Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 02, 2015 | Nov. 20, 2015 | Apr. 03, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Oct. 2, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MTSI | ||
Entity Registrant Name | M/A-COM Technology Solutions Holdings, Inc. | ||
Entity Central Index Key | 1,493,594 | ||
Current Fiscal Year End Date | --10-02 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 53,073,246 | ||
Entity Public Float | $ 869.7 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 122,312 | $ 173,895 |
Short term investments | 39,557 | |
Accounts receivable, net | 83,950 | 62,258 |
Inventories | 79,943 | 71,481 |
Deferred income taxes | 31,431 | 35,957 |
Prepaids and other current assets | 27,026 | 14,769 |
Current assets, discontinued operations | 14,989 | |
Total current assets | 384,219 | 373,349 |
Property and equipment, net | 83,759 | 50,052 |
Goodwill | 93,346 | 10,784 |
Intangible assets, net | 243,666 | 142,633 |
Deferred income taxes | 48,239 | 84,629 |
Other long-term assets | 13,022 | 20,232 |
Other assets, discontinued operations | 555 | |
Total assets | 866,251 | 682,234 |
Current liabilities: | ||
Current portion long-term debt | 4,058 | 3,478 |
Accounts payable | 29,311 | 22,528 |
Accrued liabilities | 37,599 | 33,596 |
Income taxes payable | 508 | 865 |
Deferred revenue | 17,258 | |
Other current liabilities, discontinued operations | 7,921 | |
Total current liabilities | 71,476 | 85,646 |
Long-term debt, less current portion | 340,504 | 343,178 |
Warrant liability | 21,822 | 15,801 |
Other long-term liabilities | 7,916 | 9,042 |
Total liabilities | $ 441,718 | $ 453,667 |
Commitments and contingencies (Notes 11) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value, 10,000 shares authorized, no shares issued | ||
Common stock, $0.001 par value, 300,000 shares authorized; 52,958 and 47,548 shares issued and 52,933 and 47,525 shares outstanding as of October 2, 2015 and October 3, 2014, respectively, of which 11 and 59 shares, respectively, are subject to forfeiture | $ 53 | $ 48 |
Accumulated other comprehensive loss | (2,279) | (1,354) |
Additional paid-in capital | 526,011 | 377,714 |
Treasury stock, at cost, 23 shares as of October 2, 2015 and October 3, 2014 | (330) | (330) |
Accumulated deficit | (98,922) | (147,511) |
Total stockholders' equity | 424,533 | 228,567 |
Total liabilities and stockholders' equity | $ 866,251 | $ 682,234 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 02, 2015 | Oct. 03, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, Par value | $ 0.001 | $ 0.001 |
Preferred stock, Authorized | 10,000,000 | 10,000,000 |
Preferred stock, Issued | 0 | 0 |
Common stock, Par value | $ 0.001 | $ 0.001 |
Common stock, Authorized | 300,000,000 | 300,000,000 |
Common stock, Issued | 52,958,000 | 47,548,000 |
Common stock, Outstanding | 52,933,000 | 47,525,000 |
Common stock, Forfeiture | 11,000 | 59,000 |
Treasury stock, Shares | 23,000 | 23,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Income Statement [Abstract] | |||
Revenue | $ 420,609 | $ 339,189 | $ 242,703 |
Cost of revenue | 217,019 | 198,249 | 133,505 |
Gross profit | 203,590 | 140,940 | 109,198 |
Operating expenses: | |||
Research and development | 82,188 | 71,351 | 42,505 |
Selling, general and administrative | 110,030 | 82,593 | 57,930 |
Restructuring charges | 1,280 | 14,823 | 1,060 |
Total operating expenses | 193,498 | 168,767 | 101,495 |
Income (loss) from operations | 10,092 | (27,827) | 7,703 |
Other (expense) income: | |||
Warrant liability expense | (6,020) | (3,928) | (4,312) |
Interest expense | (18,376) | (12,362) | (817) |
Other (expense) income, net | (1,096) | 3,217 | 372 |
Other (expense) income, net | (25,492) | (13,073) | (4,757) |
(Loss) income before income taxes | (15,400) | (40,900) | 2,946 |
Income tax (benefit) provision | (9,858) | (16,086) | 283 |
(Loss) income from continuing operations | (5,542) | (24,814) | 2,663 |
Income from discontinued operations, net of tax | 54,131 | 9,491 | 15,533 |
Net income (loss) | $ 48,589 | $ (15,323) | $ 18,196 |
Basic income (loss) per common share: | |||
Income (loss) from continuing operations | $ (0.11) | $ (0.53) | $ 0.06 |
Income (loss) from discontinued operations | 1.06 | 0.20 | 0.34 |
Net income (loss) - basic | 0.95 | (0.33) | 0.40 |
Diluted income (loss) per common share: | |||
Income (loss) from continuing operations | (0.11) | (0.53) | 0.06 |
Income (loss) from discontinued operations | 1.06 | 0.20 | 0.33 |
Net income (loss) - diluted | $ 0.95 | $ (0.33) | $ 0.39 |
Shares used to compute net income (loss) per common share: | |||
Basic | 51,146 | 47,009 | 45,916 |
Diluted | 51,146 | 47,009 | 47,137 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Amounts Reclassified Out Of Accumulated Other Comprehensive Income Loss [Abstract] | |||
Net income (loss) | $ 48,589 | $ (15,323) | $ 18,196 |
Unrealized gain (loss) on short term investments, net of tax | (97) | ||
Foreign currency translation gain (loss), net of tax | (918) | (1,097) | (30) |
Other adjustments, net of tax | 90 | (90) | |
Other comprehensive income | (925) | (1,187) | (30) |
Total comprehensive income (loss) | $ 47,664 | $ (16,510) | $ 18,166 |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Treasury Stock [Member] | Accumulated Other Comprehensive Loss [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] |
Balance at Sep. 28, 2012 | $ 210,455 | $ 45 | $ (685) | $ (137) | $ 361,616 | $ (150,384) |
Balance, Shares at Sep. 28, 2012 | 45,452 | 43 | ||||
Capital contributions | 8,435 | 8,435 | ||||
Stock option exercises | 605 | $ 1 | 604 | |||
Stock option exercises, Shares | 614 | |||||
Vesting of restricted common stock and units, Shares | 248 | |||||
Issuance of common stock pursuant to employee stock purchase plan | 1,281 | 1,281 | ||||
Issuance of common stock pursuant to employee stock purchase plan, Shares | 131 | |||||
Shares repurchased for tax withholdings on stock awards | (77) | $ (77) | ||||
Shares repurchased for tax withholdings on stock awards, shares | 6 | |||||
Retirement of treasury stock | $ 432 | (432) | ||||
Retirement of treasury stock, Shares | (26) | (26) | ||||
Share-based and other incentive compensation | 6,096 | 6,096 | ||||
Excess tax benefits | 2,180 | 2,180 | ||||
Other comprehensive income | (30) | (30) | ||||
Net income (loss) | 18,196 | 18,196 | ||||
Balance at Sep. 27, 2013 | 247,141 | $ 46 | $ (330) | (167) | 379,780 | (132,188) |
Balance, Shares at Sep. 27, 2013 | 46,419 | 23 | ||||
Capital contributions | 3,200 | 3,200 | ||||
Common control business combination | (26,080) | (26,080) | ||||
Common control tax benefits | 6,069 | 6,069 | ||||
Stock option exercises | 2,219 | $ 1 | 2,218 | |||
Stock option exercises, Shares | 515 | |||||
Vesting of restricted common stock and units | 1 | $ 1 | ||||
Vesting of restricted common stock and units, Shares | 536 | |||||
Issuance of common stock pursuant to employee stock purchase plan | 1,810 | 1,810 | ||||
Issuance of common stock pursuant to employee stock purchase plan, Shares | 150 | |||||
Shares repurchased for tax withholdings on stock awards | (1,282) | (1,282) | ||||
Shares repurchased for tax withholdings on stock awards, shares | 72 | |||||
Share-based and other incentive compensation | 11,277 | 11,277 | ||||
Fair value of vested awards assumed in acquisition | 785 | 785 | ||||
Excess tax benefits | (63) | (63) | ||||
Other comprehensive income | (1,187) | (1,187) | ||||
Net income (loss) | (15,323) | (15,323) | ||||
Balance at Oct. 03, 2014 | 228,567 | $ 48 | $ (330) | (1,354) | 377,714 | (147,511) |
Balance, Shares at Oct. 03, 2014 | 47,548 | 23 | ||||
Common stock issued, net of issuance costs | 127,761 | $ 5 | 127,756 | |||
Common stock issued, net of issuance costs, shares | 4,500 | |||||
Stock option exercises | $ 2,613 | 2,613 | ||||
Stock option exercises, Shares | 288 | 288 | ||||
Vesting of restricted common stock and units | $ 1 | $ 1 | ||||
Vesting of restricted common stock and units, Shares | 704 | |||||
Issuance of common stock pursuant to employee stock purchase plan | 2,838 | 2,838 | ||||
Issuance of common stock pursuant to employee stock purchase plan, Shares | 176 | |||||
Shares repurchased for tax withholdings on stock awards | (8,556) | $ (1) | (8,555) | |||
Shares repurchased for tax withholdings on stock awards, shares | 258 | |||||
Share-based and other incentive compensation | 20,655 | 20,655 | ||||
Excess tax benefits | 2,990 | 2,990 | ||||
Other comprehensive income | (925) | (925) | ||||
Net income (loss) | 48,589 | 48,589 | ||||
Balance at Oct. 02, 2015 | $ 424,533 | $ 53 | $ (330) | $ (2,279) | $ 526,011 | $ (98,922) |
Balance, Shares at Oct. 02, 2015 | 52,958 | 23 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net income (loss) | $ 48,589 | $ (15,323) | $ 18,196 |
Adjustments to reconcile net income(loss) to net cash from operating activities (net of acquisition): | |||
Depreciation and intangible amortization | 54,708 | 34,618 | 14,822 |
Stock-based and other noncash incentive compensation | 19,435 | 11,277 | 6,096 |
Warrant liability expense | 6,020 | 3,928 | 4,312 |
Acquired inventory step-up amortization | 5,533 | 18,053 | |
Deferred financing costs amortization and write-offs | 1,651 | 3,021 | 321 |
Gain on disposition of business | (63,256) | ||
Impairment of minority equity investment | 3,500 | ||
Acquisition prepaid compensation amortization | 9,623 | ||
Deferred income taxes | 7,835 | (13,328) | (4,650) |
Other adjustments | 740 | 186 | (530) |
Change in operating assets and liabilities (net of acquisition): | |||
Accounts receivable | (13,089) | 2,223 | (8,495) |
Inventories | 92 | (9,586) | 3,368 |
Prepaid expenses and other assets | 3,932 | (646) | (4,753) |
Prepaid compensation | (14,586) | ||
Accounts payable | (1,858) | (7,140) | (3,642) |
Accrued and other liabilities | (5,640) | (6,726) | 4,337 |
Income taxes | (12,512) | (2,656) | 3,714 |
Deferred revenue | (17,039) | 7,571 | 1,135 |
Payment of contingent consideration | (5,328) | ||
Net cash from operating activities | 33,678 | 25,472 | 28,903 |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchases of property and equipment | (38,252) | (16,973) | (12,336) |
Strategic investments | 1,500 | (5,250) | |
Purchase of short-term investments | (40,183) | ||
Acquisition of intellectual property | (3,346) | (5,490) | (897) |
Acquisition of businesses, net | (208,352) | (260,875) | |
Sale of product line | 12,000 | ||
Sale of businesses | 81,208 | 12,345 | |
Net cash used in investing activities | (207,425) | (264,243) | (13,233) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from stock offering, net of issuance costs of $827 | 127,761 | ||
Borrowings from revolving credit facility | 100,000 | 245,000 | |
Payments on revolving credit facility | (100,000) | (245,000) | |
Borrowings from notes payable | 350,000 | ||
Payments on notes payable | (3,500) | (3,500) | |
Payments of assumed debt | (1,504) | (40,917) | |
Repurchase of common stock | (8,626) | (1,282) | (77) |
Proceeds from stock option exercises and employee stock purchases | 5,450 | 4,028 | 1,886 |
Capital contributions | 3,200 | 8,435 | |
Other adjustments | 2,826 | (9,169) | (26) |
Net cash from financing activities | 122,407 | 302,360 | 10,218 |
Effect of exchange rate changes on cash and cash equivalents | (243) | (182) | |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (51,583) | 63,407 | 25,888 |
CASH AND CASH EQUIVALENTS - Beginning of year | 173,895 | 110,488 | 84,600 |
CASH AND CASH EQUIVALENTS - End of year | $ 122,312 | $ 173,895 | $ 110,488 |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands | 12 Months Ended |
Oct. 02, 2015USD ($) | |
Statement of Cash Flows [Abstract] | |
Stock offering issuance costs, net | $ 827 |
Description of Business
Description of Business | 12 Months Ended |
Oct. 02, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | 1. DESCRIPTION OF BUSINESS M/A-COM Technology Solutions Holdings, Inc. (the Company) was incorporated in Delaware on March 25, 2009. We are a leading provider of high-performance analog semiconductor solutions that enable the next-generation internet applications, the cloud connected apps economy, and the modern, networked battlefield across the radio frequency (RF), microwave, and millimeterwave spectrum. We design and manufacture differentiated, high-value products for customers who demand high performance, quality, and reliability. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 02, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation, Basis of Presentation and Reclassification We have a 52 or 53-week fiscal year ending on the Friday closest to the last day of September. The fiscal year 2015 includes 52 weeks, fiscal year 2014 included 53 weeks and fiscal year 2013 included 52 weeks. To offset the effect of holidays, for fiscal years in which there are 53 weeks, we include the extra week arising in our fiscal years in the first quarter. Use of Estimates Discontinued Operations Foreign Currency Translation and Remeasurement The financial statements of our foreign operations where the functional currency is the U.S. dollar, but where the underlying transactions are transacted in a different currency, are remeasured at the exchange rate in effect at the balance sheet date with respect to monetary assets and liabilities. Nonmonetary assets and liabilities, such as inventories and property and equipment, and related statements of operations accounts, such as cost of revenue and depreciation, are remeasured at historical exchange rates. Revenue and expenses, other than cost of revenue, amortization and depreciation, are translated at the average exchange rate for the period in which the transaction occurred. The net gains and losses on foreign currency remeasurement are reflected in selling, general and administrative expense in the accompanying consolidated statements of operations. Net foreign exchange gains and losses for all periods presented were immaterial. Cash and Cash Equivalents Investments A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. Premiums and discounts are amortized (accreted) over the life of the related security as an adjustment to its yield. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of investments sold. Inventories Property and Equipment Property and equipment are depreciated or amortized using the straight-line method over the following estimated useful lives: Asset Classification Estimated Useful Life In Years Buildings and improvements 40 Machinery and equipment 2 – 7 Computer equipment and software 2 – 5 Furniture and fixtures 7 – 10 Leasehold improvements Shorter of useful life or term of lease Goodwill and Indefinite-lived Intangible Assets Other Intangible Assets Impairment of Long-Lived Assets In evaluating a long-lived asset for recoverability, we estimate the undiscounted cash flows expected to result from our use and eventual disposition of the asset. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized. There were no impairments of long-lived assets in any period presented. Intangible assets related to in-process research and development acquired are not amortized until the underlying asset begins revenue generating activity, at which time it is amortized over its estimated useful life. Intangibles related to abandoned in-process research and development projects are expensed in the period the project is abandoned. Revenue Recognition We generally do not provide customers other than distributors the right to return product, with the exception of warranty related matters. Accordingly, we do not typically maintain a reserve for customers. Shipping and handling fees billed to customers are recorded as revenue while the related costs are classified as a component cost of revenue. We provide warranties for certain products and accrue the costs of warranty claims in the period the related revenue is recorded. Prior to fiscal 2015, we had concluded that we had insufficient information as well as limited experience in estimating the effect of the right of distributors to return product and price protection and, accordingly, used the sell through approach of revenue recognition. Under this approach, we would recognize revenue from sales after the distributor resold the product to its end customer (the sell through basis). After concluding an extensive three year study of distributor related transactions, we completed an evaluation of our revenue recognition policy and concluded that it was more appropriate to recognize revenue to distributors at the time of shipment to the distributor (sell-in basis). We believe we now have sufficient data to predict future price adjustments from distributors and has a basis of being able to reasonably estimate these future price adjustments. On a consolidated basis, revenue from distribution customers impacted by the change in estimate accounts for approximately 20-25% of total consolidated revenue. Certain agreements with distribution customers provide for rights of return and compensation credits until such time as our products are sold by the distributors to their end customers. We have agreements with some distribution customers for various programs, including compensation, volume-based pricing, obsolete inventory, new products and stock rotation. Sales to these distribution customers, as well as the existence of compensation programs, are in accordance with terms set forth in written agreements with these distribution customers. In general, credits allowed under these programs are capped based upon individual distributor agreements. We record charges associated with these programs as a reduction of revenue at the time of sale with a corresponding adjustment to accounts receivable based upon historical activity. Our policy is to use a 12 month rolling historical experience rate and an estimated general reserve percentage in order to estimate the necessary allowance to be recorded. During the first fiscal quarter of 2015, we recorded corresponding adjustments related to this change in estimate to recognize previously deferred revenues. The net effect was an increase of $15.1 million, of which $12.4 million was from previously deferred revenue and $2.7 million was related to the change in distributor inventories. Additionally, we recognized the related deferred inventory costs of $4.7 million which resulted in a reduction to net loss of $8.5 million, or a reduction of $0.18 net loss per share when the change in estimate was recorded. The full year impact of this change in estimate resulted in additional revenue of $17.4 million and a net income of $7.7 million, or $0.15 earnings per share. We also established a new reserve of $5.6 million during the first quarter of fiscal year 2015 which was increased to $6.0 million for the fiscal year ended October 2, 2015 related to future rebates and returns under various programs associated with our distributor agreements. The amount of this reserve is largely driven by the individual distribution agreements and our business strategy whereby we will invoice the distributor at “list price”. We expect to issue compensation credits consistent with the distributor agreements. The difference between the list price and distributor selling price will vary by product grouping consistent with historical trends and marketing strategies. Historically, 90 percent of the credits issued to distributors are based on “list price” credits and 10 percent of the credits were for product returns and stock rotation rights, based upon the 12 month rolling historical experience rate. The table below shows the changes in gross and net distributor revenue and reserve balances associated with the change in estimate for the fiscal year ended October 2, 2015 (in thousands): Three Months Ended Fiscal Year January 2, 2015 April 3, 2015 July 3, 2015 October 2, 2015 Gross revenue effect of one-time change in estimate (1) $ 17,028 $ — $ — $ — $ 17,028 Gross revenue effect associated with change in estimate (2) 3,636 4,687 (1,687 ) (351 ) 6,285 Total gross revenue resulting from change in estimate 20,664 4,687 (1,687 ) (351 ) 23,313 Net revenue effect of one-time change in estimate (3) 12,457 — — 12,457 Net revenue effect associated with change in estimate (4) 2,643 3,686 (1,296 ) (134 ) 4,899 Total net revenue resulting from change in estimate 15,100 3,686 (1,296 ) (134 ) 17,356 Reserve for future returns and credits (5) $ 5,564 $ 1,001 $ (391 ) $ (217 ) $ 5,957 (1) This amount was recorded as deferred revenue as of October 3, 2014. (2) This amount represents the impact of the change in estimate associated with increases in distributor inventories as compared to the prior reporting period. (3) This amount represents the net revenue impact of the one-time change in estimate after applying the associated reserve for future credits and returns. (4) This amount represents the impact of the change in estimate associated with increases in distributor inventories as compared to the prior reporting period after applying the associated reserve for future credits and returns. (5) This amount reflects the change in the revenue reserve for future returns and credits. Accounts Receivable Allowances Fiscal year 2015 2014 2013 Beginning balance $ 725 $ 514 $ 834 Provisions (recoveries), net 5,056 250 (259 ) Charge-offs (36 ) (39 ) (61 ) Ending balance $ 5,745 $ 725 $ 514 Includes compensation credits and customer returns allowance of $5.5 million, $0.4 million and $0.3 million for fiscal years 2015, 2014 and 2013, respectively. Includes allowance for doubtful accounts of $0.2 million for fiscal 2015, 2014 and 2013. Research and Development Costs Income Taxes We provide reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. Reserves are based on a determination of whether and how much of a tax benefit is taken by us in our tax filings or positions and that are more likely than not to be realized following an examination by taxing authorities. We recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount recognized in the financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. Nitronex elected, for U.S. income tax purposes, to be taxed as a limited-liability company. As such, for the periods prior to its acquisition by us, Nitronex’s federal and state income taxes are the responsibility of GaAs Labs and no provision for income taxes is recorded in the financial statements for such periods. Earnings Per Share Fair Value Measurements The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to the short-term nature of these assets and liabilities. Contingent Consideration Share-Based Compensation Guarantees and Indemnification Obligations We have agreements with certain vendors, creditors, lessors, and service providers pursuant to which we have agreed to indemnify the other party for specified matters, such as acts and omissions, its employees, agents, or representatives. We have procurement or license agreements with respect to technology that are used in our products and agreements in which we obtain rights to a product from an OEM. Under some of these agreements, we have agreed to indemnify the supplier for certain claims that may be brought against such party with respect to our acts or omissions relating to the supplied products or technologies. Our certificate of incorporation and agreements with certain of our directors and officers and certain of our subsidiaries’ directors and officers provide them indemnification rights, to the extent legally permissible, against liabilities incurred by them in connection with legal actions in which they may become involved by reason of their service as a director or officer. As a matter of practice, we have maintained director and officer liability insurance coverage, including coverage for directors and officers of acquired companies. We have not experienced any losses related to these indemnification obligations in any period presented, and no claims with respect thereto were outstanding as of October 2, 2015. We do not expect significant claims related to these indemnification obligations and, consequently, have concluded that the fair value of these obligations is negligible. No liabilities related to indemnification liabilities have been established. Recent Accounting Pronouncements Revenue from Contracts with Customers In June 2014, the FASB issued ASU 2014-12- Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. In August 2015, the FASB issued Accounting Standards Update 2015-15 (“ASU 2015-15”), “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” In September 2015, the FASB issued ASU 2015-16, “ Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, Evaluation of Subsequent Events |
Acquisitions
Acquisitions | 12 Months Ended |
Oct. 02, 2015 | |
Business Combinations [Abstract] | |
Acquisitions | 3. ACQUISITIONS Acquisition of BinOptics Corporation — The BinOptics Acquisition was accounted for as a purchase and the operations of BinOptics have been included in our consolidated financial statements since the date of acquisition. We recognize the BinOptics assets acquired and liabilities assumed based upon the fair value of such assets and liabilities measured as of the date of acquisition. The aggregate purchase price for BinOptics is being allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the acquired net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, and has been allocated to goodwill, none of which is tax deductible. The Company expects to finalize its allocation of purchase price within 12 months of December 15, 2014. The preliminary allocation of purchase price as of October 2, 2015, is as follows (in thousands): Original Allocation October 2, 2015 Current assets $ 41,836 $ (18,162 ) $ 23,674 Intangible assets 135,254 1,646 136,900 Other assets 14,090 (4,896 ) 9,194 Total assets acquired 191,180 (21,412 ) 169,768 Liabilities assumed: Debt 1,491 1,044 2,535 Deferred income taxes 37,745 (4,400 ) 33,345 Other liabilities 12,810 296 13,106 Total liabilities assumed 52,046 (3,060 ) 48,986 Net assets acquired 139,134 (18,352 ) 120,782 Consideration: Cash paid upon closing, net of cash acquired 224,114 (15,762 ) 208,352 Goodwill $ 84,980 $ 2,590 $ 87,570 The $15,762 of allocation adjustments shown above in the “Cash paid upon closing, net of cash acquired” caption consists of the following (in thousands): Cash paid upon Original Allocation $ 224,114 Reclassification of prepaid compensation (14,586 ) Reclassification of assumed capital lease debt (1,044 ) Reclassification of escrow fees (17 ) Cash received from acquiree related to working capital true-up (115 ) Allocation Adjustments (15,762 ) Adjusted Allocations at October 2, 2015 $ 208,352 The prepaid compensation item above is to reclassify the employee retention escrow payment previously reported as a cash outflow from investing activities, to cash outflows from operating activities. The assumed capital lease debt item above is to show the gross capital lease debt assumed in the acquisition, not previously shown as part of purchase consideration. The components of the acquired intangible assets on a preliminary basis are as follows (in thousands): Amount Useful Lives Developed technology $ 17,500 7 Customer relationships 119,400 10 $ 136,900 The overall weighted-average life of the identified intangible assets acquired in the BinOptics Acquisition is estimated to be 9.6 years and the assets are being amortized over their estimated useful lives based upon the pattern over which we expect to receive the economic benefit from these assets. The purchase accounting is preliminary and subject to completion including the areas of taxation where we are finalizing a study of the potential utilization of acquired net operating losses is not yet complete, and certain fair value measurements, particularly the finalization of the valuation assessment of the acquired tangible and intangible assets. The adjustments arising from the completion of the outstanding matters may materially affect the preliminary purchase accounting. The following is a summary of BinOptics revenue and earnings included in the accompanying consolidated statements of operations for the twelve months ended October 2, 2015 (in thousands): Twelve Months Ended Revenue $ 61,549 Income before income taxes 354 Unaudited Supplemental Pro Forma Data Twelve Months Ended October 2, October 3, Revenue $ 428,440 $ 384,452 Loss from continuing operations before income taxes (3,489 ) (98,119 ) The table above represents proforma net income (loss) which differs from the actual results due to adjustments related to inventory step-up and intangible amortization expense which were reflected in fiscal 2014, as well as compensation costs paid to BinOptics employees and transaction costs paid to third parties in connection with the BinOptics acquisition. Acquisition of Mindspeed Technologies, Inc. We completed the Mindspeed Acquisition through a cash tender offer (Offer) by Micro Merger Sub, Inc. (Merger Sub), a wholly-owned subsidiary, for all of the outstanding shares of common stock, par value $0.01 per share, of Mindspeed (Shares) at a purchase price of $5.05 per share, net to the seller in cash, without interest, less any applicable withholding taxes (Offer Price). Immediately following the Offer, Merger Sub merged with and into Mindspeed, with Mindspeed surviving as a wholly-owned subsidiary. At the effective time of the merger, each Share not acquired in the Offer (other than shares held by us, Merger Sub and Mindspeed, and shares of restricted stock assumed by us in the merger) was converted into the right to receive the Offer Price. We funded the Mindspeed Acquisition through the use of available cash and borrowings under its revolving credit facility (see Note 8 below). The aggregate purchase price for the Shares, net of cash acquired, was $232.0 million and we assumed $81.3 million of liabilities and incurred costs of $4.5 million expensed during fiscal year 2014. The Mindspeed Acquisition was accounted for as a purchase and the operations of Mindspeed have been included in our consolidated financial statements since the date of acquisition. We are recognizing all assets acquired and liabilities assumed based upon the fair value of such assets and liabilities measured as of the date of acquisition. The aggregate purchase price for Mindspeed is being allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. None of the goodwill resulting from this acquisition is deductible for tax purposes. We completed the allocation of purchase price during the fourth quarter of fiscal 2014, as follows (in thousands): Final Allocation Assets acquired: Current assets $ 50,612 Intangible assets 138,663 Deferred income taxes 92,881 Other assets 31,788 Total assets acquired 313,944 Liabilities assumed: Current liabilities 35,270 Debt 40,177 Other long-term liabilities 5,865 Total liabilities assumed 81,312 Net assets acquired 232,632 Consideration: Cash paid upon closing, net of cash acquired $ 232,028 Fair value of vested awards assumed in acquisition 785 Total consideration 232,813 Goodwill 181 In connection with the Mindspeed Acquisition, we assumed all of the outstanding options and all unvested restricted stock awards under Mindspeed’s equity plans and converted such options and stock awards into equivalent awards under the same general terms and conditions as were in existence with adjustments made to shares and exercise prices, if any, pursuant to a formula stipulated in the terms of the acquisition. The fair value of the assumed options and stock awards was $4.1 million, of which $0.8 million relates to vested stock options which has been included in the purchase consideration and the remainder relates to unvested stock options and stock awards, which will be expensed as the remaining services are provided. The elements of the acquired intangible assets were as follows (in thousands): Amount Useful Lives (Years) Developed technology $ 109,263 7 Customer relationships 11,430 10 In-process research and development 17,970 N/A $ 138,663 The overall weighted-average life of the identified intangible assets acquired in the acquisition is estimated to be seven years. The following is a summary of Mindspeed revenue and earnings included in our accompanying consolidated statements of operations for fiscal year 2014 (in thousands): Revenue $ 94,613 Loss from continuing operations before income taxes (9,266 ) Unaudited Supplemental Pro Forma Data Twelve Months Ended October 3, 2014 September 27, 2013 (in thousands) Revenue $ 358,645 $ 380,362 Loss from continuing operations before income taxes (21,164 ) (43,007 ) Acquisition under Common Control Other Acquisitions The assets acquired and liabilities assumed were recorded at their fair values and operating results were included in the consolidated financial statements from the date of acquisition. All accounting has been completed for the acquisitions, which resulted in goodwill of $3.9 million and intangible assets, including manufacturing know-how and customer relationships, of $1.6 million recorded on the date of acquisition, which will be amortized over 7-10 years. Additionally, we recorded a contingent consideration liability of $1.2 million related to the acquisition of Photonic Controls which is included in other long-term liabilities in the accompanying consolidated balance sheet as of October 2, 2015. The maximum possible payment of contingent purchase price is $1.3 million. Approximately $1.7 million of the goodwill resulting from these acquisitions is deductible for tax purposes. The acquisitions were not material to our consolidated financial statements. |
Investments
Investments | 12 Months Ended |
Oct. 02, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | 4. INVESTMENTS During the fourth quarter of 2015, we purchased investment securities for approximately $40.2 million. We did not hold any available-for-sale securities as of October 3, 2014. All investments are classified as available-for-sale. The amortized cost, gross unrealized holding gains or losses, and fair value of our available-for-sale investments by major investments type are summarized in the tables below (in thousands): October 2, 2015 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Corporate bonds $ 24,546 $ 5 $ (89 ) $ 24,462 US treasuries and agency bonds 15,108 3 (16 ) 15,095 Total investments $ 39,654 $ 8 $ (105 ) $ 39,557 The contractual maturities of available-for-sale investments were as follows (in thousands): October 2, Less than 1 year $ 16,259 Over 1 year 23,298 Total investments $ 39,557 Available-for-sale investments are reported at fair value and as such, their associated unrealized gains and losses are reported as a separate component of stockholders’ equity (deficit) within accumulated other comprehensive income (loss). Other Investments During fiscal year 2015 and 2014, we made a minority investment of $0.5 million and $0.3 million, respectively in the convertible debt of a privately-held U.S. based company. This investment was included in the assets sold in connection with the Automotive business. During fiscal year 2014, we made a minority investment of $5.0 million in the equity of a privately-held U.S. based company. This minority equity investment was accounted for under the cost method and is included on the consolidated balance sheets in other long-term assets. During the second fiscal quarter of 2015, the privately-held U.S. based company was sold to a third party which provided us with information that the underlying value of the investment had been impaired at April 3, 2015. Accordingly, we recorded an impairment charge of $3.5 million which is included in Other Expense in the Consolidated Statement of Operations during fiscal year 2015. We received $1.5 million in exchange for the equity investment during fiscal year 2015. |
Fair Value
Fair Value | 12 Months Ended |
Oct. 02, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 5. FAIR VALUE Assets and liabilities measured at fair value on a recurring basis consist of the following (in thousands): October 2, 2015 Fair Value Active Markets for Assets (Level 1) Observable Unobservable Assets Money market funds $ 15,000 $ 15,000 $ — $ — US treasuries and agency bonds 15,095 — 15,095 — Corporate bonds 24,462 — 24,462 — Total assets measured at fair value $ 54,557 $ 15,000 $ 39,557 $ — Liabilities Contingent consideration $ 1,150 $ — $ — $ 1,150 Common stock warrant liability 21,822 — — 21,822 Total liabilities measured at fair value $ 22,972 $ — $ — $ 22,972 October 3, 2014 Fair Value Active Markets for Assets (Level 1) Observable Unobservable Assets Trading securities $ 250 $ — $ — $ 250 Total assets measured at fair value $ 250 $ — $ — $ 250 Liabilities Contingent consideration $ 820 $ — $ — $ 820 Warrant liability 15,801 — — 15,801 Total liabilities measured at fair value $ 16,621 $ — $ — $ 16,621 The changes in assets and liabilities with inputs classified within Level 3 of the fair value hierarchy consist of the following (in thousands): Fiscal Year 2015 October 3, 2014 Net Purchases and Issuances Sales and Settlements Transfers in and/or (out) of Level 3 October 2, 2015 Trading securities $ 250 $ — $ 500 $ (750 ) $ — $ — Contingent consideration $ 820 $ 330 $ — $ — $ — $ 1,150 Warrant liability $ 15,801 $ 6,021 $ — $ — $ — $ 21,822 Fiscal Year 2014 September 27, Net Purchases and Issuances Sales and Settlements Transfers in and/or (out) of Level 3 October 3, Trading securities $ — $ — $ 250 $ — $ — $ 250 Contingent consideration $ — $ — $ 820 $ — $ — $ 820 Warrant liability $ 11,873 $ 3,928 $ — $ — $ — $ 15,801 Fiscal Year 2013 September 28, 2012 Net Purchases and Issuances Sales and Settlements Transfers in and/or (out) of Level 3 September 27, 2013 Contingent consideration $ 6,580 $ (577 ) $ — $ (6,003 ) $ — $ — Warrant liability $ 7,561 $ 4,312 $ — $ — $ — $ 11,873 Money market funds which are included in cash and cash equivalents, are actively traded and consist of highly liquid investments with original maturities of 90 days or less. They are measured at their net asset value (“NAV”) and classified as Level 1. Corporate, treasury and agency bonds are categorized as Level 2 assets except where sufficient quoted prices exist in active markets, in which case such securities are categorized as Level 1 assets. These securities are valued using third-party pricing services. These services may use, for example, model-based pricing methods that utilize observable market data as inputs. Broker dealer bids or quotes of securities with similar characteristics may also be used. Our policy is to recognize significant transfers between levels at the actual date of the event. We had no transfers of financial assets or liabilities between Level 1, Level 2 or Level 3 during the periods presented. The fair values of the contingent consideration liabilities were estimated based upon a risk-adjusted present value of the probability-weighted expected payments by us. Specifically, we considered base, upside and downside scenarios for the operating metrics upon which the contingent payments are to be based. Probabilities were assigned to each scenario and the probability-weighted payments were discounted to present value using risk-adjusted discount rates. As of October 2, 2015 and October 3, 2014, the fair value of the common stock warrants has been estimated using a Black-Scholes option pricing model giving consideration to the quoted market price of the common stock on that date, an expected lives of 5.2 years and 6.2 years, expected volatility of 36.0% and 42.3% and risk free rates of 1.30% and 2.16%, respectively. The change in approach to estimation results from our IPO in March 2012 and the availability of a quoted market price for the common stock underlying the warrants. These estimates include significant judgments and actual results could materially differ and have a material impact upon the values of the recorded liabilities. Any changes in the estimated fair values of the liabilities in the future will be reflected in our earnings and such changes could be material. |
Inventories
Inventories | 12 Months Ended |
Oct. 02, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | 6. INVENTORIES Inventories consist of the following (in thousands): October 2, October 3, Raw materials $44,329 $34,919 Work-in-process 3,086 5,500 Finished goods 32,528 31,062 Total $ 79,943 $ 71,481 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Oct. 02, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | 7. PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment consist of the following (in thousands): October 2, October 3, Land, buildings and improvements $ 10,981 $ — Machinery and equipment 89,852 67,427 Leasehold improvements 9,161 7,958 Furniture and fixtures 983 1,017 Construction in process 25,898 12,918 Computer equipment and software 9,307 7,648 Total property and equipment 146,182 96,968 Less accumulated depreciation and amortization (62,423 ) (46,916 ) Property and equipment — net $ 83,759 $ 50,052 Depreciation and amortization expense related to property and equipment for fiscal years 2015, 2014, and 2013 was $15.7 million, $14.0 million and $10.5 million, respectively. |
Debt
Debt | 12 Months Ended |
Oct. 02, 2015 | |
Debt Disclosure [Abstract] | |
Debt | 8. DEBT On September 26, 2013, and as amended November 5, 2013, we entered into an amended and restated loan agreement with a syndicate of lenders, which provided for a revolving credit facility of up to $300.0 million that was due to mature in September 2018 (Prior Facility). Borrowings under the revolving credit facility bore a variable interest rate based on either the lender’s prime rate or a LIBOR rate, plus an applicable margin. The revolving credit facility was secured by a first priority lien on substantially all of our assets and required compliance with certain financial and non-financial covenants. In connection with the Mindspeed and Nitronex acquisitions, we borrowed an aggregate of $245.0 million of indebtedness on our Prior Facility. On May 8, 2014, we refinanced our outstanding indebtedness under the prior facility and discharged our obligations thereunder by entering into a credit agreement (Credit Agreement) with a syndicate of lenders. Concurrent with the execution of the Credit Agreement, we terminated the prior facility and repaid the outstanding $245.0 million principal and interest due. Upon terminating the prior facility, previously deferred financing costs pertaining to that facility of $2.1 million were expensed as additional interest. The Credit Agreement provides for term loans in an aggregate principal amount of $350.0 million, which mature in May 2021 (Term Loans) and a revolving credit facility of $100.0 million initially, which matures in May 2019 (Revolving Facility). In February 2015, we executed an amendment to the credit agreement that increased our aggregate borrowing capacity under the Revolving Facility to $130.0 million. The Term Loans were issued with an original issue discount of 0.75%, which is being amortized over the term of the Term Loans using the straight-line method, which approximates the effective interest rate method. Borrowings under the Term Loans bear interest (payable quarterly) at: (i) for LIBOR loans, a rate per annum equal to the LIBOR rate (subject to a floor of 0.75%), plus an applicable margin of 3.75%, and (ii) for base rate loans, a rate per annum equal to the prime rate (subject to a floor of 1.75%), plus an applicable margin of 2.75%. Borrowings under the Revolving Facility bear interest (payable quarterly) at: (i) for LIBOR loans, a rate per annum equal to the LIBOR rate, plus an applicable margin in the range of 2.00% to 2.50% (based on our total net leverage ratio being within certain defined ranges); and (ii) for base rate loans, a rate per annum equal to the prime rate, plus an applicable margin in the range of 1.00% to 1.50% (based on our total net leverage ratio being within certain defined ranges). The effective interest rate on our Term Loans was 4.5% as of October 2, 2015. We also pay a quarterly unused line fee for the Revolving Facility in the range of 0.25% to 0.375% (based on our total net leverage ratio being within certain defined ranges) as well as overall agency fees. We borrowed $100.0 million of indebtedness on our Revolving Facility in connection with the BinOptics Acquisition, which was paid down in full using net proceeds from a public offering of common stock we completed in February 2015. As of October 2, 2015, we had $130.0 million of borrowing capacity under the Revolving Facility. The Term Loans are payable in quarterly principal installments equal to 0.25% of the aggregate dollar amount of all Term Loans outstanding at the signing of the Credit Agreement, with the remainder due on the maturity date. In the event that we divest a business, the net cash proceeds of the divestment are generally to be applied to repayment of outstanding Term Loans except to the extent we reinvest such proceeds in assets useful for its business within 18 months of receiving the proceeds. To the extent we enter into a binding agreement to reinvest such proceeds within 18 months of receiving them, we have until the later of 18 months following our receipt of the proceeds and six months following the date of such agreement to complete the reinvestment. We expect to reinvest the proceeds from the sale of the Automotive business. At the signing of the Credit Agreement, the entire $350.0 million principal amount of the Term Loans was funded. The Term Loans and Revolving Facility are secured by a first priority lien on substantially all of our assets and provide that we must comply with certain financial and non-financial covenants. We incurred $8.7 million in fees for the issuance of the Credit Agreement which were recorded as deferred financing costs and are being amortized over the life of Credit Agreement as interest expense. As of October 2, 2015, approximately $6.9 million of deferred financing costs remain unamortized. The Credit Agreement contains covenants that require, among other items, maintenance of certain financial ratios and also limit our ability to: issue dividends; acquire and dispose of businesses; and transfer assets among domestic and international entities. As of October 2, 2015, the following remained outstanding on the Term Loans: Principal balance $ 345,625 Unamortized discount (2,094 ) 343,531 Current portion 3,500 Long-term, less current portion $ 340,031 As of October 2, 2015, the minimum principal payments under the Term Loans in future fiscal years was as follows (in thousands): 2016 $ 3,500 2017 3,500 2018 3,500 2019 3,500 2020 3,500 Thereafter 328,125 Total $ 345,625 The fair value of the Term Loans was estimated to be approximately $346.5 million as of October 2, 2015 and was determined using Level 3 inputs, including a quoted rate from a bank. In connection with the BinOptics Acquisition during fiscal year 2015 we assumed capital lease obligations of approximately $2.5 million of which approximately $1.0 million was outstanding as of October 2, 2015. Additionally, the Company assumed $40.9 million of debt in the Mindspeed Acquisition. The Company paid off these assumed debt amounts of $40.9 million during fiscal year 2014. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Oct. 02, 2015 | |
Text Block [Abstract] | |
Employee Benefit Plans | 9. EMPLOYEE BENEFIT PLANS We established a defined contribution savings plan under Section 401(k) of the Code (Section 401(k)) on October 1, 2009 (401(k) Plan). The 401(k) Plan follows a calendar year, covers substantially all U.S. employees who meet minimum age and service requirements, and allows participants to defer a portion of their annual compensation on a pretax basis, subject to legal limitations. Our contributions to the plan may be made at the discretion of the board of directors. During the fiscal year ended October 2, 2015, we contributed $1.4 million to our 401(k) Plan for calendar year 2014. There were no contributions made by us to the 401(k) Plan for calendar year 2015 through October 2, 2015. Our employees located in foreign jurisdictions meeting minimum age and service requirements participate in defined contribution plans whereby participants may defer a portion of their annual compensation on a pretax basis, subject to legal limitations. Company contributions to these plans are discretionary and vary per region. We expensed contributions of $1.0 million, $1.0 million, and $0.9 million for fiscal years 2015, 2014, and 2013, respectively. |
Accrued Liabilities
Accrued Liabilities | 12 Months Ended |
Oct. 02, 2015 | |
Text Block [Abstract] | |
Accrued Liabilities | 10. ACCRUED LIABILITIES Accrued liabilities consist of the following (in thousands): October 2, October 3, Compensation and benefits $ 20,711 $ 19,135 Product warranty 656 446 Professional fees 2,167 1,528 Software licenses 1,223 1,862 Distribution costs 3,091 1,757 Restructuring costs 943 801 Interest payable 3,502 2,447 Rent and utilities 1,458 1,658 Other 3,848 3,962 Total $ 37,599 $ 33,596 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Oct. 02, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. COMMITMENTS AND CONTINGENCIES Operating Leases Future minimum lease payments for the next five fiscal years as of October 2, 2015, are as follows (in thousands): 2016 $ 7,343 2017 6,555 2018 5,177 2019 4,836 2020 2,038 Thereafter 4,279 Total minimum lease payments $ 30,228 Rent expense incurred under non-cancelable operating leases was $6.5 million, $6.6 million, and $4.5 million in fiscal years 2015, 2014, and 2013, respectively. Asset Retirement Obligations Unused Letter of Credit Purchase Commitments Litigation Patent Suit Against Laird Class Action Suit Against Mindspeed Technologies , Inc With respect to the above and other legal proceedings, we have not been able to reasonably estimate the amount or range of any possible loss, and accordingly have not accrued or disclosed any related amounts of possible loss in the accompanying consolidated financial statements. |
Restructurings
Restructurings | 12 Months Ended |
Oct. 02, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructurings | 12. RESTRUCTURINGS We have periodically implemented restructuring actions in connection with broader plans to reduce staffing, reduce the its internal manufacturing footprint, and, generally, reduce operating costs. The restructuring expenses are comprised of direct and incremental costs related to facility closure, change-in-control obligations, severance, and outplacement fees for the terminated employees. The following is a summary of the costs incurred and remaining balances included in accrued expenses related to restructuring actions taken (in thousands): Total Balance — September 28, 2012 $ 328 Current period charges 1,060 Payments (1,243 ) Balance — September 27, 2013 145 Current period charges 14,823 Payments (14,167 ) Balance — October 3, 2014 801 Current period charges 1,280 Payments (1,138 ) Balance — October 2, 2015 $ 943 In fiscal year 2014, we implemented restructuring plans to reduce manufacturing and operating costs of the Mindspeed and Nitronex operations through a reduction of staffing. In fiscal year 2015, we implemented additional restructuring actions primarily associated with employee-related separation costs. We do not anticipate any additional restructuring costs associated with the 2015 actions and expect the remaining balance outstanding as of October 2, 2015 to be paid during the upcoming fiscal quarters. |
Product Warranties
Product Warranties | 12 Months Ended |
Oct. 02, 2015 | |
Guarantees [Abstract] | |
Product Warranties | 13. PRODUCT WARRANTIES We establish a product warranty liability at the time of revenue recognition. Product warranties generally have terms of between 12 months and 60 months and cover nonconformance with specifications and defects in material or workmanship. For sales to distributors, our warranty generally begins when the product is resold by the distributor. The liability is based on estimated costs to fulfill customer product warranty obligations and utilizes historical product failure rates. Should actual warranty obligations differ from estimates, revisions to the warranty liability may be required. Product warranty liability activity is as follows (in thousands): Fiscal Years 2015 2014 2013 Balance — beginning of year $ 446 $ 318 $ 549 Impact of acquisition 50 202 — Provisions 160 (74 ) (49 ) Direct charges — — (182 ) Balance — end of year $ 656 $ 446 $ 318 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Oct. 02, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 14. INTANGIBLE ASSETS Amortization expense related to amortized intangible assets is as follows (in thousands): Fiscal Years 2015 2014 2013 Cost of revenue $ 27,285 $ 18,787 $ 2,986 Selling, general and administrative 11,695 1,806 1,335 Total $ 38,980 $ 20,593 $ 4,321 Intangible assets consist of the following (in thousands): October 2, October 3, Acquired technology $ 162,536 $ 131,953 Customer relationships 144,070 24,670 In-process research and development 8,000 17,970 Trade name 3,400 3,400 Total 318,006 177,993 Less accumulated amortization (74,340 ) (35,360 ) Intangible assets — net $ 243,666 $ 142,633 A summary of the activity in intangible assets and goodwill follows (in thousands): Total Acquired Customer In-Process Trade Goodwill Balance at September 27, 2013 $ 46,937 $ 23,637 $ 13,150 $ — $ 3,400 $ 6,750 Net intangibles acquired 137,405 103,881 11,520 17,970 — 4,034 Other intangibles purchased 4,435 4,435 — — — — Balance at October 3, 2014 188,777 131,953 24,670 17,970 3,400 10,784 Net intangibles acquired 224,470 17,500 119,400 — — 87,570 Placed in service — 9,780 (9,780 ) — — Adjustment to fair value (190 ) — — (190 ) — — Goodwill allocation to discontinued operations (5,008 ) — — — — (5,008 ) Other intangibles purchased 3,303 3,303 — — — — Balance at October 2, 2015 $ 411,352 $ 162,536 $ 144,070 $ 8,000 $ 3,400 $ 93,346 As of October 2, 2015, estimated amortization of the intangible assets in future fiscal years, was as follows (in thousands): 2016 $ 43,266 2017 41,741 2018 36,354 2019 31,276 2020 25,779 Thereafter 53,996 Total $ 232,412 Neither the goodwill nor the “M/A-COM” trade name are subject to amortization; these are reviewed for impairment annually in August and more frequently if events or changes in circumstances indicate that the assets may be impaired. Accumulated amortization, for the acquired technology and customer relationships, was $52.0 million and $22.3 million, respectively, as of October 2, 2015, and $27.8 million and $7.6 million, respectively, as of October 3, 2014. In July 2013, we entered into a long term technology licensing and transfer agreement that calls for potential payments by us of up to $9.0 million through July 2016 based upon the achievement of specified milestones. As of October 2, 2015, costs incurred in connection with the licensing and the transfer of the technology was $5.0 million and $2.7 million during fiscal years 2015 and 2014, respectively, and were capitalized as incurred as acquired technology. Costs will be amortized to costs of sales upon completion of the transfer, which is currently expected to be completed through fiscal year 2017. |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 02, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 15. INCOME TAXES Deferred income taxes reflect the net effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and amounts used for income tax purposes. The components of our deferred tax assets and liabilities are as follows (in thousands): October 2, October 3, Current deferred tax assets: Accrued liabilities $ 11,332 $ 9,830 Inventory 5,043 8,088 Deferred revenue (3 ) 4,451 Accounts receivable 51 142 Federal net operating loss 11,186 15,452 Other current deferred tax assets — 46 Discontinued operations 2,703 — Deferred compensation 3,468 — Valuation allowance (2,349 ) (2,052 ) Current net deferred tax assets $ 31,431 $ 35,957 Non-current deferred tax assets (liabilities): Federal and foreign net operating losses and credits $ 70,448 $ 128,035 Intangible assets (44,196 ) (33,158 ) Property and equipment (2,977 ) (3,072 ) Other non-current deferred tax assets 292 272 Discontinued operations 9,191 — Deferred compensation 1,066 — Deferred gain 23,531 — Valuation allowance (9,116 ) (7,448 ) Non-current net deferred tax assets (liabilities) 48,239 84,629 Total deferred tax asset $ 79,670 $ 120,586 As of October 2, 2015, we have $193.5 million of gross federal net operating loss carryforward consisting of $26.2 million relating to the BinOptics Acquisition, $158.9 million attributable to the Mindspeed Acquisition, and $8.4 million relating to a prior acquisition. The federal net operating loss carryforwards will expire at various dates through 2034. The reported net operating loss carryforward includes any limitation under Sections 382 and 383 of the Internal Revenue Code of 1986, as amended, which applies to an ownership change as defined under Section 382. The domestic and foreign income (loss) from continuing operations before taxes were as follows (in thousands): Fiscal Years 2015 2014 2013 United States $ (34,251 ) $ (60,836 ) $ (11,333 ) Foreign 18,851 19,936 14,279 (Loss) income from operations before income taxes $ (15,400 ) $ (40,900 ) $ 2,946 The components of the provision (benefit) for income taxes are as follows (in thousands): Fiscal Years 2015 2014 2013 Current: Federal $ (19,015 ) $ 712 $ 2,923 State 688 (419 ) 1,024 Foreign 1,092 2,181 986 Current provision (benefit) (17,235 ) 2,474 4,933 Deferred: Federal 10,845 (16,557 ) (3,326 ) State (4,131 ) (756 ) (1,146 ) Foreign (1,302 ) (725 ) (273 ) Change in valuation allowance 1,965 (522 ) 95 Deferred provision (benefit) 7,377 (18,560 ) (4,650 ) Total provision (benefit) $ (9,858 ) $ (16,086 ) $ 283 Our net deferred tax asset relates predominantly to our operations in the United States. A valuation allowance is recorded when, based on assessment of both positive and negative evidence, management determines that it is not more likely than not that the assets are recoverable. Such assessment is required on a jurisdictional basis. The $11.5 million of valuation allowance as of October 2, 2015 relates primarily to state net operating loss (“NOL”) carryforwards assumed in the Mindspeed Acquisition and UK tax credit and NOL carryforwards whose recovery is not considered more likely than not. The $9.5 million of valuation allowance as of October 3, 2014 related primarily to state NOL carryforwards assumed in the Mindspeed Acquisition. The change during the year ending October 2, 2015 of $2.0 million primarily relates to reporting a $1.4 million gross R&D tax credit in the UK offset by a full valuation allowance, a $1.2 million state R&D tax credit offset by a full valuation allowance less a reduction of $0.6 million related to foreign entities. Our effective tax rates differ from the federal and statutory rate as follows: Fiscal Years 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % Foreign rate differential 30.5 11.2 (117.9 ) State taxes net of federal benefit 3.5 1.8 26.0 Warrant liabilities (13.7 ) (3.4 ) 51.2 Change in valuation allowance (6.0 ) (0.3 ) 3.2 Research and development credits 16.1 1.9 (98.6 ) Provision to return adjustments 9.9 — 7.3 Nondeductible compensation expense (8.9 ) (1.5 ) 7.0 Nondeductible legal fees (4.1 ) (1.9 ) — Nitronex losses — (2.6 ) 102.7 Other permanent differences 1.6 (0.8 ) (1.1 ) Effective income tax rate 63.9 % 39.4 % 14.8 % For fiscal year 2015 and 2014, the effective tax rate to calculate the tax benefit on $15.4 million and $40.9 million, respectively, of pre-tax loss from continuing operations was 63.9% and 39.4%, respectively. For fiscal year 2013, the effective tax rate to calculate the tax expense on pre-tax income of $2.9 million was 14.8%. The effective income tax rate for fiscal years 2015, 2014 and 2013 were primarily impacted by a lower income tax rate in many foreign jurisdictions in which our foreign subsidiaries operate, research and development tax credits, and the fair market value adjustment of warrant liabilities. For fiscal year 2015, the rate was impacted by a retroactive enactment of the R&D tax credit from fiscal year 2014 and a larger shift of the revenue associated with foreign entities taxed at lower rates as part of our auto divestiture. In addition, the effective income tax rate for fiscal years 2014 and 2013 were impacted by pre-acquisition Nitronex losses. All earnings of foreign subsidiaries are considered indefinitely reinvested for the periods presented. Undistributed earnings of all foreign subsidiaries as of October 2, 2015 aggregated $71.3 million, with Ireland and Grand Cayman accounting for $34.8 million and $24.3 million, respectively. It is not practicable to determine the U.S. federal and state deferred tax liabilities associated with such foreign earnings. Activity related to unrecognized tax benefits is as follows (in thousands): Amount Balance — September 27, 2013 — Additions based on tax positions (1,670 ) Reductions based on tax positions — Balance — October 3, 2014 $ (1,670 ) Additions based on tax positions — Reductions based on tax positions — Balance — October 2, 2015 $ (1,670 ) The balance of the unrecognized tax benefit as of October 2, 2015 is included in other long-term liabilities in the accompanying consolidated balance sheets. The entire balance of unrecognized tax benefits, if recognized, will reduce income tax expense. It is our policy to recognize any interest and penalties accrued related to unrecognized tax benefits in income tax expense. During fiscal year 2015, we did not make any payment of interest and penalties. There was nothing accrued in the consolidated balance sheets for the payment of interest and penalties at October 2, 2015 as the remaining unrecognized tax benefits would only serve to reduce our current federal and state NOL carryforwards, if ultimately recognized. During fiscal year 2014, we settled the federal audit for fiscal years 2011 and 2012 with no material impact upon the financial statements. A summary of the fiscal tax years that remain subject to examination, as of October 2, 2015, for the Company’s significant tax jurisdictions are: Jurisdiction Tax Years United States — federal 2013 — forward United States — various states 2012 — forward Ireland 2012 — forward Generally, we are no longer subject to federal income tax examinations for years before 2013, except to the extent of loss and tax credit carryforwards from those years. |
Share - Based Compensation Plan
Share - Based Compensation Plans | 12 Months Ended |
Oct. 02, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share - Based Compensation Plans | 16. SHARE-BASED COMPENSATION PLANS The following table presents the effects of stock-based compensation expense related to stock-based awards to employees and non-employees in our consolidated statements of operations during the periods presented (in thousands): Fiscal Years 2015 2014 2013 Cost of revenue $ 1,949 $ 1,771 $ 1,068 Research and development 5,447 2,818 1,739 Selling, general and administrative 12,039 6,688 3,649 Total $ 19,435 $ 11,277 $ 6,456 Amounts presented above included share-based compensation expense in 2015, 2014 and 2013 related to employees terminated in conjunction with the Automotive divestiture in August 2015 of $0.4 million, $0.3 million and $0.1 million, respectively. We have three equity incentive plans: the Amended and Restated 2009 Stock Incentive Plan (2009 Plan), the 2012 Omnibus Incentive Plan (2012 Plan) and the 2012 Employee Stock Purchase Plan (ESPP). Upon the closing of the IPO, all shares that were reserved under the 2009 Plan but not awarded were assumed by the 2012 Plan. No additional awards will be made under the 2009 Plan. Under the 2012 Plan, we have the ability to issue incentive stock options (ISOs), non-statutory stock options (NSOs), performance-based non-statutory stock options, stock appreciation rights, restricted stock (RSAs), restricted stock units (RSUs), performance-based stock units (PRSUs), performance shares, and other equity-based awards to employees, directors and outside consultants. The ISOs and NSOs must be granted at a price per share not less than the fair value of our common stock on the date of grant. Options granted to date primarily vest over a four-year period with 25% vesting at the end of one year and the remaining vesting monthly thereafter. Certain of the share-based awards granted and outstanding as of October 2, 2015, are subject to accelerated vesting upon a sale of the Company or similar changes in control. Options granted generally have a term of 7 to 10 years. As of October 2, 2015, we had 9.0 million shares available for future grants under the 2012 Plan. Stock Options A summary of stock option activity for fiscal year 2015 is as follows (in thousands, except per share amounts): Number of Shares Weighted-Average Weighted- Aggregate Options outstanding — October 3, 2014 948 $ 11.72 6.6 $ 10,015 Granted 255 33.60 Exercised (288 ) 9.08 Forfeited, canceled or expired (26 ) 27.11 Options outstanding — October 2, 2015 889 $ 18.4 6.19 $ 10,574 Options vested and expected to vest — October 2, 2015 889 $ 18.4 6.19 $ 10,574 Options exercisable — October 2, 2015 644 $ 12.63 6.03 $ 10,574 Aggregate intrinsic value represents the difference between our closing stock price on October 2, 2015, and the exercise price of outstanding, in-the-money options. The total intrinsic value of options exercised was $7.1 million, $7.6 million and $8.4 million for fiscal year 2015, 2014 and 2013, respectively. In April 2015 and May 2015, the Company granted 225,000 performance-based stock options for shares of common stock with an aggregate grant date fair value of $2.0 million that are subject to vesting based on a service and individual performance targets. The Company used the Black-Scholes valuation model for estimating the fair value on the date of grant of $10.35 and $10.12 per option share, respectively. The fair value of stock option awards is affected by valuation assumptions, including volatility, the Company’s stock price, expected term of the option, risk-free interest rate and expected dividends. The weighted-average assumptions used for calculating the fair value of stock options granted is as follows: Risk-free interest rate 1.2 % Expected term (years) 4.0 Expected volatility 36.2 % Expected dividends — % The performance-based stock options described above will vest and become exercisable in full if certain pre-established revenue and non-GAAP gross margin targets are met or exceeded in any period of four consecutive fiscal quarters completed during the term of the options. The stock options have a term of seven years, assuming continued employment with or services to the Company, and have an average exercise price of $34.06 and equal to the closing price of the Company’s common stock on the date of grant. In September 2015, we granted 30,000 stock option awards, with an exercise price of $29.80, under the 2012 stock compensation plan with a grant date fair value of $0.4 million that are subject to vesting only upon the closing market price of the Company’s underlying public stock being equal to or in excess of $63.60 per share for a period of not less than three consecutive trading days. These stock options fair value of $12.38 was estimated using a Monte Carlo simulation model based on the market conditions vesting condition. Compensation cost is recognized on a straight-line basis over the estimated service period of approximately three years, expiring in September 2022. In April 2014, we granted 405,000 options to purchase common stock with a grant date fair value of $3.5 million that are subject to vesting only upon the market price of the Company’s underlying public stock closing at or above $32.55 per share within ten years of the grant date. Due to the market condition upon which vesting is based, the fair value of the awards was estimated using a Monte Carlo simulation model. Compensation cost is recognized regardless of the number of awards that are earned based on the market condition. Compensation cost is recognized on a straight-line basis over the estimated service period of three years. In the event that the Company’s common stock achieves the target price of $32.55 per share prior to the end of the estimated service period, any remaining unamortized compensation cost will be recognized. During the second fiscal quarter of 2015, the Company’s common stock closed at a price of $34.79 per share, exceeding the target price of $32.55 per share, which resulted in the recognition of approximately $2.5 million of compensation expense during the fiscal year. The weighted-average assumptions used for calculating the fair value of stock options granted during fiscal year 2014, is as follows: Risk-free interest rate 2.71 % Expected term (years) 10 % Expected volatility 42.6 % Expected dividends — % Restricted Stock Awards and Units A summary of restricted stock awards and units activity for fiscal year 2015 is as follows (in thousands): Number of Weighted-Average Aggregate Issued and unvested — October 3, 2014 1,720 2.3 $ 37,200 Granted 821 Vested (704 ) Forfeited, canceled or expired (145 ) Issued and unvested shares — October 2, 2015 1,692 1.4 $ 48,375 Shares expected to vest 1,586 1.3 $ 45,328 As of October 2, 2015, the aggregate intrinsic value of vesting restricted stock units including time-based and performance units was $45.3 million for fiscal year 2015. The total fair value of restricted stock awards and units vesting was $23.3 million, $9.2 million and $3.9 million for the fiscal years 2015, 2014 and 2013, respectively. On April 22, 2015 and May 5, 2015, we issued performance-based RSUs which were divided into three equal tranches with one tranche based on our adjusted earnings per share (EPS) growth during fiscal year 2015, one tranche based on adjusted EPS growth during fiscal years 2015-2016 and one tranche based on adjusted EPS growth during fiscal years 2015-2017. A participant may earn between 0% to 300% of the targeted shares for each tranche based on actual performance, and a straight-line interpolation will be applied for achievement between the specified performance ranges. Once earned, the performance-based RSUs will be settled in shares of the Company’s common stock, assuming continued employment with or services to us through the vest date of May 15 th following each tranches performance criteria being met at period end. A summary of PRSU activity during the fiscal year ended October 2, 2015 is as follows: Non-vested Weighted-Average Unvested shares at October 3, 2014 — Granted 83,954 $ 34.39 Change due to performance condition achievement 251,862 $ 34.39 Vested — Forfeited — Unvested shares at October 2, 2015 335,816 $ 34.39 The total fair value of restricted stock award units with time-based and performance vesting was $7.8 million for the fiscal year ended October 2, 2015. In April 2015, the Company approved an amended and restated Change in Control Plan to exclude certain performance-based options and to increase the percentage by which outstanding performance-based equity awards, other than those specifically excluded) will be deemed earned in the event of a change in control, from 100% of target to 200% of targeted shares. Other share-based awards granted and outstanding as of October 2, 2015, are subject to accelerated vesting upon a sale of the Company or similar changes in control. In conjunction with the Automotive divestiture, the Compensation Committee approved the acceleration of all unvested and outstanding RSU awards for employees who were terminated and accepted employment with the acquiring company effective upon the closing date of the transaction. Accordingly, during the fourth quarter of fiscal year ended October 2, 2015, we recorded additional stock compensation expense related to approximately 20 employees of $1.2 million related to this equity modification to accelerate vesting of unvested shares. As of October 2, 2015, total unrecognized compensation cost, adjusted for estimated forfeitures, related to stock options, restricted stock awards and units including awards with time-based and performance vesting was $37.8 million, which is expected to be recognized over the next 3.4 years. Employee Stock Purchase Plan (ESPP) Concurrently with the IPO in March 2012, the ESPP became effective. The ESPP allows eligible employees to purchase shares of our common stock at a discount through payroll deductions of up to 15% of their eligible compensation, subject to any plan limitations. In administering the ESPP, the board of directors has limited discretion to set the length of the offering periods thereunder. As of October 2, 2015, total unrecognized compensation cost related to the ESPP was not material. In fiscal years 2015 and 2014, approximately 176,000 and 150,000, respectively, of shares of common stock were issued under the ESPP. The 2012 Plan contains an “evergreen” provision, pursuant to which the number of shares of common stock available for issuance under the 2012 Plan can be increased on the first day of each fiscal year equal to the lesser of (a) 4.0% of outstanding common stock on a fully diluted basis as of the end of the immediately preceding fiscal year, (b) 1.9 million shares of common stock, and (c) a lesser amount determined by the board of directors; provided, however, that any shares from any increases in previous years that are not actually issued will continue to be available for issuance under the 2012 Plan. The ESPP also contains an “evergreen” provision, pursuant to which the number of shares of common stock available for issuance under the ESPP can be increased on the first day of each fiscal year equal to the lesser of (a) 1.25% of outstanding common stock on a fully diluted basis as of the end of the immediately preceding fiscal year, (b) 550,000 shares of common stock, and (c) a lesser amount determined by the board of directors; provided, however, that any shares from any increases in previous years that are not actually issued will continue to be available for issuance under the ESPP. In fiscal year 2015, pursuant to the evergreen provisions, the number of shares of common stock available for issuance under the 2012 Plan and the ESPP were increased by 1.9 million shares and 550,000 shares, respectively. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Oct. 02, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 17. STOCKHOLDERS’ EQUITY Outstanding shares of common stock presented in the accompanying consolidated statements of stockholders’ equity as of October 2, 2015 and October 3, 2014, exclude 11,000 and 59,000 shares, respectively, issued as compensation to employees that were subject to forfeiture, pending continued employment with us through stated vesting dates. Common Stock Warrants We are recording the estimated fair values of the warrants as a long-term liability in the accompanying consolidated financial statements with changes in the estimated fair value being recorded in the accompanying statements of operations. The following is a summary of the activity of the warrant liability (in thousands): Balance — September 27, 2013 $ 11,873 Change in estimated fair value 3,928 Balance — October 3, 2014 15,801 Change in estimated fair value 6,021 Balance — October 2, 2015 $ 21,822 |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Oct. 02, 2015 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 18. RELATED-PARTY TRANSACTIONS GaAs Labs, a former stockholder and an affiliate of directors and then majority stockholders John and Susan Ocampo, engaged the Company to provide administrative and business development services to GaAs Labs on a time and materials basis. There are no minimum service requirements or payment obligations and the agreement may be terminated by either party with 30 days notice. We did not record any related revenue in fiscal year 2015 and recorded related revenue of $0.1 million and $0.4 million in fiscal years 2014, and 2013, respectively. Services provided pursuant to this agreement, were recorded as other income in the accompanying consolidated statements of operations. In fiscal years 2015, 2014 and 2013, we recorded revenue of $1.1 million, $0.2 million and $0.2 million, respectively, from sales of product to a privately-held company with a common director. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Oct. 02, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | 19. DISCONTINUED OPERATIONS In the fourth quarter of fiscal year 2015, we sold our Automotive business to Autoliv ASP Inc as the Automotive business was not consistent with our long-term strategic vision from both a growth and profitability perspective. The agreed consideration included $82.1 million in cash paid at closing, subject to customary working capital and other adjustments, $18.0 million payable in eighteen months pending resolution of any contingencies as part of an indemnification agreement, plus the opportunity to receive up to an additional $30.0 million in cash based on achievement of revenue-based earnout targets through 2019. Additionally, we entered into a Consulting Agreement pursuant to which we may provide Autoliv with certain non-design advisory services for a period of two years following the closing of the transaction for up to $15.0 million in cash. In the fourth quarter of fiscal year 2015, we recorded a pre-tax gain on the sale of the Automotive business of $61.8 million based on the $82.1 million received at closing on August 17, 2015 as described above. We expect that the remainder of the consideration to be received from Autoliv, including any amounts related to the consulting agreement, will being accounted for in discontinued operations when the contingencies are finalized and the proceeds are realizable over the next several years. In fiscal year 2014, subsequent to closing the Mindspeed Acquisition, we decided to divest the wireless business of Mindspeed. The operations of the wireless business are included in discontinued operations through the date of sale. There was no initial gain or loss on the sale which closed in February 2014. We received $12.3 million of proceeds from the sale of the wireless business during fiscal 2014 and an additional $3.1 million during fiscal 2015 upon settlement of indemnification holdbacks, resulting in a pre-tax gain of $1.6 million. Additionally during fiscal year 2014, we sold non-core assets representing one product line, receiving cash proceeds aggregating $12.0 million. We have no continuing interests in these assets. There was no gain or loss on the sale, which closed in May 2014 and results of this product line are included in continuing operations. The accompanying consolidated statement of operations includes the following operating results related to these divested businesses (in thousands): Automotive Business Mindspeed Wireless Fiscal Years Fiscal Years 2015 2014 2013 2015 2014 Revenue $ 71,712 $ 79,473 $ 80,368 $ — $ 2,439 Cost of revenue 46,931 51,425 53,153 — 1,249 Gross profit 24,781 28,048 27,215 — 1,190 Operating expenses: Research and development 2,319 2,334 2,083 — 4,531 Selling, general and administrative 2,441 3,586 747 — 1,078 Restructuring charges — — — — 2,962 Total operating expenses 4,760 5,920 2,830 — 8,571 Income (loss) from discontinued operations 20,021 22,128 24,385 — (7,381 ) Other income (expense) 4,000 — — — — Gain on sale 61,771 — — 1,550 — Income (loss) before income taxes 85,792 22,128 24,385 1,550 (7,381 ) Income tax provision (benefit) 32,652 8,032 8,852 559 (2,776 ) Income (loss) from discontinued operations $ 53,140 $ 14,096 $ 15,533 $ 991 $ (4,605 ) Above includes depreciation & amortization of $ 189 $ 302 $ 311 $ — $ — Cashflow from Operating Activities $ (9,513 ) $ 16,945 $ 11,798 $ 991 $ (4,605 ) Cashflow from Investing Activities $ (505 ) $ (275 ) $ (48 ) $ — $ — Cash flow from investing activities presented above excludes proceeds from the sale of business. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 02, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 20. EARNINGS PER SHARE The following table set forth the computation for basic and diluted net income (loss) per share of common stock (in thousands, except per share data): Fiscal Years 2015 2014 2013 Numerator: Income (loss) from continuing operations $ (4,597 ) $ (24,814 ) $ 2,663 Loss from discontinued operations 54,131 9,491 15,533 Net income (loss) 48,589 (15,323 ) 18,196 Warrant liability gain — — — Net income (loss) attributable to common stockholders $ 48,589 $ (15,323 ) $ 18,196 Denominator: Weighted average common shares outstanding-basic 51,146 47,009 45,916 Dilutive effect of options and warrants — — 1,221 Weighted average common shares outstanding-diluted 51,146 47,009 47,137 Common stock earnings per share-basic: Continuing operations $ (0.11 ) $ (0.53 ) $ 0.06 Discontinued operations 1.06 0.20 0.34 Net common stock earnings per share-basic $ 0.95 $ (0.33 ) $ 0.40 Common stock earnings per share-diluted: Continuing operations $ (0.11 ) $ (0.53 ) $ 0.06 Discontinued operations 1.06 0.20 0.33 Net common stock earnings per share-diluted $ 0.95 $ (0.33 ) $ 0.39 The following common equivalent shares were excluded from the calculation from net income per share as their inclusion would have been antidilutive (in thousands): Fiscal Years 2015 2014 2013 Stock options and restricted stock 1,342 1,079 — Warrants 714 329 — Total common stock equivalent shares excluded 2,056 1,408 — |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Oct. 02, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Information | 21. SUPPLEMENTAL CASH FLOW INFORMATION The following is supplemental cash flow information regarding noncash investing and financing activities: Fiscal Years 2015 2014 2013 Cash paid for interest $ 15,607 $ 6,994 $ 501 Cash paid for income taxes $ 22,676 $ 4,668 $ 7,318 • As of October 2, 2015 and October 3, 2014, we had $3.2 million and $2.4 million, respectively, in unpaid amounts related to purchases of property and equipment and intangibles included in accounts payable and accrued liabilities. These amounts have been excluded from the payments for purchases of property and equipment until paid. • Upon closing the Mindspeed Acquisition, we assumed $40.2 million of the seller’s indebtedness, all of which was paid in fiscal year 2014. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 12 Months Ended |
Oct. 02, 2015 | |
Text Block [Abstract] | |
Accumulated Other Comprehensive Income | 22. ACCUMULATED OTHER COMPREHENSIVE INCOME The components of accumulated other comprehensive income, net of income taxes, are as follows: Foreign Other items Total Balance — September 27, 2013 $ (167 ) $ — $ (167 ) Foreign currency translation adjustment (1,097 ) — (1,097 ) Pension adjustment, net of tax — (90 ) (90 ) Balance — October 3, 2014 (1,264 ) (90 ) (1,354 ) Foreign currency translation, net of tax (918 ) — (918 ) Other adjustments — 90 90 Unrealized gain/loss on short term investments — (97 ) (97 ) Balance — October 2, 2015 $ (2,182 ) $ (97 ) $ (2,279 ) |
Geographic and Significant Cust
Geographic and Significant Customer Information | 12 Months Ended |
Oct. 02, 2015 | |
Segment Reporting [Abstract] | |
Geographic and Significant Customer Information | 23. GEOGRAPHIC AND SIGNIFICANT CUSTOMER INFORMATION We have one reportable operating segment which designs, develops, manufactures, and markets semiconductors and modules. The determination of the number of reportable operating segments is based on the chief operating decision maker’s use of financial information for the purposes of assessing performance and making operating decisions. In evaluating financial performance and making operating decisions, the chief operating decision maker primarily uses consolidated net revenue, gross profit, and operating income (loss). Information about our operations in different geographic regions, based upon customer locations, is presented below (in thousands): Fiscal Years Revenue by Geographic Region 2015 2014 2013 United States $ 152,974 $ 134,436 $ 110,686 China 92,493 33,308 21,057 Taiwan 56,421 34,344 10,612 Other countries (1) 118,721 137,101 100,348 Total $ 420,609 $ 339,189 $ 242,703 (1) No other international countries represented greater than 10% of total revenue during the periods presented. As of Long-Lived Assets by Geographic Region October 2, October 3, United States $ 72,617 $ 41,726 International (1) 11,142 8,326 Total $ 83,759 $ 50,052 • No other international country or region represented greater than 10% of the total net long-lived assets as of the dates presented. The following is a summary of customer concentrations as a percentage of total sales and accounts receivable as of and for the periods presented: Fiscal Years Revenue 2015 2014 2013 Customer A 18 % 19 % 21 % Customer B 12 % 10 % — % October 2, October 3, Accounts Receivable Customer A 22 % 20 % Customer B 14 % 2 % Customer C 10 % 8 % No other customer represented more than 10% of revenue or accounts receivable in the periods presented in the accompanying consolidated financial statements. In fiscal years 2015, 2014, and 2013, ten customers represented an aggregate of 57%, 52% and 47% of total revenue, respectively. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Oct. 02, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (Unaudited) | 24. QUARTERLY FINANCIAL DATA (UNAUDITED) (In thousands, except per share data) First Quarter Second Third Fourth Fiscal Fiscal Year 2015 Revenue $ 96,556 $ 102,431 $ 109,058 $ 112,564 $ 420,609 Gross profit 47,419 46,714 52,496 56,961 203,590 Income (loss) from continuing operations (1) (9,963 ) (11,176 ) 1,756 13,841 (5,542 ) Income (loss) from discontinued operations (1) 3,657 3,639 6,271 40,564 54,131 Per share data (2) Income (loss) from continuing operations, basic $ (0.21 ) $ (0.22 ) $ 0.03 $ 0.26 $ (0.11 ) Income (loss) from discontinued operations, basic $ 0.08 $ 0.07 $ 0.12 $ 0.76 $ 1.06 Per share data (2) Income (loss) from continuing operations, diluted (3) $ (0.21 ) $ (0.22 ) $ 0.03 $ 0.08 $ (0.11 ) Income (loss) from discontinued operations, diluted $ 0.08 $ 0.07 $ 0.11 $ 0.74 $ 1.06 Fiscal Year 2014 Revenue $ 64,278 $ 87,734 $ 93,318 $ 93,859 $ 339,189 Gross profit 28,408 20,142 43,606 48,784 140,940 Income (loss) from continuing operations (10,853 ) (23,189 ) (1,350 ) 10,578 (24,814 ) Income (loss) from discontinued operations (1) 1,932 1,067 2,533 3,959 9,491 Per share data (2) Income (loss) from continuing operations, basic $ (0.23 ) $ (0.50 ) $ (0.03 ) $ 0.22 $ (0.53 ) Income (loss) from discontinued operations, basic $ 0.04 $ 0.02 $ 0.05 $ 0.08 $ 0.20 Per share data (2) Income (loss) from continuing operations, diluted $ (0.23 ) $ (0.50 ) $ (0.03 ) $ 0.22 $ (0.53 ) Income (loss) from discontinued operations, diluted $ 0.04 $ 0.02 $ 0.05 $ 0.08 $ 0.20 (1) During the fourth quarter of fiscal year 2015 we divested our Automotive business and during the second quarter of fiscal year 2014, we divested the Mindspeed wireless business. (2) Earnings per share calculations for each of the quarters are based on the weighted average number of shares outstanding and included common stock equivalents in each period. Therefore, the sums of the quarters may not necessarily equal the full year earnings per share. (3) Diluted income (loss) per shares for the fiscal fourth quarter 2015 excludes $9.7 million related to warrant liability gain. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Oct. 02, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events | 25. SUBSEQUENT EVENTS On November 17, 2015, we entered into a definitive agreement to acquire FiBest Limited (FiBest), a Japan-based merchant market component supplier of optical sub assemblies, in an all-cash transaction valued at approximately ¥7.3 billion, or $60 million. We expect to fund the purchase price of the acquisition with available cash. Closing is subject to customary closing conditions and is expected to occur during the company’s fiscal first quarter of 2016. |
Summary of Significant Accoun34
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 02, 2015 | |
Accounting Policies [Abstract] | |
Principles of Consolidation, Basis of Presentation and Reclassification | Principles of Consolidation, Basis of Presentation and Reclassification We have a 52 or 53-week fiscal year ending on the Friday closest to the last day of September. The fiscal year 2015 includes 52 weeks, fiscal year 2014 included 53 weeks and fiscal year 2013 included 52 weeks. To offset the effect of holidays, for fiscal years in which there are 53 weeks, we include the extra week arising in our fiscal years in the first quarter. |
Use of Estimates | Use of Estimates |
Discontinued Operations | Discontinued Operations |
Foreign Currency Translation and Remeasurement | Foreign Currency Translation and Remeasurement The financial statements of our foreign operations where the functional currency is the U.S. dollar, but where the underlying transactions are transacted in a different currency, are remeasured at the exchange rate in effect at the balance sheet date with respect to monetary assets and liabilities. Nonmonetary assets and liabilities, such as inventories and property and equipment, and related statements of operations accounts, such as cost of revenue and depreciation, are remeasured at historical exchange rates. Revenue and expenses, other than cost of revenue, amortization and depreciation, are translated at the average exchange rate for the period in which the transaction occurred. The net gains and losses on foreign currency remeasurement are reflected in selling, general and administrative expense in the accompanying consolidated statements of operations. Net foreign exchange gains and losses for all periods presented were immaterial. |
Cash and Cash Equivalents | Cash and Cash Equivalents |
Investments | Investments A decline in the fair value of any security below cost that is deemed other than temporary results in a charge to earnings and the corresponding establishment of a new cost basis for the security. Premiums and discounts are amortized (accreted) over the life of the related security as an adjustment to its yield. Dividend and interest income are recognized when earned. Realized gains and losses are included in earnings and are derived using the specific identification method for determining the cost of investments sold. |
Inventories | Inventories |
Property and Equipment | Property and Equipment Property and equipment are depreciated or amortized using the straight-line method over the following estimated useful lives: Asset Classification Estimated Useful Life In Years Buildings and improvements 40 Machinery and equipment 2 – 7 Computer equipment and software 2 – 5 Furniture and fixtures 7 – 10 Leasehold improvements Shorter of useful life or term of lease |
Goodwill and Indefinite-lived Intangible Assets | Goodwill and Indefinite-lived Intangible Assets |
Other Intangible Assets | Other Intangible Assets |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets In evaluating a long-lived asset for recoverability, we estimate the undiscounted cash flows expected to result from our use and eventual disposition of the asset. If the sum of the expected undiscounted cash flows is less than the carrying amount of the asset, an impairment loss, equal to the excess of the carrying amount over the fair value of the asset, is recognized. There were no impairments of long-lived assets in any period presented. Intangible assets related to in-process research and development acquired are not amortized until the underlying asset begins revenue generating activity, at which time it is amortized over its estimated useful life. Intangibles related to abandoned in-process research and development projects are expensed in the period the project is abandoned. |
Revenue Recognition | Revenue Recognition We generally do not provide customers other than distributors the right to return product, with the exception of warranty related matters. Accordingly, we do not typically maintain a reserve for customers. Shipping and handling fees billed to customers are recorded as revenue while the related costs are classified as a component cost of revenue. We provide warranties for certain products and accrue the costs of warranty claims in the period the related revenue is recorded. Prior to fiscal 2015, we had concluded that we had insufficient information as well as limited experience in estimating the effect of the right of distributors to return product and price protection and, accordingly, used the sell through approach of revenue recognition. Under this approach, we would recognize revenue from sales after the distributor resold the product to its end customer (the sell through basis). After concluding an extensive three year study of distributor related transactions, we completed an evaluation of our revenue recognition policy and concluded that it was more appropriate to recognize revenue to distributors at the time of shipment to the distributor (sell-in basis). We believe we now have sufficient data to predict future price adjustments from distributors and has a basis of being able to reasonably estimate these future price adjustments. On a consolidated basis, revenue from distribution customers impacted by the change in estimate accounts for approximately 20-25% of total consolidated revenue. Certain agreements with distribution customers provide for rights of return and compensation credits until such time as our products are sold by the distributors to their end customers. We have agreements with some distribution customers for various programs, including compensation, volume-based pricing, obsolete inventory, new products and stock rotation. Sales to these distribution customers, as well as the existence of compensation programs, are in accordance with terms set forth in written agreements with these distribution customers. In general, credits allowed under these programs are capped based upon individual distributor agreements. We record charges associated with these programs as a reduction of revenue at the time of sale with a corresponding adjustment to accounts receivable based upon historical activity. Our policy is to use a 12 month rolling historical experience rate and an estimated general reserve percentage in order to estimate the necessary allowance to be recorded. During the first fiscal quarter of 2015, we recorded corresponding adjustments related to this change in estimate to recognize previously deferred revenues. The net effect was an increase of $15.1 million, of which $12.4 million was from previously deferred revenue and $2.7 million was related to the change in distributor inventories. Additionally, we recognized the related deferred inventory costs of $4.7 million which resulted in a reduction to net loss of $8.5 million, or a reduction of $0.18 net loss per share when the change in estimate was recorded. The full year impact of this change in estimate resulted in additional revenue of $17.4 million and a net income of $7.7 million, or $0.15 earnings per share. We also established a new reserve of $5.6 million during the first quarter of fiscal year 2015 which was increased to $6.0 million for the fiscal year ended October 2, 2015 related to future rebates and returns under various programs associated with our distributor agreements. The amount of this reserve is largely driven by the individual distribution agreements and our business strategy whereby we will invoice the distributor at “list price”. We expect to issue compensation credits consistent with the distributor agreements. The difference between the list price and distributor selling price will vary by product grouping consistent with historical trends and marketing strategies. Historically, 90 percent of the credits issued to distributors are based on “list price” credits and 10 percent of the credits were for product returns and stock rotation rights, based upon the 12 month rolling historical experience rate. The table below shows the changes in gross and net distributor revenue and reserve balances associated with the change in estimate for the fiscal year ended October 2, 2015 (in thousands): Three Months Ended Fiscal Year January 2, 2015 April 3, 2015 July 3, 2015 October 2, 2015 Gross revenue effect of one-time change in estimate (1) $ 17,028 $ — $ — $ — $ 17,028 Gross revenue effect associated with change in estimate (2) 3,636 4,687 (1,687 ) (351 ) 6,285 Total gross revenue resulting from change in estimate 20,664 4,687 (1,687 ) (351 ) 23,313 Net revenue effect of one-time change in estimate (3) 12,457 — — 12,457 Net revenue effect associated with change in estimate (4) 2,643 3,686 (1,296 ) (134 ) 4,899 Total net revenue resulting from change in estimate 15,100 3,686 (1,296 ) (134 ) 17,356 Reserve for future returns and credits (5) $ 5,564 $ 1,001 $ (391 ) $ (217 ) $ 5,957 (1) This amount was recorded as deferred revenue as of October 3, 2014. (2) This amount represents the impact of the change in estimate associated with increases in distributor inventories as compared to the prior reporting period. (3) This amount represents the net revenue impact of the one-time change in estimate after applying the associated reserve for future credits and returns. (4) This amount represents the impact of the change in estimate associated with increases in distributor inventories as compared to the prior reporting period after applying the associated reserve for future credits and returns. (5) This amount reflects the change in the revenue reserve for future returns and credits. |
Accounts Receivable Allowances | Accounts Receivable Allowances Fiscal year 2015 2014 2013 Beginning balance $ 725 $ 514 $ 834 Provisions (recoveries), net 11,010 250 (259 ) Charge-offs (5,990 ) (39 ) (61 ) Ending balance $ 5,745 $ 725 $ 514 |
Research and Development Costs | Research and Development Costs |
Income Taxes | Income Taxes We provide reserves for potential payments of tax to various tax authorities related to uncertain tax positions and other issues. Reserves are based on a determination of whether and how much of a tax benefit is taken by us in our tax filings or positions and that are more likely than not to be realized following an examination by taxing authorities. We recognize the financial statement benefit of an uncertain tax position only after considering the probability that a tax authority would sustain the position in an examination. For tax positions meeting a “more-likely-than-not” threshold, the amount recognized in the financial statements is the benefit expected to be realized upon settlement with the tax authority. For tax positions not meeting the threshold, no financial statement benefit is recognized. Potential interest and penalties associated with such uncertain tax positions are recorded as a component of income tax expense. Nitronex elected, for U.S. income tax purposes, to be taxed as a limited-liability company. As such, for the periods prior to its acquisition by us, Nitronex’s federal and state income taxes are the responsibility of GaAs Labs and no provision for income taxes is recorded in the financial statements for such periods. |
Earnings Per Share | Earnings Per Share |
Fair Value Measurements | Fair Value Measurements The carrying amounts of cash and cash equivalents, accounts receivable, accounts payable, and accrued liabilities approximate fair value due to the short-term nature of these assets and liabilities. |
Contingent Consideration | Contingent Consideration |
Share-Based Compensation | Share-Based Compensation |
Guarantees and Indemnification Obligations | Guarantees and Indemnification Obligations We have agreements with certain vendors, creditors, lessors, and service providers pursuant to which we have agreed to indemnify the other party for specified matters, such as acts and omissions, its employees, agents, or representatives. We have procurement or license agreements with respect to technology that are used in our products and agreements in which we obtain rights to a product from an OEM. Under some of these agreements, we have agreed to indemnify the supplier for certain claims that may be brought against such party with respect to our acts or omissions relating to the supplied products or technologies. Our certificate of incorporation and agreements with certain of our directors and officers and certain of our subsidiaries’ directors and officers provide them indemnification rights, to the extent legally permissible, against liabilities incurred by them in connection with legal actions in which they may become involved by reason of their service as a director or officer. As a matter of practice, we have maintained director and officer liability insurance coverage, including coverage for directors and officers of acquired companies. We have not experienced any losses related to these indemnification obligations in any period presented, and no claims with respect thereto were outstanding as of October 2, 2015. We do not expect significant claims related to these indemnification obligations and, consequently, have concluded that the fair value of these obligations is negligible. No liabilities related to indemnification liabilities have been established. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Revenue from Contracts with Customers In June 2014, the FASB issued ASU 2014-12- Compensation-Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (a consensus of the FASB Emerging Issues Task Force) In February 2015, the FASB issued ASU 2015-02, Consolidation: Amendments to the Consolidation Analysis. In April 2015, the FASB issued ASU 2015-03, Interest-Imputation of Interest: Simplifying the Presentation of Debt Issuance Costs. In August 2015, the FASB issued Accounting Standards Update 2015-15 (“ASU 2015-15”), “Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements.” In September 2015, the FASB issued ASU 2015-16, “ Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments, |
Evaluation of Subsequent Events | Evaluation of Subsequent Events |
Summary of Significant Accoun35
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Accounting Policies [Abstract] | |
Schedule of Estimated Useful Life | Property and equipment are depreciated or amortized using the straight-line method over the following estimated useful lives: Asset Classification Estimated Useful Life In Years Buildings and improvements 40 Machinery and equipment 2 – 7 Computer equipment and software 2 – 5 Furniture and fixtures 7 – 10 Leasehold improvements Shorter of useful life or term of lease |
Changes in Gross and Net Distributor Revenue and Reserve Balances Associated With Change in Estimate | The table below shows the changes in gross and net distributor revenue and reserve balances associated with the change in estimate for the fiscal year ended October 2, 2015 (in thousands): Three Months Ended Fiscal Year January 2, 2015 April 3, 2015 July 3, 2015 October 2, 2015 Gross revenue effect of one-time change in estimate (1) $ 17,028 $ — $ — $ — $ 17,028 Gross revenue effect associated with change in estimate (2) 3,636 4,687 (1,687 ) (351 ) 6,285 Total gross revenue resulting from change in estimate 20,664 4,687 (1,687 ) (351 ) 23,313 Net revenue effect of one-time change in estimate (3) 12,457 — — 12,457 Net revenue effect associated with change in estimate (4) 2,643 3,686 (1,296 ) (134 ) 4,899 Total net revenue resulting from change in estimate 15,100 3,686 (1,296 ) (134 ) 17,356 Reserve for future returns and credits (5) $ 5,564 $ 1,001 $ (391 ) $ (217 ) $ 5,957 (1) This amount was recorded as deferred revenue as of October 3, 2014. (2) This amount represents the impact of the change in estimate associated with increases in distributor inventories as compared to the prior reporting period. (3) This amount represents the net revenue impact of the one-time change in estimate after applying the associated reserve for future credits and returns. (4) This amount represents the impact of the change in estimate associated with increases in distributor inventories as compared to the prior reporting period after applying the associated reserve for future credits and returns. (5) This amount reflects the change in the revenue reserve for future returns and credits. |
Schedule of Allowance for Doubtful Accounts Related to Accounts Receivable | Accounts Receivable Allowances Fiscal year 2015 2014 2013 Beginning balance $ 725 $ 514 $ 834 Provisions (recoveries), net 5,056 250 (259 ) Charge-offs (36 ) (39 ) (61 ) Ending balance $ 5,745 $ 725 $ 514 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Mindspeed Acquisition [Member] | |
Schedule of Aggregate Purchase Price Allocated to Tangible and Identifiable Intangible Assets Acquired and Liabilities Assumed | We completed the allocation of purchase price during the fourth quarter of fiscal 2014, as follows (in thousands): Final Allocation Assets acquired: Current assets $ 50,612 Intangible assets 138,663 Deferred income taxes 92,881 Other assets 31,788 Total assets acquired 313,944 Liabilities assumed: Current liabilities 35,270 Debt 40,177 Other long-term liabilities 5,865 Total liabilities assumed 81,312 Net assets acquired 232,632 Consideration: Cash paid upon closing, net of cash acquired $ 232,028 Fair value of vested awards assumed in acquisition 785 Total consideration 232,813 Goodwill 181 |
Components of Acquired Intangible Assets on a Preliminary Basis | The elements of the acquired intangible assets were as follows (in thousands): Amount Useful Lives (Years) Developed technology $ 109,263 7 Customer relationships 11,430 10 In-process research and development 17,970 N/A $ 138,663 |
Summary of Revenue and Earnings | The following is a summary of Mindspeed revenue and earnings included in our accompanying consolidated statements of operations for fiscal year 2014 (in thousands): Revenue $ 94,613 Loss from continuing operations before income taxes (9,266 ) |
Summary of Unaudited Supplemental Pro Forma Data | This pro forma data is presented for informational purposes only and does not purport to be indicative of our future results of operations. Twelve Months Ended October 3, 2014 September 27, 2013 (in thousands) Revenue $ 358,645 $ 380,362 Loss from continuing operations before income taxes (21,164 ) (43,007 ) |
BinOptics Corporation [Member] | |
Schedule of Aggregate Purchase Price Allocated to Tangible and Identifiable Intangible Assets Acquired and Liabilities Assumed | The aggregate purchase price for BinOptics is being allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. The excess of the purchase price over the fair value of the acquired net assets represents cost and revenue synergies specific to the Company, as well as non-capitalizable intangible assets, such as the employee workforce acquired, and has been allocated to goodwill, none of which is tax deductible. The Company expects to finalize its allocation of purchase price within 12 months of December 15, 2014. The preliminary allocation of purchase price as of October 2, 2015, is as follows (in thousands): Original Allocation October 2, 2015 Current assets $ 41,836 $ (18,162 ) $ 23,674 Intangible assets 135,254 1,646 136,900 Other assets 14,090 (4,896 ) 9,194 Total assets acquired 191,180 (21,412 ) 169,768 Liabilities assumed: Debt 1,491 1,044 2,535 Deferred income taxes 37,745 (4,400 ) 33,345 Other liabilities 12,810 296 13,106 Total liabilities assumed 52,046 (3,060 ) 48,986 Net assets acquired 139,134 (18,352 ) 120,782 Consideration: Cash paid upon closing, net of cash acquired 224,114 (15,762 ) 208,352 Goodwill $ 84,980 $ 2,590 $ 87,570 |
Schedule of Reclassification of Allocation Adjustments in Purchase Price Allocation | The $15,762 of allocation adjustments shown above in the “Cash paid upon closing, net of cash acquired” caption consists of the following (in thousands): Cash paid upon Original Allocation $ 224,114 Reclassification of prepaid compensation (14,586 ) Reclassification of assumed capital lease debt (1,044 ) Reclassification of escrow fees (17 ) Cash received from acquiree related to working capital true-up (115 ) Allocation Adjustments (15,762 ) Adjusted Allocations at October 2, 2015 $ 208,352 |
Components of Acquired Intangible Assets on a Preliminary Basis | The components of the acquired intangible assets on a preliminary basis are as follows (in thousands): Amount Useful Lives Developed technology $ 17,500 7 Customer relationships 119,400 10 $ 136,900 |
Summary of Revenue and Earnings | The following is a summary of BinOptics revenue and earnings included in the accompanying consolidated statements of operations for the twelve months ended October 2, 2015 (in thousands): Twelve Months Ended Revenue $ 61,549 Income before income taxes 354 |
Summary of Unaudited Supplemental Pro Forma Data | This pro forma data is presented for informational purposes only and does not purport to be indicative of our future results of operations. Twelve Months Ended October 2, October 3, Revenue $ 428,440 $ 384,452 Loss from continuing operations before income taxes (3,489 ) (98,119 ) |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available for Sale Investments | The amortized cost, gross unrealized holding gains or losses, and fair value of our available-for-sale investments by major investments type are summarized in the tables below (in thousands): October 2, 2015 Amortized Cost Gross Unrealized Holding Gains Gross Unrealized Holding Losses Aggregate Fair Value Corporate bonds $ 24,546 $ 5 $ (89 ) $ 24,462 US treasuries and agency bonds 15,108 3 (16 ) 15,095 Total investments $ 39,654 $ 8 $ (105 ) $ 39,557 |
Summary of Contractual Maturities of Investments | The contractual maturities of available-for-sale investments were as follows (in thousands): October 2, Less than 1 year $ 16,259 Over 1 year 23,298 Total investments $ 39,557 |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets and liabilities measured at fair value on a recurring basis consist of the following (in thousands): October 2, 2015 Fair Value Active Markets for Assets (Level 1) Observable Unobservable Assets Money market funds $ 15,000 $ 15,000 $ — $ — US treasuries and agency bonds 15,095 — 15,095 — Corporate bonds 24,462 — 24,462 — Total assets measured at fair value $ 54,557 $ 15,000 $ 39,557 $ — Liabilities Contingent consideration $ 1,150 $ — $ — $ 1,150 Common stock warrant liability 21,822 — — 21,822 Total liabilities measured at fair value $ 22,972 $ — $ — $ 22,972 October 3, 2014 Fair Value Active Markets for Assets (Level 1) Observable Unobservable Assets Trading securities $ 250 $ — $ — $ 250 Total assets measured at fair value $ 250 $ — $ — $ 250 Liabilities Contingent consideration $ 820 $ — $ — $ 820 Warrant liability 15,801 — — 15,801 Total liabilities measured at fair value $ 16,621 $ — $ — $ 16,621 |
Changes in Liabilities with Inputs Classified within Level 3 of Fair Value | The changes in assets and liabilities with inputs classified within Level 3 of the fair value hierarchy consist of the following (in thousands): Fiscal Year 2015 October 3, 2014 Net Purchases and Issuances Sales and Settlements Transfers in and/or (out) of Level 3 October 2, 2015 Trading securities $ 250 $ — $ 500 $ (750 ) $ — $ — Contingent consideration $ 820 $ 330 $ — $ — $ — $ 1,150 Warrant liability $ 15,801 $ 6,021 $ — $ — $ — $ 21,822 Fiscal Year 2014 September 27, Net Purchases and Issuances Sales and Settlements Transfers in and/or (out) of Level 3 October 3, Trading securities $ — $ — $ 250 $ — $ — $ 250 Contingent consideration $ — $ — $ 820 $ — $ — $ 820 Warrant liability $ 11,873 $ 3,928 $ — $ — $ — $ 15,801 Fiscal Year 2013 September 28, 2012 Net Purchases and Issuances Sales and Settlements Transfers in and/or (out) of Level 3 September 27, 2013 Contingent consideration $ 6,580 $ (577 ) $ — $ (6,003 ) $ — $ — Warrant liability $ 7,561 $ 4,312 $ — $ — $ — $ 11,873 |
Changes in Assets with Inputs Classified within Level 3 of Fair Value | The changes in assets and liabilities with inputs classified within Level 3 of the fair value hierarchy consist of the following (in thousands): Fiscal Year 2015 October 3, 2014 Net Purchases and Issuances Sales and Settlements Transfers in and/or (out) of Level 3 October 2, 2015 Trading securities $ 250 $ — $ 500 $ (750 ) $ — $ — Contingent consideration $ 820 $ 330 $ — $ — $ — $ 1,150 Warrant liability $ 15,801 $ 6,021 $ — $ — $ — $ 21,822 Fiscal Year 2014 September 27, Net Purchases and Issuances Sales and Settlements Transfers in and/or (out) of Level 3 October 3, Trading securities $ — $ — $ 250 $ — $ — $ 250 Contingent consideration $ — $ — $ 820 $ — $ — $ 820 Warrant liability $ 11,873 $ 3,928 $ — $ — $ — $ 15,801 Fiscal Year 2013 September 28, 2012 Net Purchases and Issuances Sales and Settlements Transfers in and/or (out) of Level 3 September 27, 2013 Contingent consideration $ 6,580 $ (577 ) $ — $ (6,003 ) $ — $ — Warrant liability $ 7,561 $ 4,312 $ — $ — $ — $ 11,873 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Inventory Disclosure [Abstract] | |
Components of Inventories | Inventories consist of the following (in thousands): October 2, October 3, Raw materials $44,329 $34,919 Work-in-process 3,086 5,500 Finished goods 32,528 31,062 Total $ 79,943 $ 71,481 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Property, Plant and Equipment [Abstract] | |
Components of Property, Plant and Equipment | Property, plant and equipment consist of the following (in thousands): October 2, October 3, Land, buildings and improvements $ 10,981 $ — Machinery and equipment 89,852 67,427 Leasehold improvements 9,161 7,958 Furniture and fixtures 983 1,017 Construction in process 25,898 12,918 Computer equipment and software 9,307 7,648 Total property and equipment 146,182 96,968 Less accumulated depreciation and amortization (62,423 ) (46,916 ) Property and equipment — net $ 83,759 $ 50,052 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Debt Disclosure [Abstract] | |
Schedule of Remained Outstanding on Term Loans | As of October 2, 2015, the following remained outstanding on the Term Loans: Principal balance $ 345,625 Unamortized discount (2,094 ) 343,531 Current portion 3,500 Long-term, less current portion $ 340,031 |
Schedule of Minimum Principal Payments under Term Loans | As of October 2, 2015, the minimum principal payments under the Term Loans in future fiscal years was as follows (in thousands): 2016 $ 3,500 2017 3,500 2018 3,500 2019 3,500 2020 3,500 Thereafter 328,125 Total $ 345,625 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Text Block [Abstract] | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): October 2, October 3, Compensation and benefits $ 20,711 $ 19,135 Product warranty 656 446 Professional fees 2,167 1,528 Software licenses 1,223 1,862 Distribution costs 3,091 1,757 Restructuring costs 943 801 Interest payable 3,502 2,447 Rent and utilities 1,458 1,658 Other 3,848 3,962 Total $ 37,599 $ 33,596 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Lease Payments for Operating Leases | Future minimum lease payments for the next five fiscal years as of October 2, 2015, are as follows (in thousands): 2016 $ 7,343 2017 6,555 2018 5,177 2019 4,836 2020 2,038 Thereafter 4,279 Total minimum lease payments $ 30,228 |
Restructurings (Tables)
Restructurings (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Restructuring and Related Activities [Abstract] | |
Summary of Costs Related to Restructuring Actions | The following is a summary of the costs incurred and remaining balances included in accrued expenses related to restructuring actions taken (in thousands): Total Balance — September 28, 2012 $ 328 Current period charges 1,060 Payments (1,243 ) Balance — September 27, 2013 145 Current period charges 14,823 Payments (14,167 ) Balance — October 3, 2014 801 Current period charges 1,280 Payments (1,138 ) Balance — October 2, 2015 $ 943 |
Product Warranties (Tables)
Product Warranties (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Guarantees [Abstract] | |
Schedule of Product Warranty Liability Activity | Product warranty liability activity is as follows (in thousands): Fiscal Years 2015 2014 2013 Balance — beginning of year $ 446 $ 318 $ 549 Impact of acquisition 50 202 — Provisions 160 (74 ) (49 ) Direct charges — — (182 ) Balance — end of year $ 656 $ 446 $ 318 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Amortization Expense of Intangible Assets | Amortization expense related to amortized intangible assets is as follows (in thousands): Fiscal Years 2015 2014 2013 Cost of revenue $ 27,285 $ 18,787 $ 2,986 Selling, general and administrative 11,695 1,806 1,335 Total $ 38,980 $ 20,593 $ 4,321 |
Summary of Intangible Assets | Intangible assets consist of the following (in thousands): October 2, October 3, Acquired technology $ 162,536 $ 131,953 Customer relationships 144,070 24,670 In-process research and development 8,000 17,970 Trade name 3,400 3,400 Total 318,006 177,993 Less accumulated amortization (74,340 ) (35,360 ) Intangible assets — net $ 243,666 $ 142,633 |
Summary of Activity in Intangible Assets and Goodwill | A summary of the activity in intangible assets and goodwill follows (in thousands): Total Acquired Customer In-Process Trade Goodwill Balance at September 27, 2013 $ 46,937 $ 23,637 $ 13,150 $ — $ 3,400 $ 6,750 Net intangibles acquired 137,405 103,881 11,520 17,970 — 4,034 Other intangibles purchased 4,435 4,435 — — — — Balance at October 3, 2014 188,777 131,953 24,670 17,970 3,400 10,784 Net intangibles acquired 224,470 17,500 119,400 — — 87,570 Placed in service — 9,780 (9,780 ) — — Adjustment to fair value (190 ) — — (190 ) — — Goodwill allocation to discontinued operations (5,008 ) — — — — (5,008 ) Other intangibles purchased 3,303 3,303 — — — — Balance at October 2, 2015 $ 411,352 $ 162,536 $ 144,070 $ 8,000 $ 3,400 $ 93,346 |
Summary of Estimated Amortization of Intangible Assets in Future Fiscal Years | As of October 2, 2015, estimated amortization of the intangible assets in future fiscal years, was as follows (in thousands): 2016 $ 43,266 2017 41,741 2018 36,354 2019 31,276 2020 25,779 Thereafter 53,996 Total $ 232,412 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Income Tax Disclosure [Abstract] | |
Components of Deferred Tax Assets and Liabilities | The components of our deferred tax assets and liabilities are as follows (in thousands): October 2, October 3, Current deferred tax assets: Accrued liabilities $ 11,332 $ 9,830 Inventory 5,043 8,088 Deferred revenue (3 ) 4,451 Accounts receivable 51 142 Federal net operating loss 11,186 15,452 Other current deferred tax assets — 46 Discontinued operations 2,703 — Deferred compensation 3,468 — Valuation allowance (2,349 ) (2,052 ) Current net deferred tax assets $ 31,431 $ 35,957 Non-current deferred tax assets (liabilities): Federal and foreign net operating losses and credits $ 70,448 $ 128,035 Intangible assets (44,196 ) (33,158 ) Property and equipment (2,977 ) (3,072 ) Other non-current deferred tax assets 292 272 Discontinued operations 9,191 — Deferred compensation 1,066 — Deferred gain 23,531 — Valuation allowance (9,116 ) (7,448 ) Non-current net deferred tax assets (liabilities) 48,239 84,629 Total deferred tax asset $ 79,670 $ 120,586 |
Summary of Domestic and Foreign Income (Loss) from Continuing Operations Before Taxes | The domestic and foreign income (loss) from continuing operations before taxes were as follows (in thousands): Fiscal Years 2015 2014 2013 United States $ (34,251 ) $ (60,836 ) $ (11,333 ) Foreign 18,851 19,936 14,279 (Loss) income from operations before income taxes $ (15,400 ) $ (40,900 ) $ 2,946 |
Components of Provision (Benefit) for Income Taxes | The components of the provision (benefit) for income taxes are as follows (in thousands): Fiscal Years 2015 2014 2013 Current: Federal $ (19,015 ) $ 712 $ 2,923 State 688 (419 ) 1,024 Foreign 1,092 2,181 986 Current provision (benefit) (17,235 ) 2,474 4,933 Deferred: Federal 10,845 (16,557 ) (3,326 ) State (4,131 ) (756 ) (1,146 ) Foreign (1,302 ) (725 ) (273 ) Change in valuation allowance 1,965 (522 ) 95 Deferred provision (benefit) 7,377 (18,560 ) (4,650 ) Total provision (benefit) $ (9,858 ) $ (16,086 ) $ 283 |
Reconciliation of Effective Tax Rates | Our effective tax rates differ from the federal and statutory rate as follows: Fiscal Years 2015 2014 2013 Federal statutory rate 35.0 % 35.0 % 35.0 % Foreign rate differential 30.5 11.2 (117.9 ) State taxes net of federal benefit 3.5 1.8 26.0 Warrant liabilities (13.7 ) (3.4 ) 51.2 Change in valuation allowance (6.0 ) (0.3 ) 3.2 Research and development credits 16.1 1.9 (98.6 ) Provision to return adjustments 9.9 — 7.3 Nondeductible compensation expense (8.9 ) (1.5 ) 7.0 Nondeductible legal fees (4.1 ) (1.9 ) — Nitronex losses — (2.6 ) 102.7 Other permanent differences 1.6 (0.8 ) (1.1 ) Effective income tax rate 63.9 % 39.4 % 14.8 % |
Activity Related to Unrecognized Tax Benefits | Activity related to unrecognized tax benefits is as follows (in thousands): Amount Balance — September 27, 2013 — Additions based on tax positions (1,670 ) Reductions based on tax positions — Balance — October 3, 2014 $ (1,670 ) Additions based on tax positions — Reductions based on tax positions — Balance — October 2, 2015 $ (1,670 ) |
Summary of Fiscal Tax Years Examination by Jurisdictions | A summary of the fiscal tax years that remain subject to examination, as of October 2, 2015, for the Company’s significant tax jurisdictions are: Jurisdiction Tax Years United States — federal 2013 — forward United States — various states 2012 — forward Ireland 2012 — forward |
Share - Based Compensation Pl48
Share - Based Compensation Plans (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Effects of Stock-Based Compensation Expense Related to Stock-Based Awards to Employees and Nonemployees | The following table presents the effects of stock-based compensation expense related to stock-based awards to employees and non-employees in our consolidated statements of operations during the periods presented (in thousands): Fiscal Years 2015 2014 2013 Cost of revenue $ 1,949 $ 1,771 $ 1,068 Research and development 5,447 2,818 1,739 Selling, general and administrative 12,039 6,688 3,649 Total $ 19,435 $ 11,277 $ 6,456 |
Summary of Stock Option Activity | A summary of stock option activity for fiscal year 2015 is as follows (in thousands, except per share amounts): Number of Shares Weighted-Average Weighted- Aggregate Options outstanding — October 3, 2014 948 $ 11.72 6.6 $ 10,015 Granted 255 33.60 Exercised (288 ) 9.08 Forfeited, canceled or expired (26 ) 27.11 Options outstanding — October 2, 2015 889 $ 18.4 6.19 $ 10,574 Options vested and expected to vest — October 2, 2015 889 $ 18.4 6.19 $ 10,574 Options exercisable — October 2, 2015 644 $ 12.63 6.03 $ 10,574 |
Weighted Average Assumptions used for Calculating Fair Value of Stock Options Granted | The weighted-average assumptions used for calculating the fair value of stock options granted is as follows: Risk-free interest rate 1.2 % Expected term (years) 4.0 Expected volatility 36.2 % Expected dividends — % The weighted-average assumptions used for calculating the fair value of stock options granted during fiscal year 2014, is as follows: Risk-free interest rate 2.71 % Expected term (years) 10 % Expected volatility 42.6 % Expected dividends — % |
Summary of Restricted Stock and Restricted Stock Units Activity | A summary of restricted stock awards and units activity for fiscal year 2015 is as follows (in thousands): Number of Weighted-Average Aggregate Issued and unvested — October 3, 2014 1,720 2.3 $ 37,200 Granted 821 Vested (704 ) Forfeited, canceled or expired (145 ) Issued and unvested shares — October 2, 2015 1,692 1.4 $ 48,375 Shares expected to vest 1,586 1.3 $ 45,328 |
Summary of Performance-Based Restricted Stock Unit Activity | A summary of PRSU activity during the fiscal year ended October 2, 2015 is as follows: Non-vested Weighted-Average Unvested shares at October 3, 2014 — Granted 83,954 $ 34.39 Change due to performance condition achievement 251,862 $ 34.39 Vested — Forfeited — Unvested shares at October 2, 2015 335,816 $ 34.39 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Equity [Abstract] | |
Summary of Activity of Warrant Liability | The following is a summary of the activity of the warrant liability (in thousands): Balance — September 27, 2013 $ 11,873 Change in estimated fair value 3,928 Balance — October 3, 2014 15,801 Change in estimated fair value 6,021 Balance — October 2, 2015 $ 21,822 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Operating Results Through Dates of Divestiture Related to Divested Businesses | The accompanying consolidated statement of operations includes the following operating results related to these divested businesses (in thousands): Automotive Business Mindspeed Wireless Fiscal Years Fiscal Years 2015 2014 2013 2015 2014 Revenue $ 71,712 $ 79,473 $ 80,368 $ — $ 2,439 Cost of revenue 46,931 51,425 53,153 — 1,249 Gross profit 24,781 28,048 27,215 — 1,190 Operating expenses: Research and development 2,319 2,334 2,083 — 4,531 Selling, general and administrative 2,441 3,586 747 — 1,078 Restructuring charges — — — — 2,962 Total operating expenses 4,760 5,920 2,830 — 8,571 Income (loss) from discontinued operations 20,021 22,128 24,385 — (7,381 ) Other income (expense) 4,000 — — — — Gain on sale 61,771 — — 1,550 — Income (loss) before income taxes 85,792 22,128 24,385 1,550 (7,381 ) Income tax provision (benefit) 32,652 8,032 8,852 559 (2,776 ) Income (loss) from discontinued operations $ 53,140 $ 14,096 $ 15,533 $ 991 $ (4,605 ) Above includes depreciation & amortization of $ 189 $ 302 $ 311 $ — $ — Cashflow from Operating Activities $ (9,513 ) $ 16,945 $ 11,798 $ 991 $ (4,605 ) Cashflow from Investing Activities $ (505 ) $ (275 ) $ (48 ) $ — $ — |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Earnings Per Share [Abstract] | |
Computation for Basic and Diluted Net Income (Loss) Per Share of Common Stock | The following table set forth the computation for basic and diluted net income (loss) per share of common stock (in thousands, except per share data): Fiscal Years 2015 2014 2013 Numerator: Income (loss) from continuing operations $ (4,597 ) $ (24,814 ) $ 2,663 Loss from discontinued operations 54,131 9,491 15,533 Net income (loss) 48,589 (15,323 ) 18,196 Warrant liability gain — — — Net income (loss) attributable to common stockholders $ 48,589 $ (15,323 ) $ 18,196 Denominator: Weighted average common shares outstanding-basic 51,146 47,009 45,916 Dilutive effect of options and warrants — — 1,221 Weighted average common shares outstanding-diluted 51,146 47,009 47,137 Common stock earnings per share-basic: Continuing operations $ (0.11 ) $ (0.53 ) $ 0.06 Discontinued operations 1.06 0.20 0.34 Net common stock earnings per share-basic $ 0.95 $ (0.33 ) $ 0.40 Common stock earnings per share-diluted: Continuing operations $ (0.11 ) $ (0.53 ) $ 0.06 Discontinued operations 1.06 0.20 0.33 Net common stock earnings per share-diluted $ 0.95 $ (0.33 ) $ 0.39 |
Common Equivalent Shares Excluded from Calculation from Net Income Per Share | The following common equivalent shares were excluded from the calculation from net income per share as their inclusion would have been antidilutive (in thousands): Fiscal Years 2015 2014 2013 Stock options and restricted stock 1,342 1,079 — Warrants 714 329 — Total common stock equivalent shares excluded 2,056 1,408 — |
Supplemental Cash Flow Inform52
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Information Regarding Noncash Investing and Financing Activities | The following is supplemental cash flow information regarding noncash investing and financing activities: Fiscal Years 2015 2014 2013 Cash paid for interest $ 15,607 $ 6,994 $ 501 Cash paid for income taxes $ 22,676 $ 4,668 $ 7,318 |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Income (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Text Block [Abstract] | |
Summary of Accumulated Other Comprehensive Income, Net of Income Taxes | The components of accumulated other comprehensive income, net of income taxes, are as follows: Foreign Other items Total Balance — September 27, 2013 $ (167 ) $ — $ (167 ) Foreign currency translation adjustment (1,097 ) — (1,097 ) Pension adjustment, net of tax — (90 ) (90 ) Balance — October 3, 2014 (1,264 ) (90 ) (1,354 ) Foreign currency translation, net of tax (918 ) — (918 ) Other adjustments — 90 90 Unrealized gain/loss on short term investments — (97 ) (97 ) Balance — October 2, 2015 $ (2,182 ) $ (97 ) $ (2,279 ) |
Geographic and Significant Cu54
Geographic and Significant Customer Information (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Segment Reporting [Abstract] | |
Summary of Different Geographic Regions | Information about our operations in different geographic regions, based upon customer locations, is presented below (in thousands): Fiscal Years Revenue by Geographic Region 2015 2014 2013 United States $ 152,974 $ 134,436 $ 110,686 China 92,493 33,308 21,057 Taiwan 56,421 34,344 10,612 Other countries (1) 118,721 137,101 100,348 Total $ 420,609 $ 339,189 $ 242,703 (1) No other international countries represented greater than 10% of total revenue during the periods presented. As of Long-Lived Assets by Geographic Region October 2, October 3, United States $ 72,617 $ 41,726 International (1) 11,142 8,326 Total $ 83,759 $ 50,052 • No other international country or region represented greater than 10% of the total net long-lived assets as of the dates presented. |
Summary of Customer Concentrations as Percentage of Total Sales and Accounts Receivable | The following is a summary of customer concentrations as a percentage of total sales and accounts receivable as of and for the periods presented: Fiscal Years Revenue 2015 2014 2013 Customer A 18 % 19 % 21 % Customer B 12 % 10 % — % October 2, October 3, Accounts Receivable Customer A 22 % 20 % Customer B 14 % 2 % Customer C 10 % 8 % |
Quarterly Financial Data (Una55
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Oct. 02, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | (In thousands, except per share data) First Quarter Second Third Fourth Fiscal Fiscal Year 2015 Revenue $ 96,556 $ 102,431 $ 109,058 $ 112,564 $ 420,609 Gross profit 47,419 46,714 52,496 56,961 203,590 Income (loss) from continuing operations (1) (9,963 ) (11,176 ) 1,756 13,841 (5,542 ) Income (loss) from discontinued operations (1) 3,657 3,639 6,271 40,564 54,131 Per share data (2) Income (loss) from continuing operations, basic $ (0.21 ) $ (0.22 ) $ 0.03 $ 0.26 $ (0.11 ) Income (loss) from discontinued operations, basic $ 0.08 $ 0.07 $ 0.12 $ 0.76 $ 1.06 Per share data (2) Income (loss) from continuing operations, diluted (3) $ (0.21 ) $ (0.22 ) $ 0.03 $ 0.08 $ (0.11 ) Income (loss) from discontinued operations, diluted $ 0.08 $ 0.07 $ 0.11 $ 0.74 $ 1.06 Fiscal Year 2014 Revenue $ 64,278 $ 87,734 $ 93,318 $ 93,859 $ 339,189 Gross profit 28,408 20,142 43,606 48,784 140,940 Income (loss) from continuing operations (10,853 ) (23,189 ) (1,350 ) 10,578 (24,814 ) Income (loss) from discontinued operations (1) 1,932 1,067 2,533 3,959 9,491 Per share data (2) Income (loss) from continuing operations, basic $ (0.23 ) $ (0.50 ) $ (0.03 ) $ 0.22 $ (0.53 ) Income (loss) from discontinued operations, basic $ 0.04 $ 0.02 $ 0.05 $ 0.08 $ 0.20 Per share data (2) Income (loss) from continuing operations, diluted $ (0.23 ) $ (0.50 ) $ (0.03 ) $ 0.22 $ (0.53 ) Income (loss) from discontinued operations, diluted $ 0.04 $ 0.02 $ 0.05 $ 0.08 $ 0.20 (1) During the fourth quarter of fiscal year 2015 we divested our Automotive business and during the second quarter of fiscal year 2014, we divested the Mindspeed wireless business. (2) Earnings per share calculations for each of the quarters are based on the weighted average number of shares outstanding and included common stock equivalents in each period. Therefore, the sums of the quarters may not necessarily equal the full year earnings per share. (3) Diluted income (loss) per shares for the fiscal fourth quarter 2015 excludes $9.7 million related to warrant liability gain. |
Summary of Significant Accoun56
Summary of Significant Accounting Policies - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||
Oct. 02, 2015USD ($) | Jul. 03, 2015USD ($) | Apr. 03, 2015USD ($) | Jan. 02, 2015USD ($)$ / shares | Oct. 03, 2014USD ($) | Jul. 04, 2014USD ($) | Apr. 04, 2014USD ($) | Jan. 03, 2014USD ($) | Oct. 02, 2015USD ($)Segment$ / shares | Oct. 03, 2014USD ($)$ / shares | Sep. 27, 2013USD ($)$ / shares | Oct. 02, 2014USD ($) | Sep. 28, 2012USD ($) | |
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||
Number of reportable operating segment | Segment | 1 | ||||||||||||
Reporting period description | We have a 52 or 53-week fiscal year ending on the Friday closest to the last day of September. The fiscal year 2015 includes 52 weeks, fiscal year 2014 included 53 weeks and fiscal year 2013 included 52 weeks. To offset the effect of holidays, for fiscal years in which there are 53 weeks, we include the extra week arising in our fiscal years in the first quarter. | ||||||||||||
Net revenue | $ 112,564 | $ 109,058 | $ 102,431 | $ 96,556 | $ 93,859 | $ 93,318 | $ 87,734 | $ 64,278 | $ 420,609 | $ 339,189 | $ 242,703 | ||
Net income (loss) | $ 48,589 | $ (15,323) | $ 18,196 | ||||||||||
Earnings per share | $ / shares | $ 0.95 | $ (0.33) | $ 0.40 | ||||||||||
Deferred inventory costs | 79,943 | 71,481 | $ 79,943 | $ 71,481 | |||||||||
Allowance for doubtful accounts | 5,745 | 725 | $ 5,745 | 725 | $ 514 | $ 725 | $ 834 | ||||||
Minimum [Member] | |||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||
Definite-lived intangible asset useful life | 5 years | ||||||||||||
Maximum [Member] | |||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||
Definite-lived intangible asset useful life | 10 years | ||||||||||||
Allowance for Sales Returns [Member] | |||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||
Reserve for future rebates and returns | 6,000 | 5,600 | $ 6,000 | ||||||||||
Compensation Credits and Customer Returns Allowance [Member] | |||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||
Allowance for doubtful accounts | 5,500 | 400 | 5,500 | 400 | 300 | ||||||||
Allowance for Doubtful Accounts [Member] | |||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||
Allowance for doubtful accounts | 200 | $ 200 | 200 | $ 200 | $ 200 | ||||||||
Allocation Adjustments [Member] | |||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||
Net revenue | $ (134) | $ (1,296) | $ 3,686 | 15,100 | 17,356 | ||||||||
Net income (loss) | $ (8,500) | $ 7,700 | |||||||||||
Earnings per share | $ / shares | $ (0.18) | $ 0.15 | |||||||||||
Deferred inventory costs | $ 4,700 | ||||||||||||
Allocation Adjustments [Member] | Deferred Revenue [Member] | |||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||
Net revenue | 12,400 | ||||||||||||
Allocation Adjustments [Member] | Distributor Revenue [Member] | |||||||||||||
Description Of Business And Basis Of Presentation [Line Items] | |||||||||||||
Net revenue | $ 2,700 |
Summary of Significant Accoun57
Summary of Significant Accounting policies - Schedule of Estimated Useful Life (Detail) | 12 Months Ended |
Oct. 02, 2015 | |
Building and Improvements [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, Estimated Useful Life | 40 years |
Leasehold Improvements [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, Estimated Useful Life | Shorter of useful life or term of lease |
Minimum [Member] | Machinery and Equipment [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, Estimated Useful Life | 2 years |
Minimum [Member] | Computer Equipment and Software [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, Estimated Useful Life | 2 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, Estimated Useful Life | 7 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, Estimated Useful Life | 7 years |
Maximum [Member] | Computer Equipment and Software [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, Estimated Useful Life | 5 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Property Plant And Equipment Estimated Useful Lives [Line Items] | |
Property plant and equipment, Estimated Useful Life | 10 years |
Summary of Significant Accoun58
Summary of Significant Accounting Policies - Changes in Gross and Net Distributor Revenue and Reserve Balances Associated with Chane in Estimate (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 03, 2014 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | ||
Change in Accounting Estimate [Line Items] | ||||||||||||
Total net revenue resulting from change in estimate | $ 112,564 | $ 109,058 | $ 102,431 | $ 96,556 | $ 93,859 | $ 93,318 | $ 87,734 | $ 64,278 | $ 420,609 | $ 339,189 | $ 242,703 | |
Allocation Adjustments [Member] | ||||||||||||
Change in Accounting Estimate [Line Items] | ||||||||||||
Total gross revenue resulting from change in estimate | (351) | (1,687) | 4,687 | 20,664 | 23,313 | |||||||
Total net revenue resulting from change in estimate | (134) | (1,296) | 3,686 | 15,100 | 17,356 | |||||||
Reserve for future returns and credits | [1] | (217) | (391) | 1,001 | 5,564 | 5,957 | ||||||
Allocation Adjustments [Member] | One-time Change In Estimate [Member] | ||||||||||||
Change in Accounting Estimate [Line Items] | ||||||||||||
Total gross revenue resulting from change in estimate | [2] | 17,028 | 17,028 | |||||||||
Total net revenue resulting from change in estimate | [3] | 12,457 | 12,457 | |||||||||
Allocation Adjustments [Member] | Change in Accounting Method Accounted for as Change in Estimate [Member] | ||||||||||||
Change in Accounting Estimate [Line Items] | ||||||||||||
Total gross revenue resulting from change in estimate | [4] | (351) | (1,687) | 4,687 | 3,636 | 6,285 | ||||||
Total net revenue resulting from change in estimate | [5] | $ (134) | $ (1,296) | $ 3,686 | $ 2,643 | $ 4,899 | ||||||
[1] | This amount reflects the change in the revenue reserve for future returns and credits. | |||||||||||
[2] | This amount was recorded as deferred revenue as of October 3, 2014. | |||||||||||
[3] | This amount represents the net revenue impact of the one-time change in estimate after applying the associated reserve for future credits and returns. | |||||||||||
[4] | This amount represents the impact of the change in estimate associated with increases in distributor inventories as compared to the prior reporting period. | |||||||||||
[5] | This amount represents the impact of the change in estimate associated with increases in distributor inventories as compared to the prior reporting period after applying the associated reserve for future credits and returns. |
Summary of Significant Accoun59
Summary of Significant Accounting Policies -Schedule of Allowance for Doubtful Accounts Related to Accounts Receivable (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Receivables [Abstract] | |||
Beginning balance | $ 725 | $ 514 | $ 834 |
Provision (recoveries), net | 5,056 | 250 | (259) |
Charge-offs | (36) | (39) | (61) |
Ending balance | $ 5,745 | $ 725 | $ 514 |
Acquisitons - Additional Inform
Acquisitons - Additional Information (Detail) | Dec. 15, 2014USD ($) | Feb. 13, 2014USD ($) | Oct. 03, 2014USD ($)Business$ / shares | Oct. 02, 2015USD ($)$ / shares | Oct. 03, 2014USD ($)$ / shares | Dec. 18, 2013$ / shares |
Business Acquisition [Line Items] | ||||||
Outstanding shares of common stock, par value | $ / shares | $ 0.001 | $ 0.001 | $ 0.001 | |||
Cash paid upon closing, net of cash acquired | $ 208,352,000 | $ 260,875,000 | ||||
Business acquisition, intangible assets | 224,470,000 | 137,405,000 | ||||
Contingent purchase price, maximum | 1,300,000 | |||||
Goodwill acquired, deductible for tax purpose | $ 1,700,000 | |||||
BinOptics Corporation [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date of acquisition | Dec. 15, 2014 | |||||
Aggregate consideration payable | $ 208,400,000 | |||||
Business combination cash on hand and incurrence of additional borrowing | 100,000,000 | |||||
Business combination acquisition related costs | $ 9,300,000 | |||||
Adjusted Allocations | $ (15,762,000) | |||||
Weighted-average life of identified intangible assets acquired | 9 years 7 months 6 days | |||||
Cash paid upon closing, net of cash acquired | $ 208,352,000 | |||||
Business acquisition, liabilities assumed | 48,986,000 | |||||
Business acquisition, intangible assets | 136,900,000 | |||||
BinOptics Corporation [Member] | Selling, General and Administrative [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business combination acquisition related costs | 4,200,000 | |||||
BinOptics Corporation [Member] | Allocation Adjustments [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Adjusted Allocations | 15,762,000 | |||||
Cash paid upon closing, net of cash acquired | (15,762,000) | |||||
Business acquisition, liabilities assumed | $ (3,060,000) | |||||
BinOptics Corporation [Member] | Retention Escrow Agreement [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Aggregate consideration payable | $ 14,600,000 | |||||
Mindspeed Acquisition [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date of acquisition | Dec. 18, 2013 | |||||
Aggregate consideration payable | $ 232,813,000 | |||||
Business combination acquisition related costs | 4,500,000 | |||||
Weighted-average life of identified intangible assets acquired | 7 years | |||||
Outstanding shares of common stock, par value | $ / shares | $ 0.01 | |||||
Outstanding shares of common stock at a purchase price per share | $ / shares | $ 5.05 | |||||
Cash paid upon closing, net of cash acquired | 232,028,000 | $ 232,000,000 | ||||
Business acquisition, liabilities assumed | 81,312,000 | 81,300,000 | 81,312,000 | |||
Goodwill acquired, tax deductible | 0 | |||||
The fair value of the assumed options and stock awards | 4,100,000 | |||||
Stock option vested | $ 785,000 | 800,000 | 785,000 | |||
Restructuring charge and change in control payments | $ 14,100,000 | |||||
Business acquisition, intangible assets | $ 138,663,000 | |||||
I.K.E., Incorporated (IKE Micro) and Photonic Controls, LLC (Photonic Controls) [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Number of Businesses Acquired | Business | 2 | |||||
Nitronex LLC [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Date of acquisition | Feb. 13, 2014 | |||||
Business acquisition cost of acquired entity, cash paid | $ 26,100,000 | |||||
Escrow deposit | $ 3,900,000 | |||||
GaAs Labs [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Escrow agreement expiration period | 2015-08 | |||||
Remaining indemnity escrow fund | $ 500,000 | |||||
Other Acquisitions [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Business acquisition, goodwill | 3,900,000 | |||||
Business acquisition, intangible assets | $ 1,600,000 | |||||
Other Acquisitions [Member] | Minimum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Weighted-average life of identified intangible assets acquired | 7 years | |||||
Other Acquisitions [Member] | Maximum [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Weighted-average life of identified intangible assets acquired | 10 years | |||||
Photonic Controls [Member] | ||||||
Business Acquisition [Line Items] | ||||||
Contingent consideration liability | $ 1,200,000 |
Acquisitions - Schedule of Aggr
Acquisitions - Schedule of Aggregate Purchase Price Allocated to Tangible and Identifiable Intangible Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 15, 2014 | Oct. 03, 2014 | Oct. 02, 2015 | Oct. 03, 2014 |
Consideration: | ||||
Cash paid upon closing, net of cash acquired | $ 208,352 | $ 260,875 | ||
Goodwill | $ 10,784 | 93,346 | 10,784 | |
BinOptics Corporation [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 23,674 | |||
Intangible assets | 136,900 | |||
Other assets | 9,194 | |||
Total assets acquired | 169,768 | |||
Liabilities assumed: | ||||
Debt | 2,535 | |||
Deferred income taxes | 33,345 | |||
Other liabilities | 13,106 | |||
Total liabilities assumed | 48,986 | |||
Net assets acquired | 120,782 | |||
Consideration: | ||||
Cash paid upon closing, net of cash acquired | 208,352 | |||
Total consideration | $ 208,400 | |||
Goodwill | 87,570 | |||
BinOptics Corporation [Member] | Original Allocation [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 41,836 | |||
Intangible assets | 135,254 | |||
Other assets | 14,090 | |||
Total assets acquired | 191,180 | |||
Liabilities assumed: | ||||
Debt | 1,491 | |||
Deferred income taxes | 37,745 | |||
Other liabilities | 12,810 | |||
Total liabilities assumed | 52,046 | |||
Net assets acquired | 139,134 | |||
Consideration: | ||||
Cash paid upon closing, net of cash acquired | 224,114 | |||
Goodwill | 84,980 | |||
BinOptics Corporation [Member] | Allocation Adjustments [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | (18,162) | |||
Intangible assets | 1,646 | |||
Other assets | (4,896) | |||
Total assets acquired | (21,412) | |||
Liabilities assumed: | ||||
Debt | 1,044 | |||
Deferred income taxes | (4,400) | |||
Other liabilities | 296 | |||
Total liabilities assumed | (3,060) | |||
Net assets acquired | (18,352) | |||
Consideration: | ||||
Cash paid upon closing, net of cash acquired | (15,762) | |||
Goodwill | 2,590 | |||
Mindspeed Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Current assets | 50,612 | 50,612 | ||
Intangible assets | 138,663 | 138,663 | ||
Deferred income taxes | 92,881 | 92,881 | ||
Other assets | 31,788 | 31,788 | ||
Total assets acquired | 313,944 | 313,944 | ||
Liabilities assumed: | ||||
Current liabilities | 35,270 | 35,270 | ||
Debt | 40,177 | 40,177 | ||
Other liabilities | 5,865 | 5,865 | ||
Total liabilities assumed | 81,312 | 81,300 | 81,312 | |
Net assets acquired | 232,632 | 232,632 | ||
Consideration: | ||||
Cash paid upon closing, net of cash acquired | 232,028 | 232,000 | ||
Fair value of vested awards assumed in acquisition | 785 | $ 800 | 785 | |
Total consideration | 232,813 | |||
Goodwill | $ 181 | $ 181 |
Acquisitions - Schedule of Recl
Acquisitions - Schedule of Reclassification of Allocation Adjustments in Purchase Price Allocation (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Business Acquisition [Line Items] | ||
Cash paid upon closing, net of cash acquired | $ 208,352 | $ 260,875 |
BinOptics Corporation [Member] | ||
Business Acquisition [Line Items] | ||
Original Allocation | 224,114 | |
Reclassification of prepaid compensation | (14,586) | |
Reclassification of assumed capital lease debt | (1,044) | |
Reclassification of escrow fees | (17) | |
Cash received from acquiree related to working capital true-up | (115) | |
Allocation Adjustments | (15,762) | |
Cash paid upon closing, net of cash acquired | $ 208,352 |
Acquisitions - Components of Ac
Acquisitions - Components of Acquired Intangible Assets on a Preliminary Basis (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets | $ 224,470 | $ 137,405 |
BinOptics Corporation [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets | 136,900 | |
Mindspeed Acquisition [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets | 138,663 | |
Developed Technology [Member] | BinOptics Corporation [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets | $ 17,500 | |
Acquired intangible assets, Useful Lives | 7 years | |
Developed Technology [Member] | Mindspeed Acquisition [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets | $ 109,263 | |
Acquired intangible assets, Useful Lives | 7 years | |
Customer Relationships [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets | $ 119,400 | $ 11,520 |
Customer Relationships [Member] | BinOptics Corporation [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets | $ 119,400 | |
Acquired intangible assets, Useful Lives | 10 years | |
Customer Relationships [Member] | Mindspeed Acquisition [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets | $ 11,430 | |
Acquired intangible assets, Useful Lives | 10 years | |
In-Process Research and Development [Member] | Mindspeed Acquisition [Member] | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ||
Acquired intangible assets | $ 17,970 |
Acquisitions - Summary of Reven
Acquisitions - Summary of Revenue and Earnings (Detail) $ in Thousands | 12 Months Ended |
Oct. 02, 2015USD ($) | |
BinOptics Corporation [Member] | |
Business Acquisition [Line Items] | |
Revenue | $ 61,549 |
Income (loss) from continuing operations before income taxes | 354 |
Mindspeed Acquisition [Member] | |
Business Acquisition [Line Items] | |
Revenue | 94,613 |
Income (loss) from continuing operations before income taxes | $ (9,266) |
Acquisitions - Summary of Unaud
Acquisitions - Summary of Unaudited Supplemental Pro Forma Data (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
BinOptics Corporation [Member] | |||
Business Acquisition [Line Items] | |||
Revenue | $ 428,440 | $ 384,452 | |
Loss from continuing operations before income taxes | $ (3,489) | (98,119) | |
Mindspeed Acquisition [Member] | |||
Business Acquisition [Line Items] | |||
Revenue | 358,645 | $ 380,362 | |
Loss from continuing operations before income taxes | $ (21,164) | $ (43,007) |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Oct. 02, 2015 | Oct. 02, 2015 | Oct. 03, 2014 | |
Net Investment Income [Line Items] | |||
Purchase of investment securities | $ 40,200 | ||
Impairment of minority equity investment | $ 3,500 | ||
Proceeds from sale of minority equity investment | 1,500 | ||
Other long-term investments | $ 5,000 | ||
Other Expense [Member] | |||
Net Investment Income [Line Items] | |||
Impairment of minority equity investment | 3,500 | ||
Convertible Debt [Member] | |||
Net Investment Income [Line Items] | |||
Minority investment in the convertible debt | $ 500 | $ 300 |
Investments - Summary of Availa
Investments - Summary of Available for Sale Investments (Detail) $ in Thousands | 12 Months Ended |
Oct. 02, 2015USD ($) | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | $ 39,654 |
Gross Unrealized Holding Gains | 8 |
Gross Unrealized Holding Losses | (105) |
Aggregate Fair Value | 39,557 |
Corporate Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 24,546 |
Gross Unrealized Holding Gains | 5 |
Gross Unrealized Holding Losses | (89) |
Aggregate Fair Value | 24,462 |
US Treasuries and Agency Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Amortized Cost | 15,108 |
Gross Unrealized Holding Gains | 3 |
Gross Unrealized Holding Losses | (16) |
Aggregate Fair Value | $ 15,095 |
Investments - Summary of Contra
Investments - Summary of Contractual Maturities of Investments (Detail) $ in Thousands | Oct. 02, 2015USD ($) |
Amortized Cost and Fair Value Debt Securities [Abstract] | |
Less than 1 year | $ 16,259 |
Over 1 year | 23,298 |
Total investments | $ 39,557 |
Fair Value - Assets and Liabili
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | $ 54,557 | $ 250 |
Total liabilities measured at fair value | 22,972 | 16,621 |
Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 24,462 | |
US Treasuries and Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 15,095 | |
Trading Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 250 | |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 15,000 | |
Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 1,150 | 820 |
Common Stock Warrant Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 21,822 | 15,801 |
Active Markets for Identical Assets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 15,000 | |
Active Markets for Identical Assets (Level 1) [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 15,000 | |
Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 39,557 | |
Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 24,462 | |
Observable Inputs (Level 2) [Member] | US Treasuries and Agency Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 15,095 | |
Unobservable Inputs (Level 3) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 250 | |
Total liabilities measured at fair value | 22,972 | 16,621 |
Unobservable Inputs (Level 3) [Member] | Trading Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets measured at fair value | 250 | |
Unobservable Inputs (Level 3) [Member] | Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | 1,150 | 820 |
Unobservable Inputs (Level 3) [Member] | Common Stock Warrant Liability [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities measured at fair value | $ 21,822 | $ 15,801 |
Fair Value - Additional Informa
Fair Value - Additional Information (Detail) | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Expected life of common stock warrants | 5 years 2 months 12 days | 6 years 2 months 12 days |
Expected volatility | 36.00% | 42.30% |
Risk free rate | 1.30% | 2.16% |
Money Market Funds [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Investment maturity | 90 days or less |
Fair Value - Changes in Assets
Fair Value - Changes in Assets and Liabilities with Inputs Classified within Level 3 of Fair Value (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Trading Securities [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Changes in financial asset with inputs classified within Level 3 of the fair value, beginning balance | $ 250 | ||
Net Realized/ Unrealized Losses (Gains) Included in Earnings | 0 | $ 0 | |
Purchases and Issuances | 500 | 250 | |
Sales and Settlements | (750) | ||
Transfers in and/or (out) of Level 3 | 0 | 0 | |
Changes in financial asset with inputs classified within Level 3 of the fair value, ending balance | 250 | ||
Contingent Consideration [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Changes in financial liabilities with inputs classified within Level 3 of the fair value, beginning balance | 820 | $ 6,580 | |
Net Realized/ Unrealized Losses (Gains) Included in Earnings | 330 | (577) | |
Purchases and Issuances | 820 | ||
Sales and Settlements | (6,003) | ||
Transfers in and/or (out) of Level 3 | 0 | 0 | 0 |
Changes in financial liabilities with inputs classified within Level 3 of the fair value, ending balance | 1,150 | 820 | |
Common Stock Warrant Liability [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Changes in financial liabilities with inputs classified within Level 3 of the fair value, beginning balance | 15,801 | 11,873 | 7,561 |
Net Realized/ Unrealized Losses (Gains) Included in Earnings | 6,021 | 3,928 | 4,312 |
Transfers in and/or (out) of Level 3 | 0 | 0 | 0 |
Changes in financial liabilities with inputs classified within Level 3 of the fair value, ending balance | $ 21,822 | $ 15,801 | $ 11,873 |
Inventories - Components of Inv
Inventories - Components of Inventories (Detail) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 44,329 | $ 34,919 |
Work-in-process | 3,086 | 5,500 |
Finished goods | 32,528 | 31,062 |
Total | $ 79,943 | $ 71,481 |
Property Plant and Equipment -
Property Plant and Equipment - Components of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 146,182 | $ 96,968 |
Less accumulated depreciation and amortization | (62,423) | (46,916) |
Property and equipment - net | 83,759 | 50,052 |
Land, Buildings and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 10,981 | |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 89,852 | 67,427 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 9,161 | 7,958 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 983 | 1,017 |
Construction in Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | 25,898 | 12,918 |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Total property and equipment | $ 9,307 | $ 7,648 |
Property Plant and Equipment 74
Property Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 15.7 | $ 14 | $ 10.5 |
Debt - Additional Information (
Debt - Additional Information (Detail) - USD ($) | May. 08, 2014 | Sep. 26, 2013 | Oct. 02, 2015 | Oct. 03, 2014 | Feb. 28, 2015 |
Debt Instrument [Line Items] | |||||
Indebtedness on revolving credit facility | $ 245,000,000 | $ 100,000,000 | $ 245,000,000 | ||
Repayment of outstanding credit facility | $ 245,000,000 | 100,000,000 | 245,000,000 | ||
Estimated fair value of Term Loans | 346,500,000 | ||||
BinOptics Corporation [Member] | |||||
Debt Instrument [Line Items] | |||||
Indebtedness on revolving credit facility | 100,000,000 | ||||
Capital lease obligations | 2,500,000 | ||||
Capital lease obligations outstanding amount | 1,000,000 | ||||
Debt acquired | $ 2,535,000 | ||||
Mindspeed Acquisition [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt acquired | $ 40,177,000 | ||||
Term Loans [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility maturity date | May 31, 2021 | ||||
Revolving credit facility maximum borrowing availability | 350,000,000 | ||||
Deferred financing costs | 2,100,000 | ||||
Term loan discount rate | 0.75% | ||||
Revolving credit facility interest rate | Borrowings under the Revolving Facility bear interest (payable quarterly) at (i) for LIBOR loans, a rate per annum equal to the LIBOR rate, plus an applicable margin in the range of 2.00% to 2.50% (based on our total net leverage ratio being within certain defined ranges); and (ii) for base rate loans, a rate per annum equal to the prime rate, plus an applicable margin in the range of 1.00% to 1.50% (based on our total net leverage ratio being within certain defined ranges). | ||||
Line of credit effective interest rate | 4.50% | ||||
Term loans payment term | The Term Loans are payable in quarterly principal installments equal to 0.25% of the aggregate dollar amount of all Term Loans outstanding at the signing of the Credit Agreement, with the remainder due on the maturity date. | ||||
Percentage of quarterly principal installment | 0.25% | ||||
Principal amount | $ 345,625,000 | ||||
Term Loans [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Floor rate | 0.75% | ||||
Applicable margin rate | 3.75% | ||||
Term Loans [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Floor rate | 1.75% | ||||
Applicable margin rate | 2.75% | ||||
Revolving Credit Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility maturity date | Sep. 30, 2018 | ||||
Revolving credit facility amended date | Nov. 5, 2013 | ||||
Revolving credit facility maximum borrowing availability | $ 300,000,000 | ||||
Credit facility, remaining borrowing capacity | $ 130,000,000 | ||||
Debt issuance fee | 8,700,000 | ||||
Unamortized deferred financing costs | $ 6,900,000 | ||||
Revolving Credit Facility [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of unused line fee | 0.25% | ||||
Revolving Credit Facility [Member] | Minimum [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Applicable margin rate | 2.00% | ||||
Revolving Credit Facility [Member] | Minimum [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Applicable margin rate | 1.00% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Percentage of unused line fee | 0.375% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | LIBOR [Member] | |||||
Debt Instrument [Line Items] | |||||
Applicable margin rate | 2.50% | ||||
Revolving Credit Facility [Member] | Maximum [Member] | Base Rate [Member] | |||||
Debt Instrument [Line Items] | |||||
Applicable margin rate | 1.50% | ||||
Revolving Credit Facility One [Member] | |||||
Debt Instrument [Line Items] | |||||
Revolving credit facility maturity date | May 31, 2019 | ||||
Revolving credit facility maximum borrowing availability | $ 100,000,000 | $ 130,000,000 |
Debt - Schedule of Remained Out
Debt - Schedule of Remained Outstanding on Term Loans (Detail) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Debt Instrument [Line Items] | ||
Current portion | $ 4,058 | $ 3,478 |
Long-term, less current portion | 340,504 | $ 343,178 |
Term Loans [Member] | ||
Debt Instrument [Line Items] | ||
Principal balance | 345,625 | |
Unamortized discount | (2,094) | |
Total Term Loans | 343,531 | |
Total Term Loans | 343,531 | |
Current portion | 3,500 | |
Long-term, less current portion | $ 340,031 |
Debt - Schedule of Minimum Prin
Debt - Schedule of Minimum Principal Payments under Term Loans (Detail) - Term Loans [Member] $ in Thousands | Oct. 02, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 3,500 |
2,017 | 3,500 |
2,018 | 3,500 |
2,019 | 3,500 |
2,020 | 3,500 |
Thereafter | 328,125 |
Total | $ 345,625 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Employee Benefit Plan [Line Items] | |||
Employer contribution | $ 0 | $ 1,400,000 | |
Foreign Jurisdictions [Member] | |||
Employee Benefit Plan [Line Items] | |||
Discretionary matching contribution | $ 1,000,000 | $ 1,000,000 | $ 900,000 |
Accrued Liabilities - Schedule
Accrued Liabilities - Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Other Liabilities Disclosure [Abstract] | ||
Compensation and benefits | $ 20,711 | $ 19,135 |
Product warranty | 656 | 446 |
Professional fees | 2,167 | 1,528 |
Software licenses | 1,223 | 1,862 |
Distribution costs | 3,091 | 1,757 |
Restructuring costs | 943 | 801 |
Interest payable | 3,502 | 2,447 |
Rent and utilities | 1,458 | 1,658 |
Other | 3,848 | 3,962 |
Total | $ 37,599 | $ 33,596 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease Payments for Operating Leases (Detail) $ in Thousands | Oct. 02, 2015USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2,016 | $ 7,343 |
2,017 | 6,555 |
2,018 | 5,177 |
2,019 | 4,836 |
2,020 | 2,038 |
Thereafter | 4,279 |
Total minimum lease payments | $ 30,228 |
Commitments and Contingencies81
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Loss Contingencies [Line Items] | |||
Rental expenses | $ 6.5 | $ 6.6 | $ 4.5 |
Asset retirement obligation | 1.3 | $ 1.8 | $ 1 |
Outstanding non-cancelable purchase commitments | 1.2 | ||
Letter of Credit [Member] | |||
Loss Contingencies [Line Items] | |||
Outstanding unused letters of credit | $ 0.4 |
Restructurings - Summary of Cos
Restructurings - Summary of Costs Related to Restructuring Actions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Restructuring and Related Activities [Abstract] | |||
Beginning Balance of accrued costs | $ 801 | $ 145 | $ 328 |
Current period charges | 1,280 | 14,823 | 1,060 |
Payments | (1,138) | (14,167) | (1,243) |
Ending Balance of accrued costs | $ 943 | $ 801 | $ 145 |
Product Warranties - Additional
Product Warranties - Additional Information (Detail) | 12 Months Ended |
Oct. 02, 2015 | |
Minimum [Member] | |
Product Warranty Liability [Line Items] | |
Term of product warranties | 12 months |
Maximum [Member] | |
Product Warranty Liability [Line Items] | |
Term of product warranties | 60 months |
Product Warranties - Schedule o
Product Warranties - Schedule of Product Warranty Liability Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Payables and Accruals [Abstract] | |||
Balance - beginning of year | $ 446 | $ 318 | $ 549 |
Impact of acquisition | 50 | 202 | |
Provisions | 160 | (74) | (49) |
Direct charges | (182) | ||
Balance - end of year | $ 656 | $ 446 | $ 318 |
Intangible Assets - Summary of
Intangible Assets - Summary of Amortization Expense of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Finite-Lived Intangible Assets [Line Items] | |||
Total | $ 38,980 | $ 20,593 | $ 4,321 |
Cost of Revenue [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | 27,285 | 18,787 | 2,986 |
Selling, General and Administrative [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Total | $ 11,695 | $ 1,806 | $ 1,335 |
Intangible Assets - Summary o86
Intangible Assets - Summary of Intangible Assets (Detail) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 318,006 | $ 177,993 |
Less accumulated amortization | (74,340) | (35,360) |
Intangible assets-net | 243,666 | 142,633 |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 162,536 | 131,953 |
Less accumulated amortization | (52,000) | (27,800) |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 144,070 | 24,670 |
Less accumulated amortization | (22,300) | (7,600) |
In-Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 8,000 | 17,970 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $ 3,400 | $ 3,400 |
Intangible Assets - Summary o87
Intangible Assets - Summary of Activity in Intangible Assets and Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Balance | $ 188,777 | $ 46,937 |
Net intangibles acquired | 224,470 | 137,405 |
Adjustment to fair value | (190) | |
Goodwill allocation to discontinued operations | (5,008) | |
Other intangibles purchased | 3,303 | 4,435 |
Balance | 411,352 | 188,777 |
In-Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance | 17,970 | |
Net intangibles acquired | 17,970 | |
Placed in service | (9,780) | |
Adjustment to fair value | (190) | |
Balance | 8,000 | 17,970 |
Trade Name [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance | 3,400 | 3,400 |
Balance | 3,400 | 3,400 |
Goodwill [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance | 10,784 | 6,750 |
Net intangibles acquired | 87,570 | 4,034 |
Goodwill allocation to discontinued operations | (5,008) | |
Balance | 93,346 | 10,784 |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance | 131,953 | 23,637 |
Net intangibles acquired | 17,500 | 103,881 |
Placed in service | 9,780 | |
Other intangibles purchased | 3,303 | 4,435 |
Balance | 162,536 | 131,953 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Balance | 24,670 | 13,150 |
Net intangibles acquired | 119,400 | 11,520 |
Balance | $ 144,070 | $ 24,670 |
Intangible Assets - Summary o88
Intangible Assets - Summary of Estimated Amortization of Intangible Assets (Detail) $ in Thousands | Oct. 02, 2015USD ($) |
Finite-Lived Intangible Assets, Net [Abstract] | |
2,016 | $ 43,266 |
2,017 | 41,741 |
2,018 | 36,354 |
2,019 | 31,276 |
2,020 | 25,779 |
Thereafter | 53,996 |
Total | $ 232,412 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | |
Jul. 31, 2013 | Oct. 02, 2015 | Oct. 03, 2014 | |
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | $ 74,340,000 | $ 35,360,000 | |
Maximum potential payments to be made for technology licensing and transfer agreement | $ 9,000,000 | ||
Amortization period of acquired technology | 2,017 | ||
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Period of potential payments to be made for technology licensing and transfer agreement | 2016-07 | ||
Acquired Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | 52,000,000 | 27,800,000 | |
Cost incurred in licensing and transfer of technology | 5,000,000 | 2,700,000 | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Accumulated amortization | $ 22,300,000 | $ 7,600,000 |
Income Taxes - Components of De
Income Taxes - Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Oct. 02, 2015 | Oct. 03, 2014 |
Current deferred tax assets: | ||
Accrued liabilities | $ 11,332 | $ 9,830 |
Inventory | 5,043 | 8,088 |
Deferred revenue | (3) | 4,451 |
Accounts receivable | 51 | 142 |
Federal net operating loss | 11,186 | 15,452 |
Other current deferred tax assets | 46 | |
Discontinued operations | 2,703 | |
Deferred compensation | 3,468 | |
Valuation allowance | (2,349) | (2,052) |
Current net deferred tax assets | 31,431 | 35,957 |
Non-current deferred tax assets (liabilities): | ||
Federal and foreign net operating losses and credits | 70,448 | 128,035 |
Intangible assets | (44,196) | (33,158) |
Property and equipment | (2,977) | (3,072) |
Other non-current deferred tax assets | 292 | 272 |
Discontinued operations | 9,191 | |
Deferred compensation | 1,066 | |
Deferred gain | 23,531 | |
Valuation allowance | (9,116) | (7,448) |
Non-current net deferred tax assets (liabilities) | 48,239 | 84,629 |
Total deferred tax asset | $ 79,670 | $ 120,586 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Income Taxes [Line Items] | |||
Valuation allowance amount | $ 2,349 | $ 2,052 | |
Tax credit valuation allowance | 2,000 | ||
Deferred tax credit valuation allowance, state | 1,200 | ||
Reduction in deferred tax credit | 600 | ||
Income (loss) from operations before income taxes | $ (15,400) | $ (40,900) | $ 2,946 |
Effective income tax rate | 63.90% | 39.40% | 14.80% |
Undistributed earnings | $ 71,300 | ||
UK [Member] | |||
Income Taxes [Line Items] | |||
Deferred research and development tax credit valuation allowance | 1,400 | ||
Ireland [Member] | |||
Income Taxes [Line Items] | |||
Undistributed earnings | 34,800 | ||
Grand Cayman [Member] | |||
Income Taxes [Line Items] | |||
Undistributed earnings | 24,300 | ||
United States-Federal [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforward | 193,500 | ||
Mindspeed Acquisition [Member] | |||
Income Taxes [Line Items] | |||
Valuation allowance amount | 11,500 | $ 9,500 | |
Mindspeed Acquisition [Member] | United States-Federal [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforward | 158,900 | ||
BinOptics Corporation [Member] | United States-Federal [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforward | 26,200 | ||
Prior Acquisitions [Member] | United States-Federal [Member] | |||
Income Taxes [Line Items] | |||
Net operating loss carryforward | $ 8,400 |
Income Taxes - Summary of Domes
Income Taxes - Summary of Domestic and Foreign Income (Loss) from Continuing Operations Before Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Income Tax Disclosure [Abstract] | |||
United States | $ (34,251) | $ (60,836) | $ (11,333) |
Foreign | 18,851 | 19,936 | 14,279 |
(Loss) income from operations before income taxes | $ (15,400) | $ (40,900) | $ 2,946 |
Income Taxes - Components of Pr
Income Taxes - Components of Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Current: | |||
Federal | $ (19,015) | $ 712 | $ 2,923 |
State | 688 | (419) | 1,024 |
Foreign | 1,092 | 2,181 | 986 |
Current provision (benefit) | (17,235) | 2,474 | 4,933 |
Deferred: | |||
Federal | 10,845 | (16,557) | (3,326) |
State | (4,131) | (756) | (1,146) |
Foreign | (1,302) | (725) | (273) |
Change in valuation allowance | 1,965 | (522) | 95 |
Deferred provision (benefit) | 7,377 | (18,560) | (4,650) |
Total provision (benefit) | $ (9,858) | $ (16,086) | $ 283 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Effective Tax Rates (Detail) | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Income Tax Disclosure [Abstract] | |||
Federal statutory rate | 35.00% | 35.00% | 35.00% |
Foreign rate differential | 30.50% | 11.20% | (117.90%) |
State taxes net of federal benefit | 3.50% | 1.80% | 26.00% |
Warrant liabilities | (13.70%) | (3.40%) | 51.20% |
Change in valuation allowance | (6.00%) | (0.30%) | 3.20% |
Research and development credits | 16.10% | 1.90% | (98.60%) |
Provision to return adjustments | 9.90% | 7.30% | |
Nondeductible compensation expense | (8.90%) | (1.50%) | 7.00% |
Nondeductible legal fees | (4.10%) | (1.90%) | |
Nitronex losses | (2.60%) | 102.70% | |
Other permanent differences | 1.60% | (0.80%) | (1.10%) |
Effective income tax rate | 63.90% | 39.40% | 14.80% |
Income Taxes - Activity Related
Income Taxes - Activity Related to Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Income Tax Disclosure [Abstract] | ||
Beginning Balance | $ (1,670) | |
Additions based on tax positions | $ (1,670) | |
Reductions based on tax positions | 0 | 0 |
Ending Balance | $ (1,670) | $ (1,670) |
Income Taxes - Summary of Fisca
Income Taxes - Summary of Fiscal Tax Years Examination by Jurisdictions (Detail) | 12 Months Ended |
Oct. 02, 2015 | |
United States-Federal [Member] | |
Income Taxes And Tax Related [Line Items] | |
Tax Years Subject to Examination | 2013 - forward |
United States-Various States [Member] | |
Income Taxes And Tax Related [Line Items] | |
Tax Years Subject to Examination | 2012 - forward |
Ireland [Member] | |
Income Taxes And Tax Related [Line Items] | |
Tax Years Subject to Examination | 2012 - forward |
Share-Based Compensation Plans
Share-Based Compensation Plans - Effects of Stock-Based Compensation Expense Related to Stock-Based Awards to Employees and Non-Employees (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Components Of Salaries And Benefits [Line Items] | |||
Total stock-based compensation expense | $ 19,435 | $ 11,277 | $ 6,096 |
Cost of Revenue [Member] | |||
Components Of Salaries And Benefits [Line Items] | |||
Total stock-based compensation expense | 1,949 | 1,771 | 1,068 |
Research and Development [Member] | |||
Components Of Salaries And Benefits [Line Items] | |||
Total stock-based compensation expense | 5,447 | 2,818 | 1,739 |
Selling, General and Administrative [Member] | |||
Components Of Salaries And Benefits [Line Items] | |||
Total stock-based compensation expense | $ 12,039 | $ 6,688 | $ 3,649 |
Share-Based Compensation Plan98
Share-Based Compensation Plans - Additional Information (Detail) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||
Sep. 30, 2015USD ($)$ / sharesshares | May. 31, 2015USD ($)$ / sharesshares | Apr. 30, 2015USD ($)$ / sharesshares | Apr. 30, 2014USD ($)$ / sharesshares | Oct. 02, 2015USD ($)Employees$ / sharesshares | Apr. 03, 2015USD ($)$ / shares | Oct. 03, 2015USD ($) | Oct. 02, 2015USD ($)Plans$ / sharesshares | Oct. 03, 2014USD ($)shares | Oct. 02, 2014USD ($) | Sep. 27, 2013USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Number of equity incentive plans | Plans | 3 | ||||||||||
Stock-based compensation | $ 19,435 | $ 11,277 | $ 6,096 | ||||||||
Stock options granted targeted vesting period | 10 years | ||||||||||
Total intrinsic value of options exercised | $ 7,100 | $ 7,600 | 8,400 | ||||||||
Stock options granted | shares | 255,000 | ||||||||||
Stock options granted, fair value | $ 3,500 | ||||||||||
Weighted-Average Exercise Price per Share, Granted | $ / shares | $ 33.60 | ||||||||||
Compensation cost expected to be recognized | 3 years | 3 years 4 months 24 days | |||||||||
Target price per share for any remaining unamortized compensation cost that will be recognized | $ / shares | $ 32.55 | $ 32.55 | |||||||||
Compensation expense to be recognized | $ 2,500 | ||||||||||
Aggregate Intrinsic Value, Shares expected to vest | $ 45,328 | $ 45,328 | |||||||||
Fair value of restricted stock awards and units vesting, total | $ 23,300 | $ 9,200 | 3,900 | ||||||||
Number of employees | Employees | 20 | ||||||||||
Stock compensation expense | $ 1,200 | ||||||||||
Total unrecognized compensation cost | $ 37,800 | $ 37,800 | |||||||||
Common stock, Issued | shares | 52,958,000 | 52,958,000 | 47,548,000 | ||||||||
Common Stock [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Closing price per share | $ / shares | $ 34.79 | ||||||||||
Minimum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock options granted targeted vesting period | 4 years | ||||||||||
Percentage of options granted to vest at the end of one year | 25.00% | ||||||||||
Exercisable period of options granted | 7 years | ||||||||||
Shares available for future grants | shares | 9,000,000 | 9,000,000 | |||||||||
Percentage of change in control plan | 100.00% | ||||||||||
Maximum [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Exercisable period of options granted | 10 years | ||||||||||
Stock options granted | shares | 405,000 | ||||||||||
Percentage of change in control plan | 200.00% | ||||||||||
Automotive Divestiture [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock-based compensation | $ 400 | $ 300 | $ 100 | ||||||||
2012 Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Stock options granted | shares | 30,000 | ||||||||||
Stock options granted, fair value | $ 400 | ||||||||||
Exercise price | $ / shares | $ 29.80 | ||||||||||
Target price at closing | $ / shares | 63.60 | ||||||||||
Estimated fair value of stock options | $ / shares | $ 12.38 | ||||||||||
Consecutive trading days | 3 days | ||||||||||
Increase in common stock available for issuance, maximum percentage | 4.00% | ||||||||||
Increase in common stock available for issuance, shares | shares | 1,900,000 | 1,900,000 | |||||||||
2012 Employee Stock Purchase Plan [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Maximum payroll deductions to purchase shares of the Company's common stock at a discount | 15.00% | ||||||||||
Initial Offering Period | In administering the ESPP, the board of directors has limited discretion to set the length of the offering periods thereunder. | ||||||||||
Common stock, Issued | shares | 176,000 | 176,000 | 150,000 | ||||||||
Increase in common stock available for issuance, maximum percentage | 1.25% | ||||||||||
Increase in common stock available for issuance, shares | shares | 550,000 | 550,000 | |||||||||
Performance Based Restricted Stock Unit Awards [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Exercisable period of options granted | 7 years | ||||||||||
Stock options granted | shares | 225,000 | 225,000 | |||||||||
Stock options granted, fair value | $ 2,000 | $ 2,000 | |||||||||
Weighted-average grant-date fair value per PRSU, non-vested | $ / shares | $ 10.12 | $ 10.35 | $ 34.39 | $ 34.39 | |||||||
Weighted-Average Exercise Price per Share, Granted | $ / shares | $ 34.06 | ||||||||||
Performance Based Restricted Stock Unit Awards [Member] | Minimum [Member] | Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Earning percentage of targeted shares | 0.00% | ||||||||||
Performance Based Restricted Stock Unit Awards [Member] | Minimum [Member] | Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Earning percentage of targeted shares | 0.00% | ||||||||||
Performance Based Restricted Stock Unit Awards [Member] | Minimum [Member] | Tranche Three [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Earning percentage of targeted shares | 0.00% | ||||||||||
Performance Based Restricted Stock Unit Awards [Member] | Maximum [Member] | Tranche One [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Earning percentage of targeted shares | 300.00% | ||||||||||
Performance Based Restricted Stock Unit Awards [Member] | Maximum [Member] | Tranche Two [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Earning percentage of targeted shares | 300.00% | ||||||||||
Performance Based Restricted Stock Unit Awards [Member] | Maximum [Member] | Tranche Three [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Earning percentage of targeted shares | 300.00% | ||||||||||
Restricted Stock Units [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Fair value of restricted stock awards and units vesting, total | $ 7,800 |
Share-Based Compensation Plan99
Share-Based Compensation Plans - Summary of Stock Option Activity (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Aggregate Intrinsic Value Options outstanding, Beginning balance | $ 10,015 | |
Number of Shares, Granted | 255 | |
Number of Shares, Exercised | (288) | |
Number of Shares, Forfeited, canceled or expired | (26) | |
Number of Shares, Options outstanding - Ending Balance | 889 | |
Number of Shares, Options vested and expected to vest - October 2, 2015 | 889 | |
Number of Shares, Options exercisable - October 2, 2015 | 644 | |
Weighted-Average Exercise Price per Share, Granted | $ 33.60 | |
Weighted-Average Exercise Price per Share, Exercised | 9.08 | |
Weighted-Average Exercise Price per Share, Forfeited, canceled or expired | 27.11 | |
Weighted-Average Exercise Price per Share, Options outstanding, Ending balance | 18.4 | |
Weighted-Average Exercise Price per Share, Options vested and expected to vest - October 2, 2015 | 18.4 | |
Weighted-Average Exercise Price per Share, Options exercisable - October 2, 2015 | $ 12.63 | |
Weighted-Average Remaining Contractual Term (in Years), Options outstanding | 6 years 2 months 9 days | 6 years 7 months 6 days |
Weighted-Average Remaining Contractual Term (in Years), Options vested and expected to vest - October 2, 2015 | 6 years 2 months 9 days | |
Weighted-Average Remaining Contractual Term (in Years), Options exercisable - October 2, 2015 | 6 years 11 days | |
Aggregate Intrinsic Value Options outstanding, Ending balance | $ 10,574 | |
Aggregate Intrinsic Value, Options vested and expected to vest - October 2, 2015 | 10,574 | |
Aggregate Intrinsic Value, Options exercisable - October 2, 2015 | $ 10,574 |
Share-Based Compensation Pla100
Share-Based Compensation Plans - Weighted Average Assumptions used for Calculating Fair Value of Stock Options Granted (Detail) | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-free interest rate | 1.20% | 2.71% |
Expected term (years) | 4 years | 10 years |
Expected volatility | 36.20% | 42.60% |
Expected dividends | 0.00% | 0.00% |
Share-Based Compensation Pla101
Share-Based Compensation Plans - Summary of Restricted Stock and Restricted Stock Units Activity (Detail) shares in Thousands, $ in Thousands | 12 Months Ended |
Oct. 02, 2015USD ($)shares | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Number of Shares, Granted | 821 |
Number of Shares, Vested | (704) |
Number of Shares, Forfeited, canceled or expired | (145) |
Number of Shares, Issued and unvested shares - ending balance | 1,692 |
Number of Shares, Shares expected to vest | 1,586 |
Weighted-Average Remaining Contractual Term in Years, Issued and unvested - October 3, 2014 | 2 years 3 months 18 days |
Weighted-Average Remaining Contractual Term in Years, Issued and unvested shares -October 2, 2015 | 1 year 4 months 24 days |
Weighted-Average Remaining Contractual Term in Years, Shares expected to vest | 1 year 3 months 18 days |
Aggregate Intrinsic Value, Issued and unvested shares - Ending Balance | $ | $ 48,375 |
Aggregate Intrinsic Value, Shares expected to vest | $ | $ 45,328 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of Performance-Based Restricted Stock Unit Activity (Detail) shares in Thousands | 12 Months Ended |
Oct. 02, 2015$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Granted | 821 |
Number of Shares, Vested | 704 |
Number of Shares, Forfeited | 145 |
Number of Shares, Issued and unvested shares - ending balance | 1,692 |
Performance Based Restricted Stock Unit Awards [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of Shares, Granted | 83,954 |
Number of Shares, Change due to performance condition achievement | 251,862 |
Number of Shares, Vested | 0 |
Number of Shares, Forfeited | 0 |
Number of Shares, Issued and unvested shares - ending balance | 335,816 |
Weighted-Average Grant-Date Fair Value per PRSU, Granted | $ / shares | $ 34.39 |
Weighted-Average Grant-Date Fair Value per PRSU, Change due to performance condition achievement | $ / shares | 34.39 |
Weighted-Average Grant-Date Fair Value per PRSU, Vested | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value per PRSU, Forfeited | $ / shares | 0 |
Weighted-Average Grant-Date Fair Value per PRSU, Non-vested - ending balance | $ / shares | $ 34.39 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - $ / shares | 1 Months Ended | ||
Mar. 31, 2012 | Oct. 02, 2015 | Oct. 03, 2014 | |
Class of Warrant or Right [Line Items] | |||
Unvested shares of restricted common stock excluded from outstanding shares | 11,000 | 59,000 | |
Common stock warrants per share | $ 14.05 | ||
Warrants expire | Dec. 21, 2020 | ||
Common Stock [Member] | |||
Class of Warrant or Right [Line Items] | |||
Common stock warrants | 1,281,358 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Activity of Warrant Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Statement of Stockholders' Equity [Abstract] | ||
Beginning Balance | $ 15,801 | $ 11,873 |
Change in estimated fair value | 6,021 | 3,928 |
Ending Balance | $ 21,822 | $ 15,801 |
Related-Party Transactions - Ad
Related-Party Transactions - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Privately Held Company [Member] | |||
Related Party Transaction [Line Items] | |||
Other income-related party | $ 1,100,000 | $ 200,000 | $ 200,000 |
GaAs Labs [Member] | |||
Related Party Transaction [Line Items] | |||
Minimum service requirements or payment obligations | $ 0 | ||
Notice period to terminate agreement | 30 days | ||
Other income-related party | $ 0 | $ 100,000 | $ 400,000 |
Discontinued Operations - Addit
Discontinued Operations - Additional information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
May. 31, 2014 | Oct. 02, 2015 | Oct. 02, 2015 | Oct. 03, 2014 | Aug. 17, 2015 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash proceeds from sale of non-core assets | $ 81,208,000 | $ 12,345,000 | |||
Gain (loss) on sale of business | 63,256,000 | ||||
Automotive Business [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash consideration on sale of business | $ 82,100,000 | 82,100,000 | $ 82,100,000 | ||
Working capital and other adjustments payable | $ 18,000,000 | ||||
Pending resolution contingencies period under indemnification agreement | 18 months | ||||
Pre tax gain on sale of business | $ 61,800,000 | ||||
Automotive Business [Member] | Maximum [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Additional cash proceeds to be received from revenue based earnout | $ 30,000,000 | ||||
Consulting Agreement [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Non design advisory services period | 2 years | ||||
Consulting Agreement [Member] | Maximum [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash consideration on sale of business | $ 15,000,000 | 15,000,000 | |||
Mindspeed Wireless Business [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Pre tax gain on sale of business | 1,600,000 | ||||
Cash proceeds from sale of non-core assets | $ 3,100,000 | 12,300,000 | |||
Product Line One [Member] | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Cash proceeds from sale of non-core assets | $ 12,000,000 | ||||
Gain (loss) on sale of business | $ 0 |
Discontinued Operations - Summa
Discontinued Operations - Summary of Operating Results Through Dates of Divestiture Related to Divested Businesses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 03, 2014 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Operating expenses: | |||||||||||
Income (loss) from discontinued operations | $ 40,564 | $ 6,271 | $ 3,639 | $ 3,657 | $ 3,959 | $ 2,533 | $ 1,067 | $ 1,932 | $ 54,131 | $ 9,491 | $ 15,533 |
Automotive Business [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenue | 71,712 | 79,473 | 80,368 | ||||||||
Cost of revenue | 46,931 | 51,425 | 53,153 | ||||||||
Gross profit | 24,781 | 28,048 | 27,215 | ||||||||
Operating expenses: | |||||||||||
Research and development | 2,319 | 2,334 | 2,083 | ||||||||
Selling, general and administrative | 2,441 | 3,586 | 747 | ||||||||
Total operating expenses | 4,760 | 5,920 | 2,830 | ||||||||
Income (loss) from discontinued operations | 20,021 | 22,128 | 24,385 | ||||||||
Other income (expense) | 4,000 | ||||||||||
Gain on sale | 61,771 | ||||||||||
Income (loss) before income taxes | 85,792 | 22,128 | 24,385 | ||||||||
Income tax provision (benefit) | 32,652 | 8,032 | 8,852 | ||||||||
Income (loss) from discontinued operations | 53,140 | 14,096 | 15,533 | ||||||||
Above includes depreciation & amortization of | 189 | 302 | 311 | ||||||||
Cashflow from Operating Activities | (9,513) | 16,945 | 11,798 | ||||||||
Cashflow from Investing Activities | (505) | (275) | $ (48) | ||||||||
Mindspeed Wireless Business [Member] | |||||||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||||||
Revenue | 2,439 | ||||||||||
Cost of revenue | 1,249 | ||||||||||
Gross profit | 1,190 | ||||||||||
Operating expenses: | |||||||||||
Research and development | 4,531 | ||||||||||
Selling, general and administrative | 1,078 | ||||||||||
Restructuring charges | 2,962 | ||||||||||
Total operating expenses | 8,571 | ||||||||||
Income (loss) from discontinued operations | (7,381) | ||||||||||
Gain on sale | 1,550 | ||||||||||
Income (loss) before income taxes | 1,550 | (7,381) | |||||||||
Income tax provision (benefit) | 559 | (2,776) | |||||||||
Income (loss) from discontinued operations | 991 | (4,605) | |||||||||
Cashflow from Operating Activities | $ 991 | $ (4,605) |
Earnings Per Share - Computatio
Earnings Per Share - Computation for Basic and Diluted Net Income (Loss) Per Share of Common Stock (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 03, 2014 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Numerator: | |||||||||||
Income (loss) from continuing operations | $ 13,841 | $ 1,756 | $ (11,176) | $ (9,963) | $ 10,578 | $ (1,350) | $ (23,189) | $ (10,853) | $ (5,542) | $ (24,814) | $ 2,663 |
Loss from discontinued operations | 40,564 | $ 6,271 | $ 3,639 | $ 3,657 | $ 3,959 | $ 2,533 | $ 1,067 | $ 1,932 | 54,131 | 9,491 | 15,533 |
Net income (loss) | 48,589 | (15,323) | 18,196 | ||||||||
Warrant liability gain | $ 9,700 | 0 | 0 | 0 | |||||||
Net income (loss) attributable to common stockholders | $ 48,589 | $ (15,323) | $ 18,196 | ||||||||
Denominator: | |||||||||||
Weighted average common shares outstanding-basic | 51,146 | 47,009 | 45,916 | ||||||||
Weighted average common shares outstanding-diluted | 51,146 | 47,009 | 47,137 | ||||||||
Basic income (loss) per common share: | |||||||||||
Continuing operations | $ 0.26 | $ 0.03 | $ (0.22) | $ (0.21) | $ 0.22 | $ (0.03) | $ (0.50) | $ (0.23) | $ (0.11) | $ (0.53) | $ 0.06 |
Discontinued operations | 1.06 | 0.20 | 0.34 | ||||||||
Net income (loss) - basic | 0.95 | (0.33) | 0.40 | ||||||||
Diluted income (loss) per common share: | |||||||||||
Continuing operations | $ 0.08 | $ 0.03 | $ (0.22) | $ (0.21) | $ 0.22 | $ (0.03) | $ (0.50) | $ (0.23) | (0.11) | (0.53) | 0.06 |
Discontinued operations | 1.06 | 0.20 | 0.33 | ||||||||
Net income (loss) - diluted | $ 0.95 | $ (0.33) | $ 0.39 | ||||||||
Stock Options Restricted Stock and Warrants [Member] | |||||||||||
Denominator: | |||||||||||
Dilutive effect of options and warrants | 1,221 |
Earnings Per Share - Common Equ
Earnings Per Share - Common Equivalent Shares Excluded from Calculation from Net Income Per Share (Detail) - shares shares in Thousands | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalent shares excluded | 2,056 | 1,408 |
Stock Options and Restricted Stock [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalent shares excluded | 1,342 | 1,079 |
Warrants [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Total common stock equivalent shares excluded | 714 | 329 |
Supplemental Cash Flow Infor110
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information Regarding Noncash Investing and Financing Activities (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract] | |||
Cash paid for interest | $ 15,607 | $ 6,994 | $ 501 |
Cash paid for income taxes | $ 22,676 | $ 4,668 | $ 7,318 |
Supplemental Cash Flow Infor111
Supplemental Cash Flow Information - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 02, 2015 | Oct. 03, 2014 | |
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Unpaid amounts related to purchase of assets | $ 3.2 | $ 2.4 |
Mindspeed Acquisition [Member] | ||
Fair Value, Instruments Classified in Shareholders' Equity Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ||
Assumed indebtedness | 40.2 | |
Debt paid | $ 40.2 |
Accumulated Other Comprehens112
Accumulated Other Comprehensive Income - Summary of Accumulated Other Comprehensive Income, Net of Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income, beginning balance | $ (1,354) | $ (167) | |
Foreign currency translation adjustment | (918) | (1,097) | $ (30) |
Pension adjustment, net of tax | (90) | ||
Other adjustments | 90 | (90) | |
Unrealized gain/loss on short term investments | (97) | ||
Accumulated other comprehensive income, ending balance | (2,279) | (1,354) | (167) |
Foreign Currency Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income, beginning balance | (1,264) | (167) | |
Foreign currency translation adjustment | (918) | (1,097) | |
Accumulated other comprehensive income, ending balance | (2,182) | (1,264) | $ (167) |
Other Items [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Accumulated other comprehensive income, beginning balance | (90) | ||
Pension adjustment, net of tax | (90) | ||
Other adjustments | 90 | ||
Unrealized gain/loss on short term investments | (97) | ||
Accumulated other comprehensive income, ending balance | $ (97) | $ (90) |
Geographic and Significant C113
Geographic and Significant Customer Information - Additional Information (Detail) | 12 Months Ended | ||
Oct. 02, 2015SegmentCustomer | Oct. 03, 2014 | Sep. 27, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of reportable operating segment | 1 | ||
Number of major customers | Customer | 10 | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 57.00% | 52.00% | 47.00% |
Geographic and Significant C114
Geographic and Significant Customer Information - Summary of Different Geographic Regions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 03, 2014 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue by Geographic Region | $ 112,564 | $ 109,058 | $ 102,431 | $ 96,556 | $ 93,859 | $ 93,318 | $ 87,734 | $ 64,278 | $ 420,609 | $ 339,189 | $ 242,703 | |
Long-Lived Assets by Geographic Region | 83,759 | 50,052 | 83,759 | 50,052 | ||||||||
United States [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue by Geographic Region | 152,974 | 134,436 | 110,686 | |||||||||
Long-Lived Assets by Geographic Region | 72,617 | 41,726 | 72,617 | 41,726 | ||||||||
China [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue by Geographic Region | 92,493 | 33,308 | 21,057 | |||||||||
Taiwan [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue by Geographic Region | 56,421 | 34,344 | 10,612 | |||||||||
Other Countries [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Revenue by Geographic Region | [1] | 118,721 | 137,101 | $ 100,348 | ||||||||
International [Member] | ||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||
Long-Lived Assets by Geographic Region | [2] | $ 11,142 | $ 8,326 | $ 11,142 | $ 8,326 | |||||||
[1] | No other international countries represented greater than 10% of total revenue during the periods presented. | |||||||||||
[2] | No other international country or region represented greater than 10% of the total net long-lived assets as of the dates presented. |
Geographic and Significant C115
Geographic and Significant Customer Information - Summary of Different Geographic Regions (Parenthetical) (Detail) | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Percentage of geographic segment long-lived assets threshold | 10.00% | 10.00% | |
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 57.00% | 52.00% | 47.00% |
International [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk, percentage | 10.00% | 10.00% | 10.00% |
Geographic and Significant C116
Geographic and Significant Customer Information - Summary of Customer Concentrations as Percentage of Total Sales and Accounts Receivable (Detail) - Customer Concentration Risk [Member] | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Sales Revenue, Net [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 57.00% | 52.00% | 47.00% |
Customera [Member] | Sales Revenue, Net [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 18.00% | 19.00% | 21.00% |
Customera [Member] | Accounts Receivable [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 22.00% | 20.00% | |
Customer B [Member] | Sales Revenue, Net [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 12.00% | 10.00% | |
Customer B [Member] | Accounts Receivable [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 14.00% | 2.00% | |
Customer C [Member] | Accounts Receivable [Member] | |||
Revenue from External Customer [Line Items] | |||
Concentration risk, percentage | 10.00% | 8.00% |
Quarterly Financial Data - Sche
Quarterly Financial Data - Schedule of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Oct. 02, 2015 | Jul. 03, 2015 | Apr. 03, 2015 | Jan. 02, 2015 | Oct. 03, 2014 | Jul. 04, 2014 | Apr. 04, 2014 | Jan. 03, 2014 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 112,564 | $ 109,058 | $ 102,431 | $ 96,556 | $ 93,859 | $ 93,318 | $ 87,734 | $ 64,278 | $ 420,609 | $ 339,189 | $ 242,703 |
Gross profit | 56,961 | 52,496 | 46,714 | 47,419 | 48,784 | 43,606 | 20,142 | 28,408 | 203,590 | 140,940 | 109,198 |
Income (loss) from continuing operations | 13,841 | 1,756 | (11,176) | (9,963) | 10,578 | (1,350) | (23,189) | (10,853) | (5,542) | (24,814) | 2,663 |
Income (loss) from discontinued operations | $ 40,564 | $ 6,271 | $ 3,639 | $ 3,657 | $ 3,959 | $ 2,533 | $ 1,067 | $ 1,932 | $ 54,131 | $ 9,491 | $ 15,533 |
Per share data | |||||||||||
Income (loss) from continuing operations, basic | $ 0.26 | $ 0.03 | $ (0.22) | $ (0.21) | $ 0.22 | $ (0.03) | $ (0.50) | $ (0.23) | $ (0.11) | $ (0.53) | $ 0.06 |
Income (loss) from discontinued operations, basic | 0.76 | 0.12 | 0.07 | 0.08 | 0.08 | 0.05 | 0.02 | 0.04 | 1.06 | 0.20 | 0.34 |
Per share data | |||||||||||
Income (loss) from continuing operations, diluted | 0.08 | 0.03 | (0.22) | (0.21) | 0.22 | (0.03) | (0.50) | (0.23) | (0.11) | (0.53) | 0.06 |
Income (loss) from discontinued operations, diluted | $ 0.74 | $ 0.11 | $ 0.07 | $ 0.08 | $ 0.08 | $ 0.05 | $ 0.02 | $ 0.04 | $ 1.06 | $ 0.20 | $ 0.33 |
Quarterly Financial Data - S118
Quarterly Financial Data - Schedule of Quarterly Financial Data (Parenthetical) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Oct. 02, 2015 | Oct. 02, 2015 | Oct. 03, 2014 | Sep. 27, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | ||||
Warrant liability gain | $ 9,700 | $ 0 | $ 0 | $ 0 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Nov. 17, 2015 $ in Millions, ¥ in Billions | USD ($) | JPY (¥) |
FiBest Limited [Member] | Subsequent Event [Member] | ||
Subsequent Event [Line Items] | ||
Acquisition of business, cash transaction value | $ 60 | ¥ 7.3 |
Uncategorized Items - mtsi-2015
Label | Element | Value |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice | $ 11.72 |
Product Warranty Accrual | us-gaap_ProductWarrantyAccrual | $ 446 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber | 948 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value, Nonvested | us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardEquityInstrumentsOtherThanOptionsAggregateIntrinsicValueNonvested | $ 37,200 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber | 1,720 |
Common Stock Warrant Liability [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue | $ 15,801 |
Contingent Consideration [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue | 820 |
Trading Securities [Member] | ||
Fair Value Measurement With Unobservable Inputs Reconciliations Recurring Basis Asset Value | mtsi_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisAssetValue | $ 250 |