Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2017 | Jan. 31, 2018 | |
Document and Entity Information [Abstract] | ||
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-Q | |
Document Period End Date | Dec. 31, 2017 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 23,948,076 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 146,209 | $ 115,708 |
Restricted cash | 192 | 221 |
Accounts receivable, net | 24,283 | 28,410 |
Inventories | 85,672 | 76,254 |
Other current assets | 8,942 | 4,883 |
Total current assets | 265,298 | 225,476 |
Property, plant and equipment, net | 193,253 | 148,191 |
Intangible assets, net | 14,599 | 282 |
Deferred income tax assets - long-term | 4,600 | 4,594 |
Other long-term assets | 42,801 | 19,865 |
Total assets | 520,551 | 398,408 |
Current liabilities: | ||
Accounts payable | 70,521 | 63,134 |
Accrued liabilities | 51,238 | 28,386 |
Income taxes payable | 1,280 | 1,748 |
Deferred margin | 1,386 | 814 |
Capital leases | 846 | 828 |
Total current liabilities | 125,271 | 94,910 |
Income taxes payable - long-term | 941 | 922 |
Deferred income tax liabilities | 442 | 2,659 |
Capital leases - long-term | 449 | 866 |
Other long-term liabilities | 396 | 502 |
Total liabilities | 127,499 | 99,859 |
Commitments and contingencies (Note 10) | ||
Preferred shares, par value $0.002 per share: | ||
Authorized: 10,000 shares, issued and outstanding: none at December 31, 2017 and June 30, 2017 | 0 | 0 |
Common shares, par value $0.002 per share: | ||
Authorized: 50,000 shares, issued and outstanding: 29,856 shares and 23,908 shares, respectively at December 31, 2017 and 29,600 shares and 23,992 shares, respectively at June 30, 2017 | 60 | 59 |
Treasury shares at cost, 5,948 shares at December 31, 2017 and 5,608 shares at June 30, 2017 | (55,799) | (49,836) |
Additional paid-in capital | 212,771 | 206,332 |
Accumulated other comprehensive income | 2,455 | 306 |
Retained earnings | 120,023 | 113,909 |
Total Alpha and Omega Semiconductor Limited shareholder's equity | 279,510 | 270,770 |
Noncontrolling interest | 113,542 | 27,779 |
Total equity | 393,052 | 298,549 |
Total liabilities and equity | $ 520,551 | $ 398,408 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Jun. 30, 2017 |
Common shares, par value (in dollars per share) | $ 0.002 | $ 0.002 |
Common shares, authorized (in shares) | 100,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 29,856,000 | 29,600,000 |
Common stock, shares outstanding (in shares) | 23,908,000 | 23,992,000 |
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) | 5,948,000 | 5,608,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenue | $ 103,896 | $ 94,687 | $ 208,754 | $ 192,049 |
Cost of goods sold | 75,814 | 72,593 | 153,142 | 148,011 |
Gross profit | 28,082 | 22,094 | 55,612 | 44,038 |
Operating expenses | ||||
Research and development | 9,102 | 7,284 | 17,427 | 14,303 |
Selling, general and administrative | 15,756 | 11,974 | 30,371 | 23,157 |
Total operating expenses | 24,858 | 19,258 | 47,798 | 37,460 |
Operating income | 3,224 | 2,836 | 7,814 | 6,578 |
Interest income and other loss, net | (160) | (70) | (120) | (119) |
Interest expense | (14) | (24) | (31) | (50) |
Net income before income taxes | 3,050 | 2,742 | 7,663 | 6,409 |
Income tax expense (benefit) | (2,072) | 1,085 | (798) | 2,322 |
Net income including noncontrolling interest | 5,122 | 1,657 | 8,461 | 4,087 |
Net loss attributable to noncontrolling interest | (1,669) | (1,190) | (3,130) | (2,067) |
Net income attributable to Alpha and Omega Semiconductor Limited | $ 6,791 | $ 2,847 | $ 11,591 | $ 6,154 |
Net income per common share attributable to Alpha and Omega Semiconductor Limited | ||||
Basic (in dollars per share) | $ 0.28 | $ 0.12 | $ 0.48 | $ 0.26 |
Diluted (in dollars per share) | $ 0.27 | $ 0.11 | $ 0.46 | $ 0.25 |
Weighted average number of common shares attributable to Alpha and Omega Semiconductor Limited used to compute net income per share | ||||
Basic (in shares) | 23,925 | 23,481 | 23,973 | 23,256 |
Diluted (in shares) | 25,033 | 24,977 | 24,997 | 24,695 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Net income including noncontrolling interest | $ 5,122 | $ 1,657 | $ 8,461 | $ 4,087 |
Net income attributable to Alpha and Omega Semiconductor Limited | 6,791 | 2,847 | 11,591 | 6,154 |
Foreign currency translation adjustment | 3,347 | (2,326) | 4,048 | (2,256) |
Comprehensive income (loss) | 8,469 | (669) | 12,509 | 1,831 |
Noncontrolling interest | (104) | (2,234) | (1,231) | (3,132) |
Comprehensive income attributable to Alpha and Omega Semiconductor Limited | $ 8,573 | $ 1,565 | $ 13,740 | $ 4,963 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | ||
Net income including noncontrolling interest | $ 8,461 | $ 4,087 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||
Depreciation and amortization | 14,386 | 13,263 |
Share-based compensation expense | 6,017 | 2,870 |
Deferred income taxes, net | (2,224) | 6,581 |
Loss (Gain) on disposal of property and equipment | 55 | (370) |
Changes in assets and liabilities: | ||
Accounts receivable, net | 4,127 | 2,112 |
Inventories | (9,418) | (1,391) |
Other current and long-term assets | (9,081) | (7,032) |
Accounts payable | 1,877 | (4,605) |
Income taxes payable | (448) | 257 |
Accrued and other liabilities | 8,102 | 2,297 |
Net cash provided by operating activities | 21,854 | 18,069 |
Cash flows from investing activities | ||
Purchases of property and equipment excluding JV Company | (23,192) | (11,371) |
Purchases of property and equipment in JV Company | (41,576) | (3,632) |
Purchases of land use rights in JV Company | 0 | (8,737) |
Purchase of intangible assets | (10,384) | 0 |
Proceeds from sale of property and equipment | 0 | 411 |
(Increase) decrease in restricted cash | 29 | (135) |
Net cash used in investing activities | (75,123) | (23,464) |
Cash flows from financing activities | ||
Proceeds from investment by noncontrolling interest | 86,994 | 33,000 |
Withholding tax on restricted stock units | (249) | (348) |
Proceeds from exercise of stock options and ESPP | 2,205 | 8,729 |
Payments for Repurchase of Common Stock | 6,022 | 0 |
Principal payments on capital leases | (399) | (408) |
Net cash provided by financing activities | 82,529 | 40,973 |
Effect of exchange rate changes on cash and cash equivalents | 1,241 | (559) |
Net increase in cash and cash equivalents | 30,501 | 35,019 |
Cash and cash equivalents at beginning of period | 115,708 | 87,774 |
Cash and cash equivalents at end of period | 146,209 | 122,793 |
Supplemental disclosures of non-cash investing and financing information: | ||
Property and equipment purchased but not yet paid | 43,235 | 5,153 |
Re-issuance of treasury stock | $ 3 | $ 59 |
Intangible assets, net (Parenth
Intangible assets, net (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 17,002 | $ 2,666 |
Less: accumulated amortization | (2,672) | (2,653) |
License fees | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 15,584 | 1,248 |
Intangible assets, net | 13,800 | |
Trade name | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 268 | 268 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 1,150 | $ 1,150 |
The Company and Significant Acc
The Company and Significant Accounting Policies | 6 Months Ended |
Dec. 31, 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 accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Article 10 of Securities and Exchange Commission Regulation S-X, as amended. They do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017 . All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results of operations for the periods presented have been included in the interim periods. Operating results for the six months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2018 . The condensed consolidated balance sheet at June 30, 2017 is derived from the audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017 . Joint Venture In March 2016, the Company executed an agreement with two strategic investment funds owned by the Municipality of Chongqing, China (the "Chongqing Funds") 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 Joint Venture under the agreement is $330.0 million , which includes cash contributions from the Chongqing Funds and contributions of cash, equipment and intangible assets from the Company. The Company owns 51% and the Chongqing Funds own 49% of the equity interest of the Joint Venture. The Joint Venture is accounted under the provisions of the consolidation guidance since the Company has a controlling financial interest. Use of Estimates The preparation of the condensed 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 condensed 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. Fair Value of Financial Instruments The fair values 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. 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. Total comprehensive income (loss) is presented in the condensed consolidated statements of comprehensive income (loss). 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 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 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. The Company will adopt the new revenue standards in its first quarter of fiscal year 2019 utilizing the modified retrospective method. The Company is still in the process of completing its analysis on the transition of all revenue from distributors from sell-through to the sell-in basis of accounting, as well as impact of related disclosures and its internal controls over financial reporting. |
Net Income (Loss) Per Share
Net Income (Loss) Per Share | 6 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Share | Net Income Per Common Share Attributable to Alpha and Omega Semiconductor Limited The following table presents the calculation of basic and diluted net income per share attributable to common shareholders: Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 (in thousands, except per share data) Numerator: Net income attributable to Alpha and Omega Semiconductor Limited $ 6,791 $ 2,847 $ 11,591 $ 6,154 Denominator: Basic: Weighted average number of common shares used to compute basic net income per share 23,925 23,481 23,973 23,256 Diluted: Weighted average number of common shares used to compute basic net income per share 23,925 23,481 23,973 23,256 Effect of potentially dilutive securities: Stock options, RSUs and ESPP shares 1,108 1,496 1,024 1,439 Weighted average number of common shares used to compute diluted net income per share 25,033 24,977 24,997 24,695 Net income per share attributable to Alpha and Omega Semiconductor Limited: Basic $ 0.28 $ 0.12 $ 0.48 $ 0.26 Diluted $ 0.27 $ 0.11 $ 0.46 $ 0.25 The following potential dilutive securities were excluded from the computation of diluted net income per share as their effect would have been anti-dilutive: Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 (in thousands) (in thousands) Employee stock options and RSUs 165 — 169 123 ESPP — 16 45 8 Total potential dilutive securities 165 16 214 131 |
Concentration of Credit Risk an
Concentration of Credit Risk and Significant Customers | 6 Months Ended |
Dec. 31, 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 and review 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 requirements, while sales to new customers or customers with low credit ratings are usually made on an advance payment basis. The Company considers its trade accounts receivable 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 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, when available. Summarized below are individual customers whose revenue or accounts receivable balances were more than 10% of the respective total consolidated amounts: Three Months Ended December 31, Six Months Ended December 31, Percentage of revenue 2017 2016 2017 2016 Customer A 30.8 % 27.0 % 29.2 % 25.6 % Customer B 33.7 % 35.8 % 33.8 % 36.2 % Customer C * 10.7 % * 12.3 % * Less than 10% December 31, June 30, Percentage of accounts receivable Customer A 35.7 % 33.2 % Customer B 19.1 % 13.2 % Customer C 12.6 % 16.4 % |
Balance Sheet Components
Balance Sheet Components | 6 Months Ended |
Dec. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Balance Sheet Components | Balance Sheet Components Accounts receivable, net: December 31, June 30, (in thousands) Accounts receivable $ 45,438 $ 48,039 Less: Allowance for price adjustments (21,125 ) (19,599 ) Less: Allowance for doubtful accounts (30 ) (30 ) Accounts receivable, net $ 24,283 $ 28,410 Inventories: December 31, June 30, (in thousands) Raw materials $ 39,198 $ 32,118 Work in-process 34,994 36,081 Finished goods 11,480 8,055 $ 85,672 $ 76,254 Property, plant and equipment, net: December 31, June 30, (in thousands) Land $ 4,877 $ 4,877 Building 4,325 4,325 Manufacturing machinery and equipment 241,206 215,275 Equipment and tooling 14,641 13,549 Computer equipment and software 25,066 24,346 Office furniture and equipment 2,055 1,935 Leasehold improvements 29,507 29,136 Land use rights 9,242 8,849 330,919 302,292 Less: accumulated depreciation (212,058 ) (194,882 ) 118,861 107,410 Equipment and construction in progress 74,392 40,781 Property, plant and equipment, net $ 193,253 $ 148,191 Intangible assets, net: December 31, June 30, (in thousands) License fees $ 15,584 $ 1,248 Trade name 268 268 Customer relationships 1,150 1,150 17,002 2,666 Less: accumulated amortization (2,672 ) (2,653 ) 14,330 13 Goodwill 269 269 Intangible assets, net $ 14,599 $ 282 Intangible assets of license fees are primarily related to a license agreement that the Company entered into with STMicroelectronics International N.V. (“STMicro”) on September 5, 2017, pursuant to which STMicro granted the Company 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. This agreement allows the Company to develop and market products in a new market, primarily in the computer server segment. Under the license agreement, the Company agreed to pay a total price in cash of $17.0 million based on the payment schedule of, approximately $10.1 million , $6.7 million , $0.2 million in calendar year 2017, 2018 and 2019, respectively. As of December 31, 2017 , the Company recorded $13.8 million in intangible assets, of which $9.8 million in cash was paid to STMicro. The Company begins amortizing such license fees when the technology has met the Company's qualification. Other long-term assets: December 31, June 30, (in thousands) Prepayments for property and equipment $ 36,359 $ 12,964 Investment in a privately held company 700 700 Prepaid income tax — 4,377 Long-term deposits 5,386 1,608 Other 356 216 $ 42,801 $ 19,865 Accrued liabilities: December 31, June 30, (in thousands) Accrued compensation and benefits $ 21,963 $ 13,727 Warranty accrual 767 1,866 Stock rotation accrual 1,611 1,871 Accrued professional fees 1,856 2,500 Accrued inventory 1,008 410 Accrued facilities related expenses 1,820 1,501 Accrued property, plant and equipment 16,321 2,241 Other accrued expenses 5,892 4,270 $ 51,238 $ 28,386 The activities in the warranty accrual, included in accrued liabilities, are as follows: Six Months Ended December 31, 2017 2016 (in thousands) Beginning balance $ 1,866 $ 1,495 Additions (Reductions) (1,063 ) * 1,040 Utilization (36 ) (153 ) Ending balance $ 767 $ 2,382 * Released a specific warranty reserve of approximately $1.0 million due to expired warranty period. The activities in the stock rotation accrual, included in accrued liabilities, are as follows: Six Months Ended December 31, 2017 2016 (in thousands) Beginning balance $ 1,871 $ 1,988 Additions 992 3,008 Utilization (1,252 ) (3,289 ) Ending balance $ 1,611 $ 1,707 |
Debt Debt
Debt Debt | 6 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt | Debt On August 15, 2017, the Company's 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. On January 12, 2018, Jireh drew down the loan in the amount of $13.2 million . Beginning of September 2018, Jireh is required to pay to the Bank on each payment date, the outstanding principal amount of the loan in monthly installments. The loan accrues interest based on an adjusted London Interbank Offered Rate ("LIBOR") as defined in the credit agreement, plus specified applicable margin in the range of 1.75% to 2.25% , based on the outstanding balance of the loan. 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. As of December 31, 2017 , the Company recorded approximately $0.1 million of transaction costs. |
Joint Venture
Joint Venture | 6 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Joint Venture | 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 in 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 the JV Company to commence initial production in mid-calendar year 2018. 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 payment is subject to volatility as a result of exposure to fluctuations in RMB foreign exchange rates. The Design Fees and Construction Fees are paid by the JV Company pursuant to a payment schedule based on the progress of the construction and the achievements of specified milestones. As of December 31, 2017, the JV Company paid approximately $37.0 million (RMB 243.8 million ), and expects to pay the remaining of $44.9 million (RMB 296.2 million ) in calendar year 2018. 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, 2017 $ 270,770 $ 27,779 $ 298,549 Exercise of common stock options and release of RSUs 827 — 827 Reissuance of treasury stock upon exercise of common stock options and release of RSUs (61 ) — (61 ) Withholding tax on restricted stock units (249 ) — (249 ) Issuance of shares under ESPP 1,439 — 1,439 Repurchase of common shares under shares repurchase program (6,022 ) — (6,022 ) Stock-based compensation expense 4,546 — 4,546 Net income (loss) 11,591 (3,130 ) 8,461 Deferred tax asset related to ASU 2016-16 adoption (5,480 ) — (5,480 ) Cumulative translation adjustment 2,149 1,899 4,048 Contributions from noncontrolling interest — 86,994 86,994 Balance, December 31, 2017 $ 279,510 $ 113,542 $ 393,052 |
Shareholders' Equity and Share-
Shareholders' Equity and Share-based Compensation | 6 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Shareholders' Equity and Share-based Compensation | Shareholders' Equity and Share-based Compensation Share Repurchase In September 2017, the Board of Directors terminated the repurchase program that was previously approved in 2015 and approved a new repurchase program (the “Repurchase Program”), which allows the Company to repurchase its common shares from the open market pursuant to a pre-established Rule 10b5-1 trading plan or through privately negotiated transactions up to an aggregate of $30.0 million . The amount and timing of any repurchases under the Repurchase Program depend on a number of factors, including but not limited to, the trading price, volume and availability of the Company's common shares. Shares repurchased under this program are accounted for as treasury shares and the total cost of shares repurchased is recorded as a reduction of shareholders' equity. During the six months ended December 31, 2017 , the Company repurchased an aggregate of 346,621 shares from the open market, for a total cost of $6.0 million , at an average price of $17.34 per share. Since the inception of the prior repurchase program in 2010, the Company repurchased an aggregate of 6,069,714 shares from the open market including shares purchased in a dutch tender offer for a total cost of $56.8 million , at an average price of $9.35 per share, excluding fees and related expenses. No repurchased shares have been retired. Of the 6,069,714 repurchased shares, 122,154 shares with a weighted average repurchase price of $10.70 per share, were reissued at an average price of $6.06 per share pursuant to option exercises and vested restricted share units. As of December 31, 2017 , approximately $24.0 million remained available under the Repurchase Program. Stock Options The Company did not grant any stock options during the six months ended December 31, 2017 . The number of options expected to vest is the result of applying the pre-vesting forfeiture rate assumption to total outstanding options. The following table summarizes the Company's stock option activities for the six months ended December 31, 2017 : Weighted Weighted Average Average Remaining Number of Exercise Price Contractual Aggregate Shares Per Share Term (in years) Intrinsic Value Outstanding at June 30, 2017 1,053,367 $ 10.98 4.43 $ 6,212,660 Granted — $ — Exercised (64,521 ) $ 11.85 $ 344,085 Canceled or forfeited — $ — Outstanding at December 31, 2017 988,846 $ 10.92 4.17 $ 5,646,519 Options vested and expected to vest 988,473 $ 10.92 4.16 $ 5,643,340 Exercisable at December 31, 2017 953,428 $ 11.04 4.09 $ 5,337,845 Restricted Stock Units ("RSU") The following table summarizes the Company's RSU activities for the six months ended December 31, 2017 : 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, 2017 1,144,865 $ 14.11 1.76 $ 19,084,900 Granted 93,907 $ 17.25 Vested (64,312 ) $ 14.20 Forfeited (17,900 ) $ 14.03 Nonvested at December 31, 2017 1,156,560 $ 14.36 1.36 $ 18,921,322 RSUs vested and expected to vest 1,050,575 1.28 $ 17,187,413 The fair value of RSU is based on the market price of the Company's share on the date of grant. In March 2017, the Company granted 170,000 performance-based RSUs (“PRSUs”) to its key personnel. The number shares to be issued under the PRSU will be 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 and $0.7 million of expenses for these PRSUs during the three and six months ended December 31, 2017. The Board previously approved the incentive cash bonus plan (the “Plan”) for the calendar year commencing January 1, 2017 pursuant to which each executive officer of the Company who continues in service through the end of the calendar year will be eligible to receive an incentive award, payable solely in cash, based on the level of attainment of certain specified Company performance goals. On November 15, 2017, the Board approved an amendment to the Plan that permits the Company to pay up to 50% of such incentive awards in common shares of the Company. The Company recorded $1.5 million of such RSUs expenses in the three months ended December 31, 2017. The expenses are reported in the accrued liabilities line in the condensed consolidated balance sheet as the total amount of bonus is to be settled in variable number of shares. Such non-cash compensation expenses are recorded as part of stock-based compensation expense in the condensed consolidated statements of operations. Employee Share Purchase Plan ("ESPP") The assumptions used to estimate the fair values of common shares issued under the ESPP were as follows: Six Months Ended December 31, 2017 Volatility rate 45.32% Risk-free interest rate 1.4% - 1.7% Expected term 1.3 years Dividend yield 0% Share-based Compensation Expense T he total share-based compensation expense related to stock options, RSUs and ESPP described above, recognized in the condensed consolidated statements of operations for the periods presented was as follows: Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 (in thousands) (in thousands) Cost of goods sold $ 415 $ 205 $ 731 $ 400 Research and development 617 383 979 743 Selling, general and administrative 2,977 966 4,307 1,727 $ 4,009 $ 1,554 $ 6,017 $ 2,870 As of December 31, 2017 , total unrecognized compensation cost under the Company's equity plans was $9.7 million , which is expected to be recognized over a weighted-average period of 1.2 years. |
Income Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the three months ended December 31, 2017 , the Company recognized income tax benefit of approximately $2.1 million , which included a discrete tax benefit of $2.7 million related to re-measuring the Company’s U.S. deferred tax assets and liabilities following enactment of the 2017 U.S. Tax Cut and Jobs Act in December 2017. For the three months ended December 31, 2016, the Company recognized income tax expense of approximately $1.1 million . Excluding the discrete income tax items, the estimated effective tax rate for the three months ended December 31, 2017 was 31.4% compared to 39.1% for the three months ended December 31, 2016. The changes in the effective tax rate and tax expense between the periods resulted primarily from the reduction in the U.S. corporate tax rate following the enactment of the 2017 U.S. Tax Cut and Jobs Act along with changes in the mix of earnings in various geographic jurisdictions between the current year and the same period of last year. For the six months ended December 31, 2017, the Company recognized an income tax benefit of approximately $ 0.8 million , which included a discrete tax benefit of $2.7 million related to remeasuring the Company’s U.S. deferred tax assets and liabilities following enactment of the 2017 U.S. Tax Cut and Jobs Act in December 2017. For the six months ended December 31, 2016, the Company recognized income tax expense of approximately $2.3 million . Excluding the discrete income tax items, the estimated effective tax rate for the six months ended December 31, 2017 was 24.0% compared to 35.6% for the six months ended December 31, 2016. The changes in the effective tax rate and tax expense between the periods resulted primarily from the reduction in the U.S. corporate tax rate following the enactment of the 2017 U.S. Tax Cut and Jobs Act along with changes in the mix of earnings in various geographic jurisdictions between the current year and the same period of last year. During the quarter ended September 30, 2016, the Company contributed 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 was 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. On July 1, 2017, the Company adopted ASU 2016-16, Intra-Entity Transfers of Assets other than Inventory, which resulted in a de-recognition of a prepaid tax asset of $5.5 million related to the prior period intra-entity asset transfer with the JV Company, with an offsetting reduction to retained earnings. Because the JV Company has a full valuation allowance, there was no change to the Company’s net deferred tax assets. The Company files its income tax returns in the United States and in various foreign jurisdictions. The tax years 2002 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. As of December 31, 2017 , the gross amount of unrecognized tax benefits was approximately $6.8 million , of which $4.1 million , if recognized, would reduce the effective income tax rate in future periods. 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. The Company does not anticipate any material changes to its uncertain tax positions during the next twelve months . 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 December 31, 2017 . The Company will continue to monitor ongoing developments and potential impacts to its financial statements. |
Segment and Geographic Informat
Segment and Geographic Information | 6 Months Ended |
Dec. 31, 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 a 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 to which the products were shipped to: Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 (in thousands) (in thousands) Hong Kong $ 82,440 $ 78,253 $ 167,670 $ 161,088 China 19,153 14,383 36,273 26,825 South Korea 301 393 588 759 United States 1,314 798 2,692 1,692 Other Countries 688 860 1,531 1,685 $ 103,896 $ 94,687 $ 208,754 $ 192,049 The following is a summary of revenue by product type: Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 (in thousands) (in thousands) Power discrete $ 85,094 $ 69,822 $ 168,772 $ 141,250 Power IC 15,758 21,859 33,855 44,857 Packaging and testing services 3,044 3,006 6,127 5,942 $ 103,896 $ 94,687 $ 208,754 $ 192,049 Long-lived assets, net consisting of property, plant and equipment and land use rights, by geographical area are as follows: December 31, June 30, (in thousands) China $ 123,885 $ 85,691 United States 68,701 61,787 Other Countries 667 713 $ 193,253 $ 148,191 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments As of December 31, 2017 and June 30, 2017 , the Company had approximately $34.7 million and $25.7 million , respectively, of outstanding purchase commitments primarily for purchases of semiconductor raw materials, wafers, spare parts and packaging and testing services, and approximately $128.7 million and $69.2 million , respectively, of capital commitments for the purchase of property and equipment and EPC construction. Other Commitments See Note 4, Note 5 and Note 6 of the Notes to the Condensed Consolidated Financial Statements contained in this Quarterly Report on Form 10-Q for descriptions of commitments including STMicro license, debt and Joint Venture . Contingencies and Indemnities The Company is currently not a party to any pending material legal proceedings. The Company has in the past, and may from time to time in the future, become 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 of such claims and suffer adverse effects on its operations. The Company is a party to a variety of agreements that it has contracted with various third 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 may be 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 has been made at December 31, 2017 and June 30, 2017 . 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. |
The Company and Significant A18
The Company and Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Preparation | Basis of Preparation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Article 10 of Securities and Exchange Commission Regulation S-X, as amended. They do not include all information and footnotes necessary for a fair presentation of financial position, results of operations and cash flows in conformity with U.S. GAAP for complete financial statements. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes contained in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017 . All significant intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments and accruals) considered necessary for a fair presentation of the results of operations for the periods presented have been included in the interim periods. Operating results for the six months ended December 31, 2017 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2018 . The condensed consolidated balance sheet at June 30, 2017 is derived from the audited financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended June 30, 2017 . |
Use of Estimates | Use of Estimates The preparation of the condensed 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 condensed 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. |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The fair values 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. |
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. Total comprehensive income (loss) is presented in the condensed consolidated statements of comprehensive income (loss). |
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 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 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. The Company will adopt the new revenue standards in its first quarter of fiscal year 2019 utilizing the modified retrospective method. The Company is still in the process of completing its analysis on the transition of all revenue from distributors from sell-through to the sell-in basis of accounting, as well as impact of related disclosures and its internal controls over financial reporting. |
Concentration of Credit Risk | The Company manages its credit risk associated with exposure to distributors and direct customers on outstanding accounts receivable through the application and review 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 requirements, while sales to new customers or customers with low credit ratings are usually made on an advance payment basis. The Company considers its trade accounts receivable 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 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, when available. |
Net Income (Loss) Per Share (Ta
Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following table presents the calculation of basic and diluted net income per share attributable to common shareholders: Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 (in thousands, except per share data) Numerator: Net income attributable to Alpha and Omega Semiconductor Limited $ 6,791 $ 2,847 $ 11,591 $ 6,154 Denominator: Basic: Weighted average number of common shares used to compute basic net income per share 23,925 23,481 23,973 23,256 Diluted: Weighted average number of common shares used to compute basic net income per share 23,925 23,481 23,973 23,256 Effect of potentially dilutive securities: Stock options, RSUs and ESPP shares 1,108 1,496 1,024 1,439 Weighted average number of common shares used to compute diluted net income per share 25,033 24,977 24,997 24,695 Net income per share attributable to Alpha and Omega Semiconductor Limited: Basic $ 0.28 $ 0.12 $ 0.48 $ 0.26 Diluted $ 0.27 $ 0.11 $ 0.46 $ 0.25 |
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 per share as their effect would have been anti-dilutive: Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 (in thousands) (in thousands) Employee stock options and RSUs 165 — 169 123 ESPP — 16 45 8 Total potential dilutive securities 165 16 214 131 |
Concentration of Credit Risk 20
Concentration of Credit Risk and Significant Customers (Tables) | 6 Months Ended |
Dec. 31, 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 more than 10% of the respective total consolidated amounts: Three Months Ended December 31, Six Months Ended December 31, Percentage of revenue 2017 2016 2017 2016 Customer A 30.8 % 27.0 % 29.2 % 25.6 % Customer B 33.7 % 35.8 % 33.8 % 36.2 % Customer C * 10.7 % * 12.3 % * Less than 10% December 31, June 30, Percentage of accounts receivable Customer A 35.7 % 33.2 % Customer B 19.1 % 13.2 % Customer C 12.6 % 16.4 % |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Balance Sheet Related Disclosures [Abstract] | |
Schedule of Accounts, Notes, Loans and Financing Receivable | Accounts receivable, net: December 31, June 30, (in thousands) Accounts receivable $ 45,438 $ 48,039 Less: Allowance for price adjustments (21,125 ) (19,599 ) Less: Allowance for doubtful accounts (30 ) (30 ) Accounts receivable, net $ 24,283 $ 28,410 |
Schedule of Inventory, Current | Inventories: December 31, June 30, (in thousands) Raw materials $ 39,198 $ 32,118 Work in-process 34,994 36,081 Finished goods 11,480 8,055 $ 85,672 $ 76,254 |
Property, Plant and Equipment | Property, plant and equipment, net: December 31, June 30, (in thousands) Land $ 4,877 $ 4,877 Building 4,325 4,325 Manufacturing machinery and equipment 241,206 215,275 Equipment and tooling 14,641 13,549 Computer equipment and software 25,066 24,346 Office furniture and equipment 2,055 1,935 Leasehold improvements 29,507 29,136 Land use rights 9,242 8,849 330,919 302,292 Less: accumulated depreciation (212,058 ) (194,882 ) 118,861 107,410 Equipment and construction in progress 74,392 40,781 Property, plant and equipment, net $ 193,253 $ 148,191 |
Intangible Assets Disclosure | Intangible assets, net: December 31, June 30, (in thousands) License fees $ 15,584 $ 1,248 Trade name 268 268 Customer relationships 1,150 1,150 17,002 2,666 Less: accumulated amortization (2,672 ) (2,653 ) 14,330 13 Goodwill 269 269 Intangible assets, net $ 14,599 $ 282 |
Schedule of Other Assets, Noncurrent | Other long-term assets: December 31, June 30, (in thousands) Prepayments for property and equipment $ 36,359 $ 12,964 Investment in a privately held company 700 700 Prepaid income tax — 4,377 Long-term deposits 5,386 1,608 Other 356 216 $ 42,801 $ 19,865 |
Schedule of Accrued Liabilities | Accrued liabilities: December 31, June 30, (in thousands) Accrued compensation and benefits $ 21,963 $ 13,727 Warranty accrual 767 1,866 Stock rotation accrual 1,611 1,871 Accrued professional fees 1,856 2,500 Accrued inventory 1,008 410 Accrued facilities related expenses 1,820 1,501 Accrued property, plant and equipment 16,321 2,241 Other accrued expenses 5,892 4,270 $ 51,238 $ 28,386 |
Schedule of Product Warranty Liability | The activities in the warranty accrual, included in accrued liabilities, are as follows: Six Months Ended December 31, 2017 2016 (in thousands) Beginning balance $ 1,866 $ 1,495 Additions (Reductions) (1,063 ) * 1,040 Utilization (36 ) (153 ) Ending balance $ 767 $ 2,382 |
Stock Rotation Accrual | The activities in the stock rotation accrual, included in accrued liabilities, are as follows: Six Months Ended December 31, 2017 2016 (in thousands) Beginning balance $ 1,871 $ 1,988 Additions 992 3,008 Utilization (1,252 ) (3,289 ) Ending balance $ 1,611 $ 1,707 |
Joint Venture (Tables)
Joint Venture (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Equity Method Investments and Joint Ventures [Abstract] | |
Schedule of Stockholders Equity | 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, 2017 $ 270,770 $ 27,779 $ 298,549 Exercise of common stock options and release of RSUs 827 — 827 Reissuance of treasury stock upon exercise of common stock options and release of RSUs (61 ) — (61 ) Withholding tax on restricted stock units (249 ) — (249 ) Issuance of shares under ESPP 1,439 — 1,439 Repurchase of common shares under shares repurchase program (6,022 ) — (6,022 ) Stock-based compensation expense 4,546 — 4,546 Net income (loss) 11,591 (3,130 ) 8,461 Deferred tax asset related to ASU 2016-16 adoption (5,480 ) — (5,480 ) Cumulative translation adjustment 2,149 1,899 4,048 Contributions from noncontrolling interest — 86,994 86,994 Balance, December 31, 2017 $ 279,510 $ 113,542 $ 393,052 |
Shareholders' Equity and Shar23
Shareholders' Equity and Share-based Compensation (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation [Abstract] | |
Summary of Stock Option Activities | Stock Options The Company did not grant any stock options during the six months ended December 31, 2017 . The number of options expected to vest is the result of applying the pre-vesting forfeiture rate assumption to total outstanding options. The following table summarizes the Company's stock option activities for the six months ended December 31, 2017 : Weighted Weighted Average Average Remaining Number of Exercise Price Contractual Aggregate Shares Per Share Term (in years) Intrinsic Value Outstanding at June 30, 2017 1,053,367 $ 10.98 4.43 $ 6,212,660 Granted — $ — Exercised (64,521 ) $ 11.85 $ 344,085 Canceled or forfeited — $ — Outstanding at December 31, 2017 988,846 $ 10.92 4.17 $ 5,646,519 Options vested and expected to vest 988,473 $ 10.92 4.16 $ 5,643,340 Exercisable at December 31, 2017 953,428 $ 11.04 4.09 $ 5,337,845 |
Restricted Stock Units Activity | Restricted Stock Units ("RSU") The following table summarizes the Company's RSU activities for the six months ended December 31, 2017 : 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, 2017 1,144,865 $ 14.11 1.76 $ 19,084,900 Granted 93,907 $ 17.25 Vested (64,312 ) $ 14.20 Forfeited (17,900 ) $ 14.03 Nonvested at December 31, 2017 1,156,560 $ 14.36 1.36 $ 18,921,322 RSUs vested and expected to vest 1,050,575 1.28 $ 17,187,413 The fair value of RSU is based on the market price of the Company's share on the date of grant. |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions [Table Text Block] | Employee Share Purchase Plan ("ESPP") The assumptions used to estimate the fair values of common shares issued under the ESPP were as follows: Six Months Ended December 31, 2017 Volatility rate 45.32% Risk-free interest rate 1.4% - 1.7% Expected term 1.3 years Dividend yield 0% |
Share-based Compensation, Allocation of Recognized Period Costs | Share-based Compensation Expense T he total share-based compensation expense related to stock options, RSUs and ESPP described above, recognized in the condensed consolidated statements of operations for the periods presented was as follows: Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 (in thousands) (in thousands) Cost of goods sold $ 415 $ 205 $ 731 $ 400 Research and development 617 383 979 743 Selling, general and administrative 2,977 966 4,307 1,727 $ 4,009 $ 1,554 $ 6,017 $ 2,870 |
Segment and Geographic Inform24
Segment and Geographic Information (Tables) | 6 Months Ended |
Dec. 31, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | Long-lived assets, net consisting of property, plant and equipment and land use rights, by geographical area are as follows: December 31, June 30, (in thousands) China $ 123,885 $ 85,691 United States 68,701 61,787 Other Countries 667 713 $ 193,253 $ 148,191 The revenue by geographical location in the following tables is based on the country or region to which the products were shipped to: Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 (in thousands) (in thousands) Hong Kong $ 82,440 $ 78,253 $ 167,670 $ 161,088 China 19,153 14,383 36,273 26,825 South Korea 301 393 588 759 United States 1,314 798 2,692 1,692 Other Countries 688 860 1,531 1,685 $ 103,896 $ 94,687 $ 208,754 $ 192,049 |
Revenue from External Customers by Products and Services | The following is a summary of revenue by product type: Three Months Ended December 31, Six Months Ended December 31, 2017 2016 2017 2016 (in thousands) (in thousands) Power discrete $ 85,094 $ 69,822 $ 168,772 $ 141,250 Power IC 15,758 21,859 33,855 44,857 Packaging and testing services 3,044 3,006 6,127 5,942 $ 103,896 $ 94,687 $ 208,754 $ 192,049 |
The Company and Significant A25
The Company and Significant Accounting Policies Joint Venture (Details) - Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') - USD ($) $ in Millions | 1 Months Ended | |
Mar. 31, 2016 | Mar. 29, 2016 | |
Parent Company | ||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 51.00% | |
Chongqing Funds | ||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 49.00% | |
Corporate Joint Venture | ||
Initial capitalization of joint venture | $ 330 |
Net Income (Loss) Per Share - B
Net Income (Loss) Per Share - Basic and Diluted Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | ||||
Net income attributable to Alpha and Omega Semiconductor Limited | $ 6,791 | $ 2,847 | $ 11,591 | $ 6,154 |
Basic: | ||||
Weighted average number of common shares used to compute basic net income per share | 23,925 | 23,481 | 23,973 | 23,256 |
Effect of potentially dilutive securities: | ||||
Stock options, RSUs and ESPP shares | 1,108 | 1,496 | 1,024 | 1,439 |
Weighted average number of common shares used to compute diluted net income per share | 25,033 | 24,977 | 24,997 | 24,695 |
Net income per share attributable to Alpha and Omega Semiconductor Limited: | ||||
Basic (in dollars per share) | $ 0.28 | $ 0.12 | $ 0.48 | $ 0.26 |
Diluted (in dollars per share) | $ 0.27 | $ 0.11 | $ 0.46 | $ 0.25 |
Net Income (Loss) Per Share - P
Net Income (Loss) Per Share - Potential Dilutive Shares (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive securities (in shares) | 165 | 16 | 214 | 131 |
Employee stock options and RSUs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive securities (in shares) | 165 | 0 | 169 | 123 |
ESPP | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Potential dilutive securities (in shares) | 0 | 16 | 45 | 8 |
Concentration of Credit Risk 28
Concentration of Credit Risk and Significant Customers - (Details) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Minimum | ||||||
Concentration Risk | ||||||
Terms of credit sales, (in days) | 30 days | |||||
Maximum | ||||||
Concentration Risk | ||||||
Terms of credit sales, (in days) | 60 days | |||||
Customer A | Sales Revenue, Goods, Net | Customer Concentration Risk | ||||||
Concentration Risk | ||||||
Customers greater than 10% of total | 30.80% | 27.00% | 29.20% | 25.60% | ||
Customer A | Accounts Receivable | Customer Concentration Risk | ||||||
Concentration Risk | ||||||
Customers greater than 10% of total | 35.70% | 33.20% | ||||
Customer B | Sales Revenue, Goods, Net | Customer Concentration Risk | ||||||
Concentration Risk | ||||||
Customers greater than 10% of total | 33.70% | 35.80% | 33.80% | 36.20% | ||
Customer B | Accounts Receivable | Customer Concentration Risk | ||||||
Concentration Risk | ||||||
Customers greater than 10% of total | 19.10% | 13.20% | ||||
Customer C | Sales Revenue, Goods, Net | Customer Concentration Risk | ||||||
Concentration Risk | ||||||
Customers greater than 10% of total | 10.70% | [1] | 12.30% | |||
Customer C | Accounts Receivable | Customer Concentration Risk | ||||||
Concentration Risk | ||||||
Customers greater than 10% of total | 12.60% | 16.40% | ||||
[1] | * Less than 10% |
Balance Sheet Components - Acco
Balance Sheet Components - Accounts receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Accounts receivable | $ 45,438 | $ 48,039 |
Less: Allowance for price adjustments | (21,125) | (19,599) |
Less: Allowance for doubtful accounts | (30) | (30) |
Accounts receivable, net | $ 24,283 | $ 28,410 |
Balance Sheet Components - Inve
Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Raw materials | $ 39,198 | $ 32,118 |
Work in-process | 34,994 | 36,081 |
Finished goods | 11,480 | 8,055 |
Inventory, net | $ 85,672 | $ 76,254 |
Balance Sheet Components - Prop
Balance Sheet Components - Property, plant, and equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment excluding equipment and construction In progress, gross | $ 330,919 | $ 302,292 |
Land Use Rights, Gross | 9,242 | 8,849 |
Less: accumulated depreciation | (212,058) | (194,882) |
Property, plant and equipment excluding equipment and construction in progress, net | 118,861 | 107,410 |
Equipment and construction in progress | 74,392 | 40,781 |
Property, plant and equipment, net | 193,253 | 148,191 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment excluding equipment and construction In progress, gross | 4,877 | 4,877 |
Building | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment excluding equipment and construction In progress, gross | 4,325 | 4,325 |
Manufacturing machinery and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment excluding equipment and construction In progress, gross | 241,206 | 215,275 |
Equipment and tooling | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment excluding equipment and construction In progress, gross | 14,641 | 13,549 |
Computer equipment and software | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment excluding equipment and construction In progress, gross | 25,066 | 24,346 |
Office furniture and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment excluding equipment and construction In progress, gross | 2,055 | 1,935 |
Leasehold improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant, and equipment excluding equipment and construction In progress, gross | $ 29,507 | $ 29,136 |
Balance Sheet Components - Inta
Balance Sheet Components - Intangible assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Schedule of Finite-lived Intangible Assets and Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Gross | $ 17,002 | $ 2,666 |
Less: accumulated amortization | (2,672) | (2,653) |
Intangible Assets, Net (Excluding Goodwill) | 14,330 | 13 |
Goodwill | 269 | 269 |
Intangible assets, net | 14,599 | 282 |
License fees | ||
Schedule of Finite-lived Intangible Assets and Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 15,584 | 1,248 |
Finite-Lived Intangible Assets, Net | 13,800 | |
Trade name | ||
Schedule of Finite-lived Intangible Assets and Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 268 | 268 |
Customer relationships | ||
Schedule of Finite-lived Intangible Assets and Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Gross | 1,150 | $ 1,150 |
STMicro | License fees | ||
Schedule of Finite-lived Intangible Assets and Goodwill [Line Items] | ||
Finite-Lived Intangible Assets, Net | $ 9,800 |
Balance Sheet Components - In33
Balance Sheet Components - Intangible Assets, Additional Information (Details) - USD ($) $ in Thousands | Sep. 05, 2017 | Dec. 31, 2017 | Dec. 31, 2016 |
Finite-Lived Intangible Assets [Line Items] | |||
Payments to Acquire Intangible Assets | $ 10,384 | $ 0 | |
License fees | |||
Finite-Lived Intangible Assets [Line Items] | |||
Finite-Lived Intangible Assets, Net | 13,800 | ||
STMicro | License fees | |||
Finite-Lived Intangible Assets [Line Items] | |||
Payments to Acquire Intangible Assets | $ 17,000 | ||
Payments to Acquire Intangible Assets, Remainder of Calendar Year | 10,100 | ||
Payments to Acquire Intangible Assets, Calendar Year Two | 6,700 | ||
Payments to Acquire Intangible Assets, Calendar Year Three | $ 200 | ||
Finite-Lived Intangible Assets, Net | $ 9,800 |
Balance Sheet Components - Othe
Balance Sheet Components - Other long term assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Balance Sheet Related Disclosures [Abstract] | ||
Prepayments for property and equipment | $ 36,359 | $ 12,964 |
Investment in a privately held company | 700 | 700 |
Prepaid income tax | 0 | 4,377 |
Long-term deposits | 5,386 | 1,608 |
Other | 356 | 216 |
Other long-term assets | $ 42,801 | $ 19,865 |
Balance Sheet Components - Accr
Balance Sheet Components - Accrued liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 | Jun. 30, 2016 |
Balance Sheet Related Disclosures [Abstract] | ||||
Accrued compensation and benefits | $ 21,963 | $ 13,727 | ||
Warranty accrual | 767 | 1,866 | $ 2,382 | $ 1,495 |
Stock rotation accrual | 1,611 | 1,871 | $ 1,707 | $ 1,988 |
Accrued professional fees | 1,856 | 2,500 | ||
Accrued inventory | 1,008 | 410 | ||
Accrued facilities related expenses | 1,820 | 1,501 | ||
Accrued property, plant and equipment | 16,321 | 2,241 | ||
Other accrued expenses | 5,892 | 4,270 | ||
Accrued liabilities | $ 51,238 | $ 28,386 |
Balance Sheet Components - Prod
Balance Sheet Components - Product Warranty Accrual (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward] | ||
Beginning balance | $ 1,866 | $ 1,495 |
Additions (Reductions) | (1,063) | 1,040 |
Utilization | (36) | (153) |
Ending balance | 767 | $ 2,382 |
Release of specific warranty reserve | $ 1,000 |
Balance Sheet Components - Stoc
Balance Sheet Components - Stock Rotation Accrual (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Stock Rotation Accrual Increae (Decrease) [Roll Forward] | ||
Beginning balance | $ 1,871 | $ 1,988 |
Additions | 992 | 3,008 |
Utilization | (1,252) | (3,289) |
Ending balance | $ 1,611 | $ 1,707 |
Debt (Details)
Debt (Details) - Term Loan - Secured Debt - Variable Interest Rate Term Loan Maturing August 2022 - USD ($) $ in Millions | Aug. 15, 2017 | Jan. 12, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 30 | ||
Debt instrument, term | 5 years | ||
Transaction costs | $ 0.1 | ||
Subsequent Event | |||
Debt Instrument [Line Items] | |||
Amount outstanding | $ 13.2 | ||
Minimum | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 1.75% | ||
Maximum | London Interbank Offered Rate (LIBOR) | |||
Debt Instrument [Line Items] | |||
Basis spread on variable rate | 2.25% |
Joint Venture - Narrative (Deta
Joint Venture - Narrative (Details) $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2016USD ($) | Mar. 31, 2016 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Jan. 10, 2017CNY (¥) | Jan. 10, 2017USD ($) | Mar. 29, 2016USD ($) | |
Schedule of Equity Method Investments [Line Items] | ||||||||||
Purchases of land use rights in JV Company | $ 0 | $ 8,737 | ||||||||
Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Interest rate to concontrolling interest if joint venture is early terminated and liquidated | 10.00% | |||||||||
Parent Company | Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percent ownership in joint venture | 51.00% | |||||||||
Chongqing Funds | Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Percent ownership in joint venture | 49.00% | |||||||||
Corporate Joint Venture | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total price payable under EPC Contract | ¥ 540,000,000 | $ 78,000 | ||||||||
Contractual Obligation, Payment | ¥ 243,800,000 | $ 37,000 | ||||||||
Contract amount payable in calendar year 2018 | ¥ 296,200,000 | $ 44,900 | ||||||||
Corporate Joint Venture | Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Initial capitalization of joint venture | $ 330,000 | |||||||||
Purchases of land use rights in JV Company | $ 8,700 | |||||||||
Corporate Joint Venture | Design Fees | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total price payable under EPC Contract | 19,500,000 | 2,800 | ||||||||
Corporate Joint Venture | Construction and Procurement Fees | ||||||||||
Schedule of Equity Method Investments [Line Items] | ||||||||||
Total price payable under EPC Contract | ¥ 520,500,000 | $ 75,200 |
Joint Venture - Changes in Tota
Joint Venture - Changes in Total Stockholders' Equity (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 86 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | |
Schedule of Equity Method Investments [Line Items] | |||||
Balance, June 30, 2017 | $ 298,549 | ||||
Exercise of common stock options and release of RSUs | 827 | ||||
Reissuance of treasury stock upon exercise of common stock options and release of RSUs | (61) | ||||
Withholding tax on restricted stock units | (249) | ||||
Issuance of shares under ESPP | 1,439 | ||||
Repurchase of common shares under shares repurchase program | (6,022) | $ (56,800) | |||
Stock-based compensation expense | 4,546 | ||||
Net income (loss) | $ 5,122 | $ 1,657 | 8,461 | $ 4,087 | |
Net loss attributable to noncontrolling interest | (1,669) | $ (1,190) | (3,130) | (2,067) | |
Cumulative translation adjustment | 4,048 | ||||
Contributions from noncontrolling interest | 86,994 | $ 33,000 | |||
Balance, December 31, 2017 | 393,052 | 393,052 | 393,052 | ||
Accounting Standards Update 2016-16 | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Deferred tax asset related to ASU 2016-16 adoption | (5,480) | ||||
Parent | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Balance, June 30, 2017 | 270,770 | ||||
Exercise of common stock options and release of RSUs | 827 | ||||
Reissuance of treasury stock upon exercise of common stock options and release of RSUs | (61) | ||||
Withholding tax on restricted stock units | (249) | ||||
Issuance of shares under ESPP | 1,439 | ||||
Repurchase of common shares under shares repurchase program | (6,022) | ||||
Stock-based compensation expense | 4,546 | ||||
Net income (loss) | 11,591 | ||||
Cumulative translation adjustment | 2,149 | ||||
Contributions from noncontrolling interest | 0 | ||||
Balance, December 31, 2017 | 279,510 | 279,510 | 279,510 | ||
Parent | Accounting Standards Update 2016-16 | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Deferred tax asset related to ASU 2016-16 adoption | (5,480) | ||||
Noncontrolling Interest | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Balance, June 30, 2017 | 27,779 | ||||
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 | ||||
Repurchase of common shares under shares repurchase program | 0 | ||||
Stock-based compensation expense | 0 | ||||
Net loss attributable to noncontrolling interest | (3,130) | ||||
Cumulative translation adjustment | 1,899 | ||||
Contributions from noncontrolling interest | 86,994 | ||||
Balance, December 31, 2017 | $ 113,542 | 113,542 | $ 113,542 | ||
Noncontrolling Interest | Accounting Standards Update 2016-16 | |||||
Schedule of Equity Method Investments [Line Items] | |||||
Deferred tax asset related to ASU 2016-16 adoption | $ 0 |
Shareholders' Equity and Shar41
Shareholders' Equity and Share-based Compensation - Shares Repurchase (Details) $ / shares in Units, $ in Thousands | 6 Months Ended | 86 Months Ended |
Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | |
Class of Stock [Line Items] | ||
Share repurchase program, authorized amount (USD in Millions) | $ | $ 30,000 | $ 30,000 |
Shares Repurchase Program Remaining Balance | $ | $ 24,000 | $ 24,000 |
Repurchase of common shares under shares repurchase program | 346,621 | 6,069,714 |
Repurchase of common shares under shares repurchase program | $ | $ (6,022) | $ (56,800) |
Treasury stock acquired, average price per share (in dollars per share) | $ / shares | $ 17.34 | $ 9.35 |
Treasury Stock, Shares, Retired | 0 | |
Treasury Stock Reissued, Average Price Per Share | $ / shares | 6.06 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | |
Treasury Stock Reissued | ||
Class of Stock [Line Items] | ||
Treasury stock acquired, average price per share (in dollars per share) | $ / shares | $ 10.70 | |
Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures (in shares) | 122,154 |
Shareholders' Equity and Shar42
Shareholders' Equity and Share-based Compensation - Share-based Compensation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 86 Months Ended | |
Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Repurchase of common shares under shares repurchase program | 346,621 | 6,069,714 | ||
Options, Weighted-Average Remaining Contractual Life (in years) | 4 years 5 months 5 days | 4 years 2 months 1 day | ||
Options vested and expected to vest, Number Outstanding (in shares) | 988,473 | 988,473 | 988,473 | |
Options vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ 10.92 | $ 10.92 | $ 10.92 | |
Options vested and expected to vest, Weighted Average Remaining Contractual Life (in years) | 4 years 1 month 28 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Aggregate Intrinsic Value | $ 5,643,340 | $ 5,643,340 | $ 5,643,340 | |
Options, Number Exercisable (in shares) | 953,428 | 953,428 | 953,428 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 11.04 | $ 11.04 | $ 11.04 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 1 month 2 days | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $ 5,337,845 | $ 5,337,845 | $ 5,337,845 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Outstanding at June 30, 2017 | 1,053,367 | |||
Granted (in shares) | 0 | |||
Exercised (in shares) | (64,521) | |||
Canceled or forfeited (in shares) | 0 | |||
Outstanding at December 31, 2017 | 988,846 | 1,053,367 | 988,846 | 988,846 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ||||
Outstanding at June 30, 2017 (in dollars per share) | $ 10.98 | |||
Granted (in dollars per share) | 0 | |||
Exercised (in dollars per share) | 11.85 | |||
Canceled or forfeited (in dollars per share) | 0 | |||
Outstanding at December 31, 2017 (in dollars per share) | $ 10.92 | $ 10.98 | $ 10.92 | $ 10.92 |
Options Outstanding Aggregate Intrinsic Value | $ 5,646,519 | $ 6,212,660 | $ 5,646,519 | $ 5,646,519 |
Options Exercised Aggregate Intrinsic Value | $ 344,085 | |||
Employee Share Purchase Plan [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Volatility Rate | 45.32% | |||
Expected Term | 1 year 3 months 18 days | |||
Expected Dividend Rate | 0.00% | |||
Employee Share Purchase Plan [Member] | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk Free Interest Rate | 1.40% | |||
Employee Share Purchase Plan [Member] | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Risk Free Interest Rate | 1.70% |
Shareholders' Equity and Shar43
Shareholders' Equity and Share-based Compensation - Stock Options Outstanding and Exercisable (Details) - $ / shares | 3 Months Ended | 6 Months Ended |
Jun. 30, 2017 | Dec. 31, 2017 | |
Share-based Compensation [Abstract] | ||
Options, Number Outstanding (in shares) | 1,053,367 | 988,846 |
Options, Weighted-Average Remaining Contractual Life (in years) | 4 years 5 months 5 days | 4 years 2 months 1 day |
Options, Weighted-Average Exercise Price (in dollars per share) | $ 10.98 | $ 10.92 |
Options, Number Exercisable (in shares) | 953,428 | |
Options, Weighted-Average Exercise Price (in dollars per share) | $ 11.04 | |
Options vested and expected to vest, Number Outstanding (in shares) | 988,473 | |
Options vested and expected to vest, Weighted Average Remaining Contractual Life (in years) | 4 years 1 month 28 days | |
Options vested and expected to vest, Weighted Average Exercise Price (in dollars per share) | $ 10.92 |
Shareholders' Equity and Shar44
Shareholders' Equity and Share-based Compensation - Restricted Stock Activity (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
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 2 months 12 days | |||||
Allocated share-based compensation expense | $ 4,009,000 | $ 1,554,000 | $ 6,017,000 | $ 2,870,000 | ||
Restricted Stock | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Nonvested at June 30, 2017 | 1,144,865 | |||||
Granted | 93,907 | |||||
Vested | (64,312) | |||||
Forfeited | (17,900) | |||||
Nonvested at December 31, 2017 | 1,156,560 | 1,144,865 | 1,156,560 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
Nonvested at June 30, 2017 | $ 14.11 | |||||
Granted | 17.25 | |||||
Vested | 14.20 | |||||
Forfeited | 14.03 | |||||
Nonvested at December 31, 2017 | $ 14.36 | $ 14.11 | $ 14.36 | |||
Weighted Average Remaining Recognition Period (Years) | 1 year 4 months 10 days | 1 year 9 months 4 days | ||||
RSUs Nonvested Aggregate Intrinsic Value | $ 18,921,322 | $ 19,084,900 | $ 18,921,322 | |||
RSUs vested and expected to vest, Outstanding (in shares) | 1,050,575 | 1,050,575 | ||||
RSUs vested and expected to vest, Weighted Average Remaining Recognition Period (in years) | 1 year 3 months 11 days | |||||
RSUs vested and expected to vest, Aggregate Intrinsic Value | $ 17,187,413 | $ 17,187,413 | ||||
Performance Based Restricted Stock Units (PRSUs) Member [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||||
Granted | 170,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ||||||
Allocated share-based compensation expense | $ 500,000 | $ 700,000 |
Shareholders' Equity and Shar45
Shareholders' Equity and Share-based Compensation - Share-based Compensation Expenses (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 15, 2017 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Allocated share-based compensation expense | $ 4,009 | $ 1,554 | $ 6,017 | $ 2,870 | |
Unrecognized compensation expense | $ 9,700 | 9,700 | |||
Recognition period of share-based compensation expense (in years) | 1 year 2 months 12 days | ||||
Cost of goods sold | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Allocated share-based compensation expense | $ 415 | 205 | 731 | 400 | |
Research and development | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Allocated share-based compensation expense | 617 | 383 | 979 | 743 | |
Selling, general and administrative | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Allocated share-based compensation expense | 2,977 | $ 966 | $ 4,307 | $ 1,727 | |
Restricted Stock Units (RSUs) | Incentive Cash Bonus Plan (The Plan) | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | |||||
Allocated share-based compensation expense | $ 1,500 | ||||
Incentive award payable in shares, percent of total award (up to 50%) | 50.00% |
Income Taxes - Narrative (Deta
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | Jul. 01, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Sep. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 |
Operating Loss Carryforwards [Line Items] | |||||||
Income tax expense (benefit) | $ (2,072) | $ 1,085 | $ (798) | $ 2,322 | |||
Discrete income tax expense (benefit) | $ 2,700 | $ 2,700 | |||||
Estimated effective income tax rate excluding discrete income tax expense | 31.40% | 39.10% | 24.00% | 35.60% | |||
Decrease in deferred tax assets | $ 6,600 | ||||||
Prepaid taxes | $ 5,500 | ||||||
Increase (decrease) in prepaid taxes | $ 6,600 | ||||||
Unrecognized tax benefits | $ 6,800 | $ 6,800 | |||||
Unrecognized tax benefit that would impact effective tax rate | $ 4,100 | $ 4,100 | |||||
Prepaid Expenses and Other Current Assets | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Prepaid taxes | 1,100 | ||||||
Other Long-term Assets | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Prepaid taxes | $ 4,400 | ||||||
Accounting Standards Update 2016-16 | |||||||
Operating Loss Carryforwards [Line Items] | |||||||
Increase (decrease) in prepaid taxes | $ (5,500) |
Segment and Geographic Inform47
Segment and Geographic Information - Revenue by Location and Product Type (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 103,896 | $ 94,687 | $ 208,754 | $ 192,049 |
Power discrete | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 85,094 | 69,822 | 168,772 | 141,250 |
Power IC | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 15,758 | 21,859 | 33,855 | 44,857 |
Packaging and testing services | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 3,044 | 3,006 | 6,127 | 5,942 |
Hong Kong | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 82,440 | 78,253 | 167,670 | 161,088 |
China | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 19,153 | 14,383 | 36,273 | 26,825 |
South Korea | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 301 | 393 | 588 | 759 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 1,314 | 798 | 2,692 | 1,692 |
Other Countries | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 688 | $ 860 | $ 1,531 | $ 1,685 |
Segment and Geographic Inform48
Segment and Geographic Information - Long-lived Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Jun. 30, 2017 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net and land use rights, net | $ 193,253 | $ 148,191 |
China | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net and land use rights, net | 123,885 | 85,691 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net and land use rights, net | 68,701 | 61,787 |
Other Countries | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Property, plant and equipment, net and land use rights, net | $ 667 | $ 713 |
Segment and Geographic Inform49
Segment and Geographic Information - Narratives (Details) | 6 Months Ended |
Dec. 31, 2017Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of reportable segments | 1 |
Commitments and Contingencies -
Commitments and Contingencies - Purchase Commitments (Details) - USD ($) | Sep. 05, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Jun. 30, 2017 |
Purchase Commitment, Excluding Long-term Committment [Line Items] | ||||
Payments to Acquire Intangible Assets | $ 10,384,000 | $ 0 | ||
Raw materials, wafers, and packaging and testing services puchase commitments | ||||
Purchase Commitment, Excluding Long-term Committment [Line Items] | ||||
Purchase commitment, amount | 34,700,000 | $ 25,700,000 | ||
Property and equipment purchase commitments | ||||
Purchase Commitment, Excluding Long-term Committment [Line Items] | ||||
Purchase commitment, amount | 128,700,000 | 69,200,000 | ||
License fees | ||||
Purchase Commitment, Excluding Long-term Committment [Line Items] | ||||
Intangible assets | 13,800,000 | |||
License fees | STMicro | ||||
Purchase Commitment, Excluding Long-term Committment [Line Items] | ||||
Payments to Acquire Intangible Assets | $ 17,000,000 | |||
Payments to Acquire Intangible Assets, Remainder of Calendar Year | 10,100,000 | |||
Payments to Acquire Intangible Assets, Calendar Year Two | 6,700,000 | |||
Payments to Acquire Intangible Assets, Calendar Year Three | $ 200,000 | |||
Intangible assets | 9,800,000 | |||
Indemnification Agreement | ||||
Purchase Commitment, Excluding Long-term Committment [Line Items] | ||||
Indemnifications accrual | $ 0 | $ 0 |
Commitments and Contingencies51
Commitments and Contingencies - Guarantees (Details) - USD ($) | Dec. 31, 2017 | Jun. 30, 2017 |
Indemnification Agreement | ||
Loss Contingencies [Line Items] | ||
Indemnifications accrual | $ 0 | $ 0 |
Commitments and Contingencies52
Commitments and Contingencies - Other Investments (Details) | 1 Months Ended | 12 Months Ended | ||||||
Mar. 31, 2016 | Dec. 31, 2017CNY (¥) | Dec. 31, 2017USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Jan. 10, 2017CNY (¥) | Jan. 10, 2017USD ($) | Mar. 29, 2016USD ($) | |
Parent Company | Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 51.00% | |||||||
Chongqing Funds | Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions | 49.00% | |||||||
Corporate Joint Venture | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Contractual Obligation, Payment | ¥ 243,800,000 | $ 37,000,000 | ||||||
Total price payable under EPC Contract | ¥ 540,000,000 | $ 78,000,000 | ||||||
Contractual Obligation, Due in Second Calendar Year | ¥ 296,200,000 | $ 44,900,000 | ||||||
Corporate Joint Venture | Facility in Liangjiang New Area of Chongqing (the 'Joint Venture') | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Initial capitalization of joint venture | $ 330,000,000 | |||||||
Corporate Joint Venture | Design Fees | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Total price payable under EPC Contract | 19,500,000 | 2,800,000 | ||||||
Corporate Joint Venture | Construction and Procurement Fees | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Total price payable under EPC Contract | ¥ 520,500,000 | $ 75,200,000 | ||||||
Indemnification Agreement | ||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ||||||||
Indemnifications accrual | $ 0 | $ 0 |