ' | ' | ' | ' | ' | ' | ' | 554,000 | ' | ' | ' | ' | ' | ' | ' | 3,256,000 | ' | ' | ' | ' |
2016 | ' | 7,066,000 | ' | ' | ' | ' | ' | ' | ' | ' | 554,000 | ' | ' | ' | ' | ' | ' | ' | 6,512,000 | ' | ' | ' | ' |
2017 | ' | 24,710,000 | ' | ' | ' | ' | ' | ' | ' | ' | 22,267,000 | ' | ' | ' | ' | ' | ' | ' | 2,443,000 | ' | ' | ' | ' |
Total | ' | 39,395,000 | 39,478,000 | ' | ' | ' | ' | ' | ' | ' | 23,929,000 | 24,207,000 | ' | ' | ' | ' | ' | ' | 15,466,000 | 15,271,000 | ' | ' | ' |
Number of buildings purchased against Loan and Security Agreement with a domestic bank | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate maximum principal amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | ' | ' | ' | ' | ' |
Amount borrowed (repaid) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,000,000 | -12,000,000 | ' | ' | ' | ' | ' | ' | ' |
Reference rate of debt | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 'LIBOR | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis points added to reference rate of debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate on debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.10% | 1.10% | ' | ' | ' | ' | ' | ' | ' | ' | 5.90% | 5.90% | 5.90% |
Interest rates swap period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stated interest rate on debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.30% | ' | ' | ' | ' | ' | 4.30% | ' | ' | ' | ' | ' | ' |
Effective interest rate on debt (as a percent) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.20% | ' | ' | ' | ' | ' | 5.50% | ' | ' | ' | ' | ' | ' |
Amount outstanding under line of credit facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,500,000 | 95,000,000 | ' |
Location of amounts recognized in Condensed Consolidated Statements of Income and amount of gains: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain on interest rate swap recorded in other income, net | ' | ' | ' | ' | ' | ' | 134,000 | 325,000 | 613,000 | 227,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Location of amounts on Condensed Consolidated Balance Sheets and fair values: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap recorded in Other long-term liabilities | ' | $3,571,000 | $4,184,000 | ' | $3,571,000 | $4,184,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest rate swap, number (in contracts) | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of loans with interest rate swaps | ' | ' | ' | 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Net Income Per Share | ' | ' | ' | ' |
Antidilutive common stock subject to outstanding options (in shares) | 2,624,000 | 2,292,000 | 2,624,000 | 2,862,000 |
Basic Numerator: | ' | ' | ' | ' |
Net income | $26,303 | $10,345 | $49,364 | $12,672 |
Basic Denominator: | ' | ' | ' | ' |
Weighted average common shares for net income per share | 55,584,000 | 53,514,000 | 55,098,000 | 53,172,000 |
Basic net income per share | $0.47 | $0.19 | $0.90 | $0.24 |
Diluted Numerator: | ' | ' | ' | ' |
Net income | $26,303 | $10,345 | $49,364 | $12,672 |
Diluted Denominator: | ' | ' | ' | ' |
Denominator for basic net income per share | 55,584,000 | 53,514,000 | 55,098,000 | 53,172,000 |
Weighted average effect of dilutive securities: | ' | ' | ' | ' |
Stock options, restricted stock units and employee stock purchase plan shares | 148,000 | 161,000 | 355,000 | 138,000 |
Weighted average common shares for diluted net income per share | 55,732,000 | 53,675,000 | 55,453,000 | 53,310,000 |
Diluted net income per share | $0.47 | $0.19 | $0.89 | $0.24 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Interest rate swap | ($3,571) | ($4,184) |
Recurring Basis | Total | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Cash equivalents | 37,929 | 44,409 |
Short-term investments | 58,427 | 22,164 |
Long-term investments | ' | 5,313 |
Total assets | 96,356 | 71,886 |
Interest rate swap | -3,571 | -4,184 |
Total liabilities | -3,571 | -4,184 |
Recurring Basis | Total | Money market funds | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total assets | 20,448 | 44,409 |
Recurring Basis | Total | U.S. government debt securities and municipal bonds | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total assets | 1,113 | 1,707 |
Recurring Basis | Total | Corporate debt securities/commercial paper | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total assets | 74,795 | 20,457 |
Recurring Basis | Total | Equity investment | Tong Hsing | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total assets | ' | 5,313 |
Recurring Basis | Level 1 | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Cash equivalents | 20,448 | 44,409 |
Long-term investments | ' | 5,313 |
Total assets | 20,448 | 49,722 |
Recurring Basis | Level 1 | Money market funds | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total assets | 20,448 | 44,409 |
Recurring Basis | Level 1 | Equity investment | Tong Hsing | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total assets | ' | 5,313 |
Recurring Basis | Level 2 | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Cash equivalents | 17,481 | ' |
Short-term investments | 58,427 | 22,164 |
Total assets | 75,908 | 22,164 |
Interest rate swap | -3,571 | -4,184 |
Total liabilities | -3,571 | -4,184 |
Recurring Basis | Level 2 | U.S. government debt securities and municipal bonds | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total assets | 1,113 | 1,707 |
Recurring Basis | Level 2 | Corporate debt securities/commercial paper | ' | ' |
Financial assets and liabilities measured at fair value on a recurring basis | ' | ' |
Total assets | $74,795 | $20,457 |
Segment_and_Geographic_Informa2
Segment and Geographic Information (Details) (Sales) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Geographical segment information | ' | ' | ' | ' |
Revenues by customer segment (as a percent) | 100.00% | 100.00% | 100.00% | 100.00% |
OEMs and VARs | ' | ' | ' | ' |
Geographical segment information | ' | ' | ' | ' |
Revenues by customer segment (as a percent) | 84.10% | 85.20% | 82.90% | 80.20% |
Distributors | ' | ' | ' | ' |
Geographical segment information | ' | ' | ' | ' |
Revenues by customer segment (as a percent) | 15.90% | 14.80% | 17.10% | 19.80% |
Segment_and_Geographic_Informa3
Segment and Geographic Information (Details 2) (USD $) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Apr. 30, 2013 |
Long-lived assets | Long-lived assets | China | China | China | China | China | China | South Korea | South Korea | South Korea | South Korea | Japan | Japan | Japan | Japan | United Kingdom | United Kingdom | United Kingdom | United Kingdom | Taiwan | Taiwan | United States | United States | United States | United States | United States | United States | All other | All other | All other | All other | All other | All other | |||||
Sales | Sales | Sales | Sales | Long-lived assets | Long-lived assets | Sales | Sales | Sales | Sales | Sales | Sales | Sales | Sales | Sales | Sales | Sales | Sales | Long-lived assets | Long-lived assets | Sales | Sales | Sales | Sales | Long-lived assets | Long-lived assets | Sales | Sales | Sales | Sales | Long-lived assets | Long-lived assets | |||||||
Geographical segment information | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $397,249 | $390,137 | $770,937 | $648,201 | ' | ' | $305,918 | $265,432 | $584,829 | $440,539 | ' | ' | $47,624 | $64,954 | $103,761 | $113,773 | $28,259 | $18,626 | $43,770 | $32,422 | $4,521 | $3,449 | $8,963 | $6,295 | ' | ' | $1,340 | $1,351 | $2,761 | $1,856 | ' | ' | $9,587 | $36,325 | $26,853 | $53,316 | ' | ' |
Long-lived assets | ' | ' | ' | ' | $335,334 | $328,555 | ' | ' | ' | ' | $156,158 | $139,482 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $126,016 | $137,359 | ' | ' | ' | ' | $52,405 | $50,903 | ' | ' | ' | ' | $755 | $811 |
Supplemental_Financial_Informa2
Supplemental Financial Information (Details) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 |
Additional Paid-in Capital | ' | ' |
Additional paid-in capital, balance at the beginning of the period | $616,379 | ' |
Exercise of common stock options | 6,054 | ' |
Employee stock purchase plan | 3,438 | ' |
Employee stock-based compensation | 16,969 | ' |
Withholding tax deduction on restricted stock units | -2,701 | ' |
Tax effect from stock-based compensation | 1,338 | 1,618 |
Write-off of employee stock-based compensation related deferred tax assets | -1,045 | ' |
Additional paid-in capital, balance at the end of the period | $640,432 | ' |
Supplemental_Financial_Informa3
Supplemental Financial Information (Details 2) (USD $) | Oct. 31, 2013 | Apr. 30, 2013 | Oct. 31, 2013 | Oct. 31, 2013 | Oct. 31, 2013 |
In Thousands, unless otherwise specified | Accumulated translation gains | Accumulated unrealized gains (losses) on available-for-sale securities, net | Total accumulated other comprehensive income | ||
Components of and changes in accumulated other comprehensive income | ' | ' | ' | ' | ' |
Balance at the beginning of the period | $3,276 | $3,952 | $3,036 | $916 | $3,952 |
Other Comprehensive Income Before Reclassification | ' | ' | 373 | 370 | 743 |
Amounts Reclassified out of Accumulated Other Comprehensive Income | ' | ' | ' | -1,641 | -1,641 |
Related tax effects | ' | ' | -131 | 353 | 222 |
Balance at the end of the period | $3,276 | $3,952 | $3,278 | ($2) | $3,276 |
Supplemental_Financial_Informa4
Supplemental Financial Information (Details 3) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
Amounts reclassified out of accumulated other comprehensive income | ' | ' | ' | ' |
Other income, net | $2,345 | $222 | $1,168 | $316 |
Accumulated unrealized gains (losses) on available-for-sale securities, net | Amounts Reclassified out of Accumulated Other Comprehensive Income | ' | ' | ' | ' |
Amounts reclassified out of accumulated other comprehensive income | ' | ' | ' | ' |
Other income, net | -1,641 | ' | -1,641 | ' |
Total amounts reclassified out of Accumulated Other Comprehensive Income | ($1,641) | ' | ($1,641) | ' |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 | |
Income Taxes | ' | ' | ' | ' |
Income before income taxes | $28,092,000 | $14,556,000 | $44,422,000 | $14,350,000 |
Provision for (benefit from) income taxes | 1,789,000 | 4,211,000 | -4,942,000 | 1,678,000 |
Effective income tax rate (as a percent) | 6.40% | 28.90% | -11.10% | 11.70% |
Anticipated decrease in gross unrecognized tax benefits due to the lapse of the applicable statutes of limitations in certain foreign jurisdictions over the next 12 months | $15,500,000 | ' | $15,500,000 | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (OmniVision Technologies (Wuhan) Co. Ltd. ("OV-Wuhan"), Research and development efforts, USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2013 |
OmniVision Technologies (Wuhan) Co. Ltd. ("OV-Wuhan") | Research and development efforts | ' |
Commitments | ' |
Amount contributed under agreement | $1 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details 2) | 0 Months Ended | ||||||
Aug. 09, 2012 | Nov. 22, 2011 | Dec. 06, 2010 | Oct. 26, 2011 | 10-May-12 | Mar. 21, 2012 | Nov. 15, 2011 | |
Patent infringement | Patent infringement | Patent infringement | Violation of the federal securities laws | Shareholder derivative complaint | Shareholder derivative complaint | Shareholder derivative complaint | |
item | item | item | item | item | item | item | |
Litigation | ' | ' | ' | ' | ' | ' | ' |
Number of patents allegedly infringed | 3 | 5 | 6 | ' | ' | ' | ' |
Number of executives against whom case has been filed | ' | ' | ' | 3 | ' | ' | ' |
Number of Directors against whom case has been filed | ' | ' | ' | 1 | ' | ' | ' |
Number of shareholder derivative complaints | ' | ' | ' | ' | 5 | 4 | 3 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Oct. 31, 2013 | Oct. 31, 2012 | Oct. 31, 2013 | Oct. 31, 2012 |
VisEra Technologies Company, Ltd. ("VisEra") | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Purchases of services | $32,852 | $45,028 | $71,231 | $86,198 |
Rent and other services | ' | 910 | 3 | 1,823 |
Balance payable at period end | 32,320 | 30,286 | 32,320 | 30,286 |
WLCSP | ' | ' | ' | ' |
Related Party Transactions | ' | ' | ' | ' |
Purchases of services | 43 | ' | 43 | ' |
Balance payable at period end | $43 | ' | $43 | ' |