Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Jan. 31, 2015 | Mar. 02, 2015 | |
Document and Entity Information | ||
Entity Registrant Name | OMNIVISION TECHNOLOGIES INC | |
Entity Central Index Key | 1106851 | |
Document Type | 10-Q | |
Document Period End Date | 31-Jan-15 | |
Amendment Flag | FALSE | |
Current Fiscal Year End Date | -26 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 58,106,421 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
Current assets: | ||
Cash and cash equivalents | $308,161,000 | $297,952,000 |
Short-term investments | 204,626,000 | 152,993,000 |
Accounts receivable, net | 141,706,000 | 172,472,000 |
Inventories | 366,379,000 | 270,935,000 |
Deferred income taxes | 4,553,000 | 4,973,000 |
Prepaid expenses and other current assets | 6,473,000 | 6,576,000 |
Recoverable insurance proceeds | 12,500,000 | |
Total current assets | 1,044,398,000 | 905,901,000 |
Property, plant and equipment, net | 148,516,000 | 153,792,000 |
Long-term investments | 145,310,000 | 154,409,000 |
Goodwill | 10,227,000 | 10,227,000 |
Intangibles, net | 55,760,000 | 66,217,000 |
Other long-term assets | 25,194,000 | 32,529,000 |
Total assets | 1,429,405,000 | 1,323,075,000 |
Current liabilities: | ||
Accounts payable | 146,905,000 | 142,012,000 |
Accrued expenses and other current liabilities | 28,583,000 | 31,959,000 |
Litigation settlement accrual | 12,500,000 | |
Income taxes payable | 6,081,000 | 2,316,000 |
Deferred revenues, less cost of revenues | 19,709,000 | 25,783,000 |
Current portion of long-term debt | 7,071,000 | 3,802,000 |
Total current liabilities | 220,849,000 | 205,872,000 |
Long-term liabilities: | ||
Long-term income taxes payable | 51,127,000 | 86,498,000 |
Non-current portion of long-term debt | 25,128,000 | 32,030,000 |
Other long-term liabilities | 21,853,000 | 11,818,000 |
Total long-term liabilities | 98,108,000 | 130,346,000 |
Total liabilities | 318,957,000 | 336,218,000 |
Commitments and contingencies (Note 13) | ||
Stockholders' equity: | ||
Common stock, $0.001 par value; 100,000 shares authorized; 78,655 shares issued and 58,056 outstanding at January 31, 2015 and 76,681 shares issued and 56,082 outstanding at April 30, 2014, respectively | 79,000 | 77,000 |
Additional paid-in capital | 700,668,000 | 664,602,000 |
Accumulated other comprehensive income | 2,507,000 | 2,378,000 |
Treasury stock, 20,599 at January 31, 2015 and April 30, 2014, respectively | -278,683,000 | -278,683,000 |
Retained earnings | 685,877,000 | 598,483,000 |
Total stockholders' equity | 1,110,448,000 | 986,857,000 |
Total liabilities and stockholders' equity | $1,429,405,000 | $1,323,075,000 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
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 | 78,655 | 76,681 |
Common stock, shares outstanding | 58,056 | 56,082 |
Treasury stock, shares | 20,599 | 20,599 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME | ||||
Revenues | $292,341 | $352,023 | $1,092,922 | $1,122,960 |
Cost of revenues | 227,759 | 282,891 | 853,423 | 913,801 |
Gross profit | 64,582 | 69,132 | 239,499 | 209,159 |
Operating expenses: | ||||
Research, development and related | 33,190 | 30,936 | 102,108 | 87,761 |
Selling, general and administrative | 19,465 | 18,028 | 58,904 | 54,684 |
Amortization of acquired patent portfolio | 2,321 | 2,321 | 6,964 | 6,964 |
Total operating expenses | 54,976 | 51,285 | 167,976 | 149,409 |
Income from operations | 9,606 | 17,847 | 71,523 | 59,750 |
Equity in earnings of investee | 1,279 | 837 | 3,248 | 3,264 |
Interest expense, net | -404 | -466 | -1,256 | -1,542 |
Other income, net | 324 | 24,038 | 1,588 | 25,206 |
Income before income taxes | 10,805 | 42,256 | 75,103 | 86,678 |
Provision for (benefit from) income taxes | -3,218 | 11,696 | -12,291 | 6,754 |
Net income | $14,023 | $30,560 | $87,394 | $79,924 |
Net income per share: | ||||
Basic (in dollars per share) | $0.24 | $0.55 | $1.52 | $1.44 |
Diluted (in dollars per share) | $0.23 | $0.54 | $1.48 | $1.42 |
Shares used in computing net income per share: | ||||
Basic (in shares) | 57,948 | 55,913 | 57,383 | 55,369 |
Diluted (in shares) | 60,134 | 56,186 | 59,238 | 56,472 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | ||||
Net income | $14,023 | $30,560 | $87,394 | $79,924 |
Other comprehensive income (loss), net of tax: | ||||
Translation gains (losses) | 131 | -27 | 107 | 215 |
Reclassification adjustments for (gains) on sale of WLCSP included in net income, net of tax | -665 | -665 | ||
Translation gains (losses) | 131 | -692 | 107 | -450 |
Unrealized gains (losses) on available-for-sale securities | 24 | -15 | 23 | 355 |
Reclassification adjustments for gains on available-for-sale securities included in net income | -1 | -1,288 | ||
Unrealized gains (losses) on available-for-sale securities | 24 | -15 | 22 | -933 |
Other comprehensive income (loss) | 155 | -707 | 129 | -1,383 |
Comprehensive income | $14,178 | $29,853 | $87,523 | $78,541 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Cash flows from operating activities: | ||
Net income | $87,394 | $79,924 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 26,225 | 23,751 |
Change in fair value of interest rate swap | -639 | -933 |
Stock-based compensation | 25,816 | 25,912 |
Tax effect from stock-based compensation | 2,458 | 3,926 |
Gain on equity investments, net | -7,461 | -17,865 |
Write-down of inventories | 30,389 | 25,978 |
Excess tax benefits from stock-based compensation | -2,458 | -3,311 |
Gain associated with WLCSP IPO | -23,802 | |
Gain on sale of investment in Tong Hsing | -1,990 | |
(Gain) loss on disposal of property, plant and equipment | 4 | -154 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 30,766 | 31,811 |
Inventories | -126,254 | 66,350 |
Deferred income taxes | -5,059 | 8,143 |
Prepaid expenses and other assets | 12,661 | 1,492 |
Accounts payable | 6,512 | -38,705 |
Accrued expenses and other liabilities | 6,059 | -1,564 |
Income taxes payable | -18,349 | -8,611 |
Deferred revenues, less cost of revenues | -6,091 | 5,144 |
Net cash provided by operating activities | 61,973 | 175,496 |
Cash flows from investing activities: | ||
Purchases of short-term investments | -261,489 | -126,979 |
Proceeds from sales or maturities of short-term investments | 207,847 | 64,327 |
Purchases of property, plant and equipment, net of sales | -9,717 | -13,154 |
Proceeds from sale of investment in Tong Hsing | 6,224 | |
Net cash used in investing activities | -63,359 | -69,582 |
Cash flows from financing activities: | ||
Repayment of long-term borrowings | -3,674 | -3,691 |
Excess tax benefits from stock-based compensation | 2,458 | 3,311 |
Proceeds from exercise of stock options and employee stock purchase plan | 12,837 | 13,206 |
Net cash provided by financing activities | 11,621 | 12,826 |
Effect of exchange rate changes on cash and cash equivalents | -26 | 16 |
Net increase in cash and cash equivalents | 10,209 | 118,756 |
Cash and cash equivalents at beginning of period | 297,952 | 190,171 |
Cash and cash equivalents at end of period | 308,161 | 308,927 |
Supplemental cash flow information: | ||
Taxes paid | 8,615 | 3,422 |
Interest paid | 1,654 | 1,826 |
Supplemental schedule of non-cash investing and financing activities: | ||
Additions to intangible assets included in accruals | 21,906 | |
Sale of WLCSP shares | 15,066 | |
Additions to property, plant and equipment included in accounts payable and accrued expenses and other current liabilities | 2,622 | 2,786 |
Write-off of employee stock-based compensation-related deferred tax assets | $858 | $722 |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Jan. 31, 2015 | |
Basis of Presentation | |
Basis of Presentation | Note 1 — Basis of Presentation |
Overview | |
The accompanying interim unaudited condensed consolidated financial statements as of January 31, 2015 and April 30, 2014 and for the three and nine months ended January 31, 2015 and 2014 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, 2014 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, 2014 (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. | |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 9 Months Ended |
Jan. 31, 2015 | |
Recent Accounting Pronouncements | |
Recent Accounting Pronouncements | Note 2 — Recent Accounting Pronouncements |
In April 2014, the Financial Accounting Standards Board (“FASB”) revised the authoritative guidance on reporting discontinued operations. The revised guidance specifies that a disposal of a component of an entity or a group of components of an entity is required to be reported in a discontinued operation if the disposal represents a strategic shift that has, or will have a major effect on an entity’s operations and financial results. The guidance also changes the requirements for reporting discontinued operations which requires additional disclosures for discontinued operations and new disclosures for individually material disposal transactions that do not meet the definition of a discontinued operation. The guidance is effective for the Company beginning in the first quarter of fiscal 2016. The Company is currently evaluating the impact this guidance may have on its financial position, results of operations and cash flows. | |
In May 2014, the FASB issued new authoritative guidance for revenue recognition. The new revenue recognition guidance provides a comprehensive framework to address revenue recognition issues for all contracts with customers, and supersedes most previously-issued industry-specific guidance. The core principle of the guidance is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. To achieve that core principle and apply the new guidance, entities will follow a five-step approach: Step 1) identify the contracts with the customer; Step 2) identify the separate performance obligations in the contract; Step 3) determine the transaction price; Step 4) allocate the transaction price to separate performance obligations; and Step 5) recognize revenue when, or as, each performance obligation is satisfied. The new guidance is required to be applied retrospectively to each prior reporting period presented, or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. The guidance is effective for the Company beginning in the first quarter of fiscal 2018. The Company has not yet selected the transition method, and is currently evaluating the impact this guidance may have on its financial position, results of operations and cash flows. | |
In August 2014, the FASB issued new authoritative guidance related to the disclosures around going concern. The new guidance specifies management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures. The new guidance is effective for the Company beginning in the first quarter of fiscal 2018. Early adoption is permitted. The Company does not expect the adoption of this guidance to have any material effect on its financial position, results of operations and cash flows. | |
In January 2015, the FASB revised the authoritative guidance on reporting extraordinary items by eliminating such concept from GAAP. Previously, if an event or transaction meets the criteria for extraordinary classification, an entity is required to segregate the extraordinary item from the results of ordinary operations and show the item separately in the income statement, net of tax. The guidance is effective for the Company beginning in the first quarter of fiscal 2017. The Company does not expect the adoption of this guidance to have any material effect on its financial position, results of operations and cash flows. | |
ShortTerm_Investments
Short-Term Investments | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
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 January 31, 2015 | ||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||
Unrealized | Unrealized | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||
Municipal bonds | $ | 9,205 | $ | — | $ | (3 | ) | $ | 9,202 | |||||
U.S. government debt securities with maturities less than one year | 26,652 | 4 | 26,656 | |||||||||||
Corporate debt securities/commercial paper | 168,778 | 13 | (23 | ) | 168,768 | |||||||||
$ | 204,635 | $ | 17 | $ | (26 | ) | $ | 204,626 | ||||||
Contractual maturity dates, less than one year | $ | 201,569 | ||||||||||||
Contractual maturity dates, one to two years | 3,057 | |||||||||||||
$ | 204,626 | |||||||||||||
As of April 30, 2014 | ||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||
Unrealized | Unrealized | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||
Municipal bonds | $ | 6,168 | $ | 1 | $ | (2 | ) | $ | 6,167 | |||||
Corporate debt securities/commercial paper | 146,866 | 6 | (46 | ) | 146,826 | |||||||||
$ | 153,034 | $ | 7 | $ | (48 | ) | $ | 152,993 | ||||||
Contractual maturity dates, less than one year | $ | 142,758 | ||||||||||||
Contractual maturity dates, one to two years | 10,235 | |||||||||||||
$ | 152,993 | |||||||||||||
Supplemental_Balance_Sheet_Acc
Supplemental Balance Sheet Account Information (in thousands) | 9 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Supplemental Balance Sheet Account Information (in thousands) | ||||||||
Supplemental Balance Sheet Account Information (in thousands) | Note 4 — Supplemental Balance Sheet Account Information (in thousands) | |||||||
January 31, | April 30, | |||||||
2015 | 2014 | |||||||
Cash and cash equivalents: | ||||||||
Cash | $ | 231,640 | $ | 195,141 | ||||
Money market funds, commercial paper and U.S. government bonds | 76,521 | 102,811 | ||||||
$ | 308,161 | $ | 297,952 | |||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 144,758 | $ | 176,576 | ||||
Less: Allowance for doubtful accounts | (886 | ) | (998 | ) | ||||
Allowance for sales returns | (2,166 | ) | (3,106 | ) | ||||
$ | 141,706 | $ | 172,472 | |||||
Inventories: | ||||||||
Work in progress | $ | 173,686 | $ | 107,621 | ||||
Finished goods | 192,693 | 163,314 | ||||||
$ | 366,379 | $ | 270,935 | |||||
Prepaid expenses and other current assets: | ||||||||
Prepaid expenses | $ | 5,109 | $ | 4,285 | ||||
Deposits and other | 331 | 1,284 | ||||||
Interest receivable | 1,033 | 1,007 | ||||||
$ | 6,473 | $ | 6,576 | |||||
Property, plant and equipment, net: | ||||||||
Land | $ | 13,000 | $ | 13,000 | ||||
Buildings | 82,623 | 82,547 | ||||||
Buildings/leasehold improvements | 29,318 | 29,123 | ||||||
Machinery and equipment | 120,046 | 119,762 | ||||||
Furniture and fixtures | 5,030 | 5,002 | ||||||
Software | 8,853 | 8,774 | ||||||
Construction in progress | 1,998 | 2,894 | ||||||
260,868 | 261,102 | |||||||
Less: Accumulated depreciation and amortization | (112,352 | ) | (107,310 | ) | ||||
$ | 148,516 | $ | 153,792 | |||||
Other long-term assets: | ||||||||
Deferred tax assets — non-current | $ | 1,096 | $ | 528 | ||||
Land-use rights | 2,137 | 2,180 | ||||||
Other long-term assets | 21,961 | 29,821 | ||||||
$ | 25,194 | $ | 32,529 | |||||
Accrued expenses and other current liabilities: | ||||||||
Deferred tax liabilities — current | $ | 144 | $ | 144 | ||||
Employee compensation | 12,677 | 15,176 | ||||||
Third party commissions | 511 | 380 | ||||||
Professional services | 2,574 | 2,270 | ||||||
Noncancelable purchase commitments | 729 | 647 | ||||||
Rebates | 1,896 | 1,511 | ||||||
Other | 10,052 | 11,831 | ||||||
$ | 28,583 | $ | 31,959 | |||||
Other long-term liabilities: | ||||||||
Interest rate swap | $ | 2,341 | $ | 2,980 | ||||
Deferred tax liabilities — non-current | 12,992 | 3,731 | ||||||
Other | 6,520 | 5,107 | ||||||
$ | 21,853 | $ | 11,818 | |||||
Longterm_Investments
Long-term Investments | 9 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
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): | ||||||||||||||||
January 31, | April 30, | |||||||||||||||
2015 | 2014 | |||||||||||||||
VisEra | $ | 103,402 | $ | 115,943 | ||||||||||||
WLCSP | 37,247 | 33,805 | ||||||||||||||
XinTec | 4,661 | 4,661 | ||||||||||||||
Total | $ | 145,310 | $ | 154,409 | ||||||||||||
VisEra Technologies Company, Ltd. | ||||||||||||||||
In October 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 January 31, 2015, the Company owned 49.1% of VisEra Cayman. | ||||||||||||||||
In June 2011, the Company entered into an agreement with VisEra to acquire from VisEra its CameraCubeChip production operations. The acquisition of the production operations was completed 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. In April 2014, due to the lack of commercial viability for certain milestone deliverables, the Company agreed with VisEra to reduce the final installment of cash consideration from $9.0 million to $4.5 million. Consequently, the Company recorded a $3.1 million post-acquisition gain in “Benefit from acquisition of production operations from VisEra,” representing the $4.5 million reduction in the final installment payment, net of a $1.4 million equity method elimination for the corresponding receivable write-off recorded by VisEra. The Company paid the final $4.5 million to VisEra in April 2014. | ||||||||||||||||
The Company received the following dividend payments from VisEra during the periods presented (in thousands): | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
January 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Dividend payments received from VisEra | $ | 17,101 | $ | — | ||||||||||||
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 | Nine Months Ended | |||||||||||||||
January 31, | January 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Equity income (losses) | $ | 680 | $ | (331 | ) | $ | 4,560 | $ | 10,079 | |||||||
Net effect on Cost of revenues, after the elimination of unrealized intercompany profits | $ | (81 | ) | $ | 4,220 | $ | 4,213 | $ | 16,378 | |||||||
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. In April 2010, WLCSP raised additional capital and reduced the Company’s ownership percentage to 19.7%. In May 2010, WLCSP converted all of its owners’ equity into share capital. The pro rata interests of all shareholders remained the same after the conversion and no income was distributed. After the conversion, WLCSP had 180.0 million shares outstanding, and the Company owned 35.4 million shares. In September 2010, WLCSP issued an additional 9.5 million shares to other parties and reduced the Company’s ownership percentage to 18.7%. | ||||||||||||||||
The Company has a seat on the WLCSP Board of Directors. With the determination that the Company has maintained significant influence over the operations of WLCSP, the Company accounts for its investment in WLCSP under the equity method. | ||||||||||||||||
In December 2013, WLCSP filed with the China Securities Regulatory Commission (“CSRC”) a registration statement for an initial public offering (“IPO”). The registration statement was approved by the CSRC in January 2014, and the IPO price was approximately $3.14 per share. As part of the IPO, WLCSP issued 37.2 million new shares and increased the total shares outstanding to 226.7 million shares. The Company also participated in the IPO as selling shareholder and sold 5.1 million shares, reducing the total number of shares owned by the Company to 30.3 million shares. | ||||||||||||||||
The issuance price of $3.14 for the 37.2 million new shares was higher than the Company’s average per share carrying value for WLCSP. Consequently, the Company recognized a non-cash change-in-interest gain of approximately $14.1 million. In addition, with the sale of 5.1 million shares during the IPO, the Company received net cash proceeds of approximately $15.1 million, and recognized approximately $9.7 million as gain on the sale. The change-in-interest gain and the realized gain from the share sale, totaling approximately $23.8 million, was recorded in “Other income, net” for the three months ended January 31, 2014. | ||||||||||||||||
The foreign exchange effects on WLCSP’s net assets are recorded as part of the Company’s cumulative translation adjustment in “Accumulated other comprehensive income.” The total gain of $23.8 million from WLCSP’s IPO included a pro rata release of approximately $1.0 million of the cumulative translation adjustment from “Accumulated other comprehensive income.” | ||||||||||||||||
As of January 31, 2015, the 30.3 million WLCSP shares owned by the Company represented an ownership percentage of 13.3%. The Company received the following dividend payments from WLCSP during the periods presented (in thousands): | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
January 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Dividend payments received from WLCSP | $ | 726 | $ | 830 | ||||||||||||
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). In the fourth quarter of fiscal 2014, to comply with China’s securities laws after WLCSP’s IPO, the Company introduced a one-month lag in its equity method of accounting for WLCSP. As such, for the three and nine months ended January 31, 2015, the Company included its share of WLCSP’s earnings from October 1, 2014 to December 31, 2014 and from April 1, 2014 to December 31, 2014, respectively. For the three months ended January 31, 2014, the Company’s share of WLCSP’s net income was based solely on the Company’s own best estimates. This was due to WLCSP scheduling the release of their December 31, 2013 financial results in April 2014, after their January 2014 IPO. Under China’s securities law, the Company is not able to disclose any periodic financial information which may otherwise be available to the Company in its capacity as a representative on WLCSP’s Board of Directors, until such information was publicly released in China. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
January 31, | January 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Equity income | $ | 1,279 | $ | 837 | $ | 3,248 | $ | 3,264 | ||||||||
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 January 31, 2015, the Company’s direct ownership percentage in XinTec was 4.12%. Separately, VisEra Cayman owns a 15.63% interest in XinTec. Consequently, the Company’s beneficial ownership percentage in XinTec was approximately 11.80%. 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 production 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” for the three months ended October 31, 2013. | ||||||||||||||||
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, and accounted 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 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 of the investee’s statement was prepared under US GAAP (in thousands). | ||||||||||||||||
As mentioned above, with WLCSP’s IPO in January 2014 and disclosure restrictions applicable then under China’s securities law, the Company was previously unable to disclose summarized financial information of WLCSP for the three and nine months ended January 31, 2014. Disclosure of such historical information in the current period would also not be consistent with any subsequent public disclosures from WLCSP. The summary financial information of WLCSP for the three and nine months ended December 31, 2013 are presented below as prior year comparatives. This information was included as part of the Company’s own best estimate of its share of WLCSP’s net income for the three months ended January 31, 2014. | ||||||||||||||||
VisEra Technologies Company, Ltd. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
January 31, | January 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Operating data: | ||||||||||||||||
Revenues | $ | 28,998 | $ | 24,236 | $ | 86,002 | $ | 103,500 | ||||||||
Gross profit | 5,962 | 13,147 | 21,240 | 46,866 | ||||||||||||
Income from operations | 3,746 | 10,567 | 14,328 | 38,953 | ||||||||||||
Net income (loss) | $ | (165 | ) | $ | 8,588 | $ | 8,574 | $ | 33,328 | |||||||
China WLCSP Limited | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating data: | ||||||||||||||||
Revenues | $ | 32,022 | $ | 20,111 | $ | 78,082 | $ | 58,651 | ||||||||
Gross profit | 14,064 | 11,522 | 40,428 | 32,176 | ||||||||||||
Income from operations | 7,125 | 6,415 | 21,928 | 21,712 | ||||||||||||
Net income | $ | 9,589 | $ | 6,474 | $ | 24,333 | $ | 18,736 | ||||||||
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): | ||||||||||||||||
January 31, | April 30, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Undistributed earnings of investees | $ | 56,431 | $ | 66,772 | ||||||||||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
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): | ||||||||||||||
Nine Months Ended | ||||||||||||||
January 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
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): | ||||||||||||||
January 31, 2015 | ||||||||||||||
Cost | Accumulated | Net Book | ||||||||||||
Amortization | Value | |||||||||||||
Acquired patent portfolio | $ | 65,000 | $ | 35,595 | $ | 29,405 | ||||||||
Core technology | 36,100 | 29,447 | 6,653 | |||||||||||
Patents and licenses | 36,066 | 16,438 | 19,628 | |||||||||||
Trademarks and tradenames | 1,400 | 1,400 | — | |||||||||||
Customer relationships | 340 | 266 | 74 | |||||||||||
Intangible assets, net | $ | 138,906 | $ | 83,146 | $ | 55,760 | ||||||||
April 30, 2014 | ||||||||||||||
Cost | Accumulated | Net Book | ||||||||||||
Amortization | Value | |||||||||||||
Acquired patent portfolio | $ | 65,000 | $ | 28,631 | $ | 36,369 | ||||||||
Core technology | 36,100 | 27,980 | 8,120 | |||||||||||
Patents and licenses | 36,066 | 14,438 | 21,628 | |||||||||||
Trademarks and tradenames | 1,400 | 1,400 | — | |||||||||||
Customer relationships | 340 | 240 | 100 | |||||||||||
Intangible assets, net | $ | 138,906 | $ | 72,689 | $ | 66,217 | ||||||||
The following table presents the amortization of intangible assets recorded by the Company for the periods indicated (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Amortization of intangible assets | $ | 1,151 | $ | 584 | $ | 3,493 | $ | 2,016 | ||||||
Amortization of acquired patent portfolio | $ | 2,321 | $ | 2,321 | $ | 6,964 | $ | 6,964 | ||||||
The total expected future annual amortization of these intangible assets is as follows (in thousands): | ||||||||||||||
Years Ending April 30, | ||||||||||||||
2015 | $ | 3,473 | ||||||||||||
2016 | 13,753 | |||||||||||||
2017 | 13,627 | |||||||||||||
2018 | 12,546 | |||||||||||||
2019 | 3,234 | |||||||||||||
Thereafter | 9,127 | |||||||||||||
Total | $ | 55,760 | ||||||||||||
Borrowing_Arrangements_and_Rel
Borrowing Arrangements and Related Derivative Instruments | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
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): | ||||||||||||||
January 31, | April 30, | |||||||||||||
2015 | 2014 | |||||||||||||
Mortgage loan | $ | 23,237 | $ | 23,653 | ||||||||||
Construction loan | 8,962 | 12,179 | ||||||||||||
32,199 | 35,832 | |||||||||||||
Less: amount due within one year | (7,071 | ) | (3,802 | ) | ||||||||||
Non-current portion of long-term debt | $ | 25,128 | $ | 32,030 | ||||||||||
As of January 31, 2015, aggregate debt maturities were as follows (in thousands): | ||||||||||||||
Years Ending April 30, | Mortgage | Construction | Total | |||||||||||
Loan | Loan | |||||||||||||
2015 | $ | 139 | $ | — | $ | 139 | ||||||||
2016 | 553 | 6,518 | 7,071 | |||||||||||
2017 | 22,545 | 2,444 | 24,989 | |||||||||||
Total | $ | 23,237 | $ | 8,962 | $ | 32,199 | ||||||||
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”). 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 January 31, 2015. | ||||||||||||||
Interest rates under the Mortgage Loan for the dates indicated are set forth below: | ||||||||||||||
January 31, | April 30, | |||||||||||||
2015 | 2014 | |||||||||||||
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%. | ||||||||||||||
Construction Loan | ||||||||||||||
On August 3, 2009, OmniVision Technologies (Shanghai) Co. Ltd. (“OTC”), 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 Pudong Development Zone, the Zhang Jiang Science Park in Shanghai, China. During the second quarter of fiscal 2011, the Company completed the construction of the research center. As of January 31, 2015, the total amount outstanding under the Construction Loan was Chinese Yuan 55 million, or approximately $9.0 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 only at the anniversary of each drawdown. The interest rate under the Construction Loan was 5.9% at January 31, 2015 and April 30, 2014, respectively. The Company was in compliance with the financial covenants of the Fixed Assets Loan Agreement as of January 31, 2015. | ||||||||||||||
Derivative Instruments and Hedging Activities | ||||||||||||||
As indicated above, the Company entered into an interest rate swap in connection with the Mortgage Loan. The swap was set up to reduce the effect of interest rate variability on the Mortgage Loan’s interest payments, and is scheduled to expire in March 2017. The Company has not designated the interest rate swap as a hedging instrument. Consequently, the Company is remeasuring the interest rate swap at fair value at each subsequent balance sheet date, and immediately recognizing any changes to the fair value 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 gain or loss. (See Note 7.) | ||||||||||||||
The table below presents the location of the swap on the Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets, and the related effect on the Company’s results of operations and financial positions for the periods indicated (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Location of amounts recognized in Condensed Consolidated Statements of Income and amount of gains: | ||||||||||||||
Other income, net | $ | 185 | $ | 320 | $ | 639 | $ | 933 | ||||||
January 31, | April 30, | |||||||||||||
2015 | 2014 | |||||||||||||
Location of amounts on Condensed Consolidated Balance Sheets and fair values: | ||||||||||||||
Other long-term liabilities | $ | 2,341 | $ | 2,980 | ||||||||||
Net_Income_Per_Share
Net Income Per Share | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
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 | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Antidilutive common stock subject to outstanding options | 508,000 | 2,513,000 | 661,000 | 2,513,000 | ||||||||||
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 | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Basic: | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 14,023 | $ | 30,560 | $ | 87,394 | $ | 79,924 | ||||||
Denominator: | ||||||||||||||
Weighted average common shares for net income per share | 57,948 | 55,913 | 57,383 | 55,369 | ||||||||||
Basic net income per share | $ | 0.24 | $ | 0.55 | $ | 1.52 | $ | 1.44 | ||||||
Diluted: | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 14,023 | $ | 30,560 | $ | 87,394 | $ | 79,924 | ||||||
Denominator: | ||||||||||||||
Denominator for basic net income per share | 57,948 | 55,913 | 57,383 | 55,369 | ||||||||||
Weighted average effect of dilutive securities: | ||||||||||||||
Stock options, restricted stock units and employee stock purchase plan shares | 2,186 | 273 | 1,855 | 1,103 | ||||||||||
Weighted average common shares for diluted net income per share | 60,134 | 56,186 | 59,238 | 56,472 | ||||||||||
Diluted net income per share | $ | 0.23 | $ | 0.54 | $ | 1.48 | $ | 1.42 | ||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
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 assumption 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): | ||||||||||||||
January 31, 2015 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Money market funds | $ | 17,005 | $ | 17,005 | $ | — | $ | — | ||||||
U.S. government debt securities and municipal bonds | 46,646 | — | 46,646 | — | ||||||||||
Corporate debt securities/commercial paper | 217,496 | — | 217,496 | — | ||||||||||
Total assets | $ | 281,147 | $ | 17,005 | $ | 264,142 | $ | — | ||||||
Interest rate swap | (2,341 | ) | — | (2,341 | ) | — | ||||||||
Total liabilities | $ | (2,341 | ) | $ | — | $ | (2,341 | ) | $ | — | ||||
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): | ||||||||||||||
January 31, 2015 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents | $ | 76,521 | $ | 17,005 | $ | 59,516 | $ | — | ||||||
Short-term investments | 204,626 | — | 204,626 | — | ||||||||||
Total assets | $ | 281,147 | $ | 17,005 | $ | 264,142 | $ | — | ||||||
Interest rate swap | (2,341 | ) | — | (2,341 | ) | $ | — | |||||||
Total liabilities | $ | (2,341 | ) | $ | — | $ | (2,341 | ) | $ | — | ||||
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, 2014 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Money market funds | $ | 57,207 | $ | 57,207 | $ | — | $ | — | ||||||
U.S. government debt securities and municipal bonds | 17,834 | — | 17,834 | — | ||||||||||
Corporate debt securities/commercial paper | 180,764 | — | 180,764 | — | ||||||||||
Total assets | $ | 255,805 | $ | 57,207 | $ | 198,598 | $ | — | ||||||
Interest rate swap | $ | (2,980 | ) | $ | — | $ | (2,980 | ) | $ | — | ||||
Total liabilities | $ | (2,980 | ) | $ | — | $ | (2,980 | ) | $ | — | ||||
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, 2014 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents | $ | 102,812 | $ | 57,207 | $ | 45,605 | $ | — | ||||||
Short-term investments | 152,993 | — | 152,993 | — | ||||||||||
Total assets | $ | 255,805 | $ | 57,207 | $ | 198,598 | $ | — | ||||||
Interest rate swap | $ | (2,980 | ) | $ | — | $ | (2,980 | ) | $ | — | ||||
Total liabilities | $ | (2,980 | ) | $ | — | $ | (2,980 | ) | $ | — | ||||
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. | ||||||||||||||
For its investment in WLCSP, the Company uses the equity method of accounting. (See Note 5.) As of January 31, 2015, using the per share closing price of the stock of $8.60 on the Shanghai Stock Exchange (categorized as Level 1 for purposes of the fair value hierarchy), the aggregate fair value of the Company’s investment in WLCSP totaled approximately $260.2 million. | ||||||||||||||
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 | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
Segment and Geographic Information | ||||||||||||||
Segment and Geographic Information | Note 10 — Segment and Geographic Information | |||||||||||||
For all periods presented, the Company operated as 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 | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
OEMs and VARs | 74.4 | % | 80.3 | % | 75.0 | % | 82.1 | % | ||||||
Distributors | 25.6 | 19.7 | 25.0 | 17.9 | ||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
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 | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
China | $ | 223,462 | $ | 259,935 | $ | 879,521 | $ | 844,764 | ||||||
Japan | 19,523 | 33,006 | 66,892 | 76,776 | ||||||||||
Singapore | 15,119 | 6,325 | 25,965 | 11,181 | ||||||||||
South Korea | 9,969 | 36,466 | 56,460 | 140,227 | ||||||||||
United States | 4,579 | 1,146 | 8,947 | 3,907 | ||||||||||
All other | 19,689 | 15,145 | 55,137 | 46,105 | ||||||||||
Total | $ | 292,341 | $ | 352,023 | $ | 1,092,922 | $ | 1,122,960 | ||||||
The Company’s long-lived assets, including its property, plant and equipment, net, long-term investments, land-use rights and other long-term assets, were located in the following countries as of the dates indicated (in thousands): | ||||||||||||||
January 31, | April 30, | |||||||||||||
2015 | 2014 | |||||||||||||
China | $ | 156,411 | $ | 162,207 | ||||||||||
Taiwan | 112,297 | 126,820 | ||||||||||||
United States | 48,391 | 50,552 | ||||||||||||
All other | 825 | 623 | ||||||||||||
Total | $ | 317,924 | $ | 340,202 | ||||||||||
Supplemental_Financial_Informa
Supplemental Financial Information | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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 nine months ended January 31, 2015 (in thousands): | |||||||||||||||||
Additional | |||||||||||||||||
Paid-in | |||||||||||||||||
Capital | |||||||||||||||||
Balance at April 30, 2014 | $ | 664,602 | |||||||||||||||
Exercise of common stock options | 5,116 | ||||||||||||||||
Employee stock purchase plan | 7,719 | ||||||||||||||||
Employee stock-based compensation | 25,816 | ||||||||||||||||
Withholding tax deduction on restricted stock units | (4,185 | ) | |||||||||||||||
Tax effect from stock-based compensation | 2,458 | ||||||||||||||||
Write-off of employee stock-based compensation related deferred tax assets | (858 | ) | |||||||||||||||
Balance at January 31, 2015 | $ | 700,668 | |||||||||||||||
Accumulated Other Comprehensive Income | |||||||||||||||||
The following table presents the components of, and the changes in, accumulated other comprehensive income for the nine months ended January 31, 2015 (in thousands): | |||||||||||||||||
Balance at | Other | Amounts | Related Tax | Balance at | |||||||||||||
April 30, | Comprehensive | Reclassified out | Effects | January 31, | |||||||||||||
2014 | Income Before | of Accumulated | 2015 | ||||||||||||||
Reclassification | Other | ||||||||||||||||
Comprehensive | |||||||||||||||||
Income | |||||||||||||||||
Accumulated translation gains | $ | 2,406 | $ | 165 | $ | — | $ | (58 | ) | $ | 2,513 | ||||||
Accumulated unrealized gains (losses) on available-for-sale securities, net | (28 | ) | 35 | (1 | ) | (12 | ) | (6 | ) | ||||||||
Total accumulated other comprehensive income | $ | 2,378 | $ | 200 | $ | (1 | ) | $ | (70 | ) | $ | 2,507 | |||||
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 | Nine Months Ended | ||||||||||||||||
Comprehensive Income | January 31, | January 31, | |||||||||||||||
Components | Location | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Accumulated translation gains | Other income, net | $ | — | $ | (1,023 | ) | $ | — | $ | (1,023 | ) | ||||||
Accumulated unrealized gains (losses) on available-for-sale securities, net | |||||||||||||||||
Other income, net | — | — | (1 | ) | (1,641 | ) | |||||||||||
Total amounts reclassified out of Accumulated Other Comprehensive Income | $ | $ | (1,023 | ) | $ | (1 | ) | $ | (2,664 | ) | |||||||
Income_Taxes
Income Taxes | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
Income Taxes | ||||||||||||||
Income Taxes | Note 12 — Income Taxes | |||||||||||||
The Company reported the following operating results for the periods presented (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Income before income taxes | $ | 10,805 | $ | 42,256 | $ | 75,103 | $ | 86,678 | ||||||
Provision for (benefit from) income taxes | $ | (3,218 | ) | $ | 11,696 | $ | (12,291 | ) | $ | 6,754 | ||||
Effective income tax rate | (29.8 | )% | 27.7 | % | (16.4 | )% | 7.8 | % | ||||||
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 Tax Increase Prevention Act, which was signed into law on December 19, 2014, retroactively extended the U.S. Federal research and development tax credit (“Federal R&D Credit”) from January 1, 2014 to December 31, 2014. | ||||||||||||||
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 January 31, 2015, the discrete adjustments to the Company’s provision for income taxes included favorable adjustments from the decrease of the Company’s gross unrecognized tax benefits, related to the conclusion of a tax examination in a foreign jurisdiction and the lapse of applicable statute of limitation in another jurisdiction, the tax benefit from the one-year retroactive extension of the Federal R&D Credit, and the favorable adjustments to tax provisions from prior years. These favorable discrete adjustments were partially offset by the income tax expenses accrued on undistributed earnings for certain non-U.S. investee companies. | ||||||||||||||
The Company was under tax examination in a foreign jurisdiction, starting from the fiscal year ended April 30, 2004. This tax examination was concluded in November 2014, with the Company reaching a settlement agreement with the foreign jurisdiction taxing authority that covered from fiscal year ended April 30, 2004 to fiscal year ended April 30, 2013. Consequently, during the three months ended January 31, 2015, the Company reduced its gross unrecognized tax benefits by approximately $5.4 million and recorded a $2.9 million benefit from income taxes. During the three months ended January 31, 2015, the Company accrued an additional $359,000 of interest related to the Company’s unrecognized tax benefits. The Company anticipates that the balance of gross unrecognized tax benefits as of January 31, 2015 will decrease by approximately $5.3 million due to the lapse of the applicable statutes of limitations in certain jurisdictions over the next 12 months. | ||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Jan. 31, 2015 | |
Commitments and Contingencies | |
Commitments and Contingencies | Note 13 — Commitments and Contingencies |
Commitments | |
During the three months ended July 31, 2014, in an effort to enhance the research and development capabilities of OTC, the Company increased OTC’s registered capital requirement from $12.0 million to $27.0 million. In December 2014, the Company contributed the incremental $15.0 million to OTC, meeting the registered capital commitment requirement. | |
During the three months ended July 31, 2014, the Company entered into a development and supply agreement with Powerchip Technology Corporation (“PTC”) pursuant to which the Company would deposit up to $1.0 million with PTC as prepaid wafer credit. As of January 31, 2015, the Company has not made any deposits under this agreement. | |
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, but there is no claim construction hearing currently scheduled. On September 30, 2014, the court granted TSMC’s motion for summary judgment of noninfringement based on extraterritoriality issues. On March 2, 2015, the court granted the Company’s motion for summary judgment of noninfringement of its non-U.S. sales. A case management conference is scheduled for March 19, 2015, to discuss the issues that remain in the case. The court’s recent summary judgment motion addresses most of Ziptronix’s infringement claims asserted in the case and the Company expects to vigorously defend itself against Ziptronix’s remaining allegations of infringement. The Company is currently unable to predict the ultimate outcome of this case and therefore cannot determine the likelihood of loss nor estimate the loss or a range of possible loss. | |
Securities 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. On December 30, 2014, the parties entered into a stipulation and agreement of settlement to resolve the litigation, which was then submitted to the court for preliminary approval. The stipulation and agreement of settlement provides for a payment of $12.5 million to the plaintiff class, which is funded solely by the Company’s insurance carriers. The Company also entered into a mutual release agreement with one of its insurance carriers. In March 2015, the court entered an order granting preliminary approval of the settlement and ordering notice to the putative plaintiff class. The court also scheduled a June 2015 hearing regarding final approval of the settlement. | |
With the execution of the stipulation agreement and the release agreement, the Company believes that ultimate settlement is probable, at the currently estimated amount. Consequently, as of January 31, 2015, on the condensed consolidated balance sheet, the Company recorded $12.5 million in Recoverable insurance proceeds within Total current assets, and $12.5 million in Litigation settlement accrual within Total current liabilities. Notice of the settlement must be provided to the putative shareholder class, and the court must grant final approval of the settlement. There is no assurance that the court will grant such approval, or that the settlement will become final. If the settlement does not occur and litigation against the Company continues, the Company believes that it has meritorious defenses and intends to defend the case vigorously. | |
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. 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. | |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
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 | Nine Months Ended | |||||||||||||||
Related | January 31, | January 31, | ||||||||||||||
Party | Description | 2015 | 2014 | 2015 | 2014 | |||||||||||
VisEra | Purchases of color filter and other manufacturing services | $ | 25,945 | $ | 22,191 | $ | 77,620 | $ | 93,422 | |||||||
Rent and other services | $ | — | $ | — | $ | — | $ | 3 | ||||||||
Balances payable at period end, net | $ | 18,116 | $ | 23,066 | $ | 18,116 | $ | 23,066 | ||||||||
WLCSP | Purchases of packaging services | $ | 8,358 | $ | 393 | $ | 19,354 | $ | 436 | |||||||
Balances payable at period end, net | $ | 4,376 | $ | 223 | $ | 4,376 | $ | 223 | ||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Jan. 31, 2015 | |
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. | |
ShortTerm_Investments_Tables
Short-Term Investments (Tables) | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
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 January 31, 2015 | ||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||
Unrealized | Unrealized | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||
Municipal bonds | $ | 9,205 | $ | — | $ | (3 | ) | $ | 9,202 | |||||
U.S. government debt securities with maturities less than one year | 26,652 | 4 | 26,656 | |||||||||||
Corporate debt securities/commercial paper | 168,778 | 13 | (23 | ) | 168,768 | |||||||||
$ | 204,635 | $ | 17 | $ | (26 | ) | $ | 204,626 | ||||||
Contractual maturity dates, less than one year | $ | 201,569 | ||||||||||||
Contractual maturity dates, one to two years | 3,057 | |||||||||||||
$ | 204,626 | |||||||||||||
As of April 30, 2014 | ||||||||||||||
Amortized | Gross | Gross | Fair | |||||||||||
Unrealized | Unrealized | |||||||||||||
Cost | Gains | Losses | Value | |||||||||||
Municipal bonds | $ | 6,168 | $ | 1 | $ | (2 | ) | $ | 6,167 | |||||
Corporate debt securities/commercial paper | 146,866 | 6 | (46 | ) | 146,826 | |||||||||
$ | 153,034 | $ | 7 | $ | (48 | ) | $ | 152,993 | ||||||
Contractual maturity dates, less than one year | $ | 142,758 | ||||||||||||
Contractual maturity dates, one to two years | 10,235 | |||||||||||||
$ | 152,993 | |||||||||||||
Supplemental_Balance_Sheet_Acc1
Supplemental Balance Sheet Account Information (in thousands) (Tables) | 9 Months Ended | |||||||
Jan. 31, 2015 | ||||||||
Supplemental Balance Sheet Account Information (in thousands) | ||||||||
Schedule of supplemental balance sheet account information | Supplemental Balance Sheet Account Information (in thousands) | |||||||
January 31, | April 30, | |||||||
2015 | 2014 | |||||||
Cash and cash equivalents: | ||||||||
Cash | $ | 231,640 | $ | 195,141 | ||||
Money market funds, commercial paper and U.S. government bonds | 76,521 | 102,811 | ||||||
$ | 308,161 | $ | 297,952 | |||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 144,758 | $ | 176,576 | ||||
Less: Allowance for doubtful accounts | (886 | ) | (998 | ) | ||||
Allowance for sales returns | (2,166 | ) | (3,106 | ) | ||||
$ | 141,706 | $ | 172,472 | |||||
Inventories: | ||||||||
Work in progress | $ | 173,686 | $ | 107,621 | ||||
Finished goods | 192,693 | 163,314 | ||||||
$ | 366,379 | $ | 270,935 | |||||
Prepaid expenses and other current assets: | ||||||||
Prepaid expenses | $ | 5,109 | $ | 4,285 | ||||
Deposits and other | 331 | 1,284 | ||||||
Interest receivable | 1,033 | 1,007 | ||||||
$ | 6,473 | $ | 6,576 | |||||
Property, plant and equipment, net: | ||||||||
Land | $ | 13,000 | $ | 13,000 | ||||
Buildings | 82,623 | 82,547 | ||||||
Buildings/leasehold improvements | 29,318 | 29,123 | ||||||
Machinery and equipment | 120,046 | 119,762 | ||||||
Furniture and fixtures | 5,030 | 5,002 | ||||||
Software | 8,853 | 8,774 | ||||||
Construction in progress | 1,998 | 2,894 | ||||||
260,868 | 261,102 | |||||||
Less: Accumulated depreciation and amortization | (112,352 | ) | (107,310 | ) | ||||
$ | 148,516 | $ | 153,792 | |||||
Other long-term assets: | ||||||||
Deferred tax assets — non-current | $ | 1,096 | $ | 528 | ||||
Land-use rights | 2,137 | 2,180 | ||||||
Other long-term assets | 21,961 | 29,821 | ||||||
$ | 25,194 | $ | 32,529 | |||||
Accrued expenses and other current liabilities: | ||||||||
Deferred tax liabilities — current | $ | 144 | $ | 144 | ||||
Employee compensation | 12,677 | 15,176 | ||||||
Third party commissions | 511 | 380 | ||||||
Professional services | 2,574 | 2,270 | ||||||
Noncancelable purchase commitments | 729 | 647 | ||||||
Rebates | 1,896 | 1,511 | ||||||
Other | 10,052 | 11,831 | ||||||
$ | 28,583 | $ | 31,959 | |||||
Other long-term liabilities: | ||||||||
Interest rate swap | $ | 2,341 | $ | 2,980 | ||||
Deferred tax liabilities — non-current | 12,992 | 3,731 | ||||||
Other | 6,520 | 5,107 | ||||||
$ | 21,853 | $ | 11,818 | |||||
Longterm_Investments_Tables
Long-term Investments (Tables) | 9 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
Long-term investment disclosures | ||||||||||||||||
Schedule of long-term investments | Long-term investments as of the dates indicated consisted of the following (in thousands): | |||||||||||||||
January 31, | April 30, | |||||||||||||||
2015 | 2014 | |||||||||||||||
VisEra | $ | 103,402 | $ | 115,943 | ||||||||||||
WLCSP | 37,247 | 33,805 | ||||||||||||||
XinTec | 4,661 | 4,661 | ||||||||||||||
Total | $ | 145,310 | $ | 154,409 | ||||||||||||
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): | ||||||||||||||||
January 31, | April 30, | |||||||||||||||
2015 | 2014 | |||||||||||||||
Undistributed earnings of investees | $ | 56,431 | $ | 66,772 | ||||||||||||
Vis Era Technologies Company Limited [Member] | Dividends Received From Investee [Member] | ||||||||||||||||
Long-term investment disclosures | ||||||||||||||||
Schedule of dividends received, equity income and summary financial information | ||||||||||||||||
The Company received the following dividend payments from VisEra during the periods presented (in thousands): | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
January 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Dividend payments received from VisEra | $ | 17,101 | $ | — | ||||||||||||
Vis Era Technologies Company Limited [Member] | Equity Income [Member] | ||||||||||||||||
Long-term investment disclosures | ||||||||||||||||
Schedule of dividends received, equity income and summary financial information | 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 | Nine Months Ended | |||||||||||||||
January 31, | January 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Equity income (losses) | $ | 680 | $ | (331 | ) | $ | 4,560 | $ | 10,079 | |||||||
Net effect on Cost of revenues, after the elimination of unrealized intercompany profits | $ | (81 | ) | $ | 4,220 | $ | 4,213 | $ | 16,378 | |||||||
Vis Era Technologies Company Limited [Member] | Summary Financial Information [Member] | ||||||||||||||||
Long-term investment disclosures | ||||||||||||||||
Schedule of dividends received, equity income and summary financial information | Each of the investee’s statement was prepared under US GAAP (in thousands). | |||||||||||||||
VisEra Technologies Company, Ltd. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
January 31, | January 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Operating data: | ||||||||||||||||
Revenues | $ | 28,998 | $ | 24,236 | $ | 86,002 | $ | 103,500 | ||||||||
Gross profit | 5,962 | 13,147 | 21,240 | 46,866 | ||||||||||||
Income from operations | 3,746 | 10,567 | 14,328 | 38,953 | ||||||||||||
Net income (loss) | $ | (165 | ) | $ | 8,588 | $ | 8,574 | $ | 33,328 | |||||||
China W L C S P Limited [Member] | Dividends Received From Investee [Member] | ||||||||||||||||
Long-term investment disclosures | ||||||||||||||||
Schedule of dividends received, equity income and summary financial information | ||||||||||||||||
The Company received the following dividend payments from WLCSP during the periods presented (in thousands): | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
January 31, | ||||||||||||||||
2015 | 2014 | |||||||||||||||
Dividend payments received from WLCSP | $ | 726 | $ | 830 | ||||||||||||
China W L C S P Limited [Member] | Equity Income [Member] | ||||||||||||||||
Long-term investment disclosures | ||||||||||||||||
Schedule of dividends received, equity income and summary financial information | 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 | Nine Months Ended | |||||||||||||||
January 31, | January 31, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Equity income | $ | 1,279 | $ | 837 | $ | 3,248 | $ | 3,264 | ||||||||
China W L C S P Limited [Member] | Summary Financial Information [Member] | ||||||||||||||||
Long-term investment disclosures | ||||||||||||||||
Schedule of dividends received, equity income and summary financial information | ||||||||||||||||
Each of the investee’s statement was prepared under US GAAP (in thousands). | ||||||||||||||||
China WLCSP Limited | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
December 31, | December 31, | |||||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||||
Operating data: | ||||||||||||||||
Revenues | $ | 32,022 | $ | 20,111 | $ | 78,082 | $ | 58,651 | ||||||||
Gross profit | 14,064 | 11,522 | 40,428 | 32,176 | ||||||||||||
Income from operations | 7,125 | 6,415 | 21,928 | 21,712 | ||||||||||||
Net income | $ | 9,589 | $ | 6,474 | $ | 24,333 | $ | 18,736 | ||||||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
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): | |||||||||||||
Nine Months Ended | ||||||||||||||
January 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
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): | |||||||||||||
January 31, 2015 | ||||||||||||||
Cost | Accumulated | Net Book | ||||||||||||
Amortization | Value | |||||||||||||
Acquired patent portfolio | $ | 65,000 | $ | 35,595 | $ | 29,405 | ||||||||
Core technology | 36,100 | 29,447 | 6,653 | |||||||||||
Patents and licenses | 36,066 | 16,438 | 19,628 | |||||||||||
Trademarks and tradenames | 1,400 | 1,400 | — | |||||||||||
Customer relationships | 340 | 266 | 74 | |||||||||||
Intangible assets, net | $ | 138,906 | $ | 83,146 | $ | 55,760 | ||||||||
April 30, 2014 | ||||||||||||||
Cost | Accumulated | Net Book | ||||||||||||
Amortization | Value | |||||||||||||
Acquired patent portfolio | $ | 65,000 | $ | 28,631 | $ | 36,369 | ||||||||
Core technology | 36,100 | 27,980 | 8,120 | |||||||||||
Patents and licenses | 36,066 | 14,438 | 21,628 | |||||||||||
Trademarks and tradenames | 1,400 | 1,400 | — | |||||||||||
Customer relationships | 340 | 240 | 100 | |||||||||||
Intangible assets, net | $ | 138,906 | $ | 72,689 | $ | 66,217 | ||||||||
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 | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Amortization of intangible assets | $ | 1,151 | $ | 584 | $ | 3,493 | $ | 2,016 | ||||||
Amortization of acquired patent portfolio | $ | 2,321 | $ | 2,321 | $ | 6,964 | $ | 6,964 | ||||||
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, | ||||||||||||||
2015 | $ | 3,473 | ||||||||||||
2016 | 13,753 | |||||||||||||
2017 | 13,627 | |||||||||||||
2018 | 12,546 | |||||||||||||
2019 | 3,234 | |||||||||||||
Thereafter | 9,127 | |||||||||||||
Total | $ | 55,760 | ||||||||||||
Borrowing_Arrangements_and_Rel1
Borrowing Arrangements and Related Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
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): | |||||||||||||
January 31, | April 30, | |||||||||||||
2015 | 2014 | |||||||||||||
Mortgage loan | $ | 23,237 | $ | 23,653 | ||||||||||
Construction loan | 8,962 | 12,179 | ||||||||||||
32,199 | 35,832 | |||||||||||||
Less: amount due within one year | (7,071 | ) | (3,802 | ) | ||||||||||
Non-current portion of long-term debt | $ | 25,128 | $ | 32,030 | ||||||||||
Schedule of aggregate debt maturities | As of January 31, 2015, aggregate debt maturities were as follows (in thousands): | |||||||||||||
Years Ending April 30, | Mortgage | Construction | Total | |||||||||||
Loan | Loan | |||||||||||||
2015 | $ | 139 | $ | — | $ | 139 | ||||||||
2016 | 553 | 6,518 | 7,071 | |||||||||||
2017 | 22,545 | 2,444 | 24,989 | |||||||||||
Total | $ | 23,237 | $ | 8,962 | $ | 32,199 | ||||||||
Schedule of interest rates of mortgage loan | ||||||||||||||
January 31, | April 30, | |||||||||||||
2015 | 2014 | |||||||||||||
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 swap on the Condensed Consolidated Statements of Income and Condensed Consolidated Balance Sheets, and the related effect on the Company’s results of operations and financial positions for the periods indicated (in thousands): | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Location of amounts recognized in Condensed Consolidated Statements of Income and amount of gains: | ||||||||||||||
Other income, net | $ | 185 | $ | 320 | $ | 639 | $ | 933 | ||||||
January 31, | April 30, | |||||||||||||
2015 | 2014 | |||||||||||||
Location of amounts on Condensed Consolidated Balance Sheets and fair values: | ||||||||||||||
Other long-term liabilities | $ | 2,341 | $ | 2,980 | ||||||||||
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
Net Income Per Share | ||||||||||||||
Schedule of antidilutive securities excluded from computation of income per share | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Antidilutive common stock subject to outstanding options | 508,000 | 2,513,000 | 661,000 | 2,513,000 | ||||||||||
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 | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Basic: | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 14,023 | $ | 30,560 | $ | 87,394 | $ | 79,924 | ||||||
Denominator: | ||||||||||||||
Weighted average common shares for net income per share | 57,948 | 55,913 | 57,383 | 55,369 | ||||||||||
Basic net income per share | $ | 0.24 | $ | 0.55 | $ | 1.52 | $ | 1.44 | ||||||
Diluted: | ||||||||||||||
Numerator: | ||||||||||||||
Net income | $ | 14,023 | $ | 30,560 | $ | 87,394 | $ | 79,924 | ||||||
Denominator: | ||||||||||||||
Denominator for basic net income per share | 57,948 | 55,913 | 57,383 | 55,369 | ||||||||||
Weighted average effect of dilutive securities: | ||||||||||||||
Stock options, restricted stock units and employee stock purchase plan shares | 2,186 | 273 | 1,855 | 1,103 | ||||||||||
Weighted average common shares for diluted net income per share | 60,134 | 56,186 | 59,238 | 56,472 | ||||||||||
Diluted net income per share | $ | 0.23 | $ | 0.54 | $ | 1.48 | $ | 1.42 | ||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
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): | |||||||||||||
January 31, 2015 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Money market funds | $ | 17,005 | $ | 17,005 | $ | — | $ | — | ||||||
U.S. government debt securities and municipal bonds | 46,646 | — | 46,646 | — | ||||||||||
Corporate debt securities/commercial paper | 217,496 | — | 217,496 | — | ||||||||||
Total assets | $ | 281,147 | $ | 17,005 | $ | 264,142 | $ | — | ||||||
Interest rate swap | (2,341 | ) | — | (2,341 | ) | — | ||||||||
Total liabilities | $ | (2,341 | ) | $ | — | $ | (2,341 | ) | $ | — | ||||
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, 2014 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Money market funds | $ | 57,207 | $ | 57,207 | $ | — | $ | — | ||||||
U.S. government debt securities and municipal bonds | 17,834 | — | 17,834 | — | ||||||||||
Corporate debt securities/commercial paper | 180,764 | — | 180,764 | — | ||||||||||
Total assets | $ | 255,805 | $ | 57,207 | $ | 198,598 | $ | — | ||||||
Interest rate swap | $ | (2,980 | ) | $ | — | $ | (2,980 | ) | $ | — | ||||
Total liabilities | $ | (2,980 | ) | $ | — | $ | (2,980 | ) | $ | — | ||||
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): | |||||||||||||
January 31, 2015 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents | $ | 76,521 | $ | 17,005 | $ | 59,516 | $ | — | ||||||
Short-term investments | 204,626 | — | 204,626 | — | ||||||||||
Total assets | $ | 281,147 | $ | 17,005 | $ | 264,142 | $ | — | ||||||
Interest rate swap | (2,341 | ) | — | (2,341 | ) | $ | — | |||||||
Total liabilities | $ | (2,341 | ) | $ | — | $ | (2,341 | ) | $ | — | ||||
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, 2014 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Cash equivalents | $ | 102,812 | $ | 57,207 | $ | 45,605 | $ | — | ||||||
Short-term investments | 152,993 | — | 152,993 | — | ||||||||||
Total assets | $ | 255,805 | $ | 57,207 | $ | 198,598 | $ | — | ||||||
Interest rate swap | $ | (2,980 | ) | $ | — | $ | (2,980 | ) | $ | — | ||||
Total liabilities | $ | (2,980 | ) | $ | — | $ | (2,980 | ) | $ | — | ||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
Segment and Geographic Information | ||||||||||||||
Schedule of revenues by customer segment | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
OEMs and VARs | 74.4 | % | 80.3 | % | 75.0 | % | 82.1 | % | ||||||
Distributors | 25.6 | 19.7 | 25.0 | 17.9 | ||||||||||
Total | 100.0 | % | 100.0 | % | 100.0 | % | 100.0 | % | ||||||
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 | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
China | $ | 223,462 | $ | 259,935 | $ | 879,521 | $ | 844,764 | ||||||
Japan | 19,523 | 33,006 | 66,892 | 76,776 | ||||||||||
Singapore | 15,119 | 6,325 | 25,965 | 11,181 | ||||||||||
South Korea | 9,969 | 36,466 | 56,460 | 140,227 | ||||||||||
United States | 4,579 | 1,146 | 8,947 | 3,907 | ||||||||||
All other | 19,689 | 15,145 | 55,137 | 46,105 | ||||||||||
Total | $ | 292,341 | $ | 352,023 | $ | 1,092,922 | $ | 1,122,960 | ||||||
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, were located in the following countries as of the dates indicated (in thousands): | |||||||||||||
January 31, | April 30, | |||||||||||||
2015 | 2014 | |||||||||||||
China | $ | 156,411 | $ | 162,207 | ||||||||||
Taiwan | 112,297 | 126,820 | ||||||||||||
United States | 48,391 | 50,552 | ||||||||||||
All other | 825 | 623 | ||||||||||||
Total | $ | 317,924 | $ | 340,202 | ||||||||||
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 9 Months Ended | ||||||||||||||||
Jan. 31, 2015 | |||||||||||||||||
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 nine months ended January 31, 2015 (in thousands): | ||||||||||||||||
Additional | |||||||||||||||||
Paid-in | |||||||||||||||||
Capital | |||||||||||||||||
Balance at April 30, 2014 | $ | 664,602 | |||||||||||||||
Exercise of common stock options | 5,116 | ||||||||||||||||
Employee stock purchase plan | 7,719 | ||||||||||||||||
Employee stock-based compensation | 25,816 | ||||||||||||||||
Withholding tax deduction on restricted stock units | (4,185 | ) | |||||||||||||||
Tax effect from stock-based compensation | 2,458 | ||||||||||||||||
Write-off of employee stock-based compensation related deferred tax assets | (858 | ) | |||||||||||||||
Balance at January 31, 2015 | $ | 700,668 | |||||||||||||||
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 nine months ended January 31, 2015 (in thousands): | ||||||||||||||||
Balance at | Other | Amounts | Related Tax | Balance at | |||||||||||||
April 30, | Comprehensive | Reclassified out | Effects | January 31, | |||||||||||||
2014 | Income Before | of Accumulated | 2015 | ||||||||||||||
Reclassification | Other | ||||||||||||||||
Comprehensive | |||||||||||||||||
Income | |||||||||||||||||
Accumulated translation gains | $ | 2,406 | $ | 165 | $ | — | $ | (58 | ) | $ | 2,513 | ||||||
Accumulated unrealized gains (losses) on available-for-sale securities, net | (28 | ) | 35 | (1 | ) | (12 | ) | (6 | ) | ||||||||
Total accumulated other comprehensive income | $ | 2,378 | $ | 200 | $ | (1 | ) | $ | (70 | ) | $ | 2,507 | |||||
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 | Nine Months Ended | ||||||||||||||||
Comprehensive Income | January 31, | January 31, | |||||||||||||||
Components | Location | 2015 | 2014 | 2015 | 2014 | ||||||||||||
Accumulated translation gains | Other income, net | $ | — | $ | (1,023 | ) | $ | — | $ | (1,023 | ) | ||||||
Accumulated unrealized gains (losses) on available-for-sale securities, net | |||||||||||||||||
Other income, net | — | — | (1 | ) | (1,641 | ) | |||||||||||
Total amounts reclassified out of Accumulated Other Comprehensive Income | $ | $ | (1,023 | ) | $ | (1 | ) | $ | (2,664 | ) | |||||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | |||||||||||||
Jan. 31, 2015 | ||||||||||||||
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 | Nine Months Ended | |||||||||||||
January 31, | January 31, | |||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||
Income before income taxes | $ | 10,805 | $ | 42,256 | $ | 75,103 | $ | 86,678 | ||||||
Provision for (benefit from) income taxes | $ | (3,218 | ) | $ | 11,696 | $ | (12,291 | ) | $ | 6,754 | ||||
Effective income tax rate | (29.8 | )% | 27.7 | % | (16.4 | )% | 7.8 | % | ||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 9 Months Ended | |||||||||||||||
Jan. 31, 2015 | ||||||||||||||||
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 | Nine Months Ended | |||||||||||||||
Related | January 31, | January 31, | ||||||||||||||
Party | Description | 2015 | 2014 | 2015 | 2014 | |||||||||||
VisEra | Purchases of color filter and other manufacturing services | $ | 25,945 | $ | 22,191 | $ | 77,620 | $ | 93,422 | |||||||
Rent and other services | $ | — | $ | — | $ | — | $ | 3 | ||||||||
Balances payable at period end, net | $ | 18,116 | $ | 23,066 | $ | 18,116 | $ | 23,066 | ||||||||
WLCSP | Purchases of packaging services | $ | 8,358 | $ | 393 | $ | 19,354 | $ | 436 | |||||||
Balances payable at period end, net | $ | 4,376 | $ | 223 | $ | 4,376 | $ | 223 | ||||||||
ShortTerm_Investments_Details
Short-Term Investments (Details) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities | ||
Amortized Cost | $204,635 | $153,034 |
Gross Unrealized Gains | 17 | 7 |
Gross Unrealized Losses | -26 | -48 |
Fair Value | 204,626 | 152,993 |
Contractual maturity dates | ||
Contractual maturity dates, less than one year | 201,569 | 142,758 |
Contractual maturity dates, one to two years | 3,057 | 10,235 |
Fair Value | 204,626 | 152,993 |
Municipal Bonds [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 9,205 | 6,168 |
Gross Unrealized Gains | 1 | |
Gross Unrealized Losses | -3 | -2 |
Fair Value | 9,202 | 6,167 |
Contractual maturity dates | ||
Fair Value | 9,202 | 6,167 |
U S Government Agencies Shortterm Debt Securities [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 26,652 | |
Gross Unrealized Gains | 4 | |
Fair Value | 26,656 | |
Contractual maturity dates | ||
Fair Value | 26,656 | |
Corporate Debt Securities Or Commercial Paper [Member] | ||
Available-for-sale securities | ||
Amortized Cost | 168,778 | 146,866 |
Gross Unrealized Gains | 13 | 6 |
Gross Unrealized Losses | -23 | -46 |
Fair Value | 168,768 | 146,826 |
Contractual maturity dates | ||
Fair Value | $168,768 | $146,826 |
Supplemental_Balance_Sheet_Acc2
Supplemental Balance Sheet Account Information (in thousands) (Details) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 | Jan. 31, 2014 | Apr. 30, 2013 |
In Thousands, unless otherwise specified | ||||
Cash and cash equivalents: | ||||
Cash | $231,640 | $195,141 | ||
Money market funds, commercial paper and U.S. government bonds | 76,521 | 102,811 | ||
Cash and cash equivalents | 308,161 | 297,952 | 308,927 | 190,171 |
Accounts receivable, net: | ||||
Accounts receivable | 144,758 | 176,576 | ||
Less: Allowance for doubtful accounts | -886 | -998 | ||
Allowance for sales returns | -2,166 | -3,106 | ||
Accounts receivable, net | 141,706 | 172,472 | ||
Inventories: | ||||
Work in progress | 173,686 | 107,621 | ||
Finished goods | 192,693 | 163,314 | ||
Inventories | 366,379 | 270,935 | ||
Prepaid expenses and other current assets: | ||||
Prepaid expenses | 5,109 | 4,285 | ||
Deposits and other | 331 | 1,284 | ||
Interest receivable | 1,033 | 1,007 | ||
Prepaid expenses and other current assets | 6,473 | 6,576 | ||
Property, plant and equipment, net: | ||||
Property, plant and equipment, gross | 260,868 | 261,102 | ||
Less: Accumulated depreciation and amortization | -112,352 | -107,310 | ||
Property, plant and equipment, net | 148,516 | 153,792 | ||
Other long-term assets: | ||||
Deferred income tax assets - non-current | 1,096 | 528 | ||
Land-use rights | 2,137 | 2,180 | ||
Other long-term assets | 21,961 | 29,821 | ||
Total other long-term assets | 25,194 | 32,529 | ||
Accrued expenses and other current liabilities: | ||||
Deferred tax liabilities - current | 144 | 144 | ||
Employee compensation | 12,677 | 15,176 | ||
Third party commissions | 511 | 380 | ||
Professional services | 2,574 | 2,270 | ||
Noncancelable purchase commitments | 729 | 647 | ||
Rebates | 1,896 | 1,511 | ||
Other | 10,052 | 11,831 | ||
Accrued expenses and other current liabilities | 28,583 | 31,959 | ||
Other long-term liabilities: | ||||
Interest rate swap | 2,341 | 2,980 | ||
Deferred tax liabilities - non-current | 12,992 | 3,731 | ||
Other | 6,520 | 5,107 | ||
Other long-term liabilities | 21,853 | 11,818 | ||
Land [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, gross | 13,000 | 13,000 | ||
Building [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, gross | 82,623 | 82,547 | ||
Building And Building Improvements [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, gross | 29,318 | 29,123 | ||
Machinery And Equipment [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, gross | 120,046 | 119,762 | ||
Furniture And Fixtures [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, gross | 5,030 | 5,002 | ||
Software [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, gross | 8,853 | 8,774 | ||
Construction In Progress [Member] | ||||
Property, plant and equipment, net: | ||||
Property, plant and equipment, gross | $1,998 | $2,894 |
Longterm_Investments_Details
Long-term Investments (Details) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | |||||||||||||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2003 | Jul. 31, 2013 | Apr. 30, 2014 | Jun. 30, 2011 | Sep. 30, 2010 | 31-May-10 | 31-May-07 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2010 | Dec. 31, 2009 | Oct. 31, 2013 | Feb. 29, 2012 | Mar. 31, 2014 | Apr. 30, 2010 | Nov. 30, 2009 | |
Long-term investment disclosures | ||||||||||||||||||||||
Long-term investments | $145,310,000 | $145,310,000 | $154,409,000 | |||||||||||||||||||
Shares outstanding | 58,056,000 | 58,056,000 | 56,082,000 | |||||||||||||||||||
Net cash proceeds from sale of shares | 15,066,000 | |||||||||||||||||||||
Gain on the sale of shares | 23,802,000 | |||||||||||||||||||||
Cumulative translation adjustment reclassified from accumulated other comprehensive income | 665,000 | 665,000 | ||||||||||||||||||||
Equity income | 1,279,000 | 837,000 | 3,248,000 | 3,264,000 | ||||||||||||||||||
Equity income (losses) | 7,461,000 | 17,865,000 | ||||||||||||||||||||
Operating data: | ||||||||||||||||||||||
Undistributed earnings of investees | 56,431,000 | 56,431,000 | 66,772,000 | |||||||||||||||||||
Gain on sale of investment | 1,990,000 | |||||||||||||||||||||
China W L C S P Limited [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Shares outstanding | 226,700,000 | 226,700,000 | 180,000,000 | |||||||||||||||||||
Xin Tec Inc [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Long-term investments | 4,661,000 | 4,661,000 | 4,661,000 | |||||||||||||||||||
Purchase of long-term investment | 2,800,000 | |||||||||||||||||||||
Ownership percentage | 4.12% | 4.12% | ||||||||||||||||||||
Beneficial ownership percentage | 11.80% | 11.80% | ||||||||||||||||||||
Phostek Inc [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Long-term investments | 2,000,000 | |||||||||||||||||||||
Phostek Inc [Member] | Other Income [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Impairment charge | 2,000,000 | |||||||||||||||||||||
Vis Era Technologies Company Limited [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Long-term investments | 103,402,000 | 103,402,000 | 115,943,000 | |||||||||||||||||||
Dividend payments received from investee | 17,101,000 | |||||||||||||||||||||
Equity income (losses) | 680,000 | -331,000 | 4,560,000 | 10,079,000 | ||||||||||||||||||
Net effect on Cost of revenues, after the elimination of unrealized intercompany profits | -81,000 | 4,220,000 | 4,213,000 | 16,378,000 | ||||||||||||||||||
Operating data: | ||||||||||||||||||||||
Revenues | 28,998,000 | 24,236,000 | 86,002,000 | 103,500,000 | ||||||||||||||||||
Gross profit | 5,962,000 | 13,147,000 | 21,240,000 | 46,866,000 | ||||||||||||||||||
Income from operations | 3,746,000 | 10,567,000 | 14,328,000 | 38,953,000 | ||||||||||||||||||
Net income (loss) | -165,000 | 8,588,000 | 8,574,000 | 33,328,000 | ||||||||||||||||||
Vis Era Technologies Company Limited [Member] | Camera Cube Production Operations [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Post-acquisition gain | 3,100,000 | |||||||||||||||||||||
Reduction in consideration for production operations from VisEra | 4,500,000 | |||||||||||||||||||||
Equity method elimination | 1,400,000 | |||||||||||||||||||||
Consideration for production operations from VisEra | 42,900,000 | |||||||||||||||||||||
Consideration payable | 4,500,000 | 9,000,000 | ||||||||||||||||||||
Final payment for acquisition of production operation | 4,500,000 | |||||||||||||||||||||
Vis Era Holding Company [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Percentage of equity ownership | 49.10% | 49.10% | ||||||||||||||||||||
Vis Era Holding Company [Member] | Xin Tec Inc [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Ownership percentage | 15.63% | 15.63% | ||||||||||||||||||||
China W L C S P Limited [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Long-term investments | 37,247,000 | 37,247,000 | 33,805,000 | |||||||||||||||||||
Percentage of equity ownership | 13.30% | 13.30% | 18.70% | 20.00% | 19.70% | |||||||||||||||||
Ownership interest in outstanding shares (in shares) | 30,300,000 | 30,300,000 | 35,400,000 | |||||||||||||||||||
Number of shares issued | 37,200,000 | 9,500,000 | ||||||||||||||||||||
IPO price (in dollars per share) | $3.14 | $3.14 | ||||||||||||||||||||
Number of shares sold as selling shareholder in initial public offering | 5,100,000 | |||||||||||||||||||||
Net cash proceeds from sale of shares | 15,100,000 | |||||||||||||||||||||
Cumulative translation adjustment reclassified from accumulated other comprehensive income | 1,000,000 | |||||||||||||||||||||
Dividend payments received from investee | 726,000 | 830,000 | ||||||||||||||||||||
Equity income | 1,279,000 | 837,000 | 3,248,000 | 3,264,000 | ||||||||||||||||||
Investment acquired (in shares) | 4,500,000 | |||||||||||||||||||||
Purchase amount of equity method investment | 9,000,000 | |||||||||||||||||||||
Income distribution | 0 | |||||||||||||||||||||
Operating data: | ||||||||||||||||||||||
Revenues | 32,022,000 | 20,111,000 | 78,082,000 | 58,651,000 | ||||||||||||||||||
Gross profit | 14,064,000 | 11,522,000 | 40,428,000 | 32,176,000 | ||||||||||||||||||
Income from operations | 7,125,000 | 6,415,000 | 21,928,000 | 21,712,000 | ||||||||||||||||||
Net income (loss) | 9,589,000 | 6,474,000 | 24,333,000 | 18,736,000 | ||||||||||||||||||
China W L C S P Limited [Member] | Change In Interest Gain [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Gain on the sale of shares | 14,100,000 | |||||||||||||||||||||
China W L C S P Limited [Member] | Gain From Share Sale [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Gain on the sale of shares | 9,700,000 | |||||||||||||||||||||
China W L C S P Limited [Member] | Other Income [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Gain on the sale of shares | 23,800,000 | |||||||||||||||||||||
Im Pac Technology Company Limited [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Percentage of equity ownership | 25.70% | |||||||||||||||||||||
Tong Hsing Electronic Industries Limited [Member] | ||||||||||||||||||||||
Long-term investment disclosures | ||||||||||||||||||||||
Investment acquired (in shares) | 115,481 | 95,570 | 996,250 | |||||||||||||||||||
Percentage of equity ownership | 0.80% | 0.70% | ||||||||||||||||||||
Operating data: | ||||||||||||||||||||||
Additional contributions to other investment | 421,000 | 282,000 | ||||||||||||||||||||
Tong Hsing Electronic Industries Limited [Member] | Other Income [Member] | ||||||||||||||||||||||
Operating data: | ||||||||||||||||||||||
Gain on sale of investment | $2,000,000 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 |
Change to carrying value of goodwill | |||||
Beginning balance | $10,227 | ||||
Ending balance | 10,227 | 10,227 | 10,227 | 10,227 | 10,227 |
Intangible assets | |||||
Finite-lived intangible assets, Cost | 138,906 | 138,906 | 138,906 | ||
Finite-lived intangible assets, Accumulated Amortization | 83,146 | 83,146 | 72,689 | ||
Finite-lived intangible assets, Net Book Value | 55,760 | 55,760 | 66,217 | ||
Expected future annual amortization of intangible assets | |||||
2015 | 3,473 | 3,473 | |||
2016 | 13,753 | 13,753 | |||
2017 | 13,627 | 13,627 | |||
2018 | 12,546 | 12,546 | |||
2019 | 3,234 | 3,234 | |||
Thereafter | 9,127 | 9,127 | |||
Total | 55,760 | 55,760 | 66,217 | ||
Acquired Patent Portfolio [Member] | |||||
Intangible assets | |||||
Finite-lived intangible assets, Cost | 65,000 | 65,000 | 65,000 | ||
Finite-lived intangible assets, Accumulated Amortization | 35,595 | 35,595 | 28,631 | ||
Finite-lived intangible assets, Net Book Value | 29,405 | 29,405 | 36,369 | ||
Amortization of intangible assets | |||||
Amortization of intangibles | 2,321 | 2,321 | 6,964 | 6,964 | |
Expected future annual amortization of intangible assets | |||||
Total | 29,405 | 29,405 | 36,369 | ||
Developed Technology Rights [Member] | |||||
Intangible assets | |||||
Finite-lived intangible assets, Cost | 36,100 | 36,100 | 36,100 | ||
Finite-lived intangible assets, Accumulated Amortization | 29,447 | 29,447 | 27,980 | ||
Finite-lived intangible assets, Net Book Value | 6,653 | 6,653 | 8,120 | ||
Expected future annual amortization of intangible assets | |||||
Total | 6,653 | 6,653 | 8,120 | ||
Patents And Licenses [Member] | |||||
Intangible assets | |||||
Finite-lived intangible assets, Cost | 36,066 | 36,066 | 36,066 | ||
Finite-lived intangible assets, Accumulated Amortization | 16,438 | 16,438 | 14,438 | ||
Finite-lived intangible assets, Net Book Value | 19,628 | 19,628 | 21,628 | ||
Expected future annual amortization of intangible assets | |||||
Total | 19,628 | 19,628 | 21,628 | ||
Trademarks And Trade Names [Member] | |||||
Intangible assets | |||||
Finite-lived intangible assets, Cost | 1,400 | 1,400 | 1,400 | ||
Finite-lived intangible assets, Accumulated Amortization | 1,400 | 1,400 | 1,400 | ||
Customer Relationships [Member] | |||||
Intangible assets | |||||
Finite-lived intangible assets, Cost | 340 | 340 | 340 | ||
Finite-lived intangible assets, Accumulated Amortization | 266 | 266 | 240 | ||
Finite-lived intangible assets, Net Book Value | 74 | 74 | 100 | ||
Expected future annual amortization of intangible assets | |||||
Total | 74 | 74 | 100 | ||
Amortization Of Finite Lived Intangibles Excluding Acquired Patent Portfolio [Member] | |||||
Amortization of intangible assets | |||||
Amortization of intangibles | $1,151 | $584 | $3,493 | $2,016 |
Borrowing_Arrangements_and_Rel2
Borrowing Arrangements and Related Derivative Instruments (Details) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
Mar. 16, 2007 | Jan. 31, 2015 | Apr. 30, 2014 | Jan. 31, 2015 | Apr. 30, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Apr. 30, 2014 | Mar. 16, 2007 | Jan. 31, 2015 | Jan. 31, 2015 | Apr. 30, 2014 | Jan. 31, 2015 | Jan. 31, 2015 | |
building | USD ($) | USD ($) | Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Income [Member] | Other Income [Member] | Other Income [Member] | Other Income [Member] | Mortgage loan [Member] | Mortgage loan [Member] | Mortgage loan [Member] | Mortgage loan [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | Construction Loans [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | London Interbank Offered Rate L I B O R [Member] | USD ($) | USD ($) | Subsidiaries [Member] | Subsidiaries [Member] | ||||
USD ($) | CNY | ||||||||||||||||
Borrowing arrangements | |||||||||||||||||
Long term debt | $32,199,000 | $35,832,000 | $23,237,000 | $23,653,000 | $8,962,000 | $12,179,000 | |||||||||||
Less: amount due within one year | -7,071,000 | -3,802,000 | |||||||||||||||
Non-current portion of long-term debt | 25,128,000 | 32,030,000 | |||||||||||||||
Aggregate debt maturities | |||||||||||||||||
2015 | 139,000 | 139,000 | |||||||||||||||
2016 | 7,071,000 | 553,000 | 6,518,000 | ||||||||||||||
2017 | 24,989,000 | 22,545,000 | 2,444,000 | ||||||||||||||
Total | 32,199,000 | 35,832,000 | 23,237,000 | 23,653,000 | 8,962,000 | 12,179,000 | |||||||||||
Number of buildings purchased against Loan and Security Agreement with a domestic bank | 4 | ||||||||||||||||
Aggregate principal amount | 27,900,000 | ||||||||||||||||
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% | ||||||||||||||
Interest rates swap period | 10 years | ||||||||||||||||
Stated interest rate on debt (as a percent) | 5.30% | ||||||||||||||||
Effective interest rate on debt (as a percent) | 6.20% | ||||||||||||||||
Amount outstanding under line of credit facility | 9,000,000 | 55,000,000 | |||||||||||||||
Location of amounts recognized in Consolidated Statements of Income and amount of gains (losses): | |||||||||||||||||
Gain (loss) on interest rate swap recorded in other income (expense), net | 185,000 | 320,000 | 639,000 | 933,000 | |||||||||||||
Location of amounts on Condensed Consolidated Balance Sheets and fair values: | |||||||||||||||||
Interest rate swap recorded in Other long-term liabilities | $2,341,000 | $2,980,000 | $2,341,000 | $2,980,000 |
Net_Income_Per_Share_Details
Net Income Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Net Income Per Share | ||||
Antidilutive common stock subject to outstanding options (in shares) | 508,000 | 2,513,000 | 661,000 | 2,513,000 |
Basic Numerator: | ||||
Net income | $14,023 | $30,560 | $87,394 | $79,924 |
Basic Denominator: | ||||
Weighted average common shares for net income per share | 57,948,000 | 55,913,000 | 57,383,000 | 55,369,000 |
Basic net income per share | $0.24 | $0.55 | $1.52 | $1.44 |
Diluted Numerator: | ||||
Net income | $14,023 | $30,560 | $87,394 | $79,924 |
Diluted Denominator: | ||||
Denominator for basic net income per share | 57,948,000 | 55,913,000 | 57,383,000 | 55,369,000 |
Weighted average effect of dilutive securities: | ||||
Stock options, restricted stock units and employee stock purchase plan shares | 2,186,000 | 273,000 | 1,855,000 | 1,103,000 |
Weighted average common shares for diluted net income per share | 60,134,000 | 56,186,000 | 59,238,000 | 56,472,000 |
Diluted net income per share | $0.23 | $0.54 | $1.48 | $1.42 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | Jan. 31, 2015 | Apr. 30, 2014 |
Financial assets and liabilities measured at fair value on a recurring basis | ||
Interest rate swap | ($2,341,000) | ($2,980,000) |
China W L C S P Limited [Member] | ||
Financial assets and liabilities measured at fair value on a recurring basis | ||
Closing stock price (in dollars per share) | $8.60 | |
Fair Value Inputs Level1 [Member] | China W L C S P Limited [Member] | ||
Financial assets and liabilities measured at fair value on a recurring basis | ||
Fair value of equity method investment | 260,200,000 | |
Fair Value Measurements Recurring [Member] | Estimate Of Fair Value Fair Value Disclosure [Member] | ||
Financial assets and liabilities measured at fair value on a recurring basis | ||
Cash equivalents | 76,521,000 | 102,812,000 |
Short-term investments | 204,626,000 | 152,993,000 |
Total assets | 281,147,000 | 255,805,000 |
Interest rate swap | -2,341,000 | -2,980,000 |
Total liabilities | -2,341,000 | -2,980,000 |
Fair Value Measurements Recurring [Member] | Estimate Of Fair Value Fair Value Disclosure [Member] | Money Market Funds [Member] | ||
Financial assets and liabilities measured at fair value on a recurring basis | ||
Total assets | 17,005,000 | 57,207,000 |
Fair Value Measurements Recurring [Member] | Estimate Of Fair Value Fair Value Disclosure [Member] | U S Government Corporations And Agencies Securities [Member] | ||
Financial assets and liabilities measured at fair value on a recurring basis | ||
Total assets | 46,646,000 | 17,834,000 |
Fair Value Measurements Recurring [Member] | Estimate Of Fair Value Fair Value Disclosure [Member] | Corporate Debt Securities Or Commercial Paper [Member] | ||
Financial assets and liabilities measured at fair value on a recurring basis | ||
Total assets | 217,496,000 | 180,764,000 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level1 [Member] | ||
Financial assets and liabilities measured at fair value on a recurring basis | ||
Cash equivalents | 17,005,000 | 57,207,000 |
Total assets | 17,005,000 | 57,207,000 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level1 [Member] | Money Market Funds [Member] | ||
Financial assets and liabilities measured at fair value on a recurring basis | ||
Total assets | 17,005,000 | 57,207,000 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level2 [Member] | ||
Financial assets and liabilities measured at fair value on a recurring basis | ||
Cash equivalents | 59,516,000 | 45,605,000 |
Short-term investments | 204,626,000 | 152,993,000 |
Total assets | 264,142,000 | 198,598,000 |
Interest rate swap | -2,341,000 | -2,980,000 |
Total liabilities | -2,341,000 | -2,980,000 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level2 [Member] | U S Government Corporations And Agencies Securities [Member] | ||
Financial assets and liabilities measured at fair value on a recurring basis | ||
Total assets | 46,646,000 | 17,834,000 |
Fair Value Measurements Recurring [Member] | Fair Value Inputs Level2 [Member] | Corporate Debt Securities Or Commercial Paper [Member] | ||
Financial assets and liabilities measured at fair value on a recurring basis | ||
Total assets | $217,496,000 | $180,764,000 |
Segment_and_Geographic_Informa2
Segment and Geographic Information (Details) (Sales [Member]) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | |
Geographical segment information | ||||
Revenues by customer segment (as a percent) | 100.00% | 100.00% | 100.00% | 100.00% |
O E Ms And V A Rs [Member] | ||||
Geographical segment information | ||||
Revenues by customer segment (as a percent) | 74.40% | 80.30% | 75.00% | 82.10% |
Distributors [Member] | ||||
Geographical segment information | ||||
Revenues by customer segment (as a percent) | 25.60% | 19.70% | 25.00% | 17.90% |
Segment_and_Geographic_Informa3
Segment and Geographic Information (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | Apr. 30, 2014 |
Geographical segment information | |||||
Revenues | $292,341 | $352,023 | $1,092,922 | $1,122,960 | |
Long-lived assets | 317,924 | 317,924 | 340,202 | ||
China [Member] | |||||
Geographical segment information | |||||
Revenues | 223,462 | 259,935 | 879,521 | 844,764 | |
Long-lived assets | 156,411 | 156,411 | 162,207 | ||
Japan [Member] | |||||
Geographical segment information | |||||
Revenues | 19,523 | 33,006 | 66,892 | 76,776 | |
Singapore | |||||
Geographical segment information | |||||
Revenues | 15,119 | 6,325 | 25,965 | 11,181 | |
Taiwan [Member] | |||||
Geographical segment information | |||||
Long-lived assets | 112,297 | 112,297 | 126,820 | ||
South Korea [Member] | |||||
Geographical segment information | |||||
Revenues | 9,969 | 36,466 | 56,460 | 140,227 | |
United States [Member] | |||||
Geographical segment information | |||||
Revenues | 4,579 | 1,146 | 8,947 | 3,907 | |
Long-lived assets | 48,391 | 48,391 | 50,552 | ||
Other Geographical Segment [Member] | |||||
Geographical segment information | |||||
Revenues | 19,689 | 15,145 | 55,137 | 46,105 | |
Long-lived assets | $825 | $825 | $623 |
Supplemental_Financial_Informa2
Supplemental Financial Information (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 |
Additional Paid-in Capital | ||
Tax effect from stock-based compensation | $2,458 | $3,926 |
Additional Paid In Capital [Member] | ||
Additional Paid-in Capital | ||
Balance | 664,602 | |
Exercise of common stock options | 5,116 | |
Employee stock purchase plan | 7,719 | |
Employee stock-based compensation | 25,816 | |
Withholding tax deduction on restricted stock units | -4,185 | |
Tax effect from stock-based compensation | 2,458 | |
Write-off of employee stock-based compensation related deferred tax assets | -858 | |
Balance | $700,668 |
Supplemental_Financial_Informa3
Supplemental Financial Information (Details 2) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Jan. 31, 2015 | Apr. 30, 2014 |
Changes in accumulated other comprehensive income | ||
Balance at the beginning of the period | $2,378 | |
Balance at the end of the period | 2,507 | 2,378 |
Accumulated Translation Gains [Member] | ||
Changes in accumulated other comprehensive income | ||
Balance at the beginning of the period | 2,406 | |
Other Comprehensive Income Before Reclassification | 165 | |
Related tax effects | -58 | |
Balance at the end of the period | 2,513 | |
Accumulated unrealized gains (losses) on available-for-sale securities, net [Member] | ||
Changes in accumulated other comprehensive income | ||
Balance at the beginning of the period | -28 | |
Other Comprehensive Income Before Reclassification | 35 | |
Amounts Reclassified out of Accumulated Other Comprehensive Income | -1 | |
Related tax effects | -12 | |
Balance at the end of the period | -6 | |
Accumulated Other Comprehensive Income [Member] | ||
Changes in accumulated other comprehensive income | ||
Balance at the beginning of the period | 2,378 | |
Other Comprehensive Income Before Reclassification | 200 | |
Amounts Reclassified out of Accumulated Other Comprehensive Income | -1 | |
Related tax effects | -70 | |
Balance at the end of the period | $2,507 |
Supplemental_Financial_Informa4
Supplemental Financial Information (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income, net | ($324) | ($24,038) | ($1,588) | ($25,206) |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Total amounts reclassified out of Accumulated Other Comprehensive Income | -1,023 | -1 | -2,664 | |
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Accumulated Translation Gains [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income, net | -1,023 | -1,023 | ||
Reclassification Out Of Accumulated Other Comprehensive Income [Member] | Accumulated unrealized gains (losses) on available-for-sale securities, net [Member] | ||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||
Other income, net | ($1) | ($1,641) |
Income_Taxes_Details
Income Taxes (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 | |
Income Taxes | ||||
Income before income taxes | $10,805,000 | $42,256,000 | $75,103,000 | $86,678,000 |
Provision for (benefit from) income taxes | -3,218,000 | 11,696,000 | -12,291,000 | 6,754,000 |
Effective income tax rate (as a percent) | -29.80% | 27.70% | -16.40% | 7.80% |
Reduction in unrecognized tax benefits due to settlement with taxing authority in a foreign jurisdiction | 5,400,000 | |||
Amount of benefit from income taxes | 2,900,000 | |||
Amount of additional interest accrued by the Company related to the unrecognized tax benefits | 359,000 | |||
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 | $5,300,000 | $5,300,000 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | Jul. 31, 2014 | Apr. 30, 2014 |
In Millions, unless otherwise specified | ||
Powerchip Technology Corporation [Member] | ||
Commitments | ||
Deposit required for prepaid wafer credit | $1 | |
Omni Vision Technologies Shanghai Company Limited [Member] | ||
Commitments | ||
Registered capital requirement | 27 | 12 |
Remaining capital requirement to be contributed | $15 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details 2) (USD $) | 9 Months Ended | 0 Months Ended | ||||||
Jan. 31, 2015 | Aug. 09, 2012 | Nov. 22, 2011 | Dec. 06, 2010 | Oct. 26, 2011 | 10-May-12 | Mar. 21, 2012 | Nov. 15, 2011 | |
patent | patent | patent | item | complaint | complaint | complaint | ||
director | ||||||||
Litigation | ||||||||
Payment for litigation settlement | $12,500,000 | |||||||
Recoverable insurance proceeds | 12,500,000 | |||||||
Litigation settlement accrual | $12,500,000 | |||||||
Patent Infringement [Member] | ||||||||
Litigation | ||||||||
Number of patents allegedly infringed | 3 | 5 | 6 | |||||
Federal Securities Laws Violation [Member] | ||||||||
Litigation | ||||||||
Number of executives against whom case has been filed | 3 | |||||||
Number of Directors against whom case has been filed | 1 | |||||||
Shareholder Derivative Actions [Member] | ||||||||
Litigation | ||||||||
Number of shareholder derivative complaints | 5 | 4 | 3 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Jan. 31, 2015 | Jan. 31, 2014 | Jan. 31, 2015 | Jan. 31, 2014 |
Vis Era Technologies Company Limited [Member] | ||||
Related Party Transactions | ||||
Purchases of services | $25,945 | $22,191 | $77,620 | $93,422 |
Rent and other services | 3 | |||
Balances payable at period end, net | 18,116 | 23,066 | 18,116 | 23,066 |
China W L C S P Limited [Member] | ||||
Related Party Transactions | ||||
Purchases of services | 8,358 | 393 | 19,354 | 436 |
Balances payable at period end, net | $4,376 | $223 | $4,376 | $223 |