Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Jun. 30, 2017 | Jul. 31, 2017 | Dec. 31, 2016 | |
Entity Information [Line Items] | |||
Entity Registrant Name | ALPHA & OMEGA SEMICONDUCTOR Ltd | ||
Entity Central Index Key | 1,387,467 | ||
Current Fiscal Year End Date | --06-30 | ||
Entity Filer Category | Accelerated Filer | ||
Document Type | 10-K | ||
Document Period End Date | Jun. 30, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Entity Common Stock, Shares Outstanding | 23,997,185 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Public Float | $ 408 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 115,708 | $ 87,774 |
Restricted cash | 221 | 188 |
Accounts receivable, net | 28,410 | 26,594 |
Inventories | 76,254 | 68,848 |
Other current assets | 4,883 | 4,526 |
Total current assets | 225,476 | 187,930 |
Property, plant and equipment, net | 139,387 | 116,084 |
Land use rights, net | 8,804 | 0 |
Deferred income tax assets - long-term | 4,594 | 12,132 |
Other long-term assets | 20,147 | 2,359 |
Total assets | 398,408 | 318,505 |
Current liabilities: | ||
Accounts payable | 63,134 | 42,718 |
Accrued liabilities | 28,386 | 22,590 |
Income taxes payable | 1,748 | 2,356 |
Deferred margin | 814 | 997 |
Capital leases | 828 | 819 |
Total current liabilities | 94,910 | 69,480 |
Income taxes payable - long-term | 922 | 1,577 |
Deferred income tax liabilities | 2,659 | 2,973 |
Capital leases - long term | 866 | 1,695 |
Other long-term liabilities | 502 | 741 |
Total liabilities | 99,859 | 76,466 |
Commitments and contingencies (Note 13) | ||
Preferred shares, par value $0.002 per share: | ||
Authorized: 10,000 shares; Issued and outstanding: none at June 30, 2017 and 2016 | 0 | 0 |
Common shares, par value $0.002 per share: | ||
Authorized: 50,000 shares; issued and outstanding: 29,600 shares and 23,992 shares at June 30, 2017 and 28,405 shares and 22,754 shares at June 30, 2016 | 59 | 57 |
Treasury shares at cost; 5,608 shares at June 30, 2017 and 5,651 shares at June 30, 2016 | (49,836) | (50,199) |
Additional paid-in capital | 206,332 | 191,444 |
Accumulated other comprehensive income | 306 | 769 |
Retained earnings | 113,909 | 100,071 |
Total Alpha and Omega Semiconductor Limited shareholders’ equity | 270,770 | 242,142 |
Noncontrolling interest | 27,779 | (103) |
Total equity | 298,549 | 242,039 |
Total liabilities and equity | $ 398,408 | $ 318,505 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Jun. 30, 2017 | Jun. 30, 2016 |
Common shares, par value (in dollars per share) | $ 0.002 | $ 0.002 |
Common shares, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 29,600,000 | 28,405,000 |
Common stock, shares outstanding (in shares) | 23,992,000 | 22,754,000 |
Preferred stock, par value (in dollars per share) | $ 0.002 | $ 0.002 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury shares (in shares) | 5,608,000 | 5,651,000 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | |||
Revenue | $ 383,337 | $ 335,661 | $ 327,935 |
Cost of goods sold | 291,516 | 269,839 | 267,453 |
Gross profit | 91,821 | 65,822 | 60,482 |
Operating expenses: | |||
Research and development | 29,835 | 26,006 | 27,075 |
Selling, general and administrative | 48,842 | 37,874 | 37,625 |
Impairment of long-lived assets | 0 | 432 | 0 |
Total operating expenses | 78,677 | 64,312 | 64,700 |
Operating income (loss) | 13,144 | 1,510 | (4,218) |
Interest income and other income (loss), net | (141) | (498) | 533 |
Interest expense | (91) | (23) | (181) |
Income (loss) before income taxes | 12,912 | 989 | (3,866) |
Income tax expense | 3,652 | 4,021 | 3,897 |
Net income (loss) including noncontrolling interest | 9,260 | (3,032) | (7,763) |
Net loss attributable to noncontrolling interest | (4,569) | (104) | 0 |
Net income (loss) attributable to Alpha and Omega Semiconductor Limited | $ 13,829 | $ (2,928) | $ (7,763) |
Net income (loss) per common share attributable to Alpha and Omega Semiconductor Limited | |||
Basic (in dollars per share) | $ 0.59 | $ (0.13) | $ (0.29) |
Diluted (in dollars per share) | $ 0.56 | $ (0.13) | $ (0.29) |
Weighted average number of common share attributable to Alpha and Omega Semiconductor Limited used to compute net income (loss) per share: | |||
Basic (in shares) | 23,526 | 22,452 | 26,429 |
Diluted (in shares) | 24,826 | 22,452 | 26,429 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) including noncontrolling interest | $ 9,260 | $ (3,032) | $ (7,763) |
Other comprehensive loss, net of tax, foreign currency translation adjustment | (1,012) | (135) | (128) |
Comprehensive income (loss) | 8,248 | (3,167) | (7,891) |
Noncontrolling interest | (5,118) | (103) | 0 |
Comprehensive income (loss) attributable to Alpha and Omega Semiconductor Limited | $ 13,366 | $ (3,064) | $ (7,891) |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Total AOS Shareholders' Equity [Member] | Convertible Preferred Shares [Member] | Common Shares [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 283,388 | ||||||||
Balance (in shares) at Jun. 30, 2014 | 0 | ||||||||
Balance (in shares) at Jun. 30, 2014 | 26,644,000 | ||||||||
Balance (in shares) at Jun. 30, 2014 | (340,000) | ||||||||
Balance at Jun. 30, 2014 | $ 283,388 | $ 0 | $ 53 | $ (2,889) | $ 174,084 | $ 1,033 | $ 111,107 | $ 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Exercise of common stock options and release of RSUs (in shares) | 475,000 | ||||||||
Exercise of common stock options and release of RSUs | 1,409 | 1,409 | $ 1 | 1,408 | |||||
Reissuance of Treasury Stock (in shares) | 8,000 | ||||||||
Reissuance of Treasury Stock | 0 | 0 | $ 112 | (112) | |||||
Shares Paid for Tax Withholding for Share Based Compensation | (61,000) | ||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | (539) | (539) | (539) | ||||||
Issuance of common shares under Employee Stock Purchase Plan (in shares) | 256,000 | ||||||||
Issuance of common shares under Employee Stock Purchase Plan | $ 1,598 | 1,598 | $ 1 | 1,597 | |||||
Repurchase of common shares under shares repurchase program (in shares) | (666,230) | (666,000) | |||||||
Repurchase of common shares under shares repurchase program | $ (5,816) | (5,816) | $ (5,816) | ||||||
Share-based compensation expense | 4,490 | 4,490 | 4,490 | ||||||
Net loss | (7,763) | (7,763) | (7,763) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (128) | (128) | |||||||
Balance (in shares) at Jun. 30, 2015 | 0 | ||||||||
Balance (in shares) at Jun. 30, 2015 | 27,314,000 | ||||||||
Balance (in shares) at Jun. 30, 2015 | (998,000) | ||||||||
Balance at Jun. 30, 2015 | 276,639 | $ 0 | $ 55 | $ (8,593) | 181,040 | 905 | 103,232 | 0 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to noncontrolling interest | 0 | 0 | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 0 | ||||||||
Net income (loss) including noncontrolling interest | (7,763) | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (128) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 276,639 | ||||||||
Exercise of common stock options and release of RSUs (in shares) | 926,000 | ||||||||
Exercise of common stock options and release of RSUs | 5,330 | 5,330 | $ 1 | 5,329 | |||||
Reissuance of Treasury Stock (in shares) | 42,000 | ||||||||
Reissuance of Treasury Stock | 242 | 242 | $ 475 | (233) | |||||
Shares Paid for Tax Withholding for Share Based Compensation | (93,000) | ||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | (1,036) | (1,036) | (1,036) | ||||||
Issuance of common shares under Employee Stock Purchase Plan (in shares) | 258,000 | ||||||||
Issuance of common shares under Employee Stock Purchase Plan | $ 1,799 | 1,799 | $ 1 | 1,798 | |||||
Repurchase of common shares under shares repurchase program (in shares) | (4,695,499) | (4,695,000) | |||||||
Repurchase of common shares under shares repurchase program | $ (42,081) | (42,081) | $ (42,081) | ||||||
Share-based compensation expense | 4,313 | 4,313 | 4,313 | ||||||
Net loss | $ (2,928) | (2,928) | (2,928) | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (136) | (136) | |||||||
Balance (in shares) at Jun. 30, 2016 | 0 | 0 | |||||||
Balance (in shares) at Jun. 30, 2016 | 28,405,000 | 28,405,000 | |||||||
Balance (in shares) at Jun. 30, 2016 | (5,651,000) | (5,651,000) | |||||||
Balance at Jun. 30, 2016 | $ 242,142 | 242,142 | $ 0 | $ 57 | $ (50,199) | 191,444 | 769 | 100,071 | (103) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to noncontrolling interest | (104) | (104) | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | 1 | ||||||||
Net income (loss) including noncontrolling interest | (3,032) | ||||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (135) | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | 242,039 | 242,142 | (103) | ||||||
Exercise of common stock options and release of RSUs (in shares) | 1,015,000 | ||||||||
Exercise of common stock options and release of RSUs | 7,790 | 7,790 | $ 2 | 7,788 | 0 | ||||
Reissuance of Treasury Stock (in shares) | 43,000 | ||||||||
Reissuance of Treasury Stock | 372 | 372 | $ 363 | 9 | 0 | ||||
Shares Paid for Tax Withholding for Share Based Compensation | (112,000) | ||||||||
Adjustments Related to Tax Withholding for Share-based Compensation | (2,071) | (2,071) | (2,071) | ||||||
Issuance of common shares under Employee Stock Purchase Plan (in shares) | 292,000 | ||||||||
Issuance of common shares under Employee Stock Purchase Plan | 2,537 | 2,537 | $ 0 | 2,537 | 0 | ||||
Share-based compensation expense | 6,634 | 6,634 | 6,634 | 0 | |||||
Net loss | $ 13,829 | 13,829 | 13,829 | ||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax, Portion Attributable to Parent | (463) | (463) | |||||||
Balance (in shares) at Jun. 30, 2017 | 0 | 0 | |||||||
Balance (in shares) at Jun. 30, 2017 | 29,600,000 | 29,600,000 | |||||||
Balance (in shares) at Jun. 30, 2017 | (5,608,000) | (5,608,000) | |||||||
Balance at Jun. 30, 2017 | $ 270,770 | 270,770 | $ 0 | $ 59 | $ (49,836) | $ 206,332 | $ 306 | $ 113,909 | 27,779 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net loss attributable to noncontrolling interest | (4,569) | (4,569) | |||||||
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest | (549) | ||||||||
Noncontrolling Interest, Increase from Subsidiary Equity Issuance | 33,000 | 0 | 33,000 | ||||||
Net income (loss) including noncontrolling interest | 9,260 | 13,829 | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax | (1,012) | (463) | (549) | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 298,549 | $ 270,770 | $ 27,779 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities | |||
Net income (loss) including noncontrolling interest | $ 9,260 | $ (3,032) | $ (7,763) |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
Depreciation and amortization | 27,188 | 27,303 | 27,547 |
Share-based compensation expense | 6,634 | 4,313 | 4,490 |
Deferred income taxes, net | 7,224 | 871 | 785 |
(Gain) loss on disposal of property and equipment | (425) | 95 | (103) |
Impairment of long-lived assets | 0 | 432 | 0 |
Government grant via forgiven loan | 0 | 0 | (250) |
Changes in assets and liabilities: | |||
Accounts receivable | (1,816) | 12,187 | (2,247) |
Inventories | (7,406) | (4,674) | 2,386 |
Other current and long-term assets | (4,584) | (310) | (517) |
Accounts payable | 4,515 | (1,162) | 3,335 |
Income taxes payable | (1,264) | 960 | (1,276) |
Accrued and other liabilities | 3,322 | 3,199 | 1,282 |
Net cash provided by operating activities | 42,648 | 40,182 | 27,669 |
Cash flows from investing activities | |||
Purchase of property and equipment excluding JV Company | (30,799) | (21,901) | (21,492) |
Purchase of property and equipment in JV Company | (16,052) | 0 | 0 |
Purchases of land use rights in JV Company | (8,737) | 0 | 0 |
Proceeds from sale of property and equipment | 603 | 0 | 272 |
(Increase) decrease in restricted cash | (33) | 180 | (125) |
Investment in a privately held company | (600) | 0 | 0 |
Net cash used in investing activities | (55,618) | (21,721) | (21,345) |
Cash flows from financing activities | |||
Proceeds from investment by noncontrolling interest | 33,000 | 0 | 0 |
Withholding tax on restricted stock units | (2,071) | (1,036) | (539) |
Proceeds from exercise of stock options and ESPP | 10,699 | 7,371 | 3,007 |
Payment for repurchase of common shares | 0 | (42,081) | (5,816) |
Repayments of borrowings | 0 | 0 | (13,571) |
Principal payments on capital leases | (819) | (940) | (1,061) |
Net cash provided by (used in) financing activities | 40,809 | (36,686) | (17,980) |
Effect of exchange rate changes on cash and cash equivalents | 95 | (86) | (47) |
Net increase (decrease) in cash and cash equivalents | 27,934 | (18,311) | (11,703) |
Cash and cash equivalents at beginning of year | 87,774 | 106,085 | 117,788 |
Cash and cash equivalents at end of year | 115,708 | 87,774 | 106,085 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 70 | 9 | 171 |
Cash paid for income taxes | 2,550 | 3,139 | 4,813 |
Supplemental disclosures of non-cash investing and financing information: | |||
Property and equipment purchased but not yet paid | 23,155 | 5,711 | 5,728 |
Property and equipment acquired under capital leases | 0 | 2,449 | 0 |
Reissuance of Treasury Stock | $ (9) | $ 233 | $ 112 |
The Company and Significant Acc
The Company and Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
The Company and Significant Accounting Policies | The Company and Significant Accounting Policies The Company Alpha and Omega Semiconductor Limited and its subsidiaries (the “Company”, "AOS", "we" or "us") design, develop and supply a broad range of power semiconductors. The Company's portfolio of products targets high-volume applications, including personal computers, flat panel TVs, LED lighting, smart phones, battery packs, consumer and industrial motor controls and power supplies for TVs, computers, servers and telecommunications equipment. The Company conducts its operations primarily in the United States of America (“USA”), Hong Kong, China, Taiwan, Korea, Germany and Japan. Basis of Preparation The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and a subsidiary in which it has a controlling interest after elimination of inter-company balances and transactions. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). Use of Estimates The preparation of our consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. To the extent there are material differences between these estimates and actual results, the Company's consolidated financial statements will be affected. On an ongoing basis, the Company evaluates the estimates, judgments and assumptions including those related to stock rotation returns, price adjustments, allowance for doubtful accounts, inventory reserves, warranty accrual, income taxes, share-based compensation, and useful lives for property, plant and equipment and intangible assets. Foreign Currency Transactions and Translation Most of the Company's principal subsidiaries use U.S. dollars as their functional currency because their transactions are primarily conducted and settled in U.S. dollars. All of their revenues and a significant portion of their operating expenses are denominated in U.S. dollars. The functional currencies for the Company's in-house packaging and testing facilities in China are U.S. dollars, and a majority of their capital expenditures are denominated in U.S. dollars. Foreign currency transactions are translated into the functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses, resulting from the settlement of such transactions and from the remeasurement of monetary assets and liabilities denominated in foreign currencies using exchange rates at balance sheet date and non-monetary assets and liabilities using historical exchange rates, are recognized in the consolidated statements of operations. For the Company's subsidiaries which use the local currency as their functional currency, including a Joint Venture Company ("JV Company"), their results and financial position are translated into U.S. dollars using exchange rates at balance sheet dates for assets and liabilities and using average exchange rates for income and expenses items. The resulting translation differences are presented as a separate component of accumulated other comprehensive income (loss) and noncontrolling interest in the consolidated statements of equity. Cash and Cash Equivalents Cash and cash equivalents primarily consist of cash on hand and short-term bank deposits with original maturities of three months or less. Cash equivalents are highly liquid investments with stated maturities of three months or less as of the dates of purchase. The carrying amounts reported for cash and cash equivalents are considered to approximate fair values based upon their short maturities. Cash and cash equivalents are maintained with reputable major financial institutions. If, due to current economic conditions or other factors, one or more of the financial institutions with which the Company maintains deposits fails, the Company's cash and cash equivalents may be at risk. Deposits with these banks may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. Accounts Receivable The allowance for doubtful accounts is based on assessment of the collectability of accounts receivable from customers. The Company reviews the allowance by considering factors such as historical collection experience, credit quality, age of the accounts receivable balances and current economic conditions that may affect a customer's ability to pay. The Company writes off a receivable and charges against its recorded allowance when it has exhausted its collection efforts without success. Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Fair Value of Financial Instruments The fair value of cash equivalents are based on observable market prices and have been categorized in Level 1 in the fair value hierarchy. Cash equivalents consist primarily of short term bank deposits. The carrying values of financial instruments such as cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to their short-term maturities. The carrying value of the company's debt is considered a reasonable estimate of fair value which is estimated by considering the current rates available to the Company for debt of the same remaining maturities, structure and terms of the debts. Inventories The Company carries inventories at the lower of cost (determined on a first-in, first-out basis) or market value. Cost includes semiconductor wafer and raw materials, labor, depreciation expenses and other manufacturing expenses and overhead, and packaging and testing fees paid to third parties if subcontractors are used. Inventory reserves are made based on the Company's periodic review of inventory quantities on hand as compared with its sales forecasts, historical usage, aging of inventories, production yield levels and current product selling prices. If actual market conditions are less favorable than those forecasted by management, additional future inventory write-downs may be required that could adversely affect the Company's operating results. Inventory reserves once established are not reversed until the related inventory has been sold or scrapped. Property, Plant and Equipment Property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditures that are directly attributable to the acquisition of the items and the costs incurred to make the assets ready for their intended use. Depreciation is provided for on a straight-line basis over the estimated useful lives of the related assets as follows: Building 20 years Manufacturing machinery and equipment 3 to 10 years Equipment and tooling 5 years Computer equipment and software 3 to 5 years Office furniture and equipment 5 years Leasehold improvements 2 to 15 years based on shorter of expected economic useful life or the lease term Equipment and construction in progress represent equipment received but the necessary installation has not been fully performed or leasehold improvements have been started but not yet completed. Equipment and construction in progress are stated at cost and transferred to respective asset class when fully completed and ready for their intended use. Internal-use software development costs are capitalized to the extent that the costs are directly associated with the development of identifiable and unique software products controlled by the Company that will probably generate economic benefits beyond one year. Costs incurred during the application development stage are required to be capitalized. The application development stage is characterized by software design and configuration activities, coding, testing and installation. Training costs and maintenance are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Costs include employee costs incurred and fees paid to outside consultants for the software development and implementation. Internal developed software is amortized over its estimated useful life of five years starting from the date when it is ready for its intended use. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized as selling, general and administrative expenses in the consolidated statements of operations. Costs of maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. Impairment of Long-Lived Assets Long-lived assets or asset groups are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. Factors that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. Where such factors indicate potential impairment, the recoverability of an asset or asset group is assessed by determining if the carrying value of the asset or asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life. The impairment loss is measured based on the difference between the carrying amount and estimated fair value. Goodwill Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually, or whenever changes in circumstances indicate that the carrying amount of goodwill or intangible assets may not be recoverable. These tests are performed at the reporting unit level using a two-step, fair-value based approach. In testing for a potential impairment of goodwill, the Company first compares the carrying value of assets and liabilities to the estimated fair value. If estimated fair value is less than carrying value, then potential impairment exists. The amount of any impairment is then calculated by determining the implied fair value of goodwill using a hypothetical purchase price allocation, similar to that which would be applied if it were an acquisition and the purchase price was equivalent to fair value as calculated in the first step. Impairment is equivalent to any excess of goodwill carrying value over its implied fair value. There was no indication of goodwill impairment for the fiscal year of 2017, 2016 and 2015. The process of evaluating the potential impairment of goodwill requires significant judgment at many points during the analysis, including calculating fair value of each reporting unit based on estimated future cash flows and discount rates to be applied. The Company re-evaluates its intangible assets and goodwill for impairment during the fourth quarter of fiscal year. Goodwill is recorded in other long-term assets in the Company's consolidated balance sheets. Intangible Assets Intangible assets are stated at cost less accumulated amortization. Intangible assets include patents and exclusive technology rights, trade names and customer relationships. Intangible assets with finite lives are amortized on a straight-line basis over the estimated periods of benefit, as follows: Patents and exclusive technology rights 3 to 7 years Trade name 3 years Customer relationships 4 years The Company evaluates its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the asset group. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount and fair value less costs to sell. Intangible assets are recorded in other long-term assets in the Company's consolidated balance sheets. There was no indication of intangible assets impairment for the fiscal year of 2017, 2016 and 2015. Joint Venture In March 2016, the Company executed an agreement with two strategic investment funds owned by the Municipality of Chongqing, China to form a joint venture for a new state-of-the-art power semiconductor packaging, testing and wafer fabrication facility in Liangjiang New Area of Chongqing (the "Joint Venture"). The initial capitalization of the JV Company under the agreement is $330.0 million , which includes cash contribution from the Chongqing funds and contributions of cash, equipment and intangible assets from the Company. The Company owns 51% and the Chongqing funds owns 49% of the equity interest of the JV Company. The Joint Venture is accounted under the provisions of the consolidation guidance since the Company has controlling financial interest. Revenue Recognition The Company recognizes revenue when there is persuasive evidence that an arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable and when collectability is reasonably assured. The Company recognizes revenue when product is shipped to the customer, net of estimated stock rotation returns and price adjustments that it expects to provide to certain distributors. The Company sells its products primarily to distributors, who in turn sell the products globally to various end customers. The Company allows stock rotation returns from certain distributors. Stock rotation returns are governed by contract and are limited to a specified percentage of the monetary value of products purchased by distributors during a specified period. The Company records an allowance for stock rotation returns based on historical returns and individual distributor agreements. The Company also provides special pricing to certain distributors, primarily based on volume, to encourage resale of the Company's products. The Company estimates the expected price adjustments at the time revenue is recognized based on distributor inventory levels, pre-approved future distributor selling prices, distributor margins and demand for its products. If actual stock rotation returns or price adjustments differ from their estimates, adjustments are recorded in the period when the actual information is known. Allowance for price adjustments is recorded against accounts receivable and the provision for stock rotation rights is included in accrued liabilities on the consolidated balance sheets. Revenue from certain distributors is deferred until the distributor resells the products to end customers due to price protection adjustments and right of returns that cannot be reliably measured. The deferred revenue, net of the associated deferred cost of the inventory, is recorded as deferred margin on the consolidated balance sheets. Packaging and testing services revenue is recognized upon shipment of serviced products to the customer. Product Warranty The Company provides a standard one-year warranty for the products from the date of purchase by the end customers. The Company accrues for estimated warranty costs at the time revenue is recognized. The Company's warranty obligation is affected by product failure rates, labor and material costs for replacing defective parts, related freight costs for failed parts and other quality assurance costs. The Company monitors its product returns for warranty claims and maintains warranty reserves based on historical experiences and anticipated warranty claims known at the time of estimation. Shipping and Handling Costs Shipping and handling costs are included in cost of goods sold. Research and Development Research and development costs are expensed as incurred. Provision for Income Taxes Income tax expense or benefit is based on income or loss before taxes. Deferred tax assets and liabilities are recognized principally for the expected tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts. The Company is subject to income taxes in a number of jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company establishes accruals for certain tax contingencies based on estimates of whether additional taxes may be due. While the final tax outcome of these matters may differ from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Significant management judgment is also required in determining whether deferred tax assets will be realized in full or in part. When it is more likely than not that all or some portion of specific deferred tax assets such as net operating losses or research and experimentation tax credit carryforwards will not be realized, a valuation allowance must be established for the amount of the deferred tax assets that cannot be realized. We consider all available positive and negative evidence on a jurisdiction-by-jurisdiction basis when assessing whether it is more likely than not that deferred tax assets are recoverable. We consider evidence such as our past operating results, the existence of cumulative losses in recent years and our forecast of future taxable income. The Financial Accounting Standards Board, or FASB, issued guidance which clarifies the accounting for income taxes by prescribing a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely to be realized upon ultimate settlement. Although the guidance on the accounting for uncertainty in income taxes prescribes the use of a recognition and measurement model, the determination of whether an uncertain tax position has met those thresholds will continue to require significant judgment by management. If the ultimate resolution of tax uncertainties is different from what is currently estimated, a material impact on income tax expense could result. Our provision for income taxes is subject to volatility and could be adversely impacted by changes in earnings or tax laws and regulations in various jurisdictions. We are subject to the continuous examination of our income tax returns by the Internal Revenue Service and other tax authorities. We regularly assess the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for income taxes. To the extent that the final tax outcome of these matters is different from the amounts recorded, such differences will impact the provision for income taxes in the period in which such determination is made. The provision for income taxes includes the impact of changes to reserves, as well as the related net interest and penalties. Share-based Compensation Expense The Company recognizes expense related to share-based compensation awards that are ultimately expected to vest based on estimated fair values on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense is recognized on the accelerated vesting attribution basis over the requisite service period of the award, which generally equals the vesting period. The Company maintains an equity-settled, share-based compensation plan which grants share options and restricted share units (the "RSUs") to employees, directors and consultants. In May 2010, the Company adopted the Employee Share Purchase Plan (the "ESPP"). The fair value of RSUs is based on the fair value of the Company's common share on the date of grant. The fair values of stock options and common stock issued under the ESPP are determined at the date of grant using the Black-Scholes option valuation model. The Company determined the weighted average valuation assumptions as follows: • Expected term is estimated the expected life of options granted based on historical exercise and post-vest cancellation patterns, which the Company believes are representative of future behavior. • Forfeiture rate is estimated based on the historical average period of time that the awards were outstanding and forfeited. The estimate of forfeitures is adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from the prior estimates. Changes in estimated forfeitures are recognized in the period of change and impact the amount of stock compensation expenses to be recognized in future periods, which could be material if actual results differ significantly from our estimates. • Volatility is estimated based on our historical volatility over a period equivalent to the expected term of the stock awards granted. • Risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the awards granted. • Dividend yield is zero as the Company has never declared or paid any dividends and currently has no intention to pay dividends in the foreseeable future. Advertising Advertising expenditures are expensed as incurred. Advertising expense was $0.4 million , $0.4 million , and $0.5 million for the fiscal years ended June 30, 2017 , 2016 , and 2015 , respectively. Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company's accumulated other comprehensive income (loss) consists of cumulative foreign currency translation adjustments. Leases Leases entered into by the Company as a lessee are classified as capital or operating leases. Leases that transfer to the Company substantially the entire risks and benefits incidental to ownership are classified as capital leases. At the inception of a capital lease, an asset and an obligation are recorded at an amount equal to the lesser of the present value of the minimum lease payments and the asset’s fair market value at the beginning of each lease. Rental payments under operating leases are expensed as incurred. Risks and Uncertainties The Company is subject to certain risks and uncertainties. The Company believes changes in any of the following areas could have a material adverse effect on the Company's future financial position or results of operations or cash flows: new product development, including market receptiveness, operation of in-house manufacturing facilities, litigation or claims against the Company based on intellectual property, patent, product regulatory or other factors, competition from other products, general economic conditions, the ability to attract and retain qualified employees, the ability to successfully operate joint venture and ultimately to sustain profitable operations. Additional risks and uncertainties that the Company is unaware of, or that the Company currently believes are not material, may also become important factors that adversely affect its business. The semiconductor industry is characterized by rapid technological change, competition, competitive pricing pressures and cyclical market patterns. The Company's financial results are affected by a wide variety of factors, including general economic conditions specific to the semiconductor industry and the Company's particular market, such as the personal computing (PC) markets, the timely implementation of new products, new manufacturing process technology and the ability to safeguard patents and intellectual property in a rapidly evolving market. In addition, the semiconductor market has historically been cyclical and subject to significant economic downturns. As a result, the Company may experience significant period-to-period fluctuations in operating results due to the factors mentioned above or other factors. The Company adopts a fabless to a “fab-lite” business model under which the Company allocates its wafer manufacturing requirements to both in-house capacity and selected third-party foundries. The Company also deploys and implements its proprietary power discrete processes and equipment at third-party foundries to maximize the performance and quality of its products. The Company's revenue may be impacted by its ability to obtain adequate wafer supplies from third-party foundries and utilize wafer production and packaging and testing capacity from its in-house facilities. Currently the Company's main third-party foundry is Shanghai Hua Hong Grace Electronic Company Limited, or HHGrace, located in Shanghai, China. HHGrace has been manufacturing wafers for the Company since 2002. HHGrace manufactured approximately 18.6% , 25.0% and 25.0% of the wafers used in the Company's products for the fiscal years ended June 30, 2017 , 2016 and 2015, respectively. Although the Company believes that its volume of production allows the Company to secure favorable pricing and priority in allocation of capacity in its third-party foundries, if the foundries' capacities are constrained due to market demands, HHGrace, together with other foundries from which the Company purchases wafers, may not be willing or able to satisfy all of the Company's manufacturing requirements on a timely basis and/or at favorable prices. The Company is also subject to the risks of service disruptions and raw material shortages by its foundries. Such disruptions, shortages and price increases could harm the Company's operating results. In addition, manufacturing facilities' capacity affects the Company's gross margin because the Company has certain fixed costs associated with its Oregon fab and in-house packaging and testing facilities. If the Company fails to utilize its manufacturing facilities' capacity at a desirable level, its financial condition and results of operations will be adversely affected. Recent Accounting Pronouncements In May 2017, the FASB issued Accounting Standard Updates ("ASU") ASU 2017-09, "Compensation -Stock Compensation: Scope of Modification Accounting ("ASU 2017-09"). ASU 2017-09 is an update to the existing guidance to clarify when modification accounting would be applied for a change to the terms or conditions of a share-based award. Under this new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. This ASU will be effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 with early adoption permitted. The Company does not regularly modify the terms and conditions of its share-based awards and does not expect the adoption of this guidance to have a significant impact on its financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows: Restricted Cash ("ASU 2016-18"). ASU 2016-18 requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. This ASU will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted and requires retrospective adoption. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory ("ASU 2016-16"). ASU 2016-16 requires entities to recognize income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amended guidance is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. The Company expects to early adopt the new standard effective July 1, 2017 by utilizing the modified retrospective adoption method. As of June 30, 2017 the Company has $5.5 million of prepaid tax assets related to an inter-company packaging equipment transfer. As a result of early adopting ASU 2016-16, the Company will derecognize the $5.5 million of prepaid tax assets as of July 1, 2017 with an offsetting reduction to retained earnings. In addition, the Company will record a $6.5 million deferred tax asset and a $6.5 million valuation allowance to record the deferred tax asset related to the inter-company packaging equipment transfer book-tax differences as of July 1, 2017. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 identifies how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows under Topic 230. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. Upon adoption, entities must apply the guidance retrospectively to all periods presented. The Company is currently evaluating the impact the adoption of ASU 2016-15 will have on its consolidated financial statements. In May 2016, the FASB issued Accounting Standards Update ("ASU") 2016-12, "Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients." ASU 2016-12 provides additional guidance established by the FASB-IASB Joint Transition Resource Group for Revenue Recognition regarding the implementation of certain aspects of the new revenue recognition guidance. More specifically, the amendment provides additional guidance regarding assessing the collectability criterion, the presentation of sales taxes and other similar taxes collected from customers, noncash consideration, contract modifications or completed contracts at transition of the new revenue recognition guidance and technical corrections. The effective date is consistent with the effective date of ASU 2014-09. The new standard permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company currently anticipates adopting the standard using the modified retrospective method. While the Company is still in the process of completing its analysis on the impact this guidance will have on the Company's consolidated financial statements, |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 12 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income (loss) Per Common Share Attributable to Alpha and Omega Semiconductor Limited Basic net income (loss) per share is computed using the weighted-average number of common shares outstanding during the period. Diluted net income (loss) per share is computed using the weighted-average number of common shares outstanding, plus potential shares of common stock during the period. Potential shares of common stock include dilutive shares attributable to the assumed exercise of share options, ESPP shares and vesting of RSUs using the treasury stock method and contingent issuances of common shares related to convertible preferred shares, if dilutive. Under the treasury stock method, potential common shares outstanding are not included in the computation of diluted net income per share if their effect is anti-dilutive. The following table presents the calculation of basic and diluted net loss per share attributable to common shareholders: Year Ended June 30, 2017 2016 2015 (in thousands, except per share data) Numerator: Net income (loss) attributable to Alpha and Omega Semiconductor Limited $ 13,829 $ (2,928 ) $ (7,763 ) Denominator: Basic: Weighted average number of common shares used to compute basic net income (loss) per share 23,526 22,452 26,429 Diluted: Weighted average number of common shares used to compute basic net income (loss) per share 23,526 22,452 26,429 Effect of potentially dilutive securities: Stock options, RSUs and ESPP shares 1,300 — — Weighted average number of common shares used to compute diluted net income (loss) per share 24,826 22,452 26,429 Net income (loss) per share attributable to Alpha and Omega Semiconductor Limited: Basic $ 0.59 $ (0.13 ) $ (0.29 ) Diluted $ 0.56 $ (0.13 ) $ (0.29 ) The following potential dilutive securities were excluded from the computation of diluted net income (loss) per share as their effect would have been anti-dilutive: Year Ended June 30, 2017 2016 2015 (in thousands) Employee stock options and RSUs 105 3,206 3,737 ESPP 19 414 380 Total potential dilutive securities 124 3,620 4,117 |
Balance Sheet Components
Balance Sheet Components | 12 Months Ended |
Jun. 30, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components Accounts receivable June 30, 2017 2016 (in thousands) Accounts receivable $ 48,039 $ 43,324 Less: Allowance for price adjustments (19,599 ) (16,700 ) Less: Allowance for doubtful accounts (30 ) (30 ) Accounts receivable, net $ 28,410 $ 26,594 Inventories June 30, 2017 2016 (in thousands) Raw materials $ 32,118 $ 23,982 Work in-process 36,081 32,446 Finished goods 8,055 12,420 $ 76,254 $ 68,848 Property, plant and equipment, net June 30, 2017 2016 (in thousands) Land $ 4,877 $ 4,877 Building 4,325 4,323 Manufacturing machinery and equipment 215,275 193,164 Equipment and tooling 13,549 12,289 Computer equipment and software 24,346 23,448 Office furniture and equipment 1,935 1,822 Leasehold improvements 29,136 28,660 293,443 268,583 Less accumulated depreciation (194,837 ) (168,687 ) 98,606 99,896 Equipment and construction in progress 40,781 16,188 Property, plant and equipment, net $ 139,387 $ 116,084 Total depreciation expense was $27.2 million , $27.3 million and $27.4 million for fiscal year 2017 , 2016 and 2015 , respectively. The gross amount of computer software recorded under capital leases was $8.2 million and $8.3 million and the related accumulated depreciation was $6.5 million and $5.6 million , respectively, at June 30, 2017 and 2016 . The Company capitalized $ 0.2 million , $ 0.2 million and 1.0 million of software development costs for fiscal year 2017 , 2016 and 2015 , respectively. Amortization of capitalized software development costs was $ 0.6 million , $ 0.6 million and $0.5 million for fiscal year 2017 , 2016 and 2015 , respectively. Unamortized capitalized software development costs at June 30, 2017 and 2016 were $ 1.1 million and $ 1.4 million , respectively. Land use rights, net There is no private land ownership in China. Individuals and companies are permitted to acquire land use rights for specific purpose. In March 2017, the JV Company received the necessary land use right certificate from the PRC government. The land use rights will expire on November 30, 2066. June 30, 2017 2016 (in thousands) Land use right $ 8,849 $ — Less accumulated depreciation (45 ) — Land use right, Net $ 8,804 $ — Total amortization of land use rights expense was $45,000 , $0.0 million and $0.0 million for fiscal year 2017, 2016 and 2015, respectively. Impairment of long-lived assets and intangible assets The Company re-evaluates its long-lived assets, intangible assets and goodwill for impairment during the fourth quarter of every fiscal year. During the fiscal year of 2016, the Company identified certain manufacturing equipment purchased for projects that were subsequently canceled. Because the equipment had no alternative uses, the Company recorded an asset impairment expense of approximately of $0.4 million related to these equipment. There was no impairment of long-lived assets for the fiscal year of 2017 and 2015. Also there was no indication of intangible assets for the fiscal year of 2017 , 2016 and 2015 . Other long-term assets June 30, 2017 2016 (in thousands) Prepayments for property and equipment $ 12,964 $ 548 Investment in a privately held company 700 100 Prepaid income tax 4,377 — Office leases deposits 1,608 1,427 Goodwill 269 269 Intangible assets 13 15 Other 216 — $ 20,147 $ 2,359 Intangible assets June 30, 2017 2016 (in thousands) Patents and exclusive technology rights $ 1,248 $ 1,248 Trade name 268 268 Customer relationships 1,150 1,150 2,666 2,666 Less accumulated amortization (2,653 ) (2,651 ) Intangible assets, net $ 13 $ 15 Amortization expense for intangible assets was $2,000 , $2,000 and $0.1 million for the years ended June 30, 2017 , 2016 and 2015 , respectively. Future minimum amortization expense of intangible assets is as follows (in thousands): Year ending June 30, 2018 $ 2 2019 2 2020 2 2021 2 2022 2 Thereafter 3 $ 13 Goodwill The changes in the carrying value of goodwill are as follows (in thousands): (in thousands) Balance at June 30, 2015 $ 269 Addition: — Balance at June 30, 2016 269 Addition: — Balance at June 30, 2017 $ 269 Accrued liabilities June 30, 2017 2016 (in thousands) Accrued compensation and benefits $ 13,727 $ 10,211 Warranty accrual 1,866 1,495 Stock rotation accrual 1,871 1,988 Accrued professional fees 2,500 1,867 Accrued inventory 410 918 Accrued facilities related expenses 1,501 1,544 Other accrued expenses 6,511 4,567 $ 28,386 $ 22,590 The activity in the warranty accrual, included in accrued liabilities is as follows: Year Ended June 30, 2017 2016 2015 (in thousands) Beginning balance $ 1,495 $ 1,957 $ 1,346 Addition 1,476 881 2,395 Released (580 ) — — Utilization (525 ) (1,343 ) (1,784 ) Ending balance $ 1,866 $ 1,495 $ 1,957 The activity in the stock rotation accrual, included in accrued liabilities is as follows: Year Ended June 30, 2017 2016 2015 (in thousands) Beginning balance $ 1,988 $ 1,894 $ 1,645 Addition 4,819 6,578 5,781 Utilization (4,936 ) (6,484 ) (5,532 ) Ending balance $ 1,871 $ 1,988 $ 1,894 Deferred margin Deferred margin consists of the following: June 30, 2017 2016 (in thousands) Deferred revenue $ 1,232 $ 1,494 Deferred costs (418 ) (497 ) Deferred margin $ 814 $ 997 Capital leases Capital lease liabilities include the following: June 30, 2017 2016 (in thousands) Computer software $ 1,650 $ 2,449 Exclusive technology rights 44 65 1,694 2,514 Less current portion (828 ) (819 ) Capital leases - long-term portion $ 866 $ 1,695 The computer software and exclusive technology rights under capital leases were included in property, plant and equipment and intangible assets, respectively. Future minimum lease payments at June 30, 2017 are as follows (in thousands): Year ending June 30, 2018 $ 892 2019 892 Total minimum lease payments 1,784 Less amount representing interest (90 ) Total capital lease liabilities $ 1,694 |
Concentration of Credit Risk an
Concentration of Credit Risk and Significant Customers | 12 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk and Significant Customers | Concentration of Credit Risk and Significant Customers The Company manages its credit risk associated with exposure to distributors and direct customers on outstanding accounts receivable through the application of credit approvals, credit ratings and other monitoring procedures. In some instances, the Company also obtains letters of credit from certain customers. Credit sales, which are mainly on credit terms of 30 to 60 days , are only made to customers who meet the Company's credit standards, while sales to new customers or customers with low credit ratings are usually made on an advance payment basis. The Company considers its financial assets to be of good credit quality because its key distributors and direct customers have long-standing business relationships with the Company and the Company has not experienced any significant bad debt write-offs of accounts receivable in the past. The Company closely monitors the aging of accounts receivable from its distributors and direct customers, and regularly reviews their financial positions, where available. Summarized below are individual customers whose revenue or accounts receivable balances were 10% or higher than the respective total consolidated amounts: Year Ended June 30, Percentage of revenue 2017 2016 2015 Customer A 26.9 % 23.8 % 25.4 % Customer B 35.8 % 37.2 % 36.1 % Customer C 10.6 % 12.3 % 11.7 % June 30, Percentage of accounts receivable 2017 2016 Customer A 33.2 % 21.3 % Customer B 13.2 % 16.7 % Customer C 16.4 % 27.2 % |
Debt
Debt | 12 Months Ended |
Jun. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt On May 11, 2012, the Company entered into a loan agreement with a financial institution that provided a term loan of $20.0 million for general purposes and a $10.0 million non-revolving credit line for the purchase of equipment. Both the term loan and equipment credit line were fully repayable in May 2015. The borrowings could have been made in the form of either Eurodollar loans or Base Rate loans. Eurodollar loans accrued interest based on an adjusted London Interbank Offered Rate ("LIBOR") as defined in the agreement, plus a margin of 1.00% to 1.75% . Base Rate loans accrued interest at the highest of (a) the lender's Prime Rate, (b) the Federal Funds Rate plus 0.5% and (c) the Eurodollar Rate (for a one-month interest period) plus 1% ; plus a margin of -0.5% to 0.25% . The applicable margins for both Eurodollar loans and Base Rate loans varied from time to time in the foregoing ranges based on the cash and cash equivalent balances maintained by the Company and its subsidiaries with the lender. In May 2013, the equipment credit line expired and there was no outstanding balance. In May 2015, the Company repaid the term loan in full. During July 2012, the Company entered into a loan agreement with the State of Oregon for an amount of $0.3 million. The loan was required to be used for training new and re-training existing employees of the Oregon fab. The loan bore a compound annual interest rate of 5.0% and was to be repaid in April 2014 if the required conditions were not met. In September 2014, the State of Oregon forgave the outstanding balance in full as the Company had satisfied the conditions. The $0.3 million loan forgiven was recorded as a reduction of costs of goods sold in our condensed consolidated statements of operations. |
Joint Venture (Notes)
Joint Venture (Notes) | 12 Months Ended |
Jun. 30, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Ventures | 6. Joint Venture On March 29, 2016, the Company entered into a joint venture contract (the “JV Agreement”) with two investment funds owned by the Municipality of Chongqing (the “Chongqing Funds”), pursuant to which the Company and the Chongqing Funds formed a joint venture, (the “JV Company”), for the purpose of constructing and operating a power semiconductor packaging, testing and 12-inch wafer fabrication facility in the Liangjiang New Area of Chongqing, China (the “JV Transaction”). The total initial capitalization of the JV Company is $330.0 million (the “Initial Capitalization”), which includes cash contribution from the Chongqing Funds and contributions of cash, equipment and intangible assets from the Company. The Initial Capitalization is expected to be completed in stages. The Company owns 51% , and the Chongqing Funds own 49% , of the equity interest in the JV Company. If both parties agree that the termination of the JV Company is the best interest of each party or the JV Company is bankrupt or insolvent where either party may terminate early, after paying the debts of the JV Company, the remaining assets of the JV Company shall be paid to the Chongqing Funds to cover the principal of its total paid-in contributions plus interest at 10% simple annual rate prior to distributing the balance of the JV Company's assets to the Company. The Company expects to commence initial packaging production upon the achievement of required milestones as set forth in the JV Agreement, including certain construction and funding milestones. There is no private land ownership in China. Individuals and companies are permitted to acquire land use rights for specific purpose. In September 2016, the JV Company paid approximately $8.7 million for land use rights to build the manufacturing facility. In March 2017, the JV Company received the necessary land use right certificate from the PRC government. The land use rights will expire on November 30, 2066. As part of the JV Transaction, the JV Company entered into an Engineering, Procurement and Construction Contract (the “EPC Contract”) with The IT Electronics Eleventh Design & Research Institute Scientific and Technological Engineering Corporation Limited (the “Contractor”), effective as of January 10, 2017 (the "Effective Date"), pursuant which the Contractor was engaged to construct the manufacturing facility contemplated under the JV Agreement. Under the EPC Contract, the Contractor’s obligations include, but are not limited to: (i) the development of conceptual design, initial design, construction drawing design and optimization, and submission of such designs to the JV Company for examination and confirmation; and (ii) the construction of the assembly and wafer fabrication facilities and related procurement services, including the selection and engagement of subcontractors, in accordance with a construction schedule agreed upon by the parties. The total price payable under the EPC Contract is Chinese Renminbi (RMB) 540.0 million, or approximately $78.0 million based on the currency exchange rate between RMB and U.S. Dollars on the Effective Date, which consists of $2.8 million (RMB 19.5 million) of design fees (“Design Fees”) and $75.2 million (RMB 520.5 million) of construction and procurement fees (including compliance with safety and aesthetic requirements) (“Construction Fees”). The Design Fees and Construction Fees will be paid by the JV Company pursuant to a payment schedule based on the progress of the construction and the achievements of specified milestones, approximately $58.3 million and $19.7 million in calendar year 2017 and 2018, respectively. The payment may be subject to volatility as a result of exposure to fluctuations in RMB foreign exchange rates. As of June 30, 2017 , the JV Company had approximately $11.5 million of down payment related to EPC Contract. The Company began consolidating the financial statements of the JV Company in the quarter ended June 30, 2016. By August 31, 2017, the Chongqing Funds contributed $66.0 million of initial capital in cash and the Company contributed cash of $10.0 million and certain intangible assets, as well as certain packaging equipment as required by the JV Agreement by transferring the legal titles of such equipment to the JV Company. The changes in total stockholders' equity and noncontrolling interest were as follows (in thousands): Total AOS Stockholders' Equity Noncontrolling Interest Total Equity Balance, June 30, 2016 $ 242,142 $ (103 ) $ 242,039 Exercise of common stock options and release of RSUs 7,790 — 7,790 Reissuance of treasury stock upon exercise of common stock options and release of RSUs 372 — 372 Withholding tax on restricted stock units (2,071 ) — (2,071 ) Issuance of shares under ESPP 2,537 — 2,537 Stock-based compensation expense 6,634 — 6,634 Net income (loss) 13,829 (4,569 ) 9,260 Cumulative translation adjustment (463 ) (549 ) (1,012 ) Contributions from noncontrolling interest — 33,000 33,000 Balance, June 30, 2017 $ 270,770 $ 27,779 $ 298,549 |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Jun. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
Shareholders' Equity | Shareholders' Equity Common Shares The Company's bye-laws, as amended, authorized the Company to issue 50,000,000 common shares with par value of $0.002 . Each common share is entitled to one vote. The holders of common shares are also entitled to receive dividends whenever funds are legally available and when and if declared by the board of directors, subject to the prior rights of holders of all classes of shares outstanding. No dividends had been declared as of June 30, 2017 . On October 22, 2010, the Company's board of directors authorized a $25.0 million share repurchase program. Under this repurchase program the Company was authorized to repurchase shares from the open market or in privately negotiated transactions, from time to time, subject to supervision and oversight by the board. The Company accounts for treasury stock under the cost method. Shares repurchased are accounted for as treasury shares and the total cost of shares repurchased is recorded as a reduction of shareholders' equity. From time to time, treasury shares may be reissued as part of the Company's stock-based compensation programs. Gains on re-issuance of treasury stock are credited to additional paid-in capital; losses are charged to additional paid-in capital to offset the net gains, if any, from previous sales or re-issuance of treasury stock. Any remaining balance of the losses are charged to retained earnings. On May 8, 2014, the Company's Board of Directors approved to reactivate the share repurchase program with a remaining balance of $22.7 million . In April 2015, the Board of Directors approved an increase in the remaining available amount under the Company’s share repurchase program from approximately $17.8 million to $50.0 million . In June 2015, the Company commenced a modified Dutch auction tender offer (the "Tender Offer") to repurchase an aggregate of $30.0 million of its outstanding common shares with a price range between $8.50 and $9.20 per share. In July 2015, the Company completed the Tender Offer in which it purchased 3,296,703 shares of its common shares, at a purchase price of $9.10 per share, for an aggregate purchase price of $30.0 million , excluding fees and expenses relating to the Tender Offer. These shares represent approximately 12.53% of the total number of the Company's common shares issued and outstanding as of June 30, 2015. The Tender Offer was part of the $50.0 million share repurchase program approved by the Board in April 15, 2015. Immediately following the completion of the Tender Offer, approximately $18.2 million remained available under the share repurchase program. During fiscal year 2017, the Company did not repurchase any shares pursuant to the repurchase program. During fiscal years 2016 and 2015 , the Company repurchased an aggregate of 4,695,499 shares and 666,230 shares, respectively, from the open market for a total cost of approximately $41.8 million and $5.8 million, excluding fees and related expenses, at an average price of $8.90 and $8.70 per share, respectively. As of June 30, 2017 , the Company had repurchased an aggregate of 5,723,093 shares for a total cost of $50.8 million, at an average price of $8.87 per share, excluding fees and related expenses, since inception of the program. No repurchased shares have been retired. Of the 5,723,093 repurchased shares, 114,954 shares with a weighted average repurchase price of $10.86 per share, were reissued at an average price of $5.91 per share for option exercises and vested restricted stock units ("RSU"). As of June 30, 2017 , $6.4 million remain available under the share repurchase program. Convertible Preferred Shares On May 4, 2010, concurrent with the closing of the Company's initial public offering, all of the Company's outstanding preferred shares including 5,050,000 Series A convertible preferred shares, 2,488,094 Series B convertible preferred shares and 3,174,000 Series C convertible preferred shares, were automatically converted into 10,712,094 shares of common shares and the then-existing classes of preferred stock ceased to exist. At June 30, 2017 and 2016 , the Company had no preferred shares outstanding and had 10,000,000 authorized undesignated preferred shares. |
Share-based Compensation
Share-based Compensation | 12 Months Ended |
Jun. 30, 2017 | |
Share-based Compensation [Abstract] | |
Share-based Compensation | Share-based Compensation 2000 Share Plan The 2000 Share Plan (the “2000 Plan”), as amended, authorized the board of directors to grant incentive share options and non-statutory share options to employees, directors and consultants of the Company and its subsidiaries for up to 5,425,000 common shares. Under the 2000 Plan, incentive share options and non-statutory share options were to be granted at a price that was not less than 100% and 85% of the fair value of the common share at the date of grant for employees and consultants, respectively. Options generally vest over a five -year period, 20% on the first anniversary from the grant date and ratably each month over the remaining 48 -month period, and are exercisable for a maximum period of ten years after the date of grant. Incentive share options granted to shareholders who own more than 10% of the outstanding shares of all classes of shares of the Company at the time of grant must be issued at an exercise price not less than 110% of the fair value of the common shares on the date of grant. In connection with the adoption of the 2009 Share Option/Share Issuance Plan on September 18, 2009, the 2000 Share Plan was terminated and no further awards were granted under the 2000 Share Plan. 2009 Share Option/Share Issuance Plan The 2009 Share Option/Share Issuance Plan (the “2009 Plan”), as approved in September 2009 at the annual general meeting of shareholders, and as amended and restated in connection with the Company's IPO, authorized the board of directors to grant incentive share options, non-statutory share options and restricted shares to employees, directors, and consultants of the Company and its subsidiaries for up to 1,250,000 common shares. The number of common shares available for issuance under the 2009 Plan shall automatically increase in January each calendar year during the term of the 2009 Plan, beginning with calendar year 2011, by the lesser of 3% of the total number of common shares outstanding or 750,000 shares. This increase was 707,830 shares, 668,915 shares and 750,000 shares for the years ended June 30, 2017 , 2016 and 2015 , respectively. As of June 30, 2017 , 2,868,000 shares were available for grant under the 2009 Plan. The 2009 Plan is divided into three incentive compensation programs: Discretionary Grant Program, Share Issuance Program and Automatic Grant Program. Under the Discretionary Grant Program, eligible individuals may be granted options to purchase common shares and share appreciation rights tied to the value of the Company's common shares. Under the Share Issuance Program, eligible individuals may be issued common shares pursuant to restricted share awards, restricted share units, performance shares or other share-based awards which vest upon the attainment of pre-established performance milestones or the completion of a designated service period. Under the Automatic Grant Program, eligible non-employee board members will automatically receive options to purchase common shares at designated intervals over their period of continued board service. Each non-employee board members was granted an option to purchase 7,500 common shares on April 28, 2010 with exercise price equal to the IPO price. Beginning with the 2014 Annual Shareholders Meeting, on the date of each annual shareholders meeting, each individual who commences service as a non-employee Board member by reason of his or her election to the Board at such annual meeting and each individual who is to continue to serve as a non-employee Board member, whether or not that individual is standing for re-election to the Board at that particular annual meeting, will automatically be granted an award in the form of restricted share units ("RSU") covering that number of common shares determined by dividing forty-two thousand dollars ( $42,000 ) by the average fair market value per share for the ninety (90)-day period preceding the grant date (the “Annual RSU Grant”). Under the 2009 Plan, incentive share options and RSU are to be granted at a price that is not less than 100% and nonstatutory share options are to be granted not less than 85% of the fair value of the common shares, at the date of grant for employees and consultants. Options and RSUs generally vest over a four -year to five -year period, and are exercisable for a maximum period of ten years after the date of grant. Incentive share options granted to shareholders who own more than 10% of the outstanding shares of all classes of shares of the Company at the time of grant must be issued at an exercise price not less than 110% of the fair value of the common shares on the date of grant. A summary of the stock option activities under the 2000 Plan and 2009 Plan is as follows: Weighted Weighted Weighted Average Average Average Grant Date Remaining Number of Exercise Price Fair Value Contractual Aggregate Shares Per Share Per Share Term (in years) Intrinsic Value Outstanding at June 30, 2014 3,238,784 $ 10.28 5.79 Granted 10,000 $ 9.07 $ 4.42 Exercised (269,861 ) $ 5.22 $ 1,088,061 Canceled or forfeited (142,706 ) $ 10.08 Outstanding at June 30, 2015 2,836,217 $ 10.77 4.64 Granted — $ — $ — Exercised (666,445 ) $ 8.36 $ 1,746,173 Canceled or forfeited (310,512 ) $ 12.34 Outstanding at June 30, 2016 1,859,260 $ 11.37 4.71 Granted — $ — $ — Exercised (693,393 ) $ 11.76 $ 5,681,783 Canceled or forfeited (112,500 ) $ 12.72 Outstanding at June 30, 2017 1,053,367 $ 10.98 4.43 $ 6,212,660 Options vested and expected to vest 1,049,518 $ 10.99 4.42 $ 6,177,821 Exercisable at June 30, 2017 947,949 $ 11.36 4.21 $ 5,253,632 The aggregate intrinsic value for options outstanding at June 30, 2017 in the table above is based on the Company’s common stock closing price on June 30, 2017 . Information with respect to stock options outstanding and exercisable as of June 30, 2017 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted-Average Weighted-Average Number Weighted-Average $7.21 - $7.21 6,875 6.58 $ 7.21 6,875 $ 7.21 $7.44 - $7.44 347,638 6.71 $ 7.44 257,637 $ 7.44 $7.47 - $9.90 235,150 4.84 $ 8.68 219,733 $ 8.71 $10.50 - $13.00 233,704 2.18 $ 12.63 233,704 $ 12.63 $14.14 - $18.00 230,000 2.80 $ 17.11 230,000 $ 17.11 $7.21 - $18.00 1,053,367 4.43 $ 10.98 947,949 $ 11.36 The Company did not grant any stock options during the fiscal years ended June 30, 2017 and 2016 . The fair value of stock options granted during the year ended June 30, 2015 were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Year Ended June 30, 2017 2016 2015 Volatility rate —% —% 40.9% - 43.5% Risk-free interest rate —% —% 1.6% - 1.8% Expected option life — — 5.5 years Dividend yield —% —% —% Restricted Stock Units ("RSU") The following table summarizes the Company's RSU activities: Number of Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Aggregate Intrinsic Value Nonvested at June 30, 2014 656,374 $ 8.40 1.77 $ 6,084,587 Granted 493,622 $ 8.92 Vested (213,180 ) $ 8.65 Forfeited (62,870 ) $ 8.35 Nonvested at June 30, 2015 873,946 $ 8.64 1.77 $ 7,638,288 Granted 466,255 $ 11.28 Vested (301,695 ) $ 10.97 Forfeited (105,443 ) $ 8.85 Nonvested at June 30, 2016 933,063 $ 9.18 1.73 $ 12,997,568 Granted 616,719 $ 18.07 Vested (364,567 ) $ 8.34 Forfeited (40,350 ) $ 12.75 Nonvested at June 30, 2017 1,144,865 $ 14.11 1.76 $ 19,084,900 Employee Share Purchase Plan The Employee Share Purchase Plan (“Purchase Plan” or “ESPP”) was established in May 2010 upon the completion of the Company's IPO. The Purchase Plan provided for a series of overlapping offering periods with a duration of 24 months, with new offering periods, generally beginning on May 15 and November 15 of each year. The Purchase Plan allows employees to purchase common shares through payroll deductions of up to 15% of their eligible compensation. Such deductions will accumulate over a six-month accumulation period without interest. After such accumulation period, common shares will be purchased at a price equal to 85% of the fair market value per share on either the first day of the offering period or the last date of the accumulation period, whichever is less. The maximum number of shares that may be purchased on any purchase date may not exceed 875 shares for a total of 3,500 shares per a 24 -month offering period. In addition, no participant may purchase more than $25,000 worth of common stock in any one calendar year period. The Company initially reserved 600,000 common shares for issuance under the ESPP. The share reserve will automatically increase in January of each calendar year during the term of the ESPP, beginning with calendar year 2011, by the lesser of 0.75% of the outstanding common shares or 250,000 shares. This increase was 176,957 shares, 167,229 shares and 192,000 shares for the years ended June 30, 2017 , 2016 and 2015 , respectively. The ESPP is compensatory and results in compensation expense. The fair values of common shares to be issued under the ESPP were determined using the Black-Scholes option pricing model with the following assumptions: Year Ended June 30, 2017 2016 2015 Volatility rate 39.1% - 44.7% 32.2% - 34.8% 31.4% - 50.0% Risk-free interest rate 0.6% - 1.3% 0.3% - 0.9% 0.1% - 0.6% Expected term 1.3 years 1.3 years 1.3 years Dividend yield —% —% —% The weighted-average estimated fair value of employee stock purchase rights granted pursuant to the ESPP during the years ended June 30, 2017 , 2016 and 2015 was $6.11 , $2.85 and $2.80 per share, respectively. Share-based Compensation Expenses In March 2017, the Company granted certain performance-based RSUs (“PRSUs”) to its key personnel. The number shares of PRSU were determined based on the level of attainment of predetermined financial goals. The PRSU will vest in four equal annual installments from March 15, 2018 if certain predetermined financial goals were met. The Company recorded approximately $0.5 million of expenses for these PRSUs during the years ended June 30, 2017 based on 170,000 PRSU grants. T he total share-based compensation expense related to stock options, ESPP and RSUs described above, recognized in the consolidated statements of operations for the years presented was as follows: Year Ended June 30, 2017 2016 2015 (in thousands) Cost of goods sold $ 1,041 $ 636 $ 669 Research and development 1,361 1,115 779 Selling, general and administrative 4,232 2,562 3,042 $ 6,634 $ 4,313 $ 4,490 Total unrecognized share-based compensation expense as of June 30, 2017 was $9.5 million including estimated forfeitures, which is expected to be recognized over a weighted-average period of 1.7 years. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Jun. 30, 2017 | |
Retirement Benefits [Abstract] | |
Employee Benefit Plans | Employee Benefit Plans The Company maintains a 401(k) retirement plan for the benefit of qualified employees in the U.S. Employees who participate may elect to make salary deferral contributions to the plan up to 100% of the employees' eligible salary subject to annual Internal Revenue Code maximum limitations. The employer's contribution is discretionary. The Company had not made any contributions for eligible employees as of June 30, 2017 . The Company makes mandatory contributions for its employees to the respective local governments in terms of retirement, medical insurance and unemployment insurance, where applicable, according to labor and social security laws and regulations of the countries and areas in which the Company operates. The contribution rates for retirement are 7.7% , 13.0% to 20.0% and 6.0% for employees in the U.S., China and Taiwan, respectively. The Company has no obligations for the payment of such social benefits beyond the required contributions as set out above. |
Income Taxes
Income Taxes | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The provision for income taxes is comprised of: Year Ended June 30, 2017 2016 2015 (in thousands) U.S. federal taxes: Current $ 1,043 $ 152 $ 66 Deferred (325 ) 650 852 Non-U.S. taxes: Current (4,615 ) 3,382 3,059 Deferred 7,548 (169 ) (15 ) State taxes, net of federal benefit: Current 1 6 (65 ) Total provision for income taxes $ 3,652 $ 4,021 $ 3,897 The reconciliation of the federal statutory income tax rate to our effective income tax rate is as follows (in percentage): Year Ended June 30, 2017 2016 2015 United States statutory rate 34.0 % 34.0 % 34.0 % State taxes, net of federal benefit — 0.4 1.2 Stock based compensation (0.4 ) (0.4 ) 0.4 Foreign taxes, net (0.7 ) 440.3 (145.7 ) Research and development credit (4.9 ) (69.3 ) 10 Non-deductible expenses 0.2 1.7 (0.7 ) Other 0.1 (0.1 ) — 28.3 % 406.6 % (100.8 )% The domestic and foreign components of income (loss) before taxes are: Year Ended June 30, 2017 2016 2015 (in thousands) U.S. operations $ 4,016 $ 4,259 $ 4,614 Non-U.S. operations 8,896 (3,270 ) (8,480 ) Income (loss) before income taxes $ 12,912 $ 989 $ (3,866 ) Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows: June 30, 2017 2016 (in thousands) Deferred tax assets: Accrued compensation $ 2,322 $ 2,267 Net operating loss carryforwards 1,509 67 Depreciation 4,533 10,345 Tax credits 6,309 6,069 Capitalized Costs 412 — Accruals and reserves 1,038 934 Total deferred tax assets 16,123 19,682 Valuation allowance (6,178 ) (2,894 ) Total deferred tax assets, net of valuation allowance 9,945 16,788 Deferred tax liabilities: Depreciation and amortization (7,979 ) (7,388 ) Accruals and reserves (31 ) (241 ) Total deferred tax liabilities (8,010 ) (7,629 ) Net deferred tax assets $ 1,935 $ 9,159 The breakdown between current and non-current deferred tax assets and liabilities is as follows: June 30, 2017 2016 (in thousands) Long-term deferred tax assets $ 4,594 $ 12,132 Long-term deferred tax liabilities (2,659 ) (2,973 ) Net deferred tax assets $ 1,935 $ 9,159 During the quarter ended September 30, 2016, the Company fulfilled its obligations to contribute certain packaging equipment as required by the JV Agreement by transferring the legal titles of such equipment to the JV Company. As a result of the transfer, the Company reduced its deferred tax assets by $6.6 million and recorded a $6.6 million in prepaid tax asset, which is amortized to tax expense over the useful life of the assets. As of June 30, 2017, the prepaid tax asset was amortized down to $5.5 million , of which $1.1 million and $4.4 million were included in prepaid and other current assets and other long-term assets on the Company’s balance sheet, respectively. At June 30, 2017 and 2016 , the Company provided a valuation allowance for its state research and development credit carryforward deferred tax assets of $3.3 million and $2.8 million , respectively, as it generated more state tax credits each year than it can utilize. The Company intends to maintain a partial valuation allowance equal to the state research and development credit carryforwards. Furthermore, the Company provided a valuation allowance mainly for the net operating loss, fixed asset and intangible asset related deferred tax assets of the JV Company totaling $2.9 million and $0.1 million as of June 30, 2017 and 2016, respectively. The Company intends to maintain a valuation allowance equal to the JV Company’s net deferred tax assets until sufficient positive evidence exists to support reversal of the valuation allowance. At June 30, 2017 , the Company had federal tax credit carryforwards of approximately $2.8 million . The federal tax credits begin to expire in 2031 , if not utilized. At June 30, 2017 , the Company had no state net operating loss carryforwards and had tax credit carryforwards of approximately $5.2 million . Approximately $0.4 million of the state tax credits begin to expire in 2018, if not utilized. The remaining $4.8 million of the state tax credits carryforward indefinitely. At June 30, 2017, the JV Company had $10.1 million of net operating loss carryforwards which begin to expire in 2021, if not utilized. The Company has not provided for withholding taxes on the undistributed earnings of its foreign subsidiaries because it intends to reinvest such earnings indefinitely. As of June 30, 2017 , the cumulative amount of undistributed earnings of its foreign entities considered permanently reinvested is $91.9 million . The determination of the unrecognized deferred tax liability on these earnings is not practicable. Should the Company decide to remit this income to its Bermuda parent company in a future period, its provision for income taxes may increase materially in that period. At June 30, 2017 , the Company had approximately $6.6 million in total unrecognized tax benefits. A reconciliation of the beginning and ending amount of unrecognized tax benefits from July 1, 2014 to June 30, 2017 is as follows: Year Ended June 30, 2017 2016 2015 (in thousands) Balance at beginning of year $ 6,743 $ 6,412 $ 6,760 Additions based on tax positions related to the current year 401 388 297 Additions (reductions) based on tax positions related to prior years (4 ) — 4 Reductions due to lapse of applicable statute of limitations (551 ) (57 ) (649 ) Balance at end of year $ 6,589 $ 6,743 $ 6,412 At June 30, 2017 , the total unrecognized tax benefits of $6.6 million included $5.8 million of unrecognized tax benefits that have been netted against the related deferred tax assets. The remaining $0.8 million of unrecognized tax benefits was recorded within long-term income tax payable on the Company's consolidated balance sheet as of June 30, 2017 . The total unrecognized tax benefits of $6.6 million at June 30, 2017 included $4.0 million that, if recognized, would reduce the effective income tax rate in future periods. It is reasonably possible that the Company will recognize approximately $0.2 million reduction to its uncertain tax positions during the next twelve months. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. To the extent accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction of the overall income tax provision in the period that such determination is made. The amount of interest and penalties accrued at June 30, 2017 was $0.1 million , of which $(0.1) million was recognized in the year ended June 30, 2017 . The amount of interest and penalties accrued at June 30, 2016 was $0.3 million , of which $0.3 million was recognized in the year ended June 30, 2016 . The Company files its income tax returns in the United States and in various foreign jurisdictions. The tax years 2001 to 2017 remain open to examination by U.S. federal and state tax authorities. The tax years 2010 to 2017 remain open to examination by foreign tax authorities. The Company's income tax returns are subject to examinations by the Internal Revenue Service and other tax authorities in various jurisdictions. In accordance with the guidance on the accounting for uncertainty in income taxes, the Company regularly assesses the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of its provision for income taxes. These assessments can require considerable estimates and judgments. If the Company's estimate of income tax liabilities proves to be less than the ultimate assessment, then a further charge to expense would be required. If events occur and the payment of these amounts ultimately proves to be unnecessary, the reversal of the liabilities would result in tax benefits being recognized in the period when the Company determines the liabilities are no longer necessary. On July 27, 2015, in Altera Corp. v. Commissioner, the U.S. Tax Court issued an opinion related to the treatment of share-based compensation expense in an intercompany cost-sharing arrangement. A final decision has yet to be issued by the Tax Court due to other outstanding issues related to the case. At this time, the U.S. Department of the Treasury has not withdrawn the requirement to include share-based compensation from its regulations. Due to the uncertainty surrounding the status of the current regulations, questions related to the scope of potential benefits, and the risk of the Tax Court’s decision being overturned upon appeal, the Company has not recorded any benefit as of June 30, 2017. The Company will continue to monitor ongoing developments and potential impacts to its financial statements. |
Segment and Geographic informat
Segment and Geographic information | 12 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | Segment and Geographic Information The Company is organized as, and operates in, one operating segment: the design, development and supply of power semiconductor products for computing, consumer electronics, communication and industrial applications. The chief operating decision-maker is the Chief Executive Officer. The financial information presented to the Company's Chief Executive Officer is on a consolidated basis, accompanied by information about revenue by customer and geographic region, for purposes of evaluating financial performance and allocating resources. The Company has one business segment, and there are no segment managers who are held accountable for operations, operating results and plans for products or components below the consolidated unit level. Accordingly, the Company reports as a single operating segment. The Company sells its products primarily to distributors in the Asia Pacific region, who in turn sell these products to end customers. Because the Company's distributors sell their products to end customers which may have global presence, revenue by geographical location is not necessarily representative of the geographical distribution of sales to end user markets. The revenue by geographical location in the following tables is based on the country or region in which the products were shipped to: Year Ended June 30, 2017 2016 2015 (in thousands) Hong Kong $ 315,223 $ 290,555 $ 277,825 China 59,360 37,444 42,103 South Korea 1,505 1,960 2,253 United States 4,037 3,110 2,942 Other countries 3,212 2,592 2,812 $ 383,337 $ 335,661 $ 327,935 The following is a summary of revenue by product type: Year Ended June 30, 2017 2016 2015 (in thousands) Power discrete $ 288,788 $ 252,063 $ 248,716 Power IC 82,389 69,344 63,529 Packaging and testing services 12,160 14,254 15,690 $ 383,337 $ 335,661 $ 327,935 Long-lived assets, consisting of property, plant and equipment and land use rights, net by geographical area are as follows: June 30, 2017 2016 (in thousands) China $ 85,691 $ 64,272 United States 61,787 51,214 Other countries 713 598 $ 148,191 $ 116,084 |
Restricted Net Assets
Restricted Net Assets | 12 Months Ended |
Jun. 30, 2017 | |
Restrictions for Consolidated and Unconsolidated Subsidiaries [Abstract] | |
Restricted Net Assets | Restricted Net Assets Laws and regulations in China permit payments of dividends by the Company's subsidiaries in China only out of their retained earnings, if any, as determined in accordance with China accounting standards and regulations. Each China subsidiary is also required to set aside at least 10% of its after-tax profit, if any, based on China accounting standards each year to its statutory reserves until the cumulative amount of such reserves reaches 50% of its registered capital. As a result of these China laws and regulations, the Company's China subsidiaries are restricted in their abilities to transfer a portion of their net assets to the Company. As of June 30, 2017 and 2016 , such restricted portion amounted to approximately $140.1 million and $84.2 million, or 51.7% and 34.8% , of our total consolidated net assets, respectively. As the Company's China subsidiaries are not revenue generating operating units, the Company does not expect to repatriate funds in the form of dividends, loans or advances from its China subsidiaries for working capital and other funding purposes. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Operating lease obligations The Company leases its office facilities and certain office equipment under non-cancelable operating leases that expire through 2023. Rent expense related to the Company's operating leases was $3.4 million , $3.5 million and $3.5 million for the fiscal years ended June 30, 2017 , 2016 and 2015 , respectively. Certain leases contain escalation clauses calling for increased rents. Future minimum lease payments of these leases at June 30, 2017 are as follows: Year ending June 30, Operating (in thousands) 2018 $ 3,582 2019 2,921 2020 2,398 2021 226 2022 6 Thereafter 1 $ 9,134 Purchase commitments As of June 30, 2017 and 2016 , the Company had approximately $25.7 million and $39.6 million , respectively, of outstanding purchase commitments primarily for purchases of semiconductor raw materials, wafers, spare parts and packaging and testing services. As of June 30, 2017 and 2016 , the Company had approximately $69.2 million , primarily for the JV Company, and $6.6 million , respectively, of capital commitments for the purchase of property and equipment. Contingencies and indemnities The Company is currently not a party to any material legal proceedings. The Company has in the past, and may from time to time in the future, becomes involved in legal proceedings arising from the normal course of business activities. The semiconductor industry is characterized by frequent claims and litigation, including claims regarding patent and other intellectual property rights as well as improper hiring practices. Irrespective of the validity of such claims, the Company could incur significant costs in the defense thereof or could suffer adverse effects on its operations. The Company is a party to a variety of agreements that it contracted with various parties. Pursuant to these agreements, the Company may be obligated to indemnify another party to such an agreement with respect to certain matters. Typically, these obligations arise in the context of contracts entered into by the Company, under which the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations and covenants related to such matters as title to assets sold, certain intellectual property rights, specified environmental matters and certain income taxes. In these circumstances, payment by the Company is customarily conditioned on the other party making a claim pursuant to the procedures specified in the particular contract, which procedures typically allow the Company to challenge the other party's claim. Further, the Company's obligations under these agreements maybe limited in time and/or amount, and in some instances, the Company may have recourse against third parties for certain payments made by it under these agreements. The Company has not historically paid or recorded any material indemnifications and no accrual was made at June 30, 2017 and 2016 . The Company has agreed to indemnify its directors and certain employees as permitted by law and pursuant to its bye-laws, and has entered into indemnification agreements with its directors and executive officers. The Company has not recorded a liability associated with these indemnification arrangements, as it historically has not incurred any material costs associated with such indemnification obligations. Costs associated with such indemnification obligations may be mitigated by insurance coverage that the Company maintains, however, such insurance may not cover any, or may cover only a portion of, the amounts the Company may be required to pay. In addition, the Company may not be able to maintain such insurance coverage in the future. Joint Venture In March 2016, the Company executed the JV Agreement with the Chongqing Funds to form a joint venture for the construction of a new state-of -the-art power semiconductor packaging, testing and wafer fabrication facility in Liangjiang New Area of Chongqing. The Company expects to commence initial packaging production upon the achievement of specified milestones as set forth in the JV Agreement, including certain construction and funding milestones. In January 2017, the JV Company entered into an Engineering, Procurement and Construction Contract (the "EPC Contract") with The IT Electronics Eleventh Design & Research Institute Scientific and Technological Engineering Corporation Limited. The total price payable by the JV Company under the EPC Contract is approximately $78.0 million , which consists of $2.8 million of design fees and $75.2 million of construction and procurement fees. These fees will be paid by the JV Company pursuant to a payment schedule based on the progress of the construction and the achievements of specified milestones, approximately $58.3 million and $19.7 million in calendar year 2017 and 2018, respectively. As of June 30, 2017, we had approximately $11.5 million of down payment related to the EPC Contract. Environmental matters The Company is subject to various federal, state, local, and foreign laws and regulations governing environmental matters, including the use, handling, discharge, and disposal of hazardous materials. The Company believes that it has been in material compliance with applicable environmental regulations and standards. Complying with current laws and regulations has not had a material adverse effect on the Company’s financial condition and results of operations. However, it is possible that additional environmental issues may arise in the future, which the Company cannot currently predict. |
Subsequent Event (Notes)
Subsequent Event (Notes) | 12 Months Ended |
Jun. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Event | Subsequent Event On August 15, 2017, our Oregon subsidiary, Jireh Semiconductor Incorporated (“Jireh”), entered into a credit agreement with a financial institution (the “Bank”) that provides a term loan in an amount up to $30.0 million for the purpose of purchasing certain equipment for our fabrication facility located in Oregon. The obligation under the credit agreement is secured by substantially all assets of Jireh and guaranteed by the Company. The credit agreement has a five-year term and matures on August 15, 2022, and Jireh may draw down the loan at any time during the first year. After the first year, Jireh is required to pay to the Bank on each payment date, the outstanding principal amount of the loan in monthly installments. Loan accrue interest based on an adjusted London Interbank Offered Rate ("LIBOR") as defined in the credit agreement, plus specified applicable margin based on the outstanding balance of the loans. The credit agreement contains customary restrictive covenants and includes certain financial covenants that require the Company to maintain, on a consolidated basis, specified financial ratios and fixed charge coverage ratio. On September 5, 2017, we entered into a license agreement with STMicroelectronics International N.V. (“STMicro”), pursuant to which STMicro granted us a world-wide, royalty-free and fully-paid license to use its technologies to develop, market and distribute certain digital multi-phase controller products, which have been offered by STMicro. Under the license agreement, we agreed to pay a total price in cash of $17.0 million during the next 24 months based on the payment schedule as set forth in the agreement. |
Schedule I - Condensed Unconsol
Schedule I - Condensed Unconsolidated Balance Sheets | 12 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Notes to the Condensed Unconsolidated Financial Statements | Year ended June 30, 2017 2016 2015 Net income (loss) including noncontrolling interest $ 9,260 $ (3,032 ) $ (7,763 ) Other comprehensive loss, net of tax Foreign currency translation adjustment (1,012 ) (135 ) (128 ) Comprehensive income (loss) 8,248 (3,167 ) (7,891 ) Noncontrolling interest (5,118 ) (103 ) — Comprehensive income (loss) attributable to Alpha and Omega Semiconductor Limited $ 13,366 $ (3,064 ) $ (7,891 ) June 30, 2017 2016 ASSETS Current assets: Cash and cash equivalents $ 12,717 $ 8,051 Accounts receivable - Intercompany 18,253 13,385 Other current assets 402 268 Total current assets 31,372 21,704 Property, plant and equipment, net 806 1,308 Other long-term assets 100 100 Investment in subsidiaries 267,193 219,594 Total assets $ 299,471 $ 242,706 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued liabilities $ 922 $ 667 Total liabilities 922 667 Equity: Preferred shares, par value $0.002 per share: Authorized: 10,000 shares; issued and outstanding: none at June 30, 2017 and 2016 — — Common shares, par value $0.002 per share: Authorized: 50,000 shares; issued and outstanding: 29,600 shares and 23,992 shares at June 30, 2017 and 28,405 shares and 22,754 shares at June 30, 2016 59 57 Treasury shares at cost; 5,608 shares at June 30, 2017 and 5,651 shares at June 30, 2016 (49,836 ) (50,199 ) Additional paid-in capital 206,332 191,444 Accumulated other comprehensive income 306 769 Retained earnings 113,909 100,071 Total Alpha and Omega Semiconductor Limited shareholder's equity 270,770 242,142 Noncontrolling interest 27,779 (103 ) Total equity 298,549 242,039 Total liabilities and equity $ 299,471 $ 242,706 Year Ended June 30, 2017 2016 2015 Revenue $ 3,772 $ 3,345 $ 3,332 Cost of revenue — — — Gross profit 3,772 3,345 3,332 Operating expenses: Selling, general and administrative 3,938 3,438 3,477 Total operating expenses 3,938 3,438 3,477 Operating loss (166 ) (93 ) (145 ) Interest income 20 7 7 Interest expense — — (2 ) Income (loss) on equity investment in subsidiaries 9,406 (2,946 ) (7,623 ) Net loss including noncontrolling interest 9,260 (3,032 ) (7,763 ) Net loss attributable to noncontrolling interest (4,569 ) (104 ) — Net income (loss) attributable to Alpha and Omega Semiconductor Limited $ 13,829 $ (2,928 ) $ (7,763 ) Year Ended June 30, 2017 2016 2015 Cash flows from operating activities Net income (loss) $ 9,260 $ (3,032 ) $ (7,763 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 469 545 587 Share-based compensation expense 428 190 242 Equity in net (income) loss of subsidiaries (9,406 ) 2,946 7,623 Other 33 — — Changes in assets and liabilities: Accounts receivable - intercompany (4,868 ) 25,620 15,664 Other current assets (134 ) 23 26 Accounts payable and accrued liabilities 256 174 (101 ) Net cash provided by (used in) operating activities (3,962 ) 26,466 16,278 Cash flows from investing activities Purchase of property and equipment — (67 ) (625 ) Net cash used in investing activities — (67 ) (625 ) Cash flows from financing activities Withholding tax on restricted stock units (2,071 ) (1,036 ) (539 ) Proceeds from exercise of stock options and ESPP 10,699 7,371 3,007 Payment for repurchase of common shares — (42,080 ) (5,816 ) Principal payments on capital leases — — (95 ) Net cash provided by (used in) financing activities 8,628 (35,745 ) (3,443 ) Net increase (decrease) in cash and cash equivalents 4,666 (9,346 ) 12,210 Cash and cash equivalents at beginning of year 8,051 17,397 5,187 Cash and cash equivalents at end of year $ 12,717 $ 8,051 $ 17,397 1. Basis of Presentation Alpha and Omega Semiconductor Limited is the parent company of all Alpha and Omega Semiconductor subsidiaries. It was incorporated in Bermuda on September 27, 2000 as an exempted limited liability company. The address of its registered office is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The accompanying condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of its subsidiaries exceed 25% of the consolidated net assets of Alpha and Omega Semiconductor Limited and its subsidiaries (the “Company”). The parent company records its investment in subsidiaries under the equity method of accounting. Such investment is presented on the balance sheet as "Investment in subsidiaries" and the subsidiaries' net income (loss) are recognized based on the effective shareholding percentage as income on equity investment in subsidiaries on the statement of operations. Intercompany balances and transactions have not been eliminated. The revenue recorded represents intercompany administrative service fees charged by the parent company starting in fiscal year 2013. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. 2. Restricted net assets of subsidiaries For a discussion of the Company’s restricted net assets of subsidiaries, see Note 12 of the Company’s consolidated financial statements. 3. Commitments and contingencies In March 2016, the Company executed the JV Agreement with the Chongqing Funds to form a joint venture for the construction of a new state-of -the-art power semiconductor packaging, testing and wafer fabrication facility in Liangjiang New Area of Chongqing. The Company expects to commence initial packaging production as soon as the required milestones, including certain construction and funding milestones, have been met, and there is no assurance that we can meet these milestones in a timely manner. In January 2017, the JV Company entered into an Engineering, Procurement and Construction Contract (the "EPC Contract") with The IT Electronics Eleventh Design & Research Institute Scientific and Technological Engineering Corporation Limited. The total price payable by the JV Company under the EPC Contract is approximately $78.0 million , which consists of $2.8 million of design fees and $75.2 million of construction and procurement fees. These fees will be paid by the JV Company pursuant to a payment schedule based on the progress of the construction and the achievements of specified milestones, approximately $58.3 million and $19.7 million in calendar year 2017 and 2018, respectively. As of June 30, 2017, we had approximately $11.5 million of down payment related to the EPC Contract. For a discussion of the Company’s commitments and contingencies, see Note 13 to the Company’s consolidated financial statements. |
Schedule I - Condensed Uncons23
Schedule I - Condensed Unconsolidated Statements of Income | 12 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Notes to the Condensed Unconsolidated Financial Statements | Year ended June 30, 2017 2016 2015 Net income (loss) including noncontrolling interest $ 9,260 $ (3,032 ) $ (7,763 ) Other comprehensive loss, net of tax Foreign currency translation adjustment (1,012 ) (135 ) (128 ) Comprehensive income (loss) 8,248 (3,167 ) (7,891 ) Noncontrolling interest (5,118 ) (103 ) — Comprehensive income (loss) attributable to Alpha and Omega Semiconductor Limited $ 13,366 $ (3,064 ) $ (7,891 ) June 30, 2017 2016 ASSETS Current assets: Cash and cash equivalents $ 12,717 $ 8,051 Accounts receivable - Intercompany 18,253 13,385 Other current assets 402 268 Total current assets 31,372 21,704 Property, plant and equipment, net 806 1,308 Other long-term assets 100 100 Investment in subsidiaries 267,193 219,594 Total assets $ 299,471 $ 242,706 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued liabilities $ 922 $ 667 Total liabilities 922 667 Equity: Preferred shares, par value $0.002 per share: Authorized: 10,000 shares; issued and outstanding: none at June 30, 2017 and 2016 — — Common shares, par value $0.002 per share: Authorized: 50,000 shares; issued and outstanding: 29,600 shares and 23,992 shares at June 30, 2017 and 28,405 shares and 22,754 shares at June 30, 2016 59 57 Treasury shares at cost; 5,608 shares at June 30, 2017 and 5,651 shares at June 30, 2016 (49,836 ) (50,199 ) Additional paid-in capital 206,332 191,444 Accumulated other comprehensive income 306 769 Retained earnings 113,909 100,071 Total Alpha and Omega Semiconductor Limited shareholder's equity 270,770 242,142 Noncontrolling interest 27,779 (103 ) Total equity 298,549 242,039 Total liabilities and equity $ 299,471 $ 242,706 Year Ended June 30, 2017 2016 2015 Revenue $ 3,772 $ 3,345 $ 3,332 Cost of revenue — — — Gross profit 3,772 3,345 3,332 Operating expenses: Selling, general and administrative 3,938 3,438 3,477 Total operating expenses 3,938 3,438 3,477 Operating loss (166 ) (93 ) (145 ) Interest income 20 7 7 Interest expense — — (2 ) Income (loss) on equity investment in subsidiaries 9,406 (2,946 ) (7,623 ) Net loss including noncontrolling interest 9,260 (3,032 ) (7,763 ) Net loss attributable to noncontrolling interest (4,569 ) (104 ) — Net income (loss) attributable to Alpha and Omega Semiconductor Limited $ 13,829 $ (2,928 ) $ (7,763 ) Year Ended June 30, 2017 2016 2015 Cash flows from operating activities Net income (loss) $ 9,260 $ (3,032 ) $ (7,763 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 469 545 587 Share-based compensation expense 428 190 242 Equity in net (income) loss of subsidiaries (9,406 ) 2,946 7,623 Other 33 — — Changes in assets and liabilities: Accounts receivable - intercompany (4,868 ) 25,620 15,664 Other current assets (134 ) 23 26 Accounts payable and accrued liabilities 256 174 (101 ) Net cash provided by (used in) operating activities (3,962 ) 26,466 16,278 Cash flows from investing activities Purchase of property and equipment — (67 ) (625 ) Net cash used in investing activities — (67 ) (625 ) Cash flows from financing activities Withholding tax on restricted stock units (2,071 ) (1,036 ) (539 ) Proceeds from exercise of stock options and ESPP 10,699 7,371 3,007 Payment for repurchase of common shares — (42,080 ) (5,816 ) Principal payments on capital leases — — (95 ) Net cash provided by (used in) financing activities 8,628 (35,745 ) (3,443 ) Net increase (decrease) in cash and cash equivalents 4,666 (9,346 ) 12,210 Cash and cash equivalents at beginning of year 8,051 17,397 5,187 Cash and cash equivalents at end of year $ 12,717 $ 8,051 $ 17,397 1. Basis of Presentation Alpha and Omega Semiconductor Limited is the parent company of all Alpha and Omega Semiconductor subsidiaries. It was incorporated in Bermuda on September 27, 2000 as an exempted limited liability company. The address of its registered office is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The accompanying condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of its subsidiaries exceed 25% of the consolidated net assets of Alpha and Omega Semiconductor Limited and its subsidiaries (the “Company”). The parent company records its investment in subsidiaries under the equity method of accounting. Such investment is presented on the balance sheet as "Investment in subsidiaries" and the subsidiaries' net income (loss) are recognized based on the effective shareholding percentage as income on equity investment in subsidiaries on the statement of operations. Intercompany balances and transactions have not been eliminated. The revenue recorded represents intercompany administrative service fees charged by the parent company starting in fiscal year 2013. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. 2. Restricted net assets of subsidiaries For a discussion of the Company’s restricted net assets of subsidiaries, see Note 12 of the Company’s consolidated financial statements. 3. Commitments and contingencies In March 2016, the Company executed the JV Agreement with the Chongqing Funds to form a joint venture for the construction of a new state-of -the-art power semiconductor packaging, testing and wafer fabrication facility in Liangjiang New Area of Chongqing. The Company expects to commence initial packaging production as soon as the required milestones, including certain construction and funding milestones, have been met, and there is no assurance that we can meet these milestones in a timely manner. In January 2017, the JV Company entered into an Engineering, Procurement and Construction Contract (the "EPC Contract") with The IT Electronics Eleventh Design & Research Institute Scientific and Technological Engineering Corporation Limited. The total price payable by the JV Company under the EPC Contract is approximately $78.0 million , which consists of $2.8 million of design fees and $75.2 million of construction and procurement fees. These fees will be paid by the JV Company pursuant to a payment schedule based on the progress of the construction and the achievements of specified milestones, approximately $58.3 million and $19.7 million in calendar year 2017 and 2018, respectively. As of June 30, 2017, we had approximately $11.5 million of down payment related to the EPC Contract. For a discussion of the Company’s commitments and contingencies, see Note 13 to the Company’s consolidated financial statements. |
Schedule I - Condensed Uncons24
Schedule I - Condensed Unconsolidated Statements of Comprehensive Income (Loss) Schedule I - Condensed Unconsolidated Statements of Comprehensive Income (Loss) (Notes) | 12 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Notes to the Condensed Unconsolidated Financial Statements | Year ended June 30, 2017 2016 2015 Net income (loss) including noncontrolling interest $ 9,260 $ (3,032 ) $ (7,763 ) Other comprehensive loss, net of tax Foreign currency translation adjustment (1,012 ) (135 ) (128 ) Comprehensive income (loss) 8,248 (3,167 ) (7,891 ) Noncontrolling interest (5,118 ) (103 ) — Comprehensive income (loss) attributable to Alpha and Omega Semiconductor Limited $ 13,366 $ (3,064 ) $ (7,891 ) June 30, 2017 2016 ASSETS Current assets: Cash and cash equivalents $ 12,717 $ 8,051 Accounts receivable - Intercompany 18,253 13,385 Other current assets 402 268 Total current assets 31,372 21,704 Property, plant and equipment, net 806 1,308 Other long-term assets 100 100 Investment in subsidiaries 267,193 219,594 Total assets $ 299,471 $ 242,706 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued liabilities $ 922 $ 667 Total liabilities 922 667 Equity: Preferred shares, par value $0.002 per share: Authorized: 10,000 shares; issued and outstanding: none at June 30, 2017 and 2016 — — Common shares, par value $0.002 per share: Authorized: 50,000 shares; issued and outstanding: 29,600 shares and 23,992 shares at June 30, 2017 and 28,405 shares and 22,754 shares at June 30, 2016 59 57 Treasury shares at cost; 5,608 shares at June 30, 2017 and 5,651 shares at June 30, 2016 (49,836 ) (50,199 ) Additional paid-in capital 206,332 191,444 Accumulated other comprehensive income 306 769 Retained earnings 113,909 100,071 Total Alpha and Omega Semiconductor Limited shareholder's equity 270,770 242,142 Noncontrolling interest 27,779 (103 ) Total equity 298,549 242,039 Total liabilities and equity $ 299,471 $ 242,706 Year Ended June 30, 2017 2016 2015 Revenue $ 3,772 $ 3,345 $ 3,332 Cost of revenue — — — Gross profit 3,772 3,345 3,332 Operating expenses: Selling, general and administrative 3,938 3,438 3,477 Total operating expenses 3,938 3,438 3,477 Operating loss (166 ) (93 ) (145 ) Interest income 20 7 7 Interest expense — — (2 ) Income (loss) on equity investment in subsidiaries 9,406 (2,946 ) (7,623 ) Net loss including noncontrolling interest 9,260 (3,032 ) (7,763 ) Net loss attributable to noncontrolling interest (4,569 ) (104 ) — Net income (loss) attributable to Alpha and Omega Semiconductor Limited $ 13,829 $ (2,928 ) $ (7,763 ) Year Ended June 30, 2017 2016 2015 Cash flows from operating activities Net income (loss) $ 9,260 $ (3,032 ) $ (7,763 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 469 545 587 Share-based compensation expense 428 190 242 Equity in net (income) loss of subsidiaries (9,406 ) 2,946 7,623 Other 33 — — Changes in assets and liabilities: Accounts receivable - intercompany (4,868 ) 25,620 15,664 Other current assets (134 ) 23 26 Accounts payable and accrued liabilities 256 174 (101 ) Net cash provided by (used in) operating activities (3,962 ) 26,466 16,278 Cash flows from investing activities Purchase of property and equipment — (67 ) (625 ) Net cash used in investing activities — (67 ) (625 ) Cash flows from financing activities Withholding tax on restricted stock units (2,071 ) (1,036 ) (539 ) Proceeds from exercise of stock options and ESPP 10,699 7,371 3,007 Payment for repurchase of common shares — (42,080 ) (5,816 ) Principal payments on capital leases — — (95 ) Net cash provided by (used in) financing activities 8,628 (35,745 ) (3,443 ) Net increase (decrease) in cash and cash equivalents 4,666 (9,346 ) 12,210 Cash and cash equivalents at beginning of year 8,051 17,397 5,187 Cash and cash equivalents at end of year $ 12,717 $ 8,051 $ 17,397 1. Basis of Presentation Alpha and Omega Semiconductor Limited is the parent company of all Alpha and Omega Semiconductor subsidiaries. It was incorporated in Bermuda on September 27, 2000 as an exempted limited liability company. The address of its registered office is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The accompanying condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of its subsidiaries exceed 25% of the consolidated net assets of Alpha and Omega Semiconductor Limited and its subsidiaries (the “Company”). The parent company records its investment in subsidiaries under the equity method of accounting. Such investment is presented on the balance sheet as "Investment in subsidiaries" and the subsidiaries' net income (loss) are recognized based on the effective shareholding percentage as income on equity investment in subsidiaries on the statement of operations. Intercompany balances and transactions have not been eliminated. The revenue recorded represents intercompany administrative service fees charged by the parent company starting in fiscal year 2013. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. 2. Restricted net assets of subsidiaries For a discussion of the Company’s restricted net assets of subsidiaries, see Note 12 of the Company’s consolidated financial statements. 3. Commitments and contingencies In March 2016, the Company executed the JV Agreement with the Chongqing Funds to form a joint venture for the construction of a new state-of -the-art power semiconductor packaging, testing and wafer fabrication facility in Liangjiang New Area of Chongqing. The Company expects to commence initial packaging production as soon as the required milestones, including certain construction and funding milestones, have been met, and there is no assurance that we can meet these milestones in a timely manner. In January 2017, the JV Company entered into an Engineering, Procurement and Construction Contract (the "EPC Contract") with The IT Electronics Eleventh Design & Research Institute Scientific and Technological Engineering Corporation Limited. The total price payable by the JV Company under the EPC Contract is approximately $78.0 million , which consists of $2.8 million of design fees and $75.2 million of construction and procurement fees. These fees will be paid by the JV Company pursuant to a payment schedule based on the progress of the construction and the achievements of specified milestones, approximately $58.3 million and $19.7 million in calendar year 2017 and 2018, respectively. As of June 30, 2017, we had approximately $11.5 million of down payment related to the EPC Contract. For a discussion of the Company’s commitments and contingencies, see Note 13 to the Company’s consolidated financial statements. |
Schedule I - Condensed Uncons25
Schedule I - Condensed Unconsolidated Cash Flows | 12 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Notes to the Condensed Unconsolidated Financial Statements | Year ended June 30, 2017 2016 2015 Net income (loss) including noncontrolling interest $ 9,260 $ (3,032 ) $ (7,763 ) Other comprehensive loss, net of tax Foreign currency translation adjustment (1,012 ) (135 ) (128 ) Comprehensive income (loss) 8,248 (3,167 ) (7,891 ) Noncontrolling interest (5,118 ) (103 ) — Comprehensive income (loss) attributable to Alpha and Omega Semiconductor Limited $ 13,366 $ (3,064 ) $ (7,891 ) June 30, 2017 2016 ASSETS Current assets: Cash and cash equivalents $ 12,717 $ 8,051 Accounts receivable - Intercompany 18,253 13,385 Other current assets 402 268 Total current assets 31,372 21,704 Property, plant and equipment, net 806 1,308 Other long-term assets 100 100 Investment in subsidiaries 267,193 219,594 Total assets $ 299,471 $ 242,706 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued liabilities $ 922 $ 667 Total liabilities 922 667 Equity: Preferred shares, par value $0.002 per share: Authorized: 10,000 shares; issued and outstanding: none at June 30, 2017 and 2016 — — Common shares, par value $0.002 per share: Authorized: 50,000 shares; issued and outstanding: 29,600 shares and 23,992 shares at June 30, 2017 and 28,405 shares and 22,754 shares at June 30, 2016 59 57 Treasury shares at cost; 5,608 shares at June 30, 2017 and 5,651 shares at June 30, 2016 (49,836 ) (50,199 ) Additional paid-in capital 206,332 191,444 Accumulated other comprehensive income 306 769 Retained earnings 113,909 100,071 Total Alpha and Omega Semiconductor Limited shareholder's equity 270,770 242,142 Noncontrolling interest 27,779 (103 ) Total equity 298,549 242,039 Total liabilities and equity $ 299,471 $ 242,706 Year Ended June 30, 2017 2016 2015 Revenue $ 3,772 $ 3,345 $ 3,332 Cost of revenue — — — Gross profit 3,772 3,345 3,332 Operating expenses: Selling, general and administrative 3,938 3,438 3,477 Total operating expenses 3,938 3,438 3,477 Operating loss (166 ) (93 ) (145 ) Interest income 20 7 7 Interest expense — — (2 ) Income (loss) on equity investment in subsidiaries 9,406 (2,946 ) (7,623 ) Net loss including noncontrolling interest 9,260 (3,032 ) (7,763 ) Net loss attributable to noncontrolling interest (4,569 ) (104 ) — Net income (loss) attributable to Alpha and Omega Semiconductor Limited $ 13,829 $ (2,928 ) $ (7,763 ) Year Ended June 30, 2017 2016 2015 Cash flows from operating activities Net income (loss) $ 9,260 $ (3,032 ) $ (7,763 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 469 545 587 Share-based compensation expense 428 190 242 Equity in net (income) loss of subsidiaries (9,406 ) 2,946 7,623 Other 33 — — Changes in assets and liabilities: Accounts receivable - intercompany (4,868 ) 25,620 15,664 Other current assets (134 ) 23 26 Accounts payable and accrued liabilities 256 174 (101 ) Net cash provided by (used in) operating activities (3,962 ) 26,466 16,278 Cash flows from investing activities Purchase of property and equipment — (67 ) (625 ) Net cash used in investing activities — (67 ) (625 ) Cash flows from financing activities Withholding tax on restricted stock units (2,071 ) (1,036 ) (539 ) Proceeds from exercise of stock options and ESPP 10,699 7,371 3,007 Payment for repurchase of common shares — (42,080 ) (5,816 ) Principal payments on capital leases — — (95 ) Net cash provided by (used in) financing activities 8,628 (35,745 ) (3,443 ) Net increase (decrease) in cash and cash equivalents 4,666 (9,346 ) 12,210 Cash and cash equivalents at beginning of year 8,051 17,397 5,187 Cash and cash equivalents at end of year $ 12,717 $ 8,051 $ 17,397 1. Basis of Presentation Alpha and Omega Semiconductor Limited is the parent company of all Alpha and Omega Semiconductor subsidiaries. It was incorporated in Bermuda on September 27, 2000 as an exempted limited liability company. The address of its registered office is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The accompanying condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of its subsidiaries exceed 25% of the consolidated net assets of Alpha and Omega Semiconductor Limited and its subsidiaries (the “Company”). The parent company records its investment in subsidiaries under the equity method of accounting. Such investment is presented on the balance sheet as "Investment in subsidiaries" and the subsidiaries' net income (loss) are recognized based on the effective shareholding percentage as income on equity investment in subsidiaries on the statement of operations. Intercompany balances and transactions have not been eliminated. The revenue recorded represents intercompany administrative service fees charged by the parent company starting in fiscal year 2013. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. 2. Restricted net assets of subsidiaries For a discussion of the Company’s restricted net assets of subsidiaries, see Note 12 of the Company’s consolidated financial statements. 3. Commitments and contingencies In March 2016, the Company executed the JV Agreement with the Chongqing Funds to form a joint venture for the construction of a new state-of -the-art power semiconductor packaging, testing and wafer fabrication facility in Liangjiang New Area of Chongqing. The Company expects to commence initial packaging production as soon as the required milestones, including certain construction and funding milestones, have been met, and there is no assurance that we can meet these milestones in a timely manner. In January 2017, the JV Company entered into an Engineering, Procurement and Construction Contract (the "EPC Contract") with The IT Electronics Eleventh Design & Research Institute Scientific and Technological Engineering Corporation Limited. The total price payable by the JV Company under the EPC Contract is approximately $78.0 million , which consists of $2.8 million of design fees and $75.2 million of construction and procurement fees. These fees will be paid by the JV Company pursuant to a payment schedule based on the progress of the construction and the achievements of specified milestones, approximately $58.3 million and $19.7 million in calendar year 2017 and 2018, respectively. As of June 30, 2017, we had approximately $11.5 million of down payment related to the EPC Contract. For a discussion of the Company’s commitments and contingencies, see Note 13 to the Company’s consolidated financial statements. |
Schedule I - Notes to the Conde
Schedule I - Notes to the Condensed Unconsolidated Financial Statements | 12 Months Ended |
Jun. 30, 2017 | |
Condensed Financial Information of Parent Company Only Disclosure [Abstract] | |
Schedule I - Notes to the Condensed Unconsolidated Financial Statements | Year ended June 30, 2017 2016 2015 Net income (loss) including noncontrolling interest $ 9,260 $ (3,032 ) $ (7,763 ) Other comprehensive loss, net of tax Foreign currency translation adjustment (1,012 ) (135 ) (128 ) Comprehensive income (loss) 8,248 (3,167 ) (7,891 ) Noncontrolling interest (5,118 ) (103 ) — Comprehensive income (loss) attributable to Alpha and Omega Semiconductor Limited $ 13,366 $ (3,064 ) $ (7,891 ) June 30, 2017 2016 ASSETS Current assets: Cash and cash equivalents $ 12,717 $ 8,051 Accounts receivable - Intercompany 18,253 13,385 Other current assets 402 268 Total current assets 31,372 21,704 Property, plant and equipment, net 806 1,308 Other long-term assets 100 100 Investment in subsidiaries 267,193 219,594 Total assets $ 299,471 $ 242,706 LIABILITIES AND EQUITY Current liabilities: Accounts payable and accrued liabilities $ 922 $ 667 Total liabilities 922 667 Equity: Preferred shares, par value $0.002 per share: Authorized: 10,000 shares; issued and outstanding: none at June 30, 2017 and 2016 — — Common shares, par value $0.002 per share: Authorized: 50,000 shares; issued and outstanding: 29,600 shares and 23,992 shares at June 30, 2017 and 28,405 shares and 22,754 shares at June 30, 2016 59 57 Treasury shares at cost; 5,608 shares at June 30, 2017 and 5,651 shares at June 30, 2016 (49,836 ) (50,199 ) Additional paid-in capital 206,332 191,444 Accumulated other comprehensive income 306 769 Retained earnings 113,909 100,071 Total Alpha and Omega Semiconductor Limited shareholder's equity 270,770 242,142 Noncontrolling interest 27,779 (103 ) Total equity 298,549 242,039 Total liabilities and equity $ 299,471 $ 242,706 Year Ended June 30, 2017 2016 2015 Revenue $ 3,772 $ 3,345 $ 3,332 Cost of revenue — — — Gross profit 3,772 3,345 3,332 Operating expenses: Selling, general and administrative 3,938 3,438 3,477 Total operating expenses 3,938 3,438 3,477 Operating loss (166 ) (93 ) (145 ) Interest income 20 7 7 Interest expense — — (2 ) Income (loss) on equity investment in subsidiaries 9,406 (2,946 ) (7,623 ) Net loss including noncontrolling interest 9,260 (3,032 ) (7,763 ) Net loss attributable to noncontrolling interest (4,569 ) (104 ) — Net income (loss) attributable to Alpha and Omega Semiconductor Limited $ 13,829 $ (2,928 ) $ (7,763 ) Year Ended June 30, 2017 2016 2015 Cash flows from operating activities Net income (loss) $ 9,260 $ (3,032 ) $ (7,763 ) Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: Depreciation 469 545 587 Share-based compensation expense 428 190 242 Equity in net (income) loss of subsidiaries (9,406 ) 2,946 7,623 Other 33 — — Changes in assets and liabilities: Accounts receivable - intercompany (4,868 ) 25,620 15,664 Other current assets (134 ) 23 26 Accounts payable and accrued liabilities 256 174 (101 ) Net cash provided by (used in) operating activities (3,962 ) 26,466 16,278 Cash flows from investing activities Purchase of property and equipment — (67 ) (625 ) Net cash used in investing activities — (67 ) (625 ) Cash flows from financing activities Withholding tax on restricted stock units (2,071 ) (1,036 ) (539 ) Proceeds from exercise of stock options and ESPP 10,699 7,371 3,007 Payment for repurchase of common shares — (42,080 ) (5,816 ) Principal payments on capital leases — — (95 ) Net cash provided by (used in) financing activities 8,628 (35,745 ) (3,443 ) Net increase (decrease) in cash and cash equivalents 4,666 (9,346 ) 12,210 Cash and cash equivalents at beginning of year 8,051 17,397 5,187 Cash and cash equivalents at end of year $ 12,717 $ 8,051 $ 17,397 1. Basis of Presentation Alpha and Omega Semiconductor Limited is the parent company of all Alpha and Omega Semiconductor subsidiaries. It was incorporated in Bermuda on September 27, 2000 as an exempted limited liability company. The address of its registered office is Clarendon House, 2 Church Street, Hamilton HM 11, Bermuda. The accompanying condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of its subsidiaries exceed 25% of the consolidated net assets of Alpha and Omega Semiconductor Limited and its subsidiaries (the “Company”). The parent company records its investment in subsidiaries under the equity method of accounting. Such investment is presented on the balance sheet as "Investment in subsidiaries" and the subsidiaries' net income (loss) are recognized based on the effective shareholding percentage as income on equity investment in subsidiaries on the statement of operations. Intercompany balances and transactions have not been eliminated. The revenue recorded represents intercompany administrative service fees charged by the parent company starting in fiscal year 2013. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. The footnote disclosures contain supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with the notes to the consolidated financial statements of the Company. 2. Restricted net assets of subsidiaries For a discussion of the Company’s restricted net assets of subsidiaries, see Note 12 of the Company’s consolidated financial statements. 3. Commitments and contingencies In March 2016, the Company executed the JV Agreement with the Chongqing Funds to form a joint venture for the construction of a new state-of -the-art power semiconductor packaging, testing and wafer fabrication facility in Liangjiang New Area of Chongqing. The Company expects to commence initial packaging production as soon as the required milestones, including certain construction and funding milestones, have been met, and there is no assurance that we can meet these milestones in a timely manner. In January 2017, the JV Company entered into an Engineering, Procurement and Construction Contract (the "EPC Contract") with The IT Electronics Eleventh Design & Research Institute Scientific and Technological Engineering Corporation Limited. The total price payable by the JV Company under the EPC Contract is approximately $78.0 million , which consists of $2.8 million of design fees and $75.2 million of construction and procurement fees. These fees will be paid by the JV Company pursuant to a payment schedule based on the progress of the construction and the achievements of specified milestones, approximately $58.3 million and $19.7 million in calendar year 2017 and 2018, respectively. As of June 30, 2017, we had approximately $11.5 million of down payment related to the EPC Contract. For a discussion of the Company’s commitments and contingencies, see Note 13 to the Company’s consolidated financial statements. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Jun. 30, 2017 | |
Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Allowance Allowance Allowance for Doubtful for Price for Deferred Accounts Adjustments Tax Assets June 30, 2014 $ 30 $ 14,563 $ 2,395 Additions — 87,189 305 Reductions — (82,314 ) — June 30, 2015 30 19,438 2,700 Additions — 90,967 194 Reductions — (93,705 ) — June 30, 2016 30 16,700 2,894 Additions — 113,970 3,284 Reductions — (111,071 ) — June 30, 2017 $ 30 $ 19,599 $ 6,178 |
The Company and Significant A28
The Company and Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation | The Joint Venture is accounted under the provisions of the consolidation guidance since the Company has controlling financial interest. Basis of Preparation The consolidated financial statements include the accounts of the Company, its wholly-owned subsidiaries, and a subsidiary in which it has a controlling interest after elimination of inter-company balances and transactions. The consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"). |
Use of Estimates | Use of Estimates The preparation of our consolidated financial statements in conformity with U.S. GAAP requires the Company to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses. To the extent there are material differences between these estimates and actual results, the Company's consolidated financial statements will be affected. On an ongoing basis, the Company evaluates the estimates, judgments and assumptions including those related to stock rotation returns, price adjustments, allowance for doubtful accounts, inventory reserves, warranty accrual, income taxes, share-based compensation, and useful lives for property, plant and equipment and intangible assets. |
Foreign Currency Transactions and Translation | Foreign Currency Transactions and Translation Most of the Company's principal subsidiaries use U.S. dollars as their functional currency because their transactions are primarily conducted and settled in U.S. dollars. All of their revenues and a significant portion of their operating expenses are denominated in U.S. dollars. The functional currencies for the Company's in-house packaging and testing facilities in China are U.S. dollars, and a majority of their capital expenditures are denominated in U.S. dollars. Foreign currency transactions are translated into the functional currencies using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses, resulting from the settlement of such transactions and from the remeasurement of monetary assets and liabilities denominated in foreign currencies using exchange rates at balance sheet date and non-monetary assets and liabilities using historical exchange rates, are recognized in the consolidated statements of operations. For the Company's subsidiaries which use the local currency as their functional currency, including a Joint Venture Company ("JV Company"), their results and financial position are translated into U.S. dollars using exchange rates at balance sheet dates for assets and liabilities and using average exchange rates for income and expenses items. The resulting translation differences are presented as a separate component of accumulated other comprehensive income (loss) and noncontrolling interest in the consolidated statements of equity. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents primarily consist of cash on hand and short-term bank deposits with original maturities of three months or less. Cash equivalents are highly liquid investments with stated maturities of three months or less as of the dates of purchase. The carrying amounts reported for cash and cash equivalents are considered to approximate fair values based upon their short maturities. Cash and cash equivalents are maintained with reputable major financial institutions. If, due to current economic conditions or other factors, one or more of the financial institutions with which the Company maintains deposits fails, the Company's cash and cash equivalents may be at risk. Deposits with these banks may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. |
Accounts Receivable | Accounts Receivable The allowance for doubtful accounts is based on assessment of the collectability of accounts receivable from customers. The Company reviews the allowance by considering factors such as historical collection experience, credit quality, age of the accounts receivable balances and current economic conditions that may affect a customer's ability to pay. The Company writes off a receivable and charges against its recorded allowance when it has exhausted its collection efforts without success. |
Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value, which are the following: • Level 1 - Quoted prices in active markets for identical assets or liabilities. • Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair value of cash equivalents are based on observable market prices and have been categorized in Level 1 in the fair value hierarchy. Cash equivalents consist primarily of short term bank deposits. The carrying values of financial instruments such as cash and cash equivalents, accounts receivable and accounts payable approximate their carrying values due to their short-term maturities. The carrying value of the company's debt is considered a reasonable estimate of fair value which is estimated by considering the current rates available to the Company for debt of the same remaining maturities, structure and terms of the debts. |
Inventories | Inventories The Company carries inventories at the lower of cost (determined on a first-in, first-out basis) or market value. Cost includes semiconductor wafer and raw materials, labor, depreciation expenses and other manufacturing expenses and overhead, and packaging and testing fees paid to third parties if subcontractors are used. Inventory reserves are made based on the Company's periodic review of inventory quantities on hand as compared with its sales forecasts, historical usage, aging of inventories, production yield levels and current product selling prices. If actual market conditions are less favorable than those forecasted by management, additional future inventory write-downs may be required that could adversely affect the Company's operating results. Inventory reserves once established are not reversed until the related inventory has been sold or scrapped. |
Property, Plant and Equipment | Property, Plant and Equipment Property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditures that are directly attributable to the acquisition of the items and the costs incurred to make the assets ready for their intended use. Depreciation is provided for on a straight-line basis over the estimated useful lives of the related assets as follows: Building 20 years Manufacturing machinery and equipment 3 to 10 years Equipment and tooling 5 years Computer equipment and software 3 to 5 years Office furniture and equipment 5 years Leasehold improvements 2 to 15 years based on shorter of expected economic useful life or the lease term Equipment and construction in progress represent equipment received but the necessary installation has not been fully performed or leasehold improvements have been started but not yet completed. Equipment and construction in progress are stated at cost and transferred to respective asset class when fully completed and ready for their intended use. Internal-use software development costs are capitalized to the extent that the costs are directly associated with the development of identifiable and unique software products controlled by the Company that will probably generate economic benefits beyond one year. Costs incurred during the application development stage are required to be capitalized. The application development stage is characterized by software design and configuration activities, coding, testing and installation. Training costs and maintenance are expensed as incurred, while upgrades and enhancements are capitalized if it is probable that such expenditures will result in additional functionality. Costs include employee costs incurred and fees paid to outside consultants for the software development and implementation. Internal developed software is amortized over its estimated useful life of five years starting from the date when it is ready for its intended use. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized as selling, general and administrative expenses in the consolidated statements of operations. Costs of maintenance and repairs that do not improve or extend the lives of the respective assets are expensed as incurred. |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets Long-lived assets or asset groups are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset might not be recoverable. Factors that would necessitate an impairment assessment include a significant decline in the observable market value of an asset, a significant change in the extent or manner in which an asset is used, or any other significant adverse change that would indicate that the carrying amount of an asset or group of assets may not be recoverable. Where such factors indicate potential impairment, the recoverability of an asset or asset group is assessed by determining if the carrying value of the asset or asset group exceeds the sum of the projected undiscounted cash flows expected to result from the use and eventual disposition of the assets over the remaining economic life. The impairment loss is measured based on the difference between the carrying amount and estimated fair value. |
Goodwill and Intangible assets | Goodwill Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually, or whenever changes in circumstances indicate that the carrying amount of goodwill or intangible assets may not be recoverable. These tests are performed at the reporting unit level using a two-step, fair-value based approach. In testing for a potential impairment of goodwill, the Company first compares the carrying value of assets and liabilities to the estimated fair value. If estimated fair value is less than carrying value, then potential impairment exists. The amount of any impairment is then calculated by determining the implied fair value of goodwill using a hypothetical purchase price allocation, similar to that which would be applied if it were an acquisition and the purchase price was equivalent to fair value as calculated in the first step. Impairment is equivalent to any excess of goodwill carrying value over its implied fair value. There was no indication of goodwill impairment for the fiscal year of 2017, 2016 and 2015. The process of evaluating the potential impairment of goodwill requires significant judgment at many points during the analysis, including calculating fair value of each reporting unit based on estimated future cash flows and discount rates to be applied. The Company re-evaluates its intangible assets and goodwill for impairment during the fourth quarter of fiscal year. Goodwill is recorded in other long-term assets in the Company's consolidated balance sheets. Intangible Assets Intangible assets are stated at cost less accumulated amortization. Intangible assets include patents and exclusive technology rights, trade names and customer relationships. Intangible assets with finite lives are amortized on a straight-line basis over the estimated periods of benefit, as follows: Patents and exclusive technology rights 3 to 7 years Trade name 3 years Customer relationships 4 years The Company evaluates its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the asset group. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount and fair value less costs to sell. Intangible assets are recorded in other long-term assets in the Company's consolidated balance sheets. There was no indication of intangible assets impairment for the fiscal year of 2017, 2016 and 2015. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when there is persuasive evidence that an arrangement exists, delivery has occurred, the price to the buyer is fixed or determinable and when collectability is reasonably assured. The Company recognizes revenue when product is shipped to the customer, net of estimated stock rotation returns and price adjustments that it expects to provide to certain distributors. The Company sells its products primarily to distributors, who in turn sell the products globally to various end customers. The Company allows stock rotation returns from certain distributors. Stock rotation returns are governed by contract and are limited to a specified percentage of the monetary value of products purchased by distributors during a specified period. The Company records an allowance for stock rotation returns based on historical returns and individual distributor agreements. The Company also provides special pricing to certain distributors, primarily based on volume, to encourage resale of the Company's products. The Company estimates the expected price adjustments at the time revenue is recognized based on distributor inventory levels, pre-approved future distributor selling prices, distributor margins and demand for its products. If actual stock rotation returns or price adjustments differ from their estimates, adjustments are recorded in the period when the actual information is known. Allowance for price adjustments is recorded against accounts receivable and the provision for stock rotation rights is included in accrued liabilities on the consolidated balance sheets. Revenue from certain distributors is deferred until the distributor resells the products to end customers due to price protection adjustments and right of returns that cannot be reliably measured. The deferred revenue, net of the associated deferred cost of the inventory, is recorded as deferred margin on the consolidated balance sheets. Packaging and testing services revenue is recognized upon shipment of serviced products to the customer. |
Product Warranty | Product Warranty The Company provides a standard one-year warranty for the products from the date of purchase by the end customers. The Company accrues for estimated warranty costs at the time revenue is recognized. The Company's warranty obligation is affected by product failure rates, labor and material costs for replacing defective parts, related freight costs for failed parts and other quality assurance costs. The Company monitors its product returns for warranty claims and maintains warranty reserves based on historical experiences and anticipated warranty claims known at the time of estimation. |
Shipping and Handling Costs | Shipping and Handling Costs Shipping and handling costs are included in cost of goods sold. |
Research and Development | Research and Development Research and development costs are expensed as incurred. |
Provision for Income Taxes | Provision for Income Taxes Income tax expense or benefit is based on income or loss before taxes. Deferred tax assets and liabilities are recognized principally for the expected tax consequences of temporary differences between the tax basis of assets and liabilities and their reported amounts. The Company is subject to income taxes in a number of jurisdictions. Significant judgment is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is uncertain during the ordinary course of business. The Company establishes accruals for certain tax contingencies based on estimates of whether additional taxes may be due. While the final tax outcome of these matters may differ from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Significant management judgment is also required in determining whether deferred tax assets will be realized in full or in part. When it is more likely than not that all or some portion of specific deferred tax assets such as net operating losses or research and experimentation tax credit carryforwards will not be realized, a valuation allowance must be established for the amount of the deferred tax assets that cannot be realized. We consider all available positive and negative evidence on a jurisdiction-by-jurisdiction basis when assessing whether it is more likely than not that deferred tax assets are recoverable. We consider evidence such as our past operating results, the existence of cumulative losses in recent years and our forecast of future taxable income. The Financial Accounting Standards Board, or FASB, issued guidance which clarifies the accounting for income taxes by prescribing a minimum probability threshold that a tax position must meet before a financial statement benefit is recognized. The minimum threshold is defined as a tax position that is more likely than not to be sustained upon examination by the applicable taxing authority, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit to be recognized is measured as the largest amount of benefit that is greater than fifty percent likely to be realized upon ultimate settlement. Although the guidance on the accounting for uncertainty in income taxes prescribes the use of a recognition and measurement model, the determination of whether an uncertain tax position has met those thresholds will continue to require significant judgment by management. If the ultimate resolution of tax uncertainties is different from what is currently estimated, a material impact on income tax expense could result. Our provision for income taxes is subject to volatility and could be adversely impacted by changes in earnings or tax laws and regulations in various jurisdictions. We are subject to the continuous examination of our income tax returns by the Internal Revenue Service and other tax authorities. We regularly assess the likelihood of adverse outcomes resulting from these examinations to determine the adequacy of our provision for income taxes. To the extent that the final tax outcome of these matters is different from the amounts recorded, such differences will impact the provision for income taxes in the period in which such determination is made. The provision for income taxes includes the impact of changes to reserves, as well as the related net interest and penalties. |
Share-based Compensation Expense | Share-based Compensation Expense The Company recognizes expense related to share-based compensation awards that are ultimately expected to vest based on estimated fair values on the date of grant using the Black-Scholes option pricing model. Share-based compensation expense is recognized on the accelerated vesting attribution basis over the requisite service period of the award, which generally equals the vesting period. The Company maintains an equity-settled, share-based compensation plan which grants share options and restricted share units (the "RSUs") to employees, directors and consultants. In May 2010, the Company adopted the Employee Share Purchase Plan (the "ESPP"). The fair value of RSUs is based on the fair value of the Company's common share on the date of grant. The fair values of stock options and common stock issued under the ESPP are determined at the date of grant using the Black-Scholes option valuation model. The Company determined the weighted average valuation assumptions as follows: • Expected term is estimated the expected life of options granted based on historical exercise and post-vest cancellation patterns, which the Company believes are representative of future behavior. • Forfeiture rate is estimated based on the historical average period of time that the awards were outstanding and forfeited. The estimate of forfeitures is adjusted over the requisite service period to the extent that actual forfeitures differ, or are expected to differ, from the prior estimates. Changes in estimated forfeitures are recognized in the period of change and impact the amount of stock compensation expenses to be recognized in future periods, which could be material if actual results differ significantly from our estimates. • Volatility is estimated based on our historical volatility over a period equivalent to the expected term of the stock awards granted. • Risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected term of the awards granted. • Dividend yield is zero as the Company has never declared or paid any dividends and currently has no intention to pay dividends in the foreseeable future. |
Advertising | Advertising Advertising expenditures are expensed as incurred. Advertising expense was $0.4 million , $0.4 million , and $0.5 million for the fiscal years ended June 30, 2017 , 2016 , and 2015 , respectively. |
Comprehensive Income (loss) | Comprehensive Income (Loss) Comprehensive income (loss) is defined as the change in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources. The Company's accumulated other comprehensive income (loss) consists of cumulative foreign currency translation adjustments. |
Leases | Leases Leases entered into by the Company as a lessee are classified as capital or operating leases. Leases that transfer to the Company substantially the entire risks and benefits incidental to ownership are classified as capital leases. At the inception of a capital lease, an asset and an obligation are recorded at an amount equal to the lesser of the present value of the minimum lease payments and the asset’s fair market value at the beginning of each lease. Rental payments under operating leases are expensed as incurred. |
Risks and Uncertainties | Risks and Uncertainties The Company is subject to certain risks and uncertainties. The Company believes changes in any of the following areas could have a material adverse effect on the Company's future financial position or results of operations or cash flows: new product development, including market receptiveness, operation of in-house manufacturing facilities, litigation or claims against the Company based on intellectual property, patent, product regulatory or other factors, competition from other products, general economic conditions, the ability to attract and retain qualified employees, the ability to successfully operate joint venture and ultimately to sustain profitable operations. Additional risks and uncertainties that the Company is unaware of, or that the Company currently believes are not material, may also become important factors that adversely affect its business. The semiconductor industry is characterized by rapid technological change, competition, competitive pricing pressures and cyclical market patterns. The Company's financial results are affected by a wide variety of factors, including general economic conditions specific to the semiconductor industry and the Company's particular market, such as the personal computing (PC) markets, the timely implementation of new products, new manufacturing process technology and the ability to safeguard patents and intellectual property in a rapidly evolving market. In addition, the semiconductor market has historically been cyclical and subject to significant economic downturns. As a result, the Company may experience significant period-to-period fluctuations in operating results due to the factors mentioned above or other factors. The Company adopts a fabless to a “fab-lite” business model under which the Company allocates its wafer manufacturing requirements to both in-house capacity and selected third-party foundries. The Company also deploys and implements its proprietary power discrete processes and equipment at third-party foundries to maximize the performance and quality of its products. The Company's revenue may be impacted by its ability to obtain adequate wafer supplies from third-party foundries and utilize wafer production and packaging and testing capacity from its in-house facilities. Currently the Company's main third-party foundry is Shanghai Hua Hong Grace Electronic Company Limited, or HHGrace, located in Shanghai, China. HHGrace has been manufacturing wafers for the Company since 2002. HHGrace manufactured approximately 18.6% , 25.0% and 25.0% of the wafers used in the Company's products for the fiscal years ended June 30, 2017 , 2016 and 2015, respectively. Although the Company believes that its volume of production allows the Company to secure favorable pricing and priority in allocation of capacity in its third-party foundries, if the foundries' capacities are constrained due to market demands, HHGrace, together with other foundries from which the Company purchases wafers, may not be willing or able to satisfy all of the Company's manufacturing requirements on a timely basis and/or at favorable prices. The Company is also subject to the risks of service disruptions and raw material shortages by its foundries. Such disruptions, shortages and price increases could harm the Company's operating results. In addition, manufacturing facilities' capacity affects the Company's gross margin because the Company has certain fixed costs associated with its Oregon fab and in-house packaging and testing facilities. If the Company fails to utilize its manufacturing facilities' capacity at a desirable level, its financial condition and results of operations will be adversely affected. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2017, the FASB issued Accounting Standard Updates ("ASU") ASU 2017-09, "Compensation -Stock Compensation: Scope of Modification Accounting ("ASU 2017-09"). ASU 2017-09 is an update to the existing guidance to clarify when modification accounting would be applied for a change to the terms or conditions of a share-based award. Under this new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. This ASU will be effective for annual periods, and interim periods within those annual periods, beginning after December 15, 2017 with early adoption permitted. The Company does not regularly modify the terms and conditions of its share-based awards and does not expect the adoption of this guidance to have a significant impact on its financial statements. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows: Restricted Cash ("ASU 2016-18"). ASU 2016-18 requires amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. This ASU will be effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted and requires retrospective adoption. The Company does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In October 2016, the FASB issued ASU No. 2016-16, "Income Taxes - Intra-Entity Transfers of Assets Other Than Inventory ("ASU 2016-16"). ASU 2016-16 requires entities to recognize income tax consequences of an intra-entity transfer of an asset other than inventory when the transfer occurs. The amended guidance is effective for annual reporting periods beginning after December 15, 2017, including interim reporting periods within those annual reporting periods. The Company expects to early adopt the new standard effective July 1, 2017 by utilizing the modified retrospective adoption method. As of June 30, 2017 the Company has $5.5 million of prepaid tax assets related to an inter-company packaging equipment transfer. As a result of early adopting ASU 2016-16, the Company will derecognize the $5.5 million of prepaid tax assets as of July 1, 2017 with an offsetting reduction to retained earnings. In addition, the Company will record a $6.5 million deferred tax asset and a $6.5 million valuation allowance to record the deferred tax asset related to the inter-company packaging equipment transfer book-tax differences as of July 1, 2017. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments ("ASU 2016-15"). ASU 2016-15 identifies how certain cash receipts and cash payments are presented and classified in the Statement of Cash Flows under Topic 230. ASU 2016-15 is effective for fiscal years beginning after December 15, 2017, and interim periods within those fiscal years, with early adoption permitted. Upon adoption, entities must apply the guidance retrospectively to all periods presented. The Company is currently evaluating the impact the adoption of ASU 2016-15 will have on its consolidated financial statements. In May 2016, the FASB issued Accounting Standards Update ("ASU") 2016-12, "Revenue from Contracts with Customers (Topic 606) - Narrow-Scope Improvements and Practical Expedients." ASU 2016-12 provides additional guidance established by the FASB-IASB Joint Transition Resource Group for Revenue Recognition regarding the implementation of certain aspects of the new revenue recognition guidance. More specifically, the amendment provides additional guidance regarding assessing the collectability criterion, the presentation of sales taxes and other similar taxes collected from customers, noncash consideration, contract modifications or completed contracts at transition of the new revenue recognition guidance and technical corrections. The effective date is consistent with the effective date of ASU 2014-09. The new standard permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company currently anticipates adopting the standard using the modified retrospective method. While the Company is still in the process of completing its analysis on the impact this guidance will have on the Company's consolidated financial statements, related disclosures, and its internal controls over financial reporting, the Company cannot reasonably estimate quantitative information at this time. In April 2016, the FASB issued ASU 2016-10, Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing ("ASU 2016-10"). ASU 2016-10 clarifies two aspects of Topic 606: (a) identifying performance obligations; and (b) the licensing implementation guidance. The update is effective for annual periods beginning after December 15, 2017 including interim reporting periods therein. The Company is currently evaluating the impact the adoption of ASU 2016-10 will have on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 simplifies several aspects of the accounting for employee share-based payment transactions including the accounting for income taxes, forfeitures, and statutory tax withholding requirements, as well as classification of related amounts within the statement of cash flows. This guidance is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company will be adopting the new standard effective July 1, 2017 and does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. In February 2016, the FASB issued ASU 2016-02, Leases. This guidance requires a dual approach for lessee accounting under which a lessee will account for leases as finance leases or operating leases. Both finance and operating leases will result in the lessee recognizing a right-of-use asset and a corresponding liability on its balance sheet, with differing methodology for income statement recognition. This guidance is effective for public business entities for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. A modified retrospective approach is required for all leases existing or entered into after the beginning of the earliest comparative period in the consolidated financial statements. The Company is currently assessing the impact that adoption of this guidance will have on its consolidated financial statements. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers. The standard provides companies with a single model for use in accounting for revenue arising from contracts with customers and supersedes current revenue recognition guidance, including industry-specific revenue guidance. The core principle of the model is to recognize revenue when control of the goods or services transfers to the customer, as opposed to recognizing revenue when the risks and rewards transfer to the customer under the existing revenue guidance. In August 2015, the FASB issued an accounting standard update for a one-year deferral of the effective date of ASU 2014-09 to annual and interim periods beginning after December 15, 2017 and permits entities to early adopt the standard of ASU 2014-09 for annual and interim reporting periods beginning after December 15, 2016. The new standard permits two methods of adoption: retrospectively to each prior reporting period presented (full retrospective method), or retrospectively with the cumulative effect of initially applying the guidance recognized at the date of initial application (the modified retrospective method). The Company currently anticipates adopting the standard using the modified retrospective method. While the Company is still in the process of completing its analysis on the impact this guidance will have on the Company's consolidated financial statements, related disclosures, and its internal controls over financial reporting, the Company cannot reasonably estimate quantitative information at this time. |
The Company and Significant A29
The Company and Significant Accounting Policies (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Property, Plant and Equipment | Depreciation is provided for on a straight-line basis over the estimated useful lives of the related assets as follows: Building 20 years Manufacturing machinery and equipment 3 to 10 years Equipment and tooling 5 years Computer equipment and software 3 to 5 years Office furniture and equipment 5 years Leasehold improvements 2 to 15 years based on shorter of expected economic useful life or the lease term Property, plant and equipment, net June 30, 2017 2016 (in thousands) Land $ 4,877 $ 4,877 Building 4,325 4,323 Manufacturing machinery and equipment 215,275 193,164 Equipment and tooling 13,549 12,289 Computer equipment and software 24,346 23,448 Office furniture and equipment 1,935 1,822 Leasehold improvements 29,136 28,660 293,443 268,583 Less accumulated depreciation (194,837 ) (168,687 ) 98,606 99,896 Equipment and construction in progress 40,781 16,188 Property, plant and equipment, net $ 139,387 $ 116,084 |
Schedule of Finite-Lived Intangible Assets | Intangible Assets Intangible assets are stated at cost less accumulated amortization. Intangible assets include patents and exclusive technology rights, trade names and customer relationships. Intangible assets with finite lives are amortized on a straight-line basis over the estimated periods of benefit, as follows: Patents and exclusive technology rights 3 to 7 years Trade name 3 years Customer relationships 4 years The Company evaluates its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the asset group. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount and fair value less costs to sell. Intangible assets are recorded in other long-term assets in the Company's consolidated balance sheets. There was no indication of intangible assets impairment for the fiscal year of 2017, 2016 and 2015. Intangible assets June 30, 2017 2016 (in thousands) Patents and exclusive technology rights $ 1,248 $ 1,248 Trade name 268 268 Customer relationships 1,150 1,150 2,666 2,666 Less accumulated amortization (2,653 ) (2,651 ) Intangible assets, net $ 13 $ 15 |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted net loss per share attributable to common shareholders: Year Ended June 30, 2017 2016 2015 (in thousands, except per share data) Numerator: Net income (loss) attributable to Alpha and Omega Semiconductor Limited $ 13,829 $ (2,928 ) $ (7,763 ) Denominator: Basic: Weighted average number of common shares used to compute basic net income (loss) per share 23,526 22,452 26,429 Diluted: Weighted average number of common shares used to compute basic net income (loss) per share 23,526 22,452 26,429 Effect of potentially dilutive securities: Stock options, RSUs and ESPP shares 1,300 — — Weighted average number of common shares used to compute diluted net income (loss) per share 24,826 22,452 26,429 Net income (loss) per share attributable to Alpha and Omega Semiconductor Limited: Basic $ 0.59 $ (0.13 ) $ (0.29 ) Diluted $ 0.56 $ (0.13 ) $ (0.29 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | The following potential dilutive securities were excluded from the computation of diluted net income (loss) per share as their effect would have been anti-dilutive: Year Ended June 30, 2017 2016 2015 (in thousands) Employee stock options and RSUs 105 3,206 3,737 ESPP 19 414 380 Total potential dilutive securities 124 3,620 4,117 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule Of Land Use Rights, Net | Land use rights, net There is no private land ownership in China. Individuals and companies are permitted to acquire land use rights for specific purpose. In March 2017, the JV Company received the necessary land use right certificate from the PRC government. The land use rights will expire on November 30, 2066. June 30, 2017 2016 (in thousands) Land use right $ 8,849 $ — Less accumulated depreciation (45 ) — Land use right, Net $ 8,804 $ — Total amortization of land use rights expense was $45,000 , $0.0 million and $0.0 million for fiscal year 2017, 2016 and 2015, respectively. |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable June 30, 2017 2016 (in thousands) Accounts receivable $ 48,039 $ 43,324 Less: Allowance for price adjustments (19,599 ) (16,700 ) Less: Allowance for doubtful accounts (30 ) (30 ) Accounts receivable, net $ 28,410 $ 26,594 |
Schedule of Inventory, Current | Inventories June 30, 2017 2016 (in thousands) Raw materials $ 32,118 $ 23,982 Work in-process 36,081 32,446 Finished goods 8,055 12,420 $ 76,254 $ 68,848 |
Property, Plant and Equipment | Depreciation is provided for on a straight-line basis over the estimated useful lives of the related assets as follows: Building 20 years Manufacturing machinery and equipment 3 to 10 years Equipment and tooling 5 years Computer equipment and software 3 to 5 years Office furniture and equipment 5 years Leasehold improvements 2 to 15 years based on shorter of expected economic useful life or the lease term Property, plant and equipment, net June 30, 2017 2016 (in thousands) Land $ 4,877 $ 4,877 Building 4,325 4,323 Manufacturing machinery and equipment 215,275 193,164 Equipment and tooling 13,549 12,289 Computer equipment and software 24,346 23,448 Office furniture and equipment 1,935 1,822 Leasehold improvements 29,136 28,660 293,443 268,583 Less accumulated depreciation (194,837 ) (168,687 ) 98,606 99,896 Equipment and construction in progress 40,781 16,188 Property, plant and equipment, net $ 139,387 $ 116,084 |
Schedule of Other Assets, Noncurrent | Other long-term assets June 30, 2017 2016 (in thousands) Prepayments for property and equipment $ 12,964 $ 548 Investment in a privately held company 700 100 Prepaid income tax 4,377 — Office leases deposits 1,608 1,427 Goodwill 269 269 Intangible assets 13 15 Other 216 — $ 20,147 $ 2,359 |
Schedule of Finite-Lived Intangible Assets | Intangible Assets Intangible assets are stated at cost less accumulated amortization. Intangible assets include patents and exclusive technology rights, trade names and customer relationships. Intangible assets with finite lives are amortized on a straight-line basis over the estimated periods of benefit, as follows: Patents and exclusive technology rights 3 to 7 years Trade name 3 years Customer relationships 4 years The Company evaluates its finite-lived intangible assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset group to future undiscounted net cash flows expected to be generated by the asset group. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount and fair value less costs to sell. Intangible assets are recorded in other long-term assets in the Company's consolidated balance sheets. There was no indication of intangible assets impairment for the fiscal year of 2017, 2016 and 2015. Intangible assets June 30, 2017 2016 (in thousands) Patents and exclusive technology rights $ 1,248 $ 1,248 Trade name 268 268 Customer relationships 1,150 1,150 2,666 2,666 Less accumulated amortization (2,653 ) (2,651 ) Intangible assets, net $ 13 $ 15 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | Future minimum amortization expense of intangible assets is as follows (in thousands): Year ending June 30, 2018 $ 2 2019 2 2020 2 2021 2 2022 2 Thereafter 3 $ 13 |
Schedule of Goodwill | Goodwill The changes in the carrying value of goodwill are as follows (in thousands): (in thousands) Balance at June 30, 2015 $ 269 Addition: — Balance at June 30, 2016 269 Addition: — Balance at June 30, 2017 $ 269 |
Schedule of Accrued Liabilities | Accrued liabilities June 30, 2017 2016 (in thousands) Accrued compensation and benefits $ 13,727 $ 10,211 Warranty accrual 1,866 1,495 Stock rotation accrual 1,871 1,988 Accrued professional fees 2,500 1,867 Accrued inventory 410 918 Accrued facilities related expenses 1,501 1,544 Other accrued expenses 6,511 4,567 $ 28,386 $ 22,590 |
Schedule of Product Warranty Liability | The activity in the warranty accrual, included in accrued liabilities is as follows: Year Ended June 30, 2017 2016 2015 (in thousands) Beginning balance $ 1,495 $ 1,957 $ 1,346 Addition 1,476 881 2,395 Released (580 ) — — Utilization (525 ) (1,343 ) (1,784 ) Ending balance $ 1,866 $ 1,495 $ 1,957 |
Stock Rotation Accrual | The activity in the stock rotation accrual, included in accrued liabilities is as follows: Year Ended June 30, 2017 2016 2015 (in thousands) Beginning balance $ 1,988 $ 1,894 $ 1,645 Addition 4,819 6,578 5,781 Utilization (4,936 ) (6,484 ) (5,532 ) Ending balance $ 1,871 $ 1,988 $ 1,894 |
Deferred Margin | Deferred margin Deferred margin consists of the following: June 30, 2017 2016 (in thousands) Deferred revenue $ 1,232 $ 1,494 Deferred costs (418 ) (497 ) Deferred margin $ 814 $ 997 |
Schedule of Capital Lease | Capital leases Capital lease liabilities include the following: June 30, 2017 2016 (in thousands) Computer software $ 1,650 $ 2,449 Exclusive technology rights 44 65 1,694 2,514 Less current portion (828 ) (819 ) Capital leases - long-term portion $ 866 $ 1,695 |
Schedule of Future Minimum Lease Payments for Capital Leases | Future minimum lease payments at June 30, 2017 are as follows (in thousands): Year ending June 30, 2018 $ 892 2019 892 Total minimum lease payments 1,784 Less amount representing interest (90 ) Total capital lease liabilities $ 1,694 |
Concentration of Credit Risk 32
Concentration of Credit Risk and Significant Customers (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk, by Risk Factor | Summarized below are individual customers whose revenue or accounts receivable balances were 10% or higher than the respective total consolidated amounts: Year Ended June 30, Percentage of revenue 2017 2016 2015 Customer A 26.9 % 23.8 % 25.4 % Customer B 35.8 % 37.2 % 36.1 % Customer C 10.6 % 12.3 % 11.7 % June 30, Percentage of accounts receivable 2017 2016 Customer A 33.2 % 21.3 % Customer B 13.2 % 16.7 % Customer C 16.4 % 27.2 % |
Joint Venture Schedule Of Stock
Joint Venture Schedule Of Stockholders Equity (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Schedule Of Stockholders Equity [Abstract] | |
Schedule of Stockholders Equity [Table Text Block] | The changes in total stockholders' equity and noncontrolling interest were as follows (in thousands): Total AOS Stockholders' Equity Noncontrolling Interest Total Equity Balance, June 30, 2016 $ 242,142 $ (103 ) $ 242,039 Exercise of common stock options and release of RSUs 7,790 — 7,790 Reissuance of treasury stock upon exercise of common stock options and release of RSUs 372 — 372 Withholding tax on restricted stock units (2,071 ) — (2,071 ) Issuance of shares under ESPP 2,537 — 2,537 Stock-based compensation expense 6,634 — 6,634 Net income (loss) 13,829 (4,569 ) 9,260 Cumulative translation adjustment (463 ) (549 ) (1,012 ) Contributions from noncontrolling interest — 33,000 33,000 Balance, June 30, 2017 $ 270,770 $ 27,779 $ 298,549 |
Share-based Compensation (Table
Share-based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Share-based Compensation [Abstract] | |
Summary of Stock Option Activities | A summary of the stock option activities under the 2000 Plan and 2009 Plan is as follows: Weighted Weighted Weighted Average Average Average Grant Date Remaining Number of Exercise Price Fair Value Contractual Aggregate Shares Per Share Per Share Term (in years) Intrinsic Value Outstanding at June 30, 2014 3,238,784 $ 10.28 5.79 Granted 10,000 $ 9.07 $ 4.42 Exercised (269,861 ) $ 5.22 $ 1,088,061 Canceled or forfeited (142,706 ) $ 10.08 Outstanding at June 30, 2015 2,836,217 $ 10.77 4.64 Granted — $ — $ — Exercised (666,445 ) $ 8.36 $ 1,746,173 Canceled or forfeited (310,512 ) $ 12.34 Outstanding at June 30, 2016 1,859,260 $ 11.37 4.71 Granted — $ — $ — Exercised (693,393 ) $ 11.76 $ 5,681,783 Canceled or forfeited (112,500 ) $ 12.72 Outstanding at June 30, 2017 1,053,367 $ 10.98 4.43 $ 6,212,660 Options vested and expected to vest 1,049,518 $ 10.99 4.42 $ 6,177,821 Exercisable at June 30, 2017 947,949 $ 11.36 4.21 $ 5,253,632 |
Shares Authorized under Stock Option Plans, by Exercise Price Range | Information with respect to stock options outstanding and exercisable as of June 30, 2017 is as follows: Options Outstanding Options Exercisable Range of Exercise Prices Number Weighted-Average Weighted-Average Number Weighted-Average $7.21 - $7.21 6,875 6.58 $ 7.21 6,875 $ 7.21 $7.44 - $7.44 347,638 6.71 $ 7.44 257,637 $ 7.44 $7.47 - $9.90 235,150 4.84 $ 8.68 219,733 $ 8.71 $10.50 - $13.00 233,704 2.18 $ 12.63 233,704 $ 12.63 $14.14 - $18.00 230,000 2.80 $ 17.11 230,000 $ 17.11 $7.21 - $18.00 1,053,367 4.43 $ 10.98 947,949 $ 11.36 |
Stock Options, Valuation Assumptions | The Company did not grant any stock options during the fiscal years ended June 30, 2017 and 2016 . The fair value of stock options granted during the year ended June 30, 2015 were estimated at the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: Year Ended June 30, 2017 2016 2015 Volatility rate —% —% 40.9% - 43.5% Risk-free interest rate —% —% 1.6% - 1.8% Expected option life — — 5.5 years Dividend yield —% —% —% |
Restricted Stock Units Activity | The following table summarizes the Company's RSU activities: Number of Restricted Stock Units Weighted Average Grant Date Fair Value Per Share Weighted Average Remaining Recognition Period (Years) Aggregate Intrinsic Value Nonvested at June 30, 2014 656,374 $ 8.40 1.77 $ 6,084,587 Granted 493,622 $ 8.92 Vested (213,180 ) $ 8.65 Forfeited (62,870 ) $ 8.35 Nonvested at June 30, 2015 873,946 $ 8.64 1.77 $ 7,638,288 Granted 466,255 $ 11.28 Vested (301,695 ) $ 10.97 Forfeited (105,443 ) $ 8.85 Nonvested at June 30, 2016 933,063 $ 9.18 1.73 $ 12,997,568 Granted 616,719 $ 18.07 Vested (364,567 ) $ 8.34 Forfeited (40,350 ) $ 12.75 Nonvested at June 30, 2017 1,144,865 $ 14.11 1.76 $ 19,084,900 |
Employee Stock Purchase Plan, Valuation Assumptions | The ESPP is compensatory and results in compensation expense. The fair values of common shares to be issued under the ESPP were determined using the Black-Scholes option pricing model with the following assumptions: Year Ended June 30, 2017 2016 2015 Volatility rate 39.1% - 44.7% 32.2% - 34.8% 31.4% - 50.0% Risk-free interest rate 0.6% - 1.3% 0.3% - 0.9% 0.1% - 0.6% Expected term 1.3 years 1.3 years 1.3 years Dividend yield —% —% —% |
Share-based Compensation, Allocation of Recognized Period Costs | T he total share-based compensation expense related to stock options, ESPP and RSUs described above, recognized in the consolidated statements of operations for the years presented was as follows: Year Ended June 30, 2017 2016 2015 (in thousands) Cost of goods sold $ 1,041 $ 636 $ 669 Research and development 1,361 1,115 779 Selling, general and administrative 4,232 2,562 3,042 $ 6,634 $ 4,313 $ 4,490 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Provision for (benefit from) income taxes | The provision for income taxes is comprised of: Year Ended June 30, 2017 2016 2015 (in thousands) U.S. federal taxes: Current $ 1,043 $ 152 $ 66 Deferred (325 ) 650 852 Non-U.S. taxes: Current (4,615 ) 3,382 3,059 Deferred 7,548 (169 ) (15 ) State taxes, net of federal benefit: Current 1 6 (65 ) Total provision for income taxes $ 3,652 $ 4,021 $ 3,897 |
Effective income tax rate reconciliation | The reconciliation of the federal statutory income tax rate to our effective income tax rate is as follows (in percentage): Year Ended June 30, 2017 2016 2015 United States statutory rate 34.0 % 34.0 % 34.0 % State taxes, net of federal benefit — 0.4 1.2 Stock based compensation (0.4 ) (0.4 ) 0.4 Foreign taxes, net (0.7 ) 440.3 (145.7 ) Research and development credit (4.9 ) (69.3 ) 10 Non-deductible expenses 0.2 1.7 (0.7 ) Other 0.1 (0.1 ) — 28.3 % 406.6 % (100.8 )% |
Domestic and foreign components of income (loss) | The domestic and foreign components of income (loss) before taxes are: Year Ended June 30, 2017 2016 2015 (in thousands) U.S. operations $ 4,016 $ 4,259 $ 4,614 Non-U.S. operations 8,896 (3,270 ) (8,480 ) Income (loss) before income taxes $ 12,912 $ 989 $ (3,866 ) |
Components of deferred tax assets and liabilities | Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of our deferred tax assets and liabilities are as follows: June 30, 2017 2016 (in thousands) Deferred tax assets: Accrued compensation $ 2,322 $ 2,267 Net operating loss carryforwards 1,509 67 Depreciation 4,533 10,345 Tax credits 6,309 6,069 Capitalized Costs 412 — Accruals and reserves 1,038 934 Total deferred tax assets 16,123 19,682 Valuation allowance (6,178 ) (2,894 ) Total deferred tax assets, net of valuation allowance 9,945 16,788 Deferred tax liabilities: Depreciation and amortization (7,979 ) (7,388 ) Accruals and reserves (31 ) (241 ) Total deferred tax liabilities (8,010 ) (7,629 ) Net deferred tax assets $ 1,935 $ 9,159 |
Schedule of deferred tax assets and liabilities, current and noncurrent | The breakdown between current and non-current deferred tax assets and liabilities is as follows: June 30, 2017 2016 (in thousands) Long-term deferred tax assets $ 4,594 $ 12,132 Long-term deferred tax liabilities (2,659 ) (2,973 ) Net deferred tax assets $ 1,935 $ 9,159 |
Unrecognized tax benefits rollforward | At June 30, 2017 , the Company had approximately $6.6 million in total unrecognized tax benefits. A reconciliation of the beginning and ending amount of unrecognized tax benefits from July 1, 2014 to June 30, 2017 is as follows: Year Ended June 30, 2017 2016 2015 (in thousands) Balance at beginning of year $ 6,743 $ 6,412 $ 6,760 Additions based on tax positions related to the current year 401 388 297 Additions (reductions) based on tax positions related to prior years (4 ) — 4 Reductions due to lapse of applicable statute of limitations (551 ) (57 ) (649 ) Balance at end of year $ 6,589 $ 6,743 $ 6,412 At June 30, 2017 , the total unrecognized tax benefits of $6.6 million included $5.8 million of unrecognized tax benefits that have been netted against the related deferred tax assets. The remaining $0.8 million of unrecognized tax benefits was recorded within long-term income tax payable on the Company's consolidated balance sheet as of June 30, 2017 . The total unrecognized tax benefits of $6.6 million at June 30, 2017 included $4.0 million that, if recognized, would reduce the effective income tax rate in future periods. |
Segment and Geographic inform36
Segment and Geographic information (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Long-lived assets, consisting of property, plant and equipment and land use rights, net by geographical area are as follows: June 30, 2017 2016 (in thousands) China $ 85,691 $ 64,272 United States 61,787 51,214 Other countries 713 598 $ 148,191 $ 116,084 The revenue by geographical location in the following tables is based on the country or region in which the products were shipped to: Year Ended June 30, 2017 2016 2015 (in thousands) Hong Kong $ 315,223 $ 290,555 $ 277,825 China 59,360 37,444 42,103 South Korea 1,505 1,960 2,253 United States 4,037 3,110 2,942 Other countries 3,212 2,592 2,812 $ 383,337 $ 335,661 $ 327,935 |
Revenue from External Customers by Products and Services | The following is a summary of revenue by product type: Year Ended June 30, 2017 2016 2015 (in thousands) Power discrete $ 288,788 $ 252,063 $ 248,716 Power IC 82,389 69,344 63,529 Packaging and testing services 12,160 14,254 15,690 $ 383,337 $ 335,661 $ 327,935 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Jun. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating leases, future minimum lease payments | Future minimum lease payments of these leases at June 30, 2017 are as follows: Year ending June 30, Operating (in thousands) 2018 $ 3,582 2019 2,921 2020 2,398 2021 226 2022 6 Thereafter 1 $ 9,134 |
The Company and Significant A38
The Company and Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Mar. 29, 2016 | |
Significant Accounting Policies [Line Items] | |||||
Net loss | $ 13,829,000 | $ (2,928,000) | $ (7,763,000) | ||
Length of product warranty | 1 year | ||||
Advertising expense | $ 400,000 | 400,000 | 500,000 | ||
Impairment of long-lived assets | 0 | 400,000 | 0 | ||
Deferred income tax liabilities | 2,659,000 | 2,973,000 | |||
Impairment of goodwill | $ 0 | $ 0 | $ 0 | ||
Building [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 20 years | ||||
Equipment and tooling [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 5 years | ||||
Office furntiture and equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 5 years | ||||
Internally developed software [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 5 years | ||||
Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Length of economic benefit to capitalize internal use software development costs | 1 year | ||||
Minimum [Member] | Manufacturing machinery and equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 3 years | ||||
Minimum [Member] | Computer equipment and software [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 3 years | ||||
Minimum [Member] | Leasehold improvements [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 2 years | ||||
Maximum [Member] | Manufacturing machinery and equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 10 years | ||||
Maximum [Member] | Computer equipment and software [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | 5 years | ||||
Maximum [Member] | Leasehold improvements [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Property, plant and equipment, useful life | |||||
Patents and exclusive technology rights [Member] | Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Finite-lived intangible asset, useful life | 3 years | ||||
Patents and exclusive technology rights [Member] | Maximum [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Finite-lived intangible asset, useful life | 7 years | ||||
Trade name [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Finite-lived intangible asset, useful life | 3 years | ||||
Customer relationships [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Finite-lived intangible asset, useful life | 4 years | ||||
Supplier Concentration Risk [Member] | Cost of Goods, Product Line [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Percent of wafers manufactured | 18.60% | 25.00% | 25.00% | ||
Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Investments in and Advances to Affiliates, at Fair Value | $ 330,000,000 | ||||
Parent Company [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Net loss | $ 13,829,000 | $ (2,928,000) | $ (7,763,000) | ||
Parent Company [Member] | Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 51.00% | ||||
Chongqing Funds [Member] | Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 49.00% |
Net Income (Loss) Per Share -
Net Income (Loss) Per Share - Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Net loss | $ 13,829 | $ (2,928) | $ (7,763) |
Basic: | |||
Weighted average number of common shares used to compute basic net income (loss) per share | 23,526 | 22,452 | 26,429 |
Effect of potentially dilutive securities: | |||
Stock options, RSUs and ESPP shares | 1,300 | 0 | 0 |
Weighted average number of common shares used to compute diluted net income (loss) per share | 24,826 | 22,452 | 26,429 |
Net income (loss) per share attributable to common shareholders: | |||
Basic (in dollars per share) | $ 0.59 | $ (0.13) | $ (0.29) |
Diluted (in dollars per share) | $ 0.56 | $ (0.13) | $ (0.29) |
Net Income (Loss) Per Share 40
Net Income (Loss) Per Share - Potential Dilutive Shares (Details) - shares shares in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Incremental Common Shares Attributable to Dilutive Effect of Share-based Payment Arrangements | 1,300 | 0 | 0 |
Potential dilutive securities (in shares) | 124 | 3,620 | 4,117 |
Employee stock options and RSUs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential dilutive securities (in shares) | 105 | 3,206 | 3,737 |
ESPP [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Potential dilutive securities (in shares) | 19 | 414 | 380 |
Balance Sheet Components - Acc
Balance Sheet Components - Accounts receivable (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts receivable | $ 48,039 | $ 43,324 |
Less: Allowance for price adjustments | (19,599) | (16,700) |
Less: Allowance for doubtful accounts | (30) | (30) |
Accounts receivable, net | $ 28,410 | $ 26,594 |
Concentration of Credit Risk 42
Concentration of Credit Risk and Significant Customers (Details) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Minimum [Member] | |||
Concentration Risk | |||
Terms of credit sales, (in days) | 30 days | ||
Maximum [Member] | |||
Concentration Risk | |||
Terms of credit sales, (in days) | 60 days | ||
Customer A [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk | |||
Customers greater than 10% of total | 26.90% | 23.80% | 25.40% |
Customer A [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk | |||
Customers greater than 10% of total | 33.20% | 21.30% | |
Customer B [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk | |||
Customers greater than 10% of total | 35.80% | 37.20% | 36.10% |
Customer B [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk | |||
Customers greater than 10% of total | 13.20% | 16.70% | |
Customer C [Member] | Sales Revenue, Goods, Net [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk | |||
Customers greater than 10% of total | 10.60% | 12.30% | 11.70% |
Customer C [Member] | Accounts Receivable [Member] | Customer Concentration Risk [Member] | |||
Concentration Risk | |||
Customers greater than 10% of total | 16.40% | 27.20% |
Balance Sheet Components - Inv
Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials | $ 32,118 | $ 23,982 |
Work in-process | 36,081 | 32,446 |
Finished goods | 8,055 | 12,420 |
Inventories | $ 76,254 | $ 68,848 |
Balance Sheet Components - Pro
Balance Sheet Components - Property, plant, and equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment excluding equipment and construction In progress, gross | $ 293,443 | $ 268,583 | |
Less accumulated depreciation | (194,837) | (168,687) | |
Property, plant and equipment excluding equipment and construction in progress, net | 98,606 | 99,896 | |
Equipment and construction in progress | 40,781 | 16,188 | |
Property, plant and equipment, net | 139,387 | 116,084 | |
Depreciation expense | 27,200 | 27,300 | $ 27,400 |
Capitalized software development costs | 200 | 200 | 1,000 |
Amortization of capitalized software development costs | 600 | 600 | $ 500 |
Unamortized capitalized software development costs | 1,100 | 1,400 | |
Land [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment excluding equipment and construction In progress, gross | 4,877 | 4,877 | |
Building [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment excluding equipment and construction In progress, gross | 4,325 | 4,323 | |
Manufacturing machinery and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment excluding equipment and construction In progress, gross | 215,275 | 193,164 | |
Equipment and tooling [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment excluding equipment and construction In progress, gross | 13,549 | 12,289 | |
Computer equipment and software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment excluding equipment and construction In progress, gross | 24,346 | 23,448 | |
Office furniture and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment excluding equipment and construction In progress, gross | 1,935 | 1,822 | |
Leasehold improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property, plant, and equipment excluding equipment and construction In progress, gross | 29,136 | 28,660 | |
Software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Gross amount of computer software recorded under capital lease | 8,200 | 8,300 | |
Accumulated depreciation on computer software recorded under capital lease | $ 6,500 | $ 5,600 |
Balance Sheet Components - Lan
Balance Sheet Components - Land Use Rights (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |||
Land use right | $ 8,849 | $ 0 | |
Less accumulated depreciation | (45) | 0 | |
Land use right, Net | 8,804 | 0 | |
Amortization of land use rights | $ 45 | $ 0 | $ 0 |
Balance Sheet Components - Impa
Balance Sheet Components - Impairment of long-lived assets, intangible assets, and goodwill (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Balance Sheet Related Disclosures [Abstract] | |||
Impairment of long-lived assets | $ 0 | $ 400,000 | $ 0 |
Impairment of intangible assets | 0 | 0 | 0 |
Impairment of goodwill | $ 0 | $ 0 | $ 0 |
Balance Sheet Components - Int
Balance Sheet Components - Intangible assets (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 2,666,000 | $ 2,666,000 | |
Less accumulated amortization | (2,653,000) | (2,651,000) | |
Intangible assets, net | 13,000 | 15,000 | |
Amortization expense | 2,000 | 2,000 | $ 100,000 |
Patents and exclusive technology rights [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 1,248,000 | 1,248,000 | |
Trade name [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 268,000 | 268,000 | |
Customer relationships [Member] | |||
Acquired Finite-Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 1,150,000 | $ 1,150,000 |
Balance Sheet Components - Fut
Balance Sheet Components - Future amortization expense of intangible assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Balance Sheet Related Disclosures [Abstract] | ||
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | $ 2 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 2 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Three | 2 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Four | 2 | |
Finite-Lived Intangible Assets, Amortization Expense, Year Five | 2 | |
Finite-Lived Intangible Assets, Amortization Expense, after Year Five | 3 | |
Intangible assets, net | $ 13 | $ 15 |
Balance Sheet Components - Goo
Balance Sheet Components - Goodwill (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Goodwill [Roll Forward] | ||
Beginning balance | $ 269,000 | $ 269,000 |
Addition: | 0 | 0 |
Ending balance | $ 269,000 | $ 269,000 |
Balance Sheet Components - Othe
Balance Sheet Components - Other long term assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 |
Balance Sheet Related Disclosures [Abstract] | |||
Prepayments for property and equipment | $ 12,964 | $ 548 | |
Investment in a privately held company | 700 | 100 | |
Prepaid income tax | 4,377 | 0 | |
Office leases deposits | 1,608 | 1,427 | |
Goodwill | 269 | 269 | $ 269 |
Intangible assets | 13 | 15 | |
Other | 216 | 0 | |
Other long-term assets | $ 20,147 | $ 2,359 |
Balance Sheet Components - A51
Balance Sheet Components - Accrued liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||||
Accrued compensation and benefits | $ 13,727 | $ 10,211 | ||
Warranty accrual | 1,866 | 1,495 | $ 1,957 | $ 1,346 |
Stock rotation accrual | 1,871 | 1,988 | $ 1,894 | $ 1,645 |
Accrued professional fees | 2,500 | 1,867 | ||
Accrued inventory | 410 | 918 | ||
Accrued facilities related expenses | 1,501 | 1,544 | ||
Other accrued expenses | 6,511 | 4,567 | ||
Accrued liabilities | $ 28,386 | $ 22,590 |
Balance Sheet Components - P52
Balance Sheet Components - Product Warranty Accrual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | |||
Beginning balance | $ 1,495 | $ 1,957 | $ 1,346 |
Addition | 1,476 | 881 | 2,395 |
Released | (580) | 0 | 0 |
Utilization | (525) | (1,343) | (1,784) |
Ending balance | $ 1,866 | $ 1,495 | $ 1,957 |
Balance Sheet Components - Stoc
Balance Sheet Components - Stock Rotation Accrual (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Stock Rotation Accrual Increae (Decrease) [Roll Forward] | |||
Beginning balance | $ 1,988 | $ 1,894 | $ 1,645 |
Addition | 4,819 | 6,578 | 5,781 |
Utilization | (4,936) | (6,484) | (5,532) |
Ending balance | $ 1,871 | $ 1,988 | $ 1,894 |
Balance Sheet Components - Defe
Balance Sheet Components - Deferred Margin (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Balance Sheet Related Disclosures [Abstract] | ||
Deferred revenue | $ 1,232 | $ 1,494 |
Deferred costs | (418) | (497) |
Deferred margin | $ 814 | $ 997 |
Balance Sheet Components - Capi
Balance Sheet Components - Capital Leases (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Capital Leased Assets [Line Items] | ||
Capital lease obligations | $ 1,694 | $ 2,514 |
Less current portion | (828) | (819) |
Capital leases - long term | 866 | 1,695 |
Computer software | ||
Capital Leased Assets [Line Items] | ||
Capital lease obligations | 1,650 | 2,449 |
Exclusive technology rights | ||
Capital Leased Assets [Line Items] | ||
Capital lease obligations | $ 44 | $ 65 |
Balance Sheet Components - Futu
Balance Sheet Components - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | ||
2,018 | $ 892 | |
2,019 | 892 | |
Total minimum lease payments | 1,784 | |
Less amount representing interest | (90) | |
Capital lease obligations | $ 1,694 | $ 2,514 |
Debt (Details)
Debt (Details) - USD ($) | May 11, 2012 | Sep. 30, 2014 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | May 31, 2015 | May 31, 2013 | Jul. 17, 2012 |
Debt Instrument [Line Items] | ||||||||
Government grant via forgiven loan | $ 300,000 | $ 0 | $ 0 | $ (250,000) | ||||
Line of Credit [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Line of credit facility, maximum limit | $ 10,000,000 | |||||||
Long-term Line of Credit | $ 0 | |||||||
Variable Interest Rate Term Loan Maturing May 2015 [Member] | Secured Debt [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan | $ 20,000,000 | $ 0 | ||||||
State of Oregon Loan [Member] | Loans Payable [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Term loan | $ 300,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||||
Eurodollar [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
Eurodollar Additional Margin [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | (0.50%) | |||||||
Eurodollar Additional Margin [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.25% | |||||||
Federal Funds Rate [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Joint Venture (Details)
Joint Venture (Details) $ in Thousands, ¥ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | 14 Months Ended | ||||||
Sep. 30, 2016USD ($) | Mar. 31, 2016 | Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Aug. 31, 2017USD ($) | Jan. 10, 2017USD ($) | Jan. 10, 2017CNY (¥) | Mar. 29, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Purchases of land use rights in JV Company | $ (8,737) | $ 0 | $ 0 | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | $ 298,549 | 242,039 | 276,639 | 283,388 | $ 242,039 | |||||
Exercise of common stock options and release of RSUs | 7,790 | 5,330 | 1,409 | |||||||
Reissuance of treasury stock upon exercise of common stock options and release of RSUs | 372 | 242 | 0 | |||||||
Withholding tax on restricted stock units | (2,071) | |||||||||
Issuance of shares under ESPP | 2,537 | 1,799 | 1,598 | |||||||
Stock-based compensation expense | 6,634 | 4,313 | 4,490 | |||||||
Net income (loss) including noncontrolling interest | 9,260 | (3,032) | (7,763) | |||||||
Net loss attributable to noncontrolling interest | (4,569) | (104) | 0 | |||||||
Cumulative translation adjustment | (1,012) | (135) | (128) | |||||||
Contributions from noncontrolling interest | 33,000 | |||||||||
Ending balance | 298,549 | 242,039 | 276,639 | |||||||
Parent Company [Member] | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | 298,549 | 242,039 | 242,039 | |||||||
Net income (loss) including noncontrolling interest | 9,260 | (3,032) | (7,763) | |||||||
Net loss attributable to noncontrolling interest | (4,569) | (104) | 0 | |||||||
Ending balance | 298,549 | 242,039 | ||||||||
Corporate Joint Venture [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Contractual Obligation | $ 78,000 | ¥ 540 | ||||||||
Contractual Obligation, Future Minimum Payments Due, Remainder of Calendar Year | 58,300 | |||||||||
Contractual Obligation, Due in Second Year | 19,700 | |||||||||
Contractual Obligation, Down Payment | 11,500 | |||||||||
Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Investments in and Advances to Affiliates, at Fair Value | $ 330,000 | |||||||||
Simple Annual Interest Rate to Noncontrolling Interest if Joint Venture is Early Terminated and Liquidated | 10.00% | |||||||||
Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] | Parent Company [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 51.00% | |||||||||
Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] | Scenario, Forecast [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Consideration Transferred to Acquire Interest in Joint Venture | 10,000 | |||||||||
Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] | Chongqing Funds [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 49.00% | |||||||||
Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] | Chongqing Funds [Member] | Scenario, Forecast [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Payments to Acquire Interest in Joint Venture | 66,000 | |||||||||
Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] | Corporate Joint Venture [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Purchases of land use rights in JV Company | $ 8,700 | |||||||||
Design Fees [Member] | Corporate Joint Venture [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Contractual Obligation | 2,800 | 19.5 | ||||||||
Construction and Procurement Fees [Member] | Corporate Joint Venture [Member] | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Contractual Obligation | $ 75,200 | ¥ 520.5 | ||||||||
Parent [Member] | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | 270,770 | 242,142 | 242,142 | |||||||
Exercise of common stock options and release of RSUs | 7,790 | 5,330 | 1,409 | |||||||
Reissuance of treasury stock upon exercise of common stock options and release of RSUs | 372 | 242 | 0 | |||||||
Withholding tax on restricted stock units | (2,071) | |||||||||
Issuance of shares under ESPP | 2,537 | 1,799 | 1,598 | |||||||
Stock-based compensation expense | 6,634 | 4,313 | 4,490 | |||||||
Net income (loss) including noncontrolling interest | 13,829 | |||||||||
Cumulative translation adjustment | (463) | |||||||||
Contributions from noncontrolling interest | 0 | |||||||||
Ending balance | 270,770 | 242,142 | ||||||||
Noncontrolling Interest [Member] | ||||||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||
Beginning balance | $ 27,779 | (103) | $ (103) | |||||||
Exercise of common stock options and release of RSUs | 0 | |||||||||
Reissuance of treasury stock upon exercise of common stock options and release of RSUs | 0 | |||||||||
Withholding tax on restricted stock units | 0 | |||||||||
Issuance of shares under ESPP | 0 | |||||||||
Stock-based compensation expense | 0 | |||||||||
Net loss attributable to noncontrolling interest | (4,569) | (104) | $ 0 | |||||||
Cumulative translation adjustment | (549) | |||||||||
Contributions from noncontrolling interest | 33,000 | |||||||||
Ending balance | $ 27,779 | $ (103) |
Shareholders' Equity (Details)
Shareholders' Equity (Details) $ / shares in Units, $ in Thousands | Jul. 07, 2015USD ($)$ / sharesshares | May 04, 2010shares | Jun. 30, 2017USD ($)votes$ / sharesshares | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2017USD ($)$ / sharesshares | Jul. 08, 2015USD ($) | Jun. 07, 2015USD ($)$ / shares | Apr. 30, 2015USD ($) | Mar. 31, 2015USD ($) | May 08, 2014USD ($) | Oct. 22, 2010USD ($) |
Common Shares | ||||||||||||
Common shares, authorized (in shares) | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||
Common shares, par value (in dollars per share) | $ / shares | $ 0.002 | $ 0.002 | $ 0.002 | |||||||||
Common stock, dividends declared per share | $ / shares | $ 0 | |||||||||||
Number of Votes Per Each Common Share | votes | 1 | |||||||||||
Treasury Shares | ||||||||||||
Share repurchase program, authorized amount | $ | $ 25,000 | |||||||||||
Share repurchase program, remaining authorized amount | $ | $ 6,400 | $ 6,400 | $ 18,200 | $ 50,000 | $ 17,800 | $ 22,700 | ||||||
Treasury stock acquired, shares repurchased (in shares) | 4,695,499 | 666,230 | 5,723,093 | |||||||||
Treasury stock acquired less handling fees | $ | $ 41,800 | $ 5,800 | ||||||||||
Treasury stock acquired | $ | $ 42,081 | $ 5,816 | $ 50,800 | |||||||||
Treasury stock acquired, average price per share (in dollars per share) | $ / shares | $ 8.90 | $ 8.70 | $ 8.87 | |||||||||
Treasury stock retired (in shares) | 0 | |||||||||||
Treasury stock reissued average price per share | $ / shares | $ 5.91 | |||||||||||
Convertible Preferred Shares | ||||||||||||
Conversion of preferred shares upon the initial public offering (in shares) | 10,712,094 | |||||||||||
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 | 10,000,000 | |||||||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | 0 | |||||||||
Treasury Stock Reissued [Member] | ||||||||||||
Treasury Shares | ||||||||||||
Treasury stock acquired, average price per share (in dollars per share) | $ / shares | $ 10.86 | |||||||||||
Treasury stock reissued (in shares) | 114,954 | |||||||||||
Series A Preferred Stock [Member] | ||||||||||||
Convertible Preferred Shares | ||||||||||||
Preferred stock converted to common stock (in shares) | 5,050,000 | |||||||||||
Series B Preferred Stock [Member] | ||||||||||||
Convertible Preferred Shares | ||||||||||||
Preferred stock converted to common stock (in shares) | 2,488,094 | |||||||||||
Series C Preferred Stock [Member] | ||||||||||||
Convertible Preferred Shares | ||||||||||||
Preferred stock converted to common stock (in shares) | 3,174,000 | |||||||||||
Dutch Auction Tender Offer [Member] | Common Shares [Member] | ||||||||||||
Treasury Shares | ||||||||||||
Share repurchase program, authorized amount | $ | $ 30,000 | |||||||||||
Treasury stock acquired, shares repurchased (in shares) | 3,296,703 | |||||||||||
Treasury stock acquired | $ | $ 30,000 | |||||||||||
Treasury stock acquired, average price per share (in dollars per share) | $ / shares | $ 9.10 | |||||||||||
Treasury stock acquired, percentage of the Company's common stock issued and outstanding | 12.53% | |||||||||||
Dutch Auction Tender Offer [Member] | Minimum [Member] | Common Shares [Member] | ||||||||||||
Treasury Shares | ||||||||||||
Treasury stock acquired, authorized cost (in dollars per share) | $ / shares | $ 8.50 | |||||||||||
Dutch Auction Tender Offer [Member] | Maximum [Member] | Common Shares [Member] | ||||||||||||
Treasury Shares | ||||||||||||
Treasury stock acquired, authorized cost (in dollars per share) | $ / shares | $ 9.20 |
Share-based Compensation (Detai
Share-based Compensation (Details) | Apr. 28, 2010shares | Jun. 30, 2017USD ($)programsshares | Jun. 30, 2016shares | Jun. 30, 2015shares | Jan. 31, 2017shares | Sep. 18, 2009shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 10,000 | |||
2000 Share Plan [Member] | Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized under plan (in shares) | 5,425,000 | |||||
Award vesting period (in years) | 5 years | |||||
Award vesting period percentage | 20.00% | |||||
Stock options exercisable term (in years) | 10 years | |||||
Monthly vesting schedule (in months) | 48 months | |||||
2000 Share Plan [Member] | Performance Shares [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grant price, percent of fair value of common stock at date of grant | 100.00% | |||||
Exercise price as percent of fair value of common stock for shareholders with more than 10% of outstanding shares of all share classes | 110.00% | |||||
2000 Share Plan [Member] | Nonstatutory Stock Options [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grant price, percent of fair value of common stock at date of grant | 85.00% | |||||
2009 Option/Share Issuance Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Number of incentive compensation programs | programs | 3 | |||||
2009 Option/Share Issuance Plan [Member] | Performance Shares [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grant price, percent of fair value of common stock at date of grant | 100.00% | |||||
Exercise price as percent of fair value of common stock for shareholders with more than 10% of outstanding shares of all share classes | 110.00% | |||||
2009 Option/Share Issuance Plan [Member] | Nonstatutory Stock Options [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Grant price, percent of fair value of common stock at date of grant | 85.00% | |||||
2009 Option/Share Issuance Plan [Member] | Employee stock options and RSUs [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options exercisable term (in years) | 10 years | |||||
Annual increase in shares authorized, percent (lesser of 3%) | 3.00% | |||||
Annual increase in shares authorized (in shares) | 750,000 | |||||
Number of additional shares authorized | 707,830 | 668,915 | 750,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 2,868,000 | |||||
Monthly vesting schedule (in months) | 48 months | |||||
2009 Option/Share Issuance Plan [Member] | Employee stock options and RSUs [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Award vesting period (in years) | 4 years | |||||
2009 Option/Share Issuance Plan [Member] | Employee stock options and RSUs [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares authorized under plan (in shares) | 1,250,000 | |||||
Award vesting period (in years) | 5 years | |||||
2009 Option/Share Issuance Plan [Member] | External Board Members [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,500 | |||||
2009 Option/Share Issuance Plan [Member] | External Board Members [Member] | Restricted Stock Units (RSUs) [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Granted, value | $ | $ 42,000 |
Share-based Compensation - Sum
Share-based Compensation - Summary of Stock Option Activities (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding (in shares) | 1,859,260 | 2,836,217 | 3,238,784 | |
Granted (in shares) | 0 | 0 | 10,000 | |
Exercised (in shares) | (693,393) | (666,445) | (269,861) | |
Canceled or forfeited (in shares) | (112,500) | (310,512) | (142,706) | |
Outstanding (in shares) | 1,053,367 | 1,859,260 | 2,836,217 | 3,238,784 |
Options vested and expected to vest (in shares) | 1,049,518 | |||
Exercisable (in shares) | 947,949 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Outstanding (in dollars per share) | $ 11.37 | $ 10.77 | $ 10.28 | |
Granted (in dollars per share) | 0 | 0 | 9.07 | |
Exercised (in dollars per share) | 11.76 | 8.36 | 5.22 | |
Canceled or forfeited (in dollars per share) | 12.72 | 12.34 | 10.08 | |
Outstanding (in dollars per share) | 10.98 | 11.37 | 10.77 | $ 10.28 |
Options vested and expected to vest (in dollars per share) | 10.99 | |||
Exercisable (in dollars per share) | 11.36 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||||
Weighted Average Grant Date Fair Value Per Share (in dollars per share) | $ 0 | $ 0 | $ 4.42 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 4 years 5 months 5 days | 4 years 8 months 16 days | 4 years 7 months 21 days | 5 years 9 months 15 days |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Outstanding Options, Weighted Average Remaining Contractual Term | 4 years 5 months 1 day | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 2 months 16 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $ 5,681,783 | $ 1,746,173 | $ 1,088,061 | |
Aggregate Intrinsic Value, Outstanding | 6,212,660 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | 6,177,821 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 5,253,632 |
Share-based Compensation - Sto
Share-based Compensation - Stock Options Outstanding and Exercisable (Details) | 12 Months Ended |
Jun. 30, 2017$ / sharesshares | |
Price Range $7.21 - 7.21 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding (in shares) | shares | 6,875 |
Weighted-Average Remaining Contractual Life (Years) | 6 years 6 months 29 days |
Weighted-Average Exercise Price (in dollars per share) | $ 7.21 |
Number Exercisable (in shares) | shares | 6,875 |
Weighted-Average Exercise Price (in dollars per share) | $ 7.21 |
Exercise price, upper range limit (in dollars per share) | 7.21 |
Exercise price, lower range limit (in dollars per share) | $ 7.21 |
Price Range $7.44 - 7.44 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding (in shares) | shares | 347,638 |
Weighted-Average Remaining Contractual Life (Years) | 6 years 8 months 16 days |
Weighted-Average Exercise Price (in dollars per share) | $ 7.44 |
Number Exercisable (in shares) | shares | 257,637 |
Weighted-Average Exercise Price (in dollars per share) | $ 7.44 |
Exercise price, upper range limit (in dollars per share) | 7.44 |
Exercise price, lower range limit (in dollars per share) | $ 7.44 |
Price Range $7.47 - 9.90 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding (in shares) | shares | 235,150 |
Weighted-Average Remaining Contractual Life (Years) | 4 years 10 months 2 days |
Weighted-Average Exercise Price (in dollars per share) | $ 8.68 |
Number Exercisable (in shares) | shares | 219,733 |
Weighted-Average Exercise Price (in dollars per share) | $ 8.71 |
Exercise price, upper range limit (in dollars per share) | 9.90 |
Exercise price, lower range limit (in dollars per share) | $ 7.47 |
Price Range $10.50 - 13.00 [Member] | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding (in shares) | shares | 233,704 |
Weighted-Average Remaining Contractual Life (Years) | 2 years 2 months 5 days |
Weighted-Average Exercise Price (in dollars per share) | $ 12.63 |
Number Exercisable (in shares) | shares | 233,704 |
Weighted-Average Exercise Price (in dollars per share) | $ 12.63 |
Exercise price, upper range limit (in dollars per share) | 13 |
Exercise price, lower range limit (in dollars per share) | $ 10.50 |
Price Range $14.14 - $18.00 (Member) | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding (in shares) | shares | 230,000 |
Weighted-Average Remaining Contractual Life (Years) | 2 years 9 months 18 days |
Weighted-Average Exercise Price (in dollars per share) | $ 17.11 |
Number Exercisable (in shares) | shares | 230,000 |
Weighted-Average Exercise Price (in dollars per share) | $ 17.11 |
Exercise price, upper range limit (in dollars per share) | 18 |
Exercise price, lower range limit (in dollars per share) | $ 14.14 |
Price Range $7.21 - 18.00 Member | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Number Outstanding (in shares) | shares | 1,053,367 |
Weighted-Average Remaining Contractual Life (Years) | 4 years 5 months 5 days |
Weighted-Average Exercise Price (in dollars per share) | $ 10.98 |
Number Exercisable (in shares) | shares | 947,949 |
Weighted-Average Exercise Price (in dollars per share) | $ 11.36 |
Exercise price, upper range limit (in dollars per share) | 18 |
Exercise price, lower range limit (in dollars per share) | $ 7.21 |
Share-based Compensation - Fai
Share-based Compensation - Fair Value of Stock Options Weighted Average Assumptions (Details) - Stock Options [Member] | 12 Months Ended |
Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected term (in years) | 5 years 6 months |
Dividend yield | 0.00% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Volatility rate | 40.90% |
Risk-free interest rate | 1.60% |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Volatility rate | 43.50% |
Risk-free interest rate | 1.80% |
Share-based Compensation - Res
Share-based Compensation - Restricted Stock Activity (Details) - USD ($) | 12 Months Ended | |||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Weighted Average Remaining Recognition Period (Years) | 1 year 8 months 12 days | |||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Nonvested | 933,063 | 873,946 | 656,374 | |
Granted | 616,719 | 466,255 | 493,622 | |
Vested | (364,567) | (301,695) | (213,180) | |
Forfeited | (40,350) | (105,443) | (62,870) | |
Nonvested | 1,144,865 | 933,063 | 873,946 | 656,374 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||
Nonvested | $ 9.18 | $ 8.64 | $ 8.40 | |
Granted | 18.07 | 11.28 | 8.92 | |
Vested | 8.34 | 10.97 | 8.65 | |
Forfeited | 12.75 | 8.85 | 8.35 | |
Nonvested | $ 14.11 | $ 9.18 | $ 8.64 | $ 8.40 |
Weighted Average Remaining Recognition Period (Years) | 1 year 9 months 4 days | 1 year 8 months 23 days | 1 year 9 months 7 days | 1 year 9 months 7 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | $ 19,084,900 | $ 12,997,568 | $ 7,638,288 | $ 6,084,587 |
Share-based Compensation - Emp
Share-based Compensation - Employee Share Purchase Plan (Details) - Employee Stock [Member] - USD ($) | 12 Months Ended | 73 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jan. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Duration of offering periods for ESPP (in months) | 24 months | |||
Percent of compensation allowed for purchase of options | 15.00% | |||
Payroll deduction accumulation period (in months) | 6 months | |||
Grant price, percent of fair value of common stock at date of grant | 85.00% | |||
Shares authorized under plan (in shares) | 600,000 | |||
Number of additional shares authorized | 176,957 | 167,229 | 192,000 | |
Weighted-average grant date fair value | $ 6.11 | $ 2.85 | $ 2.80 | |
Fair Value Assumptions For ESPP | ||||
Expected option life (in years) | 1 year 3 months 18 days | 1 year 3 months 18 days | 1 year 3 months 18 days | |
Dividend yield | 0.00% | 0.00% | 0.00% | |
Minimum [Member] | ||||
Fair Value Assumptions For ESPP | ||||
Volatility rate | 39.10% | 32.20% | 31.40% | |
Risk-free interest rate | 0.60% | 0.30% | 0.10% | |
Maximum [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Maximum number of common shares that may be purchased on any purchase date (in shares) | 875 | |||
Maximum number of common shares that may be purchased per a 24-month offering period (in shares) | 3,500 | |||
Maximum value of common stock that may be purchased in any one calendar year | $ 25,000 | |||
Annual increase in shares authorized, percent | 0.75% | |||
Annual increase in shares authorized (in shares) | 250,000 | |||
Fair Value Assumptions For ESPP | ||||
Volatility rate | 44.70% | 34.80% | 50.00% | |
Risk-free interest rate | 1.30% | 0.90% | 0.60% |
Share-based Compensation - Sha
Share-based Compensation - Share-based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2017 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | $ 6,634 | $ 4,313 | $ 4,490 | |
Unrecognized compensation expense | $ 9,500 | |||
Recognition period of share-based compensation expense (in years) | 1 year 8 months 12 days | |||
Cost of goods sold | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | $ 1,041 | 636 | 669 | |
Research and development | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | 1,361 | 1,115 | 779 | |
Selling, general and administrative | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | 4,232 | $ 2,562 | $ 3,042 | |
Performance Based Restricted Stock Units (PRSUs) Member [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Allocated share-based compensation expense | $ 500 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 170,000 |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2017USD ($)shares | |
Defined Benefit Plan Disclosure [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares | 947,949 |
United States | |
Defined Benefit Plan Disclosure [Line Items] | |
Mandatory employer contributions according to labor and social security laws and regulations, percent | 7.70% |
Taiwan [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Mandatory employer contributions according to labor and social security laws and regulations, percent | 6.00% |
Minimum [Member] | China | |
Defined Benefit Plan Disclosure [Line Items] | |
Mandatory employer contributions according to labor and social security laws and regulations, percent | 13.00% |
Maximum [Member] | China | |
Defined Benefit Plan Disclosure [Line Items] | |
Mandatory employer contributions according to labor and social security laws and regulations, percent | 20.00% |
Domestic Plan [Member] | Retirement Plan, 401-K [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Employee maximum salary deferral contribution, percent | 100.00% |
Company contributions to retirement plan | $ | $ 0 |
Income Taxes - Narrative (Deta
Income Taxes - Narrative (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Tax Credit Carryforward [Line Items] | |||||
Decrease in deferred tax assets | $ 6,600,000 | ||||
Increase in prepaid tax asset | $ 6,600,000 | ||||
Prepaid Taxes, Current and Noncurrent | $ 5,500,000 | ||||
Prepaid Taxes | 1,100,000 | ||||
Prepaid income tax | 4,377,000 | $ 0 | |||
Valuation allowance | 6,178,000 | 2,894,000 | |||
Undistributed earnings of foreign subsidiaries | 91,900,000 | ||||
Unrecognized tax benefits | 6,589,000 | 6,743,000 | $ 6,412,000 | $ 6,760,000 | |
Unrecognized tax benefit, amount netted against deferred tax assets | 5,800,000 | ||||
Unrecognized tax benefits that would reduce effective income tax rate | 4,000,000 | ||||
Decrease in unrecognized tax benefits is reasonably possible | 200,000 | ||||
Income tax interest and penalties accrued | 100,000 | 300,000 | |||
Income tax interest and penalties expense | (100,000) | 300,000 | |||
Long-term Income Tax Payable [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Unrecognized tax benefits | 800,000 | ||||
Federal [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Tax credit carryforward | 2,800,000 | ||||
State [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Tax credit carryforward | 5,200,000 | ||||
Tax credit carryforward, subject to expiration | 400,000 | ||||
Tax credit carryforward, not subject to expiration | 4,800,000 | ||||
Net operating loss carryforwards | 0 | ||||
Corporate Joint Venture [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Net operating loss carryforwards | 10,100,000 | ||||
State research and development credit carryforward | |||||
Tax Credit Carryforward [Line Items] | |||||
Valuation allowance | 3,300,000 | 2,800,000 | |||
Net operating loss, fixed asset and intangible asset | Corporate Joint Venture [Member] | |||||
Tax Credit Carryforward [Line Items] | |||||
Valuation allowance | $ 2,900,000 | $ 100,000 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
U.S. federal taxes: | |||
Current | $ 1,043 | $ 152 | $ 66 |
Deferred | (325) | 650 | 852 |
Non-U.S. taxes: | |||
Current | (4,615) | 3,382 | 3,059 |
Deferred | 7,548 | (169) | (15) |
State taxes, net of federal benefit: | |||
Current | 1 | 6 | (65) |
Total provision for income taxes | $ 3,652 | $ 4,021 | $ 3,897 |
Effective income tax rate reconciliation | |||
United States statutory rate | 34.00% | 34.00% | 34.00% |
State taxes, net of federal benefit | 0.00% | 0.40% | 1.20% |
Stock based compensation | (0.40%) | (0.40%) | 0.40% |
Foreign taxes, net | (0.70%) | 440.30% | (145.70%) |
Research and development credit | (4.90%) | (69.30%) | 10.00% |
Non-deductible expenses | 0.20% | 1.70% | (0.70%) |
Other | 0.10% | (0.10%) | 0.00% |
Effective income tax rate | 28.30% | 406.60% | (100.80%) |
Domestic and foreign components of income (loss) before taxes | |||
U.S. operations | $ 4,016 | $ 4,259 | $ 4,614 |
Non-U.S. operations | 8,896 | (3,270) | (8,480) |
Income (loss) before income taxes | 12,912 | 989 | (3,866) |
Deferred tax assets: | |||
Accrued compensation | 2,322 | 2,267 | |
Net operating loss carryforwards | 1,509 | 67 | |
Depreciation | 4,533 | 10,345 | |
Tax credits | 6,309 | 6,069 | |
Deferred Tax Assets, Capitalized Costs | 412 | 0 | |
Accruals and reserves | 1,038 | 934 | |
Total deferred tax assets | 16,123 | 19,682 | |
Valuation allowance | (6,178) | (2,894) | |
Total deferred tax assets, net of valuation allowance | 9,945 | 16,788 | |
Deferred tax liabilities: | |||
Depreciation and amortization | (7,979) | (7,388) | |
Accruals and reserves | (31) | (241) | |
Total deferred tax liabilities | (8,010) | (7,629) | |
Net deferred tax assets | 1,935 | 9,159 | |
Current and non-current deferred tax assets and liabilities | |||
Long-term deferred tax assets | 4,594 | 12,132 | |
Long-term deferred tax liabilities | (2,659) | (2,973) | |
Net deferred tax assets | 1,935 | 9,159 | |
Unrecognized tax benefits rollforward | |||
Balance at beginning of year | 6,743 | 6,412 | 6,760 |
Additions based on tax positions related to the current year | 401 | 388 | 297 |
Additions (reductions) based on tax positions related to prior years | (4) | ||
Additions based on tax positions related to prior years | 0 | 4 | |
Reductions due to lapse of applicable statute of limitations | (551) | (57) | (649) |
Balance at end of year | $ 6,589 | $ 6,743 | $ 6,412 |
Segment and Geographic inform70
Segment and Geographic information Segment Narrative (Details) | 12 Months Ended |
Jun. 30, 2017Segment | |
Segment Reporting [Abstract] | |
Number of Operating Segments | 1 |
Segment and Geographic Inform71
Segment and Geographic Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 383,337 | $ 335,661 | $ 327,935 |
Power discrete [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 288,788 | 252,063 | 248,716 |
Power IC [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 82,389 | 69,344 | 63,529 |
Packaging and testing services [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 12,160 | 14,254 | 15,690 |
Hong Kong | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 315,223 | 290,555 | 277,825 |
China | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 59,360 | 37,444 | 42,103 |
South Korea | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 1,505 | 1,960 | 2,253 |
United States | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 4,037 | 3,110 | 2,942 |
Other countries | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $ 3,212 | $ 2,592 | $ 2,812 |
Segment and Geographic inform72
Segment and Geographic information Location and Net Book Value of Long-Lived Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
PropertyPlantEquipmentAndLandUseRights | $ 148,191 | $ 116,084 |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
PropertyPlantEquipmentAndLandUseRights | 85,691 | 64,272 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
PropertyPlantEquipmentAndLandUseRights | 61,787 | 51,214 |
Other countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
PropertyPlantEquipmentAndLandUseRights | $ 713 | $ 598 |
Restricted Net Assets (Details)
Restricted Net Assets (Details) - China - Subsidiaries [Member] - USD ($) $ in Millions | 12 Months Ended | |
Jun. 30, 2017 | Jun. 30, 2016 | |
Restricted Statutory Reserves [Line Items] | ||
Foreign subsidiaries, restricted statutory reserves | $ 140.1 | $ 84.2 |
Foreign subsidiaries, restricted statutory reserves percent of parent consolidated net assets | 51.70% | 34.80% |
Minimum [Member] | ||
Restricted Statutory Reserves [Line Items] | ||
Foreign subsidiaries, minimum percent of after-tax profit required annually in statutory reserves | 10.00% | |
Maximum [Member] | ||
Restricted Statutory Reserves [Line Items] | ||
Foreign subsidiaries, statutory reserves maximum cumulative amount as a percent of registered capital | 50.00% |
Commitments and Contingencies -
Commitments and Contingencies - Operating Leases Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Operating Leases, Rent Expense, Net | $ 3,400 | $ 3,500 | $ 3,500 |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |||
2,018 | 3,582 | ||
2,019 | 2,921 | ||
2,020 | 2,398 | ||
2,021 | 226 | ||
2,022 | 6 | ||
Thereafter | 1 | ||
Future minimum payments due | $ 9,134 |
Commitments and Contingencies
Commitments and Contingencies - Purchase Commitments (Details) - USD ($) $ in Millions | Jun. 30, 2017 | Jun. 30, 2016 |
Raw materials, wafers, and packaging and testing services purchase commitments [Member] | ||
Purchase Commitment, Excluding Long-term Committment [Line Items] | ||
Purchase commitment, amount | $ 25.7 | $ 39.6 |
Property and equipment purchase commitments [Member] | ||
Purchase Commitment, Excluding Long-term Committment [Line Items] | ||
Purchase commitment, amount | $ 69.2 | $ 6.6 |
Commitments and Contingencies76
Commitments and Contingencies - Contingencies and Indemnities (Details) - USD ($) | Jun. 30, 2017 | Jun. 30, 2016 |
Indemnification Agreement [Member] | ||
Loss Contingencies [Line Items] | ||
Indemnification accrual | $ 0 | $ 0 |
Commitments and Contingencies77
Commitments and Contingencies - Joint Venture (Details) ¥ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Jan. 10, 2017USD ($) | Jan. 10, 2017CNY (¥) | |
Corporate Joint Venture [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Contractual Obligation | $ 78 | ¥ 540 | ||
Contractual Obligation, Future Minimum Payments Due, Remainder of Calendar Year | 58.3 | |||
Contractual Obligation, Due in Second Year | 19.7 | |||
Contractual Obligation, Down Payment | $ 11.5 | |||
Corporate Joint Venture [Member] | Design Fees [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Contractual Obligation | 2.8 | 19.5 | ||
Corporate Joint Venture [Member] | Construction and Procurement Fees [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Contractual Obligation | $ 75.2 | ¥ 520.5 | ||
Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] | Subsequent Event [Member] | Parent Company [Member] | ||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||
Payments to Acquire Interest in Joint Venture | $ 10 |
Subsequent Event (Details)
Subsequent Event (Details) - Subsequent Event [Member] - USD ($) | Sep. 05, 2017 | Aug. 15, 2017 |
Licensing Agreements [Member] | ||
Subsequent Event [Line Items] | ||
Licensing agreement, total cash price | $ 17,000,000 | |
Secured Debt [Member] | Variable Interest Rate Term Loan Maturing August 2022 [Member] | ||
Subsequent Event [Line Items] | ||
Debt Instrument, Face Amount | $ 30,000,000 |
Schedule I - Condensed Uncons79
Schedule I - Condensed Unconsolidated Balance Sheets (Details) - USD ($) $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 115,708 | $ 87,774 | $ 106,085 | $ 117,788 |
Other current assets | 4,883 | 4,526 | ||
Total current assets | 225,476 | 187,930 | ||
Property, plant and equipment, net | 139,387 | 116,084 | ||
Other long-term assets | 20,147 | 2,359 | ||
Total assets | 398,408 | 318,505 | ||
Current liabilities: | ||||
Total liabilities | 99,859 | 76,466 | ||
Preferred shares, par value $0.002 per share: | ||||
Authorized: 10,000 shares; Issued and outstanding: none at June 30, 2017 and 2016 | 0 | 0 | ||
Common shares, par value $0.002 per share: | ||||
Authorized: 50,000 shares; issued and outstanding: 29,600 shares and 23,992 shares at June 30, 2017 and 28,405 shares and 22,754 shares at June 30, 2016 | 59 | 57 | ||
Treasury shares at cost; 5,608 shares at June 30, 2017 and 5,651 shares at June 30, 2016 | (49,836) | (50,199) | ||
Additional paid-in capital | 206,332 | 191,444 | ||
Accumulated other comprehensive income | 306 | 769 | ||
Retained earnings | 113,909 | 100,071 | ||
Total Alpha and Omega Semiconductor Limited shareholder's equity | 270,770 | 242,142 | ||
Noncontrolling interest | 27,779 | (103) | ||
Total equity | 298,549 | 242,039 | 276,639 | 283,388 |
Total liabilities and equity | 398,408 | 318,505 | ||
Parent Company [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 12,717 | 8,051 | $ 17,397 | $ 5,187 |
Accounts receivable - Intercompany | 18,253 | 13,385 | ||
Other current assets | 402 | 268 | ||
Total current assets | 31,372 | 21,704 | ||
Property, plant and equipment, net | 806 | 1,308 | ||
Other long-term assets | 100 | 100 | ||
Investment in subsidiaries | 267,193 | 219,594 | ||
Total assets | 299,471 | 242,706 | ||
Current liabilities: | ||||
Accounts payable and accrued liabilities | 922 | 667 | ||
Total liabilities | 922 | 667 | ||
Preferred shares, par value $0.002 per share: | ||||
Authorized: 10,000 shares; Issued and outstanding: none at June 30, 2017 and 2016 | 0 | 0 | ||
Common shares, par value $0.002 per share: | ||||
Authorized: 50,000 shares; issued and outstanding: 29,600 shares and 23,992 shares at June 30, 2017 and 28,405 shares and 22,754 shares at June 30, 2016 | 59 | 57 | ||
Treasury shares at cost; 5,608 shares at June 30, 2017 and 5,651 shares at June 30, 2016 | (49,836) | (50,199) | ||
Additional paid-in capital | 206,332 | 191,444 | ||
Accumulated other comprehensive income | 306 | 769 | ||
Retained earnings | 113,909 | 100,071 | ||
Total Alpha and Omega Semiconductor Limited shareholder's equity | 270,770 | 242,142 | ||
Noncontrolling interest | 27,779 | (103) | ||
Total equity | 298,549 | 242,039 | ||
Total liabilities and equity | $ 299,471 | $ 242,706 |
Schedule I - Condensed Uncons80
Schedule I - Condensed Unconsolidated Balance Sheets (Parenthetical) (Details) - USD ($) $ / shares in Units, $ in Thousands | Jun. 30, 2017 | Jun. 30, 2016 |
Noncontrolling interest | $ 27,779 | $ (103) |
Common Stock, Par or Stated Value Per Share | $ 0.002 | $ 0.002 |
Common shares, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 29,600,000 | 28,405,000 |
Common stock, shares outstanding (in shares) | 23,992,000 | 22,754,000 |
Preferred stock, par value (in dollars per share) | $ 0.002 | $ 0.002 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Treasury Stock, Shares | 5,608,000 | 5,651,000 |
Parent Company [Member] | ||
Noncontrolling interest | $ 27,779 | $ (103) |
Schedule I - Condensed Uncons81
Schedule I - Condensed Unconsolidated Statements of Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Condensed Financial Statements, Captions [Line Items] | |||
Gross profit | $ 91,821 | $ 65,822 | $ 60,482 |
Operating expenses: | |||
Selling, general and administrative | 48,842 | 37,874 | 37,625 |
Total operating expenses | 78,677 | 64,312 | 64,700 |
Operating loss | 13,144 | 1,510 | (4,218) |
Interest expense | (91) | (23) | (181) |
Net income (loss) including noncontrolling interest | 9,260 | (3,032) | (7,763) |
Net loss attributable to noncontrolling interest | (4,569) | (104) | 0 |
Net income (loss) attributable to Alpha and Omega Semiconductor Limited | 13,829 | (2,928) | (7,763) |
Parent Company [Member] | |||
Condensed Financial Statements, Captions [Line Items] | |||
Revenue | 3,772 | 3,345 | 3,332 |
Cost of revenue | 0 | 0 | 0 |
Gross profit | 3,772 | 3,345 | 3,332 |
Operating expenses: | |||
Selling, general and administrative | 3,938 | 3,438 | 3,477 |
Total operating expenses | 3,938 | 3,438 | 3,477 |
Operating loss | (166) | (93) | (145) |
Interest income | 20 | 7 | 7 |
Interest expense | 0 | 0 | (2) |
Income (loss) on equity investment in subsidiaries | 9,406 | (2,946) | (7,623) |
Net income (loss) including noncontrolling interest | 9,260 | (3,032) | (7,763) |
Net loss attributable to noncontrolling interest | (4,569) | (104) | 0 |
Net income (loss) attributable to Alpha and Omega Semiconductor Limited | $ 13,829 | $ (2,928) | $ (7,763) |
Schedule I - Condensed Uncons82
Schedule I - Condensed Unconsolidated Statements of Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net income (loss) including noncontrolling interest | $ 9,260 | $ (3,032) | $ (7,763) |
Other comprehensive loss, net of tax, foreign currency translation adjustment | (1,012) | (135) | (128) |
Comprehensive income (loss) | 8,248 | (3,167) | (7,891) |
Noncontrolling interest | (5,118) | (103) | 0 |
Comprehensive income (loss) attributable to Alpha and Omega Semiconductor Limited | 13,366 | (3,064) | (7,891) |
Parent Company [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Net income (loss) including noncontrolling interest | 9,260 | (3,032) | (7,763) |
Other comprehensive loss, net of tax, foreign currency translation adjustment | (1,012) | (135) | (128) |
Comprehensive income (loss) | 8,248 | (3,167) | (7,891) |
Noncontrolling interest | (5,118) | (103) | 0 |
Comprehensive income (loss) attributable to Alpha and Omega Semiconductor Limited | $ 13,366 | $ (3,064) | $ (7,891) |
Schedule I - Condensed Uncons83
Schedule I - Condensed Unconsolidated Cash Flows (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Cash flows from operating activities | |||
Net income (loss) including noncontrolling interest | $ 9,260 | $ (3,032) | $ (7,763) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation | 27,200 | 27,300 | 27,400 |
Share-based compensation expense | 6,634 | 4,313 | 4,490 |
Changes in assets and liabilities: | |||
Net cash provided by operating activities | 42,648 | 40,182 | 27,669 |
Cash flows from investing activities | |||
Net cash used in investing activities | (55,618) | (21,721) | (21,345) |
Cash flows from financing activities | |||
Withholding tax on restricted stock units | (2,071) | (1,036) | (539) |
Proceeds from exercise of stock options and ESPP | 10,699 | 7,371 | 3,007 |
Payment for repurchase of common shares | 0 | (42,081) | (5,816) |
Principal payments on capital leases | (819) | (940) | (1,061) |
Net cash provided by (used in) financing activities | 40,809 | (36,686) | (17,980) |
Net increase (decrease) in cash and cash equivalents | 27,934 | (18,311) | (11,703) |
Cash and cash equivalents at beginning of year | 87,774 | 106,085 | 117,788 |
Cash and cash equivalents at end of year | 115,708 | 87,774 | 106,085 |
Parent Company [Member] | |||
Cash flows from operating activities | |||
Net income (loss) including noncontrolling interest | 9,260 | (3,032) | (7,763) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation | 469 | 545 | 587 |
Share-based compensation expense | 428 | 190 | 242 |
Equity in net (income) loss of subsidiaries | (9,406) | 2,946 | 7,623 |
Other | 33 | 0 | 0 |
Changes in assets and liabilities: | |||
Accounts receivable - intercompany | (4,868) | 25,620 | 15,664 |
Other current assets | (134) | 23 | 26 |
Accounts payable and accrued liabilities | 256 | 174 | (101) |
Net cash provided by operating activities | (3,962) | 26,466 | 16,278 |
Cash flows from investing activities | |||
Purchase of property and equipment | 0 | (67) | (625) |
Net cash used in investing activities | 0 | (67) | (625) |
Cash flows from financing activities | |||
Withholding tax on restricted stock units | (2,071) | (1,036) | (539) |
Proceeds from exercise of stock options and ESPP | 10,699 | 7,371 | 3,007 |
Payment for repurchase of common shares | 0 | (42,080) | (5,816) |
Principal payments on capital leases | 0 | 0 | (95) |
Net cash provided by (used in) financing activities | 8,628 | (35,745) | (3,443) |
Net increase (decrease) in cash and cash equivalents | 4,666 | (9,346) | 12,210 |
Cash and cash equivalents at beginning of year | 8,051 | 17,397 | 5,187 |
Cash and cash equivalents at end of year | $ 12,717 | $ 8,051 | $ 17,397 |
Schedule I - Condensed Financia
Schedule I - Condensed Financial Information of Parent Company (Details) ¥ in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2017USD ($) | Jun. 30, 2017USD ($) | Jan. 10, 2017USD ($) | Jan. 10, 2017CNY (¥) | |
Condensed Financial Statements, Captions [Line Items] | ||||
Restricted Net Assets Threshold for Condensed Parent Company Financial Statements, Percent Requirement | 25.00% | |||
Corporate Joint Venture [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contractual Obligation, Future Minimum Payments Due, Remainder of Calendar Year | $ 58.3 | |||
Contractual Obligation, Due in Second Year | 19.7 | |||
Contractual Obligation, Down Payment | $ 11.5 | |||
Contractual Obligation | 78 | ¥ 540 | ||
Design Fees [Member] | Corporate Joint Venture [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contractual Obligation | 2.8 | 19.5 | ||
Construction and Procurement Fees [Member] | Corporate Joint Venture [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Contractual Obligation | $ 75.2 | ¥ 520.5 | ||
Subsequent Event [Member] | Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') [Member] | Parent Company [Member] | ||||
Condensed Financial Statements, Captions [Line Items] | ||||
Payments to Acquire Interest in Joint Venture | $ 10 |
Schedule II - Valuation and Q85
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Allowance for Doubtful Accounts [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance | $ 30 | $ 30 | $ 30 |
Additions | 0 | 0 | 0 |
Reductions | 0 | 0 | 0 |
Balance | 30 | 30 | 30 |
Allowance for Price Adjustments [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance | 16,700 | 19,438 | 14,563 |
Additions | 113,970 | 90,967 | 87,189 |
Reductions | (111,071) | (93,705) | (82,314) |
Balance | 19,599 | 16,700 | 19,438 |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance | 2,894 | 2,700 | 2,395 |
Additions | 3,284 | 194 | 305 |
Reductions | 0 | 0 | 0 |
Balance | $ 6,178 | $ 2,894 | $ 2,700 |