Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Apr. 30, 2018 | Jun. 01, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 30, 2018 | |
Document Fiscal Year Focus | 2,019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | AMBA | |
Entity Registrant Name | AMBARELLA INC | |
Entity Central Index Key | 1,280,263 | |
Current Fiscal Year End Date | --01-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,410,455 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 336,692 | $ 346,672 |
Marketable securities | 77,427 | 87,919 |
Accounts receivable, net | 25,727 | 31,294 |
Inventories | 22,968 | 23,383 |
Restricted cash | 9 | 9 |
Prepaid expenses and other current assets | 3,824 | 4,006 |
Total current assets | 466,647 | 493,283 |
Property and equipment, net | 6,645 | 6,449 |
Deferred tax assets, non-current | 3,650 | 3,642 |
Intangible assets, net | 13,271 | 14,417 |
Goodwill | 26,601 | 26,601 |
Other non-current assets | 2,338 | 2,257 |
Total assets | 519,152 | 546,649 |
Current liabilities: | ||
Accounts payable | 17,449 | 19,815 |
Accrued and other current liabilities | 21,271 | 32,178 |
Income taxes payable | 385 | 936 |
Deferred revenue, current | 546 | 307 |
Total current liabilities | 39,651 | 53,236 |
Other long-term liabilities | 10,693 | 11,226 |
Total liabilities | 50,344 | 64,462 |
Commitments and contingencies (Note 14) | 0 | 0 |
Shareholders' equity: | ||
Preference shares, $0.00045 par value per share, 20,000,000 shares authorized and no shares issued and outstanding at April 30, 2018 and January 31, 2018, respectively | 0 | 0 |
Ordinary shares, $0.00045 par value per share, 200,000,000 shares authorized at April 30, 2018 and January 31, 2018, respectively; 33,396,304 shares issued and outstanding at April 30, 2018; 33,489,614 shares issued and outstanding at January 31, 2018 | 15 | 15 |
Additional paid-in capital | 217,880 | 221,186 |
Accumulated other comprehensive loss | (389) | (279) |
Retained earnings | 251,302 | 261,265 |
Total shareholders’ equity | 468,808 | 482,187 |
Total liabilities and shareholders' equity | $ 519,152 | $ 546,649 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Apr. 30, 2018 | Jan. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preference shares, par value | $ 0.00045 | $ 0.00045 |
Preference shares, shares authorized | 20,000,000 | 20,000,000 |
Preference shares, shares issued | 0 | 0 |
Preference shares, shares outstanding | 0 | 0 |
Ordinary shares, par value | $ 0.00045 | $ 0.00045 |
Ordinary shares, shares authorized | 200,000,000 | 200,000,000 |
Ordinary shares, shares issued | 33,396,304 | 33,489,614 |
Ordinary shares, shares outstanding | 33,396,304 | 33,489,614 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Income Statement [Abstract] | ||
Revenue | $ 56,938 | $ 64,135 |
Cost of revenue | 22,046 | 23,172 |
Gross profit | 34,892 | 40,963 |
Operating expenses: | ||
Research and development | 31,664 | 26,602 |
Selling, general and administrative | 13,178 | 11,744 |
Total operating expenses | 44,842 | 38,346 |
Income (loss) from operations | (9,950) | 2,617 |
Other income, net | 792 | 153 |
Income (loss) before income taxes | (9,158) | 2,770 |
Provision for income taxes | 848 | 206 |
Net income (loss) | $ (10,006) | $ 2,564 |
Net income (loss) per share attributable to ordinary shareholders: | ||
Basic | $ (0.30) | $ 0.08 |
Diluted | $ (0.30) | $ 0.07 |
Weighted-average shares used to compute net income (loss) per share attributable to ordinary shareholders: | ||
Basic | 33,334,801 | 33,253,817 |
Diluted | 33,334,801 | 34,685,081 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ (10,006) | $ 2,564 |
Other comprehensive loss, net of tax: | ||
Unrealized losses on investments | (110) | (18) |
Other comprehensive loss, net of tax | (110) | (18) |
Comprehensive income (loss) | $ (10,116) | $ 2,546 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (10,006) | $ 2,564 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation of property and equipment | 636 | 412 |
Amortization of intangible assets | 1,148 | 292 |
Amortization/accretion of marketable securities | (26) | 57 |
Stock-based compensation | 14,195 | 12,972 |
Other non-cash items, net | 26 | 39 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 5,567 | 15,725 |
Inventories | 415 | 1,079 |
Prepaid expenses and other current assets | 180 | 1,093 |
Deferred tax assets | (8) | (254) |
Other assets | (81) | 56 |
Accounts payable | (2,366) | (2,084) |
Accrued liabilities | (9,640) | (7,055) |
Income taxes payable | (551) | (13) |
Deferred revenue | 281 | (1,870) |
Other long-term liabilities | 294 | 11 |
Net cash provided by operating activities | 64 | 23,024 |
Cash flows from investing activities: | ||
Purchase of investments | (8,969) | (7,070) |
Sales of investments | 3,500 | 1,000 |
Maturities of investments | 15,850 | 3,490 |
Purchase of property and equipment | (671) | (955) |
Net cash provided by (used in) investing activities | 9,710 | (3,535) |
Cash flows from financing activities: | ||
Stock repurchase | (20,624) | (8,773) |
Proceeds from exercise of stock options and employee stock purchase plan | 1,669 | 1,595 |
Payment for intangible asset | (799) | 0 |
Net cash used in financing activities | (19,754) | (7,178) |
Net increase (decrease) in cash, cash equivalents and restricted cash | (9,980) | 12,311 |
Cash, cash equivalents and restricted cash at beginning of period | 346,681 | 322,880 |
Cash, cash equivalents and restricted cash at end of period | 336,701 | 335,191 |
Supplemental disclosure of cash flow information: | ||
Cash paid for income taxes | 908 | 290 |
Supplemental disclosure of noncash investing and financing activities: | ||
Unpaid liabilities related to intangible and fixed assets additions | $ 342 | $ 9,937 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 3 Months Ended |
Apr. 30, 2018 | |
Accounting Policies [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies Organization Ambarella, Inc. (the “Company”) was incorporated in the Cayman Islands on January 15, 2004. The Company is a leading developer of low-power, high-definition (HD) and Ultra HD video compression and image processing solutions, and computer vision solutions. The Company combines its processor design capabilities with its expertise in video and image processing, algorithms and software to provide a technology platform that is designed to be easily scalable across multiple applications and enable rapid and efficient product development. The Company’s system-on-a-chip, or SoC, designs fully integrated high-definition video processing, image processing, analysis, audio processing and system functions onto a single chip, delivering exceptional video and image quality, differentiated functionality and low power consumption. Currently the Company is combining advanced computer vision technology with its state-of-the-art video to enable the next generation of intelligent cameras, advanced driver assistance systems (ADAS) and autonomous vehicles. The Company sells its solutions to leading original design manufacturers, or ODMs, and original equipment manufacturers, or OEMs, globally. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, do not include all information and notes normally provided in audited financial statements. The accounting policies are described in the “Notes to Consolidated Financial Statements” in the Annual Report on Form 10-K for the 2018 fiscal year filed with the SEC on March 30, 2018 (the “Form 10-K”) and updated, as necessary, in this Form 10-Q. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair statement have been included. The results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for any other interim period or for a full fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Form 10-K. Basis of Consolidation The Company’s fiscal year ends on January 31. The condensed consolidated financial statements of the Company and its subsidiaries have been prepared in conformity with U.S. GAAP. All intercompany transactions and balances have been eliminated upon consolidation. Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. 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 revenue and expense during the reported periods. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates and assumptions, including those related to (i) the collectability of accounts receivable; (ii) write down of excess and obsolete inventories; (iii) intangible assets and goodwill; (iv) the estimated useful lives of long-lived assets; (v) impairment of long-lived assets and financial instruments; (vi) warranty obligations; (vii) the valuation of stock-based compensation awards and financial instruments; (viii) the probability of performance objectives achievement; (ix) the realization of tax assets and estimates of tax liabilities, including reserves for uncertain tax positions; and (x) the recognition and disclosure of contingent liabilities. These estimates and assumptions are based on historical experience and on various other factors which the Company believes to be reasonable under the circumstances. The Company may engage third-party valuation specialists to assist with estimates related to the valuation of financial instruments, assets and stock awards associated with various contractual arrangements. Such estimates often require the selection of appropriate valuation methodologies and significant judgment. Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material. Concentration of Risk The Company’s products are manufactured, assembled and tested by third-party contractors located primarily in Asia. The Company does not have long-term agreements with these contractors. A significant disruption in the operations of one or more of these contractors would impact the production of the Company’s products which could have a material adverse effect on its business, financial condition and results of operations. A substantial portion of the Company’s revenue is derived from sales through its distributors, Wintech Microelectronics Co., Ltd., or Wintech, which serves as its non-exclusive sales representative in Asia other than Japan, Hakuto Co., Ltd., or Hakuto, and directly to one ODM customer, Chicony Electronics Co., Ltd., or Chicony. Termination of the relationships with these customers could result in a temporary or permanent loss of revenue. Furthermore, any credit issues from these customers could impair their abilities to make timely payment to the Company. See Note 15 for additional information regarding revenue and credit concentration with these customers. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and accounts receivable. The Company maintains its cash primarily in checking accounts with reputable financial institutions. Cash deposits held with these financial institutions may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on deposits of its cash. In order to limit the exposure of each investment, the cash equivalents and marketable securities consist primarily of money market funds, asset-backed securities, commercial paper, U.S. government securities and debt securities of corporations which management assesses to be highly liquid. The Company does not hold or issue financial instruments for trading purposes. The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and customers’ credit worthiness. The Company regularly monitors collections and payments from its customers. Cash Equivalents and Marketable Securities The Company considers all highly liquid investments with original maturities of less than three months at the time of purchase to be cash equivalents. Investments that are highly liquid with original maturities at the time of purchase greater than three months are considered marketable securities. The Company classifies these investments as “available-for-sale” securities carried at fair value, based on quoted market prices of similar assets, with the unrealized gains or losses reported, net of tax, as a separate component of shareholders’ equity and included in accumulated other comprehensive loss in the condensed consolidated balance sheets. The amortization of premiums and accretion of discounts and the realized gains and losses are both recorded in other income, net in the condensed consolidated statements of operations. The Company reviews its investments for possible other-than-temporary impairments on a regular basis. If any loss on investment is believed to be other-than-temporary, a charge will be recorded and a new cost basis in the investment will be established. In evaluating whether a loss on a security is other-than-temporary, the Company considers the following factors: 1) general market conditions, 2) the duration and extent to which the fair value is less than cost, 3) the Company’s intent and ability to hold the investment. For securities in an unrealized loss position which is deemed to be other-than-temporary, the difference between the security’s then-current amortized cost basis and fair value is separated into (i) the amount of the impairment related to the credit loss (i.e., the credit loss component) and (ii) the amount of the impairment related to all other factors (i.e., the non-credit loss component). The credit loss component is recognized in earnings. The non-credit loss component is recognized in accumulated other comprehensive loss. Due to the relative short term nature of the investments, there have been no other-than-temporary impairments recorded to date. Restricted Cash The Company maintains certain cash amounts that are restricted as to withdrawal or use to secure certain transactions in a foreign entity. As of April 30, 2018 and January 31, 2018, the restricted cash was immaterial. The following table presents cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets and the sums are presented on the condensed consolidated statements of cash flows: As of April 30, 2018 January 31, 2018 April 30, 2017 January 31, 2017 (in thousands) (in thousands) Cash and cash equivalents $ 336,692 $ 346,672 $ 335,182 $ 322,872 Restricted cash 9 9 9 8 Total as presented in the consolidated statements of cash flows $ 336,701 $ 346,681 $ 335,191 $ 322,880 Inventories The Company records inventories at the lower of cost or net realizable value. The cost includes materials and other production costs and is computed using standard cost on a first-in, first-out basis. Inventory reserves are recorded for estimated obsolescence or unmarketable inventories based on forecast of future demand and market conditions. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. Noncancelable Internal-Use Software License The Company accounts for a noncancelable on premise internal-use software license as the acquisition of an intangible asset and the incurrence of a liability to the extent that all or a portion of the software licensing fees are not paid on or before the license acquisition date. The intangible asset and related liability are recorded at net present value and interest expense is recorded over the payment term. Goodwill and In-Process Research and Development Goodwill and in-process research and development (“IPR&D”) are required to be tested for impairment at least annually in the fourth fiscal quarter or sooner whenever events or changes in circumstances indicate that the assets may be impaired. The Company has a single reporting unit for goodwill impairment test purposes based on its business and reporting structure. The Company does not amortize goodwill. Acquired IPR&D is capitalized at fair value as an intangible asset and amortization commences upon completion of the underlying projects. . . Revenue Recognition Effective February 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), using the modified retrospective method applied to those contracts which were not completed as of February 1, 2018. Results for reporting periods beginning after February 1, 2018 are presented under ASC 606. Prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC Topic 605, Revenue Recognition (“ASC 605”). The most significant impacts of this new guidance for the Company relate to the determination of transaction price and the timing of revenue recognition for transactions with its distributors. As a result, the Company will recognize product revenue upon shipment and transfer of control to distributors (known as “sell-in” revenue recognition) rather than shipment to the end customers (known as “sell-through” revenue recognition) based on its estimate of the consideration it expects to receive. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. The sale of semiconductor products accounts for the substantial majority of the Company’s consolidated revenue. Sales agreements with customers are renewable periodically and contain terms and conditions with respect to payment, delivery, warranty, supply and other rights. The Company considers an accepted customer purchase order, governed by sales agreement, to be the contract with the customer. For each contract, the Company considers the promise to transfer tangible products to be the identified performance obligation. Product sales contracts may include volume-based tiered pricing or rebates that are fulfilled in cash or product. In determining the transaction price, the Company accounts for the right of returns, cash rebates, commissions and other pricing adjustments as variable consideration and estimates these amounts based on the expected amount to be provided to customers and reduces the revenue recognized. The Company estimates sales returns and rebates based on the Company’s historical patterns of return and pricing credits. As the Company’s standard payment terms are 30 days to 60 days, the contracts have no financing component. Under ASC 606, the Company estimates the total consideration to be received by using the expected value method for each contract, computes weighted average selling price for each unit shipped in cases where there is a material right due to the presence of volume-based tiered pricing, allocates the total consideration between the identified performance obligations, and recognizes revenue when control of its goods and services is transferred to its customers. The Company considers product control to be transferred at shipment or delivery because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset. The Company also enters into fixed-price engineering service agreements with certain customers. These agreements may include multiple performance obligations, such as software development services, licensing of intellectual property and post-contract customer support, or PCS. These multiple performance obligations are highly interdependent, highly interrelated, are typically not sold separately and do not have standalone selling prices. They are all inputs to generate one combined output which is incorporating the Company’s SoC into the customer’s product. Accordingly, the Company determines that they are not separately identifiable and shall be treated as a single performance obligation. Customers usually pay based on milestones achieved. Because payments received do not correspond directly with the value of the Company’s performance to date, for fixed-price engineering services arrangements, revenue is recognized using the time-based straight line method, which best depicts the Company’s performance toward complete satisfaction of the performance obligation based on the nature of such professional services. Revenues from engineering service agreements were not material for the three months ended April 30, 2018 and 2017, respectively. Cost of Revenue Cost of revenue includes cost of materials, cost associated with packaging and assembly, testing and shipping, cost of personnel, stock-based compensation, logistics and quality assurance, warranty cost, royalty expense, write-downs of inventories and allocation of overhead. Income Taxes The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. The Company applies authoritative guidance for the accounting for uncertainty in income taxes. The guidance requires that tax effects of a position be recognized only if it is “more likely than not” to be sustained based solely on its technical merits as of the reporting date. Upon estimating its tax positions and tax benefits, the Company considers and evaluates numerous factors, which may require periodic adjustments and which may not reflect the final tax liabilities. The Company adjusts its financial statements to reflect only those tax positions that are more likely than not to be sustained under examination. As part of the process of preparing condensed consolidated financial statements, the Company is required to estimate its taxes in each of the jurisdictions in which it operates. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differing treatment of items, such as accruals and allowances not currently deductible for tax purposes. These differences result in deferred tax assets, which are included in the condensed consolidated balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the condensed consolidated statements of operations become deductible expenses under applicable income tax laws, or loss or credit carryforwards are utilized. In assessing whether deferred tax assets may be realized, the Company considers whether it is more likely than not that some portion or all of deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. The Company makes estimates and judgments about its future taxable income based on assumptions that are consistent with its plans and estimates. Should the actual amounts differ from estimates, the amount of valuation allowance could be materially impacted. Any adjustment to the deferred tax asset valuation allowance would be recorded in the condensed consolidated income statement for the periods in which the adjustment is determined to be required. Net Income (Loss) Per Ordinary Share Basic earnings (losses) per share is computed by dividing net income (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings (losses) per share is computed by dividing net income (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period increased to include the number of additional ordinary shares that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan, unvested restricted stock and restricted stock units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings (losses) per share by application of the treasury stock method. Comprehensive Income (Loss) Comprehensive income (loss) includes unrealized gains or losses from available-for-sale securities that are excluded from net income (loss). Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842). This standard requires entities that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The standard is effective for fiscal years and the interim periods within those fiscal years beginning after December 15, 2018. The guidance is required to be applied by the modified retrospective transition approach. The Company is currently assessing the impact of the adoption of this new guidance on its financial position, results of operations and disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), to introduce a new impairment model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses (“ECL”). Under the new model, an entity is required to estimate ECL on available-for-sale (AFS) debt securities only when the fair value is below the amortized cost of the asset and is no longer based on an impairment being “other-than-temporary”. The new model also requires the impairment calculation on an individual security level and requires an entity use present value of cash flows when estimating the ECL. The credit-related losses are required to be recognized through earnings and non-credit related losses are reported in other comprehensive income. The ASU will be effective for public entities in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The new guidance will require modified retrospective application to all outstanding instruments, with a cumulative effect adjustment recorded to opening retained earnings as of the beginning of the first period in which the guidance becomes effective. The Company does not believe the adoption of this new guidance will have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test of Goodwill Impairment, to eliminate the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. This new guidance will be applied prospectively and is effective for annual and interim periods beginning after December 15, 2019. The Company does not believe the adoption of this new guidance will have a material impact on its financial position, results of operations and disclosures . In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities, to shorten the amortization period for the premium to the earliest call date instead of the contractual life of the instrument. This new guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Entities will be required to apply the new guidance using the modified retrospective method with a cumulative-effect adjustment to retained earnings upon the adoption date. The Company does not believe the adoption of this new guidance will have a material impact on its financial position, results of operations and disclosures . In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, to permit entities to have the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of tax reform to retained earnings. The FASB also gives entities the option to apply the guidance retrospectively or in the period of adoption. The guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption in any period is permitted. The Company has not early adopted this guidance and believes that the adoption of this new guidance will not have an impact on its financial position and disclosures. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Apr. 30, 2018 | |
Revenue Recognition [Abstract] | |
Revenue Recognition | 2. Revenue Recognition Effective February 1, 2018, the Company adopted ASC 606 using the modified retrospective method applied to those contracts which were not completed as of February 1, 2018. Results for reporting periods beginning after February 1, 2018 are presented under ASC 606. Prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC 605. The Company recognizes revenue when control of its goods and services is transferred to its customers. The Company considers product control to be transferred at a point in time upon shipment or delivery because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset. The majority of the Company’s product revenue is derived from sales through its distributors. As a result, sales of products are recognized upon shipment and transfer of control to distributors (known as “sell-in” revenue recognition) rather than shipment to the end customers (known as “sell-through” revenue recognition). The cumulative effects of adjustments on the February 1, 2018 condensed consolidated balance sheet for the adoption of ASC 606 were as follows: Balance as of Opening Balance as of January 31, 2018 Adjustment February 1, (in thousands) Deferred revenue, current $ 307 $ (43 ) $ 264 Retained earnings $ 261,265 $ 43 $ 261,308 The following table summarizes the impacts of adopting the new revenue standard on our condensed consolidated balance sheets, statements of operations and statements of cash flows as of and for the three months ended April 30, 2018: April 30, 2018 As Reported Impact of Adoption Amounts under ASC 605 (in thousands) Condensed Consolidated Balance Sheets Assets: Prepaid expenses and other current assets $ 3,824 $ (394 ) $ 3,430 Liabilities: Accounts payable 17,449 (89 ) 17,360 Accrued and other current liabilities 21,271 (11 ) 21,260 Income taxes payable 385 (46 ) 339 Deferred revenue, current 546 3,304 3,850 Other long-term liabilities 10,693 4 10,697 Equity: Retained earnings $ 251,302 (3,555 ) $ 247,747 Three Months Ended April 30, 2018 As Reported Impact of Adoption Amounts under ASC 605 (in thousands, except per share data) Condensed Consolidated Statements of Operations Revenue $ 56,938 $ (4,915 ) $ 52,023 Cost of revenue 22,046 (1,600 ) 20,446 Gross profit 34,892 (3,315 ) 31,577 Loss from operations (9,950 ) (3,315 ) (13,265 ) Loss before income taxes (9,158 ) (3,315 ) (12,473 ) Provision for income taxes 848 197 1,045 Net loss $ (10,006 ) $ (3,512 ) $ (13,518 ) Net loss per share: Basic $ (0.30 ) $ (0.11 ) $ (0.41 ) Diluted $ (0.30 ) $ (0.11 ) $ (0.41 ) The impact of adoption on the comprehensive loss is the same as the impact on net loss. Three Months Ended April 30, 2018 As Reported Impact of Adoption Amounts under ASC 605 (in thousands) Condensed Consolidated Statements of Cash Flows Cash flow from operating activities: Net loss $ (10,006 ) $ (3,512 ) $ (13,518 ) Prepaid expenses and other current assets 180 394 574 Accounts payable (2,366 ) (89 ) (2,455 ) Accrued liabilities (9,640 ) (11 ) (9,651 ) Income taxes payable (551 ) (46 ) (597 ) Deferred revenue 281 3,261 3,542 Other long-term liabilities $ 294 $ 4 $ 298 The impacts of adoption of the new revenue standard were primarily attributable to distributor revenues recognized using the sell-through method under ASC 605, while such revenues are recognized using the sell-in method under ASC 606. Practical Expedients • The Company elects not to disclose the value of unsatisfied or partially unsatisfied performance obligations due to original expected contract duration of one year or less . • For contracts that were modified before the adoption date, the Company elects to reflect the aggregate effect of all modifications that occur before the adoption date when identifying performance obligations, determining the transaction price, and allocating the transaction price to performance obligations. • The Company also elects to exclude amounts collected from customers for all sales taxes from the transaction price. Contract Assets Timing of revenue recognition may differ from the timing of invoicing to the Company's customers. The Company records contract assets when revenue is recognized prior to invoicing. The contract assets are primarily related to the Company’s engineering service agreements and rights to consideration for performance obligations delivered but not billed at the reporting date. The contract assets are transferred to receivables when the billing occurs. As of April 30, 2018 and February 1, 2018, the contract assets were not material. Contract Liabilities (Deferred Revenues) Contract liabilities are primarily related to the portion of transaction price that exceeds the weighted average selling price for products sold to date under tiered-pricing contracts which contain material rights. These contract liabilities are expected to be recognized over the course of the contract when products are delivered for future pricing below the weighted average selling price of the contract. The timing of recognition of these contract liabilities is dependent on the timing and size of future orders under the contract. For the three months ended April 30, 2018, the Company did not recognize any material revenue adjustment related to performance obligations satisfied in prior periods released from these contract liabilities. Contract liabilities are also recorded when cash payments are received in advance of performance for engineering service agreements. The contract liabilities related to these agreements are expected to be recognized when the performance is delivered. For the three months ended April 30, 2018, the Company did not recognize any material revenue released from these contract liabilities as a result of performance obligations satisfied in the current period. As of April 30, 2018 and February 1, 2018, the contract liabilities were not material. Additionally, the transaction price allocated to unsatisfied, or partially unsatisfied, POs for contracts that are greater than a year was not material as of April 30, 2018 and February 1, 2018. |
Financial Instruments and Fair
Financial Instruments and Fair Value | 3 Months Ended |
Apr. 30, 2018 | |
Investments All Other Investments [Abstract] | |
Financial Instruments and Fair Value | 3. Financial Instruments and Fair Value The Company invests a portion of its cash in debt securities that are denominated in United States dollars. The investment portfolio consists of money market funds, asset-backed securities, commercial paper, U.S. government securities, and debt securities of corporations. All of the investments are classified as available-for-sale securities and reported at fair value in the condensed consolidated balance sheets as follows: As of April 30, 2018 Amortized Unrealized Unrealized Losses Fair Value (in thousands) Money market funds $ 24,554 $ — $ — $ 24,554 Commercial paper 5,478 — — 5,478 Corporate bonds 52,848 — (285 ) 52,563 Asset-backed securities 10,506 — (74 ) 10,432 U.S. government securities 8,984 — (30 ) 8,954 Total cash equivalents and marketable securities $ 102,370 $ — $ (389 ) $ 101,981 As of January 31, 2018 Amortized Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 13,788 $ — $ — $ 13,788 Commercial paper 5,480 — — 5,480 Corporate bonds 53,175 — (196 ) 52,979 Asset-backed securities 11,048 — (44 ) 11,004 U.S. government securities 18,495 — (39 ) 18,456 Total cash equivalents and marketable securities $ 101,986 $ — $ (279 ) $ 101,707 As of April 30, 2018 January (in thousands) Included in cash equivalents $ 24,554 $ 13,788 Included in marketable securities 77,427 87,919 Total cash equivalents and marketable securities $ 101,981 $ 101,707 The contractual maturities of the investments at April 30, 2018 and January 31, 2018 were as follows: As of April 30, 2018 January (in thousands) Due within one year $ 82,958 $ 63,476 Due within one to two years 19,023 38,231 Total cash equivalents and marketable securities $ 101,981 $ 101,707 The unrealized losses on the available-for-sale securities were caused by fluctuations in market value and interest rates as a result of the economic environment. As the decline in market value was attributable to changes in market conditions and not credit quality, and because the Company neither intended to sell nor was it more likely than not that it will be required to sell these investments prior to a recovery of par value, the Company did not consider these investments to be other-than temporarily impaired as of April 30, 2018 and January 31, 2018, respectively. The following fair value hierarchy is applied for disclosure of the inputs used to measure fair value. This hierarchy prioritizes the inputs into three broad levels as follows: Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities. Level 2—Inputs are quoted prices for similar assets and liabilities in active markets or inputs that are observable for the assets or liabilities, either directly or indirectly through market corroboration, for substantially the full term of the financial instruments. Level 3—Unobservable inputs based on the Company’s own assumptions used to measure assets and liabilities at fair value. The inputs require significant management judgment or estimation. The Company measures the fair value of money market funds using quoted prices in active markets for identical assets and classifies them within Level 1. The fair value of the Company’s investments in other debt securities are obtained based on quoted prices for similar assets in active markets and are classified within Level 2. The following table presents the fair value of the financial instruments measured on a recurring basis as of April 30, 2018 and January 31, 2018: As of April 30, 2018 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 24,554 $ 24,554 $ — $ — Commercial paper 5,478 — 5,478 — Corporate bonds 52,563 — 52,563 — Asset-backed securities 10,432 — 10,432 — U.S. government securities 8,954 — 8,954 — Total cash equivalents and marketable securities $ 101,981 $ 24,554 $ 77,427 $ — As of January 31, 2018 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 13,788 $ 13,788 $ — $ — Commercial paper 5,480 — 5,480 — Corporate bonds 52,979 — 52,979 — Asset-backed securities 11,004 — 11,004 — U.S. government securities 18,456 — 18,456 — Total cash equivalents and marketable securities $ 101,707 $ 13,788 $ 87,919 $ — |
Inventories
Inventories | 3 Months Ended |
Apr. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 4. Inventories Inventories at April 30, 2018 and January 31, 2018 consisted of the following: As of April 30, 2018 January (in thousands) Work-in-progress $ 13,093 $ 12,073 Finished goods 9,875 11,310 Total $ 22,968 $ 23,383 |
Property and Equipment, Net
Property and Equipment, Net | 3 Months Ended |
Apr. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 5. Property and Equipment, Net Depreciation expense was approximately $0.6 million and $0.4 million for the three months ended April 30, 2018 and 2017, respectively. Property and equipment at April 30, 2018 and January 31, 2018 consisted of the following: As of April 30, 2018 January (in thousands) Computer equipment and software $ 8,895 $ 8,611 Machinery and equipment 4,884 4,761 Furniture and fixtures 933 917 Leasehold improvements 2,151 2,092 Construction in progress 346 — 17,209 16,381 Less: accumulated depreciation and amortization (10,564 ) (9,932 ) Total property and equipment, net $ 6,645 $ 6,449 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Apr. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 6. Intangible Assets The intangible assets primarily consist of $4.1 million of IPR&D from the acquisition of VisLab S.r.l., or VisLab, The Company enters into certain internal-use noncancelable software license agreements with third parties from time-to-time. The licenses have been capitalized as intangible assets, and the corresponding future payments have been recorded as liabilities at net present value. As of April 30, 2018, $4.4 million was recorded in accrued and other current liabilities and $3.7 million was recorded in other long-term liabilities in the condensed consolidated balance sheets. The carrying amounts of intangible assets as of April 30, 2018 and January 31, 2018 were as follows : As of April 30, 2018 As of January 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) In-process research and development $ 4,100 $ — $ 4,100 $ 4,100 $ — $ 4,100 Internal-use software license 13,406 (4,235 ) 9,171 13,404 (3,087 ) 10,317 Total acquired intangible assets $ 17,506 $ (4,235 ) $ 13,271 $ 17,504 $ (3,087 ) $ 14,417 The amortization expense related to these software licenses was approximately $1.1 million and $0.3 million for the three months ended April 30, 2018 and 2017, respectively. The estimated future amortization expense related to these software licenses as of April 30, 2018 is as follows: As of April 30, 2018 Fiscal Year (in thousands) 2019 $ 3,422 2020 4,474 2021 1,275 2022 — 2023 — Thereafter — Total future amortization expenses: $ 9,171 There were no intangible asset impairments for the three months ended April 30, 2018 and 2017, respectively. |
Goodwill
Goodwill | 3 Months Ended |
Apr. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 7. Goodwill On June 25, 2015, the Company completed the acquisition of VisLab, a privately-held Italian company that develops computer vision and intelligent control systems for automotive and other commercial applications, including advanced driver assistance systems and several generations of autonomous vehicle driving systems, for $30.0 million in cash. As a result, there was $25.3 million attributed to goodwill, $4.1 million attributed to intangible assets and $0.6 million attributed to net assets acquired. A deferred tax liability of $1.3 million related to the intangible assets was recorded to account for the difference between financial reporting and tax basis at the acquisition date, with an addition to goodwill. The Company does not amortize goodwill. There were no goodwill impairments for the three months ended April 30, 2018 and 2017, respectively. |
Accrued and Other Current Liabi
Accrued and Other Current Liabilities | 3 Months Ended |
Apr. 30, 2018 | |
Payables And Accruals [Abstract] | |
Accrued and Other Current Liabilities | 8. Accrued and Other Current Liabilities Accrued and other current liabilities at April 30, 2018 and January 31, 2018 consisted of the following: As of April 30, 2018 January (in thousands) Accrued employee compensation $ 8,944 $ 15,977 Accrued warranty — 1,750 Accrued rebates 324 584 Accrued product development costs 5,099 6,669 Software license liabilities, current 4,374 4,346 Other accrued liabilities 2,530 2,852 Total accrued and other current liabilities $ 21,271 $ 32,178 The Company paid off the warranty liabilities during the three months ended April 30, 2018. |
Other Long-Term Liabilities
Other Long-Term Liabilities | 3 Months Ended |
Apr. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Other Long-Term Liabilities | 9. Other Long-Term Liabilities Other long-term liabilities at April 30, 2018 and January 31, 2018 consisted of the following: As of April 30, 2018 January (in thousands) Unrecognized tax benefits, including interest $ 5,675 $ 5,352 Deferred tax liabilities, non-current 1,293 1,293 Software license liabilities, non-current 3,657 4,484 Other long-term liabilities 68 97 Total other long-term liabilities $ 10,693 $ 11,226 |
Capital Stock
Capital Stock | 3 Months Ended |
Apr. 30, 2018 | |
Equity [Abstract] | |
Capital Stock | 10. Capital Stock Preference shares After completion of the Company’s initial public offering in 2012, a total of 20,000,000 preference shares, with a $0.00045 par value per share, were authorized. There were no preference shares issued and outstanding as of April 30, 2018 and January 31, 2018, respectively. Ordinary shares As of April 30, 2018 and January 31, 2018, a total of 200,000,000 ordinary shares were authorized. On March 30, 2018, the Company added 1,507,032 ordinary shares to the ordinary shares reserved for issuance, pursuant to an “evergreen” provision contained in the 2012 Equity Incentive Plan, or EIP. Pursuant to such provision, on February 1st of each fiscal year, the number of ordinary shares reserved for issuance under the EIP is automatically increased by a number equal to the lesser of (i) 3,500,000 ordinary shares, (ii) four and one half percent (4.5%) of the aggregate number of ordinary shares outstanding on January 31st of the preceding fiscal year, or (iii) a lesser number of shares that may be determined by the Company’s Board of Directors. On March 30, 2018, the Company added 418,620 ordinary shares to the ordinary shares reserved for issuance, pursuant to an “evergreen” provision contained in the Amended and Restated 2012 Employee Stock Purchase Plan, or ESPP. Pursuant to such provision, on February 1st of each fiscal year, the number of ordinary shares reserved for issuance under the ESPP is automatically increased by a number equal to the lesser of (i) 1,500,000 ordinary shares, (ii) one and one quarter percent (1.25%) of the aggregate number of ordinary shares outstanding on such date, or (iii) an amount determined by the Company’s Board of Directors or a duly authorized committee of the Board of Directors. As of April 30, 2018 and January 31, 2018, the following ordinary shares were reserved for future issuance under the EIP and ESPP: As of April 30, 2018 January 31, 2018 Shares reserved for options, restricted stock and restricted stock units under EIP 6,795,962 5,561,653 Shares reserved for ESPP 1,909,046 1,561,841 Shares repurchased On May 31, 2016, the Company’s Board of Directors authorized the repurchase of up to $75.0 million of the Company’s ordinary shares through June 30, 2017. On May 31, 2017, the Company’s Board of Directors authorized the additional repurchase of up to $50.0 million of the Company’s ordinary shares over a twelve-month period commencing July 1, 2017. Repurchases may be made from time-to-time through open market purchases, 10b5-1 plans or privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the Company’s discretion. The repurchase program is funded using the Company’s working capital and any repurchased shares are recorded as authorized but unissued shares. There were 437,448 shares repurchased during the three months ended April 30, 2018 for approximately $20.6 million in cash. As of April 30, 2018, a total of 1,937,332 shares have been repurchased for approximately $95.6 million in cash and recorded as a reduction to equity. As of April 30, 2018, there was approximately $11.1 million available for repurchases under the repurchase program through June 30, 2018. |
Stock-based Compensation
Stock-based Compensation | 3 Months Ended |
Apr. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-based Compensation | 11. Stock-based Compensation The following table presents the classification of stock-based compensation for the periods indicated: Three Months Ended April 30, 2018 2017 (in thousands) Stock-based compensation: Cost of revenue $ 315 $ 303 Research and development 8,760 7,977 Selling, general and administrative 5,120 4,692 Total stock-based compensation $ 14,195 $ 12,972 As of April 30, 2018, total unrecognized compensation cost related to unvested stock options was $5.7 million and is expected to be recognized over a weighted-average period of 2.26 years. Total unrecognized compensation cost related to unvested restricted stock units was $88.9 million and is expected to be recognized over a weighted-average period of 2.61 years. Total unrecognized compensation cost related to unvested restricted stock awards was $2.6 million and is expected to be recognized over a weighted-average period of 0.93 years. The following table sets forth the weighted-average assumptions used to estimate the fair value of stock options and employee stock purchase plan awards for the periods indicated: Three Months Ended April 30, 2018 2017 Stock Options: Volatility 55 % 53 % Risk-free interest rate 2.65 % 2.17 % Expected term (years) 5.33 6.07 Dividend yield 0 % 0 % Employee stock purchase plan awards: Volatility 46 % 39 % Risk-free interest rate 1.95 % 0.89 % Expected term (years) 0.5 0.5 Dividend yield 0 % 0 % Starting from fiscal year 2019, the Company calculates expected volatility for stock options based on its own historical stock price for a period commensurate with the expected term. In the prior fiscal year, the Company calculated expected volatility for stock options based on the weighted average of historical volatilities of its own stock price and the stock prices of similar companies that are publicly available for a period commensurate with the expected term. The Company calculates expected volatility for ESPP based on its own historical stock price for a period commensurate with the offering period. The following table summarizes stock option activities for the period indicated: Option Outstanding Weighted- Total Average Weighted- Value Of Remaining Aggregate Weighted- Average Options Contractual Intrinsic Average Grant-date Exercised Term Value Shares Exercise Fair Value (in (in years) (in Outstanding at January 31, 2018 1,611,344 $ 24.56 Granted 21,900 49.91 $ 25.48 Exercised (42,483 ) 7.17 $ 1,853 Forfeited (8,921 ) 55.40 Expired (561 ) 71.16 Outstanding at April 30, 2018 1,581,279 25.19 4.51 $ 39,119 Exercisable at April 30, 2018 1,354,895 $ 20.32 3.85 $ 38,705 The intrinsic value of options outstanding and exercisable is calculated based on the difference between the fair market value of the Company’s ordinary shares on the reporting date and the exercise price. The closing price of the Company’s ordinary shares on April 30, 2018 was $46.59, as reported by The NASDAQ Global Market. The intrinsic value of exercised options is calculated by the difference between the fair market value of the Company’s ordinary shares on the exercise date and the exercise price. The following table summarizes restricted stock and restricted stock units activities for the period indicated: Weighted- Average Grant-Date Shares Fair Value Unvested at January 31, 2018 2,103,281 $ 56.45 Granted 28,620 49.91 Vested (248,658 ) 53.36 Forfeited (13,097 ) 54.02 Unvested at April 30, 2018 1,870,146 $ 56.78 As of April 30, 2018, the aggregate intrinsic value of unvested restricted stock and restricted stock units was $87.1 million. |
Net Income (Loss) Per Ordinary
Net Income (Loss) Per Ordinary Share | 3 Months Ended |
Apr. 30, 2018 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Ordinary Share | 12. Net Income (Loss) Per Ordinary Share The following table sets forth the computation of basic and diluted net income (loss) per ordinary share for the periods indicated: Three 2018 2017 (in thousands, except share and per share data) Numerator: Net income (loss) $ (10,006 ) $ 2,564 Denominator: Weighted-average ordinary shares - basic 33,334,801 33,253,817 Effect of potentially dilutive securities: Employee stock options — 1,006,149 Restricted stock and restricted stock units — 422,744 Employee stock purchase plan — 2,371 Weighted-average ordinary shares - diluted 33,334,801 34,685,081 Net income (loss) per ordinary share: Basic $ (0.30 ) $ 0.08 Diluted $ (0.30 ) $ 0.07 The following weighted-average potentially dilutive securities were excluded from the computation of diluted net income (loss) per ordinary share as their effect would have been antidilutive: Three Months Ended April 30, 2018 2017 Options to purchase ordinary shares 1,192,294 261,722 Restricted stock and restricted stock units 996,098 913,126 Employee stock purchase plan 39,881 25,948 2,228,273 1,200,796 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. Income Taxes The following table provides details of income taxes for the periods indicated: Three Months Ended April 30, 2018 2017 (in thousands) Income (loss) before income taxes $ (9,158 ) $ 2,770 Provision for income taxes 848 206 Effective tax rate (9.3)% 7.4 % On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into law in the United States. The new tax legislation contains several provisions that will impact the Company, including the reduction of the corporate income tax rate from 35% to 21%, acceleration of business asset expensing, and a reduction in the amount of executive pay that may qualify as a tax deduction, among others. Income tax expense recorded for the quarter ended April 30, 2018 includes the impact of the new tax legislation as currently interpreted by the Company. Due to the complexities of the new tax legislation, the Securities and Exchange Commission issued Staff Accounting Bulletin No. 118 (“SAB 118”) which allows for the recognition of provisional amounts during a measurement period. The measurement period begins in the reporting period that includes the Tax Act’s enactment date and ends when the additional information is obtained, prepared, or analyzed to complete the accounting requirements under ASC Topic 740. The measurement period should not extend beyond one year from the enactment date. The Company recorded provisional estimates for the fiscal year ended January 31, 2018 for the following: the revaluation of deferred tax assets and liabilities to reflect the 21 percent corporate tax rate, whether to elect to expense or depreciate new capital equipment, and the US state tax impact to the aforementioned items. As of April 30, 2018, the Company continues to evaluate the provisional amounts recorded for the fiscal year ended January 31, 2018 and has recorded no adjustments. The Company will continue to assess the impact of the new tax legislation, as well as its application to its business operations. The Company recorded an income tax provision of $0.8 million and $0.2 million for the three months ended April 30, 2018 and 2017, respectively. The increase was primarily due to a decrease in the proportion of profits generated in lower tax jurisdictions and losses incurred in jurisdictions for which the Company was not able to recognize the related tax benefit, partially offset by the reduction in the U.S. federal tax rate from 35% to 21% associated with the Tax Act. The Company files federal and state income tax returns in the United States and in various foreign jurisdictions. The tax years 2013 to 2017 remain open to examination by U.S. federal tax authorities. The tax years 2008 to 2017 remain open to examination by U.S. state tax authorities. The tax years 2012 to 2017 remain open to examination by foreign tax authorities. Fiscal years outside of the normal statute of limitations remain open to audit by tax authorities due to tax attributes generated in those earlier years, which have been carried forward and may be audited in subsequent years when utilized. The Company regularly assesses the likelihood of adverse outcomes resulting from potential tax examinations to determine the adequacy of its provision for income taxes. These assessments can require considerable estimates and judgments. As of April 30, 2018, the gross amount of unrecognized tax benefits was approximately $34.7 million. If the estimates of income tax liabilities prove to be less than the ultimate assessment, then a further charge to expense could be required. If events occur and the payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities could result in tax benefits being recognized in the period in which the Company determines the liabilities are no longer necessary. The Company does not anticipate significant changes to its uncertain tax positions during the next twelve months. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Apr. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 14. Commitments and Contingencies The Company leases its principal and other facilities under operating lease agreements. Net operating lease expense for the three months ended April 30, 2018 and 2017 was approximately $1.2 million and $1.7 million, respectively. Future annual minimum payments under these operating leases with initial lease terms in excess of one year are as follows: As of April 30, 2018 Fiscal Year (in thousands) 2019 $ 2,454 2020 2,599 2021 903 2022 327 2023 81 Total future annual minimum lease payments $ 6,364 Contract Manufacturer Commitments The Company’s components and products are procured and built by independent contract manufacturers based on sales forecasts. These forecasts include estimates of future demand, historical trends, analysis of sales and marketing activities, and adjustment of overall market conditions. The Company regularly issues purchase orders to independent contract manufacturers which are cancelable only upon agreement between the Company and the third-party manufacturers. As of April 30, 2018 and January 31, 2018, total manufacturing purchase commitments were approximately $32.1 million and $24.3 million, respectively, as a result of seasonal fluctuations. Indemnification The Company, from time to time, in the normal course of business, indemnifies certain vendors with whom it enters into contractual relationships. The Company has agreed to hold the other party harmless against third-party claims in connection with the Company’s future products. The Company also indemnifies certain customers against third-party claims related to certain intellectual property matters. It is not possible to determine the maximum potential amount of liability under these indemnification obligations due to the limited history of prior indemnification claims and the unique facts and circumstances that are likely to be involved in each particular claim. The Company has not made payments under these obligations and no liabilities have been recorded for these obligations in the condensed consolidated balance sheets as of April 30, 2018 and January 31, 2018, respectively. |
Segment Reporting
Segment Reporting | 3 Months Ended |
Apr. 30, 2018 | |
Segment Reporting [Abstract] | |
Segment Reporting | 15. Segment Reporting The Company operates in one reportable segment related to the development and sales of low-power, high-definition (HD), Ultra HD video compression, image processing and computer vision solutions. The Chief Executive Officer of the Company has been identified as the Chief Operating Decision Maker (the “CODM”) and manages the Company’s operations as a whole. For the purpose of evaluating financial performance and allocating resources, the CODM reviews financial information presented on a consolidated basis accompanied by information by customer and geographic region. Geographic Revenue The following table sets forth the Company’s revenue by geographic region based on bill-to location for the periods indicated: Three Months Ended April 30, 2018 2017 (in thousands) Taiwan $ 33,206 $ 46,416 Asia Pacific 16,356 11,759 Europe 4,582 1,900 North America other than United States 2,006 2,005 United States 788 2,055 Total revenue $ 56,938 $ 64,135 As of April 30, 2018, substantially all of the Company’s property and equipment, net were located in the United States, Asia Pacific region and Europe with approximate net amounts of $2.7 million, $2.6 million and $1.3 million, respectively. Major Customers For the three months ended April 30, 2018, the customers representing 10% or more of revenue and accounts receivable were Wintech, Hakuto and Chicony, which accounted for approximately 58%, 12% and 11% of total revenue, respectively. For the three months ended April 30, 2017, the only customer representing 10% or more of revenue and accounts receivable was Wintech, which accounted for approximately 72% of total revenue. Accounts receivable with Wintech, Hakuto and Chicony accounted for approximately $10.8 million, $2.5 million and $6.5 million as of April 30, 2018, respectively. |
Related-Party Transactions
Related-Party Transactions | 3 Months Ended |
Apr. 30, 2018 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 16. Related-Party Transactions The Company considers an entity to be a related party if it owns more than 10% of the Company’s total voting stock at the end of each reporting period or if an officer or employee of an entity also serves on the Company’s board of directors or if it is a significant shareholder and has material business transactions with the Company. The Company enters into software license agreements with Cadence Design Systems, Inc. (“Cadence”) from time to time. The Chief Executive Officer of Cadence, who is also the President and a Director of Cadence, was a member of the Company’s Board of Directors until June 7, 2017. In March 2017, the Company entered into a noncancelable software license agreement with Cadence. Under this agreement, the Company committed to pay an aggregate amount of $10.3 million through January 2020. As of April 30, 2018, the unpaid liabilities was approximately $6.0 million. The Company paid $0.8 million and $0.1 million to Cadence for the three months ended April 30, 2018 and 2017, respectively. License expenses related to these agreements included in research and development expense were approximately $0.8 million for the three months ended April 30, 2018 and 2017, respectively. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Apr. 30, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Events | 17. Subsequent Events On June 4, 2018, the Company’s Board of Directors authorized the additional repurchase of up to $100.0 million of the Company’s ordinary shares over a twelve-month period commencing June 5, 2018. Repurchases may be made from time-to-time through open market purchases, 10b5-1 plans or privately negotiated transactions subject to market conditions, applicable legal requirements and other relevant factors. The repurchase program does not obligate the Company to acquire any particular amount of ordinary shares, and it may be suspended at any time at the Company’s discretion. The repurchase program is funded using the Company’s working capital and any repurchased shares are recorded as authorized but unissued shares. |
Organization and Summary of S24
Organization and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Apr. 30, 2018 | |
Accounting Policies [Abstract] | |
Organization | Organization Ambarella, Inc. (the “Company”) was incorporated in the Cayman Islands on January 15, 2004. The Company is a leading developer of low-power, high-definition (HD) and Ultra HD video compression and image processing solutions, and computer vision solutions. The Company combines its processor design capabilities with its expertise in video and image processing, algorithms and software to provide a technology platform that is designed to be easily scalable across multiple applications and enable rapid and efficient product development. The Company’s system-on-a-chip, or SoC, designs fully integrated high-definition video processing, image processing, analysis, audio processing and system functions onto a single chip, delivering exceptional video and image quality, differentiated functionality and low power consumption. Currently the Company is combining advanced computer vision technology with its state-of-the-art video to enable the next generation of intelligent cameras, advanced driver assistance systems (ADAS) and autonomous vehicles. The Company sells its solutions to leading original design manufacturers, or ODMs, and original equipment manufacturers, or OEMs, globally. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with the instructions to Form 10-Q pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and, therefore, do not include all information and notes normally provided in audited financial statements. The accounting policies are described in the “Notes to Consolidated Financial Statements” in the Annual Report on Form 10-K for the 2018 fiscal year filed with the SEC on March 30, 2018 (the “Form 10-K”) and updated, as necessary, in this Form 10-Q. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States (“U.S. GAAP”). In the opinion of management, all adjustments (consisting of normal recurring accruals and adjustments) considered necessary for a fair statement have been included. The results of operations for any interim period are not necessarily indicative of, nor comparable to, the results of operations for any other interim period or for a full fiscal year. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Form 10-K. |
Basis of Consolidation | Basis of Consolidation The Company’s fiscal year ends on January 31. The condensed consolidated financial statements of the Company and its subsidiaries have been prepared in conformity with U.S. GAAP. All intercompany transactions and balances have been eliminated upon consolidation. |
Use of Estimates | Use of Estimates The preparation of condensed consolidated financial statements in conformity with U.S. 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 revenue and expense during the reported periods. Actual results could differ from those estimates. On an ongoing basis, management evaluates its estimates and assumptions, including those related to (i) the collectability of accounts receivable; (ii) write down of excess and obsolete inventories; (iii) intangible assets and goodwill; (iv) the estimated useful lives of long-lived assets; (v) impairment of long-lived assets and financial instruments; (vi) warranty obligations; (vii) the valuation of stock-based compensation awards and financial instruments; (viii) the probability of performance objectives achievement; (ix) the realization of tax assets and estimates of tax liabilities, including reserves for uncertain tax positions; and (x) the recognition and disclosure of contingent liabilities. These estimates and assumptions are based on historical experience and on various other factors which the Company believes to be reasonable under the circumstances. The Company may engage third-party valuation specialists to assist with estimates related to the valuation of financial instruments, assets and stock awards associated with various contractual arrangements. Such estimates often require the selection of appropriate valuation methodologies and significant judgment. Actual results could differ from these estimates under different assumptions or circumstances and such differences could be material. |
Concentration of Risk | Concentration of Risk The Company’s products are manufactured, assembled and tested by third-party contractors located primarily in Asia. The Company does not have long-term agreements with these contractors. A significant disruption in the operations of one or more of these contractors would impact the production of the Company’s products which could have a material adverse effect on its business, financial condition and results of operations. A substantial portion of the Company’s revenue is derived from sales through its distributors, Wintech Microelectronics Co., Ltd., or Wintech, which serves as its non-exclusive sales representative in Asia other than Japan, Hakuto Co., Ltd., or Hakuto, and directly to one ODM customer, Chicony Electronics Co., Ltd., or Chicony. Termination of the relationships with these customers could result in a temporary or permanent loss of revenue. Furthermore, any credit issues from these customers could impair their abilities to make timely payment to the Company. See Note 15 for additional information regarding revenue and credit concentration with these customers. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, marketable securities and accounts receivable. The Company maintains its cash primarily in checking accounts with reputable financial institutions. Cash deposits held with these financial institutions may exceed the amount of insurance provided on such deposits. The Company has not experienced any losses on deposits of its cash. In order to limit the exposure of each investment, the cash equivalents and marketable securities consist primarily of money market funds, asset-backed securities, commercial paper, U.S. government securities and debt securities of corporations which management assesses to be highly liquid. The Company does not hold or issue financial instruments for trading purposes. The Company performs ongoing credit evaluations of its customers and adjusts credit limits based upon payment history and customers’ credit worthiness. The Company regularly monitors collections and payments from its customers. |
Cash Equivalents and Marketable Securities | Cash Equivalents and Marketable Securities The Company considers all highly liquid investments with original maturities of less than three months at the time of purchase to be cash equivalents. Investments that are highly liquid with original maturities at the time of purchase greater than three months are considered marketable securities. The Company classifies these investments as “available-for-sale” securities carried at fair value, based on quoted market prices of similar assets, with the unrealized gains or losses reported, net of tax, as a separate component of shareholders’ equity and included in accumulated other comprehensive loss in the condensed consolidated balance sheets. The amortization of premiums and accretion of discounts and the realized gains and losses are both recorded in other income, net in the condensed consolidated statements of operations. The Company reviews its investments for possible other-than-temporary impairments on a regular basis. If any loss on investment is believed to be other-than-temporary, a charge will be recorded and a new cost basis in the investment will be established. In evaluating whether a loss on a security is other-than-temporary, the Company considers the following factors: 1) general market conditions, 2) the duration and extent to which the fair value is less than cost, 3) the Company’s intent and ability to hold the investment. For securities in an unrealized loss position which is deemed to be other-than-temporary, the difference between the security’s then-current amortized cost basis and fair value is separated into (i) the amount of the impairment related to the credit loss (i.e., the credit loss component) and (ii) the amount of the impairment related to all other factors (i.e., the non-credit loss component). The credit loss component is recognized in earnings. The non-credit loss component is recognized in accumulated other comprehensive loss. Due to the relative short term nature of the investments, there have been no other-than-temporary impairments recorded to date. |
Restricted Cash | Restricted Cash The Company maintains certain cash amounts that are restricted as to withdrawal or use to secure certain transactions in a foreign entity. As of April 30, 2018 and January 31, 2018, the restricted cash was immaterial. The following table presents cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets and the sums are presented on the condensed consolidated statements of cash flows: As of April 30, 2018 January 31, 2018 April 30, 2017 January 31, 2017 (in thousands) (in thousands) Cash and cash equivalents $ 336,692 $ 346,672 $ 335,182 $ 322,872 Restricted cash 9 9 9 8 Total as presented in the consolidated statements of cash flows $ 336,701 $ 346,681 $ 335,191 $ 322,880 |
Inventories | Inventories The Company records inventories at the lower of cost or net realizable value. The cost includes materials and other production costs and is computed using standard cost on a first-in, first-out basis. Inventory reserves are recorded for estimated obsolescence or unmarketable inventories based on forecast of future demand and market conditions. Any adjustments to reduce the cost of inventories to their net realizable value are recognized in earnings in the current period. |
Noncancelable Internal-Use Software License | Noncancelable Internal-Use Software License The Company accounts for a noncancelable on premise internal-use software license as the acquisition of an intangible asset and the incurrence of a liability to the extent that all or a portion of the software licensing fees are not paid on or before the license acquisition date. The intangible asset and related liability are recorded at net present value and interest expense is recorded over the payment term. |
Goodwill and In-Process Research and Development | Goodwill and In-Process Research and Development Goodwill and in-process research and development (“IPR&D”) are required to be tested for impairment at least annually in the fourth fiscal quarter or sooner whenever events or changes in circumstances indicate that the assets may be impaired. The Company has a single reporting unit for goodwill impairment test purposes based on its business and reporting structure. The Company does not amortize goodwill. Acquired IPR&D is capitalized at fair value as an intangible asset and amortization commences upon completion of the underlying projects. . . |
Revenue Recognition | Revenue Recognition Effective February 1, 2018, the Company adopted Accounting Standards Codification (“ASC”) Topic 606, Revenue from Contracts with Customers (“ASC 606”), using the modified retrospective method applied to those contracts which were not completed as of February 1, 2018. Results for reporting periods beginning after February 1, 2018 are presented under ASC 606. Prior period amounts are not adjusted and continue to be reported in accordance with the Company’s historic accounting under ASC Topic 605, Revenue Recognition (“ASC 605”). The most significant impacts of this new guidance for the Company relate to the determination of transaction price and the timing of revenue recognition for transactions with its distributors. As a result, the Company will recognize product revenue upon shipment and transfer of control to distributors (known as “sell-in” revenue recognition) rather than shipment to the end customers (known as “sell-through” revenue recognition) based on its estimate of the consideration it expects to receive. Revenue recognition is evaluated through the following five steps: (i) identification of the contract, or contracts, with a customer; (ii) identification of the performance obligations in the contract; (iii) determination of the transaction price; (iv) allocation of the transaction price to the performance obligations in the contract; and (v) recognition of revenue when or as a performance obligation is satisfied. The sale of semiconductor products accounts for the substantial majority of the Company’s consolidated revenue. Sales agreements with customers are renewable periodically and contain terms and conditions with respect to payment, delivery, warranty, supply and other rights. The Company considers an accepted customer purchase order, governed by sales agreement, to be the contract with the customer. For each contract, the Company considers the promise to transfer tangible products to be the identified performance obligation. Product sales contracts may include volume-based tiered pricing or rebates that are fulfilled in cash or product. In determining the transaction price, the Company accounts for the right of returns, cash rebates, commissions and other pricing adjustments as variable consideration and estimates these amounts based on the expected amount to be provided to customers and reduces the revenue recognized. The Company estimates sales returns and rebates based on the Company’s historical patterns of return and pricing credits. As the Company’s standard payment terms are 30 days to 60 days, the contracts have no financing component. Under ASC 606, the Company estimates the total consideration to be received by using the expected value method for each contract, computes weighted average selling price for each unit shipped in cases where there is a material right due to the presence of volume-based tiered pricing, allocates the total consideration between the identified performance obligations, and recognizes revenue when control of its goods and services is transferred to its customers. The Company considers product control to be transferred at shipment or delivery because the Company has a present right to payment at that time, the customer has legal title to the asset, the Company has transferred physical possession of the asset, and the customer has significant risk and rewards of ownership of the asset. The Company also enters into fixed-price engineering service agreements with certain customers. These agreements may include multiple performance obligations, such as software development services, licensing of intellectual property and post-contract customer support, or PCS. These multiple performance obligations are highly interdependent, highly interrelated, are typically not sold separately and do not have standalone selling prices. They are all inputs to generate one combined output which is incorporating the Company’s SoC into the customer’s product. Accordingly, the Company determines that they are not separately identifiable and shall be treated as a single performance obligation. Customers usually pay based on milestones achieved. Because payments received do not correspond directly with the value of the Company’s performance to date, for fixed-price engineering services arrangements, revenue is recognized using the time-based straight line method, which best depicts the Company’s performance toward complete satisfaction of the performance obligation based on the nature of such professional services. Revenues from engineering service agreements were not material for the three months ended April 30, 2018 and 2017, respectively. |
Cost of Revenue | Cost of Revenue Cost of revenue includes cost of materials, cost associated with packaging and assembly, testing and shipping, cost of personnel, stock-based compensation, logistics and quality assurance, warranty cost, royalty expense, write-downs of inventories and allocation of overhead. |
Income Taxes | Income Taxes The Company records income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in its financial statements or tax returns. In estimating future tax consequences, generally all expected future events other than enactments or changes in the tax law or rates are considered. Valuation allowances are provided when necessary to reduce deferred tax assets to the amount expected to be realized. The Company applies authoritative guidance for the accounting for uncertainty in income taxes. The guidance requires that tax effects of a position be recognized only if it is “more likely than not” to be sustained based solely on its technical merits as of the reporting date. Upon estimating its tax positions and tax benefits, the Company considers and evaluates numerous factors, which may require periodic adjustments and which may not reflect the final tax liabilities. The Company adjusts its financial statements to reflect only those tax positions that are more likely than not to be sustained under examination. As part of the process of preparing condensed consolidated financial statements, the Company is required to estimate its taxes in each of the jurisdictions in which it operates. The Company estimates actual current tax exposure together with assessing temporary differences resulting from differing treatment of items, such as accruals and allowances not currently deductible for tax purposes. These differences result in deferred tax assets, which are included in the condensed consolidated balance sheets. In general, deferred tax assets represent future tax benefits to be received when certain expenses previously recognized in the condensed consolidated statements of operations become deductible expenses under applicable income tax laws, or loss or credit carryforwards are utilized. In assessing whether deferred tax assets may be realized, the Company considers whether it is more likely than not that some portion or all of deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income. The Company makes estimates and judgments about its future taxable income based on assumptions that are consistent with its plans and estimates. Should the actual amounts differ from estimates, the amount of valuation allowance could be materially impacted. Any adjustment to the deferred tax asset valuation allowance would be recorded in the condensed consolidated income statement for the periods in which the adjustment is determined to be required. |
Net Income (Loss) Per Ordinary Share | Net Income (Loss) Per Ordinary Share Basic earnings (losses) per share is computed by dividing net income (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period. Diluted earnings (losses) per share is computed by dividing net income (loss) available to ordinary shareholders by the weighted-average number of ordinary shares outstanding during the period increased to include the number of additional ordinary shares that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, shares to be purchased under the Company’s employee stock purchase plan, unvested restricted stock and restricted stock units. The dilutive effect of potentially dilutive securities is reflected in diluted earnings (losses) per share by application of the treasury stock method. |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) includes unrealized gains or losses from available-for-sale securities that are excluded from net income (loss). |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, Leases (Topic 842). This standard requires entities that lease assets to recognize on the balance sheet the assets and liabilities for the rights and obligations created by those leases. The standard is effective for fiscal years and the interim periods within those fiscal years beginning after December 15, 2018. The guidance is required to be applied by the modified retrospective transition approach. The Company is currently assessing the impact of the adoption of this new guidance on its financial position, results of operations and disclosures. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326), to introduce a new impairment model for recognizing credit losses on financial instruments based on an estimate of current expected credit losses (“ECL”). Under the new model, an entity is required to estimate ECL on available-for-sale (AFS) debt securities only when the fair value is below the amortized cost of the asset and is no longer based on an impairment being “other-than-temporary”. The new model also requires the impairment calculation on an individual security level and requires an entity use present value of cash flows when estimating the ECL. The credit-related losses are required to be recognized through earnings and non-credit related losses are reported in other comprehensive income. The ASU will be effective for public entities in fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. The new guidance will require modified retrospective application to all outstanding instruments, with a cumulative effect adjustment recorded to opening retained earnings as of the beginning of the first period in which the guidance becomes effective. The Company does not believe the adoption of this new guidance will have a material impact on its consolidated financial statements. In January 2017, the FASB issued ASU 2017-04, Intangibles – Goodwill and Other (Topic 350): Simplifying the Test of Goodwill Impairment, to eliminate the requirement to calculate the implied fair value of goodwill to measure a goodwill impairment charge. Instead, entities will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. This new guidance will be applied prospectively and is effective for annual and interim periods beginning after December 15, 2019. The Company does not believe the adoption of this new guidance will have a material impact on its financial position, results of operations and disclosures . In March 2017, the FASB issued ASU 2017-08, Receivables – Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization On Purchased Callable Debt Securities, to shorten the amortization period for the premium to the earliest call date instead of the contractual life of the instrument. This new guidance will be effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. Entities will be required to apply the new guidance using the modified retrospective method with a cumulative-effect adjustment to retained earnings upon the adoption date. The Company does not believe the adoption of this new guidance will have a material impact on its financial position, results of operations and disclosures . In February 2018, the FASB issued ASU 2018-02, Income Statement – Reporting Comprehensive Income (Topic 220): Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income, to permit entities to have the option to reclassify tax effects stranded in accumulated other comprehensive income as a result of tax reform to retained earnings. The FASB also gives entities the option to apply the guidance retrospectively or in the period of adoption. The guidance is effective for fiscal years beginning after December 15, 2018 and interim periods within those fiscal years. Early adoption in any period is permitted. The Company has not early adopted this guidance and believes that the adoption of this new guidance will not have an impact on its financial position and disclosures. |
Organization and Summary of S25
Organization and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Accounting Policies [Abstract] | |
Schedule of Cash, Cash Equivalents and Restricted Cash | The following table presents cash, cash equivalents and restricted cash reported on the condensed consolidated balance sheets and the sums are presented on the condensed consolidated statements of cash flows: As of April 30, 2018 January 31, 2018 April 30, 2017 January 31, 2017 (in thousands) (in thousands) Cash and cash equivalents $ 336,692 $ 346,672 $ 335,182 $ 322,872 Restricted cash 9 9 9 8 Total as presented in the consolidated statements of cash flows $ 336,701 $ 346,681 $ 335,191 $ 322,880 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Topic 606 [Member] | |
Cumulative Effects of Adjustments on Condensed Consolidated Balance Sheet and Impacts of Adopting New Revenue Standard on Condensed Consolidated Balance Sheets, Statements of Operations and Statements of Cash Flows | The cumulative effects of adjustments on the February 1, 2018 condensed consolidated balance sheet for the adoption of ASC 606 were as follows: Balance as of Opening Balance as of January 31, 2018 Adjustment February 1, (in thousands) Deferred revenue, current $ 307 $ (43 ) $ 264 Retained earnings $ 261,265 $ 43 $ 261,308 The following table summarizes the impacts of adopting the new revenue standard on our condensed consolidated balance sheets, statements of operations and statements of cash flows as of and for the three months ended April 30, 2018: April 30, 2018 As Reported Impact of Adoption Amounts under ASC 605 (in thousands) Condensed Consolidated Balance Sheets Assets: Prepaid expenses and other current assets $ 3,824 $ (394 ) $ 3,430 Liabilities: Accounts payable 17,449 (89 ) 17,360 Accrued and other current liabilities 21,271 (11 ) 21,260 Income taxes payable 385 (46 ) 339 Deferred revenue, current 546 3,304 3,850 Other long-term liabilities 10,693 4 10,697 Equity: Retained earnings $ 251,302 (3,555 ) $ 247,747 Three Months Ended April 30, 2018 As Reported Impact of Adoption Amounts under ASC 605 (in thousands, except per share data) Condensed Consolidated Statements of Operations Revenue $ 56,938 $ (4,915 ) $ 52,023 Cost of revenue 22,046 (1,600 ) 20,446 Gross profit 34,892 (3,315 ) 31,577 Loss from operations (9,950 ) (3,315 ) (13,265 ) Loss before income taxes (9,158 ) (3,315 ) (12,473 ) Provision for income taxes 848 197 1,045 Net loss $ (10,006 ) $ (3,512 ) $ (13,518 ) Net loss per share: Basic $ (0.30 ) $ (0.11 ) $ (0.41 ) Diluted $ (0.30 ) $ (0.11 ) $ (0.41 ) The impact of adoption on the comprehensive loss is the same as the impact on net loss. Three Months Ended April 30, 2018 As Reported Impact of Adoption Amounts under ASC 605 (in thousands) Condensed Consolidated Statements of Cash Flows Cash flow from operating activities: Net loss $ (10,006 ) $ (3,512 ) $ (13,518 ) Prepaid expenses and other current assets 180 394 574 Accounts payable (2,366 ) (89 ) (2,455 ) Accrued liabilities (9,640 ) (11 ) (9,651 ) Income taxes payable (551 ) (46 ) (597 ) Deferred revenue 281 3,261 3,542 Other long-term liabilities $ 294 $ 4 $ 298 |
Financial Instruments and Fai27
Financial Instruments and Fair Value (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Investments All Other Investments [Abstract] | |
Schedule of Available-for-Sale Securities at Fair Value | All of the investments are classified as available-for-sale securities and reported at fair value in the condensed consolidated balance sheets as follows: As of April 30, 2018 Amortized Unrealized Unrealized Losses Fair Value (in thousands) Money market funds $ 24,554 $ — $ — $ 24,554 Commercial paper 5,478 — — 5,478 Corporate bonds 52,848 — (285 ) 52,563 Asset-backed securities 10,506 — (74 ) 10,432 U.S. government securities 8,984 — (30 ) 8,954 Total cash equivalents and marketable securities $ 102,370 $ — $ (389 ) $ 101,981 As of January 31, 2018 Amortized Unrealized Gains Unrealized Losses Fair Value (in thousands) Money market funds $ 13,788 $ — $ — $ 13,788 Commercial paper 5,480 — — 5,480 Corporate bonds 53,175 — (196 ) 52,979 Asset-backed securities 11,048 — (44 ) 11,004 U.S. government securities 18,495 — (39 ) 18,456 Total cash equivalents and marketable securities $ 101,986 $ — $ (279 ) $ 101,707 |
Schedule of Cash Equivalents and Marketable Securities | As of April 30, 2018 January (in thousands) Included in cash equivalents $ 24,554 $ 13,788 Included in marketable securities 77,427 87,919 Total cash equivalents and marketable securities $ 101,981 $ 101,707 |
Summary of Contractual Maturities of Investments | The contractual maturities of the investments at April 30, 2018 and January 31, 2018 were as follows: As of April 30, 2018 January (in thousands) Due within one year $ 82,958 $ 63,476 Due within one to two years 19,023 38,231 Total cash equivalents and marketable securities $ 101,981 $ 101,707 |
Schedule of Fair Value of Financial Instruments Measured on Recurring Basis | The following table presents the fair value of the financial instruments measured on a recurring basis as of April 30, 2018 and January 31, 2018: As of April 30, 2018 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 24,554 $ 24,554 $ — $ — Commercial paper 5,478 — 5,478 — Corporate bonds 52,563 — 52,563 — Asset-backed securities 10,432 — 10,432 — U.S. government securities 8,954 — 8,954 — Total cash equivalents and marketable securities $ 101,981 $ 24,554 $ 77,427 $ — As of January 31, 2018 Total Level 1 Level 2 Level 3 (in thousands) Money market funds $ 13,788 $ 13,788 $ — $ — Commercial paper 5,480 — 5,480 — Corporate bonds 52,979 — 52,979 — Asset-backed securities 11,004 — 11,004 — U.S. government securities 18,456 — 18,456 — Total cash equivalents and marketable securities $ 101,707 $ 13,788 $ 87,919 $ — |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories at April 30, 2018 and January 31, 2018 consisted of the following: As of April 30, 2018 January (in thousands) Work-in-progress $ 13,093 $ 12,073 Finished goods 9,875 11,310 Total $ 22,968 $ 23,383 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment at April 30, 2018 and January 31, 2018 consisted of the following: As of April 30, 2018 January (in thousands) Computer equipment and software $ 8,895 $ 8,611 Machinery and equipment 4,884 4,761 Furniture and fixtures 933 917 Leasehold improvements 2,151 2,092 Construction in progress 346 — 17,209 16,381 Less: accumulated depreciation and amortization (10,564 ) (9,932 ) Total property and equipment, net $ 6,645 $ 6,449 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Carrying Amounts of Intangible Assets | The carrying amounts of intangible assets as of April 30, 2018 and January 31, 2018 were as follows : As of April 30, 2018 As of January 31, 2018 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount (in thousands) In-process research and development $ 4,100 $ — $ 4,100 $ 4,100 $ — $ 4,100 Internal-use software license 13,406 (4,235 ) 9,171 13,404 (3,087 ) 10,317 Total acquired intangible assets $ 17,506 $ (4,235 ) $ 13,271 $ 17,504 $ (3,087 ) $ 14,417 |
Summary of Estimated Future Amortization Expense Related to Software Licenses | The estimated future amortization expense related to these software licenses as of April 30, 2018 is as follows: As of April 30, 2018 Fiscal Year (in thousands) 2019 $ 3,422 2020 4,474 2021 1,275 2022 — 2023 — Thereafter — Total future amortization expenses: $ 9,171 |
Accrued and Other Current Lia31
Accrued and Other Current Liabilities (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Payables And Accruals [Abstract] | |
Schedule of Accrued and Other Current Liabilities | Accrued and other current liabilities at April 30, 2018 and January 31, 2018 consisted of the following: As of April 30, 2018 January (in thousands) Accrued employee compensation $ 8,944 $ 15,977 Accrued warranty — 1,750 Accrued rebates 324 584 Accrued product development costs 5,099 6,669 Software license liabilities, current 4,374 4,346 Other accrued liabilities 2,530 2,852 Total accrued and other current liabilities $ 21,271 $ 32,178 |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Long-Term Liabilities | Other long-term liabilities at April 30, 2018 and January 31, 2018 consisted of the following: As of April 30, 2018 January (in thousands) Unrecognized tax benefits, including interest $ 5,675 $ 5,352 Deferred tax liabilities, non-current 1,293 1,293 Software license liabilities, non-current 3,657 4,484 Other long-term liabilities 68 97 Total other long-term liabilities $ 10,693 $ 11,226 |
Capital Stock (Tables)
Capital Stock (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Equity [Abstract] | |
Schedule of Ordinary Shares Reserved for Future Issuance under EIP and ESPP | As of April 30, 2018 and January 31, 2018, the following ordinary shares were reserved for future issuance under the EIP and ESPP: As of April 30, 2018 January 31, 2018 Shares reserved for options, restricted stock and restricted stock units under EIP 6,795,962 5,561,653 Shares reserved for ESPP 1,909,046 1,561,841 |
Stock-based Compensation (Table
Stock-based Compensation (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Classification of Stock-based Compensation | The following table presents the classification of stock-based compensation for the periods indicated: Three Months Ended April 30, 2018 2017 (in thousands) Stock-based compensation: Cost of revenue $ 315 $ 303 Research and development 8,760 7,977 Selling, general and administrative 5,120 4,692 Total stock-based compensation $ 14,195 $ 12,972 |
Weighted-Average Assumptions Used to Estimate Fair Value | The following table sets forth the weighted-average assumptions used to estimate the fair value of stock options and employee stock purchase plan awards for the periods indicated: Three Months Ended April 30, 2018 2017 Stock Options: Volatility 55 % 53 % Risk-free interest rate 2.65 % 2.17 % Expected term (years) 5.33 6.07 Dividend yield 0 % 0 % Employee stock purchase plan awards: Volatility 46 % 39 % Risk-free interest rate 1.95 % 0.89 % Expected term (years) 0.5 0.5 Dividend yield 0 % 0 % |
Stock Option Activities | The following table summarizes stock option activities for the period indicated: Option Outstanding Weighted- Total Average Weighted- Value Of Remaining Aggregate Weighted- Average Options Contractual Intrinsic Average Grant-date Exercised Term Value Shares Exercise Fair Value (in (in years) (in Outstanding at January 31, 2018 1,611,344 $ 24.56 Granted 21,900 49.91 $ 25.48 Exercised (42,483 ) 7.17 $ 1,853 Forfeited (8,921 ) 55.40 Expired (561 ) 71.16 Outstanding at April 30, 2018 1,581,279 25.19 4.51 $ 39,119 Exercisable at April 30, 2018 1,354,895 $ 20.32 3.85 $ 38,705 |
Restricted Stock and Restricted Stock Units Activities | The following table summarizes restricted stock and restricted stock units activities for the period indicated: Weighted- Average Grant-Date Shares Fair Value Unvested at January 31, 2018 2,103,281 $ 56.45 Granted 28,620 49.91 Vested (248,658 ) 53.36 Forfeited (13,097 ) 54.02 Unvested at April 30, 2018 1,870,146 $ 56.78 |
Net Income (Loss) Per Ordinar35
Net Income (Loss) Per Ordinary Share (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Earnings Per Share [Abstract] | |
Computation of Basic and Diluted Net Income (Loss) Per Ordinary Share | The following table sets forth the computation of basic and diluted net income (loss) per ordinary share for the periods indicated: Three 2018 2017 (in thousands, except share and per share data) Numerator: Net income (loss) $ (10,006 ) $ 2,564 Denominator: Weighted-average ordinary shares - basic 33,334,801 33,253,817 Effect of potentially dilutive securities: Employee stock options — 1,006,149 Restricted stock and restricted stock units — 422,744 Employee stock purchase plan — 2,371 Weighted-average ordinary shares - diluted 33,334,801 34,685,081 Net income (loss) per ordinary share: Basic $ (0.30 ) $ 0.08 Diluted $ (0.30 ) $ 0.07 |
Weighted-Average Potentially Dilutive Securities Excluded from Computation of Diluted Net Income (Loss) Per Ordinary Share | The following weighted-average potentially dilutive securities were excluded from the computation of diluted net income (loss) per ordinary share as their effect would have been antidilutive: Three Months Ended April 30, 2018 2017 Options to purchase ordinary shares 1,192,294 261,722 Restricted stock and restricted stock units 996,098 913,126 Employee stock purchase plan 39,881 25,948 2,228,273 1,200,796 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Income Tax Disclosure [Abstract] | |
Summary of Income Taxes | The following table provides details of income taxes for the periods indicated: Three Months Ended April 30, 2018 2017 (in thousands) Income (loss) before income taxes $ (9,158 ) $ 2,770 Provision for income taxes 848 206 Effective tax rate (9.3)% 7.4 % |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Commitments And Contingencies Disclosure [Abstract] | |
Future Annual Minimum Lease Payments | Future annual minimum payments under these operating leases with initial lease terms in excess of one year are as follows: As of April 30, 2018 Fiscal Year (in thousands) 2019 $ 2,454 2020 2,599 2021 903 2022 327 2023 81 Total future annual minimum lease payments $ 6,364 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Apr. 30, 2018 | |
Segment Reporting [Abstract] | |
Company's Revenue by Geographic Region Based on Bill-to Location | The following table sets forth the Company’s revenue by geographic region based on bill-to location for the periods indicated: Three Months Ended April 30, 2018 2017 (in thousands) Taiwan $ 33,206 $ 46,416 Asia Pacific 16,356 11,759 Europe 4,582 1,900 North America other than United States 2,006 2,005 United States 788 2,055 Total revenue $ 56,938 $ 64,135 |
Organization and Summary of S39
Organization and Summary of Significant Accounting Policies - Schedule of Cash, Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 | Apr. 30, 2017 | Jan. 31, 2017 |
Cash And Cash Equivalents [Abstract] | ||||
Cash and cash equivalents | $ 336,692 | $ 346,672 | $ 335,182 | $ 322,872 |
Restricted cash | 9 | 9 | 9 | 8 |
Total as presented in the consolidated statements of cash flows | $ 336,701 | $ 346,681 | $ 335,191 | $ 322,880 |
Organization and Summary of S40
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | Apr. 30, 2018 | Jan. 31, 2018 |
Summary Of Significant Accounting Policies [Line Items] | ||
Accumulated amortization of intangible asset | $ 4,235,000 | $ 3,087,000 |
IPR&D [Member] | ||
Summary Of Significant Accounting Policies [Line Items] | ||
Accumulated amortization of intangible asset | $ 0 | $ 0 |
Revenue Recognition - Cumulativ
Revenue Recognition - Cumulative Effects of Adjustments on Condensed Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Feb. 01, 2018 | Jan. 31, 2018 |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Deferred revenue, current | $ 546 | $ 307 | |
Retained earnings | 251,302 | $ 261,265 | |
Topic 606 [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Deferred revenue, current | $ 264 | ||
Retained earnings | 261,308 | ||
Topic 606 [Member] | Adjustment [Member] | |||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | |||
Deferred revenue, current | 3,304 | (43) | |
Retained earnings | $ (3,555) | $ 43 |
Revenue Recognition - Impacts o
Revenue Recognition - Impacts of Adopting New Revenue Standard on Condensed Consolidated Balance Sheets (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Feb. 01, 2018 | Jan. 31, 2018 |
Assets: | |||
Prepaid expenses and other current assets | $ 3,824 | $ 4,006 | |
Liabilities: | |||
Accounts payable | 17,449 | 19,815 | |
Accrued and other current liabilities | 21,271 | 32,178 | |
Income taxes payable | 385 | 936 | |
Deferred revenue, current | 546 | 307 | |
Other long-term liabilities | 10,693 | 11,226 | |
Equity: | |||
Retained earnings | 251,302 | $ 261,265 | |
Topic 606 [Member] | |||
Liabilities: | |||
Deferred revenue, current | $ 264 | ||
Equity: | |||
Retained earnings | 261,308 | ||
Topic 606 [Member] | Impact of Adoption [Member] | |||
Assets: | |||
Prepaid expenses and other current assets | (394) | ||
Liabilities: | |||
Accounts payable | (89) | ||
Accrued and other current liabilities | (11) | ||
Income taxes payable | (46) | ||
Deferred revenue, current | 3,304 | (43) | |
Other long-term liabilities | 4 | ||
Equity: | |||
Retained earnings | (3,555) | $ 43 | |
Topic 606 [Member] | Amounts under ASC 605 [Member] | |||
Assets: | |||
Prepaid expenses and other current assets | 3,430 | ||
Liabilities: | |||
Accounts payable | 17,360 | ||
Accrued and other current liabilities | 21,260 | ||
Income taxes payable | 339 | ||
Deferred revenue, current | 3,850 | ||
Other long-term liabilities | 10,697 | ||
Equity: | |||
Retained earnings | $ 247,747 |
Revenue Recognition - Impacts43
Revenue Recognition - Impacts of Adopting New Revenue Standard on Condensed Consolidated Statements of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Revenue | $ 56,938 | $ 64,135 |
Cost of revenue | 22,046 | 23,172 |
Gross profit | 34,892 | 40,963 |
Loss from operations | (9,950) | 2,617 |
Loss before income taxes | (9,158) | 2,770 |
Provision for income taxes | 848 | 206 |
Net loss | $ (10,006) | $ 2,564 |
Net loss per share: | ||
Basic | $ (0.30) | $ 0.08 |
Diluted | $ (0.30) | $ 0.07 |
Topic 606 [Member] | Impact of Adoption [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Revenue | $ (4,915) | |
Cost of revenue | (1,600) | |
Gross profit | (3,315) | |
Loss from operations | (3,315) | |
Loss before income taxes | (3,315) | |
Provision for income taxes | 197 | |
Net loss | $ (3,512) | |
Net loss per share: | ||
Basic | $ (0.11) | |
Diluted | $ (0.11) | |
Topic 606 [Member] | Amounts under ASC 605 [Member] | ||
New Accounting Pronouncements Or Change In Accounting Principle [Line Items] | ||
Revenue | $ 52,023 | |
Cost of revenue | 20,446 | |
Gross profit | 31,577 | |
Loss from operations | (13,265) | |
Loss before income taxes | (12,473) | |
Provision for income taxes | 1,045 | |
Net loss | $ (13,518) | |
Net loss per share: | ||
Basic | $ (0.41) | |
Diluted | $ (0.41) |
Revenue Recognition - Impacts44
Revenue Recognition - Impacts of Adopting New Revenue Standard on Condensed Consolidated Statements of Cash Flows (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Cash flows from operating activities: | ||
Net loss | $ (10,006) | $ 2,564 |
Prepaid expenses and other current assets | 180 | 1,093 |
Accounts payable | (2,366) | (2,084) |
Accrued liabilities | (9,640) | (7,055) |
Income taxes payable | (551) | (13) |
Deferred revenue | 281 | (1,870) |
Other long-term liabilities | 294 | $ 11 |
Topic 606 [Member] | Impact of Adoption [Member] | ||
Cash flows from operating activities: | ||
Net loss | (3,512) | |
Prepaid expenses and other current assets | 394 | |
Accounts payable | (89) | |
Accrued liabilities | (11) | |
Income taxes payable | (46) | |
Deferred revenue | 3,261 | |
Other long-term liabilities | 4 | |
Topic 606 [Member] | Amounts under ASC 605 [Member] | ||
Cash flows from operating activities: | ||
Net loss | (13,518) | |
Prepaid expenses and other current assets | 574 | |
Accounts payable | (2,455) | |
Accrued liabilities | (9,651) | |
Income taxes payable | (597) | |
Deferred revenue | 3,542 | |
Other long-term liabilities | $ 298 |
Financial Instruments and Fai45
Financial Instruments and Fair Value - Schedule of Available-for-Sale Securities at Fair Value (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 102,370 | $ 101,986 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (389) | (279) |
Fair Value | 101,981 | 101,707 |
Money market funds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 24,554 | 13,788 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 24,554 | 13,788 |
Commercial paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,478 | 5,480 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | 0 | 0 |
Fair Value | 5,478 | 5,480 |
Corporate bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 52,848 | 53,175 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (285) | (196) |
Fair Value | 52,563 | 52,979 |
Asset-backed securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,506 | 11,048 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (74) | (44) |
Fair Value | 10,432 | 11,004 |
U.S. government securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 8,984 | 18,495 |
Unrealized Gains | 0 | 0 |
Unrealized Losses | (30) | (39) |
Fair Value | $ 8,954 | $ 18,456 |
Financial Instruments and Fai46
Financial Instruments and Fair Value - Schedule of Cash Equivalents and Marketable Securities (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable securities | $ 101,981 | $ 101,707 |
Included in cash equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable securities | 24,554 | 13,788 |
Included in marketable securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Total cash equivalents and marketable securities | $ 77,427 | $ 87,919 |
Financial Instruments and Fai47
Financial Instruments and Fair Value - Summary of Contractual Maturities of Investments (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Available For Sale Securities Debt Maturities Fair Value [Abstract] | ||
Due within one year | $ 82,958 | $ 63,476 |
Due within one to two years | 19,023 | 38,231 |
Total cash equivalents and marketable securities | $ 101,981 | $ 101,707 |
Financial Instruments and Fai48
Financial Instruments and Fair Value - Schedule of Fair Value of Financial Instruments Measured on Recurring Basis (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | $ 101,981 | $ 101,707 |
Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 24,554 | 13,788 |
Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 5,478 | 5,480 |
Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 52,563 | 52,979 |
Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 10,432 | 11,004 |
U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 8,954 | 18,456 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 24,554 | 13,788 |
Level 1 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 24,554 | 13,788 |
Level 1 [Member] | Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Level 1 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Level 1 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Level 1 [Member] | U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 77,427 | 87,919 |
Level 2 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Level 2 [Member] | Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 5,478 | 5,480 |
Level 2 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 52,563 | 52,979 |
Level 2 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 10,432 | 11,004 |
Level 2 [Member] | U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 8,954 | 18,456 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Level 3 [Member] | Money market funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Level 3 [Member] | Commercial paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Level 3 [Member] | Corporate bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Level 3 [Member] | Asset-backed securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | 0 | 0 |
Level 3 [Member] | U.S. government securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total cash equivalents and marketable securities | $ 0 | $ 0 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Work-in-progress | $ 13,093 | $ 12,073 |
Finished goods | 9,875 | 11,310 |
Total | $ 22,968 | $ 23,383 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Property Plant And Equipment [Abstract] | ||
Depreciation of property and equipment | $ 636 | $ 412 |
Property and Equipment, Net - S
Property and Equipment, Net - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 17,209 | $ 16,381 |
Less: accumulated depreciation and amortization | (10,564) | (9,932) |
Total property and equipment, net | 6,645 | 6,449 |
Computer equipment and software [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 8,895 | 8,611 |
Machinery and equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 4,884 | 4,761 |
Furniture and fixtures [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 933 | 917 |
Leasehold improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,151 | 2,092 |
Construction in progress [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 346 | $ 0 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Apr. 30, 2018 | Apr. 30, 2017 | Jan. 31, 2018 | Jun. 25, 2015 | |
Finite Lived Intangible Assets [Line Items] | ||||
Accumulated amortization of intangible asset | $ 4,235,000 | $ 3,087,000 | ||
Liabilities associated with noncancelable internal-use software license at net present value, current | 4,374,000 | 4,346,000 | ||
Liabilities associated with noncancelable internal-use software license at net present value, non-current | 3,657,000 | 4,484,000 | ||
Internal-use noncancelable software license, amortization expense | 1,148,000 | $ 292,000 | ||
Impairment of intangible assets | 0 | $ 0 | ||
Accrued and other current liabilities [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Liabilities associated with noncancelable internal-use software license at net present value, current | 4,400,000 | |||
Other long-term liabilities [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Liabilities associated with noncancelable internal-use software license at net present value, non-current | 3,700,000 | |||
Vis Lab SRL [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ 4,100,000 | |||
IPR&D [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Accumulated amortization of intangible asset | 0 | $ 0 | ||
IPR&D [Member] | Vis Lab SRL [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Intangible assets acquired | $ 4,100,000 | |||
Noncancelable software licenses [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Other intangible assets | $ 9,200,000 |
Intangible Assets - Summary of
Intangible Assets - Summary of Carrying Amounts of Intangible Assets (Detail) - USD ($) | Apr. 30, 2018 | Jan. 31, 2018 |
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 17,506,000 | $ 17,504,000 |
Accumulated Amortization | (4,235,000) | (3,087,000) |
Net Carrying Amount | 13,271,000 | 14,417,000 |
In-process research and development [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 4,100,000 | 4,100,000 |
Accumulated Amortization | 0 | 0 |
Net Carrying Amount | 4,100,000 | 4,100,000 |
Internal-use software license [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,406,000 | 13,404,000 |
Accumulated Amortization | (4,235,000) | (3,087,000) |
Net Carrying Amount | $ 9,171,000 | $ 10,317,000 |
Intangible Assets - Summary o54
Intangible Assets - Summary of Estimated Future Amortization Expense Related to Software Licenses (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Finite Lived Intangible Assets [Line Items] | ||
Net Carrying Amount | $ 13,271 | $ 14,417 |
Internal-use software license [Member] | ||
Finite Lived Intangible Assets [Line Items] | ||
2,019 | 3,422 | |
2,020 | 4,474 | |
2,021 | 1,275 | |
2,022 | 0 | |
2,023 | 0 | |
Thereafter | 0 | |
Net Carrying Amount | $ 9,171 | $ 10,317 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) | Jun. 25, 2015 | Apr. 30, 2018 | Apr. 30, 2017 | Jan. 31, 2018 |
Finite Lived Intangible Assets [Line Items] | ||||
Goodwill | $ 26,601,000 | $ 26,601,000 | ||
Goodwill impairment | $ 0 | $ 0 | ||
Vis Lab SRL [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Business acquisition date | Jun. 25, 2015 | |||
Cash paid for business acquisition | $ 30,000,000 | |||
Goodwill | 25,300,000 | |||
Intangible assets acquired | 4,100,000 | |||
Net assets acquired | 600,000 | |||
Deferred tax liabilities, intangible assets | $ 1,300,000 |
Accrued and Other Current Lia56
Accrued and Other Current Liabilities - Schedule of Accrued and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Payables And Accruals [Abstract] | ||
Accrued employee compensation | $ 8,944 | $ 15,977 |
Accrued warranty | 0 | 1,750 |
Accrued rebates | 324 | 584 |
Accrued product development costs | 5,099 | 6,669 |
Software license liabilities, current | 4,374 | 4,346 |
Other accrued liabilities | 2,530 | 2,852 |
Total accrued and other current liabilities | $ 21,271 | $ 32,178 |
Other Long-Term Liabilities - S
Other Long-Term Liabilities - Schedule of Other Long-Term Liabilities (Detail) - USD ($) $ in Thousands | Apr. 30, 2018 | Jan. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Unrecognized tax benefits, including interest | $ 5,675 | $ 5,352 |
Deferred tax liabilities, non-current | 1,293 | 1,293 |
Software license liabilities, non-current | 3,657 | 4,484 |
Other long-term liabilities | 68 | 97 |
Total other long-term liabilities | $ 10,693 | $ 11,226 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Detail) - USD ($) | Mar. 30, 2018 | May 31, 2017 | May 31, 2016 | Apr. 30, 2018 | Apr. 30, 2017 | Apr. 30, 2018 | Jan. 31, 2018 |
Class Of Stock [Line Items] | |||||||
Preference shares, shares authorized | 20,000,000 | 20,000,000 | 20,000,000 | ||||
Preference shares, par value | $ 0.00045 | $ 0.00045 | $ 0.00045 | ||||
Preference shares, shares issued | 0 | 0 | 0 | ||||
Preference shares, shares outstanding | 0 | 0 | 0 | ||||
Ordinary shares, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 | ||||
Stock repurchase program, period | 12 months | ||||||
Stock repurchase program, commencing date | Jul. 1, 2017 | ||||||
Stock repurchased during period, shares | 437,448 | 1,937,332 | |||||
Stock repurchased during period, cash | $ 20,624,000 | $ 8,773,000 | $ 95,600,000 | ||||
Amount available under stock repurchase program | $ 11,100,000 | $ 11,100,000 | |||||
2012 Equity Incentive Plan [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Additional ordinary shares reserved for issuance | 1,507,032 | ||||||
2012 Equity Incentive Plan [Member] | Scenario, plan automatically increased by the lessor of [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Annual increase in ordinary shares for available for future issuance | 3,500,000 | ||||||
Annual shares increase for future issuance by percentage under 2012 equity incentive plan | 4.50% | ||||||
Amended and Restated 2012 Employee Stock Purchase Plan [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Additional ordinary shares reserved for issuance | 418,620 | ||||||
Amended and Restated 2012 Employee Stock Purchase Plan [Member] | Scenario, plan automatically increased by the lessor of [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Annual increase in ordinary shares for available for future issuance | 1,500,000 | ||||||
Annual shares increase for future issuance by percentage under 2012 employee stock purchase plan | 1.25% | ||||||
Stock Repurchase Program $75.0 Million Authorization [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Stock repurchase program, authorization date | May 31, 2016 | ||||||
Stock repurchase program, expiration date | Jun. 30, 2017 | ||||||
Stock Repurchase Program $75.0 Million Authorization [Member] | Maximum [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Amount authorized under stock repurchase program | $ 75,000,000 | ||||||
Stock Repurchase Program $50.0 Million Authorization [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Stock repurchase program, authorization date | May 31, 2017 | ||||||
Stock repurchase program, expiration date | Jun. 30, 2018 | ||||||
Stock Repurchase Program $50.0 Million Authorization [Member] | Maximum [Member] | |||||||
Class Of Stock [Line Items] | |||||||
Amount authorized under stock repurchase program | $ 50,000,000 |
Capital Stock - Schedule of Ord
Capital Stock - Schedule of Ordinary Shares Reserved for Future Issuance under EIP and ESPP (Detail) - shares | Apr. 30, 2018 | Jan. 31, 2018 |
EIP [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved | 6,795,962 | 5,561,653 |
ESPP [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares reserved | 1,909,046 | 1,561,841 |
Stock-based Compensation - Clas
Stock-based Compensation - Classification of Stock-based Compensation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Stock-based compensation: | ||
Total stock-based compensation | $ 14,195 | $ 12,972 |
Cost of revenue [Member] | ||
Stock-based compensation: | ||
Total stock-based compensation | 315 | 303 |
Research and development [Member] | ||
Stock-based compensation: | ||
Total stock-based compensation | 8,760 | 7,977 |
Selling, general and administrative [Member] | ||
Stock-based compensation: | ||
Total stock-based compensation | $ 5,120 | $ 4,692 |
Stock-based Compensation - Addi
Stock-based Compensation - Additional Information (Detail) $ / shares in Units, $ in Millions | 3 Months Ended |
Apr. 30, 2018USD ($)$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Closing price of ordinary shares | $ / shares | $ 46.59 |
Stock options [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total unrecognized compensation cost, stock options | $ 5.7 |
Weighted average recognition period | 2 years 3 months 3 days |
Restricted stock units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Total unrecognized compensation cost, restricted stock units | $ 88.9 |
Weighted average recognition period | 2 years 7 months 9 days |
Restricted Stock Awards [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted average recognition period | 11 months 4 days |
Total unrecognized compensation cost, restricted stock awards | $ 2.6 |
Restricted Stock and Restricted Stock Units [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Aggregate intrinsic value of unvested restricted stock and restricted stock units | $ 87.1 |
Stock-based Compensation - Weig
Stock-based Compensation - Weighted-Average Assumptions Used to Estimate Fair Value (Detail) | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Stock options [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility | 55.00% | 53.00% |
Risk-free interest rate | 2.65% | 2.17% |
Expected term (years) | 5 years 4 months | 6 years 26 days |
Dividend yield | 0.00% | 0.00% |
Employee stock purchase plan awards [Member] | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Volatility | 46.00% | 39.00% |
Risk-free interest rate | 1.95% | 0.89% |
Expected term (years) | 6 months | 6 months |
Dividend yield | 0.00% | 0.00% |
Stock-based Compensation - Stoc
Stock-based Compensation - Stock Option Activities (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended |
Apr. 30, 2018USD ($)$ / sharesshares | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Shares, Outstanding | shares | 1,611,344 |
Shares, Granted | shares | 21,900 |
Shares, Exercised | shares | (42,483) |
Shares, Forfeited | shares | (8,921) |
Shares, Expired | shares | (561) |
Shares, Outstanding | shares | 1,581,279 |
Shares, Exercisable | shares | 1,354,895 |
Weighted-Average Exercise Price, Outstanding | $ 24.56 |
Weighted-Average Exercise Price, Granted | 49.91 |
Weighted-Average Exercise Price, Exercised | 7.17 |
Weighted-Average Exercise Price, Forfeited | 55.40 |
Weighted-Average Exercise Price, Expired | 71.16 |
Weighted-Average Exercise Price, Outstanding | 25.19 |
Weighted-Average Exercise Price, Exercisable | 20.32 |
Weighted-Average Grant-date Fair Value, Granted | $ 25.48 |
Total Intrinsic Value Of Options Exercised | $ | $ 1,853 |
Weighted-Average Remaining Contractual Term, Outstanding | 4 years 6 months 3 days |
Weighted-Average Remaining Contractual Term, Exercisable | 3 years 10 months 6 days |
Aggregate Intrinsic Value, Outstanding | $ | $ 39,119 |
Aggregate Intrinsic Value, Exercisable | $ | $ 38,705 |
Stock-based Compensation - Rest
Stock-based Compensation - Restricted Stock and Restricted Stock Units Activities (Detail) - Restricted stock and restricted stock units [Member] | 3 Months Ended |
Apr. 30, 2018$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Shares, Unvested, beginning balance | shares | 2,103,281 |
Shares, Granted | shares | 28,620 |
Shares, Vested | shares | (248,658) |
Shares, Forfeited | shares | (13,097) |
Shares, Unvested, ending balance | shares | 1,870,146 |
Weighted-Average Grant-Date Fair Value, Unvested, beginning balance | $ / shares | $ 56.45 |
Weighted-Average Grant-Date Fair Value, Granted | $ / shares | 49.91 |
Weighted-Average Grant-Date Fair Value, Vested | $ / shares | 53.36 |
Weighted-Average Grant-Date Fair Value, Forfeited | $ / shares | 54.02 |
Weighted-Average Grant-Date Fair Value, Unvested, ending balance | $ / shares | $ 56.78 |
Net Income (Loss) Per Ordinar65
Net Income (Loss) Per Ordinary Share - Computation of Basic and Diluted Net Income (Loss) Per Ordinary Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Numerator: | ||
Net income (loss) | $ (10,006) | $ 2,564 |
Denominator: | ||
Weighted-average ordinary shares - basic | 33,334,801 | 33,253,817 |
Effect of potentially dilutive securities: | ||
Employee stock options | 0 | 1,006,149 |
Restricted stock and restricted stock units | 0 | 422,744 |
Employee stock purchase plan | 0 | 2,371 |
Weighted-average ordinary shares - diluted | 33,334,801 | 34,685,081 |
Net income (loss) per ordinary share: | ||
Basic | $ (0.30) | $ 0.08 |
Diluted | $ (0.30) | $ 0.07 |
Net Income (Loss) Per Ordinar66
Net Income (Loss) Per Ordinary Share - Weighted-Average Potentially Dilutive Securities Excluded from Computation of Diluted Net Income (Loss) Per Ordinary Share (Detail) - shares | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share | 2,228,273 | 1,200,796 |
Options to purchase ordinary shares [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share | 1,192,294 | 261,722 |
Restricted stock and restricted stock units [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share | 996,098 | 913,126 |
Employee stock purchase plan awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive shares excluded from computation of earnings per share | 39,881 | 25,948 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Income Tax Disclosure [Abstract] | ||
Income (loss) before income taxes | $ (9,158) | $ 2,770 |
Provision for income taxes | $ 848 | $ 206 |
Effective tax rate | (9.30%) | 7.40% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 11 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | Dec. 31, 2017 | |
Income Taxes [Line Items] | |||
Statutory tax rate | 21.00% | 35.00% | |
Provision for income taxes | $ 848 | $ 206 | |
Unrecognized tax benefits | $ 34,700 | ||
U.S. federal tax authorities [Member] | Earliest tax year [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination, year | 2,013 | ||
U.S. federal tax authorities [Member] | Latest tax year [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination, year | 2,017 | ||
U.S. state tax authorities [Member] | Earliest tax year [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination, year | 2,008 | ||
U.S. state tax authorities [Member] | Latest tax year [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination, year | 2,017 | ||
Foreign tax authorities [Member] | Earliest tax year [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination, year | 2,012 | ||
Foreign tax authorities [Member] | Latest tax year [Member] | |||
Income Taxes [Line Items] | |||
Income tax examination, year | 2,017 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | Jan. 31, 2018 | |
Loss Contingencies [Line Items] | |||
Net operating lease expense | $ 1,200,000 | $ 1,700,000 | |
Total manufacturing purchase commitments | 32,100,000 | $ 24,300,000 | |
Indemnification agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Payments under indemnification obligations | 0 | 0 | |
Liabilities recorded under indemnification obligations | $ 0 | $ 0 |
Commitments and Contingencies70
Commitments and Contingencies - Future Annual Minimum Lease Payments (Detail) $ in Thousands | Apr. 30, 2018USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,019 | $ 2,454 |
2,020 | 2,599 |
2,021 | 903 |
2,022 | 327 |
2,023 | 81 |
Total future annual minimum lease payments | $ 6,364 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) $ in Thousands | 3 Months Ended | ||
Apr. 30, 2018USD ($)Segment | Apr. 30, 2017 | Jan. 31, 2018USD ($) | |
Concentration Risk [Line Items] | |||
Number of reportable segment | Segment | 1 | ||
Property and equipment, net | $ 6,645 | $ 6,449 | |
Accounts receivable | 25,727 | $ 31,294 | |
Wintech [Member] | Credit concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable | 10,800 | ||
Hakuto | Credit concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable | 2,500 | ||
Chicony [Member] | Credit concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Accounts receivable | $ 6,500 | ||
Sales revenue, net [Member] | Wintech [Member] | Customer concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 58.00% | 72.00% | |
Sales revenue, net [Member] | Hakuto | Customer concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 12.00% | ||
Sales revenue, net [Member] | Chicony [Member] | Customer concentration risk [Member] | |||
Concentration Risk [Line Items] | |||
Percentage of revenue | 11.00% | ||
United States [Member] | |||
Concentration Risk [Line Items] | |||
Property and equipment, net | $ 2,700 | ||
Asia Pacific [Member] | |||
Concentration Risk [Line Items] | |||
Property and equipment, net | 2,600 | ||
Europe [Member] | |||
Concentration Risk [Line Items] | |||
Property and equipment, net | $ 1,300 |
Segment Reporting - Company's R
Segment Reporting - Company's Revenue by Geographic Region Based on Bill-to Location (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 30, 2018 | Apr. 30, 2017 | |
Revenue from External Customer [Line Items] | ||
Total revenue | $ 56,938 | $ 64,135 |
Taiwan [Member] | ||
Revenue from External Customer [Line Items] | ||
Total revenue | 33,206 | 46,416 |
Asia Pacific [Member] | ||
Revenue from External Customer [Line Items] | ||
Total revenue | 16,356 | 11,759 |
Europe [Member] | ||
Revenue from External Customer [Line Items] | ||
Total revenue | 4,582 | 1,900 |
North America other than United States [Member] | ||
Revenue from External Customer [Line Items] | ||
Total revenue | 2,006 | 2,005 |
United States [Member] | ||
Revenue from External Customer [Line Items] | ||
Total revenue | $ 788 | $ 2,055 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | |
Mar. 31, 2017 | Apr. 30, 2018 | Apr. 30, 2017 | |
Related Party Transaction [Line Items] | |||
Percentage of entity's voting stock owned by related party | 10.00% | ||
Other Entity [Member] | |||
Related Party Transaction [Line Items] | |||
Committed to make license payment through January 2020 | $ 10.3 | ||
Unpaid liabilities | $ 6 | ||
Payment for license fees | 0.8 | $ 0.1 | |
License amortization expenses included in research and development expense | $ 0.8 | $ 0.8 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) | Jun. 04, 2018 | May 31, 2017 |
Subsequent Event [Line Items] | ||
Stock repurchase program, period | 12 months | |
Stock repurchase program, commencing date | Jul. 1, 2017 | |
Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Stock repurchase program, period | 12 months | |
Stock repurchase program, commencing date | Jun. 5, 2018 | |
Subsequent Event [Member] | Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Amount authorized under stock repurchase program | $ 100,000,000 |