Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 4-May-15 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | INPHI CORP | |
Document Type | 10-Q | |
Current Fiscal Year End Date | -19 | |
Entity Common Stock, Shares Outstanding | 38,294,523 | |
Amendment Flag | FALSE | |
Entity Central Index Key | 1160958 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 |
Unaudited_Condensed_Consolidat
Unaudited Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $39,542 | $30,366 |
Investments in marketable securities | 38,670 | 38,908 |
Accounts receivable, net | 36,740 | 36,914 |
Inventories | 23,341 | 26,650 |
Deferred tax assets | 563 | 678 |
Income tax receivable | 297 | 204 |
Prepaid expenses and other current assets | 3,891 | 6,779 |
Total current assets | 143,044 | 140,499 |
Property and equipment, net | 34,521 | 35,498 |
Goodwill | 9,405 | 9,405 |
Identifiable intangible assets, net | 77,587 | 80,773 |
Deferred tax charge | 2,701 | 3,261 |
Other assets, net | 10,564 | 9,274 |
Total assets | 277,822 | 278,710 |
Current liabilities: | ||
Accounts payable | 8,207 | 7,884 |
Deferred revenue | 7,730 | 7,110 |
Accrued employee expenses | 7,136 | 9,492 |
Other accrued expenses | 6,289 | 4,952 |
Other current liabilities | 2,947 | 2,689 |
Total current liabilities | 32,309 | 32,127 |
Other long-term liabilities | 9,456 | 7,409 |
Total liabilities | 41,765 | 39,536 |
Commitments and contingencies (Note 14) | ||
Stockholders’ equity: | ||
Preferred stock, $0.001 par value; 10,000,000 shares authorized; no shares issued | ||
Common stock, $0.001 par value; 500,000,000 shares authorized; 37,951,150 and 37,310,963 issued and outstanding at March 31, 2015 and December 31, 2014, respectively | 38 | 37 |
Additional paid-in capital | 334,027 | 327,475 |
Accumulated deficit | -98,898 | -89,190 |
Accumulated other comprehensive income | 890 | 852 |
Total stockholders’ equity | 236,057 | 239,174 |
Total liabilities and stockholders’ equity | $277,822 | $278,710 |
Unaudited_Condensed_Consolidat1
Unaudited Condensed Consolidated Balance Sheets (Parentheticals) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value (in Dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 37,951,150 | 37,310,963 |
Common stock, outstanding | 37,951,150 | 37,310,963 |
Unaudited_Condensed_Consolidat2
Unaudited Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenue | $59,160 | $31,189 |
Cost of revenue | 29,238 | 11,063 |
Gross profit | 29,922 | 20,126 |
Research and development | 22,722 | 13,739 |
Sales and marketing | 6,869 | 3,950 |
General and administrative | 5,812 | 3,065 |
Total operating expenses | 35,403 | 20,754 |
Loss from operations | -5,481 | -628 |
Other income | 167 | 160 |
Loss before income taxes | -5,314 | -468 |
Provision for income taxes | 4,394 | 527 |
Net loss | ($9,708) | ($995) |
Earnings per share: | ||
Basic (in Dollars per share) | ($0.26) | ($0.03) |
Diluted (in Dollars per share) | ($0.26) | ($0.03) |
Weighted-average shares used in computing earnings per share: | ||
Basic (in Shares) | 37,696,518 | 30,697,808 |
Diluted (in Shares) | 37,696,518 | 30,697,808 |
Unaudited_Condensed_Consolidat3
Unaudited Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Net loss | ($9,708) | ($995) |
Available for sale investments: | ||
Change in unrealized gain, net of $0 tax | 47 | 50 |
Realized gain reclassified into earnings, net of $0 tax | -9 | |
Comprehensive loss | ($9,670) | ($945) |
Unaudited_Condensed_Consolidat4
Unaudited Condensed Consolidated Statements of Comprehensive Income (Parentheticals) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Change in unrealized gain, tax | $0 | $0 |
Unaudited_Condensed_Consolidat5
Unaudited Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net loss | ($9,708) | ($995) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,423 | 2,357 |
Stock-based compensation | 6,420 | 4,506 |
Deferred income taxes and deferred tax charge | 2,590 | 213 |
Excess tax benefit related to stock-based compensation | -1,251 | |
Amortization of premiums on marketable securities | 135 | 228 |
Other noncash items | -63 | |
Changes in assets and liabilities: | ||
Accounts receivable | 174 | -4,984 |
Inventories | 3,309 | -438 |
Prepaid expenses and other assets | 1,597 | -1,782 |
Income tax payable/receivable | 2,330 | 337 |
Accounts payable | 1,392 | 34 |
Accrued expenses | -932 | -1,329 |
Deferred revenue | 620 | -186 |
Other liabilities | -782 | -89 |
Net cash provided by (used in) operating activities | 12,254 | -2,128 |
Cash flows from investing activities | ||
Purchases of property and equipment | -3,438 | -3,156 |
Proceeds from sale of property and equipment | 75 | |
Purchases of marketable securities | -4,562 | -16,713 |
Sales and maturities of marketable securities | 4,714 | 18,231 |
Net cash used in investing activities | -3,211 | -1,638 |
Cash flows from financing activities | ||
Proceeds from exercise of stock options | 1,052 | 1,231 |
Excess tax benefit related to stock-based compensation | 1,251 | |
Proceeds from employee stock purchase plan | 1,977 | 1,303 |
Minimum tax withholding paid on behalf of employees for restricted stock units | -4,147 | -2,601 |
Net cash provided by (used in) financing activities | 133 | -67 |
Net increase (decrease) in cash and cash equivalents | 9,176 | -3,833 |
Cash and cash equivalents at beginning of period | 30,366 | 31,667 |
Cash and cash equivalents at end of period | 39,542 | 27,834 |
Income taxes paid | $580 |
Note_1_Organization_and_Basis_
Note 1 - Organization and Basis of Presentation | 3 Months Ended |
Mar. 31, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization and Basis of Presentation |
Inphi Corporation (the “Company”), a Delaware corporation, was incorporated in November 2000. The Company is a fabless provider of high-speed analog and mixed signal semiconductor solutions for the communications, data center and computing markets. The Company’s semiconductor solutions are designed to address bandwidth bottlenecks in networks, maximize throughput and minimize latency in computing environments and enable the rollout of next generation communications, data center and computing infrastructures. In addition, the semiconductor solutions provide a vital high-speed interface between analog signals and digital information in high-performance systems such as telecommunications transport systems, enterprise networking equipment, data center and enterprise servers, storage platforms, test and measurement equipment and military systems. | |
On October 3, 2014, the Company completed the acquisition of Cortina Systems, Inc. including its high-speed interconnect and optical transport product lines (Cortina) for approximately $52,509 in cash and approximately 5.3 million shares of the Company’s common stock in accordance with the Agreement and Plan of Merger dated July 30, 2014 as amended by Amendment No. 1 to the Agreement and Plan of Merger dated September 25, 2014. The revenue and expenses of Cortina are included in the consolidated statement of income for the three months ended March 31, 2015. | |
The interim unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”), for interim financial information and with the instructions to Securities and Exchange Commission (“SEC”), Form 10-Q and Article 10 of SEC Regulation S-X. They do not include all of the information and footnotes required by GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto for the year ended December 31, 2014, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 10, 2015. | |
The interim condensed consolidated financial statements included herein are unaudited; however, they contain all normal recurring accruals and adjustments that, in the opinion of management, are necessary to state fairly the Company’s consolidated financial position at March 31, 2015, and its consolidated results of operations and cash flows for the three months ended March 31, 2015 and 2014. The results of operations for the three months ended March 31, 2015 are not necessarily indicative of the results to be expected for future quarters or the full year. |
Note_2_Recent_Accounting_Prono
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 2. Recent Accounting Pronouncements |
In November 2014, the Financial Accounting Standards Board, issued authoritative guidance that provides guidance on whether and at what threshold an acquired business or not-for-profit organization can apply pushdown accounting. This guidance provides an option to apply pushdown accounting in the separate financial statements of an acquired entity upon the occurrence of an event in which an acquirer obtains control of the acquired entity. The guidance is effective on November 18, 2014. After the effective date, an acquired entity can make an election to apply the guidance to future change-in-control events or to its most recent change-in-control event. However, if the financial statements for the period in which the most recent change-in-control event occurred already have been issued or made available to be issued, the application of this guidance would be a change in accounting principle. The adoption of this guidance did not impact the consolidated financial statements. | |
In May 2014, the Financial Accounting Standards Board issued guidance on “Revenue from Contracts with Customers.” The new revenue recognition guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. The guidance requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The new guidance is effective for the Company on January 1, 2017. Early application is not permitted. The new guidance permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that the new revenue recognition guidance will have on the consolidated financial statements and related disclosures. The Company has not yet selected a transition method nor determined the effect of the standard on the ongoing financial reporting. |
Note_3_Investments
Note 3 - Investments | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments Schedule [Abstract] | |||||||||||||||||
Investment [Text Block] | 3. Investments | ||||||||||||||||
The following table summarizes the investments by investment category: | |||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||
U.S. treasury securities | $ | 802 | $ | 802 | $ | 2,056 | $ | 2,057 | |||||||||
Municipal bonds | 20,823 | 20,853 | 19,686 | 19,712 | |||||||||||||
Corporate notes/bonds | 14,972 | 15,011 | 16,381 | 16,392 | |||||||||||||
Asset backed securities | 2,000 | 2,004 | 750 | 747 | |||||||||||||
Total investments | $ | 38,597 | $ | 38,670 | $ | 38,873 | $ | 38,908 | |||||||||
As of March 31, 2015, the Company had 13 investments that were in an unrealized loss position. The gross unrealized losses on these investments at March 31, 2015 of $11 were determined to be temporary in nature. The Company reviews the investments to identify and evaluate investments that have an indication of possible other-than-temporary impairment. Factors considered in determining whether a loss is other-than-temporary include the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the investee, and the intent and ability to hold the investment for a period of time sufficient to allow for any anticipated recovery in market value. | |||||||||||||||||
The realized gain related to the Company’s available-for-sale investment, which were reclassified from other comprehensive income, was included in other income in the consolidated statements of income. | |||||||||||||||||
The contractual maturities of available-for-sale securities at March 31, 2015 are presented in the following table: | |||||||||||||||||
Cost | Fair Value | ||||||||||||||||
Due in one year or less | $ | 12,638 | $ | 12,662 | |||||||||||||
Due between one and five years | 25,959 | 26,008 | |||||||||||||||
$ | 38,597 | $ | 38,670 | ||||||||||||||
Note_4_Inventories
Note 4 - Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory Disclosure [Text Block] | 4. Inventories | ||||||||
Inventories consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Raw materials | $ | 3,897 | $ | 5,803 | |||||
Work in process | 3,950 | 2,409 | |||||||
Finished goods | 15,494 | 18,438 | |||||||
$ | 23,341 | $ | 26,650 | ||||||
Finished goods held by distributors were $3,007 and $2,798 as of March 31, 2015 and December 31, 2014, respectively. |
Note_5_Property_and_Equipment_
Note 5 - Property and Equipment, Net | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment Disclosure [Text Block] | 5. Property and Equipment, net | ||||||||
Property and equipment consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Laboratory and production equipment | $ | 54,471 | $ | 48,522 | |||||
Office, software and computer equipment | 22,018 | 15,855 | |||||||
Furniture and fixtures | 2,721 | 1,762 | |||||||
Leasehold improvements | 5,924 | 5,212 | |||||||
85,134 | 71,351 | ||||||||
Less accumulated depreciation | (50,613 | ) | (35,853 | ) | |||||
$ | 34,521 | $ | 35,498 | ||||||
Depreciation and amortization expense of property and equipment for the three months ended March 31, 2015 and 2014 was $3,237 and $2,357, respectively. | |||||||||
As of March 31, 2015 and December 31, 2014, computer software costs included in property and equipment were $8,655 and $4,582, respectively. Amortization expense of capitalized computer software costs was $232 and $103 for the three months ended March 31, 2015 and 2014, respectively. |
Note_6_Goodwill_and_Identifiab
Note 6 - Goodwill and Identifiable Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Text Block] | 6. Identifiable Intangible Assets | ||||||||||||||||||||||||
The following table presents details of identifiable intangible assets: | |||||||||||||||||||||||||
31-Mar-15 | 31-Dec-14 | ||||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||
Developed technology | $ | 71,570 | $ | 5,732 | $ | 65,838 | $ | 71,570 | $ | 2,857 | $ | 68,713 | |||||||||||||
Customer relationships | 8,170 | 405 | 7,765 | 8,170 | 201 | 7,969 | |||||||||||||||||||
Trade name | 920 | 92 | 828 | 920 | 46 | 874 | |||||||||||||||||||
Patents | 1,579 | 173 | 1,406 | 1,579 | 112 | 1,467 | |||||||||||||||||||
In-process research and development | 1,750 | — | 1,750 | 1,750 | — | 1,750 | |||||||||||||||||||
$ | 83,989 | $ | 6,402 | $ | 77,587 | $ | 83,989 | $ | 3,216 | $ | 80,773 | ||||||||||||||
The following table presents amortization of intangible assets for the three months ended March 31, 2015: | |||||||||||||||||||||||||
Cost of goods sold | $ | 2,875 | |||||||||||||||||||||||
Sales and marketing | 204 | ||||||||||||||||||||||||
General and administrative | 107 | ||||||||||||||||||||||||
$ | 3,186 | ||||||||||||||||||||||||
Based on the amount of intangible assets subject to amortization at March 31, 2015, the expected amortization expense for each of the next five fiscal years and thereafter is as follows: | |||||||||||||||||||||||||
2015 (remainder) | $ | 9,548 | |||||||||||||||||||||||
2016 | 12,707 | ||||||||||||||||||||||||
2017 | 12,682 | ||||||||||||||||||||||||
2018 | 12,648 | ||||||||||||||||||||||||
2019 | 11,078 | ||||||||||||||||||||||||
Thereafter | 17,174 | ||||||||||||||||||||||||
$ | 75,837 | ||||||||||||||||||||||||
The weighted-average amortization periods remaining by intangible asset category were as follows (in years): | |||||||||||||||||||||||||
Developed technology | 6.03 | ||||||||||||||||||||||||
Customer relationship | 9.5 | ||||||||||||||||||||||||
Others | 10.2 | ||||||||||||||||||||||||
Note_7_Product_Warranty_Obliga
Note 7 - Product Warranty Obligation | 3 Months Ended |
Mar. 31, 2015 | |
Product Warranties Disclosures [Abstract] | |
Product Warranty Disclosure [Text Block] | 7. Product Warranty Obligation |
As of March 31, 2015 and December 31, 2014, the product warranty liability was $110. There was no movement in product warranty liability during the three months ended March 31, 2015 and 2014. | |
On November 3, 2014, the Company received a claim notification from an insurance company asserting a claim of approximately $4,000 for field installation repair and replacement costs incurred by a customer in 2011. The Company believes that it had fulfilled its contractual obligation to provide warranty repair and replacement, but has referred the matter to its insurance carrier at the request of the insurance company. As of March 31, 2015, the Company believes that the liability under this claim is not probable. Nevertheless, resolutions of third-party claims are inherently uncertain and as such, an unfavorable outcome could ultimately impact the Company’s business, cash flow and results of operations. |
Note_8_Other_Longterm_Liabilit
Note 8 - Other Long-term Liabilities | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |||||||||
Other Liabilities Disclosure [Text Block] | 8. Other long-term liabilities | ||||||||
Other long-term liabilities consist of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Deferred rent | $ | 2,189 | $ | 1,930 | |||||
Income tax payable | 6,590 | 4,687 | |||||||
Deferred tax liabilities | 677 | 792 | |||||||
$ | 9,456 | $ | 7,409 | ||||||
Note_9_Income_Taxes
Note 9 - Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 9. Income Taxes |
The Company normally determines its interim provision using an estimated single annual effective tax rate for all tax jurisdictions. ASC 740 provides that when an entity operates in a jurisdiction that has generated ordinary losses on a year-to-date basis or on the basis of the results anticipated for the full fiscal year and no benefit can be recognized on those losses, a separate effective tax rate should be computed and applied to ordinary income (or loss) in that jurisdiction. The Company incurred pretax loss during the three months ended March 31, 2015 and 2014 from the Singapore operation and will not recognize tax benefit of the losses due to full valuation allowance established against deferred tax assets. Thus, a separate effective tax rate was applied to losses from each loss jurisdiction to compute the Company’s interim tax expense. In addition, the discrete method was used to calculate the Company’s interim tax expense for the U.S. operations for the three months ended March 31, 2014. The Company has determined that a calculation of an annual effective tax rate would not represent a reliable estimate due to the sensitivity of the annual effective tax rate estimate to even minimal changes to forecasted earnings of the U.S. operations for the year. Under the discrete method, the Company determines its tax expense based upon actual results as if the interim period were an annual period. | |
The Company recorded an income tax expense of $4,394 and $527 in the three months ended March 31, 2015 and 2014, respectively. The effective tax rates were (83%) and (113%) in the three months ended March 31, 2015 and 2014, respectively. The difference between the effective tax rates and the 34% federal statutory rate in the three months ended March 31, 2015 and 2014, respectively, resulted primarily due to the change in valuation allowance, foreign income taxes provided at lower rates, geographic mix in expected operating results, unrecognized tax benefits, stock-based compensation adjustments and recognition of state research and development credits. | |
During the three months ended March 31, 2015, the gross amount of the Company’s unrecognized tax benefits increased approximately $2,011 as a result of tax positions taken during the current year. Substantially all of the unrecognized tax benefits as of March 31, 2015, if recognized, would affect the Company’s effective tax rate. The Company believes that in the next twelve months, it is reasonably possible that that the gross unrecognized tax benefit may decrease by approximately $1,750 due to resolution of the state audit. | |
The Company does not provide for U.S. income taxes on undistributed earnings of its controlled foreign corporations that are intended to be invested indefinitely outside the United States. |
Note_10_Earnings_Per_Share
Note 10 - Earnings Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings Per Share [Text Block] | 10. Earnings Per Share | ||||||||
The following shows the computation of basic and diluted earnings per share: | |||||||||
Three Months | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator | |||||||||
Net loss | $ | (9,708 | ) | $ | (995 | ) | |||
Denominator | |||||||||
Weighted average common stock | 37,696,518 | 30,699,590 | |||||||
Less weighted average unvested restricted stock award | — | (1,782 | ) | ||||||
Weighted average common stock—basic and diluted | 37,696,518 | 30,697,808 | |||||||
Earnings per share | |||||||||
Basic | $ | (0.26 | ) | $ | (0.03 | ) | |||
Diluted | $ | (0.26 | ) | $ | (0.03 | ) | |||
The following securities were not included in the computation of diluted earnings per share as inclusion would have been anti-dilutive: | |||||||||
Three Months | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Common stock options | 2,935,994 | 3,760,969 | |||||||
Restricted stock unit | 4,446,535 | 2,771,758 | |||||||
Restricted stock award | — | 1,782 | |||||||
7,382,529 | 6,534,509 | ||||||||
Note_11_Stockbased_Compensatio
Note 11 - Stock-based Compensation | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 11. Stock–Based Compensation | ||||||||||||||||
In June 2010, the Board approved the Company’s 2010 Stock Incentive Plan (the “2010 Plan”), which became effective in November 2010. The 2010 Plan provides for the grants of restricted stock, stock appreciation rights and stock unit awards to employees, non-employee directors, advisors and consultants. The Compensation Committee administers the 2010 Plan, including the determination of the recipient of an award, the number of shares subject to each award, whether an option is to be classified as an incentive stock option or nonstatutory option, and the terms and conditions of each award, including the exercise and purchase prices and the vesting or duration of the award. Options granted under the 2010 Plan are exercisable only upon vesting. At March 31, 2015, 3,389,763 shares of common stock have been reserved for future grants under the 2010 Plan. | |||||||||||||||||
Stock Option Awards | |||||||||||||||||
The Company did not grant any stock options during the three months ended March 31, 2015 and 2014. | |||||||||||||||||
The following table summarizes information regarding options outstanding: | |||||||||||||||||
Number of | Weighted | Weighted | Aggregate | ||||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
Outstanding at December 31, 2014 | 3,005,594 | $ | 10.16 | 6.12 | $ | 25,302 | |||||||||||
Granted | — | — | |||||||||||||||
Exercised | (153,021 | ) | 6.88 | ||||||||||||||
Canceled | (18,719 | ) | 20.29 | ||||||||||||||
Outstanding at March 31, 2015 | 2,833,854 | $ | 10.27 | 5.96 | $ | 21,705 | |||||||||||
Exercisable at March 31, 2015 | 2,301,217 | $ | 9.92 | 5.71 | $ | 18,430 | |||||||||||
Vested and expected to vest at March 31, 2015 | 2,831,137 | $ | 10.27 | 5.96 | $ | 21,687 | |||||||||||
The intrinsic value of options outstanding, exercisable and vested and expected to vest is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of the respective balance sheet dates. | |||||||||||||||||
The total intrinsic value of options exercised during the three months ended March 31, 2015 and 2014 was $1,858 and $4,343, respectively. The intrinsic value of exercised options is calculated based on the difference between the exercise price and the fair value of the Company’s common stock as of the exercise date. Cash received from the exercise of stock options was $1,052 and $1,231 for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||
Restricted Stock Units | |||||||||||||||||
The Company granted restricted stock units (“RSUs”) to members of the Board and employees. Most of the Company’s outstanding RSUs vest over four years with vesting contingent upon continuous service. The Company estimates the fair value of RSUs using the market price of the common stock on the date of the grant. The fair value of these awards is amortized on a straight-line basis over the vesting period. | |||||||||||||||||
The following table summarizes information regarding outstanding RSUs: | |||||||||||||||||
Number of | Weighted | ||||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date Fair Value Per Share | |||||||||||||||||
Outstanding at December 31, 2014 | 4,789,622 | $ | 12.85 | ||||||||||||||
Granted | 130,500 | 18.48 | |||||||||||||||
Vested | (549,595 | ) | 11.24 | ||||||||||||||
Canceled | (65,677 | ) | 14.28 | ||||||||||||||
Outstanding at March 31, 2015 | 4,304,850 | 13.21 | |||||||||||||||
Expected to vest at March 31, 2015 | 4,234,942 | ||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
In December 2011, the Company adopted the Employee Stock Purchase Plan (“ESPP”). Participants purchase the Company's stock using payroll deductions, which may not exceed 15% of their total cash compensation. Pursuant to the terms of the ESPP, the "look-back" period for the stock purchase price is six months. Offering and purchase periods will begin on February 10 and August 10 of each year. Participants will be granted the right to purchase common stock at a price per share that is 85% of the lesser of the fair market value of the Company's common stock at the beginning or the end of each six-month period. | |||||||||||||||||
The ESPP imposes certain limitations upon an employee’s right to acquire common stock, including the following: (i) no employee shall be granted a right to participate if such employee immediately after the election to purchase common stock, would own stock possessing 5% or more to the total combined voting power or value of all classes of stock of the Company, and (ii) no employee may be granted rights to purchase more than $25 fair value of common stock for each calendar year. The maximum aggregate number of shares of common stock available for purchase under the ESPP is one million shares. Total common stock issued under the ESPP during the three months ended March 31, 2015 and 2014 was 160,776 and 131,007, respectively. | |||||||||||||||||
The fair value of employee stock purchase plan is estimated at the start of offering period using the Black-Scholes option pricing model with the following assumptions: | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Risk-free interest rate | 0.07 | % | 0.08 | % | |||||||||||||
Expected life (in years) | 0.5 | 0.49 | |||||||||||||||
Dividend yield | — | — | |||||||||||||||
Expected volatility | 41 | % | 34 | % | |||||||||||||
Estimated fair value | $ | 5.34 | $ | 3 | |||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||
Stock-based compensation expense is included in the Company’s results of operations as follows: | |||||||||||||||||
Three Months | |||||||||||||||||
Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Operating expenses | |||||||||||||||||
Cost of goods sold | $ | 363 | $ | 251 | |||||||||||||
Research and development | 3,786 | 2,389 | |||||||||||||||
Sales and marketing | 1,025 | 858 | |||||||||||||||
General and administrative | 1,246 | 1,008 | |||||||||||||||
$ | 6,420 | $ | 4,506 | ||||||||||||||
Total unrecognized compensation cost related to unvested stock options at March 31, 2015, prior to the consideration of expected forfeitures, is approximately $47,476 and is expected to be recognized over a weighted-average period of 2.78 years. |
Note_12_Fair_Value_Measurement
Note 12 - Fair Value Measurements | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value Disclosures [Text Block] | 12. Fair Value Measurements | ||||||||||||
The guidance on fair value measurements requires fair value measurements to be classified and disclosed in one of the following three categories: | |||||||||||||
Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||
Level 2: Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability, or | |||||||||||||
Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). | |||||||||||||
The Company measures its investments in marketable securities at fair value using the market approach, which uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The Company has cash equivalents which consist of money market funds valued using the amortized cost method, in accordance with Rule 2a-7 under the 1940 Act which approximates fair value. | |||||||||||||
The Company determines the amount of transfers between Levels 1 and 2 or transfers into or out of Level 3 by using the end-of-period fair value. The Company had no transfers among the fair value hierarchy during the three months ended March 31, 2015. | |||||||||||||
The following table presents information about assets required to be carried at fair value on a recurring basis: | |||||||||||||
31-Mar-15 | Total | Level 1 | Level 2 | ||||||||||
Assets | |||||||||||||
Cash equivalents: | |||||||||||||
Money market funds | $ | 1,863 | $ | — | $ | 1,863 | |||||||
Investment in marketable securities: | |||||||||||||
U.S. treasury securities | 802 | 802 | — | ||||||||||
Municipal bonds | 20,853 | — | 20,853 | ||||||||||
Corporate notes/bonds | 15,011 | — | 15,011 | ||||||||||
Asset backed securities | 2,004 | — | 2,004 | ||||||||||
$ | 40,533 | $ | 802 | $ | 39,731 | ||||||||
31-Dec-14 | Total | Level 1 | Level 2 | ||||||||||
Assets | |||||||||||||
Cash equivalents: | |||||||||||||
Money market funds | $ | 1,457 | $ | — | $ | 1,457 | |||||||
Investment in marketable securities: | |||||||||||||
US treasury securities | 2,057 | 2,057 | — | ||||||||||
Municipal bonds | 19,712 | — | 19,712 | ||||||||||
Corporate notes/bonds | 16,392 | — | 16,392 | ||||||||||
Asset backed securities | 747 | — | 747 | ||||||||||
$ | 40,365 | $ | 2,057 | $ | 38,308 | ||||||||
Note_13_Segment_and_Geographic
Note 13 - Segment and Geographic Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Reporting Disclosure [Text Block] | 13. Segment and Geographic Information | ||||||||
The Company operates in one reportable segment. The Company’s Chief Executive Officer, who is considered to be the chief operating decision maker, manages the Company’s operations as a whole and reviews consolidated financial information for purposes of evaluating financial performance and allocating resources. Revenue by region is classified based on the locations to which the product is transported, which may differ from the customer’s principal offices. | |||||||||
The following table sets forth the Company’s revenue by geographic region: | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
China | $ | 19,055 | $ | 12,515 | |||||
United States | 9,456 | 5,459 | |||||||
Other | 30,649 | 13,215 | |||||||
$ | 59,160 | $ | 31,189 | ||||||
As of March 31, 2015, $4,509 of long-lived tangible assets are located outside the United States, of which $3,056 are located in Taiwan. As of December 31, 2014, $6,153 of long-lived tangible assets are located outside the United States of which $3,463 are located in Taiwan. |
Note_14_Commitments_and_Contin
Note 14 - Commitments and Contingencies | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | 14. Commitments and Contingencies | ||||
Leases | |||||
The Company leases its facility and certain equipment under noncancelable lease agreements expiring in various years through 2020. The Company also licenses certain software used in its research and development activities under a term license subscription and maintenance arrangement. | |||||
As of March 31, 2015, future minimum lease payments under noncancelable operating leases having initial terms in excess of one year are as follows: | |||||
2015 (remaining) | $ | 8,890 | |||
2016 | 9,311 | ||||
2017 | 4,085 | ||||
2018 | 1,855 | ||||
2019 and thereafter | 1,412 | ||||
$ | 25,553 | ||||
For the three months ended March 31, 2015 and 2014, lease operating expense was $3,043 and $1,423, respectively. | |||||
Noncancelable Purchase Obligations | |||||
The Company depends upon third party subcontractors to manufacture its wafers. The Company’s subcontractor relationships typically allow for the cancellation of outstanding purchase orders, but require payment of all expenses incurred through the date of cancellation. As of March 31, 2015, the total value of open purchase orders for wafers was approximately $6,592. | |||||
Legal Proceedings | |||||
Netlist, Inc. v. Inphi Corporation, Case No. 09-cv-6900 (C.D. Cal.) | |||||
On September 22, 2009, Netlist filed suit in the United States District Court, Central District of California, or the Court, asserting that the Company infringes U.S. Patent No. 7,532,537. Netlist filed an amended complaint on December 22, 2009, further asserting that the Company infringes U.S. Patent Nos. 7,619,912 and 7,636,274, collectively with U.S. Patent No. 7,532,537, the patents-in-suit, and seeking both unspecified monetary damages to be determined and an injunction to prevent further infringement. These infringement claims allege that the Company’s iMB™ and certain other memory module components infringe the patents-in-suit. The Company answered the amended complaint on February 11, 2010 and asserted that the Company does not infringe the patents-in-suit and that the patents-in-suit are invalid. In 2010, Company filed inter partes requests for reexamination with the United States Patent and Trademark Office (the “USPTO”), asserting that the patents-in-suit are invalid. | |||||
On August 27, 2010, the USPTO ordered the request for Inter Partes Reexamination for U.S. Patent No. 7,636,274 and found a substantial new question of patentability based upon each of the different issues that the Company raised as the reexamination requestor. On September 27, 2011, the Patent Office issued a First Office Action based on the Netlist '274 Patent Reexamination Request and rejected 91 of its 97 claims. On October 27, 2011, Netlist responded to the USPTO determination by amending some but not all of the claims, adding new claims and making arguments as to the validity of the rejected claims in view of the cited references. The Company provided rebuttable comments to the USPTO on November 28, 2011. On March 12, 2012, the Examiner issued an Action Closing Prosecution, indicating that the claims pending contain allowable subject matter, and Netlist did not respond to the Action Closing Prosecution in the time provided by the USPTO. On June 22, 2012, the USPTO issued a Right of Appeal Notice, and on July 23, 2012, the Company filed a Notice of Appeal. The Company filed the Appeal Brief on September 24, 2012 and Netlist filed its Responsive Brief on October 24, 2012. The parties received an Examiner’s Answer dated April 16, 2013 from the USPTO that maintained the rejections set forth on the Right of Appeal Notice dated June 22, 2012. The Company filed a Rebuttal Brief on May 16, 2013 and a Request for Oral Hearing on June 7, 2013. The appeal hearing took place on November 20, 2013. The Patent Trial and Appeal Board (PTAB) issued its decision on January 16, 2014, finding the Examiner erred in declining to adopt 8 of the 9 different rejections that had been proposed by us. The Company requested a rehearing of the decision not to adopt the remaining one rejection that had been proposed by the Company and was not adopted by the PTAB on February 18, 2014. In papers dated March 18, 2014, Netlist provided rebuttal comments to the request for rehearing and also requested re-opening of prosecution with respect to the claims that the PTAB had rejected, and in that request to re-open prosecution amended the independent claims that stood rejected. The Company filed comments with respect to these proposed amended claims on April 17, 2014, which were refiled in a slightly different form on September 5, 2014. On June 26, 2014, the PTAB issued a decision on the request for rehearing, which included a rejection of further claims pursuant to the Company’s request and on July 28, 2014, Netlist provided a response to the USPTO cancelling those claims that had been rejected in the decision on the request for rehearing. On September 26, 2014, the PTAB remanded the proceedings back to the Examiner, with instructions to consider part, but not all, of the Company’s comments that had been previously filed on September 5, 2014. On October 10, 2014, the Company filed a Petition to the Director of the USPTO seeking reconsideration of the PTAB remand of September 26, 2014, and requesting that all of the comments that the Company previously filed on September 5, 2014 should have been entered for consideration by the Examiner, The USPTO denied this Petition with remand instructions to the Examiner to consider part, but not all, of the Company’s comments that had been previously filed on September 5, 2014. While the reexamination still awaits the Examiner’s action after the remand, on March 13, 2015 the Company filed a Petition for Writ of Mandamus with United States Court of Appeals for the Federal Circuit seeking relief from the Federal Circuit Court to vacate the Board’s order and to instruct the Director to enter in full the Company’s comments that had been previously filed on September 5, 2014. On March 19, 2015, Netlist’s motion to extend time to file a response to the Petition was granted, and Netlist’s opposition to the Petition for Writ of Mandamus was received on April 27, 2015. A reply brief by the Company is expected as the next substantive step of the proceeding, as prosecution otherwise remains closed. The proceeding is expected to continue in accordance with established Inter Partes Reexamination procedures. The Company may consider filing an appeal to any determination made by the USPTO with the Federal Circuit Court of Appeals. | |||||
On September 8, 2010, the USPTO ordered the request for Inter Partes Reexamination for U.S. Patent No. 7,532,537 and found a substantial new question of patentability based upon different issues that the Company raised as the reexamination requestor. The USPTO accompanied this Reexamination Order of U.S. Patent No. 7,532,537 with its own evaluation of the validity of this patent, and rejected some but not all of claims. In a response dated October 8, 2010, Netlist responded to the USPTO determination by amending some but not all of the claims, adding new claims and making arguments as to why the claims were not invalid in view of the cited references. The Company provided rebuttable comments to the USPTO on November 8, 2010 along with a Petition requesting an increase in the number of allowed pages of the rebuttable comments. On January 20, 2011, the USPTO granted the Petition in part. The Company then filed updated rebuttal comments on January 27, 2011 in compliance with the granted Petition. The USPTO has considered these updated rebuttal comments, and in a communication dated June 15, 2011, continued to reject all the previously rejected claims. The USPTO also rejected all the claims newly added in the October 8, 2010 Netlist response. In a further communication dated June 21, 2011, the USPTO issued an Action Closing Prosecution indicating that it would confirm the patentability of four claims and reject all the other pending claims. On August 22, 2011, Netlist responded to the Action Closing Prosecution by further amending some claims and making arguments as to the validity of the rejected claims in view of the cited references. The Company submitted rebuttal comments on September 21, 2011. In a further communication dated February 7, 2012, the USPTO issued a Right of Appeal Notice, which also indicated that the previous amendments to claim made by Netlist would be entered, and that the current pending claims, as amended, were patentable. The Company filed a Notice of Appeal at the USPTO on March 8, 2012, within the time period provided for filing the Notice of Appeal and Netlist did not file Notice of Cross-Appeal. The Company filed its Appeal Brief on May 8, 2012, and Netlist filed its Responsive Brief on July 2, 2012. The parties received an Examiner’s Answer dated April 16, 2013 from the USPTO that maintained the rejections set forth on the Right of Appeal Notice dated February 7, 2012. The Company filed a Rebuttal Brief on May 16, 2013 and a Request for Oral Hearing on June 7, 2013. The appeal hearing took place in front of the PTAB on November 20, 2013. The PTAB issued its decision on January 16, 2014, affirming the Examiner’s decision as to all of the challenged claims. On February 18, 2014, the Company made a request for rehearing of the decision, and in papers dated March 18, 2014, Netlist provided rebuttal comments to the request for rehearing. On August 13, 2014, the PTAB denied our request for rehearing, and on October 15, 2014, the Company filed a Notice of Appeal to the Court of Appeals for the Federal Circuit. An Appeal Brief was filed with the Court of Appeals for the Federal Circuit on February 3, 2015 and an Opposition Brief filed by Netlist in the Court of Appeals for the Federal Circuit is expected as the next substantive step of the proceeding (with Netlist having twice moved the court, without opposition, to extend the time to file its Opposition Brief such that Netlist’s Opposition Brief is now due on May 18, 2015), as prosecution otherwise remains closed. The proceeding is expected to continue in accordance with established Inter Partes Reexamination procedures. | |||||
On September 8, 2010, the USPTO ordered the request for Inter Partes Reexamination for U.S. Patent No. 7,619,912 and found a substantial new question of patentability based upon different issues that the Company raised as the reexamination requestor. The USPTO accompanied this Reexamination Order of U.S. Patent No. 7,619,912 with its own evaluation of the validity of this patent, and initially determined that all of the claims were patentable based upon the Company’s request for Inter Partes Reexamination. Netlist did not comment upon this Reexamination Order. The USPTO on February 28, 2011 also merged the Proceedings of our Reexamination of U.S. Patent No. 7,619,912, bearing Control No. 90/001,339 with Inter Partes Reexamination Proceeding 95/000,578 filed October 20, 2010 on behalf of SMART Modular Technologies, Inc. and Inter Partes Reexamination Proceeding 95/000,579 filed October 21, 2010 on behalf of Google, Inc. In each of these other Reexamination Proceedings, the USPTO had indicated that there existed a substantial new question of patentability with respect to certain claims of U.S. Patent No. 7,619,912, but had not accompanied the Reexamination Orders related thereto with its own evaluation of the validity of this patent, indicating that such evaluation would be forthcoming at a later time. This further evaluation was received in an Office Action dated April 4, 2011, in which the Examiner rejected a substantial majority of the claims based upon a number of different rejections, including certain of the rejections originally proposed by the Company in its Request for Reexamination. This Office Action also indicated that one claim was deemed to be patentable over the prior art of record in the merged Reexamination Proceedings. After seeking and obtaining an extension of time to respond to the Office Action dated April 4, 2011, Netlist served its response on July 5, 2011, which added new claims and made arguments as to why the originally filed claims were not invalid in view of the cited references. Each of the merged Reexamination Requestors, including the Company, submitted rebuttal comments by August 29, 2011. The USPTO considered this Netlist response and each of the rebuttal comments, and in an Office Action dated October 14, 2011, continued to reject most, but not all of the previously rejected claims, as well as rejected claims that had been added by Netlist in its July 5, 2011 response. After seeking and obtaining an extension of time to respond to the Office Action dated October 14, 2011, Netlist served its response on January 13, 2012, which response made amendments based upon subject matter that had been indicated as allowable in the Office Action dated October 14, 2011, added other new claims and made arguments as to why all of these claims should be allowed. The three different merged Reexamination Requestors, including the Company, timely submitted rebuttal comments on or about February 13, 2012. The USPTO issued a Non-final Office Action on November 13, 2012, rejecting some claims and indicating that others contained allowable subject matter. On January 14, 2013, Netlist filed a Response to the Non-final Office Action which presented further claim amendments and evidence supporting its positions regarding patentability. Rebuttal comments from the Company and the other Requestors were filed on February 13, 2013. On March 21, 2014, the USPTO issued an Action Closing Prosecution in which the USPTO indicated that certain of the pending claims were allowable and other of the pending claims were rejected, and on June 18, 2014 issued a Right of Notice of Appeal. By July 18, 2014, the Company as well as other Requesters each filed Notices of Appeal, and Netlist filed a Cross Appeal on July 30, 2014. By September 30, 2014, each of the Requestors as well as Netlist had filed their respective Appeal Briefs, and by October 30, 2014 each of the Requestors as well as Netlist had filed their respective Responses to the previously filed Appeal Briefs. Reply Briefs by Requesters and Netlist were filed on or before February 18, 2015, certain of the Requesters and Netlist filed requests for Oral Hearing at the USPTO by March 17, 2015, and consideration by the USPTO will be the next substantive step of the proceeding, as currently prosecution otherwise will remain closed. The merged proceeding is expected to continue in accordance with established Inter Partes Reexamination procedures. | |||||
The reexamination proceedings could result in a determination that the patents-in-suit, in whole or in part, are valid or invalid, as well as modifications of the scope of the patents-in-suit. | |||||
Based on these papers the Court in January 2014 ordered a continued stay of the proceedings, took the litigation off the active court calendar, and requested that the parties file a joint status report on May 1, 2014 and every 120 days thereafter advising the Court as to status of the reexamination proceedings at which times, the Court could decide to maintain or lift the stay. | |||||
While the Company intends to defend the foregoing lawsuit vigorously, litigation, whether or not determined in the Company’s favor or settled, could be costly and time-consuming and could divert management’s attention and resources, which could adversely affect the Company’s business. | |||||
Based on the nature of the litigation, the Company is currently unable to predict the final outcome of this lawsuit and therefore, cannot determine the likelihood of loss nor estimate a range of possible loss. However, because of the nature and inherent uncertainties of litigation, should the outcome of these actions be unfavorable, the Company’s business, financial condition, results of operations or cash flows could be materially and adversely affected. | |||||
In March 2015, the Company settled a patent dispute involving Cortina and Vitesse Semiconductor Corporation (Vitesse). The patent dispute involved a certain patent family owned by Vitesse associated with error correction. The Company paid Vitesse $750 to resolve the dispute. Based on the Agreement and Plan of Merger dated July 30, 2014, as amended by Amendment No. 1 to the Agreement and Plan of Merger dated September 25, 2014, the Company was indemnified for this settlement arising from this claim, up to an amount of $750. | |||||
Indemnifications | |||||
In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to customers, vendors, lessors, investors, directors, officers, employees and other parties with respect to certain matters, including, but not limited to, losses arising out of the Company’s breach of such agreements, services to be provided by the Company, or from intellectual property infringement claims made by third-parties. These indemnifications may survive termination of the underlying agreement and the maximum potential amount of future payments the Company could be required to make under these indemnification provisions may not be subject to maximum loss clauses. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnifications. Accordingly, the Company has no liabilities recorded for these agreements as of March 31, 2015 and December 31, 2014. |
Note_15_Subsequent_Event
Note 15 - Subsequent Event | 3 Months Ended |
Mar. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 15. Subsequent Events |
In April 2015, the Compensation Committee granted 1,196,648 RSUs to employees and consultants. |
Note_3_Investments_Tables
Note 3 - Investments (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments Schedule [Abstract] | |||||||||||||||||
Available-for-sale Securities [Table Text Block] | 31-Mar-15 | 31-Dec-14 | |||||||||||||||
Cost | Fair Value | Cost | Fair Value | ||||||||||||||
Available-for-sale securities: | |||||||||||||||||
U.S. treasury securities | $ | 802 | $ | 802 | $ | 2,056 | $ | 2,057 | |||||||||
Municipal bonds | 20,823 | 20,853 | 19,686 | 19,712 | |||||||||||||
Corporate notes/bonds | 14,972 | 15,011 | 16,381 | 16,392 | |||||||||||||
Asset backed securities | 2,000 | 2,004 | 750 | 747 | |||||||||||||
Total investments | $ | 38,597 | $ | 38,670 | $ | 38,873 | $ | 38,908 | |||||||||
Investments Classified by Contractual Maturity Date [Table Text Block] | Cost | Fair Value | |||||||||||||||
Due in one year or less | $ | 12,638 | $ | 12,662 | |||||||||||||
Due between one and five years | 25,959 | 26,008 | |||||||||||||||
$ | 38,597 | $ | 38,670 |
Note_4_Inventories_Tables
Note 4 - Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Current [Table Text Block] | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Raw materials | $ | 3,897 | $ | 5,803 | |||||
Work in process | 3,950 | 2,409 | |||||||
Finished goods | 15,494 | 18,438 | |||||||
$ | 23,341 | $ | 26,650 |
Note_5_Property_and_Equipment_1
Note 5 - Property and Equipment, Net (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment [Table Text Block] | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Laboratory and production equipment | $ | 54,471 | $ | 48,522 | |||||
Office, software and computer equipment | 22,018 | 15,855 | |||||||
Furniture and fixtures | 2,721 | 1,762 | |||||||
Leasehold improvements | 5,924 | 5,212 | |||||||
85,134 | 71,351 | ||||||||
Less accumulated depreciation | (50,613 | ) | (35,853 | ) | |||||
$ | 34,521 | $ | 35,498 |
Note_6_Goodwill_and_Identifiab1
Note 6 - Goodwill and Identifiable Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | 31-Mar-15 | 31-Dec-14 | |||||||||||||||||||||||
Gross | Accumulated Amortization | Net | Gross | Accumulated Amortization | Net | ||||||||||||||||||||
Developed technology | $ | 71,570 | $ | 5,732 | $ | 65,838 | $ | 71,570 | $ | 2,857 | $ | 68,713 | |||||||||||||
Customer relationships | 8,170 | 405 | 7,765 | 8,170 | 201 | 7,969 | |||||||||||||||||||
Trade name | 920 | 92 | 828 | 920 | 46 | 874 | |||||||||||||||||||
Patents | 1,579 | 173 | 1,406 | 1,579 | 112 | 1,467 | |||||||||||||||||||
In-process research and development | 1,750 | — | 1,750 | 1,750 | — | 1,750 | |||||||||||||||||||
$ | 83,989 | $ | 6,402 | $ | 77,587 | $ | 83,989 | $ | 3,216 | $ | 80,773 | ||||||||||||||
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Cost of goods sold | $ | 2,875 | ||||||||||||||||||||||
Sales and marketing | 204 | ||||||||||||||||||||||||
General and administrative | 107 | ||||||||||||||||||||||||
$ | 3,186 | ||||||||||||||||||||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2015 (remainder) | $ | 9,548 | ||||||||||||||||||||||
2016 | 12,707 | ||||||||||||||||||||||||
2017 | 12,682 | ||||||||||||||||||||||||
2018 | 12,648 | ||||||||||||||||||||||||
2019 | 11,078 | ||||||||||||||||||||||||
Thereafter | 17,174 | ||||||||||||||||||||||||
$ | 75,837 | ||||||||||||||||||||||||
Finite-Lived Intangible Assets, Remaining Amortization Period [Table Text Block] | Developed technology | 6.03 | |||||||||||||||||||||||
Customer relationship | 9.5 | ||||||||||||||||||||||||
Others | 10.2 |
Note_8_Other_Longterm_Liabilit1
Note 8 - Other Long-term Liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Other Liabilities and Financial Instruments Subject to Mandatory Redemption [Abstract] | |||||||||
Other Noncurrent Liabilities [Table Text Block] | March 31, | December 31, | |||||||
2015 | 2014 | ||||||||
Deferred rent | $ | 2,189 | $ | 1,930 | |||||
Income tax payable | 6,590 | 4,687 | |||||||
Deferred tax liabilities | 677 | 792 | |||||||
$ | 9,456 | $ | 7,409 |
Note_10_Earnings_Per_Share_Tab
Note 10 - Earnings Per Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months | ||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator | |||||||||
Net loss | $ | (9,708 | ) | $ | (995 | ) | |||
Denominator | |||||||||
Weighted average common stock | 37,696,518 | 30,699,590 | |||||||
Less weighted average unvested restricted stock award | — | (1,782 | ) | ||||||
Weighted average common stock—basic and diluted | 37,696,518 | 30,697,808 | |||||||
Earnings per share | |||||||||
Basic | $ | (0.26 | ) | $ | (0.03 | ) | |||
Diluted | $ | (0.26 | ) | $ | (0.03 | ) | |||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months | ||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Common stock options | 2,935,994 | 3,760,969 | |||||||
Restricted stock unit | 4,446,535 | 2,771,758 | |||||||
Restricted stock award | — | 1,782 | |||||||
7,382,529 | 6,534,509 |
Note_11_Stockbased_Compensatio1
Note 11 - Stock-based Compensation (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] | Number of | Weighted | Weighted | Aggregate | |||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Exercise | Remaining | Value | |||||||||||||||
Price | Contractual | ||||||||||||||||
Life | |||||||||||||||||
Outstanding at December 31, 2014 | 3,005,594 | $ | 10.16 | 6.12 | $ | 25,302 | |||||||||||
Granted | — | — | |||||||||||||||
Exercised | (153,021 | ) | 6.88 | ||||||||||||||
Canceled | (18,719 | ) | 20.29 | ||||||||||||||
Outstanding at March 31, 2015 | 2,833,854 | $ | 10.27 | 5.96 | $ | 21,705 | |||||||||||
Exercisable at March 31, 2015 | 2,301,217 | $ | 9.92 | 5.71 | $ | 18,430 | |||||||||||
Vested and expected to vest at March 31, 2015 | 2,831,137 | $ | 10.27 | 5.96 | $ | 21,687 | |||||||||||
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Number of | Weighted | |||||||||||||||
Shares | Average | ||||||||||||||||
Grant Date Fair Value Per Share | |||||||||||||||||
Outstanding at December 31, 2014 | 4,789,622 | $ | 12.85 | ||||||||||||||
Granted | 130,500 | 18.48 | |||||||||||||||
Vested | (549,595 | ) | 11.24 | ||||||||||||||
Canceled | (65,677 | ) | 14.28 | ||||||||||||||
Outstanding at March 31, 2015 | 4,304,850 | 13.21 | |||||||||||||||
Expected to vest at March 31, 2015 | 4,234,942 | ||||||||||||||||
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Three Months Ended | ||||||||||||||||
March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Risk-free interest rate | 0.07 | % | 0.08 | % | |||||||||||||
Expected life (in years) | 0.5 | 0.49 | |||||||||||||||
Dividend yield | — | — | |||||||||||||||
Expected volatility | 41 | % | 34 | % | |||||||||||||
Estimated fair value | $ | 5.34 | $ | 3 | |||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months | ||||||||||||||||
Ended March 31, | |||||||||||||||||
2015 | 2014 | ||||||||||||||||
Operating expenses | |||||||||||||||||
Cost of goods sold | $ | 363 | $ | 251 | |||||||||||||
Research and development | 3,786 | 2,389 | |||||||||||||||
Sales and marketing | 1,025 | 858 | |||||||||||||||
General and administrative | 1,246 | 1,008 | |||||||||||||||
$ | 6,420 | $ | 4,506 |
Note_12_Fair_Value_Measurement1
Note 12 - Fair Value Measurements (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||
Fair Value, Assets Measured on Recurring Basis [Table Text Block] | 31-Mar-15 | Total | Level 1 | Level 2 | |||||||||
Assets | |||||||||||||
Cash equivalents: | |||||||||||||
Money market funds | $ | 1,863 | $ | — | $ | 1,863 | |||||||
Investment in marketable securities: | |||||||||||||
U.S. treasury securities | 802 | 802 | — | ||||||||||
Municipal bonds | 20,853 | — | 20,853 | ||||||||||
Corporate notes/bonds | 15,011 | — | 15,011 | ||||||||||
Asset backed securities | 2,004 | — | 2,004 | ||||||||||
$ | 40,533 | $ | 802 | $ | 39,731 | ||||||||
31-Dec-14 | Total | Level 1 | Level 2 | ||||||||||
Assets | |||||||||||||
Cash equivalents: | |||||||||||||
Money market funds | $ | 1,457 | $ | — | $ | 1,457 | |||||||
Investment in marketable securities: | |||||||||||||
US treasury securities | 2,057 | 2,057 | — | ||||||||||
Municipal bonds | 19,712 | — | 19,712 | ||||||||||
Corporate notes/bonds | 16,392 | — | 16,392 | ||||||||||
Asset backed securities | 747 | — | 747 | ||||||||||
$ | 40,365 | $ | 2,057 | $ | 38,308 |
Note_13_Segment_and_Geographic1
Note 13 - Segment and Geographic Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended March 31, | ||||||||
2015 | 2014 | ||||||||
China | $ | 19,055 | $ | 12,515 | |||||
United States | 9,456 | 5,459 | |||||||
Other | 30,649 | 13,215 | |||||||
$ | 59,160 | $ | 31,189 |
Note_14_Commitments_and_Contin1
Note 14 - Commitments and Contingencies (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | 2015 (remaining) | $ | 8,890 | ||
2016 | 9,311 | ||||
2017 | 4,085 | ||||
2018 | 1,855 | ||||
2019 and thereafter | 1,412 | ||||
$ | 25,553 |
Note_1_Organization_and_Basis_1
Note 1 - Organization and Basis of Presentation (Details) (Cortina Systems, Inc. [Member], USD $) | 0 Months Ended |
In Thousands, except Share data in Millions, unless otherwise specified | Oct. 03, 2014 |
Cortina Systems, Inc. [Member] | |
Note 1 - Organization and Basis of Presentation (Details) [Line Items] | |
Payments to Acquire Businesses, Gross | $52,509 |
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 5.3 |
Note_3_Investments_Details
Note 3 - Investments (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Note 3 - Investments (Details) [Line Items] | |
Available-for-sale, Securities in Unrealized Loss Positions, Qualitative Disclosure, Number of Positions | 13 |
Minority Interest in Early Stage Private Company [Member] | Maximum [Member] | |
Note 3 - Investments (Details) [Line Items] | |
Available-for-sale Equity Securities, Accumulated Gross Unrealized Loss, before Tax | 11 |
Note_3_Investments_Details_Sum
Note 3 - Investments (Details) - Summary of Investments by Investment (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Available-for-sale securities: | ||
Available-for-sale securities, cost | $38,597 | $38,873 |
Available-for-sale securities, fair value | 38,670 | 38,908 |
US Treasury Securities [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, cost | 802 | 2,056 |
Available-for-sale securities, fair value | 802 | 2,057 |
US States and Political Subdivisions Debt Securities [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, cost | 20,823 | 19,686 |
Available-for-sale securities, fair value | 20,853 | 19,712 |
Corporate Debt Securities [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, cost | 14,972 | 16,381 |
Available-for-sale securities, fair value | 15,011 | 16,392 |
Asset-backed Securities [Member] | ||
Available-for-sale securities: | ||
Available-for-sale securities, cost | 2,000 | 750 |
Available-for-sale securities, fair value | $2,004 | $747 |
Note_3_Investments_Details_Con
Note 3 - Investments (Details) - Contractual Maturities of Available-for-Sale Securities (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Contractual Maturities of Available-for-Sale Securities [Abstract] | ||
Due in one year or less | $12,638 | |
Due in one year or less | 12,662 | |
Due between one and five years | 25,959 | |
Due between one and five years | 26,008 | |
38,597 | ||
$38,670 | $38,908 |
Note_4_Inventories_Details
Note 4 - Inventories (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Other Inventory, Materials, Supplies and Merchandise under Consignment, Gross | $3,007 | $2,798 |
Note_4_Inventories_Details_Inv
Note 4 - Inventories (Details) - Inventory (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Abstract] | ||
Raw materials | $3,897 | $5,803 |
Work in process | 3,950 | 2,409 |
Finished goods | 15,494 | 18,438 |
$23,341 | $26,650 |
Note_5_Property_and_Equipment_2
Note 5 - Property and Equipment, Net (Details) (Property and Equipment [Member], USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Property and Equipment [Member] | |||
Note 5 - Property and Equipment, Net (Details) [Line Items] | |||
Depreciation | $3,237 | $2,357 | |
Capitalized Computer Software, Gross | 8,655 | 4,582 | |
Capitalized Computer Software, Amortization | $232 | $103 |
Note_5_Property_and_Equipment_3
Note 5 - Property and Equipment, Net (Details) - Property and Equipment (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $85,134 | $71,351 |
Less accumulated depreciation | -50,613 | -35,853 |
34,521 | 35,498 | |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 54,471 | 48,522 |
Other Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 22,018 | 15,855 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 2,721 | 1,762 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $5,924 | $5,212 |
Note_6_Goodwill_and_Identifiab2
Note 6 - Goodwill and Identifiable Intangible Assets (Details) - Identifiable Intangible Assets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | $83,989 | $83,989 |
Finite lived intangible assets, accumulated amortization | 6,402 | 3,216 |
Finite lived intangible assets, net | 77,587 | 80,773 |
Developed Technology Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | 71,570 | 71,570 |
Finite lived intangible assets, accumulated amortization | 5,732 | 2,857 |
Finite lived intangible assets, net | 65,838 | 68,713 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | 8,170 | 8,170 |
Finite lived intangible assets, accumulated amortization | 405 | 201 |
Finite lived intangible assets, net | 7,765 | 7,969 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | 920 | 920 |
Finite lived intangible assets, accumulated amortization | 92 | 46 |
Finite lived intangible assets, net | 828 | 874 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | 1,579 | 1,579 |
Finite lived intangible assets, accumulated amortization | 173 | 112 |
Finite lived intangible assets, net | 1,406 | 1,467 |
In Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite lived intangible assets, gross | 1,750 | 1,750 |
Finite lived intangible assets, net | $1,750 | $1,750 |
Note_6_Goodwill_and_Identifiab3
Note 6 - Goodwill and Identifiable Intangible Assets (Details) - Finite-lived Intangible Assets, Accumulated Amortization (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Note 6 - Goodwill and Identifiable Intangible Assets (Details) - Finite-lived Intangible Assets, Accumulated Amortization [Line Items] | |
Amortization | $3,186 |
Cost of Sales [Member] | |
Note 6 - Goodwill and Identifiable Intangible Assets (Details) - Finite-lived Intangible Assets, Accumulated Amortization [Line Items] | |
Cost of goods sold | 2,875 |
Selling and Marketing Expense [Member] | |
Note 6 - Goodwill and Identifiable Intangible Assets (Details) - Finite-lived Intangible Assets, Accumulated Amortization [Line Items] | |
Amortization | 204 |
General and Administrative Expense [Member] | |
Note 6 - Goodwill and Identifiable Intangible Assets (Details) - Finite-lived Intangible Assets, Accumulated Amortization [Line Items] | |
Amortization | $107 |
Note_6_Goodwill_and_Identifiab4
Note 6 - Goodwill and Identifiable Intangible Assets (Details) - Amortization of Intangible Assets, Future Amortization Expense (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Amortization of Intangible Assets, Future Amortization Expense [Abstract] | |
2015 (remainder) | $9,548 |
2016 | 12,707 |
2017 | 12,682 |
2018 | 12,648 |
2019 | 11,078 |
Thereafter | 17,174 |
$75,837 |
Note_6_Goodwill_and_Identifiab5
Note 6 - Goodwill and Identifiable Intangible Assets (Details) - Intangible Assets Weighted-average Amortization Periods | 3 Months Ended |
Mar. 31, 2015 | |
Developed Technology Rights [Member] | |
Note 6 - Goodwill and Identifiable Intangible Assets (Details) - Intangible Assets Weighted-average Amortization Periods [Line Items] | |
Finite-lived intangible assets | 6 years 10 days |
Customer Relationships [Member] | |
Note 6 - Goodwill and Identifiable Intangible Assets (Details) - Intangible Assets Weighted-average Amortization Periods [Line Items] | |
Finite-lived intangible assets | 9 years 6 months |
Other Intangible Assets [Member] | |
Note 6 - Goodwill and Identifiable Intangible Assets (Details) - Intangible Assets Weighted-average Amortization Periods [Line Items] | |
Finite-lived intangible assets | 10 years 73 days |
Note_7_Product_Warranty_Obliga1
Note 7 - Product Warranty Obligation (Details) (USD $) | 3 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Nov. 03, 2014 | Dec. 31, 2014 |
Note 7 - Product Warranty Obligation (Details) [Line Items] | ||||
Product Warranty Accrual | $110 | $110 | ||
Product Warranty Accrual, Period Increase (Decrease) | 0 | 0 | ||
Field Installation Repair and Replacement [Member] | ||||
Note 7 - Product Warranty Obligation (Details) [Line Items] | ||||
Loss Contingency, Damages Sought, Value | $4,000 |
Note_8_Other_Longterm_Liabilit2
Note 8 - Other Long-term Liabilities (Details) - Other Long-term Liabilities (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Other Long-term Liabilities [Abstract] | ||
Deferred rent | $2,189 | $1,930 |
Income tax payable | 6,590 | 4,687 |
Deferred tax liabilities | 677 | 792 |
$9,456 | $7,409 |
Note_9_Income_Taxes_Details
Note 9 - Income Taxes (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Income Tax Expense (Benefit) | $4,394 | $527 |
Effective Income Tax Rate Reconciliation, Percent | 83.00% | 113.00% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | 34.00% |
Unrecognized Tax Benefits, Increase Resulting from Current Period Tax Positions | 2,011 | |
Decrease in Unrecognized Tax Benefits is Reasonably Possible | $1,750 |
Note_10_Earnings_Per_Share_Det
Note 10 - Earnings Per Share (Details) - Computation of Basic and Diluted Earnings Per Share (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator | ||
Net loss (in Dollars) | ($9,708) | ($995) |
Denominator | ||
Weighted average common stock | 37,696,518 | 30,699,590 |
Less weighted average unvested restricted stock award | -1,782 | |
Weighted average common stock—basic and diluted | 37,696,518 | 30,697,808 |
Earnings per share | ||
Basic (in Dollars per share) | ($0.26) | ($0.03) |
Diluted (in Dollars per share) | ($0.26) | ($0.03) |
Note_10_Earnings_Per_Share_Det1
Note 10 - Earnings Per Share (Details) - Securities Not Included in Computation of Earnings Per Share | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 7,382,529 | 6,534,509 |
Equity Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 2,935,994 | 3,760,969 |
Restricted Stock Units (RSUs) [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 4,446,535 | 2,771,758 |
Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Anti-dilutive securities | 1,782 |
Note_11_Stockbased_Compensatio2
Note 11 - Stock-based Compensation (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Note 11 - Stock-based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $1,858 | $4,343 |
Proceeds from Stock Options Exercised | 1,052 | 1,231 |
Look-Back Period of Employee Stock Purchase Plan | 6 months | |
Stock Issued During Period, Shares, Employee Stock Purchase Plans | 160,776 | 131,007 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 47,476 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 284 days | |
Restricted Stock Units (RSUs) [Member] | ||
Note 11 - Stock-based Compensation (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Two Thousand and Ten Stock Incentive Plan [Member] | ||
Note 11 - Stock-based Compensation (Details) [Line Items] | ||
Common Stock, Capital Shares Reserved for Future Issuance | 3,389,763 | |
Employee Stock Option Plan [Member] | ||
Note 11 - Stock-based Compensation (Details) [Line Items] | ||
Maximum Percentage of Aggregate Cash Compensation for Purchase of Stock Using Payroll Deduction | 15.00% | |
Purchase Price Per Share as Percentage of Market Value | 85.00% | |
Percentage of Combined Voting Power or Value of All Classes of Stock Not Eligible to Participate | 5.00% | |
Fair Value of Common Stock in Calendar Year Per Employee Not Eligible to Participate | $25 | |
Maximum Aggregate Number of Shares of Common Stock Available for Purchase Under the Employee Stock Purchase Plan | 1,000,000 |
Note_11_Stockbased_Compensatio3
Note 11 - Stock-based Compensation (Details) - Information Regarding Options Outstanding (USD $) | 0 Months Ended | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2015 |
Information Regarding Options Outstanding [Abstract] | |||
Outstanding at December 31, 2014 | 2,833,854 | 3,005,594 | |
Outstanding at December 31, 2014 | $10.27 | $10.16 | |
Outstanding at December 31, 2014 | 5 years 350 days | 6 years 43 days | |
Outstanding at December 31, 2014 | $21,705 | $25,302 | |
Outstanding at March 31, 2015 | 2,833,854 | ||
Outstanding at March 31, 2015 | $10.27 | ||
Outstanding at March 31, 2015 | 5 years 350 days | 6 years 43 days | |
Outstanding at March 31, 2015 | 21,705 | ||
Exercisable at March 31, 2015 | 2,301,217 | ||
Exercisable at March 31, 2015 | $9.92 | ||
Exercisable at March 31, 2015 | 5 years 259 days | ||
Exercisable at March 31, 2015 | 18,430 | ||
Vested and expected to vest at March 31, 2015 | 2,831,137 | ||
Vested and expected to vest at March 31, 2015 | $10.27 | ||
Vested and expected to vest at March 31, 2015 | 5 years 350 days | ||
Vested and expected to vest at March 31, 2015 | $21,687 | ||
Exercised | -153,021 | ||
Exercised | $6.88 | ||
Canceled | -18,719 | ||
Canceled | $20.29 |
Note_11_Stockbased_Compensatio4
Note 11 - Stock-based Compensation (Details) - Information Regarding Outstanding Restricted Stock Units (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Restricted Stock Units (RSUs) [Member] | |
Note 11 - Stock-based Compensation (Details) - Information Regarding Outstanding Restricted Stock Units [Line Items] | |
Outstanding at December 31, 2014 | 4,789,622 |
Outstanding at December 31, 2014 (in Dollars per share) | $12.85 |
Granted | 130,500 |
Granted (in Dollars per share) | $18.48 |
Vested | -549,595 |
Vested (in Dollars per share) | $11.24 |
Canceled | -65,677 |
Canceled (in Dollars per share) | $14.28 |
Outstanding at March 31, 2015 | 4,304,850 |
Outstanding at March 31, 2015 (in Dollars per share) | $13.21 |
Expected to vest at March 31, 2015 | 4,234,942 |
Note_11_Stockbased_Compensatio5
Note 11 - Stock-based Compensation (Details) - Fair Value of Employee Stock Purchase Plan (Employee Stock Purchase Plan [Member], USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Employee Stock Purchase Plan [Member] | ||
Note 11 - Stock-based Compensation (Details) - Fair Value of Employee Stock Purchase Plan [Line Items] | ||
Risk-free interest rate | 0.07% | 0.08% |
Expected life (in years) | 6 months | 178 days |
Expected volatility | 41.00% | 34.00% |
Estimated fair value (in Dollars per share) | $5.34 | $3 |
Note_11_Stockbased_Compensatio6
Note 11 - Stock-based Compensation (Details) - Stock-Based Compensation Expense (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating expenses | ||
Stock-based compensation expense | $6,420 | $4,506 |
Cost of Sales [Member] | ||
Operating expenses | ||
Stock-based compensation expense | 363 | 251 |
Research and Development Expense [Member] | ||
Operating expenses | ||
Stock-based compensation expense | 3,786 | 2,389 |
Selling and Marketing Expense [Member] | ||
Operating expenses | ||
Stock-based compensation expense | 1,025 | 858 |
General and Administrative Expense [Member] | ||
Operating expenses | ||
Stock-based compensation expense | $1,246 | $1,008 |
Note_12_Fair_Value_Measurement2
Note 12 - Fair Value Measurements (Details) - Information about Assets and Liabilities Required to be Carried at Fair Value on Recurring Basis (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Investment in marketable securities: | ||
Total fair value of assets | $40,533 | $40,365 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents: | ||
Cash equivalents | 1,863 | 1,457 |
Money Market Funds [Member] | ||
Cash equivalents: | ||
Cash equivalents | 1,863 | 1,457 |
US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Investment in marketable securities: | ||
Investment in marketable securities | 802 | 2,057 |
US Treasury Securities [Member] | ||
Investment in marketable securities: | ||
Investment in marketable securities | 802 | 2,057 |
Municipal Bonds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment in marketable securities: | ||
Investment in marketable securities | 20,853 | 19,712 |
Municipal Bonds [Member] | ||
Investment in marketable securities: | ||
Investment in marketable securities | 20,853 | 19,712 |
Corporate Debt Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment in marketable securities: | ||
Investment in marketable securities | 15,011 | 16,392 |
Corporate Debt Securities [Member] | ||
Investment in marketable securities: | ||
Investment in marketable securities | 15,011 | 16,392 |
Asset-backed Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Investment in marketable securities: | ||
Investment in marketable securities | 2,004 | 747 |
Asset-backed Securities [Member] | ||
Investment in marketable securities: | ||
Investment in marketable securities | 2,004 | 747 |
Fair Value, Inputs, Level 1 [Member] | ||
Investment in marketable securities: | ||
Total fair value of assets | 802 | 2,057 |
Fair Value, Inputs, Level 2 [Member] | ||
Investment in marketable securities: | ||
Total fair value of assets | $39,731 | $38,308 |
Note_13_Segment_and_Geographic2
Note 13 - Segment and Geographic Information (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Note 13 - Segment and Geographic Information (Details) [Line Items] | ||
Number of Reportable Segments | 1 | |
Outside the United States [Member] | ||
Note 13 - Segment and Geographic Information (Details) [Line Items] | ||
Long-Lived Tangible Assets Located Outside Country | 4,509 | $6,153 |
TAIWAN, PROVINCE OF CHINA | ||
Note 13 - Segment and Geographic Information (Details) [Line Items] | ||
Long-Lived Tangible Assets Located Outside Country | 3,056 | $3,463 |
Note_13_Segment_and_Geographic3
Note 13 - Segment and Geographic Information (Details) - Revenue by Geographic Region (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue by Geographic Region | $59,160 | $31,189 |
CHINA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue by Geographic Region | 19,055 | 12,515 |
UNITED STATES | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue by Geographic Region | 9,456 | 5,459 |
Other Country [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue by Geographic Region | $30,649 | $13,215 |
Note_14_Commitments_and_Contin2
Note 14 - Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 0 Months Ended | 1 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Sep. 27, 2011 | Mar. 31, 2015 | Dec. 31, 2014 | Jun. 21, 2011 | Apr. 01, 2011 | Jul. 30, 2014 | |
Note 14 - Commitments and Contingencies (Details) [Line Items] | ||||||||
Operating Leases, Rent Expense, Net | $3,043,000 | $1,423,000 | ||||||
Value of Open Purchase Orders | 6,592,000 | 6,592,000 | ||||||
Number of Claims Confirming Patentability Related to Action Closing Prosecution | 4 | |||||||
Number of Claims Deemed Patentable | 1 | |||||||
Estimated Litigation Liability | 0 | 0 | 0 | |||||
Cortina Systems, Inc. [Member] | ||||||||
Note 14 - Commitments and Contingencies (Details) [Line Items] | ||||||||
Amount to be Refunded from Escrow | 750,000 | |||||||
Netlist Inc [Member] | ||||||||
Note 14 - Commitments and Contingencies (Details) [Line Items] | ||||||||
Loss Contingency, Claims Dismissed, Number | 91 | |||||||
Loss Contingency, Pending Claims, Number | 97 | |||||||
Cortina vs. Vitesse Semiconductor Corporation [Member] | ||||||||
Note 14 - Commitments and Contingencies (Details) [Line Items] | ||||||||
Payments for Legal Settlements | $750,000 |
Note_14_Commitments_and_Contin3
Note 14 - Commitments and Contingencies (Details) - Future Minimum Lease Payments Under Noncancelable Operating Leases (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Future Minimum Lease Payments Under Noncancelable Operating Leases [Abstract] | |
2015 (remaining) | $8,890 |
2016 | 9,311 |
2017 | 4,085 |
2018 | 1,855 |
2019 and thereafter | 1,412 |
$25,553 |
Note_15_Subsequent_Event_Detai
Note 15 - Subsequent Event (Details) (Restricted Stock Units (RSUs) [Member]) | 1 Months Ended | 3 Months Ended |
Apr. 30, 2015 | Mar. 31, 2015 | |
Note 15 - Subsequent Event (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 130,500 | |
Subsequent Event [Member] | ||
Note 15 - Subsequent Event (Details) [Line Items] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 1,196,648 |