Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 29, 2013 | Jan. 31, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 29-Dec-13 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'InvenSense Inc | ' |
Entity Central Index Key | '0001294924 | ' |
Current Fiscal Year End Date | '--03-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 87,811,046 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $41,127 | $100,843 |
Short-term investments | 55,056 | 77,040 |
Accounts receivable | 34,779 | 30,098 |
Inventories | 58,512 | 23,762 |
Prepaid expenses and other current assets | 18,109 | 13,302 |
Total current assets | 207,583 | 245,045 |
Property and equipment, net | 23,655 | 8,650 |
Intangible assets, net | 36,598 | ' |
Goodwill | 51,098 | ' |
Long-term investments | 170,100 | 22,442 |
Other assets | 5,040 | 2,957 |
Total assets | 494,074 | 279,094 |
Current liabilities: | ' | ' |
Accounts payable | 11,476 | 14,464 |
Accrued liabilities | 29,724 | 7,753 |
Total current liabilities | 41,200 | 22,217 |
Long-term debt | 133,810 | ' |
Other long-term liabilities | 10,612 | 6,930 |
Total liabilities | 185,622 | 29,147 |
Commitments and contingencies (Note 4) | ' | ' |
Preferred stock: | ' | ' |
Preferred stock, $0.001 par value - 20,000 shares authorized, no shares issued and outstanding at December 29, 2013 and March 31, 2013 | ' | ' |
Common stock: | ' | ' |
Common stock, $0.001 par value - 750,000 shares authorized, 87,531 shares issued and outstanding at December 29, 2013, 84,980 shares issued and outstanding at March 31, 2013 | 205,047 | 158,108 |
Accumulated other comprehensive income (loss) | -135 | 50 |
Retained earnings | 103,540 | 91,789 |
Total stockholders' equity | 308,452 | 249,947 |
Total liabilities and stockholders' equity | $494,074 | $279,094 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 20,000 | 20,000 |
Preferred stock, shares issued | ' | ' |
Preferred stock, shares outstanding | ' | ' |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 750,000 | 750,000 |
Common stock, shares issued | 87,531 | 84,980 |
Common stock, shares outstanding | 87,531 | 84,980 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenue | $66,684 | $58,929 | $193,534 | $153,424 |
Cost of revenue | 35,094 | 27,723 | 96,050 | 70,284 |
Gross profit | 31,590 | 31,206 | 97,484 | 83,140 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 14,522 | 6,712 | 32,446 | 18,285 |
Selling, general and administrative | 15,663 | 8,428 | 36,243 | 21,887 |
Litigation settlement | 14,500 | ' | 14,500 | ' |
Total operating expenses | 44,685 | 15,140 | 83,189 | 40,172 |
Income (loss) from operations | -13,095 | 16,066 | 14,295 | 42,968 |
Other income (expense), net | -1,683 | 98 | -1,390 | 188 |
Income (loss) before income taxes | -14,778 | 16,164 | 12,905 | 43,156 |
Income tax expense (benefit) | -2,599 | -654 | 1,154 | 5,023 |
Net income (loss) | ($12,179) | $16,818 | $11,751 | $38,133 |
Net income (loss) per share: | ' | ' | ' | ' |
Basic | ($0.14) | $0.20 | $0.14 | $0.46 |
Diluted | ($0.14) | $0.19 | $0.13 | $0.44 |
Weighted average shares outstanding used in computing net income (loss) per share: | ' | ' | ' | ' |
Basic | 87,047 | 83,218 | 86,145 | 82,280 |
Diluted | 87,047 | 87,350 | 89,364 | 87,232 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income (loss) | ($12,179) | $16,818 | $11,751 | $38,133 |
Other comprehensive income (loss): | ' | ' | ' | ' |
Unrealized gain (loss) on available-for-sale investments, net of tax | -94 | -22 | -185 | 62 |
Total comprehensive income (loss) | ($12,273) | $16,796 | $11,566 | $38,195 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net income | $11,751 | $38,133 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 3,762 | 1,480 |
Stock-based compensation expense | 10,896 | 6,449 |
Deferred income tax assets | 1 | 114 |
Tax effect of employee benefit plans | 3,231 | 3,818 |
Excess tax benefit from stock-based compensation | -3,231 | -3,818 |
Non-cash interest expense | 1,069 | ' |
Changes in operating assets and liabilities net of effect of business acquired: | ' | ' |
Accounts receivable | -4,681 | -12,593 |
Inventories | -29,643 | -6,560 |
Prepaid expenses and other current assets | -2,547 | -3,911 |
Other assets | -1,400 | 1,871 |
Accounts payable | -2,341 | 2,933 |
Accrued liabilities | 24,926 | 3,391 |
Net cash provided by operating activities | 11,793 | 31,307 |
Cash flows from investing activities: | ' | ' |
Acquisition of a business | -99,324 | ' |
Purchase of property and equipment | -14,682 | -4,071 |
Sale and maturities of available-for-sale investments | 63,145 | 10,509 |
Purchase of available-for-sale investments | -189,106 | -104,820 |
Net cash used in investing activities | -239,967 | -98,382 |
Cash flows from financing activities: | ' | ' |
Proceeds from debt issuances | 169,750 | ' |
Payment for convertible note hedge | -39,118 | ' |
Proceeds from exercise of warrants | ' | 81 |
Proceeds from exercise of common stock | 9,983 | 4,064 |
Proceeds from sale of warrant | 25,643 | ' |
Offering costs | ' | -471 |
Payments of long-term debt and capital lease obligations | -8 | -21 |
Repurchases of restricted stock for taxes | -1,023 | ' |
Excess tax benefit from stock-based compensation | 3,231 | 3,818 |
Net cash provided by financing activities | 168,458 | 7,471 |
Net decrease in cash and cash equivalents | -59,716 | -59,604 |
Cash and cash equivalents: | ' | ' |
Beginning of period | 100,843 | 153,643 |
End of period | 41,127 | 94,039 |
Supplemental disclosures of cash flow information: | ' | ' |
Net cash paid for income taxes | 166 | 31 |
Noncash investing and financing activities: | ' | ' |
Unpaid purchases of property and equipment | 1,444 | 371 |
Unrealized gain from available-for-sale investments | 260 | 62 |
Non-cash warrant exercises | 90 | 70 |
Unpaid debt issuance cost | 491 | ' |
Proceeds from exercise of common stock not received | $43 | ' |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Organization and Summary of Significant Accounting Policies | ' | ||||||||||||||||
1. Organization and Summary of Significant Accounting Policies | |||||||||||||||||
Business | |||||||||||||||||
InvenSense, Inc. (“the Company”) was incorporated in California in June 2003 and reincorporated in Delaware in January 2004. The Company designs, develops, markets and sells MEMS sensors, such as accelerometers, gyroscopes and microphones for consumer electronics, and is dedicated to bringing the best-in-class size, performance and cost solutions to market. Targeting applications in smartphones and tablets, console and portable video gaming devices, digital still and video cameras, smart TVs (including digital set-top boxes, televisions and multi-media HDDs), navigation devices, toys, and health and fitness accessories, the Company delivers leading solutions based on its advanced multi-axis technology. | |||||||||||||||||
These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto for the fiscal year ended March 31, 2013 included in the Company’s Annual Report on Form 10-K filed on June 14, 2013 with the Securities and Exchange Commission (“SEC”). No material changes have been made to the Company’s significant accounting policies since the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2013. | |||||||||||||||||
Certain Significant Business Risks and Uncertainties | |||||||||||||||||
The Company participates in the high-technology industry and believes that adverse changes in any of the following areas could have a material effect on the Company’s future financial position, results of operations, or cash flows: reliance on a limited number of primary customers to support the Company’s revenue generating activities; advances and trends in new technologies and industry standards; market acceptance of the Company’s products; development of sales channels; strategic relationships, including key component suppliers; litigation or claims against the Company based on intellectual property, patent, product, regulatory, or other factors; and the Company’s ability to attract and retain employees necessary to support its growth. | |||||||||||||||||
Fiscal Year | |||||||||||||||||
The Company’s fiscal year is a 52 or 53 week period ending on the Sunday closest to March 31. The Company’s most recent completed fiscal year (“Fiscal 2013”) ended on March 31, 2013 (“March 2013”). The third fiscal quarter in each of the two most recent fiscal years ended on December 29, 2013 (“three months ended December 29, 2013” or “December 2013”) and December 30, 2012 (“three months ended December 30, 2012” or “December 2012”), respectively, and each third fiscal quarter period included 13 weeks. | |||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. | |||||||||||||||||
The condensed consolidated balance sheet as of March 31, 2013, included herein was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. The unaudited interim condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for the interim periods. The results of operations for the period ended December 29, 2013 is not necessarily indicative of the results to be expected for the fiscal year ending March 30, 2014 or for any future year or interim period. | |||||||||||||||||
Basis of Consolidation | |||||||||||||||||
All intercompany transactions and balances have been eliminated upon consolidation. The functional currency of each of the Company’s subsidiaries is the U.S. dollar. Foreign currency gains or losses are recorded as “Other income (expense), net” in the condensed consolidated statements of income. | |||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates included in the condensed consolidated financial statements and related notes include income taxes, inventory valuation, stock-based compensation, loss contingencies and warranty reserves. These estimates are based upon information available as of the date of the consolidated financial statements, and actual results could differ from those estimates. | |||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
At December 29, 2013, three customers each accounted for 25%, 23% and 12% of total accounts receivable. At December 30, 2012, four customers each accounted for 17%, 16%, 14% and 14% of total accounts receivable. | |||||||||||||||||
For the three months ended December 29, 2013, three customers each accounted for 32%, 16% and 10% of total net revenue. For the nine months ended December 29, 2013, one customer accounted for 32% of total net revenue. For the three months ended December 30, 2012, three customers each accounted for 24%, 22% and 10% of total net revenue. For the nine months ended December 30, 2012, three customers each accounted for 23%, 20% and 13% of total net revenue. | |||||||||||||||||
Warranty | |||||||||||||||||
The Company’s warranty agreements are contract and component specific and can be up to three years for selected components. The Company’s accrual for anticipated warranty costs has declined, primarily due to a decline in the historical volume of product returned under the warranty program. The accrual also includes management’s judgment regarding anticipated rates of warranty claims and associated repair costs. The following table summarizes the activity related to the product warranty liability during the nine months ended December 29, 2013 and December 30, 2012: | |||||||||||||||||
Nine months Ended | |||||||||||||||||
December 29, 2013 | December 30, 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning balance | $ | 123 | $ | 361 | |||||||||||||
(Decrease) increase in provision for warranty | (4 | ) | (199 | ) | |||||||||||||
Less: actual warranty costs | (30 | ) | (32 | ) | |||||||||||||
Ending balance | $ | 89 | $ | 130 | |||||||||||||
Net Income (Loss) Per Share | |||||||||||||||||
Basic net income (loss) per share is computed by dividing net income by the weighted average number of shares outstanding during the period, which excludes dilutive unvested restricted stock. | |||||||||||||||||
Diluted net income (loss) per share is computed by dividing net income by the weighted average number of shares outstanding, including unvested restricted stock, certain warrants to purchase common stock and potential dilutive shares from the dilutive effect of outstanding stock options using the treasury stock method. Diluted net loss per share is equal to basic net loss per share as potentially dilutive securities are anit-dilutive due to the net loss. | |||||||||||||||||
The following table presents the calculation of basic and diluted net income per share: | |||||||||||||||||
Three Months Ended | Nine months Ended | ||||||||||||||||
December 29, 2013 | December 30, 2012 | December 29, 2013 | December 30, 2012 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Basic and Diluted: | |||||||||||||||||
Net income (loss) | $ | (12,179 | ) | $ | 16,818 | $ | 11,751 | $ | 38,133 | ||||||||
Denominator: | |||||||||||||||||
Basic shares: | |||||||||||||||||
Weighted average shares used in computing basic net income (loss) per share | 87,047 | 83,218 | 86,145 | 82,280 | |||||||||||||
Diluted shares: | |||||||||||||||||
Weighted average shares used in computing basic net income (loss) per share | 87,047 | 83,218 | 86,145 | 82,280 | |||||||||||||
Effect of potentially dilutive securities: | |||||||||||||||||
Stock options and unvested restricted stock | — | 3,964 | 3,165 | 4,765 | |||||||||||||
Common stock warrants | — | 168 | 54 | 187 | |||||||||||||
Weighted average shares used in computing diluted net income (loss) per share | 87,047 | 87,350 | 89,364 | 87,232 | |||||||||||||
Net income (loss) per share: | |||||||||||||||||
Basic | $ | (0.14 | ) | $ | 0.2 | $ | 0.14 | $ | 0.46 | ||||||||
Diluted | $ | (0.14 | ) | $ | 0.19 | $ | 0.13 | $ | 0.44 | ||||||||
The following summarizes the potentially dilutive securities outstanding at the end of each period that were excluded from the computation of diluted net income (loss) per share for the periods presented as their effect would have been antidilutive: | |||||||||||||||||
Three Months Ended | Nine months Ended | ||||||||||||||||
December 29, | December 30, | December 29, | December 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Employee stock options | 9,016 | 3,423 | 2,922 | 4,004 | |||||||||||||
Unvested restricted stock units | 2,369 | 590 | 830 | 152 | |||||||||||||
Total antidilutive securities | 11,385 | 4,013 | 3,752 | 4,156 | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” that will require the presentation of certain unrecognized tax benefits as reductions to deferred tax assets rather than as liabilities in our Condensed Consolidated Balance Sheets when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This standard is effective for fiscal years beginning on or after December 15, 2013, and for interim periods within those fiscal years which will be the Company’s fiscal year 2015. The Company is currently evaluating the impact of this new standard on its Condensed Consolidated Financial Statements. | |||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. ASU No. 2011-02 became effective for fiscal years, and interim periods within those years, beginning after December 15, 2012, which is the Company’s fiscal interim period ended June 30, 2013 of fiscal year ending March 30, 2014, and the adoption did not impact the Company’s financial condition or results of operations. |
Cash_Equivalents_and_Available
Cash Equivalents and Available-for-sale Investments | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||||||||||
Cash Equivalents and Available-for-sale Investments | ' | ||||||||||||||||
2. Cash Equivalents and Available-for-sale Investments | |||||||||||||||||
At December 29, 2013, of the $41.1 million of the Company’s cash and cash equivalents, $14.2 million was cash and $26.9 million was cash equivalents invested in money market funds and commercial paper. At December 29, 2013, $12.9 million of the $41.1 million of cash and cash equivalents were held by our foreign subsidiaries. Additionally, as of December 29, 2013, the Company had short-term available-for-sale investments of $55.1 million and long-term available-for-sale investments of $170.1 million, totaling $225.2 million. Long-term investments as of December 29, 2013 of $170.1 million had scheduled maturities between one and five years from the balance sheet date. | |||||||||||||||||
At March 2013, of the $100.8 million of the Company’s cash and cash equivalents, $77.9 million was cash and $22.9 million was cash equivalents invested in money market funds. At March 2013, $60.7 million of the $100.8 million of cash and cash equivalents were held by our foreign subsidiaries. Additionally, as of March 2013, the Company had short-term available-for-sale investments of $77.0 million and long-term available-for-sale investments of $22.4 million, totaling $99.4 million. Long-term investments as of March 2013 of $22.4 million had scheduled maturities between one and five years from the balance sheet date. | |||||||||||||||||
The Company applies the provisions of ASC 820-10, “Fair Value Measurements”. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. ASC 820-10 requires disclosure that establishes a framework for measuring fair value and expands disclosure about fair value measurements. The standard describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The inputs for the first two levels are considered observable and the last is unobservable and include the following: | |||||||||||||||||
Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||||
Level 2—Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or | |||||||||||||||||
Level 3—Unobservable inputs in which there is little or no market data, and as a result, prices or valuation techniques are employed that require inputs that are significant to the fair value measurement. | |||||||||||||||||
This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. On a recurring basis, the Company measures certain financial assets and liabilities at fair value. The fair values of our money market funds were derived from quoted market prices as active markets for these instruments exist. The Company chose not to elect the fair value option as prescribed by ASC 825-10-05 “Fair Value Option” for its financial assets and liabilities that had not been previously carried at fair value. Therefore, financial assets and liabilities not carried at fair value, such as accounts payable, are still reported at their carrying values. | |||||||||||||||||
Fair value measurements at each reporting date were as follows: | |||||||||||||||||
December 2013: | |||||||||||||||||
Assets measured at fair value on a recurring basis were presented in the Company’s condensed consolidated balance sheet as of December 29, 2013. | |||||||||||||||||
December 2013 | Quoted Prices | Significant | Significant | ||||||||||||||
Balance | in Active | Other | Other | ||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
Identical | Inputs | Inputs | |||||||||||||||
Assets Level 1 | Level 2 | Level 3 | |||||||||||||||
(in thousands) | |||||||||||||||||
Investment Class | |||||||||||||||||
Money Market Funds | $ | 26,913 | $ | 26,913 | $ | — | $ | — | |||||||||
Corporate Notes and Bonds | 212,245 | — | 212,245 | — | |||||||||||||
Commercial Paper | 8,979 | — | 8,979 | — | |||||||||||||
Municipal Notes and Bonds | 3,933 | — | 3,933 | — | |||||||||||||
Total | $ | 252,070 | $ | 26,913 | $ | 225,157 | $ | — | |||||||||
Financial Statement Classification | |||||||||||||||||
Cash equivalents | $ | 26,913 | $ | 26,913 | $ | — | $ | — | |||||||||
Short-term investments | 55,057 | — | 55,057 | — | |||||||||||||
Long-term investments | 170,100 | — | 170,100 | — | |||||||||||||
Total | $ | 252,070 | $ | 26,913 | $ | 225,157 | $ | — | |||||||||
Dec-13 | Gross | Gross | Dec-13 | ||||||||||||||
Amortized Cost | Unrealized | Unrealized | Estimated FMV | ||||||||||||||
Gain | Loss | ||||||||||||||||
Investment Class | |||||||||||||||||
Corporate Notes and Bonds and Municipal Notes and Bonds | $ | 212,401 | $ | — | $ | (156 | ) | $ | 212,245 | ||||||||
Commercial Paper | 8,980 | — | (1 | ) | 8,979 | ||||||||||||
Municipal Notes and Bonds | 3,927 | 6 | — | 3,933 | |||||||||||||
Total Available-for-sale investments | $ | 225,308 | $ | 6 | $ | (157 | ) | $ | 225,157 | ||||||||
Cash equivalents | 26,913 | ||||||||||||||||
Total Aggregate Fair Value | $ | 252,070 | |||||||||||||||
The fair values of money market funds were derived from quoted market prices as active markets for these instruments exist. The fair values of corporate notes and bonds, municipal notes and bonds and U.S. Agency Securities were derived from non-binding market consensus prices that are corroborated by observable market data. | |||||||||||||||||
There were no transfers of assets measured at fair value between Level 1 and Level 2 during the three months ended December 29, 2013. | |||||||||||||||||
March 2013: | |||||||||||||||||
Assets measured at fair value on a recurring basis were presented in the Company’s consolidated balance sheet as of March 31, 2013. | |||||||||||||||||
March 2013 | Quoted Prices | Significant | Significant | ||||||||||||||
Balance | in Active | Other | Other | ||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
Identical | Inputs | Inputs | |||||||||||||||
Assets Level 1 | Level 2 | Level 3 | |||||||||||||||
(in thousands) | |||||||||||||||||
Investment Class | |||||||||||||||||
Money Market Funds | $ | 22,860 | $ | 22,860 | $ | — | $ | — | |||||||||
Corporate Notes and Bonds | 94,485 | — | 94,485 | — | |||||||||||||
Commercial Paper | 2,998 | — | 2,998 | — | |||||||||||||
U.S. Agency Securities | 1,999 | — | 1,999 | — | |||||||||||||
Total | $ | 122,342 | $ | 22,860 | $ | 99,482 | $ | — | |||||||||
Financial Statement Classification | |||||||||||||||||
Cash equivalents | $ | 22,860 | $ | 22,860 | $ | — | $ | — | |||||||||
Short-term investments | 77,040 | — | 77,040 | — | |||||||||||||
Long-term investments | 22,442 | — | 22,442 | — | |||||||||||||
Total | $ | 122,342 | $ | 22,860 | $ | 99,482 | $ | — | |||||||||
Mar-13 | Gross | Gross | Mar-13 | ||||||||||||||
Amortized Cost | Unrealized | Unrealized | Estimated FMV | ||||||||||||||
Gain | Loss | ||||||||||||||||
Investment Class | |||||||||||||||||
Corporate Notes and Bonds | $ | 94,407 | $ | 78 | $ | — | $ | 94,485 | |||||||||
Commercial Paper | 2,997 | 1 | — | 2,998 | |||||||||||||
U.S. Agency Securities | 2,001 | — | (2 | ) | 1,999 | ||||||||||||
Total Available-for-sale investments | $ | 99,405 | $ | 79 | $ | (2 | ) | $ | 99,482 | ||||||||
Cash equivalents | 22,860 | ||||||||||||||||
Total Aggregate Fair Value | $ | 122,342 | |||||||||||||||
There were no transfers of assets measured at fair value between Level 1 and Level 2 during Fiscal 2013. |
Balance_Sheet_Details
Balance Sheet Details | 9 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
Balance Sheet Details | ' | ||||||||
3. Balance Sheet Details | |||||||||
Inventories | |||||||||
Inventories at December 29, 2013 and March 31, 2013 consist of the following: | |||||||||
December 2013 | March 2013 | ||||||||
(in thousands) | |||||||||
Work in progress | $ | 43,396 | $ | 18,803 | |||||
Finished goods | 15,116 | 4,959 | |||||||
Total inventories | $ | 58,512 | $ | 23,762 | |||||
Prepaid Expenses and Other Current Assets | |||||||||
Prepaid expenses and other current assets at December 29, 2013 and March 31, 2013 consist of the following: | |||||||||
December 2013 | March 2013 | ||||||||
(in thousands) | |||||||||
Tax receivable | $ | 6,334 | $ | 6,374 | |||||
Other receivable | 2,930 | 87 | |||||||
Prepaid expenses | 2,594 | 2,209 | |||||||
Deferred tax assets | 1,035 | 951 | |||||||
Other current assets | 1,863 | 857 | |||||||
Advance to and receivable from vendors | 3,353 | 2,824 | |||||||
Total prepaid expenses and other current assets | $ | 18,109 | $ | 13,302 | |||||
The Company has agreements with foundry vendors to facilitate and expand production and development capacity for the Company’s products. Certain of these agreements require advance payments to these foundry vendors, which are applied at agreed upon rates to subsequent wafer purchases from these vendors. The Company classifies advances expected to be applied towards purchases within 12 months as “Prepaid expenses and other current assets” and the remaining balances as “Other assets” on the Company’s condensed consolidated balance sheets. The Company believes that the advances to these vendors will be fully applied towards future purchases from these vendors. The Company made advance payments of $nil and $0.8 million to foundry vendors during the three and nine months ended December 29, 2013, respectively. The Company made no advance payments to foundry vendors during the three and nine months ended December 30, 2012. | |||||||||
Property and Equipment | |||||||||
Property and equipment at December 29, 2013 and March 31, 2013 consist of the following: | |||||||||
December 2013 | March 2013 | ||||||||
(in thousands) | |||||||||
Production and lab equipment | $ | 22,895 | $ | 11,654 | |||||
Computer equipment and software | 3,483 | 1,124 | |||||||
Equipment under construction | 4,810 | 1,851 | |||||||
Leasehold improvements and furniture and fixtures | 2,263 | 923 | |||||||
Subtotal | $ | 33,451 | $ | 15,552 | |||||
Accumulated depreciation and amortization | (9,796 | ) | (6,902 | ) | |||||
Property and equipment—net | $ | 23,655 | $ | 8,650 | |||||
Depreciation and amortization expense for the three and nine months ended December 29, 2013 was $2.2 million and $3.8 million, respectively. Depreciation and amortization expense for the three and nine months ended December 30, 2012 was $0.3 million and $1.5 million, respectively. Equipment under construction consists primarily of production and lab equipment. Equipment under construction is not subject to depreciation until it is available for its intended use. All of the equipment under construction is expected to be completed and placed in service by the end of fiscal 2014. Capitalized leases consist of office equipment. For the three and nine months ended December 29, 2013 and December 30, 2012, there were no new capitalized leases. | |||||||||
Accrued Liabilities | |||||||||
Accrued liabilities at December 29, 2013 and March 31, 2013 consist of the following: | |||||||||
December 2013 | March 2013 | ||||||||
(in thousands) | |||||||||
Litigation settlement | $ | 14,500 | $ | — | |||||
Payroll-related expenses | 4,283 | 2,777 | |||||||
Legal fees | 3,245 | 884 | |||||||
Other accrued liabilities | 3,541 | 819 | |||||||
Bonuses | 1,874 | 2,120 | |||||||
Accrued acquisition related costs | 1,289 | — | |||||||
Accrued interest payable | 384 | — | |||||||
Former CEO separation costs (1) | 184 | 828 | |||||||
Engineering services | 293 | 106 | |||||||
Warranty reserves | 89 | 123 | |||||||
Income tax payable | 42 | 96 | |||||||
Total accrued liabilities | $ | 29,724 | $ | 7,753 | |||||
-1 | During the third quarter of fiscal year 2013, the Company’s founder and CEO resigned. Under the terms of his employment agreement, he will receive severance payments totaling $828,000 through the end of fiscal year 2014. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||
Dec. 29, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
4. Commitments and Contingencies | |||||
Operating Lease Obligations | |||||
The Company has non-cancelable operating leases for its facilities through fiscal year 2020. | |||||
Future minimum lease payments under operating leases as of December 29, 2013 are as follows: | |||||
Fiscal Years Ending: | Amount | ||||
(in thousands) | |||||
2014 (remainder) | $ | 649 | |||
2015 | 3,124 | ||||
2016 | 3,820 | ||||
2017 | 3,967 | ||||
2018 | 3,961 | ||||
Beyond | 6,926 | ||||
Total | $ | 22,447 | |||
The Company’s lease agreements provide for rental payments which have certain lease incentives and graduated rental payments. As a result, the rent expense is recognized on a straight-line basis over the term of the lease. The Company’s rental expense under operating leases was approximately $1.6 million and $3.4 million for the three and nine months ended December 29, 2013, respectively. The Company’s rental expense under operating leases was approximately $0.5 million and $1.5 million for the three and nine months ended December 30, 2012, respectively. | |||||
401(k) Savings Plan | |||||
In November 2004, the Company established a defined contribution savings plan under Section 401(k) of the Internal Revenue Code. This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pretax basis. The Company contributions to the plan may be made at the discretion of the Board of Directors. To date, no contributions have been made to the plan by the Company. |
Convertible_Senior_Notes
Convertible Senior Notes | 9 Months Ended | ||||
Dec. 29, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Convertible Senior Notes | ' | ||||
5. Convertible Senior Notes | |||||
On November 6, 2013, the Company issued $150.0 million aggregate principal amount of 1.75% Convertible Senior Notes due on November 1, 2018 (the “Notes”), in a private placement to qualified institutional buyers pursuant to Rule 144A under the Securities Act of 1933 (the “Securities Act”). The Company also granted the initial purchaser of the Notes an option to purchase up to an additional $25 million aggregate principal amount of the Notes, which the initial purchaser exercised on November 7, 2013. The Notes offered have not been registered under the Securities Act, or applicable state securities laws or blue sky laws, and may not be offered or sold in the United States absent registration under the Securities Act and applicable state securities laws or available exemptions from the registration requirements. | |||||
The Notes are senior unsecured obligation of the Company and rank equally in right of payment with all of the Company’s existing and future senior unsecured indebtedness and are junior to any of the Company’s existing and future secured indebtedness. The Notes pay interest in cash semi-annually (May and November) at a rate of 1.75% per annum. Net proceeds received by the Company, after issuance costs, were approximately $169.8 million. Issuance costs in the amount of $0.5 million were accrued but will be paid in the following quarter. | |||||
On or after August 1, 2018 until the maturity date, the Notes may be converted at the option of the holders. Holders may convert the Notes at their option prior to August 1, 2018 only under the following circumstances: | |||||
1) During any calendar quarter commencing after the calendar quarter ending on March 31, 2014 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; | |||||
2) During the five business day period after any five consecutive trading day period in which the “trading price” per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; or | |||||
3) Upon the occurrence of specified corporate events, including if there is a fundamental change. | |||||
Upon conversion, the Company will pay cash up to the aggregate principal amount of the notes to be converted and pay or deliver cash, shares of its own common stock or a combination of cash and shares of its own common stock, at the Company’s election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes being converted. | |||||
The conversion rate is initially 45.683 shares per $1,000 principal amount of the Notes (equivalent to an initial conversion price of approximately $21.89 per share of common stock), subject to certain adjustments. | |||||
The Notes are not redeemable by the Company prior to the maturity date. At the event of default or fundamental change, the principal amount of the notes plus accrued and unpaid interest may become due immediately at the Note holders’ option. | |||||
The Company used and plans to use the net proceeds of approximately $169.8 million from the offering of the Notes (after the issuance costs) for general corporate purposes, including to replace cash used to purchase the MEMS Microphone business line of Analog Devices, Inc. (see Note 8), for the cost of the Note hedge transactions (see below) and for capital expenditures and working capital. However, the Company has not designated with certainty all of the particular uses for the net proceeds from the Notes. | |||||
The Company separately accounts for the liability and equity components of the Notes. The initial debt component of the Notes was valued at $135.7 million based on the contractual cash flows discounted at an appropriate comparable market non-convertible debt borrowing rate at the date of issuance of 7.3%, with the equity component representing the residual amount of the proceeds of $39.3 million which was recorded as a debt discount. The issuance costs were allocated pro-rata based on the relative initial carrying amounts of the debt and equity components, including the Note hedges and warrants transactions described below. As a result, $2.5 million of the issuance costs was allocated to the equity component of the Notes, $3.0 million of issuance costs paid to the initial purchaser was accounted for as a debt discount and $0.25 million of the issuance costs was classified as other non-current assets. The debt discount and the issuance costs allocated to the debt component are amortized as additional interest expense over the term of the Notes using the effective interest method. As of December 29, 2013 the remaining amortization period of the debt discount and the issuance costs is 4.9 years. The effective interest rate of the Notes is 7.84% per annum (1.75% coupon rate plus 6.09% of non-cash accretion expense). | |||||
Convertible Note Hedges and Warrants | |||||
Concurrent with the issuance of the Notes on November 6 and 7, 2013, the Company purchased call options for its own common stock to hedge the Notes (the “Note Hedge”) and sold call options for its own common stock (the “Warrants”). The Note Hedges and Warrants transactions are structured to reduce the potential future economic dilution associated with the conversion of the Notes and are excluded from the computation of diluted earnings per share for each period presented, as the Company’s average stock price during each period is less than the conversion price. | |||||
The Note Hedges - on November 6 and 7, 2013, the Company purchased call options from a counterparty for an aggregate price of approximately $39.1 million, which gives the Company the right to buy from the counterparty up to approximately 8.0 million shares of the Company’s common stock at a price of $21.89 per share, subject to adjustments. The Note Hedge is exercisable upon conversion of the Note for a number of shares equal to the product of 0.045683 and amount of the converted Note. Upon exercise of the Note Hedge the Company will receive from the counterparty cash, shares of Company’s common stock, or a combination thereof, equal to the amount by which the market price per share of the Company’s common stock exceeds $21.89 during the applicable valuation period. By the Note Hedge terms the Company will receive cash and shares in a combination that offsets share dilution caused by conversion of the Note. | |||||
Warrants - on November 6 and 7, 2013, the Company sold call options to the same counterparty for approximately $25.6 million, which gives the counterparty the right to buy from the Company up to approximately 8.0 million shares of the Company’s common stock at an exercise price of $28.66 per share, subject to adjustments, on a series of days commencing on February 1, 2019 and ending May 13, 2019. Upon exercise of the Warrants, the Company has the option to deliver cash or shares of its common stock equal to the difference between the market price on the exercise date and the strike price of the warrants. Upon exercise of the Warrants the Company will pay to the Initial Purchaser cash, shares of Company’s common stock, or a combination thereof (at the Company’s choice), equal to the amount by which the market price per share of the Company’s common stock exceeds $28.66 during the applicable valuation period. | |||||
The Note Hedges and Warrants above are classified in stockholders’ equity in the Company’s condensed consolidated balance sheets. | |||||
The following table summarizes the principal amounts and related unamortized discount on the Notes (in thousands): | |||||
Three and Nine Months Ended | |||||
December 29, 2013 | |||||
Principal amount of the Note | $ | 175,000 | |||
Unamortized discount on the Notes | 41,190 | ||||
Net carrying value | $ | 133,810 | |||
The following table presents the amount of interest expense recognized related to the Notes (in thousands): | |||||
Three and Nine Months Ended | |||||
December 29, 2013 | |||||
Contractual coupon interest expense | $ | 394 | |||
Amortization of debt discount | 1,062 | ||||
Amortization of debt issuance costs | 7 | ||||
Total interest expense related to the Notes | $ | 1,463 | |||
As of December 29, 2013, our aggregate future principal debt maturities are as follows (in thousands): | |||||
Fiscal Year | Amount | ||||
2014—2017 | $ | — | |||
2018 | 175,000 | ||||
Total | $ | 175,000 | |||
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | ||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Stockholders' Equity | ' | ||||||||||||||||||||
6. Stockholders’ Equity | |||||||||||||||||||||
Stock Plans | |||||||||||||||||||||
In July 2011, the Company’s Board of Directors and its stockholders approved the establishment of the 2011 Stock Incentive Plan (the “2011 Plan”). The 2011 Plan provides for annual increases in the number of shares available for issuance there under on the first business day of each fiscal year, equal to four percent (4%) of the number of shares of the Company’s common stock outstanding as of such date, which resulted in an annual increase of 3.4 million shares for fiscal year 2014. | |||||||||||||||||||||
Under the Company’s 2004 Stock Incentive Plan and 2011 Stock Incentive Plan (the “Plans”), the Board of Directors may grant either incentive stock options, nonqualified stock options, or stock awards to eligible persons, including employees, nonemployees, members of the Board of Directors, consultants and other independent advisors who provide services to the Company. As of December 29, 2013, the Company has reserved for issuance under the Plans a total of 18.8 million shares (plus additional shares subject to automatic increase provisions under the 2011 Plan). | |||||||||||||||||||||
Incentive stock options may only be granted to employees and at an exercise price of no less than fair value on the date of grant. Nonqualified stock options may be granted at an exercise price of no less than 100% of fair value on the date of grant. For owners of more than 10% of the Company’s common stock, options may only be granted for an exercise price of not less than 110% of fair value, and these options generally expire 10 years from the date of grant. Stock options may be exercisable immediately but subject to repurchase. Stock options vest over the period determined by the Board of Directors, generally four years. | |||||||||||||||||||||
2013 Employee Stock Purchase Plan | |||||||||||||||||||||
Under the 2013 Employee Stock Purchase Plan, effective September 13, 2013, (the “Purchase Plan”), eligible employees may apply accumulated payroll deductions, which may not exceed 10% of an employee’s compensation, to the purchase of shares of the Company’s common stock at periodic intervals. The purchase price of stock under the Purchase Plan is equal to 85% of the lower of (i) the fair market value of the Company’s common stock on the first day of each offering period, or (ii) the fair market value of the Company’s common stock on the purchase date (as defined in the Purchase Plan). Each offering period consists of one purchase period of approximately six months duration. | |||||||||||||||||||||
An aggregate of 400,000 shares of common stock were reserved for issuance to employees under the Purchase Plan. As of December 29, 2013, no shares had been purchased and 400,000 shares were reserved for future issuance under the Purchase Plan. | |||||||||||||||||||||
Stock option activities of the Company under the Plans are as follows (in thousands, except per share amounts): | |||||||||||||||||||||
Options | Options | Weighted- | Weighted- | Aggregate | |||||||||||||||||
Available | Issued and | Average | Average | Intrinsic | |||||||||||||||||
for Grant | Outstanding | Exercise | Remaining | Value | |||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Term | |||||||||||||||||||||
(In Years) | |||||||||||||||||||||
Balance—March 31, 2013 | 10,198 | 10,495 | $ | 7.65 | 7.49 | $ | 38,135 | ||||||||||||||
Increase to stock option pool | 3,399 | ||||||||||||||||||||
Options granted (weighted-average fair value of $5.76 per share) | (1,460 | ) | 1,460 | 15.73 | |||||||||||||||||
Options exercised | — | (2,491 | ) | 4.02 | |||||||||||||||||
Options canceled | 448 | (448 | ) | 9.7 | |||||||||||||||||
Balance—December 29, 2013 | 12,585 | 9,016 | $ | 9.86 | 7.96 | $ | 74,250 | ||||||||||||||
December 29, 2013 | |||||||||||||||||||||
Vested and expected to vest | 8,210 | $ | 9.65 | 7.89 | $ | 69,363 | |||||||||||||||
Exercisable— December 29, 2013 | 2,964 | $ | 6.34 | 6.68 | $ | 34,770 | |||||||||||||||
Valuation of Stock-Based Awards | |||||||||||||||||||||
The Company applies the provisions of ASC 718-10 “Compensation—Stock Compensation” which establishes the accounting for stock-based awards based on the fair value of the award measured at the grant date. Accordingly, stock-based compensation cost is recognized in the condensed consolidated statements of operations as a component of both cost of revenues and operating expenses over the requisite service period. ASC 718-10 requires tax benefits in excess of compensation cost to be reported as a financing cash flow rather than as a reduction of taxes paid. The determination of the fair value of stock-based payment awards on the date of grant using the Black-Scholes option pricing model is affected by the volatilities of a peer group of companies based on industry, stage of life cycle, size and financial leverage, actual and projected employee stock option exercise behaviors, risk-free interest rate and expected dividends. Variables to be determined include expected volatility, estimated term and risk-free interest rate. | |||||||||||||||||||||
The aggregate intrinsic value of the stock options exercised during the three and nine months ended December 29, 2013 was $5.8 million and $28.5 million respectively. The aggregate intrinsic value of the stock options exercised during the three and nine months ended December 30, 2012 was $4.7 million and $24.4 million, respectively. The aggregate intrinsic value was calculated as the difference between the exercise price of the stock options and the estimated fair market value of the underlying common stock at the date of exercise. | |||||||||||||||||||||
The number of options expected to vest takes into account an estimate of expected forfeitures. The remaining unamortized stock-based compensation expense, reduced for estimated forfeitures and related to non-vested options, was $19.9 million, and $18.7 million at December 29, 2013 and March 31, 2013 respectively, and, for both periods will be amortized over a weighted-average remaining period of approximately 2.9 years. Total unrecognized expense will be adjusted for future changes in estimated forfeitures. | |||||||||||||||||||||
Weighted-Average Assumptions | |||||||||||||||||||||
Expected Term | |||||||||||||||||||||
Prior to the third quarter of fiscal year 2013, the Company used the simplified method described in Staff Accounting Bulletin Topic 14, Share-Based Payment, to estimate expected term. Beginning with the third quarter of fiscal year 2013, the Company used historical experience to estimate the expected term as the Company believed it had accumulated enough historical data on which to base this estimate. The change to historical data did not result in a significant change in the expected term used in the Black-Scholes computation. | |||||||||||||||||||||
Expected Volatility | |||||||||||||||||||||
The Company estimates volatility for option grants by evaluating the average historical volatility of peer group companies for the period immediately preceding the option grant for a term that is approximately equal to the option’s expected term and by evaluating the average historical volatility of the Company’s common stock dating from the Company’s initial public offering in November 2011. | |||||||||||||||||||||
Risk-Free Interest Rate | |||||||||||||||||||||
The Company bases the risk-free interest rate that it uses in the Black-Scholes option pricing model on U.S. Treasury zero-coupon issues with remaining terms similar to the expected term on the options. | |||||||||||||||||||||
Expected Dividend | |||||||||||||||||||||
The Company does not anticipate paying any cash dividends in the foreseeable future and, therefore, uses an expected dividend yield of zero in the Black-Scholes option pricing model. | |||||||||||||||||||||
The Company used the following weighted-average assumptions in determining stock-based compensation expense for the three and nine months ended December 29, 2013 and December 30, 2012. | |||||||||||||||||||||
Three Months Ended | Nine months Ended | ||||||||||||||||||||
December 29, | December 30, | December 29, | December 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Expected Term | 4.8 years | 4.3 years | 4.7 years | 6.0 years | |||||||||||||||||
Volatility | 40.5 | % | 46.5 | % | 41.5 | % | 47.7 | % | |||||||||||||
Risk-free interest rate | 1 | % | 0.6 | % | 1.2 | % | 0.9 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||
Restricted Stock Units and Restricted Stock | |||||||||||||||||||||
Restricted stock unit and restricted stock activity of the Company under the Plans are as follows (in thousands, except per share amounts): | |||||||||||||||||||||
Restricted stock unit and restricted stock activity | Shares | Weighted average | |||||||||||||||||||
grant date | |||||||||||||||||||||
fair value per share | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Nonvested at March 31, 2013 | 806 | $ | 12.05 | ||||||||||||||||||
Granted | 1,823 | 15.55 | |||||||||||||||||||
Vested | (147 | ) | 11.89 | ||||||||||||||||||
Forfeited | (113 | ) | 12.7 | ||||||||||||||||||
Nonvested at December 29, 2013 | 2,369 | $ | 14.73 | ||||||||||||||||||
Restricted stock units and restricted stock granted to employees are generally subject to the employee’s continued service to the Company over that period. The fair value of restricted stock units and restricted stock is determined using the fair value of the Company’s common stock on the date of the grant. Compensation expense is generally recognized on a straight-line basis over the requisite service period of each grant, adjusted for estimated forfeitures. At December 29, 2013, there was approximately $26.0 million of total unrecognized compensation cost related to restricted stock units and restricted stock, which the Company expects to recognize over a weighted-average period of 3.3 years. The weighted-average grant-date fair value per share of restricted stock units and restricted stock awarded in the nine months ended December 29, 2013 was $15.55. The weighted-average grant-date fair value per share of restricted stock units and restricted stock awarded in the nine months ended December 30, 2012 was $12.01. | |||||||||||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||||||
Total stock-based compensation cost for the Company’s stock plans for the three and nine months ended December 29, 2013 and December 30, 2012 is as follows: | |||||||||||||||||||||
Three Months Ended | Nine months Ended | ||||||||||||||||||||
December 29, | December 30, | December 29, | December 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Cost of revenue | $ | 349 | $ | 191 | $ | 845 | $ | 522 | |||||||||||||
Research and development | 1,665 | 752 | 3,941 | 2,075 | |||||||||||||||||
Selling, general and administrative | 2,705 | 1,814 | 6,110 | 3,852 | |||||||||||||||||
Total stock-based compensation expense | $ | 4,719 | $ | 2,757 | $ | 10,896 | $ | 6,449 | |||||||||||||
Common Stock | |||||||||||||||||||||
As of December 29, 2013 and March 31, 2013, common stock reserved for future issuance was as follows (in thousands): | |||||||||||||||||||||
Number of Shares | |||||||||||||||||||||
Common stock reserved for issuance | December 2013 | March 2013 | |||||||||||||||||||
Stock Plans: | |||||||||||||||||||||
Outstanding stock options | 9,016 | 10,495 | |||||||||||||||||||
Outstanding restricted stock units and restricted stock | 2,369 | 806 | |||||||||||||||||||
Reserved for future equity incentive grants | 10,765 | 9,383 | |||||||||||||||||||
22,150 | 20,684 | ||||||||||||||||||||
Warrants to purchase common stock | — | 94 | |||||||||||||||||||
Total common stock reserved for future issuances | 22,150 | 20,778 | |||||||||||||||||||
Income_Taxes
Income Taxes | 9 Months Ended |
Dec. 29, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
7. Income Taxes | |
In the three and nine months ended December 29, 2013, the Company recorded an income tax provision (benefit) of $(2.6) million and $1.2 million respectively. In the three months ended December 30, 2012, the Company recorded an income tax benefit of $0.7 million. In the nine months ended December 30, 2012, the Company recorded an income tax provision of $5.0 million. The Company’s estimated fiscal year 2014 effective tax rate differs from the U.S. statutory rate primarily due to profits earned in jurisdictions where the tax rate is lower than the U.S. tax rate, partially offset by the unfavorable effects of non-deductible stock-based compensation expense. | |
The Company files U.S. federal income tax returns as well as income tax returns in California and various foreign jurisdictions. The Company has not provided for U.S. federal income and foreign withholding taxes on undistributed earnings from non-U.S. operations as of December 29, 2013 because such earnings are to be reinvested indefinitely. | |
The Company’s tax years from 2003 and onwards could be subject to examinations by tax authorities in one or more tax jurisdictions. The Company has recorded $9.3 million of uncertain tax positions within “Long-term liabilities” on the condensed consolidated balance sheet as at December 29, 2013. In the three months and nine months ended December 29, 2013, the Company recorded uncertain tax provision in the amounts of $0.5 million and $2.4 million respectively in which $1.0 million is related to foreign income taxes. While management believes that the Company has adequately provided for all tax positions, amounts asserted by tax authorities could be greater or less than the recorded position. Accordingly, the Company’s provisions on federal, state and foreign tax-related matters to be recorded in the future may change as revised estimates are made or the underlying matters are settled or otherwise resolved. |
Acquisition
Acquisition | 9 Months Ended | ||||||
Dec. 29, 2013 | |||||||
Business Combinations [Abstract] | ' | ||||||
Acquisition | ' | ||||||
8. Acquisition | |||||||
On October 14, 2013, the Company entered into a definitive Master Asset Purchase and Sale Agreement with Analog Devices, Inc. (“ADI”). The transaction closed on October 31, 2013. The Company acquired certain assets relating to ADI’s MEMS microphone business for a purchase price of $100 million in cash, of which the Company is entitled to certain contingent future expense reimbursements of approximately $2.2 million. The Company also agreed to a contingent cash payment of up to $70.0 million payable upon the achievement of certain revenue performance targets. Due to a low probability of achieving the revenue targets, the fair value of the contingent consideration is estimated to be zero in the purchase price allocation described below. ADI licensed certain technology related to the MEMS microphone business to the Company on a royalty-free, worldwide basis, and provides certain transition services to the Company following the closing. | |||||||
The acquisition has been accounted for using the acquisition method of accounting in accordance with Accounting Standards Codification (“ASC”) 805 - Business Combinations. Under the acquisition method of accounting, the total purchase consideration of the acquisition is allocated to the tangible assets and identifiable intangible assets and liabilities assumed based on their relative fair values. The excess of the purchase consideration over the net tangible and identifiable intangible assets is recorded as goodwill, and was derived from expected benefits from future technology development, synergies and the knowledgeable and experienced workforce who joined the Company after the acquisition. The company incurred $2.0 million and $2.1 million of acquisition related costs in the three and nine months ended December 29, 2013, respectively. | |||||||
The strategic rationale for the acquisition was to accelerate the Company’s audio roadmap and complement its current MEMS System on Chip product offerings at existing mobile, gaming and wearable device customers, while gaining entry into new markets. The acquisition expands the Company’s patent portfolio and existing tier one customer base, which includes major OEM brands worldwide. | |||||||
The purchase price allocation is based on estimates, assumptions, third party valuations and other studies of the value of the acquired assets which have not progressed to a stage where there is sufficient information to make a definitive allocation. Accordingly, purchase price allocation and adjustments reported herein will remain preliminary until the Company has all of the information necessary to finalize the allocation of the purchase price, and the final acquisition accounting adjustments could differ materially from the pro-forma adjustments presented herein. Any increase or decrease in the fair value of the Microphone Product Line’s tangible and identifiable intangible assets and liabilities, as compared to the information shown herein, would also change the portion of purchase price allocable to goodwill and could impact the operating results of the Company due to differences in amortization related to these assets and liabilities. The Company intends to complete the purchase price allocation within twelve months of the closing of the acquisition. | |||||||
The following table summarizes the preliminary purchase price of the assets acquired and the liabilities assumed as of October 31, 2013, the completion of the acquisition. | |||||||
Total Amount | |||||||
Assets Acquired | (in thousands) | ||||||
Inventories | $ | 5,107 | |||||
Property and equipment, net | 4,193 | ||||||
Intangible assets: | |||||||
Developed Technology | 28,520 | ||||||
In-Process Research & Development | 7,330 | ||||||
Customer Relationships | 1,560 | ||||||
Goodwill | 51,098 | ||||||
Total assets acquired | 97,808 | ||||||
Total purchase price (net of $2.2 million of contingent expense reimbursements) | $ | 97,808 | |||||
The preliminary fair value of intangible assets of $37.4 million has been allocated on a preliminary, tentative basis to the following three asset categories: 1) developed technology, 2) in-process research & development and 3) customer relationships. Developed technology and customer relationships will be amortized on a straight line basis over the estimated useful life of the assets. | |||||||
The following table represents the estimated useful lives of developed technology and customer relationships: | |||||||
Fair Value | Estimated | ||||||
Amount | Useful | ||||||
Life | |||||||
(in thousands) | (in years) | ||||||
Developed Technology | $ | 28,520 | 6 | ||||
Customer Relationships | $ | 1,560 | 7 | ||||
The preliminary fair values of the identifiable intangible assets: developed technology, in-process research & development and customer relationships were determined using the following methodologies: | |||||||
Developed Technology: The value assigned to the acquired developed technology was determined using the Multi-period excess earnings method. The fair value of developed technology was capitalized as of the acquisition date and will be amortized using a straight-line method to cost of revenues over the estimated remaining life of 6 years. | |||||||
In-Process Research & Development: The value assigned to the acquired in process research and development was determined using the multi-period excess earnings method. The fair value of in-process research & development was capitalized as of the acquisition date. In-process research and development capitalized at acquisition is not amortized, and is assessed for impairment on a fair value basis each fiscal quarter until the point at which the project is completed or fails. If successfully completed, acquired in process research and development is amortized over their expected useful life. | |||||||
Customer Relationships: An intangible customer relationship asset was recognized to the extent that the Company was expected to benefit from future revenues reasonably anticipated given the history and operating practices of Microphone Product Line. The value assigned to customer relationships was determined using the incremental cash flow method. The fair value of customer relationships was capitalized as of the acquisition date and will be amortized using a straight-line method to sales and marketing expenses over the estimated remaining life of 7 years. | |||||||
The amounts of revenue and earnings of the Microphone Product Line since the acquisition date included in the condensed consolidated statements of operations for the current reporting periods have not been presented because the impact was not material to the Company’s consolidated results of operations. | |||||||
Pro Forma Information | |||||||
For the purpose of the summary unaudited pro forma combined supplemental information, the acquisition was assumed to have occurred as of April 2, 2012. The pro forma information for the nine months ended December 2013 and December 2012 has been calculated after applying the Company’s accounting policies and including adjustments to reflect the additional amortization of intangible assets, and additional cost of revenues related to the inventory markup that would have been charged assuming the fair value adjustments had been incurred as of April 2, 2012. The unaudited pro forma combined financial information is for informational purposes only and does not purport to represent what the Company’s actual results would have been if the acquisition had been completed as of the date indicated above, or that may be achieved in the future. The unaudited pro forma combined supplemental information does not include the effects of any cost savings from operating efficiencies or synergies that may result from the acquisition. | |||||||
Nine Months Ended | Nine Months Ended | ||||||
December 29, | December 30, | ||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Revenues | $217,593 | $208,709 | |||||
Net income | $9,683 | $38,663 |
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 9 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||
9. Goodwill and Intangible Assets | |||||||||||||
There were no changes in the carrying amount of goodwill since October 31, 2013, the closing date of the MEMS microphone business acquisition. | |||||||||||||
Intangible assets subject to amortization consist primarily of developed technology and customer relationships and are reported net of accumulated amortization. Developed technology and customer relationships will be amortized on a straight line basis over the estimated useful life of the assets. In-process research and development is assessed for impairment until the development is completed and products are available for sale. The Company expects to complete the in-process research and development projects at various dates during 2014 at which time amortization will commence.” | |||||||||||||
The Company expects to complete in-process research and development and commence amortization in 2015. Amortization for acquired intangible assets was approximately $0.8 million for both the three and nine months ended December 29, 2013. The Company does not believe there is any significant residual value associated with the following intangible assets: | |||||||||||||
December 29, 2013 | |||||||||||||
(in thousands) | Gross | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Developed Technology | $ | 28,520 | $ | 792 | $ | 27,728 | |||||||
Customer Relationships | 1,560 | 37 | 1,523 | ||||||||||
Total intangible assets subject to amortization | $ | 30,080 | $ | 829 | $ | 29,251 | |||||||
The estimated future amortization expense related to intangible assets at December 29, 2013, is as follows: | |||||||||||||
Fiscal Year | Estimated | ||||||||||||
Amortization | |||||||||||||
(in thousands) | |||||||||||||
2013 (remaining 3 months) | $ | 1,244 | |||||||||||
2014 | 4,976 | ||||||||||||
2015 | 4,976 | ||||||||||||
2016 | 4,976 | ||||||||||||
2017 | 4,976 | ||||||||||||
Thereafter | 8,103 | ||||||||||||
Total | $ | 29,251 | |||||||||||
Subsequent_Events
Subsequent Events | 9 Months Ended |
Dec. 29, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
10. Subsequent events | |
Legal Proceedings | |
On May 16, 2012, STMicroelectronics, Inc. (“STI”) filed a patent infringement complaint (“ST Microelectronics Patent Litigation I”) in the Northern District of California against the Company, alleging infringement of certain of their patents (collectively, the “Asserted Patents”). STI alleged that certain lnvenSense Micro-Electro-Mechanical Systems (“MEMS”) products and services, including but not limited to InvenSense’s ISZ, IXZ, IDG, IMU, ITG, and MPU product lines, infringed one or more claims of the Asserted Patents. On July 9, 2012, the Company filed counterclaims against STI for alleged infringement of certain of the Company’s patents. On February 27, 2013, the Court granted the Company’s request and stayed the litigation until “final exhaustion of all patent reexamination proceedings, including appeals.” | |
On March 11, 2013, STI filed a request with the United States International Trade Commission (“ITC”) that the ITC institute an investigation under Section 337 of the Tariff Act of 1930 against the Company, Roku, Inc., and Black & Decker (U.S.) Inc., concerning the alleged infringement of five patents (collectively, the “ITC Patents”), three of which were previously asserted in ST Microelectronics Patent Litigation I and two of which were newly asserted patents. STI alleged that certain InvenSense “MEMS” products and services, including but not limited to InvenSense’s ISZ, IMU, ITG, and MPU product lines, infringed one or more claims of the ITC Patents. STI additionally alleged that certain Roku devices that incorporate certain InvenSense MEMS products, including but not limited to the Roku 2 XS, infringed one or more claims of a subset of the ITC Patents. STI additionally alleged that certain Black & Decker devices that incorporate certain InvenSense MEMS products, including but not limited to the Black & Decker 4v Max Gyro Rechargeable Screwdriver, infringed one or more claims of a subset of the ITC Patents. On April 10, 2013, the ITC instituted this investigation. On September 13, 2013, the ITC held a Markman hearing and issued its Markman order on January 29, 2014. On June 11, 2013, August 14, 2013, and October 14, 2013, the parties met for settlement conferences ordered by the ITC, but the parties were unable to agree to a settlement of the claims in this investigation. | |
On March 12, 2013, STI filed a patent infringement complaint in the Northern District of California against the Company, alleging infringement of the two patents that were newly asserted in the ITC Investigation (collectively, the “Newly Asserted Patents”) that were not previously asserted in ST Microelectronics Patent Litigation I. STI alleged that certain InvenSense MEMS products and services, including but not limited to InvenSense’s ISZ, IMU, ITG, and MPU product lines, infringed one or more claims of the Newly Asserted Patents. On April 16, 2013, the Court granted the Company’s request, staying the litigation until the determination of the ITC becomes final. | |
On May 14, 2013, the Company brought a lawsuit against STI in federal court in the Eastern District of Texas, alleging that STI infringed three of the Company’s patents. The Company asserted three patents against STI in this case: U.S. Patent Nos. 8,347,717, 8,351,773, and 8,250,921 and sought monetary damages. The court conducted a scheduling conference in September 2013, and the Parties exchanged their respective infringement and invalidity contentions. The Company amended its complaint to add STI’s parent STNV to the lawsuit. STNV filed a motion to dismiss and the Company filed its opposition brief to it. InvenSense filed a letter brief requesting permission from the Judge to file an early motion for summary judgment of infringement of the ‘717 patent by STI. The briefing on that request was completed and the parties were awaiting a decision by the Judge when the Judge ruled that venue is proper in East Texas but also ruled that the Northern District of California would be a more appropriate court for this litigation given its past involvement in other cases between the parties. The Company asked the Judge to reconsider that transfer decision, given that all of the California litigation between InvenSense and STI was suspended very early and substantially without substantive deliberation. | |
Subsequently, on February 9, 2014, the Company and STI settled and resolved all litigation and re-examination proceedings pending between them for a one- time cash payment of $15.0 million to STI, and entered into a patent cross license agreement. The other terms of the settlement and the patent cross license agreement remain confidential and are not expected to have a material impact on the future results of the Company. This settlement and patent cross license resolves all outstanding legal proceeding between the Company and STI. The settlement resulted in the Company recognizing a pre-tax charge of $14.5 million during the quarter ended December 29, 2013. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Business | ' | ||||||||||||||||
Business | |||||||||||||||||
InvenSense, Inc. (“the Company”) was incorporated in California in June 2003 and reincorporated in Delaware in January 2004. The Company designs, develops, markets and sells MEMS sensors, such as accelerometers, gyroscopes and microphones for consumer electronics, and is dedicated to bringing the best-in-class size, performance and cost solutions to market. Targeting applications in smartphones and tablets, console and portable video gaming devices, digital still and video cameras, smart TVs (including digital set-top boxes, televisions and multi-media HDDs), navigation devices, toys, and health and fitness accessories, the Company delivers leading solutions based on its advanced multi-axis technology. | |||||||||||||||||
These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto for the fiscal year ended March 31, 2013 included in the Company’s Annual Report on Form 10-K filed on June 14, 2013 with the Securities and Exchange Commission (“SEC”). No material changes have been made to the Company’s significant accounting policies since the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2013. | |||||||||||||||||
Certain Significant Business Risks and Uncertainties | ' | ||||||||||||||||
Certain Significant Business Risks and Uncertainties | |||||||||||||||||
The Company participates in the high-technology industry and believes that adverse changes in any of the following areas could have a material effect on the Company’s future financial position, results of operations, or cash flows: reliance on a limited number of primary customers to support the Company’s revenue generating activities; advances and trends in new technologies and industry standards; market acceptance of the Company’s products; development of sales channels; strategic relationships, including key component suppliers; litigation or claims against the Company based on intellectual property, patent, product, regulatory, or other factors; and the Company’s ability to attract and retain employees necessary to support its growth. | |||||||||||||||||
Fiscal Year | ' | ||||||||||||||||
Fiscal Year | |||||||||||||||||
The Company’s fiscal year is a 52 or 53 week period ending on the Sunday closest to March 31. The Company’s most recent completed fiscal year (“Fiscal 2013”) ended on March 31, 2013 (“March 2013”). The third fiscal quarter in each of the two most recent fiscal years ended on December 29, 2013 (“three months ended December 29, 2013” or “December 2013”) and December 30, 2012 (“three months ended December 30, 2012” or “December 2012”), respectively, and each third fiscal quarter period included 13 weeks. | |||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
Basis of Presentation | |||||||||||||||||
The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”) and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. | |||||||||||||||||
The condensed consolidated balance sheet as of March 31, 2013, included herein was derived from the audited financial statements as of that date, but does not include all disclosures required by GAAP. The unaudited interim condensed consolidated financial statements, in the opinion of management, reflect all normal recurring adjustments necessary to present fairly the Company’s financial position, results of operations, comprehensive income and cash flows for the interim periods. The results of operations for the period ended December 29, 2013 is not necessarily indicative of the results to be expected for the fiscal year ending March 30, 2014 or for any future year or interim period. | |||||||||||||||||
Basis of Consolidation | ' | ||||||||||||||||
Basis of Consolidation | |||||||||||||||||
All intercompany transactions and balances have been eliminated upon consolidation. The functional currency of each of the Company’s subsidiaries is the U.S. dollar. Foreign currency gains or losses are recorded as “Other income (expense), net” in the condensed consolidated statements of income. | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates | |||||||||||||||||
The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Significant estimates included in the condensed consolidated financial statements and related notes include income taxes, inventory valuation, stock-based compensation, loss contingencies and warranty reserves. These estimates are based upon information available as of the date of the consolidated financial statements, and actual results could differ from those estimates. | |||||||||||||||||
Concentration of Credit Risk | ' | ||||||||||||||||
Concentration of Credit Risk | |||||||||||||||||
At December 29, 2013, three customers each accounted for 25%, 23% and 12% of total accounts receivable. At December 30, 2012, four customers each accounted for 17%, 16%, 14% and 14% of total accounts receivable. | |||||||||||||||||
For the three months ended December 29, 2013, three customers each accounted for 32%, 16% and 10% of total net revenue. For the nine months ended December 29, 2013, one customer accounted for 32% of total net revenue. For the three months ended December 30, 2012, three customers each accounted for 24%, 22% and 10% of total net revenue. For the nine months ended December 30, 2012, three customers each accounted for 23%, 20% and 13% of total net revenue. | |||||||||||||||||
Warranty | ' | ||||||||||||||||
Warranty | |||||||||||||||||
The Company’s warranty agreements are contract and component specific and can be up to three years for selected components. The Company’s accrual for anticipated warranty costs has declined, primarily due to a decline in the historical volume of product returned under the warranty program. The accrual also includes management’s judgment regarding anticipated rates of warranty claims and associated repair costs. The following table summarizes the activity related to the product warranty liability during the nine months ended December 29, 2013 and December 30, 2012: | |||||||||||||||||
Nine months Ended | |||||||||||||||||
December 29, 2013 | December 30, 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning balance | $ | 123 | $ | 361 | |||||||||||||
(Decrease) increase in provision for warranty | (4 | ) | (199 | ) | |||||||||||||
Less: actual warranty costs | (30 | ) | (32 | ) | |||||||||||||
Ending balance | $ | 89 | $ | 130 | |||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||||||
Net Income (Loss) Per Share | |||||||||||||||||
Basic net income (loss) per share is computed by dividing net income by the weighted average number of shares outstanding during the period, which excludes dilutive unvested restricted stock. | |||||||||||||||||
Diluted net income (loss) per share is computed by dividing net income by the weighted average number of shares outstanding, including unvested restricted stock, certain warrants to purchase common stock and potential dilutive shares from the dilutive effect of outstanding stock options using the treasury stock method. Diluted net loss per share is equal to basic net loss per share as potentially dilutive securities are anit-dilutive due to the net loss. | |||||||||||||||||
The following table presents the calculation of basic and diluted net income per share: | |||||||||||||||||
Three Months Ended | Nine months Ended | ||||||||||||||||
December 29, 2013 | December 30, 2012 | December 29, 2013 | December 30, 2012 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Basic and Diluted: | |||||||||||||||||
Net income (loss) | $ | (12,179 | ) | $ | 16,818 | $ | 11,751 | $ | 38,133 | ||||||||
Denominator: | |||||||||||||||||
Basic shares: | |||||||||||||||||
Weighted average shares used in computing basic net income (loss) per share | 87,047 | 83,218 | 86,145 | 82,280 | |||||||||||||
Diluted shares: | |||||||||||||||||
Weighted average shares used in computing basic net income (loss) per share | 87,047 | 83,218 | 86,145 | 82,280 | |||||||||||||
Effect of potentially dilutive securities: | |||||||||||||||||
Stock options and unvested restricted stock | — | 3,964 | 3,165 | 4,765 | |||||||||||||
Common stock warrants | — | 168 | 54 | 187 | |||||||||||||
Weighted average shares used in computing diluted net income (loss) per share | 87,047 | 87,350 | 89,364 | 87,232 | |||||||||||||
Net income (loss) per share: | |||||||||||||||||
Basic | $ | (0.14 | ) | $ | 0.2 | $ | 0.14 | $ | 0.46 | ||||||||
Diluted | $ | (0.14 | ) | $ | 0.19 | $ | 0.13 | $ | 0.44 | ||||||||
The following summarizes the potentially dilutive securities outstanding at the end of each period that were excluded from the computation of diluted net income (loss) per share for the periods presented as their effect would have been antidilutive: | |||||||||||||||||
Three Months Ended | Nine months Ended | ||||||||||||||||
December 29, | December 30, | December 29, | December 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Employee stock options | 9,016 | 3,423 | 2,922 | 4,004 | |||||||||||||
Unvested restricted stock units | 2,369 | 590 | 830 | 152 | |||||||||||||
Total antidilutive securities | 11,385 | 4,013 | 3,752 | 4,156 | |||||||||||||
Recent Accounting Pronouncements | ' | ||||||||||||||||
Recent Accounting Pronouncements | |||||||||||||||||
In July 2013, the FASB issued ASU No. 2013-11, “Presentation of an Unrecognized Tax Benefit when a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists” that will require the presentation of certain unrecognized tax benefits as reductions to deferred tax assets rather than as liabilities in our Condensed Consolidated Balance Sheets when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. This standard is effective for fiscal years beginning on or after December 15, 2013, and for interim periods within those fiscal years which will be the Company’s fiscal year 2015. The Company is currently evaluating the impact of this new standard on its Condensed Consolidated Financial Statements. | |||||||||||||||||
In February 2013, the FASB issued ASU No. 2013-02, “Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income” which adds new disclosure requirements for items reclassified out of accumulated other comprehensive income. ASU No. 2011-02 became effective for fiscal years, and interim periods within those years, beginning after December 15, 2012, which is the Company’s fiscal interim period ended June 30, 2013 of fiscal year ending March 30, 2014, and the adoption did not impact the Company’s financial condition or results of operations. | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
The Company applies the provisions of ASC 820-10, “Fair Value Measurements”. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (i.e., the “exit price”) in an orderly transaction between market participants at the measurement date. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. ASC 820-10 requires disclosure that establishes a framework for measuring fair value and expands disclosure about fair value measurements. The standard describes a fair value hierarchy based on three levels of inputs that may be used to measure fair value. The inputs for the first two levels are considered observable and the last is unobservable and include the following: | |||||||||||||||||
Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; | |||||||||||||||||
Level 2—Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; or | |||||||||||||||||
Level 3—Unobservable inputs in which there is little or no market data, and as a result, prices or valuation techniques are employed that require inputs that are significant to the fair value measurement. | |||||||||||||||||
Compensation-Stock Compensation | ' | ||||||||||||||||
The Company applies the provisions of ASC 718-10 “Compensation—Stock Compensation” which establishes the accounting for stock-based awards based on the fair value of the award measured at the grant date. Accordingly, stock-based compensation cost is recognized in the condensed consolidated statements of operations as a component of both cost of revenues and operating expenses over the requisite service period. ASC 718-10 requires tax benefits in excess of compensation cost to be reported as a financing cash flow rather than as a reduction of taxes paid. The determination of the fair value of stock-based payment awards on the date of grant using the Black-Scholes option pricing model is affected by the volatilities of a peer group of companies based on industry, stage of life cycle, size and financial leverage, actual and projected employee stock option exercise behaviors, risk-free interest rate and expected dividends. Variables to be determined include expected volatility, estimated term and risk-free interest rate. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Activity Related to Product Warranty Liability | ' | ||||||||||||||||
The following table summarizes the activity related to the product warranty liability during the nine months ended December 29, 2013 and December 30, 2012: | |||||||||||||||||
Nine months Ended | |||||||||||||||||
December 29, 2013 | December 30, 2012 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Beginning balance | $ | 123 | $ | 361 | |||||||||||||
(Decrease) increase in provision for warranty | (4 | ) | (199 | ) | |||||||||||||
Less: actual warranty costs | (30 | ) | (32 | ) | |||||||||||||
Ending balance | $ | 89 | $ | 130 | |||||||||||||
Calculation of Basic and Diluted Net Income Per Share | ' | ||||||||||||||||
The following table presents the calculation of basic and diluted net income per share: | |||||||||||||||||
Three Months Ended | Nine months Ended | ||||||||||||||||
December 29, 2013 | December 30, 2012 | December 29, 2013 | December 30, 2012 | ||||||||||||||
(in thousands, except per share data) | |||||||||||||||||
Numerator: | |||||||||||||||||
Basic and Diluted: | |||||||||||||||||
Net income (loss) | $ | (12,179 | ) | $ | 16,818 | $ | 11,751 | $ | 38,133 | ||||||||
Denominator: | |||||||||||||||||
Basic shares: | |||||||||||||||||
Weighted average shares used in computing basic net income (loss) per share | 87,047 | 83,218 | 86,145 | 82,280 | |||||||||||||
Diluted shares: | |||||||||||||||||
Weighted average shares used in computing basic net income (loss) per share | 87,047 | 83,218 | 86,145 | 82,280 | |||||||||||||
Effect of potentially dilutive securities: | |||||||||||||||||
Stock options and unvested restricted stock | — | 3,964 | 3,165 | 4,765 | |||||||||||||
Common stock warrants | — | 168 | 54 | 187 | |||||||||||||
Weighted average shares used in computing diluted net income (loss) per share | 87,047 | 87,350 | 89,364 | 87,232 | |||||||||||||
Net income (loss) per share: | |||||||||||||||||
Basic | $ | (0.14 | ) | $ | 0.2 | $ | 0.14 | $ | 0.46 | ||||||||
Diluted | $ | (0.14 | ) | $ | 0.19 | $ | 0.13 | $ | 0.44 | ||||||||
Securities Excluded from Computation of Diluted Net Income (Loss) Per Share | ' | ||||||||||||||||
The following summarizes the potentially dilutive securities outstanding at the end of each period that were excluded from the computation of diluted net income (loss) per share for the periods presented as their effect would have been antidilutive: | |||||||||||||||||
Three Months Ended | Nine months Ended | ||||||||||||||||
December 29, | December 30, | December 29, | December 30, | ||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
(in thousands) | |||||||||||||||||
Employee stock options | 9,016 | 3,423 | 2,922 | 4,004 | |||||||||||||
Unvested restricted stock units | 2,369 | 590 | 830 | 152 | |||||||||||||
Total antidilutive securities | 11,385 | 4,013 | 3,752 | 4,156 | |||||||||||||
Cash_Equivalents_and_Available1
Cash Equivalents and Available-for-sale Investments (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||
Cash And Cash Equivalents [Abstract] | ' | ||||||||||||||||
Assets Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
Assets measured at fair value on a recurring basis were presented in the Company’s condensed consolidated balance sheet as of December 29, 2013. | |||||||||||||||||
December 2013 | Quoted Prices | Significant | Significant | ||||||||||||||
Balance | in Active | Other | Other | ||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
Identical | Inputs | Inputs | |||||||||||||||
Assets Level 1 | Level 2 | Level 3 | |||||||||||||||
(in thousands) | |||||||||||||||||
Investment Class | |||||||||||||||||
Money Market Funds | $ | 26,913 | $ | 26,913 | $ | — | $ | — | |||||||||
Corporate Notes and Bonds | 212,245 | — | 212,245 | — | |||||||||||||
Commercial Paper | 8,979 | — | 8,979 | — | |||||||||||||
Municipal Notes and Bonds | 3,933 | — | 3,933 | — | |||||||||||||
Total | $ | 252,070 | $ | 26,913 | $ | 225,157 | $ | — | |||||||||
Financial Statement Classification | |||||||||||||||||
Cash equivalents | $ | 26,913 | $ | 26,913 | $ | — | $ | — | |||||||||
Short-term investments | 55,057 | — | 55,057 | — | |||||||||||||
Long-term investments | 170,100 | — | 170,100 | — | |||||||||||||
Total | $ | 252,070 | $ | 26,913 | $ | 225,157 | $ | — | |||||||||
Dec-13 | Gross | Gross | Dec-13 | ||||||||||||||
Amortized Cost | Unrealized | Unrealized | Estimated FMV | ||||||||||||||
Gain | Loss | ||||||||||||||||
Investment Class | |||||||||||||||||
Corporate Notes and Bonds and Municipal Notes and Bonds | $ | 212,401 | $ | — | $ | (156 | ) | $ | 212,245 | ||||||||
Commercial Paper | 8,980 | — | (1 | ) | 8,979 | ||||||||||||
Municipal Notes and Bonds | 3,927 | 6 | — | 3,933 | |||||||||||||
Total Available-for-sale investments | $ | 225,308 | $ | 6 | $ | (157 | ) | $ | 225,157 | ||||||||
Cash equivalents | 26,913 | ||||||||||||||||
Total Aggregate Fair Value | $ | 252,070 | |||||||||||||||
Assets measured at fair value on a recurring basis were presented in the Company’s consolidated balance sheet as of March 31, 2013. | |||||||||||||||||
March 2013 | Quoted Prices | Significant | Significant | ||||||||||||||
Balance | in Active | Other | Other | ||||||||||||||
Markets for | Observable | Unobservable | |||||||||||||||
Identical | Inputs | Inputs | |||||||||||||||
Assets Level 1 | Level 2 | Level 3 | |||||||||||||||
(in thousands) | |||||||||||||||||
Investment Class | |||||||||||||||||
Money Market Funds | $ | 22,860 | $ | 22,860 | $ | — | $ | — | |||||||||
Corporate Notes and Bonds | 94,485 | — | 94,485 | — | |||||||||||||
Commercial Paper | 2,998 | — | 2,998 | — | |||||||||||||
U.S. Agency Securities | 1,999 | — | 1,999 | — | |||||||||||||
Total | $ | 122,342 | $ | 22,860 | $ | 99,482 | $ | — | |||||||||
Financial Statement Classification | |||||||||||||||||
Cash equivalents | $ | 22,860 | $ | 22,860 | $ | — | $ | — | |||||||||
Short-term investments | 77,040 | — | 77,040 | — | |||||||||||||
Long-term investments | 22,442 | — | 22,442 | — | |||||||||||||
Total | $ | 122,342 | $ | 22,860 | $ | 99,482 | $ | — | |||||||||
Mar-13 | Gross | Gross | Mar-13 | ||||||||||||||
Amortized Cost | Unrealized | Unrealized | Estimated FMV | ||||||||||||||
Gain | Loss | ||||||||||||||||
Investment Class | |||||||||||||||||
Corporate Notes and Bonds | $ | 94,407 | $ | 78 | $ | — | $ | 94,485 | |||||||||
Commercial Paper | 2,997 | 1 | — | 2,998 | |||||||||||||
U.S. Agency Securities | 2,001 | — | (2 | ) | 1,999 | ||||||||||||
Total Available-for-sale investments | $ | 99,405 | $ | 79 | $ | (2 | ) | $ | 99,482 | ||||||||
Cash equivalents | 22,860 | ||||||||||||||||
Total Aggregate Fair Value | $ | 122,342 | |||||||||||||||
Balance_Sheet_Details_Tables
Balance Sheet Details (Tables) | 9 Months Ended | ||||||||
Dec. 29, 2013 | |||||||||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories at December 29, 2013 and March 31, 2013 consist of the following: | |||||||||
December 2013 | March 2013 | ||||||||
(in thousands) | |||||||||
Work in progress | $ | 43,396 | $ | 18,803 | |||||
Finished goods | 15,116 | 4,959 | |||||||
Total inventories | $ | 58,512 | $ | 23,762 | |||||
Prepaid Expenses and Other Current Assets | ' | ||||||||
Prepaid expenses and other current assets at December 29, 2013 and March 31, 2013 consist of the following: | |||||||||
December 2013 | March 2013 | ||||||||
(in thousands) | |||||||||
Tax receivable | $ | 6,334 | $ | 6,374 | |||||
Other receivable | 2,930 | 87 | |||||||
Prepaid expenses | 2,594 | 2,209 | |||||||
Deferred tax assets | 1,035 | 951 | |||||||
Other current assets | 1,863 | 857 | |||||||
Advance to and receivable from vendors | 3,353 | 2,824 | |||||||
Total prepaid expenses and other current assets | $ | 18,109 | $ | 13,302 | |||||
Property and Equipment | ' | ||||||||
Property and equipment at December 29, 2013 and March 31, 2013 consist of the following: | |||||||||
December 2013 | March 2013 | ||||||||
(in thousands) | |||||||||
Production and lab equipment | $ | 22,895 | $ | 11,654 | |||||
Computer equipment and software | 3,483 | 1,124 | |||||||
Equipment under construction | 4,810 | 1,851 | |||||||
Leasehold improvements and furniture and fixtures | 2,263 | 923 | |||||||
Subtotal | $ | 33,451 | $ | 15,552 | |||||
Accumulated depreciation and amortization | (9,796 | ) | (6,902 | ) | |||||
Property and equipment—net | $ | 23,655 | $ | 8,650 | |||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities at December 29, 2013 and March 31, 2013 consist of the following: | |||||||||
December 2013 | March 2013 | ||||||||
(in thousands) | |||||||||
Litigation settlement | $ | 14,500 | $ | — | |||||
Payroll-related expenses | 4,283 | 2,777 | |||||||
Legal fees | 3,245 | 884 | |||||||
Other accrued liabilities | 3,541 | 819 | |||||||
Bonuses | 1,874 | 2,120 | |||||||
Accrued acquisition related costs | 1,289 | — | |||||||
Accrued interest payable | 384 | — | |||||||
Former CEO separation costs (1) | 184 | 828 | |||||||
Engineering services | 293 | 106 | |||||||
Warranty reserves | 89 | 123 | |||||||
Income tax payable | 42 | 96 | |||||||
Total accrued liabilities | $ | 29,724 | $ | 7,753 | |||||
-1 | During the third quarter of fiscal year 2013, the Company’s founder and CEO resigned. Under the terms of his employment agreement, he will receive severance payments totaling $828,000 through the end of fiscal year 2014. |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 9 Months Ended | ||||
Dec. 29, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Future Minimum Lease Payments Under Operating Leases | ' | ||||
Future minimum lease payments under operating leases as of December 29, 2013 are as follows: | |||||
Fiscal Years Ending: | Amount | ||||
(in thousands) | |||||
2014 (remainder) | $ | 649 | |||
2015 | 3,124 | ||||
2016 | 3,820 | ||||
2017 | 3,967 | ||||
2018 | 3,961 | ||||
Beyond | 6,926 | ||||
Total | $ | 22,447 | |||
Convertible_Senior_Notes_Table
Convertible Senior Notes (Tables) | 9 Months Ended | ||||
Dec. 29, 2013 | |||||
Debt Disclosure [Abstract] | ' | ||||
Summary of Principal Amounts and Related Unamortized Discount on Notes | ' | ||||
The following table summarizes the principal amounts and related unamortized discount on the Notes (in thousands): | |||||
Three and Nine Months Ended | |||||
December 29, 2013 | |||||
Principal amount of the Note | $ | 175,000 | |||
Unamortized discount on the Notes | 41,190 | ||||
Net carrying value | $ | 133,810 | |||
Schedule of Interest Expense Recognized Related to Notes | ' | ||||
The following table presents the amount of interest expense recognized related to the Notes (in thousands): | |||||
Three and Nine Months Ended | |||||
December 29, 2013 | |||||
Contractual coupon interest expense | $ | 394 | |||
Amortization of debt discount | 1,062 | ||||
Amortization of debt issuance costs | 7 | ||||
Total interest expense related to the Notes | $ | 1,463 | |||
Schedule of Aggregate Future Principal Debt Maturities | ' | ||||
As of December 29, 2013, our aggregate future principal debt maturities are as follows (in thousands): | |||||
Fiscal Year | Amount | ||||
2014—2017 | $ | — | |||
2018 | 175,000 | ||||
Total | $ | 175,000 | |||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | ||||||||||||||||||||
Dec. 29, 2013 | |||||||||||||||||||||
Equity [Abstract] | ' | ||||||||||||||||||||
Stock Option Activities | ' | ||||||||||||||||||||
Stock option activities of the Company under the Plans are as follows (in thousands, except per share amounts): | |||||||||||||||||||||
Options | Options | Weighted- | Weighted- | Aggregate | |||||||||||||||||
Available | Issued and | Average | Average | Intrinsic | |||||||||||||||||
for Grant | Outstanding | Exercise | Remaining | Value | |||||||||||||||||
Price | Contractual | ||||||||||||||||||||
Term | |||||||||||||||||||||
(In Years) | |||||||||||||||||||||
Balance—March 31, 2013 | 10,198 | 10,495 | $ | 7.65 | 7.49 | $ | 38,135 | ||||||||||||||
Increase to stock option pool | 3,399 | ||||||||||||||||||||
Options granted (weighted-average fair value of $5.76 per share) | (1,460 | ) | 1,460 | 15.73 | |||||||||||||||||
Options exercised | — | (2,491 | ) | 4.02 | |||||||||||||||||
Options canceled | 448 | (448 | ) | 9.7 | |||||||||||||||||
Balance—December 29, 2013 | 12,585 | 9,016 | $ | 9.86 | 7.96 | $ | 74,250 | ||||||||||||||
December 29, 2013 | |||||||||||||||||||||
Vested and expected to vest | 8,210 | $ | 9.65 | 7.89 | $ | 69,363 | |||||||||||||||
Exercisable— December 29, 2013 | 2,964 | $ | 6.34 | 6.68 | $ | 34,770 | |||||||||||||||
Weighted-Average Assumptions in Determining Stock-Based Compensation Expense | ' | ||||||||||||||||||||
The Company used the following weighted-average assumptions in determining stock-based compensation expense for the three and nine months ended December 29, 2013 and December 30, 2012. | |||||||||||||||||||||
Three Months Ended | Nine months Ended | ||||||||||||||||||||
December 29, | December 30, | December 29, | December 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
Expected Term | 4.8 years | 4.3 years | 4.7 years | 6.0 years | |||||||||||||||||
Volatility | 40.5 | % | 46.5 | % | 41.5 | % | 47.7 | % | |||||||||||||
Risk-free interest rate | 1 | % | 0.6 | % | 1.2 | % | 0.9 | % | |||||||||||||
Dividend yield | 0 | % | 0 | % | 0 | % | 0 | % | |||||||||||||
Restricted Stock Unit and Restricted Stock Activity | ' | ||||||||||||||||||||
Restricted stock unit and restricted stock activity of the Company under the Plans are as follows (in thousands, except per share amounts): | |||||||||||||||||||||
Restricted stock unit and restricted stock activity | Shares | Weighted average | |||||||||||||||||||
grant date | |||||||||||||||||||||
fair value per share | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Nonvested at March 31, 2013 | 806 | $ | 12.05 | ||||||||||||||||||
Granted | 1,823 | 15.55 | |||||||||||||||||||
Vested | (147 | ) | 11.89 | ||||||||||||||||||
Forfeited | (113 | ) | 12.7 | ||||||||||||||||||
Nonvested at December 29, 2013 | 2,369 | $ | 14.73 | ||||||||||||||||||
Summary of Total Stock-Based Compensation Cost | ' | ||||||||||||||||||||
Total stock-based compensation cost for the Company’s stock plans for the three and nine months ended December 29, 2013 and December 30, 2012 is as follows: | |||||||||||||||||||||
Three Months Ended | Nine months Ended | ||||||||||||||||||||
December 29, | December 30, | December 29, | December 30, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||||
(in thousands) | |||||||||||||||||||||
Cost of revenue | $ | 349 | $ | 191 | $ | 845 | $ | 522 | |||||||||||||
Research and development | 1,665 | 752 | 3,941 | 2,075 | |||||||||||||||||
Selling, general and administrative | 2,705 | 1,814 | 6,110 | 3,852 | |||||||||||||||||
Total stock-based compensation expense | $ | 4,719 | $ | 2,757 | $ | 10,896 | $ | 6,449 | |||||||||||||
Common Stock Reserved for Future Issuance | ' | ||||||||||||||||||||
As of December 29, 2013 and March 31, 2013, common stock reserved for future issuance was as follows (in thousands): | |||||||||||||||||||||
Number of Shares | |||||||||||||||||||||
Common stock reserved for issuance | December 2013 | March 2013 | |||||||||||||||||||
Stock Plans: | |||||||||||||||||||||
Outstanding stock options | 9,016 | 10,495 | |||||||||||||||||||
Outstanding restricted stock units and restricted stock | 2,369 | 806 | |||||||||||||||||||
Reserved for future equity incentive grants | 10,765 | 9,383 | |||||||||||||||||||
22,150 | 20,684 | ||||||||||||||||||||
Warrants to purchase common stock | — | 94 | |||||||||||||||||||
Total common stock reserved for future issuances | 22,150 | 20,778 | |||||||||||||||||||
Acquisition_Tables
Acquisition (Tables) | 9 Months Ended | ||||||
Dec. 29, 2013 | |||||||
Business Combinations [Abstract] | ' | ||||||
Summary of Preliminary Purchase Price of Assets Acquired and Liabilities Assumed | ' | ||||||
The following table summarizes the preliminary purchase price of the assets acquired and the liabilities assumed as of October 31, 2013, the completion of the acquisition. | |||||||
Total Amount | |||||||
Assets Acquired | (in thousands) | ||||||
Inventories | $ | 5,107 | |||||
Property and equipment, net | 4,193 | ||||||
Intangible assets: | |||||||
Developed Technology | 28,520 | ||||||
In-Process Research & Development | 7,330 | ||||||
Customer Relationships | 1,560 | ||||||
Goodwill | 51,098 | ||||||
Total assets acquired | 97,808 | ||||||
Total purchase price (net of $2.2 million of contingent expense reimbursements) | $ | 97,808 | |||||
Summary of Fair Value and Estimated Useful Lives of Intangible Assets | ' | ||||||
The following table represents the estimated useful lives of developed technology and customer relationships: | |||||||
Fair Value | Estimated | ||||||
Amount | Useful | ||||||
Life | |||||||
(in thousands) | (in years) | ||||||
Developed Technology | $ | 28,520 | 6 | ||||
Customer Relationships | $ | 1,560 | 7 | ||||
Summary of Unaudited Proforma of Combined Financial Information | ' | ||||||
The unaudited pro forma combined supplemental information does not include the effects of any cost savings from operating efficiencies or synergies that may result from the acquisition. | |||||||
Nine Months Ended | Nine Months Ended | ||||||
December 29, | December 30, | ||||||
2013 | 2012 | ||||||
(in thousands) | |||||||
Revenues | $217,593 | $208,709 | |||||
Net income | $9,683 | $38,663 |
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | ||||||||||||
Dec. 29, 2013 | |||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||
Summary of Intangible Assets | ' | ||||||||||||
The Company does not believe there is any significant residual value associated with the following intangible assets: | |||||||||||||
December 29, 2013 | |||||||||||||
(in thousands) | Gross | Accumulated | Net | ||||||||||
Amortization | |||||||||||||
Developed Technology | $ | 28,520 | $ | 792 | $ | 27,728 | |||||||
Customer Relationships | 1,560 | 37 | 1,523 | ||||||||||
Total intangible assets subject to amortization | $ | 30,080 | $ | 829 | $ | 29,251 | |||||||
Estimated Future Amortization Expense Related to Intangible Assets | ' | ||||||||||||
The estimated future amortization expense related to intangible assets at December 29, 2013, is as follows: | |||||||||||||
Fiscal Year | Estimated | ||||||||||||
Amortization | |||||||||||||
(in thousands) | |||||||||||||
2013 (remaining 3 months) | $ | 1,244 | |||||||||||
2014 | 4,976 | ||||||||||||
2015 | 4,976 | ||||||||||||
2016 | 4,976 | ||||||||||||
2017 | 4,976 | ||||||||||||
Thereafter | 8,103 | ||||||||||||
Total | $ | 29,251 | |||||||||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | |
Customer | Customer | Customer | Customer | |
Accounts Receivable [Member] | ' | ' | ' | ' |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of major customers | ' | ' | 3 | 4 |
Accounts Receivable [Member] | Customer One [Member] | ' | ' | ' | ' |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of accounts receivable | 25.00% | 17.00% | 25.00% | 17.00% |
Accounts Receivable [Member] | Customer Two [Member] | ' | ' | ' | ' |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of accounts receivable | 23.00% | 16.00% | 23.00% | 16.00% |
Accounts Receivable [Member] | Customer Three [Member] | ' | ' | ' | ' |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of accounts receivable | 12.00% | 14.00% | 12.00% | 14.00% |
Accounts Receivable [Member] | Customer Four [Member] | ' | ' | ' | ' |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of accounts receivable | ' | 14.00% | ' | 14.00% |
Sales Revenue, Goods, Net [Member] | ' | ' | ' | ' |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Number of major customers | 3 | 3 | 1 | 3 |
Sales Revenue, Goods, Net [Member] | Customer One [Member] | ' | ' | ' | ' |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of net revenue | 32.00% | 24.00% | 32.00% | 23.00% |
Sales Revenue, Goods, Net [Member] | Customer Two [Member] | ' | ' | ' | ' |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of net revenue | 16.00% | 22.00% | ' | 20.00% |
Sales Revenue, Goods, Net [Member] | Customer Three [Member] | ' | ' | ' | ' |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Percentage of net revenue | 10.00% | 10.00% | ' | 13.00% |
Maximum [Member] | ' | ' | ' | ' |
Schedule Of Organization And Summary Of Significant Accounting Policies [Line Items] | ' | ' | ' | ' |
Period of Company's warranty agreements | ' | ' | '3 years | ' |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies - Summary of Activity Related to Product Warranty Liability (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Movement In Standard And Extended Product Warranty Increase Decrease [Roll Forward] | ' | ' |
Beginning balance | $123 | $361 |
(Decrease) increase in provision for warranty | -4 | -199 |
Less: actual warranty costs | -30 | -32 |
Ending balance | $89 | $130 |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies - Calculation of Basic and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Basic and Diluted: | ' | ' | ' | ' |
Net income (loss) | ($12,179) | $16,818 | $11,751 | $38,133 |
Basic shares: | ' | ' | ' | ' |
Weighted average shares used in computing basic net income (loss) per share | 87,047 | 83,218 | 86,145 | 82,280 |
Diluted shares: | ' | ' | ' | ' |
Weighted average shares used in computing basic net income (loss) per share | 87,047 | 83,218 | 86,145 | 82,280 |
Effect of potentially dilutive securities: | ' | ' | ' | ' |
Stock options and unvested restricted stock | ' | 3,964 | 3,165 | 4,765 |
Common stock warrants | ' | 168 | 54 | 187 |
Weighted average shares used in computing diluted net income (loss) per share | 87,047 | 87,350 | 89,364 | 87,232 |
Net income (loss) per share: | ' | ' | ' | ' |
Basic | ($0.14) | $0.20 | $0.14 | $0.46 |
Diluted | ($0.14) | $0.19 | $0.13 | $0.44 |
Organization_and_Summary_of_Si6
Organization and Summary of Significant Accounting Policies - Securities Excluded from Computation of Diluted Net Income (Loss) Per Share (Detail) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total antidilutive securities | 11,385 | 4,013 | 3,752 | 4,156 |
Employee Stock Options [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total antidilutive securities | 9,016 | 3,423 | 2,922 | 4,004 |
Unvested Restricted Stock Units [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Total antidilutive securities | 2,369 | 590 | 830 | 152 |
Cash_Equivalents_and_Available2
Cash Equivalents and Available-for-sale Investments - Additional Information (Detail) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 30, 2012 | Apr. 01, 2012 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Mar. 31, 2013 |
Money Market Funds [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Foreign Subsidiaries [Member] | Foreign Subsidiaries [Member] | |||||
Cash and Cash Equivalents [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | $14,200,000 | $77,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash equivalents | 26,900,000 | ' | ' | ' | 22,900,000 | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | 41,127,000 | 100,843,000 | 94,039,000 | 153,643,000 | ' | ' | ' | ' | ' | 12,900,000 | 60,700,000 |
Short-term investments available for sale | 55,100,000 | 77,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term investments available for sale | 170,100,000 | 22,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investments available for sale total | 225,200,000 | 99,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Investment maturity period | ' | ' | ' | ' | ' | '1 Year | '1 Year | '5 Years | '5 Years | ' | ' |
Transfers of assets measured at fair value between Level 1 and Level 2 | $0 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash_Equivalents_and_Available3
Cash Equivalents and Available-for-sale Investments - Assets Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Financial Statement Classification | ' | ' |
Estimated FMV | $55,056 | $77,040 |
Fair Value, Recurring [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 252,070 | 122,342 |
Fair value of assets | 252,070 | 122,342 |
Financial Statement Classification | ' | ' |
Fair value of assets | 252,070 | 122,342 |
Amortized Cost | 225,308 | 99,405 |
Gross Unrealized Gain | 6 | 79 |
Gross Unrealized Loss | -157 | -2 |
Estimated FMV | 225,157 | 99,482 |
Fair Value, Recurring [Member] | Cash Equivalents [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 26,913 | 22,860 |
Financial Statement Classification | ' | ' |
Fair value of assets | 26,913 | 22,860 |
Fair value of assets | 26,913 | 22,860 |
Fair Value, Recurring [Member] | Corporate Notes and Bonds and Municipal Notes and Bonds [Member] | ' | ' |
Financial Statement Classification | ' | ' |
Amortized Cost | 212,401 | ' |
Gross Unrealized Gain | ' | ' |
Gross Unrealized Loss | -156 | ' |
Estimated FMV | 212,245 | ' |
Fair Value, Recurring [Member] | Commercial Paper [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | 2,998 |
Fair value of assets | 8,979 | ' |
Fair value of assets | ' | 2,998 |
Financial Statement Classification | ' | ' |
Fair value of assets | 8,979 | ' |
Fair value of assets | ' | 2,998 |
Amortized Cost | 8,980 | 2,997 |
Gross Unrealized Gain | ' | 1 |
Gross Unrealized Loss | -1 | ' |
Estimated FMV | 8,979 | 2,998 |
Fair value of assets | 8,979 | ' |
Fair Value, Recurring [Member] | Municipal Notes and Bonds [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 3,933 | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | 3,933 | ' |
Amortized Cost | 3,927 | ' |
Gross Unrealized Gain | 6 | ' |
Gross Unrealized Loss | ' | ' |
Estimated FMV | 3,933 | ' |
Fair value of assets | 3,933 | ' |
Fair Value, Recurring [Member] | Money Market Funds [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 26,913 | 22,860 |
Fair value of assets | 26,913 | 22,860 |
Financial Statement Classification | ' | ' |
Fair value of assets | 26,913 | 22,860 |
Fair Value, Recurring [Member] | Corporate Notes and Bonds [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 212,245 | 94,485 |
Financial Statement Classification | ' | ' |
Fair value of assets | 212,245 | 94,485 |
Amortized Cost | ' | 94,407 |
Gross Unrealized Gain | ' | 78 |
Gross Unrealized Loss | ' | ' |
Estimated FMV | ' | 94,485 |
Fair value of assets | 212,245 | 94,485 |
Fair Value, Recurring [Member] | Short-term Investments [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 55,057 | 77,040 |
Fair value of assets | 55,057 | 77,040 |
Financial Statement Classification | ' | ' |
Fair value of assets | 55,057 | 77,040 |
Fair Value, Recurring [Member] | Long-term Investments [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 170,100 | 22,442 |
Fair value of assets | 170,100 | 22,442 |
Financial Statement Classification | ' | ' |
Fair value of assets | 170,100 | 22,442 |
Fair Value, Recurring [Member] | U.S. Agency Securities [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | 1,999 |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | 1,999 |
Amortized Cost | ' | 2,001 |
Gross Unrealized Gain | ' | ' |
Gross Unrealized Loss | ' | -2 |
Estimated FMV | ' | 1,999 |
Fair value of assets | ' | 1,999 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value, Recurring [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 26,913 | 22,860 |
Fair value of assets | 26,913 | 22,860 |
Financial Statement Classification | ' | ' |
Fair value of assets | 26,913 | 22,860 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 26,913 | 22,860 |
Financial Statement Classification | ' | ' |
Fair value of assets | 26,913 | 22,860 |
Fair value of assets | 26,913 | 22,860 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value, Recurring [Member] | Commercial Paper [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value, Recurring [Member] | Municipal Notes and Bonds [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value, Recurring [Member] | Money Market Funds [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 26,913 | 22,860 |
Fair value of assets | 26,913 | 22,860 |
Financial Statement Classification | ' | ' |
Fair value of assets | 26,913 | 22,860 |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value, Recurring [Member] | Corporate Notes and Bonds [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value, Recurring [Member] | Long-term Investments [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Quoted Prices in Active Markets for Identical Assets Level 1 [Member] | Fair Value, Recurring [Member] | U.S. Agency Securities [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Recurring [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 225,157 | 99,482 |
Fair value of assets | 225,157 | 99,482 |
Financial Statement Classification | ' | ' |
Fair value of assets | 225,157 | 99,482 |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Recurring [Member] | Commercial Paper [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | 2,998 |
Fair value of assets | 8,979 | ' |
Fair value of assets | ' | 2,998 |
Financial Statement Classification | ' | ' |
Fair value of assets | 8,979 | ' |
Fair value of assets | ' | 2,998 |
Fair value of assets | 8,979 | ' |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Recurring [Member] | Municipal Notes and Bonds [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 3,933 | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | 3,933 | ' |
Fair value of assets | 3,933 | ' |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Recurring [Member] | Money Market Funds [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Recurring [Member] | Corporate Notes and Bonds [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 212,245 | 94,485 |
Financial Statement Classification | ' | ' |
Fair value of assets | 212,245 | 94,485 |
Fair value of assets | 212,245 | 94,485 |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 55,057 | 77,040 |
Fair value of assets | 55,057 | 77,040 |
Financial Statement Classification | ' | ' |
Fair value of assets | 55,057 | 77,040 |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Recurring [Member] | Long-term Investments [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | 170,100 | 22,442 |
Fair value of assets | 170,100 | 22,442 |
Financial Statement Classification | ' | ' |
Fair value of assets | 170,100 | 22,442 |
Significant Other Observable Inputs Level 2 [Member] | Fair Value, Recurring [Member] | U.S. Agency Securities [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | 1,999 |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | 1,999 |
Fair value of assets | ' | 1,999 |
Significant Other Unobservable Inputs Level 3 [Member] | Fair Value, Recurring [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Significant Other Unobservable Inputs Level 3 [Member] | Fair Value, Recurring [Member] | Cash Equivalents [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Significant Other Unobservable Inputs Level 3 [Member] | Fair Value, Recurring [Member] | Commercial Paper [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Significant Other Unobservable Inputs Level 3 [Member] | Fair Value, Recurring [Member] | Municipal Notes and Bonds [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Significant Other Unobservable Inputs Level 3 [Member] | Fair Value, Recurring [Member] | Money Market Funds [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Significant Other Unobservable Inputs Level 3 [Member] | Fair Value, Recurring [Member] | Corporate Notes and Bonds [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Significant Other Unobservable Inputs Level 3 [Member] | Fair Value, Recurring [Member] | Short-term Investments [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Significant Other Unobservable Inputs Level 3 [Member] | Fair Value, Recurring [Member] | Long-term Investments [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Significant Other Unobservable Inputs Level 3 [Member] | Fair Value, Recurring [Member] | U.S. Agency Securities [Member] | ' | ' |
Investment Class | ' | ' |
Fair value of assets | ' | ' |
Financial Statement Classification | ' | ' |
Fair value of assets | ' | ' |
Fair value of assets | ' | ' |
Balance_Sheet_Details_Inventor
Balance Sheet Details - Inventories (Detail) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Work in progress | $43,396 | $18,803 |
Finished goods | 15,116 | 4,959 |
Total inventories | $58,512 | $23,762 |
Balance_Sheet_Details_Prepaid_
Balance Sheet Details - Prepaid Expenses and Other Current Assets (Detail) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Tax receivable | $6,334 | $6,374 |
Other receivable | 2,930 | 87 |
Prepaid expenses | 2,594 | 2,209 |
Deferred tax assets | 1,035 | 951 |
Other current assets | 1,863 | 857 |
Advance to and receivable from vendors | 3,353 | 2,824 |
Total prepaid expenses and other current assets | $18,109 | $13,302 |
Balance_Sheet_Details_Addition
Balance Sheet Details - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | |
Balance Sheet Related Disclosures [Abstract] | ' | ' | ' | ' |
Advance payments to foundry vendors | $0 | $0 | $800,000 | $0 |
Depreciation and amortization | 2,200,000 | 300,000 | 3,762,000 | 1,480,000 |
New capitalized leases totaled | $0 | $0 | $0 | $0 |
Balance_Sheet_Details_Property
Balance Sheet Details - Property and Equipment (Detail) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Subtotal | $33,451 | $15,552 |
Accumulated depreciation and amortization | -9,796 | -6,902 |
Property and equipment-net | 23,655 | 8,650 |
Production and Lab Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Subtotal | 22,895 | 11,654 |
Computer Equipment and Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Subtotal | 3,483 | 1,124 |
Equipment Under Construction [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Subtotal | 4,810 | 1,851 |
Leasehold Improvements and Furniture and Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Subtotal | $2,263 | $923 |
Balance_Sheet_Details_Accrued_
Balance Sheet Details - Accrued Liabilities (Detail) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Estimated Litigation Liability, Current | $14,500 | ' |
Payroll-related expenses | 4,283 | 2,777 |
Legal fees | 3,245 | 884 |
Other accrued liabilities | 3,541 | 819 |
Bonuses | 1,874 | 2,120 |
Accrued acquisition related costs | 1,289 | ' |
Accrued interest payable | 384 | ' |
Former CEO separation costs | 184 | 828 |
Engineering services | 293 | 106 |
Warranty reserves | 89 | 123 |
Income tax payable | 42 | 96 |
Total accrued liabilities | $29,724 | $7,753 |
Balance_Sheet_Details_Accrued_1
Balance Sheet Details - Accrued Liabilities (Parenthetical) (Detail) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Former CEO separation costs | $184 | $828 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Future Minimum Lease Payments Under Operating Leases (Detail) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Leases [Abstract] | ' |
2014 (remainder) | $649 |
2015 | 3,124 |
2016 | 3,820 |
2017 | 3,967 |
2018 | 3,961 |
Beyond | 6,926 |
Total | $22,447 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | |
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Rental expense | $1,600,000 | $500,000 | $3,400,000 | $1,500,000 |
Contributions | ' | ' | $0 | ' |
Convertible_Senior_Notes_Addit
Convertible Senior Notes - Additional Information (Detail) (USD $) | 9 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 9 Months Ended | 9 Months Ended | ||||||
Share data in Millions, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Nov. 07, 2013 | Nov. 07, 2013 | Nov. 07, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Nov. 06, 2013 | Dec. 29, 2013 | Dec. 29, 2013 |
Convertible Note Hedges Purchased [Member] | Convertible Note Hedges Purchased [Member] | Warrant Sold [Member] | Equity Component [Member] | Debt Discount [Member] | Other Non-current Assets [Member] | Coupon Rate Plus [Member] | Non-Cash Accretion Expense [Member] | Convertible Senior Notes Due 2018 [Member] | Condition One [Member] | Second Condition [Member] | ||
Hedge_Strategies | D | D | ||||||||||
Debt Instrument [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, Issuance date | 6-Nov-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, Principal amount | $175,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | $150,000,000 | ' | ' |
Convertible senior notes, Maturity date | 1-Nov-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, Stated interest rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.75% | ' | ' |
Proceeds from call option | 25,643,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, interest payment terms | 'The Notes pay interest in cash semi-annually (May and November) at a rate of 1.75% per annum. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net proceeds after issuance costs | 169,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued issuance costs | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, terms of conversion | 'On or after August 1, 2018 until the maturity date, the Notes may be converted at the option of the holders. Holders may convert the Notes at their option prior to August 1, 2018 only under the following circumstances: 1) During any calendar quarter commencing after the calendar quarter ending on March 31, 2014 (and only during such calendar quarter), if the last reported sale price of the Companybs common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; 2) During the five business day period after any five consecutive trading day period in which the btrading priceb per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on each such trading day; or 3) Upon the occurrence of specified corporate events, including if there is a fundamental change. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, conversion date | 1-Aug-18 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Threshold trading days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 5 |
Threshold consecutive trading days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | '5 days |
Threshold percentage of conversion price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130.00% | 98.00% |
Convertible senior notes, face amount per note | 1,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000 |
Convertible senior notes, conversion ratio | 45.683 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, conversion price | $21.89 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notes issued | 135,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, debt discount | 39,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Non-convertible debt borrowing rate | 7.30% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, issuance cost | ' | ' | ' | ' | 2,500,000 | 3,000,000 | 250,000 | ' | ' | ' | ' | ' |
Convertible senior notes, remaining amortization period | '4 years 10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, effective interest rate description | 'Effective interest rate of the Notes is 7.84% per annum (1.75% coupon rate plus 6.09% of non-cash accretion expense). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible senior notes, effective interest rate | 7.84% | ' | ' | ' | ' | ' | ' | 1.75% | 6.09% | ' | ' | ' |
Call options | ' | 8 | 8 | 8 | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock at exercise price | ' | 21.89 | 21.89 | 28.66 | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of shares in convertible note | ' | ' | 0.045683 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate price for convertible note hedge | 39,118,000 | 39,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from call options | $25,643,000 | ' | ' | $25,600,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Convertible_Senior_Notes_Summa
Convertible Senior Notes - Summary of Principal Amounts and Related Unamortized Discount on Notes (Detail) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Principal amount of the Note | $175,000 |
Unamortized discount on the Notes | 41,190 |
Net carrying value | $133,810 |
Convertible_Senior_Notes_Sched
Convertible Senior Notes - Schedule of Interest Expense Recognized Related to Notes (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 29, 2013 |
Debt Disclosure [Abstract] | ' | ' |
Contractual coupon interest expense | $394 | $394 |
Amortization of debt discount | 1,062 | 1,062 |
Amortization of debt issuance costs | 7 | 7 |
Total interest expense related to the Notes | $1,463 | $1,463 |
Convertible_Senior_Notes_Sched1
Convertible Senior Notes - Schedule of Aggregate Future Principal Debt Maturities (Detail) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
2014-2017 | ' |
2018 | 175,000 |
Total | $175,000 |
Stockholders_Equity_Additional
Stockholders' Equity - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 0 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | |||||
In Millions, except Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | Mar. 31, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Jul. 31, 2011 | Dec. 29, 2013 | Dec. 29, 2013 | Mar. 31, 2013 | Dec. 29, 2013 | Dec. 30, 2012 |
Minimum [Member] | 2013 Employee Stock Purchase Plan [Member] | 2011 Stock Incentive Plan [Member] | Employee Stock Options [Member] | Employee Stock Options [Member] | Employee Stock Options [Member] | Restricted Stock Units and Restricted Stock [Member] | Restricted Stock Units and Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock outstanding percentage | ' | ' | ' | ' | ' | ' | ' | 4.00% | ' | ' | ' | ' | ' |
Increase and decrease of common stock | ' | ' | ' | ' | ' | ' | ' | 3,400,000 | ' | ' | ' | ' | ' |
Reserved for issuance of shares | 18,800,000 | ' | 18,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Company's common stock for owners, more than | ' | ' | ' | ' | ' | 10.00% | ' | ' | ' | ' | ' | ' | ' |
Stock options vesting period | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' |
Nonqualified stock options may be granted at an exercise price, not less than | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, for an exercise price of not less than | ' | ' | 110.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options expiration period | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Purchase plan description | ' | ' | ' | ' | ' | ' | 'The purchase price of stock under the Purchase Plan is equal to 85% of the lower of (i) the fair market value of the Company's common stock on the first day of each offering period, or (ii) the fair market value of the Company's common stock on the purchase date (as defined in the Purchase Plan). Each offering period consists of one purchase period of approximately six months duration. | ' | ' | ' | ' | ' | ' |
Shares purchased | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' |
Shares were reserved for future issuance under the Purchase Plan | 22,150,000 | ' | 22,150,000 | ' | 20,778,000 | ' | 400,000 | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of the stock options exercised | $5.80 | $4.70 | $28.50 | $24.40 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized stock-based compensation expense, reduced for estimated forfeitures and related to non-vested options | 19.9 | ' | 19.9 | ' | 18.7 | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized expense of stock option, period for recognition | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 10 months 24 days | ' | '2 years 10 months 24 days | '3 years 3 months 18 days | ' |
Total unrecognized compensation cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $26 | ' |
Weighted-average grant-date fair value per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15.55 | $12.01 |
Stockholders_Equity_Stock_Opti
Stockholders' Equity - Stock Option Activities (Detail) (USD $) | 9 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Options Available for Grant, Beginning Balance | 10,198 |
Options Available for Grant, Increase to stock option pool | 3,399 |
Options Available for Grant, Options granted (weighted-average fair value of $5.76 per share) | -1,460 |
Options Available for Grant, Options exercised | ' |
Options Available for Grant, Options canceled | 448 |
Options Available for Grant, Ending Balance | 12,585 |
Options Issued and Outstanding, Beginning Balance | 10,495 |
Options Issued and Outstanding, Options granted (weighted-average fair value of $5.76 per share) | 1,460 |
Options Issued and Outstanding, Options exercised | -2,491 |
Options Issued and Outstanding, Options canceled | -448 |
Options Issued and Outstanding, Ending Balance | 9,016 |
Options Issued and Outstanding, Vested and expected to vest | 8,210 |
Options Issued and Outstanding, Exercisable | 2,964 |
Weighted- Average Exercise Price, Beginning Balance | $7.65 |
Weighted- Average Exercise Price, Options granted | $15.73 |
Weighted- Average Exercise Price, Options exercised | $4.02 |
Weighted- Average Exercise Price, Options canceled | $9.70 |
Weighted- Average Exercise Price, Ending Balance | $9.86 |
Weighted- Average Exercise Price, Vested and expected to vest | $9.65 |
Weighted- Average Exercise Price, Exercisable | $6.34 |
Weighted- Average Remaining Contractual Term (In Years), Beginning Balance | '7 years 5 months 27 days |
Weighted- Average Remaining Contractual Term (In Years), Ending Balance | '7 years 11 months 16 days |
Weighted- Average Remaining Contractual Term (In Years), Vested and expected to vest | '7 years 10 months 21 days |
Weighted- Average Remaining Contractual Term (In Years), Exercisable | '6 years 8 months 5 days |
Aggregate Intrinsic Value, Beginning Balance | $38,135 |
Aggregate Intrinsic Value, Ending Balance | 74,250 |
Aggregate Intrinsic Value, Vested and expected to vest | 69,363 |
Aggregate Intrinsic Value, Exercisable | $34,770 |
Stockholders_Equity_Stock_Opti1
Stockholders' Equity - Stock Option Activities (Parenthetical) (Detail) (USD $) | 9 Months Ended |
Dec. 29, 2013 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Weighted-average fair value | $5.76 |
Stockholders_Equity_WeightedAv
Stockholders' Equity - Weighted-Average Assumptions in Determining Stock-Based Compensation Expense (Detail) (Employee Stock Options [Member]) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | |
Employee Stock Options [Member] | ' | ' | ' | ' |
Expected Term | '4 years 9 months 18 days | '4 years 3 months 18 days | '4 years 8 months 12 days | '6 years |
Volatility | 40.50% | 46.50% | 41.50% | 47.70% |
Risk-free interest rate | 1.00% | 0.60% | 1.20% | 0.90% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Stockholders_Equity_Restricted
Stockholders' Equity - Restricted Stock Unit and Restricted Stock Activity (Detail) (Restricted Stock Units and Restricted Stock [Member], USD $) | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Restricted Stock Units and Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares Nonvested, Beginning period | 806 | ' |
Shares, Granted | 1,823 | ' |
Shares, Vested | -147 | ' |
Shares, Forfeited | -113 | ' |
Shares Nonvested, Ending period | 2,369 | ' |
Weighted average grant date fair value per share, Nonvested Beginning period | $12.05 | ' |
Weighted average grant date fair value per share, Granted | $15.55 | $12.01 |
Weighted average grant date fair value per share, Vested | $11.89 | ' |
Weighted average grant date fair value per share, Forfeited | $12.70 | ' |
Weighted average grant date fair value per share, Nonvested Ending period | $14.73 | ' |
Stockholders_Equity_Summary_of
Stockholders' Equity - Summary of Total Stock-Based Compensation Cost (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $4,719 | $2,757 | $10,896 | $6,449 |
Cost of Revenue [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 349 | 191 | 845 | 522 |
Research and Development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 1,665 | 752 | 3,941 | 2,075 |
Selling, General and Administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $2,705 | $1,814 | $6,110 | $3,852 |
Stockholders_Equity_Common_Sto
Stockholders' Equity - Common Stock Reserved for Future Issuances (Detail) | Dec. 29, 2013 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares available for future issuance | 22,150,000 | 20,684,000 |
Warrants to purchase common stock | ' | 94,000 |
Total common stock reserved for future issuances | 22,150,000 | 20,778,000 |
Employee Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares available for future issuance | 9,016,000 | 10,495,000 |
Restricted Stock Units and Restricted Stock [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares available for future issuance | 2,369,000 | 806,000 |
Reserved for Future Equity Incentive Grants [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares available for future issuance | 10,765,000 | 9,383,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Dec. 29, 2013 | Dec. 30, 2012 | Dec. 29, 2013 | Dec. 30, 2012 | |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Income tax provision (benefit) | ($2,599,000) | ($654,000) | $1,154,000 | $5,023,000 |
Uncertain tax positions within Long-term liabilities | 9,300,000 | ' | 9,300,000 | ' |
Uncertain tax provision | 500,000 | ' | 2,400,000 | ' |
Foreign Income Taxes [Member] | ' | ' | ' | ' |
Income Tax Examination [Line Items] | ' | ' | ' | ' |
Uncertain tax provision | $1,000,000 | ' | ' | ' |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended |
Oct. 31, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | |
Business Acquisition [Line Items] | ' | ' | ' |
Business acquisition, purchase price | $100,000,000 | ' | ' |
Business acquisition, contingent future expense reimbursements | 2,200,000 | ' | ' |
Business acquisition, contingent cash payment | 70,000,000 | ' | ' |
Business acquisition, fair value of contingent consideration | 0 | ' | ' |
Acquisition related costs | ' | 2,000,000 | 2,100,000 |
Fair value of intangible assets | 37,400,000 | ' | ' |
Developed Technology [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Fair value of intangible assets | 28,520,000 | ' | ' |
Estimated useful life of intangible assets | '6 years | ' | ' |
Customer Relationships [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Fair value of intangible assets | $1,560,000 | ' | ' |
Estimated useful life of intangible assets | '7 years | ' | ' |
Acquisition_Summary_of_Prelimi
Acquisition - Summary of Preliminary Purchase Price of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 29, 2013 | Oct. 31, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | |||
Assets Acquired | ' | ' | ' |
Inventories | ' | $5,107 | ' |
Property and equipment, net | ' | 4,193 | ' |
Intangible assets | ' | 37,400 | ' |
Goodwill | 51,098 | 51,098 | ' |
Total assets acquired | ' | 97,808 | ' |
Total purchase price (net of $2.2 million of contingent expense reimbursements) | ' | 97,808 | ' |
Developed Technology [Member] | ' | ' | ' |
Assets Acquired | ' | ' | ' |
Intangible assets | ' | 28,520 | ' |
In-Process Research & Development [Member] | ' | ' | ' |
Assets Acquired | ' | ' | ' |
Intangible assets | ' | 7,330 | ' |
Customer Relationships [Member] | ' | ' | ' |
Assets Acquired | ' | ' | ' |
Intangible assets | ' | $1,560 | ' |
Acquisition_Summary_of_Prelimi1
Acquisition - Summary of Preliminary Purchase Price of Assets Acquired and Liabilities Assumed (Parenthetical) (Detail) (USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Oct. 31, 2013 |
Business Combinations [Abstract] | ' |
Contingent expense reimbursements | $2.20 |
Acquisition_Summary_of_Fair_Va
Acquisition - Summary of Fair Value and Estimated Useful Lives of Intangible Assets (Detail) (USD $) | 0 Months Ended |
In Thousands, unless otherwise specified | Oct. 31, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Fair Value Amount | $37,400 |
Developed Technology [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Fair Value Amount | 28,520 |
Estimated Useful Life | '6 years |
Customer Relationships [Member] | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' |
Fair Value Amount | $1,560 |
Estimated Useful Life | '7 years |
Acquisition_Summary_of_Unaudit
Acquisition - Summary of Unaudited Proforma of Combined Financial Information (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 29, 2013 | Dec. 30, 2012 |
Business Combinations [Abstract] | ' | ' |
Revenues | $217,593 | $208,709 |
Net income | $9,683 | $38,663 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Dec. 29, 2013 | Dec. 29, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Changes in carrying amount of goodwill | ' | $0 |
Amortization for acquired intangible assets | $800,000 | $800,000 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) (USD $) | Dec. 29, 2013 | Mar. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets , Gross | $30,080 | ' |
Intangible assets, Accumulated Amortization | 829 | ' |
Intangible assets, net | 36,598 | ' |
Developed Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets , Gross | 28,520 | ' |
Intangible assets, Accumulated Amortization | 792 | ' |
Intangible assets, net | 27,728 | ' |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets , Gross | 1,560 | ' |
Intangible assets, Accumulated Amortization | 37 | ' |
Intangible assets, net | $1,523 | ' |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Estimated Future Amortization Expense Related to Intangible Assets (Detail) (USD $) | Dec. 29, 2013 |
In Thousands, unless otherwise specified | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
2013 (remaining 3 months) | $1,244 |
2014 | 4,976 |
2015 | 4,976 |
2016 | 4,976 |
2017 | 4,976 |
Thereafter | 8,103 |
Intangible assets, Net | $29,251 |
Subsequent_Events_Additional_I
Subsequent Events - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | ||
14-May-13 | Mar. 11, 2013 | Dec. 29, 2013 | Dec. 29, 2013 | Feb. 09, 2014 | |
Patents | Patents | Claim | Subsequent Events [Member] | ||
Minimum number of claims of Asserted Patents | ' | ' | ' | 1 | ' |
Number of infringed patents under examination | ' | 5 | ' | ' | ' |
Number of infringed patents under examination previously asserted | ' | 3 | ' | ' | ' |
Number of infringed new patents under examination | ' | 2 | ' | ' | ' |
Number of asserted patents being examined | 3 | ' | ' | ' | ' |
Proposal to enter into a limited cross license to settle outstanding litigation | ' | ' | ' | ' | $15 |
Litigation settlement, pre-tax charge recognized | ' | ' | $14.50 | ' | ' |