OmniVision (OVTI) 10-Q 7 Dec 15 2016 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Oct. 31, 2015	Dec. 03, 2015
Document and Entity Information
Entity Registrant Name	OMNIVISION TECHNOLOGIES INC
Entity Central Index Key	1,106,851
Document Type	10-Q
Document Period End Date	Oct. 31, 2015
Amendment Flag	false
Current Fiscal Year End Date	--04-30
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		59,943,480
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015
Current assets:
Cash and cash equivalents	$ 409,656	$ 318,892
Short-term investments	203,827	205,271
Accounts receivable, net	159,698	151,086
Inventories	331,032	343,966
Prepaid and deferred income taxes	4,020	7,149
Prepaid expenses and other current assets	8,360	5,628
Recoverable insurance proceeds		12,500
Total current assets	1,116,593	1,044,492
Property, plant and equipment, net	142,014	145,214
Long-term investments	155,846	192,021
Goodwill	10,227	10,227
Intangibles, net	45,647	52,287
Other long-term assets	28,416	24,155
Total assets	1,498,743	1,468,396
Current liabilities:
Accounts payable	122,447	118,796
Accrued expenses and other current liabilities	37,878	37,112
Litigation settlement accrual		12,500
Income taxes payable	2,085	3,444
Deferred revenues, less cost of revenues	39,572	22,621
Current portion of long-term debt	9,216	7,096
Total current liabilities	211,198	201,569
Long-term liabilities:
Long-term income taxes payable	54,717	55,150
Non-current portion of long-term debt	22,268	24,999
Other long-term liabilities	16,940	23,898
Total long-term liabilities	93,925	104,047
Total liabilities	$ 305,123	$ 305,616
Commitments and contingencies (Note 13)
Stockholders' equity:
Common stock, $0.001 par value; 100,000 shares authorized; 80,236 shares issued and 59,637 outstanding at October 31, 2015 and 78,734 shares issued and 58,135 outstanding at April 30, 2015, respectively	$ 80	$ 79
Additional paid-in capital	727,510	709,442
Accumulated other comprehensive income	20,652	40,069
Treasury stock, 20,599 shares at October 31, 2015 and April 30, 2015, respectively	(278,683)	(278,683)
Retained earnings	724,061	691,873
Total stockholders' equity	1,193,620	1,162,780
Total liabilities and stockholders' equity	$ 1,498,743	$ 1,468,396

CONDENSED CONSOLIDATED BALANCE3

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares shares in Thousands	Oct. 31, 2015	Apr. 30, 2015
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000	100,000
Common stock, shares issued	80,236	78,734
Common stock, shares outstanding	59,637	58,135
Treasury stock, shares	20,599	20,599

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Revenues	$ 343,136	$ 394,045	$ 673,027	$ 800,581
Cost of revenues	268,076	307,548	523,430	625,664
Gross profit	75,060	86,497	149,597	174,917
Operating expenses:
Research, development and related	35,498	34,186	71,612	68,918
Selling, general and administrative	21,693	20,229	42,840	39,439
Amortization of acquired patent portfolio	2,322	2,322	4,643	4,643
Total operating expenses	59,513	56,737	119,095	113,000
Income from operations	15,547	29,760	30,502	61,917
Equity in earnings of investee	516	1,034	889	1,969
Interest expense, net	(183)	(397)	(416)	(852)
Other income, net	804	219	1,913	1,264
Income before income taxes	16,684	30,616	32,888	64,298
Provision for (benefit from) income taxes	2,738	2,572	700	(9,073)
Net income	$ 13,946	$ 28,044	$ 32,188	$ 73,371
Net income per share:
Basic (in dollars per share)	$ 0.23	$ 0.49	$ 0.54	$ 1.28
Diluted (in dollars per share)	$ 0.23	$ 0.47	$ 0.54	$ 1.25
Shares used in computing net income per share:
Basic (in shares)	59,594	57,617	59,089	57,100
Diluted (in shares)	60,125	59,423	59,932	58,790

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 13,946	$ 28,044	$ 32,188	$ 73,371
Other comprehensive income (loss), net of tax:
Translation gains (losses)	(963)	2	(865)	(24)
Unrealized gains (losses) on available-for-sale securities	4,343	17	(18,552)	(1)
Reclassification adjustments for gains on available-for-sale securities included in net income				(1)
Unrealized gains (losses) on available-for-sale securities	4,343	17	(18,552)	(2)
Other comprehensive income (loss)	3,380	19	(19,417)	(26)
Comprehensive income	$ 17,326	$ 28,063	$ 12,771	$ 73,345

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Cash flows from operating activities:
Net income	$ 32,188	$ 73,371
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	16,680	17,646
Change in fair value of interest rate swap	(480)	(454)
Stock-based compensation	17,744	17,104
Tax effect from stock-based compensation	818	2,202
(Gain) loss on equity investments, net	993	(6,263)
Write-down of inventories	17,446	20,830
Excess tax benefit from stock-based compensation	(818)	(2,202)
Gain on disposal of property, plant and equipment	(11)	(6)
Changes in assets and liabilities:
Accounts receivable, net	(8,612)	668
Inventories	(5,027)	(87,634)
Prepaid and deferred income taxes	(475)	(1,571)
Prepaid expenses and other assets	23,936	16,509
Accounts payable	2,953	41,764
Accrued expenses and other liabilities	(16,724)	(1,538)
Income taxes payable	(1,792)	(11,494)
Deferred revenues, less cost of revenues	16,577	(5,260)
Net cash provided by operating activities	95,396	73,672
Cash flows from investing activities:
Purchases of short-term investments	(155,529)	(186,165)
Proceeds from sales or maturities of short-term investments	156,253	126,586
Purchases of property, plant and equipment, net of sales	(5,586)	(8,021)
Purchase and deposits for intangible and other assets	(4,830)
Net cash used in investing activities	(9,692)	(67,600)
Cash flows from financing activities:
Repayment of long-term borrowings	(277)	(277)
Excess tax benefits from stock-based compensation	818	2,202
Proceeds from exercise of stock options and employee stock purchase plan	4,925	8,053
Net cash provided by financing activities	5,466	9,978
Effect of exchange rate changes on cash and cash equivalents	(406)	(7)
Net increase in cash and cash equivalents	90,764	16,043
Cash and cash equivalents at beginning of period	318,892	297,952
Cash and cash equivalents at end of period	409,656	313,995
Supplemental cash flow information:
Taxes paid	2,333	1,761
Interest paid	973	1,105
Supplemental schedule of non-cash investing and financing activities:
Additions to property, plant and equipment included in accounts payable and accrued expenses and other current liabilities	$ 2,002	585
Write-off of employee stock-based compensation-related deferred tax assets		$ 843

Basis of Presentation

Basis of Presentation	6 Months Ended
	Oct. 31, 2015
Basis of Presentation
Basis of Presentation	Note 1 — Basis of Presentation Overview The accompanying interim unaudited condensed consolidated financial statements as of October 31, 2015 and April 30, 2015 and for the three and six months ended October 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, 2015 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, 2015 (the “Form 10-K”). Proposed Acquisition by Hua Capital Management, CITIC Capital and GoldStone Investment On April 30, 2015, the Company entered into a definitive agreement (“Merger Agreement”) to be acquired by a consortium composed of Hua Capital Management Co., Ltd. (“Hua Capital Management”), CITIC Capital Holdings Limited (“CITIC Capital”), and GoldStone Investment Co., Ltd. (“GoldStone Investment”) (collectively, the “Consortium”). Under the terms of the Merger Agreement, OmniVision stockholders will receive $29.75 per share in cash, or a total of approximately $1.9 billion. The agreement was unanimously approved by the Company’s Board of Directors in April 2015. OmniVision’s stockholders also approved the transaction at a special meeting in July 2015. Subsequently, the Company received the anti-trust clearances from the U.S. and China. In October 2015, the Company received notice from the Committee on Foreign Investment in the U.S., indicating the conclusion of its review and its determination that there are no unresolved national security concerns with respect to the transaction. By November 2015, the Company also received all the necessary clearance in Taiwan. The transaction, which is expected to close in the third or fourth quarter of fiscal 2016, is still subject to regulatory approvals in the People’s Republic of China, and other customary closing conditions. 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 Pronouncement

Recent Accounting Pronouncements	6 Months Ended
	Oct. 31, 2015
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 2 — Recent Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“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 2019. Early adoption is permitted 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, if applicable. 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. In February 2015, the FASB revised the authoritative guidance for consolidation. The revised guidance affects reporting entities that are required to evaluate whether they should consolidate certain legal entities, and all legal entities are subject to reevaluation under the revised consolidation model. Other than modifying the evaluation guidance for limited partnerships and similar legal entities, the revised guidance also affects the consolidation analysis of reporting entities that are involved with variable-interest-entities. The guidance is effective for the Company beginning in the first quarter of fiscal 2017. The Company is currently evaluating the impact this guidance may have on its financial position, results of operations and cash flows. In July 2015, the FASB revised the authoritative guidance for subsequent measurement of inventory by requiring inventory to be measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. The guidance is effective for the Company beginning in the first quarter of fiscal 2018. The Company is currently evaluating the impact this guidance may have on its financial position, results of operations and cash flows. In September 2015, the FASB revised the authoritative guidance for business combination by eliminating the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. Under the revised guidance, an acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The guidance is effective for the Company beginning in the first quarter of fiscal 2017. The Company is currently evaluating the impact this guidance may have on its financial position, results of operations and cash flows.

Short-Term Investments

Short-Term Investments	6 Months Ended
	Oct. 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 October 31, 2015 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Municipal bonds $ $ $ ) $ U.S. government debt securities — Corporate debt securities/commercial paper ) $ $ $ ) $ Contractual maturity dates, less than one year $ Contractual maturity dates, one to two years Contractual maturity dates, two to 33 years(1) $ As of April 30, 2015 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Municipal bonds $ $ $ ) $ U.S. government debt securities ) Corporate debt securities/commercial paper ) $ $ $ ) $ Contractual maturity dates, less than one year $ Contractual maturity dates, one to two years $ (1) Represents variable rate demand notes , which have a final maturity date of up to 3 3 years but whose next put date is less than 12 months from date of purchase.

Supplemental Balance Sheet Acco

Supplemental Balance Sheet Account Information (in thousands)	6 Months Ended
	Oct. 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) October 31, April 30, 2015 2015 Cash and cash equivalents: Cash $ $ Money market funds, commercial paper and U.S. government bonds $ $ Accounts receivable, net: Accounts receivable $ $ Less: Allowance for doubtful accounts ) ) Allowance for sales returns ) ) $ $ Inventories: Work in progress $ $ Finished goods $ $ Prepaid expenses and other current assets: Prepaid expenses $ $ Deposits and other Interest receivable $ $ Property, plant and equipment, net: Land $ $ Buildings Buildings/leasehold improvements Machinery and equipment Furniture and fixtures Software Construction in progress Less: Accumulated depreciation and amortization ) ) $ $ Other long-term assets: Deferred tax assets — non-current $ $ Land-use rights Other long-term assets $ $ Accrued expenses and other current liabilities: Deferred tax liabilities — current $ Employee compensation Third party commissions Professional services Noncancelable purchase commitments Rebates Other $ $ Other long-term liabilities: Interest rate swap $ $ Deferred tax liabilities — non-current Other $ $

Long-term Investments

Long-term Investments	6 Months Ended
	Oct. 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): October 31, April 30, 2015 2015 VisEra $ $ WLCSP XinTec Total $ $ 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 October 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. 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): Six Months Ended October 31, 2015 2014 Dividend payments received from VisEra $ $ The Company accounts for its investment in VisEra under the equity method. The following table presents equity income before elimination of unrealized intercompany profits and the equity income recorded by the Company for the periods indicated in “Cost of revenues,” consisting of its portion of the net income recorded by VisEra during the periods presented after the elimination of unrealized intercompany profits (in thousands). Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Equity income (loss) $ $ $ ) $ Net effect on Cost of revenues, after the elimination of unrealized intercompany profits $ ) $ $ ) $ 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, were 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 October 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): Six Months Ended October 31, 2015 2014 Dividend payments received from WLCSP $ $ 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 for the three and six months ended September 30, 2015 and 2014, respectively (in thousands): Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Equity income $ $ $ $ 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. Through January 31, 2015, the Company directly owned 9.8 million shares in XinTec, representing an ownership percentage of 4.1%. Separately, VisEra Cayman owned 37.2 million shares in XinTec, representing an ownership percentage of 15.6%. Consequently, the Company’s beneficial ownership percentage in XinTec was approximately 11.8%. The Company accounted for XinTec as a cost method investment through January 31, 2015. In March 2015, XinTec successfully completed its IPO and became a listed company on the Taiwan Stock Exchange. As part of the IPO, XinTec issued 30.0 million new shares and increased the total shares outstanding to 268.2 million shares. The Company also participated in the IPO as selling shareholder and sold 224,357 shares at approximately $1.35 per share, realizing a gain of approximately $195,000. As of October 31, 2015, the remaining 9.6 million XinTec shares owned by the Company represented an ownership percentage of 3.6%. The lock-up period for 4.8 million of the XinTec shares owned by the Company expired in September 2015, and the lock-up period for the remaining 4.8 million XinTec shares will expire in March 2016. VisEra Cayman also participated in the IPO as selling shareholder and sold 0.9 million shares. VisEra Cayman’s remaining 36.4 million shares in XinTec represented a 13.5% ownership. Consequently, as of October 31, 2015, the Company’s beneficial ownership percentage in XinTec totaled approximately 10.2%. As XinTec’s share price became readily determinable upon its IPO in March 2015, the Company started to record its investment in XinTec as an available-for-sale security carried at fair value, with changes in fair value, net of deferred taxes, recorded in “Accumulated other comprehensive income.” Concurrently, VisEra Cayman also started to report its ownership in XinTec as an available-for-sale security carried at fair value, with changes in fair value recorded in “Accumulated other comprehensive income.” From April 30, 2015 to October 31, 2015, XinTec’s share price decreased by approximately 34.2%. Consequently, for the six months ended October 31, 2015, the Company recorded an unrealized holding loss, net of tax, of approximately $4.8 million in “Accumulated other comprehensive income.” The Company also recorded an additional unrealized holding loss of approximately $13.8 million in “Accumulated other comprehensive income,” representing its share of VisEra Cayman’s unrealized holding loss on XinTec. The following table presents the summary financial information of VisEra and WLCSP, as derived from their financial statements for the periods indicated. The summary financial information of WLCSP reflects the information as used by the Company for its equity method of accounting for WLCSP for the three and six months ended October 31, 2015 and 2014. Each of the investee’s financial information below was prepared under US GAAP (in thousands): VisEra Holding Company Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Operating data: Revenues $ $ $ $ Gross profit Income from operations Net income (loss) $ ) $ $ ) $ China WLCSP Limited Three Months Ended Six Months Ended September 30, September 30, 2015 2014 2015 2014 Operating data: Revenues $ $ $ $ Gross profit Income from operations Net income $ $ $ $ The Company’s share of undistributed earnings of investees accounted for by the equity method as of the dates indicated were as follows (in thousands): October 31, April 30, 2015 2015 Undistributed earnings of investees $ $

Goodwill and Intangible Assets

Goodwill and Intangible Assets	6 Months Ended
	Oct. 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): Six Months Ended October 31, 2015 2014 Beginning balance $ $ Changes to carrying value — — Ending balance $ $ Intangible Assets Intangible assets as of the dates indicated consisted of the following (in thousands): October 31, 2015 Cost Accumulated Amortization Net Book Value Acquired patent portfolio $ $ $ Core technology Patents and licenses Trademarks and tradenames — Customer relationships Intangible assets, net $ $ $ April 30, 2015 Cost Accumulated Amortization Net Book Value Acquired patent portfolio $ $ $ Core technology Patents and licenses Trademarks and tradenames — Customer relationships Intangible assets, net $ $ $ The following table presents the amortization of intangible assets recorded by the Company for the periods indicated (in thousands): Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Amortization of intangible assets $ $ $ $ Amortization of acquired patent portfolio $ $ $ $ The total expected future annual amortization of these intangible assets is as follows (in thousands): Years Ending April 30, 2016 $ 2017 2018 2019 2020 Thereafter Total $

Borrowing Arrangements and Rela

Borrowing Arrangements and Related Derivative Instruments	6 Months Ended
	Oct. 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): October 31, April 30, 2015 2015 Mortgage loan $ $ Construction loan Less: amount due within one year ) ) Non-current portion of long-term debt $ $ As of October 31, 2015, aggregate debt maturities were as follows (in thousands): Years Ending April 30, Mortgage Loan Construction Loan Total 2016 $ $ $ 2017 Total $ $ $ 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 October 31, 2015. Interest rates under the Mortgage Loan for the dates indicated are set forth below: October 31, April 30, 2015 2015 Mortgage Loan % % 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., 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 October 31, 2015, the total amount outstanding under the Construction Loan was Chinese Yuan 55.0 million, or approximately $8.7 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 5.6% at October 31, 2015 and April 30, 2015, respectively. The Company was in compliance with the financial covenants of the Fixed Assets Loan Agreement as of October 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 9.) 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 Six Months Ended October 31, October 31, 2015 2014 2015 2014 Location of amounts recognized in Condensed Consolidated Statements of Income and amount of gains: Other income, net $ $ $ $ October 31, April 30, 2015 2015 Location of amounts on Condensed Consolidated Balance Sheets and fair values: Other long-term liabilities $ $

Net Income Per Share

Net Income Per Share	6 Months Ended
	Oct. 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 calculation of diluted net income per share excludes potential common stock if the effect of such stock is antidilutive. The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data): Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Basic: Numerator: Net income $ $ $ $ Denominator: Weighted average common shares for net income per share Basic net income per share $ $ $ $ Diluted: Numerator: Net income $ $ $ $ Denominator: Denominator for basic net income per share Weighted average effect of dilutive securities: Stock options, restricted stock units and employee stock purchase plan shares Weighted average common shares for diluted net income per share Diluted net income per share $ $ $ $ Antidilutive common stock subject to outstanding options (excluded from the calculation of diluted net income per share)

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Oct. 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. The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were comprised of the following types of instruments as of the date indicated (in thousands): October 31, 2015 Total Level 1 Level 2 Level 3 Money market funds $ $ $ — $ — U.S. government debt securities and municipal bonds — — Corporate debt securities/commercial paper — — Equity investment in XinTec — — Total assets $ $ $ $ — Interest rate swap ) — ) — Total liabilities $ ) $ — $ ) $ — The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were presented on the Company’s Condensed Consolidated Balance Sheets as of the date indicated (in thousands): October 31, 2015 Total Level 1 Level 2 Level 3 Cash equivalents $ $ $ $ — Short-term investments — — Long-term investments — — Total assets $ $ $ $ — Interest rate swap ) — ) $ — Total liabilities $ ) $ — $ ) $ — 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, 2015 Total Level 1 Level 2 Level 3 Money market funds $ $ $ — $ — U.S. government debt securities and municipal bonds — — Corporate debt securities/commercial paper — — Equity investment in XinTec — — Total assets $ $ $ $ — Interest rate swap $ ) $ — $ ) $ — Total liabilities $ ) $ — $ ) $ — 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, 2015 Total Level 1 Level 2 Level 3 Cash equivalents $ $ $ $ — Short-term investments — — Long-term investments — — Total assets $ $ $ $ — Interest rate swap $ ) $ — $ ) $ — Total liabilities $ ) $ — $ ) $ — There have been no transfers between Level 1 and Level 2 during the six months ended October 31, 2015. The Company did not hold any investments classified as Level 3 as of October 31, 2015. 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. XinTec completed its IPO in March 2015 and became a listed company on the Taiwan Stock Exchange, at which time the Company started to record its investment in XinTec as an available-for-sale security carried at fair value, with changes in fair value, net of deferred taxes, recorded in “Accumulated other comprehensive income.” The fair value of the investment in XinTec as of October 31, 2015 was based on the per share closing price of the stock on the Taiwan Stock Exchange. 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 October 31, 2015, using the per share closing price of the stock of $5.7 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 $173.1 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 Informat

Segment and Geographic Information	6 Months Ended
	Oct. 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: Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 OEMs and VARs % % % % Distributors Total % % % % Since the end-user customers of the Company’s customers market and sell their products worldwide, the Company’s revenues by geographic location are not necessarily indicative of the geographic distribution of end-user sales, but rather indicate where their components are sourced. The revenues by geography in the following table are based on the country or region in which the Company’s customers issue their purchase orders for the periods presented (in thousands): Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 China $ $ $ $ Singapore Japan Ireland United States All other Total $ $ $ $ The Company’s long-lived assets, including its property, plant and equipment, net, long-term investments, land-use rights and other long-term assets, are located in the following countries as of the dates indicated (in thousands): October 31, April 30, 2015 2015 China $ $ Taiwan United States All other Total $ $

Supplemental Financial Informat

Supplemental Financial Information	6 Months Ended
	Oct. 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 six months ended October 31, 2015 (in thousands): Additional Paid-in Capital Balance at April 30, 2015 $ Exercise of common stock options Employee stock purchase plan Employee stock-based compensation Withholding tax deduction on restricted stock units ) Tax effect from stock-based compensation Balance at October 31, 2015 $ Accumulated Other Comprehensive Income The following table presents the components of, and the changes in, accumulated other comprehensive income for the six months ended October 31, 2015 (in thousands): Balance at April 30, 2015 Other Comprehensive Loss Before Tax Amounts Reclassified out of Accumulated Other Comprehensive Income Related Tax Effects Balance at October 31, 2015 Accumulated translation gains $ $ ) $ — $ $ Accumulated unrealized gains on available-for-sale securities, net ) — Total accumulated other comprehensive income $ $ ) $ — $ $ The following table sets forth the amounts reclassified out of Accumulated Other Comprehensive Income into the Condensed Consolidated Statements of Income and the associated presentation location, for the periods indicated (in thousands): Three Months Ended Six Months Ended Comprehensive Income October 31, October 31, Components Location 2015 2014 2015 2014 Accumulated unrealized gains on available-for-sale securities, net Other income, net $ — $ — $ — $ ) Total amounts reclassified out of Accumulated Other Comprehensive Income $ — $ — $ — $ )

Income Taxes

Income Taxes	6 Months Ended
	Oct. 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 Six Months Ended October 31, October 31, 2015 2014 2015 2014 Income before income taxes $ $ $ $ Provision for (benefit from) income taxes $ $ $ $ ) Effective income tax rate % % % )% The Company’s effective income tax rate reflects the impact of a significant amount of the Company’s earnings being taxed in foreign jurisdictions at rates below the U.S. statutory tax rate. The Company’s quarterly income taxes reflect an estimate of the corresponding fiscal year’s annual effective tax rate and include, when applicable, adjustments from discrete tax items. For the three months ended October 31, 2015, the discrete adjustments to the Company’s income taxes included favorable impact from the foreign exchange gain associated with the Company’s unrecognized tax benefits, partially offset by the income tax expenses accrued on undistributed earnings for certain non-U.S. investee companies. During the three months ended October 31, 2015, the Company accrued an additional $290,000 of interest related to the Company’s unrecognized tax benefits. As of October 31, 2015, the Company anticipates that the balance of gross unrecognized tax benefits will decrease by approximately $4.2 million due to the lapses of the applicable statute of limitations in certain jurisdictions over the next 12 months.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Oct. 31, 2015
Commitments and Contingencies
Commitments and Contingencies	Note 13 — Commitments and Contingencies Commitments 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 October 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. The court’s summary judgment order 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. On August 27, 2015, Ziptronix announced that it was to be acquired by Tessera Technologies, Inc. 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. 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 (“California State Action”). 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 (“California Federal Action”). 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 (“Delaware Action”). These complaints asserted various state law causes of action, including claims of breach of fiduciary duty and unjust enrichment, based on allegations of stock sales and misleading statements and omissions in 2011 regarding image sensors in Apple Inc.’s iPhone. All of these derivative actions seek unspecified damages on behalf of the Company, which is named solely as nominal defendant against whom no recovery is sought. In October 2015, an amended complaint was filed in the California State Action, and defendants have filed demurrers to that complaint. 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. Raytheon Company v. Sony Corporation, OmniVision Technologies, Inc., and Apple, Inc. On March 6, 2015, Raytheon Company (“Raytheon”) filed a complaint alleging patent infringement against the Company in the District Court for the Eastern District of Texas. The case is entitled Raytheon Co. v. Sony Corp. et al., Case No. 2:15-CV-00342-JRG-RSP . In its complaint, Raytheon asserts that the Company has made, used, offered to sell, sold and/or imported into the United States image sensors that infringe U.S. Patent No. 5,591,678 (the “‘678 Patent”). The complaint seeks unspecified monetary damages, interest, fees, expenses, costs and other equitable relief against the Company. The Company answered the complaint on May 1, 2015 and denied each of Raytheon’s infringement claims against it. In addition, the Company had moved to transfer the matter to the Northern District of California along with several other defendants. Notably, the ‘678 Patent expired in January 2014. 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. Merger Litigation In connection with the Merger Agreement and the transactions contemplated thereby, a number of putative class action lawsuits have been filed in the Superior Court of the State of California, County of Santa Clara. The actions filed Pope v. OmniVision Technologies, Inc., et al., No. 15-CV-280161 (filed May 4, 2015); Francisco v. Xiaoying, et al., No. 15-CV-280270 (filed May 6, 2015); Agee v. OmniVision Technologies, Inc., No. 15-CV-280311 (filed May 7, 2015); Levine v. OmniVision Technologies, Inc., No. 15-CV-280344 (filed May 7, 2015); O’Donnell v. OmniVision Technologies, Inc., No. 15-CV-280411 (filed May 8, 2015); Smith v. Hong, et al., No. 15-CV-280863 (filed May 19, 2015); and Nido v. OmniVision Technologies, Inc., No. 15-CV-281031 (filed May 22, 2015). In general, the various complaints assert that, among other things, the members of the Board of Directors breached their fiduciary duties to OmniVision’s stockholders by engaging in a process that was not designed to, and did not, maximize the stockholders’ value, and that OmniVision and the proposed acquiring entities aided and abetted the Board of Directors’ alleged breaches of fiduciary duties. The complaints generally seek to enjoin the merger, rescission of the merger to the extent it is implemented, or alternatively, rescissionary damages. On June 2, 2015, the actions were consolidated under the caption In re OmniVision Technologies, Inc. Shareholder Litigation, No. 15-CV-280161 . On June 8, 2015, a consolidated amended complaint was filed. The amended complaint adds allegations that the Board of Directors breached their fiduciary duties by issuing a false and misleading preliminary proxy statement. The amended complaint also adds allegations that J.P. Morgan aided and abetted the directors’ alleged breaches of fiduciary duty. On July 1, 2015, plaintiffs filed a motion for a preliminary injunction seeking to enjoin the shareholder vote on the merger. The Court held a hearing on this motion on July 16, 2015. At that hearing the Court denied plaintiffs’ motion for an injunction. Plaintiffs filed a second amended complaint on September 25, 2015. The second amended complaint includes the same claims as the consolidated amended complaint although the Company is no longer named as a defendant. Defendants filed demurrers seeking dismissal of the second amended complaint on October 30, 2015. Those demurrers are currently scheduled for hearing on January 22, 2016. The Company is currently unable to predict the outcome of this action and therefore cannot determine the likelihood of loss nor estimate the loss or a range of possible loss.

Related Party Transactions

Related Party Transactions	6 Months Ended
	Oct. 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 Six Months Ended Related October 31, October 31, Party Description 2015 2014 2015 2014 VisEra Purchases of color filter and other manufacturing services $ $ $ $ Balances payable at period end, net $ $ $ $ WLCSP Purchases of packaging services $ $ $ $ Balances payable at period end, net $ $ $ $

Subsequent Event

Subsequent Event	6 Months Ended
	Oct. 31, 2015
Subsequent Event
Subsequent Event	Note 15 — Subsequent Events Pursuant to the Merger Agreement, as amended, after obtaining the necessary clearance in Taiwan by November 2015, the Company proceeded to consummate two sales agreements that it entered into in August 2015 with TSMC. Consequently, in November 2015, for approximately $124.1 million in cash, the Company sold to TSMC its investments in VisEra Cayman and Taiwan OmniVision Investment Holding Co., Ltd., through which the Company invested in XinTec. The cash proceeds exceeded the combined carrying values of VisEra Cayman and XinTec as of October 31, 2015. However, the proceeds would be adjusted at a later date, after TSMC disposed of the acquired XinTec shares. Separately, the Company paid off the Mortgage Loan and the associated interest rate swap, also in November 2015.

Basis of Presentation (Policies

Basis of Presentation (Policies)	6 Months Ended
	Oct. 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.

Short-Term Investments (Tables)

Short-Term Investments (Tables)	6 Months Ended
	Oct. 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 October 31, 2015 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Municipal bonds $ $ $ ) $ U.S. government debt securities — Corporate debt securities/commercial paper ) $ $ $ ) $ Contractual maturity dates, less than one year $ Contractual maturity dates, one to two years Contractual maturity dates, two to 33 years(1) $ As of April 30, 2015 Amortized Gross Unrealized Gross Unrealized Fair Cost Gains Losses Value Municipal bonds $ $ $ ) $ U.S. government debt securities ) Corporate debt securities/commercial paper ) $ $ $ ) $ Contractual maturity dates, less than one year $ Contractual maturity dates, one to two years $ (1) Represents variable rate demand notes , which have a final maturity date of up to 3 3 years but whose next put date is less than 12 months from date of purchase.

Supplemental Balance Sheet Ac24

Supplemental Balance Sheet Account Information (in thousands) (Tables)	6 Months Ended
	Oct. 31, 2015
Supplemental Balance Sheet Account Information (in thousands)
Schedule of supplemental balance sheet account information	Supplemental Balance Sheet Account Information (in thousands) October 31, April 30, 2015 2015 Cash and cash equivalents: Cash $ $ Money market funds, commercial paper and U.S. government bonds $ $ Accounts receivable, net: Accounts receivable $ $ Less: Allowance for doubtful accounts ) ) Allowance for sales returns ) ) $ $ Inventories: Work in progress $ $ Finished goods $ $ Prepaid expenses and other current assets: Prepaid expenses $ $ Deposits and other Interest receivable $ $ Property, plant and equipment, net: Land $ $ Buildings Buildings/leasehold improvements Machinery and equipment Furniture and fixtures Software Construction in progress Less: Accumulated depreciation and amortization ) ) $ $ Other long-term assets: Deferred tax assets — non-current $ $ Land-use rights Other long-term assets $ $ Accrued expenses and other current liabilities: Deferred tax liabilities — current $ Employee compensation Third party commissions Professional services Noncancelable purchase commitments Rebates Other $ $ Other long-term liabilities: Interest rate swap $ $ Deferred tax liabilities — non-current Other $ $

Long-term Investments (Tables)

Long-term Investments (Tables)	6 Months Ended
	Oct. 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): October 31, April 30, 2015 2015 VisEra $ $ WLCSP XinTec Total $ $
Schedule of Company's share of undistributed earnings of investees accounted for by equity method	The Company’s share of undistributed earnings of investees accounted for by the equity method as of the dates indicated were as follows (in thousands): October 31, April 30, 2015 2015 Undistributed earnings of investees $ $
VisEra | Dividends Received From Investee
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): Six Months Ended October 31, 2015 2014 Dividend payments received from VisEra $ $
VisEra | Equity Income
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 Six Months Ended October 31, October 31, 2015 2014 2015 2014 Equity income (loss) $ $ $ ) $ Net effect on Cost of revenues, after the elimination of unrealized intercompany profits $ ) $ $ ) $
VisEra | Summary Financial Information
Long-term investment disclosures
Schedule of dividends received, equity income and summary financial information	VisEra Holding Company Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Operating data: Revenues $ $ $ $ Gross profit Income from operations Net income (loss) $ ) $ $ ) $
WLCSP | Dividends Received From Investee
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): Six Months Ended October 31, 2015 2014 Dividend payments received from WLCSP $ $
WLCSP | Equity Income
Long-term investment disclosures
Schedule of dividends received, equity income and summary financial information	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 for the three and six months ended September 30, 2015 and 2014, respectively (in thousands): Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Equity income $ $ $ $
WLCSP | Summary Financial Information
Long-term investment disclosures
Schedule of dividends received, equity income and summary financial information	China WLCSP Limited Three Months Ended Six Months Ended September 30, September 30, 2015 2014 2015 2014 Operating data: Revenues $ $ $ $ Gross profit Income from operations Net income $ $ $ $

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	6 Months Ended
	Oct. 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): Six Months Ended October 31, 2015 2014 Beginning balance $ $ Changes to carrying value — — Ending balance $ $
Schedule of intangible assets	Intangible assets as of the dates indicated consisted of the following (in thousands): October 31, 2015 Cost Accumulated Amortization Net Book Value Acquired patent portfolio $ $ $ Core technology Patents and licenses Trademarks and tradenames — Customer relationships Intangible assets, net $ $ $ April 30, 2015 Cost Accumulated Amortization Net Book Value Acquired patent portfolio $ $ $ Core technology Patents and licenses Trademarks and tradenames — Customer relationships Intangible assets, net $ $ $
Schedule of amortization of intangible assets	The following table presents the amortization of intangible assets recorded by the Company for the periods indicated (in thousands): Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Amortization of intangible assets $ $ $ $ Amortization of acquired patent portfolio $ $ $ $
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, 2016 $ 2017 2018 2019 2020 Thereafter Total $

Borrowing Arrangements and Re27

Borrowing Arrangements and Related Derivative Instruments (Tables)	6 Months Ended
	Oct. 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): October 31, April 30, 2015 2015 Mortgage loan $ $ Construction loan Less: amount due within one year ) ) Non-current portion of long-term debt $ $
Schedule of aggregate debt maturities	As of October 31, 2015, aggregate debt maturities were as follows (in thousands): Years Ending April 30, Mortgage Loan Construction Loan Total 2016 $ $ $ 2017 Total $ $ $
Schedule of interest rates of mortgage loan	October 31, April 30, 2015 2015 Mortgage Loan % %
Schedule of location of swaps on condensed consolidated statements of income and condensed consolidated balance sheets, and related effect 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 Six Months Ended October 31, October 31, 2015 2014 2015 2014 Location of amounts recognized in Condensed Consolidated Statements of Income and amount of gains: Other income, net $ $ $ $ October 31, April 30, 2015 2015 Location of amounts on Condensed Consolidated Balance Sheets and fair values: Other long-term liabilities $ $

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Oct. 31, 2015
Net Income Per Share
Schedule of computation of basic and diluted earnings per share	The following table sets forth the computation of basic and diluted earnings per share for the periods indicated (in thousands, except per share data): Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 Basic: Numerator: Net income $ $ $ $ Denominator: Weighted average common shares for net income per share Basic net income per share $ $ $ $ Diluted: Numerator: Net income $ $ $ $ Denominator: Denominator for basic net income per share Weighted average effect of dilutive securities: Stock options, restricted stock units and employee stock purchase plan shares Weighted average common shares for diluted net income per share Diluted net income per share $ $ $ $ Antidilutive common stock subject to outstanding options (excluded from the calculation of diluted net income per share)

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Oct. 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): October 31, 2015 Total Level 1 Level 2 Level 3 Money market funds $ $ $ — $ — U.S. government debt securities and municipal bonds — — Corporate debt securities/commercial paper — — Equity investment in XinTec — — Total assets $ $ $ $ — Interest rate swap ) — ) — Total liabilities $ ) $ — $ ) $ — 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, 2015 Total Level 1 Level 2 Level 3 Money market funds $ $ $ — $ — U.S. government debt securities and municipal bonds — — Corporate debt securities/commercial paper — — Equity investment in XinTec — — Total assets $ $ $ $ — Interest rate swap $ ) $ — $ ) $ — Total liabilities $ ) $ — $ ) $ —
Schedule of financial assets and liabilities measured at fair value on a recurring basis presented on the entity's Condensed consolidated balance sheets	The following table presents the Company’s financial assets and liabilities that are measured at fair value on a recurring basis which were presented on the Company’s Condensed Consolidated Balance Sheets as of the date indicated (in thousands): October 31, 2015 Total Level 1 Level 2 Level 3 Cash equivalents $ $ $ $ — Short-term investments — — Long-term investments — — Total assets $ $ $ $ — Interest rate swap ) — ) $ — Total liabilities $ ) $ — $ ) $ — 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, 2015 Total Level 1 Level 2 Level 3 Cash equivalents $ $ $ $ — Short-term investments — — Long-term investments — — Total assets $ $ $ $ — Interest rate swap $ ) $ — $ ) $ — Total liabilities $ ) $ — $ ) $ —

Segment and Geographic Inform30

Segment and Geographic Information (Tables)	6 Months Ended
	Oct. 31, 2015
Segment and Geographic Information
Schedule of revenues by customer segment	Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 OEMs and VARs % % % % Distributors Total % % % %
Schedule of revenues by geography based on the country or region in which the Company's customers issue their purchase orders	The revenues by geography in the following table are based on the country or region in which the Company’s customers issue their purchase orders for the periods presented (in thousands): Three Months Ended Six Months Ended October 31, October 31, 2015 2014 2015 2014 China $ $ $ $ Singapore Japan Ireland United States All other Total $ $ $ $
Schedule of the Company's long-lived assets, including its property, plant and equipment, net, long-term investments, land-use rights and other long-term assets	The Company’s long-lived assets, including its property, plant and equipment, net, long-term investments, land-use rights and other long-term assets, are located in the following countries as of the dates indicated (in thousands): October 31, April 30, 2015 2015 China $ $ Taiwan United States All other Total $ $

Supplemental Financial Inform31

Supplemental Financial Information (Tables)	6 Months Ended
	Oct. 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 six months ended October 31, 2015 (in thousands): Additional Paid-in Capital Balance at April 30, 2015 $ Exercise of common stock options Employee stock purchase plan Employee stock-based compensation Withholding tax deduction on restricted stock units ) Tax effect from stock-based compensation Balance at October 31, 2015 $
Schedule of components of, and the changes in, accumulated other comprehensive income	The following table presents the components of, and the changes in, accumulated other comprehensive income for the six months ended October 31, 2015 (in thousands): Balance at April 30, 2015 Other Comprehensive Loss Before Tax Amounts Reclassified out of Accumulated Other Comprehensive Income Related Tax Effects Balance at October 31, 2015 Accumulated translation gains $ $ ) $ — $ $ Accumulated unrealized gains on available-for-sale securities, net ) — Total accumulated other comprehensive income $ $ ) $ — $ $
Schedule of amounts reclassified out of Accumulated Other Comprehensive Income into the Condensed Consolidated Statements of Income and the associated presentation location	The following table sets forth the amounts reclassified out of Accumulated Other Comprehensive Income into the Condensed Consolidated Statements of Income and the associated presentation location, for the periods indicated (in thousands): Three Months Ended Six Months Ended Comprehensive Income October 31, October 31, Components Location 2015 2014 2015 2014 Accumulated unrealized gains on available-for-sale securities, net Other income, net $ — $ — $ — $ ) Total amounts reclassified out of Accumulated Other Comprehensive Income $ — $ — $ — $ )

Income Taxes (Tables)

Income Taxes (Tables)	6 Months Ended
	Oct. 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 Six Months Ended October 31, October 31, 2015 2014 2015 2014 Income before income taxes $ $ $ $ Provision for (benefit from) income taxes $ $ $ $ ) Effective income tax rate % % % )%

Related Party Transactions (Tab

Related Party Transactions (Tables)	6 Months Ended
	Oct. 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 Six Months Ended Related October 31, October 31, Party Description 2015 2014 2015 2014 VisEra Purchases of color filter and other manufacturing services $ $ $ $ Balances payable at period end, net $ $ $ $ WLCSP Purchases of packaging services $ $ $ $ Balances payable at period end, net $ $ $ $

Basis of Presentation (Details)

Basis of Presentation (Details) - The "Consortium" $ / shares in Units, $ in Billions	Apr. 30, 2015USD ($)$ / shares
Proposed Acquisition
Consideration for each outstanding common share under merger agreement	$ 29.75
Total consideration under merger agreement | $	$ 1.9

Short-Term Investments (Details

Short-Term Investments (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Available-for-sale securities
Amortized Cost	$ 203,854	$ 205,338
Gross Unrealized Gains	34	17
Gross Unrealized Losses	(61)	(84)
Fair Value	203,827	205,271
Contractual maturity dates
Contractual maturity dates, less than one year	198,341	204,770
Contractual maturity dates, one to two years	4,986	501
Contractual maturity dates, two to 33 years	500
Fair Value	$ 203,827	205,271
Maximum
Contractual maturity dates
Final maturity date of variable rate demand notes	33 years
Municipal bonds
Available-for-sale securities
Amortized Cost	$ 24,284	20,584
Gross Unrealized Gains	3	2
Gross Unrealized Losses	(3)	(6)
Fair Value	24,284	20,580
U.S. government debt securities
Available-for-sale securities
Amortized Cost	42,911	25,041
Gross Unrealized Gains	26	2
Gross Unrealized Losses		(1)
Fair Value	42,937	25,042
Corporate debt securities/commercial Paper
Available-for-sale securities
Amortized Cost	136,659	159,713
Gross Unrealized Gains	5	13
Gross Unrealized Losses	(58)	(77)
Fair Value	$ 136,606	$ 159,649

Supplemental Balance Sheet Ac36

Supplemental Balance Sheet Account Information (in thousands) (Details) - USD ($) $ in Thousands	Oct. 31, 2015	Apr. 30, 2015	Oct. 31, 2014	Apr. 30, 2014
Cash and cash equivalents:
Cash	$ 251,619	$ 242,884
Money market funds, commercial paper and U.S. government bonds	158,037	76,008
Cash and cash equivalents	409,656	318,892	$ 313,995	$ 297,952
Accounts receivable, net:
Accounts receivable	162,930	153,965
Less: Allowance for doubtful accounts	(824)	(924)
Allowance for sales returns	(2,408)	(1,955)
Accounts receivable, net	159,698	151,086
Inventories:
Work in progress	160,797	147,586
Finished goods	170,235	196,380
Inventories	331,032	343,966
Prepaid expenses and other current assets:
Prepaid expenses	7,096	4,250
Deposits and other	459	377
Interest receivable	805	1,001
Prepaid expenses and other current assets	8,360	5,628
Property, plant and equipment, net:
Property, plant and equipment, gross	267,588	261,934
Less: Accumulated depreciation and amortization	(125,574)	(116,720)
Property, plant and equipment, net	142,014	145,214
Other long-term assets:
Deferred tax assets - non-current	604	604
Land-use rights	2,095	2,124
Other long-term assets	25,717	21,427
Total other long-term assets	28,416	24,155
Accrued expenses and other current liabilities:
Deferred tax liabilities - current	86	86
Employee compensation	18,257	15,268
Third party commissions	375	389
Professional services	2,891	2,961
Noncancelable purchase commitments	2,180	1,788
Rebates	4,599	2,802
Other	9,490	13,818
Accrued expenses and other current liabilities	37,878	37,112
Other long-term liabilities:
Interest rate swap	1,593	2,073
Deferred tax liabilities - non-current	13,592	20,232
Other	1,755	1,593
Other long-term liabilities	16,940	23,898
Land
Property, plant and equipment, net:
Property, plant and equipment, gross	13,000	13,000
Buildings
Property, plant and equipment, net:
Property, plant and equipment, gross	82,611	82,624
Buildings/leasehold improvements
Property, plant and equipment, net:
Property, plant and equipment, gross	29,452	29,452
Machinery and equipment
Property, plant and equipment, net:
Property, plant and equipment, gross	124,491	121,270
Furniture and fixtures
Property, plant and equipment, net:
Property, plant and equipment, gross	5,049	5,034
Software
Property, plant and equipment, net:
Property, plant and equipment, gross	9,021	8,918
Construction in progress
Property, plant and equipment, net:
Property, plant and equipment, gross	$ 3,964	$ 1,636

Long-term Investments (Details)

Long-term Investments (Details) - USD ($)	Mar. 31, 2015	Apr. 30, 2014	Jan. 31, 2014	Sep. 30, 2010	May. 31, 2010	May. 31, 2007	Apr. 30, 2003	Oct. 31, 2015	Sep. 30, 2015	Oct. 31, 2014	Sep. 30, 2014	Jan. 31, 2014	Oct. 31, 2015	Sep. 30, 2015	Oct. 31, 2014	Sep. 30, 2014	Apr. 30, 2015	Jan. 31, 2015	Oct. 31, 2011	Apr. 30, 2010
Long-term investment disclosures
Long-term investments								$ 155,846,000					$ 155,846,000				$ 192,021,000
Equity income (loss)													(993,000)		$ 6,263,000
Equity income								$ 516,000		$ 1,034,000			$ 889,000		1,969,000
Shares outstanding								59,637,000					59,637,000				58,135,000
Operating data:
Undistributed earnings of investees								$ 46,652,000					$ 46,652,000				$ 61,408,000
Equity investment in XinTec
Long-term investment disclosures
Long-term investments								$ 12,114,000					$ 12,114,000				19,502,000
Shares outstanding	268,200,000
Number of shares sold in IPO	224,357
Decrease in share price (as a percent)													34.20%
Realized gain (loss)	$ 195,000
Unrealized loss recorded in accumulated other comprehensive income													$ 4,800,000
Ownership interest in outstanding shares (in shares)								9,600,000					9,600,000					9,800,000
Lock-up period shares expire in September 2015								4,800,000
Lock-up period shares expire in March 2016								4,800,000
Number of shares issued	30,000,000
IPO price (in dollars per share)	$ 1.35
Purchase of long-term investment							$ 2,800,000
Percentage of equity ownership								3.60%					3.60%					4.10%
Beneficial ownership percentage								10.20%					10.20%					11.80%
VisEra
Long-term investment disclosures
Long-term investments								$ 106,909,000					$ 106,909,000				134,392,000
Final payment for acquisition of production operation		$ 4,500,000
Consideration for production operations from VisEra																			$ 42,900,000
Due to VisEra for acquisition of production operations		9,000,000
Reduction in consideration for production operations from VisEra		$ 4,500,000
Dividend payments received from investee													12,900,000		17,101,000
Equity income (loss)								252,000		861,000			(802,000)		3,880,000
Net effect on Cost of revenues, after the elimination of unrealized intercompany profits								$ (894,000)		872,000			$ (1,882,000)		4,294,000
VisEra Holding Company ("VisEra Cayman")
Long-term investment disclosures
Percentage of equity ownership								49.10%					49.10%
Operating data:
Revenues								$ 28,131,000		28,714,000			$ 52,512,000		57,004,000
Gross profit								3,794,000		7,285,000			7,106,000		15,278,000
Income from operations								1,760,000		4,848,000			3,095,000		10,582,000
Net income (loss)								$ (1,820,000)		1,776,000			(3,830,000)		8,739,000
VisEra Holding Company ("VisEra Cayman") | Equity investment in XinTec
Long-term investment disclosures
Number of shares sold in IPO	900,000
Unrealized loss recorded in accumulated other comprehensive income													$ 13,800,000
Ownership interest in outstanding shares (in shares)								36,400,000					36,400,000					37,200,000
Percentage of equity ownership	13.50%
Beneficial ownership percentage																		15.60%
WLCSP
Long-term investment disclosures
Long-term investments								$ 36,823,000					$ 36,823,000				$ 38,127,000
Percentage of equity ownership				18.70%		20.00%		13.30%					13.30%							19.70%
Dividend payments received from investee					$ 0								$ 876,000		726,000
Equity income								$ 516,000		$ 1,034,000			$ 889,000		$ 1,969,000
Investment acquired (in shares)						4,500,000
Purchase amount of equity method investment						$ 9,000,000
Shares outstanding			226,700,000		180,000,000							226,700,000
Ownership interest in outstanding shares (in shares)					35,400,000			30,300,000					30,300,000
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
Equity Method Investment, Net Sales Proceeds			$ 15,100,000
Cumulative translation adjustment reclassified from accumulated other comprehensive income												$ 1,000,000
Operating data:
Revenues									$ 23,793,000		$ 23,935,000			$ 45,631,000		$ 46,060,000
Gross profit									7,494,000		13,970,000			14,719,000		26,364,000
Income from operations									1,882,000		7,569,000			2,593,000		14,803,000
Net income (loss)									$ 3,866,000		$ 7,744,000			$ 6,658,000		$ 14,745,000
WLCSP | Change in interest gain
Long-term investment disclosures
Gain on the sale of shares												14,100,000
WLCSP | Gain from share sale
Long-term investment disclosures
Gain on the sale of shares												9,700,000
WLCSP | Other income, net
Long-term investment disclosures
Gain on the sale of shares												$ 23,800,000

Goodwill and Intangible Asset38

Goodwill and Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015
Change to carrying value of goodwill
Beginning balance			$ 10,227	$ 10,227
Ending balance	$ 10,227	$ 10,227	10,227	10,227
Intangible assets
Finite-lived intangible assets, Cost	139,236		139,236		$ 138,906
Finite-lived intangible assets, Accumulated Amortization	93,589		93,589		86,619
Finite-lived intangible assets, Net Book Value	45,647		45,647		52,287
Expected future annual amortization of intangible assets
2,016	6,883		6,883
2,017	13,737		13,737
2,018	12,656		12,656
2,019	3,243		3,243
2,020	2,434		2,434
Thereafter	6,694		6,694
Total	45,647		45,647		52,287
Acquired patent portfolio
Intangible assets
Finite-lived intangible assets, Cost	65,000		65,000		65,000
Finite-lived intangible assets, Accumulated Amortization	42,560		42,560		37,917
Finite-lived intangible assets, Net Book Value	22,440		22,440		27,083
Amortization of intangible assets
Amortization of intangibles	2,322	2,322	4,643	4,643
Expected future annual amortization of intangible assets
Total	22,440		22,440		27,083
Core technology
Intangible assets
Finite-lived intangible assets, Cost	36,100		36,100		36,100
Finite-lived intangible assets, Accumulated Amortization	30,873		30,873		29,923
Finite-lived intangible assets, Net Book Value	5,227		5,227		6,177
Expected future annual amortization of intangible assets
Total	5,227		5,227		6,177
Patents and licenses
Intangible assets
Finite-lived intangible assets, Cost	36,396		36,396		36,066
Finite-lived intangible assets, Accumulated Amortization	18,465		18,465		17,105
Finite-lived intangible assets, Net Book Value	17,931		17,931		18,961
Expected future annual amortization of intangible assets
Total	17,931		17,931		18,961
Trademarks and tradenames
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
Intangible assets
Finite-lived intangible assets, Cost	340		340		340
Finite-lived intangible assets, Accumulated Amortization	291		291		274
Finite-lived intangible assets, Net Book Value	49		49		66
Expected future annual amortization of intangible assets
Total	49		49		$ 66
Amortization of finite Lived intangibles excluding acquired patent portfolio
Amortization of intangible assets
Amortization of intangibles	$ 1,158	$ 1,150	$ 2,327	$ 2,342

Borrowing Arrangements and Re39

Borrowing Arrangements and Related Derivative Instruments (Details) $ in Thousands, ¥ in Millions	Mar. 16, 2007USD ($)building	Oct. 31, 2015USD ($)	Oct. 31, 2014USD ($)	Oct. 31, 2015USD ($)	Oct. 31, 2014USD ($)	Jan. 31, 2015	Oct. 31, 2015CNY (¥)	Oct. 31, 2015USD ($)	Apr. 30, 2015USD ($)
Borrowing arrangements
Long term debt								$ 31,484	$ 32,095
Less: amount due within one year								(9,216)	(7,096)
Non-current portion of long-term debt								22,268	24,999
Aggregate debt maturities
2,016								6,577
2,017								24,907
Total								31,484	32,095
Number of buildings purchased against Loan and Security Agreement with a domestic bank | building	4
Location of amounts on Condensed Consolidated Balance Sheets and fair values:
Interest rate swap recorded in Other long-term liabilities								1,593	2,073
Other long-term liabilities
Location of amounts on Condensed Consolidated Balance Sheets and fair values:
Interest rate swap recorded in Other long-term liabilities								1,593	2,073
Other Income [Member]
Location of amounts recognized in Consolidated Statements of Income and amount of gains:
Gain on interest rate swap recorded in other income, net		$ 224	$ 148	$ 480	$ 454
Mortgage loan
Borrowing arrangements
Long term debt								22,822	23,099
Aggregate debt maturities
2,016								277
2,017								22,545
Total								$ 22,822	$ 23,099
Aggregate principal amount	$ 27,900
Interest rate on debt (as a percent)							1.10%	1.10%	1.10%
Interest rates swap period		10 years
Stated interest rate on debt (as a percent)							5.30%	5.30%
Effective interest rate on debt (as a percent)							6.20%	6.20%
Mortgage loan | LIBOR
Aggregate debt maturities
Reference rate of debt		LIBOR				LIBOR
Basis points added to reference rate of debt (as a percent)		0.90%
Construction loan
Borrowing arrangements
Long term debt								$ 8,662	$ 8,996
Aggregate debt maturities
2,016								6,300
2,017								2,362
Total								$ 8,662	$ 8,996
Interest rate on debt (as a percent)							5.60%	5.60%
Construction loan | OmniVision Technologies (Shanghai) Co., Ltd.
Aggregate debt maturities
Amount outstanding under line of credit facility							¥ 55	$ 8,700

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Net Income Per Share
Antidilutive common stock subject to outstanding options (in shares)	521	508	521	661
Basic Numerator:
Net income	$ 13,946	$ 28,044	$ 32,188	$ 73,371
Basic Denominator:
Weighted average common shares for net income per share	59,594,000	57,617,000	59,089,000	57,100,000
Basic net income per share	$ 0.23	$ 0.49	$ 0.54	$ 1.28
Diluted Numerator:
Net income	$ 13,946	$ 28,044	$ 32,188	$ 73,371
Diluted Denominator:
Denominator for basic net income per share	59,594,000	57,617,000	59,089,000	57,100,000
Weighted average effect of dilutive securities:
Stock options, restricted stock units and employee stock purchase plan shares	531,000	1,806,000	843,000	1,690,000
Weighted average common shares for diluted net income per share	60,125,000	59,423,000	59,932,000	58,790,000
Diluted net income per share	$ 0.23	$ 0.47	$ 0.54	$ 1.25

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Oct. 31, 2015	Apr. 30, 2015
Financial assets and liabilities measured at fair value on a recurring basis
Interest rate swap	$ (1,593)	$ (2,073)
Amount of transfers on a recurring basis between Level 1 to Level 2	0
Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis
Cash equivalents	158,037	76,008
Short-term investments	203,827	205,271
Long-term investments	12,114	19,502
Total assets	373,978	300,781
Total liabilities	(1,593)	(2,073)
Recurring Basis | Money market funds
Financial assets and liabilities measured at fair value on a recurring basis
Total assets	26,719	15,338
Recurring Basis | U.S. government debt securities and municipal bonds
Financial assets and liabilities measured at fair value on a recurring basis
Total assets	71,311	65,783
Recurring Basis | Corporate debt securities/commercial Paper
Financial assets and liabilities measured at fair value on a recurring basis
Total assets	263,834	200,158
Recurring Basis | Interest rate swap
Financial assets and liabilities measured at fair value on a recurring basis
Interest rate swap	(1,593)	(2,073)
Recurring Basis | Level 1
Financial assets and liabilities measured at fair value on a recurring basis
Cash equivalents	26,719	15,338
Long-term investments	12,114	19,502
Total assets	38,833	34,840
Recurring Basis | Level 1 | Money market funds
Financial assets and liabilities measured at fair value on a recurring basis
Total assets	26,719	15,338
Recurring Basis | Fair Value Inputs Level2 [Member]
Financial assets and liabilities measured at fair value on a recurring basis
Cash equivalents	131,318	60,670
Short-term investments	203,827	205,271
Total assets	335,145	265,941
Total liabilities	(1,593)	(2,073)
Recurring Basis | Fair Value Inputs Level2 [Member] | U.S. government debt securities and municipal bonds
Financial assets and liabilities measured at fair value on a recurring basis
Total assets	71,311	65,783
Recurring Basis | Fair Value Inputs Level2 [Member] | Corporate debt securities/commercial Paper
Financial assets and liabilities measured at fair value on a recurring basis
Total assets	263,834	200,158
Recurring Basis | Fair Value Inputs Level2 [Member] | Interest rate swap
Financial assets and liabilities measured at fair value on a recurring basis
Interest rate swap	(1,593)	(2,073)
Equity investment in XinTec | Recurring Basis
Financial assets and liabilities measured at fair value on a recurring basis
Total assets	12,114	19,502
Equity investment in XinTec | Recurring Basis | Level 1
Financial assets and liabilities measured at fair value on a recurring basis
Total assets	$ 12,114	$ 19,502
WLCSP
Financial assets and liabilities measured at fair value on a recurring basis
Closing stock price (in dollars per share)	$ 5.7
WLCSP | Level 1
Financial assets and liabilities measured at fair value on a recurring basis
Fair value of equity method investment	$ 173,100

Segment and Geographic Inform42

Segment and Geographic Information (Details) - Sales	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Geographical segment information
Revenues by customer segment (as a percent)	100.00%	100.00%	100.00%	100.00%
OEMs and VARs
Geographical segment information
Revenues by customer segment (as a percent)	58.00%	70.60%	63.70%	75.20%
Distributors
Geographical segment information
Revenues by customer segment (as a percent)	42.00%	29.40%	36.30%	24.80%

Segment and Geographic Inform43

Segment and Geographic Information (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014	Apr. 30, 2015
Geographical segment information
Revenues	$ 343,136	$ 394,045	$ 673,027	$ 800,581
Long-lived assets	325,672		325,672		$ 360,786
China
Geographical segment information
Revenues	279,315	321,812	537,330	656,059
Long-lived assets	154,300		154,300		154,573
Singapore
Geographical segment information
Revenues	13,694	6,574	38,053	10,846
Japan
Geographical segment information
Revenues	18,534	24,195	37,112	47,369
Ireland
Geographical segment information
Revenues	11,050	6,152	20,859	11,810
Taiwan
Geographical segment information
Long-lived assets	123,606		123,606		157,722
United States
Geographical segment information
Revenues	3,100	2,757	6,025	4,368
Long-lived assets	47,074		47,074		47,785
All other
Geographical segment information
Revenues	17,443	$ 32,555	33,648	$ 70,129
Long-lived assets	$ 692		$ 692		$ 706

Supplemental Financial Inform44

Supplemental Financial Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014
Additional Paid-in Capital
Tax effect from stock-based compensation	$ 818	$ 2,202
Additional Paid In Capital
Additional Paid-in Capital
Balance	709,442
Exercise of common stock options	730
Employee stock purchase plan	4,195
Employee stock-based compensation	17,744
Withholding tax deduction on restricted stock units	(5,419)
Tax effect from stock-based compensation	818
Balance	$ 727,510

Supplemental Financial Inform45

Supplemental Financial Information (Details 2) $ in Thousands	6 Months Ended
	Oct. 31, 2015USD ($)
Changes in accumulated other comprehensive income
Balance at the beginning of the period	$ 1,162,780
Balance at the ending of the period	1,193,620
Accumulated translation gains
Changes in accumulated other comprehensive income
Balance at the beginning of the period	2,420
Other Comprehensive Loss, Before Tax	(1,330)
Related Tax Effects	465
Balance at the ending of the period	1,555
Accumulated unrealized gains on available-for-sale securities, net
Changes in accumulated other comprehensive income
Balance at the beginning of the period	37,649
Other Comprehensive Loss, Before Tax	(21,122)
Related Tax Effects	2,570
Balance at the ending of the period	19,097
Accumulated other comprehensive income
Changes in accumulated other comprehensive income
Balance at the beginning of the period	40,069
Other Comprehensive Loss, Before Tax	(22,452)
Related Tax Effects	3,035
Balance at the ending of the period	$ 20,652

Supplemental Financial Inform46

Supplemental Financial Information (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Amounts reclassified out of accumulated other comprehensive income
Other income, net	$ (804)	$ (219)	$ (1,913)	$ (1,264)
Total amounts reclassified out of Accumulated Other Comprehensive Income	$ (13,946)	$ (28,044)	$ (32,188)	(73,371)
Amounts Reclassified out of Accumulated Other Comprehensive Income | Accumulated unrealized gains on available-for-sale securities, net
Amounts reclassified out of accumulated other comprehensive income
Other income, net				(1)
Total amounts reclassified out of Accumulated Other Comprehensive Income				$ (1)

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
Income Taxes
Income before income taxes	$ 16,684,000	$ 30,616,000	$ 32,888,000	$ 64,298,000
Provision for (benefit from) income taxes	$ 2,738,000	$ 2,572,000	$ 700,000	$ (9,073,000)
Effective income tax rate (as a percent)	16.40%	8.40%	2.10%	(14.10%)
Amount of additional interest accrued by the Company related to the unrecognized tax benefits	$ 290,000
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	$ 4,200,000		$ 4,200,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jul. 31, 2014USD ($)
Powerchip Technology Corporation
Commitments
Deposit required for prepaid wafer credit	$ 1

Commitments and Contingencies49

Commitments and Contingencies (Details 2) $ in Thousands	Aug. 09, 2012patent	Nov. 22, 2011patent	Dec. 06, 2010patent	Apr. 30, 2015USD ($)	May. 10, 2012complaint	Mar. 21, 2012complaint	Nov. 15, 2011complaint
Litigation
Recoverable insurance proceeds				$ 12,500
Litigation settlement accrual				$ 12,500
Patent infringement
Litigation
Number of patents allegedly infringed | patent	3	5	6
Shareholder derivative complaint
Litigation
Number of shareholder derivative complaints | complaint					5	4	3

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Oct. 31, 2015	Oct. 31, 2014	Oct. 31, 2015	Oct. 31, 2014
VisEra
Related Party Transactions
Purchases of services	$ 22,882	$ 26,513	$ 42,880	$ 51,675
Balances payable at period end, net	11,232	17,510	11,232	17,510
WLCSP
Related Party Transactions
Purchases of services	8,360	7,447	16,285	10,996
Balances payable at period end, net	$ 3,349	$ 4,342	$ 3,349	$ 4,342

Subsequent Events (Details)

Subsequent Events (Details) - Taiwan Semiconductor manufacturing Co. Ltd. - Subsequent Events $ in Millions	1 Months Ended
	Nov. 30, 2015USD ($)agreement
Subsequent Events
Number of agreements entered into for divestiture of investments in Taiwan	2
Equity investment in XinTec | VisEra Holding Company ("VisEra Cayman")
Subsequent Events
Sale of investments | $	$ 124.1