Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Dec. 31, 2014 | Jan. 27, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | APPLIED MICRO CIRCUITS CORP | |
Entity Central Index Key | 711065 | |
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | -28 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 79,140,131 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $50,080 | $71,539 |
Short-term investments-available-for-sale | 32,943 | 35,044 |
Accounts receivable, net | 19,247 | 25,178 |
Inventories | 24,222 | 18,946 |
Other current assets | 15,203 | 16,799 |
Total current assets | 141,695 | 167,506 |
Property and equipment, net | 20,946 | 20,746 |
Goodwill | 11,425 | 11,425 |
Purchased intangibles, net | 0 | 105 |
Other assets | 3,976 | 7,754 |
Total assets | 178,042 | 207,536 |
Current liabilities: | ||
Accounts payable | 22,155 | 26,194 |
Accrued payroll and related expenses | 5,344 | 5,532 |
Veloce accrued liability | 8,323 | 11,985 |
Other accrued liabilities | 8,659 | 10,877 |
Deferred revenue | 380 | 567 |
Total current liabilities | 44,861 | 55,155 |
Non-current liabilities | 4,134 | 3,145 |
Commitments and contingencies (Note 7) | ||
Stockholders’ equity: | ||
Preferred stock, $0.01 par value: Authorized shares - 2,000, none issued and outstanding | 0 | 0 |
Common stock, $0.01 par value: Authorized shares - 375,000 at December 31, 2014 and March 31, 2014; Issued and outstanding shares - 79,136 at December 31, 2014 and 77,677 at March 31, 2014 | 791 | 777 |
Additional paid-in capital | 6,022,231 | 6,005,365 |
Accumulated other comprehensive loss | -6,299 | -6,143 |
Accumulated deficit | -5,887,676 | -5,850,763 |
Total stockholders’ equity | 129,047 | 149,236 |
Total liabilities and stockholders’ equity | $178,042 | $207,536 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in Dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized (shares) | 2,000,000 | 2,000,000 |
Preferred stock, shares issued (shares) | 0 | 0 |
Preferred stock, shares outstanding (shares) | 0 | 0 |
Common stock, par value (in Dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized (shares) | 375,000,000 | 375,000,000 |
Common stock, shares issued (shares) | 79,136,000 | 77,677,000 |
Common stock, shares outstanding (shares) | 79,136,000 | 77,677,000 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement [Abstract] | ||||
Net revenues | $36,747 | $54,844 | $127,964 | $164,379 |
Cost of revenues | 14,842 | 21,644 | 52,815 | 65,383 |
Gross profit | 21,905 | 33,200 | 75,149 | 98,996 |
Operating expenses: | ||||
Research and development | 24,721 | 29,870 | 82,636 | 120,926 |
Selling, general and administrative | 8,707 | 10,930 | 25,684 | 29,602 |
Gain on sale of TPack | 0 | 0 | 0 | -19,699 |
Amortization of purchased intangible assets | 0 | 62 | 105 | 254 |
Restructuring | 221 | 38 | 1,322 | 1,130 |
Total operating expenses | 33,649 | 40,900 | 109,747 | 132,213 |
Operating loss | -11,744 | -7,700 | -34,598 | -33,217 |
Interest income, net | 485 | 525 | 1,214 | 4,679 |
Other (expense) income, net | -10 | 92 | -2,536 | 309 |
Loss before income taxes | -11,269 | -7,083 | -35,920 | -28,229 |
Income tax expense | 862 | 201 | 993 | 581 |
Net loss | ($12,131) | ($7,284) | ($36,913) | ($28,810) |
Basic and diluted net loss per share (in Dollars per share) | ($0.15) | ($0.10) | ($0.47) | ($0.40) |
Shares used in calculating basic and diluted net loss per share (in Shares) | 78,920 | 73,989 | 78,442 | 71,986 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Statement of Comprehensive Income [Abstract] | ||||||||
Net loss | ($12,131) | ($7,284) | ($36,913) | ($28,810) | ||||
Other comprehensive loss, net of tax: | ||||||||
Unrealized (loss) gain on investments | -78 | [1] | -179 | [1] | 218 | [1] | -5,404 | [1] |
Loss on foreign currency translation | -159 | -37 | -374 | -377 | ||||
Other comprehensive loss, net of tax | -237 | -216 | -156 | -5,781 | ||||
Total comprehensive loss | -12,368 | -7,500 | -37,069 | -34,591 | ||||
Reclassification adjustment from AOCI to earnings, short term investments | ($123) | ($6) | ($123) | ($3,290) | ||||
[1] | The amounts reclassified from accumulated other comprehensive loss and recorded in interest income, net in the Condensed Consolidated Statement of Operations relating to short-term investments were $0.1 million for the three and nine months ended December 31, 2014 and zero and $3.3 million for the three and nine months ended December 31, 2013, respectively. Refer to Note 2, Certain Financial Statement Information, to the Condensed Consolidated Financial Statements for additional details. |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Adjustments to reconcile net loss to net cash used for operating activities: | ||
Net loss | ($36,913) | ($28,810) |
Depreciation | 6,624 | 7,728 |
Amortization of purchased intangible assets | 105 | 420 |
Stock-based compensation expense | 14,303 | 13,430 |
Veloce acquisition consideration | 7,140 | 42,684 |
Gain on sale of TPack | 0 | -19,699 |
Loss on disposals of property and equipment | 22 | 27 |
Impairment of a strategic investment | 2,500 | 0 |
Non-cash restructuring charges | 14 | 298 |
Tax effect on other comprehensive loss | -34 | 0 |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | 5,931 | -4,459 |
Inventories | -5,271 | 2,415 |
Assets held for sale | 0 | -14,260 |
Other assets | 484 | -16,475 |
Accounts payable | -3,629 | -4,423 |
Accrued payroll and other accrued liabilities | -927 | 610 |
Veloce accrued liability | -8,981 | -45,432 |
Deferred revenue | -188 | -449 |
Net cash used for operating activities | -19,788 | -33,445 |
Investing activities: | ||
Proceeds from sales and maturities of short-term investments | 5,075 | 26,594 |
Purchases of short-term investments | -2,722 | -16,241 |
Proceeds from sale of property and equipment | 1 | 20 |
Purchase of property and equipment | -7,571 | -5,616 |
Proceeds from sale of strategic equity investment | 0 | 1,286 |
Proceeds from sale of TPack, net | -3,353 | -29,498 |
Net cash (used for) provided by investing activities | -1,864 | 35,541 |
Financing activities: | ||
Proceeds from issuance of common stock | 1,890 | 8,582 |
Funding of restricted stock units withheld for taxes | -1,609 | -5,518 |
Other | -88 | -595 |
Net cash provided by financing activities | 193 | 2,469 |
Net (decrease) increase in cash and cash equivalents | -21,459 | 4,565 |
Cash and cash equivalents at beginning of year | 71,539 | 19,065 |
Cash and cash equivalents at end of period | 50,080 | 23,630 |
Supplementary cash flow disclosures: | ||
Cash paid for income taxes | 643 | 609 |
Common stock issued for Veloce merger consideration | $872 | $29,209 |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Basis of Presentation | ||
The Condensed Consolidated Financial Statements include all the accounts of Applied Micro Circuits Corporation (the "Company") and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | ||
In management’s opinion, the unaudited Condensed Consolidated Financial Statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to fairly present the Company's financial position, results of operations and cash flows. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Condensed Consolidated Balance Sheet as of March 31, 2014 has been derived from the audited Consolidated Financial Statements as of that date but does not include all disclosures required by U.S. generally accepted accounting principles, or GAAP. These financial statements and accompanying notes should be read in conjunction with the Consolidated Financial Statements and notes thereto in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2014. | ||
Use of Estimates | ||
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to its: | ||
• | capitalized mask sets including their useful lives, which affect cost of goods sold and property and equipment or Research and Development ("R&D") expenses, if not capitalized; | |
• | inventory valuation, warranty liabilities and revenue reserves, which affect cost of sales, gross margin, and revenues; | |
• | allowance for doubtful accounts, which affects operating expenses; | |
• | unrealized losses or other-than-temporary impairments of short-term investments available for sale, which affect interest income (expense), net; | |
• | valuation of other long-lived assets and goodwill, which affects depreciation and impairment of long-lived assets, impairment of goodwill and apportionment of goodwill related to divestitures; | |
• | valuation of cost method investments, which affects impairment of strategic investments; | |
• | potential costs of litigation, which affect operating expenses; | |
• | valuation of deferred income taxes, which affects income tax expense (benefit); and | |
• | stock-based compensation, which affects gross margin and operating expenses. | |
The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from management’s estimates. To the extent there are material differences between the estimates and actual results, future results of operations will be affected. | ||
New Accounting Pronouncements | ||
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers", which will supersede most of the existing revenue recognition guidance under U.S. GAAP. This ASU requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The ASU allows for either full retrospective or modified retrospective adoption. The Company is currently evaluating the potential effect of this ASU on its financial statements and related disclosures. |
Certain_Financial_Statement_In
Certain Financial Statement Information | 9 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Certain Financial Statement Information [Abstract] | |||||||||||||||||||||||||||||||||
CERTAIN FINANCIAL STATEMENT INFORMATION | CERTAIN FINANCIAL STATEMENT INFORMATION | ||||||||||||||||||||||||||||||||
Accounts receivable, net: | |||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Accounts receivable | $ | 19,612 | $ | 25,629 | |||||||||||||||||||||||||||||
Less: allowance for bad debts | (365 | ) | (451 | ) | |||||||||||||||||||||||||||||
$ | 19,247 | $ | 25,178 | ||||||||||||||||||||||||||||||
Inventories: | |||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Finished goods | $ | 16,618 | $ | 9,375 | |||||||||||||||||||||||||||||
Work in process | 6,494 | 6,510 | |||||||||||||||||||||||||||||||
Raw materials | 1,110 | 3,061 | |||||||||||||||||||||||||||||||
$ | 24,222 | $ | 18,946 | ||||||||||||||||||||||||||||||
Other current assets: | |||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Prepaid expenses | $ | 12,843 | $ | 10,978 | |||||||||||||||||||||||||||||
Executive deferred compensation assets | 1,108 | 1,035 | |||||||||||||||||||||||||||||||
Proceeds receivable from sale of strategic investment | — | 3,353 | |||||||||||||||||||||||||||||||
Other | 1,252 | 1,433 | |||||||||||||||||||||||||||||||
$ | 15,203 | $ | 16,799 | ||||||||||||||||||||||||||||||
Property and equipment: | |||||||||||||||||||||||||||||||||
Useful | December 31, | March 31, | |||||||||||||||||||||||||||||||
Life | 2014 | 2014 | |||||||||||||||||||||||||||||||
(In years) | (In thousands) | ||||||||||||||||||||||||||||||||
Machinery and equipment* | 5-Mar | $ | 39,520 | $ | 44,503 | ||||||||||||||||||||||||||||
Leasehold improvements | 5-Jan | 10,473 | 11,574 | ||||||||||||||||||||||||||||||
Computers, office furniture and equipment* | 5-Mar | 44,581 | 43,365 | ||||||||||||||||||||||||||||||
94,574 | 99,442 | ||||||||||||||||||||||||||||||||
Less: accumulated depreciation and amortization* | (73,628 | ) | (78,696 | ) | |||||||||||||||||||||||||||||
$ | 20,946 | $ | 20,746 | ||||||||||||||||||||||||||||||
*During the three months ended December 31, 2014, the Company wrote off fully depreciated assets with an acquired cost of $11.8 million. | |||||||||||||||||||||||||||||||||
Goodwill and purchased intangibles: | |||||||||||||||||||||||||||||||||
Goodwill is as follows: | |||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Goodwill | $ | 11,425 | $ | 11,425 | |||||||||||||||||||||||||||||
Purchase-related intangibles are as follows: | |||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | Weighted | ||||||||||||||||||||||||||
Amortization | average | Amortization | average | ||||||||||||||||||||||||||||||
and Impairments | remaining | and Impairments | remaining | ||||||||||||||||||||||||||||||
useful life | useful life | ||||||||||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | (In years) | ||||||||||||||||||||||||||||||
Developed technology/in-process research and development | $ | 425,000 | $ | (425,000 | ) | $ | — | 0 | $ | 425,000 | $ | (425,000 | ) | $ | — | 0 | |||||||||||||||||
Customer relationships | 6,330 | (6,330 | ) | — | 0 | 6,330 | (6,225 | ) | 105 | 0.4 | |||||||||||||||||||||||
Patents/core technology rights/trade name | 62,306 | (62,306 | ) | — | 0 | 62,306 | (62,306 | ) | — | 0 | |||||||||||||||||||||||
$ | 493,636 | $ | (493,636 | ) | $ | — | $ | 493,636 | $ | (493,531 | ) | $ | 105 | ||||||||||||||||||||
Other assets: | |||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Non-current portion of prepaid expenses | $ | 2,957 | $ | 4,235 | |||||||||||||||||||||||||||||
Strategic investments* | 500 | 3,000 | |||||||||||||||||||||||||||||||
Other | 519 | 519 | |||||||||||||||||||||||||||||||
$ | 3,976 | $ | 7,754 | ||||||||||||||||||||||||||||||
*Strategic investments | |||||||||||||||||||||||||||||||||
The Company has entered into certain equity investments in privately held businesses to achieve certain strategic business objectives. The Company’s investments in equity securities of privately held businesses are accounted for under the cost method. Under the cost method, strategic investments in which the Company holds less than a 20% voting interest and in which the Company does not have the ability to exercise significant influence are carried at cost reduced by other-than-temporary impairments, as appropriate. The Company periodically reviews these investments for other-than-temporary declines in fair value based on the specific identification method and writes down investments when an other-than-temporary decline has occurred. During the three months ended December 31, 2014 and during the three and nine months ended December 31, 2013, the Company did not record any other-than-temporary impairment charges with respect to its strategic investments. During the nine months ended December 31, 2014, the Company recorded an other-than-temporary impairment charge with respect to one of its strategic investments in the amount of $2.5 million. | |||||||||||||||||||||||||||||||||
Other accrued liabilities: | |||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Employee related liabilities | $ | 1,622 | $ | 1,733 | |||||||||||||||||||||||||||||
Executive deferred compensation | 1,385 | 1,314 | |||||||||||||||||||||||||||||||
Income taxes | 1,870 | 962 | |||||||||||||||||||||||||||||||
Professional fees | 755 | 1,259 | |||||||||||||||||||||||||||||||
Other | 3,027 | 5,609 | |||||||||||||||||||||||||||||||
$ | 8,659 | $ | 10,877 | ||||||||||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||||||||||
The following is a summary of cash, cash equivalents and available-for-sale investments by type of instrument (in thousands): | |||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | Amortized | Gross Unrealized | Estimated | ||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||
Cash | $ | 40,828 | $ | — | $ | — | $ | 40,828 | $ | 65,867 | $ | — | $ | — | $ | 65,867 | |||||||||||||||||
Cash equivalents | 9,252 | — | — | 9,252 | 5,672 | — | — | 5,672 | |||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 1,475 | — | — | 1,475 | 2,838 | — | — | 2,838 | |||||||||||||||||||||||||
Corporate bonds | 10,911 | 14 | (9 | ) | 10,916 | 10,599 | 30 | (2 | ) | 10,627 | |||||||||||||||||||||||
Mortgage-backed and asset-backed securities* | 1,614 | 291 | (2 | ) | 1,903 | 1,793 | 297 | (16 | ) | 2,074 | |||||||||||||||||||||||
Closed-end bond funds | 13,249 | 2,248 | (206 | ) | 15,291 | 14,373 | 2,392 | (402 | ) | 16,363 | |||||||||||||||||||||||
Preferred stock | 2,406 | 952 | — | 3,358 | 2,406 | 736 | — | 3,142 | |||||||||||||||||||||||||
$ | 79,735 | $ | 3,505 | $ | (217 | ) | $ | 83,023 | $ | 103,548 | $ | 3,455 | $ | (420 | ) | $ | 106,583 | ||||||||||||||||
Reported as: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 50,080 | $ | 71,539 | |||||||||||||||||||||||||||||
Short-term investments available-for-sale | 32,943 | 35,044 | |||||||||||||||||||||||||||||||
$ | 83,023 | $ | 106,583 | ||||||||||||||||||||||||||||||
* At December 31, 2014 and March 31, 2014, approximately $1.0 million and $1.1 million of the estimated fair value presented were mortgage-backed securities, respectively. | |||||||||||||||||||||||||||||||||
The established guidelines for measuring fair value and expanded disclosures regarding fair value measurements are defined as a three-level valuation hierarchy for disclosure of fair value measurements as follows: | |||||||||||||||||||||||||||||||||
Level 1 — Inputs are unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. | |||||||||||||||||||||||||||||||||
Level 2 — Inputs (other than quoted market prices included in Level 1) are either directly or indirectly observable for the asset or liability through correlation with market data at the measurement date and for the duration of the instrument’s anticipated life. | |||||||||||||||||||||||||||||||||
Level 3 — Inputs reflect management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the model. Valuation of instruments includes unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of assets or liabilities. | |||||||||||||||||||||||||||||||||
The following is a summary of cash, cash equivalents and available-for-sale investments by type of instrument measured at fair value on a recurring basis (in thousands): | |||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Cash | $ | 40,828 | $ | — | $ | — | $ | 40,828 | $ | 65,867 | $ | — | $ | — | $ | 65,867 | |||||||||||||||||
Cash equivalents | 9,252 | — | — | 9,252 | 5,672 | — | — | 5,672 | |||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 1,475 | — | — | 1,475 | 2,838 | — | — | 2,838 | |||||||||||||||||||||||||
Corporate bonds | — | 10,916 | — | 10,916 | — | 10,627 | — | 10,627 | |||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | — | 1,903 | — | 1,903 | — | 2,074 | — | 2,074 | |||||||||||||||||||||||||
Closed-end bond funds | 15,291 | — | — | 15,291 | 16,363 | — | — | 16,363 | |||||||||||||||||||||||||
Preferred stock | — | 3,358 | — | 3,358 | — | 3,142 | — | 3,142 | |||||||||||||||||||||||||
$ | 66,846 | $ | 16,177 | $ | — | $ | 83,023 | $ | 90,740 | $ | 15,843 | $ | — | $ | 106,583 | ||||||||||||||||||
There were no significant transfers in and out of Level 1 and Level 2 fair value measurement categories during the three and nine months ended December 31, 2014 and 2013. | |||||||||||||||||||||||||||||||||
The following is a summary of the cost and estimated fair values of available-for-sale securities with stated maturities, which include U.S. Treasury securities and agency bonds, corporate bonds and mortgage-backed and asset-backed securities, by contractual maturity (in thousands): | |||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Cost | Estimated Fair Value | ||||||||||||||||||||||||||||||||
Less than 1 year | $ | 5,745 | $ | 5,837 | |||||||||||||||||||||||||||||
Mature in 1 – 2 years | 7,147 | 7,170 | |||||||||||||||||||||||||||||||
Mature in 3 – 5 years | 291 | 305 | |||||||||||||||||||||||||||||||
Mature after 5 years | 817 | 982 | |||||||||||||||||||||||||||||||
$ | 14,000 | $ | 14,294 | ||||||||||||||||||||||||||||||
The following is a summary of gross unrealized losses (in thousands): | |||||||||||||||||||||||||||||||||
Less Than 12 Months of | 12 Months or More of | Total | |||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||
Corporate bonds | $ | 3,750 | $ | (9 | ) | $ | — | $ | — | $ | 3,750 | $ | (9 | ) | |||||||||||||||||||
Mortgage-backed and asset-backed securities | 275 | (2 | ) | 121 | 396 | (2 | ) | ||||||||||||||||||||||||||
Closed-end bond funds | 61 | (2 | ) | 4,255 | (204 | ) | 4,316 | (206 | ) | ||||||||||||||||||||||||
$ | 4,086 | $ | (13 | ) | $ | 4,376 | $ | (204 | ) | $ | 8,462 | $ | (217 | ) | |||||||||||||||||||
Less Than 12 Months of | 12 Months or More of | Total | |||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | ||||||||||||||||||||||||||||||||
As of March 31, 2014 | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||
Corporate bonds | $ | 992 | $ | (2 | ) | $ | — | $ | — | $ | 992 | $ | (2 | ) | |||||||||||||||||||
Mortgage-backed and asset-backed securities | 431 | (16 | ) | — | — | 431 | (16 | ) | |||||||||||||||||||||||||
Closed-end bond funds | 4,819 | (333 | ) | 405 | (69 | ) | 5,224 | (402 | ) | ||||||||||||||||||||||||
$ | 6,242 | $ | (351 | ) | $ | 405 | $ | (69 | ) | $ | 6,647 | $ | (420 | ) | |||||||||||||||||||
Other-Than-Temporary Impairment | |||||||||||||||||||||||||||||||||
Based on an evaluation of securities that have been in a loss position, the Company did not recognize any other-than-temporary impairment charges for the three and nine months ended December 31, 2014 and 2013. The Company considered various factors which included a credit and liquidity assessment of the underlying securities and the Company’s intent and ability to hold the underlying securities until the estimated date of recovery of its amortized cost. As of December 31, 2014 and March 31, 2014, the Company also had $3.5 million in gross unrealized gains. The basis for computing realized gains or losses is by specific identification. | |||||||||||||||||||||||||||||||||
Warranty reserves: | |||||||||||||||||||||||||||||||||
The Company's products typically carry a one-year warranty. The Company establishes reserves for estimated product warranty costs at the time revenue is recognized. Although the Company engages in extensive product quality programs and processes, its warranty obligation is affected by product failure rates, use of materials, and service delivery costs incurred in correcting any product failure. Should actual product failure rates, use of materials or service delivery costs differ from the Company’s estimates, additional warranty reserves could be required, which could reduce its gross margin. | |||||||||||||||||||||||||||||||||
The following table summarizes warranty reserve activity (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 175 | $ | 187 | $ | 199 | $ | 220 | |||||||||||||||||||||||||
Additions during the period | 41 | 54 | 40 | 28 | |||||||||||||||||||||||||||||
Settlements and expirations | (75 | ) | (39 | ) | (98 | ) | (46 | ) | |||||||||||||||||||||||||
Change in estimates | 67 | — | 67 | — | |||||||||||||||||||||||||||||
Ending balance | $ | 208 | $ | 202 | $ | 208 | $ | 202 | |||||||||||||||||||||||||
Interest income, net (in thousands): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Interest income | $ | 362 | $ | 519 | $ | 1,091 | $ | 1,389 | |||||||||||||||||||||||||
Net realized gain on short-term investments | 123 | 6 | 123 | 3,290 | |||||||||||||||||||||||||||||
$ | 485 | $ | 525 | $ | 1,214 | $ | 4,679 | ||||||||||||||||||||||||||
Net loss per share: | |||||||||||||||||||||||||||||||||
Shares used in basic net loss per share are computed using the weighted average number of common shares outstanding during each period. Shares used in diluted net loss per share include the dilutive effect of common shares potentially issuable upon the exercise of stock options and vesting of restricted stock units ("RSUs"). The reconciliation of shares used to calculate basic and diluted net loss per share consists of the following (in thousands, except per share data): | |||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Net loss | $ | (12,131 | ) | $ | (7,284 | ) | $ | (36,913 | ) | $ | (28,810 | ) | |||||||||||||||||||||
Shares used in net loss per share computation: | |||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | 78,920 | 73,989 | 78,442 | 71,986 | |||||||||||||||||||||||||||||
Net effect of dilutive common share equivalents | — | — | — | — | |||||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 78,920 | 73,989 | 78,442 | 71,986 | |||||||||||||||||||||||||||||
Basic and diluted net loss per share | $ | (0.15 | ) | $ | (0.10 | ) | $ | (0.47 | ) | $ | (0.40 | ) | |||||||||||||||||||||
The effect of dilutive securities (comprised of options and restricted stock units) totaling 0.6 million and 0.9 million shares for the three and nine months ended December 31, 2014, respectively, and 1.8 million and 1.4 million shares for the three and nine months ended December 31, 2013, respectively, has been excluded from the diluted net loss per share computation since the Company incurred net losses in the periods presented and their effect would be antidilutive. |
Restructuring_Charges
Restructuring Charges | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
RESTRUCTURING CHARGES | RESTRUCTURING CHARGES | ||||||||||||||||
In April 2014, the Company implemented a plan to reorganize its operations, reduce its workforce and consolidate its facilities. The Company anticipates that this plan will reduce ongoing headcount expenses by approximately $4.6 million annually and other additional operational expenses by $0.6 million annually. In connection with this plan, the Company incurred cumulative charges of approximately $1.3 million, of which $0.2 million was incurred during the three months ended December 31, 2014. As of December 31, 2014, the Company completed this plan. | |||||||||||||||||
The related activity during the nine months ended December 31, 2014 is as follows (in thousands): | |||||||||||||||||
Workforce Reduction | Operating Lease | Other | Total | ||||||||||||||
Commitments | |||||||||||||||||
Liability, March 31, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||||
Restructuring charges | 1,101 | 126 | 95 | 1,322 | |||||||||||||
Cash payments | (1,101 | ) | — | (1 | ) | (1,102 | ) | ||||||||||
Non-cash items | $ | 20 | $ | (34 | ) | $ | (14 | ) | |||||||||
Liability, December 31, 2014 | $ | — | $ | 146 | $ | 60 | $ | 206 | |||||||||
Veloce
Veloce | 9 Months Ended |
Dec. 31, 2014 | |
Variable Interest Entity, Measure of Activity [Abstract] | |
VELOCE | VELOCE |
On June 20, 2012, the Company completed its acquisition of Veloce. Veloce has been developing specific ARM-based technology for the Company. | |
The total estimated purchase price consideration to be paid for Veloce is approximately $178.5 million based on the benchmarks achieved during product simulations. Veloce completed all three performance milestones relating to the project as of March 31, 2014. The consideration relating to the three performance milestones, excluding the value allocated to Veloce stock equivalents that have not yet been allocated to individuals ("Unallocated Veloce Units"), in the amount of $176.4 million, has been recognized as research and development expense through December 31, 2014 compared to $169.3 million as of December 31, 2013. During the three and nine months ended December 31, 2014, the Company paid approximately $1.5 million and $9.0 million, respectively, in cash and issued approximately 39,000 shares and 0.1 million shares, of common stock, respectively, valued at approximately $0.3 million and $0.9 million, respectively, as part of the Veloce acquisition consideration. During the three and nine months ended December 31, 2013, the Company paid approximately $1.2 million and $45.4 million, respectively, in cash and issued approximately 25,000 shares and 3.8 million shares, of common stock, respectively, valued at approximately $0.2 million and $29.2 million, respectively, as part of the Veloce acquisition consideration. The Company is contractually required to distribute all Unallocated Veloce Units within a certain time period. No Unallocated Veloce Units were distributed in the three months ended December 31, 2014. During the nine months ended December 31, 2014, the Company distributed 0.5 million Unallocated Veloce Units which had a related expense of $7.1 million. Former Veloce equity holders subject to vesting requirements will receive their distribution upon satisfaction of such vesting requirements. | |
For accounting purposes, the costs incurred in connection with the development milestones relating to Veloce are considered compensatory and are recognized as R&D expense. These costs are recognized in the Condensed Consolidated Statement of Operations under R&D expense in the periods when certain development and performance milestones became probable of achievement and were deemed earned. However, the value allocated to the Unallocated Veloce Units will not be recognized as R&D expense until distribution of the underlying units occurs. As of December 31, 2014, 0.1 million Unallocated Veloce Units had not been allocated, and the maximum potential additional expense to be recognized associated with these Unallocated Veloce Units is approximately $2.1 million. | |
Total R&D expenses recognized related to Veloce were zero and approximately $7.1 million during the three and nine months ended December 31, 2014, respectively, and approximately $2.9 million and $42.7 million during the three and nine months ended December 31, 2013, respectively. Veloce consideration that has been accrued as of December 31, 2014 is classified as long-term if payments of the consideration are expected to occur beyond a 12 month period. For additional information regarding Veloce, see Note 4, Veloce, to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
STOCKHOLDERS' EQUITY | STOCKHOLDERS’ EQUITY | |||||||||||||||
Stock Options | ||||||||||||||||
The Company has granted stock options to employees and non-employee directors under several plans. These option plans include two stockholder-approved plans (1992 Stock Option Plan and 2011 Equity Incentive Plan) and one plan not approved by stockholders (2000 Equity Incentive Plan). Certain other outstanding options were assumed through the Company’s various acquisitions. | ||||||||||||||||
A summary of the Company's stock option activity and related information during the nine months ended December 31, 2014 is as follows: | ||||||||||||||||
Number of Shares (thousands) | Weighted | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (millions) | |||||||||||||
Average | ||||||||||||||||
Exercise | ||||||||||||||||
Price Per Share | ||||||||||||||||
Outstanding at the beginning of the year | 2,409 | $ | 10.06 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (54 | ) | 6.32 | $ | 0.2 | (1 | ) | |||||||||
Cancelled | (473 | ) | 13.22 | |||||||||||||
Outstanding at the end of the period | 1,882 | $ | 9.37 | 2 | $ | 0.1 | (2 | ) | ||||||||
Vested and expected to vest at the end of the period | 1,882 | $ | 9.37 | 2 | $ | 0.1 | (2 | ) | ||||||||
Vested and exercisable at the end of the period | 1,882 | $ | 9.37 | 2 | $ | 0.1 | (2 | ) | ||||||||
(1) The aggregate pre-tax intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the shares. | ||||||||||||||||
(2) The aggregate pre-tax intrinsic value is calculated as the difference between the market value as of the end of the third quarter 2014 and the exercise price of the shares. The closing price of the Company’s common stock was $6.52 per share on December 31, 2014. | ||||||||||||||||
Restricted Stock Units ("RSUs") | ||||||||||||||||
The Company has granted RSUs to employees and non-employee directors pursuant to its 1992 Plan and 2011 Equity Incentive Plan. RSUs are share awards that, upon vesting, will deliver to the holder shares of the Company’s common stock. Generally, RSUs vest ratably on a quarterly basis over four years from the date of grant. For new employees hired, RSUs will generally vest on a quarterly basis over four years provided that no shares will vest during the first year of employment, at the end of which the shares that would have vested during that year will vest and the remaining shares will vest over the remaining 12 quarters. | ||||||||||||||||
In November 2013, Dr. Gopi was awarded 500,000 RSUs of which 200,000 RSUs were vested on the grant date and the remaining 300,000 RSUs will vest upon the attainment of certain specified X-GeneTM and X-Weave® product commercialization goals. The grant-date fair value of these 300,000 performance-based RSUs was $3.3 million. | ||||||||||||||||
In May and November 2013 and May and October 2014, the Compensation Committee (the "Committee") authorized market-performance based RSUs ("MSUs"). The MSUs will be earned, if at all, based on the Company's Total Shareholder Return (“TSR”) compared to that of the SPDR S&P Semiconductor Index ("Index”) over a two-year performance period for half of the MSU award and a three-year performance period for the remaining half of the MSU award. The MSUs will vest between ranges of 0% and 150% based on the Company's relative TSR compared to the Index. Total grant-date fair value of these MSUs was $4.5 million. | ||||||||||||||||
In May 2014, the Committee authorized an annual incentive compensation plan with respect to fiscal 2015 (the “FY2015 Short-Term Incentive Plan”). The FY2015 Short-Term Incentive Plan will pay-out based on our actual performance as measured against two equally weighted financial measures: revenue and non-GAAP earnings per share. Non-GAAP net income (loss) is derived by excluding from net income (loss) the following items required by GAAP: stock-based compensation charges, amortization of purchased intangible assets, Veloce acquisition consideration, restructuring charges, impairment of marketable securities and cost method investments, income taxes effect due to reconciling items, and other one-time and/or non-cash items. Non-GAAP earnings per share is derived by dividing non-GAAP net income (loss) by the weighted average number of common shares outstanding during the applicable periods. The award payouts for each corporate financial measure range from 50% to 150% of the pre-established target level based on the Company's actual performance for fiscal 2015. Awards under the FY2015 Short-Term Incentive Plan will be payable, if at all, in fully vested shares of common stock on or about May 15, 2015. | ||||||||||||||||
RSU activity during the nine months ended December 31, 2014 is set forth below (in thousands): | ||||||||||||||||
Number of Shares | ||||||||||||||||
Outstanding at the beginning of the year | 6,105 | |||||||||||||||
Awarded | 3,352 | |||||||||||||||
Vested | (1,279 | ) | ||||||||||||||
Cancelled | (3,536 | ) | ||||||||||||||
Outstanding at the end of the period | 4,642 | |||||||||||||||
The weighted average remaining contractual term for the RSUs outstanding as of December 31, 2014 was 1.3 years. | ||||||||||||||||
As of December 31, 2014, the aggregate pre-tax intrinsic value of RSUs outstanding was $30.3 million which includes performance-based awards which are subject to milestone attainment. The aggregate pretax intrinsic values were calculated based on the closing price of the Company’s common stock of $6.52 on December 31, 2014. | ||||||||||||||||
The aggregate pre-tax intrinsic value of RSUs released during the nine months ended December 31, 2014 was $9.8 million. This intrinsic value represents the fair market value of the Company’s common stock on the date of release. | ||||||||||||||||
Employee Stock Purchase Plan | ||||||||||||||||
Under the Company's 2012 Employee Stock Purchase Plan, or ESPP, the Company reserved 1.8 million shares for issuance. In August 2014, the Company’s stockholders approved the proposal to reserve an additional 2.0 million shares under the ESPP. Under the terms of the ESPP, eligible employees are entitled to purchase common stock, on a semi-annual basis, at a purchase price equal to 85% of the fair market value of the common stock on the first or last day of the offering period, whichever is lower. During the nine months ended December 31, 2014 and 2013, 0.2 million and 0.3 million shares were issued under the ESPP, respectively. At December 31, 2014, 2.3 million shares were available for future issuance under the ESPP. |
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION | ||||||||||||||||
Stock-based compensation cost is measured at the grant date based on the fair value of the award. The Company uses the Black-Scholes model to value stock-based compensation for options and employee stock purchase rights under the ESPP, and the fair market value of the Company's common stock for RSUs. The MSUs were valued using the Monte Carlo pricing model, which uses the Company's stock price, the Index value, expected volatilities of the Company's stock price and the Index, correlation coefficients and risk free interest rates to determine the fair value. The Black-Scholes model determines the fair value of share-based payment awards based on assumptions including the Company’s stock price on the date of grant, volatility over the term of the awards, actual and projected employee stock option exercise behaviors and risk free interest rate. | |||||||||||||||||
The Company did not grant options or employee stock purchase rights during the three months ended December 31, 2014 and 2013. The fair values of the options and employee stock purchase rights granted during the nine months ended December 31, 2014 and 2013 are estimated as of the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions: | |||||||||||||||||
Options | Employee Stock Purchase Rights | ||||||||||||||||
Nine months ended December 31, | Nine months ended December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected life (years) | * | 4.4 | 0.5 | 0.5 | |||||||||||||
Risk-free interest rate | * | 0.6 | % | 0.1 | % | 0.1 | % | ||||||||||
Volatility | * | 49 | % | 57 | % | 57 | % | ||||||||||
Dividend yield | * | — | % | — | % | — | % | ||||||||||
Weighted average fair value | * | $ | 2.95 | $ | 2.57 | $ | 3.67 | ||||||||||
* The Company did not grant options during the nine months ended December 31, 2014. | |||||||||||||||||
The weighted average grant-date fair value per share of the RSUs awarded was $5.82 and $8.20 during the three and nine months ended December 31, 2014, respectively, compared to $9.84 and $8.57 during the three and nine months ended December 31, 2013, respectively. The weighted average grant-date fair value per share was calculated based on the fair market value of the Company’s common stock on the respective grant dates. | |||||||||||||||||
During the fourth quarter of fiscal 2014, the Company revised its estimated forfeiture rate used in determining the amount of stock-based compensation from 6.7% to 5.8% as a result of a decreasing rate of forfeitures in recent periods, which the Company believes is indicative of the rate it will experience during the remaining vesting period of currently outstanding unvested grants. | |||||||||||||||||
The following table summarizes stock-based compensation expense related to stock options and RSUs (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation expense by type of grant: | |||||||||||||||||
Stock options | $ | 454 | $ | 648 | $ | 1,160 | $ | 1,987 | |||||||||
RSUs | 4,428 | 5,231 | 13,148 | 11,454 | |||||||||||||
4,882 | 5,879 | 14,308 | 13,441 | ||||||||||||||
Stock-based compensation expensed from (capitalized to) inventory | (25 | ) | 3 | (5 | ) | (11 | ) | ||||||||||
Total stock-based compensation expense | $ | 4,857 | $ | 5,882 | $ | 14,303 | $ | 13,430 | |||||||||
The following table summarizes stock-based compensation expense as it relates to the Company’s Condensed Consolidated Statement of Operations (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation expense by cost centers: | |||||||||||||||||
Cost of revenues | $ | 97 | $ | 118 | $ | 226 | $ | 353 | |||||||||
Research and development | 2,992 | 1,545 | 9,039 | 4,867 | |||||||||||||
Selling, general and administrative | 1,793 | 4,216 | 5,043 | 8,221 | |||||||||||||
$ | 4,882 | $ | 5,879 | $ | 14,308 | $ | 13,441 | ||||||||||
Stock-based compensation expensed from (capitalized to) inventory | (25 | ) | 3 | (5 | ) | (11 | ) | ||||||||||
Total stock-based compensation expense | $ | 4,857 | $ | 5,882 | $ | 14,303 | $ | 13,430 | |||||||||
As of December 31, 2014, the amount of unrecognized stock-based compensation cost, net of estimated forfeitures, related to unvested stock options and unvested RSUs was $29.8 million which will be recognized over a weighted average period of 2.3 years. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES | ||||||||||||
Commitments | |||||||||||||
The following table summarizes the Company's contractual operating leases and other purchase commitments as of December 31, 2014 (in thousands): | |||||||||||||
Fiscal Years Ending March 31, | Operating | -1 | Purchase | -2 | Total | ||||||||
Leases | Commitments | ||||||||||||
2015 (remainder of year) | $ | 616 | $ | 16,909 | $ | 17,525 | |||||||
2016 | 1,528 | 13,368 | 14,896 | ||||||||||
2017 | 1,093 | 3,241 | 4,334 | ||||||||||
2018 | 632 | 2,833 | 3,465 | ||||||||||
Total minimum payments | $ | 3,869 | $ | 36,351 | $ | 40,220 | |||||||
(1) Includes the Company's headquarters building lease which expires in August 2015, subject to our right to terminate early upon at least 120 days’ notice. | |||||||||||||
(2) Includes open purchase orders with terms that generally allow us the option to cancel or reschedule the order, subject to various restrictions and limitations. Also includes the licensing fees relating to the Company's R&D efforts, including licensed intellectual property, or IP, technology, product design, test and verification tools, of $21.1 million. | |||||||||||||
Legal Proceedings | |||||||||||||
The Company is currently a party to certain legal proceedings, including those noted in this section. While the Company presently believes that the ultimate outcome of these proceedings, individually and in the aggregate, will not materially harm the Company's financial position, results of operations or cash flows, legal proceedings are subject to inherent uncertainties, unfavorable rulings or other events that could occur. In addition, legal proceedings are expensive to prosecute and defend against and can divert management attention and Company resources away from the Company's business objectives. Unfavorable resolutions could include monetary damages against the Company or injunctions or other restrictions on the conduct of the Company’s business, or preclude the Company from recovering the damages it seeks in legal proceedings it has commenced. It is also possible that the Company could conclude it is in the best interests of its stockholders, employees, and customers to settle one or more such matters, and any such settlement could include substantial payments or the surrender of rights to collect payments from third parties. However, the Company has not reached this conclusion with respect to any material matter at this time. | |||||||||||||
In 1993, the Company was named as a Potentially Responsible Party (“PRP”) along with more than 100 other companies that used an Omega Chemical Corporation waste treatment facility in Whittier, California (the “Omega Site”). The U.S. Environmental Protection Agency (“EPA”) has alleged that Omega failed to properly treat and dispose of certain hazardous waste materials at the Omega Site. The Company is a member of a large group of PRPs, known as the Omega Chemical Site PRP Organized Group (“OPOG”), that has agreed to fund certain on-going remediation efforts at the Omega Site. In February 2001, the U.S. District Court for the Central District of California (the “Court”) approved a consent decree between EPA and OPOG to study the contamination and evaluate cleanup options at the Omega Site (the Operable Unit 1 or “OU1”). In January 2009, the Court approved two amendments to the consent decree, the first expanding the scope of work to mitigate volatile organic compounds affecting indoor air quality near the Omega Site (the Operable Unit 3 or “OU3”) and the second adding settling parties to the consent decree. Removal of waste materials from the Omega Site has been completed. As part of OU1 and OU3, efforts to remediate the soil and groundwater at the Omega Site, as well as the extraction of chemical vapors from the soil and improving indoor air quality in and around the site, are underway and are expected to be ongoing for several years. In addition, OPOG and EPA are investigating a regional groundwater contamination plume allegedly originating at the Omega Site (the Operable Unit 2 or “OU2”). In September 2011, EPA issued an interim Record of Decision specifying the interim clean-up actions EPA has chosen for OU2, and in September 2012, it issued a special notice letter that triggered the commencement of good faith settlement negotiations with OPOG. In November 2014, EPA submitted a term sheet, accepted by OPOG in December 2014, describing the settlement terms and remediation actions for OU2 that will be set forth in a final consent decree to be filed with the Court. It is anticipated that EPA and OPOG will finalize the remediation consent decree in fiscal year 2016. In December 2013, OPOG retained legal counsel to pursue claims against other PRPs for the regional groundwater contamination and, in December 2014, OPOG retained legal counsel to protect its interests in connection with the bankruptcy proceedings filed by an OPOG member. In November 2007, Angeles Chemical Company, located downstream from the Omega Site, filed a lawsuit (the “Angeles Litigation”) in the Court against OPOG and the PRPs for cost recovery and indemnification for future response costs allegedly resulting from the regional groundwater contamination plume described above. In March 2008, the Court granted OPOG’s motion to stay the Angeles Litigation pending EPA’s determination of how to investigate and remediate the regional groundwater. In January 2012, as a result of challenges made by certain PRPs to the criteria previously used to allocate liability among OPOG members, and of the departure of certain PRPs from OPOG, OPOG approved changes to the cost allocation structure that resulted in an increase to the Company’s proportional allocation of liability. In addition, the subsequent departure or bankruptcy of one or more other PRPs from OPOG could have the effect of increasing the proportional liability of the remaining PRPs, including the Company. Although the Company considers a loss relating to the Omega Site probable, its share of any financial obligations for the remediation of the Omega Site, including taking into account the allocation increases described above, is not currently believed to be material to the Company’s financial statements, based on the Company’s approximately 0.5% contribution to the total waste tonnage sent to the site and current estimates of the potential remediation costs. Based on currently available information, the Company has a loss accrual that is not material and believes that the actual amount of its costs will not be materially different from the amount accrued. However, proceedings are ongoing and the eventual outcome of the clean-up efforts and the pending litigation matters is uncertain at this time. Based on currently available information, the Company does not believe that any eventual outcome will have a material adverse effect on its operations. |
Sale_of_TPack_AS
Sale of TPack A/S | 9 Months Ended |
Dec. 31, 2014 | |
Discontinued Operations and Disposal Groups [Abstract] | |
SALE OF TPACK A/S | SALE OF TPACK A/S |
On April 22, 2013, the Company completed the sale of its subsidiary, TPack, and certain intellectual property assets owned by the Company related to TPack's business for an aggregate consideration of $33.5 million, net of working capital adjustments, payable in cash. For additional information regarding this sale, see Note 12, Sale of TPack A/S, to the Consolidated Financial Statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2014. |
Subsequent_Events_Subsequent_E
Subsequent Events Subsequent Events | 9 Months Ended |
Dec. 31, 2014 | |
Subsequent Events [Abstract] | |
Subsequent Events | SUBSEQUENT EVENT |
On January 23, 2015, the board of directors of the Company approved a restructuring plan to reorganize the Company’s operations and reduce its workforce and related operating expenses. The restructuring plan is intended to increase the Company’s operating efficiencies, improve its business unit alignment and help consolidate its global operating sites. The plan includes eliminating job redundancies, including some currently unfilled positions, and reducing the Company’s current workforce by approximately 40 employees, or approximately 7%. As of the date of the filing of this Quarterly Report on Form 10-Q, the Company has initiated the reduction in its workforce. The Company expects to incur cash expenditures for employee severances of approximately $1.5 million to $1.7 million, payable primarily during the current fiscal year ending March 31, 2015, and expects to incur additional non-cash charges related to the restructuring plan. The Company anticipates that the restructuring plan will reduce its ongoing net operating expenses by approximately $14.0 million to $18.0 million annually. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |
Dec. 31, 2014 | ||
Accounting Policies [Abstract] | ||
Basis of Presentation | Basis of Presentation | |
The Condensed Consolidated Financial Statements include all the accounts of Applied Micro Circuits Corporation (the "Company") and its wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. | ||
In management’s opinion, the unaudited Condensed Consolidated Financial Statements reflect all adjustments (consisting only of normal recurring adjustments) necessary to fairly present the Company's financial position, results of operations and cash flows. Interim period operating results do not necessarily indicate the results that may be expected for any other interim period or for the full fiscal year. The Condensed Consolidated Balance Sheet as of March 31, 2014 has been derived from the audited Consolidated Financial Statements as of that date but does not include all disclosures required by U.S. generally accepted accounting principles, or GAAP. These financial statements and accompanying notes should be read in conjunction with the Consolidated Financial Statements and notes thereto in the Company's Annual Report on Form 10-K for the fiscal year ended March 31, 2014. | ||
Use of Estimates | Use of Estimates | |
The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of net revenue and expenses in the reporting period. The Company regularly evaluates estimates and assumptions related to its: | ||
• | capitalized mask sets including their useful lives, which affect cost of goods sold and property and equipment or Research and Development ("R&D") expenses, if not capitalized; | |
• | inventory valuation, warranty liabilities and revenue reserves, which affect cost of sales, gross margin, and revenues; | |
• | allowance for doubtful accounts, which affects operating expenses; | |
• | unrealized losses or other-than-temporary impairments of short-term investments available for sale, which affect interest income (expense), net; | |
• | valuation of other long-lived assets and goodwill, which affects depreciation and impairment of long-lived assets, impairment of goodwill and apportionment of goodwill related to divestitures; | |
• | valuation of cost method investments, which affects impairment of strategic investments; | |
• | potential costs of litigation, which affect operating expenses; | |
• | valuation of deferred income taxes, which affects income tax expense (benefit); and | |
• | stock-based compensation, which affects gross margin and operating expenses. | |
The Company bases its estimates and assumptions on historical experience and on various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from management’s estimates. To the extent there are material differences between the estimates and actual results, future results of operations will be affected. | ||
New Accounting Pronouncements | New Accounting Pronouncements | |
In May 2014, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2014-09, "Revenue from Contracts with Customers", which will supersede most of the existing revenue recognition guidance under U.S. GAAP. This ASU requires an entity to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. This pronouncement is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The ASU allows for either full retrospective or modified retrospective adoption. The Company is currently evaluating the potential effect of this ASU on its financial statements and related disclosures. |
Certain_Financial_Statement_In1
Certain Financial Statement Information (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||||||
Certain Financial Statement Information [Abstract] | |||||||||||||||||||||||||||||||||
Schedule of Accounts receivable | Accounts receivable, net: | ||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Accounts receivable | $ | 19,612 | $ | 25,629 | |||||||||||||||||||||||||||||
Less: allowance for bad debts | (365 | ) | (451 | ) | |||||||||||||||||||||||||||||
$ | 19,247 | $ | 25,178 | ||||||||||||||||||||||||||||||
Schedule of Inventories | Inventories: | ||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Finished goods | $ | 16,618 | $ | 9,375 | |||||||||||||||||||||||||||||
Work in process | 6,494 | 6,510 | |||||||||||||||||||||||||||||||
Raw materials | 1,110 | 3,061 | |||||||||||||||||||||||||||||||
$ | 24,222 | $ | 18,946 | ||||||||||||||||||||||||||||||
Schedule of Other current assets | Other current assets: | ||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Prepaid expenses | $ | 12,843 | $ | 10,978 | |||||||||||||||||||||||||||||
Executive deferred compensation assets | 1,108 | 1,035 | |||||||||||||||||||||||||||||||
Proceeds receivable from sale of strategic investment | — | 3,353 | |||||||||||||||||||||||||||||||
Other | 1,252 | 1,433 | |||||||||||||||||||||||||||||||
$ | 15,203 | $ | 16,799 | ||||||||||||||||||||||||||||||
Schedule of Property and equipment | Property and equipment: | ||||||||||||||||||||||||||||||||
Useful | December 31, | March 31, | |||||||||||||||||||||||||||||||
Life | 2014 | 2014 | |||||||||||||||||||||||||||||||
(In years) | (In thousands) | ||||||||||||||||||||||||||||||||
Machinery and equipment* | 5-Mar | $ | 39,520 | $ | 44,503 | ||||||||||||||||||||||||||||
Leasehold improvements | 5-Jan | 10,473 | 11,574 | ||||||||||||||||||||||||||||||
Computers, office furniture and equipment* | 5-Mar | 44,581 | 43,365 | ||||||||||||||||||||||||||||||
94,574 | 99,442 | ||||||||||||||||||||||||||||||||
Less: accumulated depreciation and amortization* | (73,628 | ) | (78,696 | ) | |||||||||||||||||||||||||||||
$ | 20,946 | $ | 20,746 | ||||||||||||||||||||||||||||||
Schedule of Goodwill | Goodwill is as follows: | ||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Goodwill | $ | 11,425 | $ | 11,425 | |||||||||||||||||||||||||||||
Schedule of Purchased intangible assets | Purchase-related intangibles are as follows: | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | Weighted | ||||||||||||||||||||||||||
Amortization | average | Amortization | average | ||||||||||||||||||||||||||||||
and Impairments | remaining | and Impairments | remaining | ||||||||||||||||||||||||||||||
useful life | useful life | ||||||||||||||||||||||||||||||||
(In thousands) | (In years) | (In thousands) | (In years) | ||||||||||||||||||||||||||||||
Developed technology/in-process research and development | $ | 425,000 | $ | (425,000 | ) | $ | — | 0 | $ | 425,000 | $ | (425,000 | ) | $ | — | 0 | |||||||||||||||||
Customer relationships | 6,330 | (6,330 | ) | — | 0 | 6,330 | (6,225 | ) | 105 | 0.4 | |||||||||||||||||||||||
Patents/core technology rights/trade name | 62,306 | (62,306 | ) | — | 0 | 62,306 | (62,306 | ) | — | 0 | |||||||||||||||||||||||
$ | 493,636 | $ | (493,636 | ) | $ | — | $ | 493,636 | $ | (493,531 | ) | $ | 105 | ||||||||||||||||||||
Schedule of Other assets | Other assets: | ||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Non-current portion of prepaid expenses | $ | 2,957 | $ | 4,235 | |||||||||||||||||||||||||||||
Strategic investments* | 500 | 3,000 | |||||||||||||||||||||||||||||||
Other | 519 | 519 | |||||||||||||||||||||||||||||||
$ | 3,976 | $ | 7,754 | ||||||||||||||||||||||||||||||
Schedule of Other accrued liabilities | Other accrued liabilities: | ||||||||||||||||||||||||||||||||
December 31, | March 31, | ||||||||||||||||||||||||||||||||
2014 | 2014 | ||||||||||||||||||||||||||||||||
(In thousands) | |||||||||||||||||||||||||||||||||
Employee related liabilities | $ | 1,622 | $ | 1,733 | |||||||||||||||||||||||||||||
Executive deferred compensation | 1,385 | 1,314 | |||||||||||||||||||||||||||||||
Income taxes | 1,870 | 962 | |||||||||||||||||||||||||||||||
Professional fees | 755 | 1,259 | |||||||||||||||||||||||||||||||
Other | 3,027 | 5,609 | |||||||||||||||||||||||||||||||
$ | 8,659 | $ | 10,877 | ||||||||||||||||||||||||||||||
Schedule of Cash, cash equivalents and available-for-sale investments by type of instruments | Short-term investments: | ||||||||||||||||||||||||||||||||
The following is a summary of cash, cash equivalents and available-for-sale investments by type of instrument (in thousands): | |||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | Amortized | Gross Unrealized | Estimated | ||||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | ||||||||||||||||||||||||||
Cash | $ | 40,828 | $ | — | $ | — | $ | 40,828 | $ | 65,867 | $ | — | $ | — | $ | 65,867 | |||||||||||||||||
Cash equivalents | 9,252 | — | — | 9,252 | 5,672 | — | — | 5,672 | |||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 1,475 | — | — | 1,475 | 2,838 | — | — | 2,838 | |||||||||||||||||||||||||
Corporate bonds | 10,911 | 14 | (9 | ) | 10,916 | 10,599 | 30 | (2 | ) | 10,627 | |||||||||||||||||||||||
Mortgage-backed and asset-backed securities* | 1,614 | 291 | (2 | ) | 1,903 | 1,793 | 297 | (16 | ) | 2,074 | |||||||||||||||||||||||
Closed-end bond funds | 13,249 | 2,248 | (206 | ) | 15,291 | 14,373 | 2,392 | (402 | ) | 16,363 | |||||||||||||||||||||||
Preferred stock | 2,406 | 952 | — | 3,358 | 2,406 | 736 | — | 3,142 | |||||||||||||||||||||||||
$ | 79,735 | $ | 3,505 | $ | (217 | ) | $ | 83,023 | $ | 103,548 | $ | 3,455 | $ | (420 | ) | $ | 106,583 | ||||||||||||||||
Reported as: | |||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 50,080 | $ | 71,539 | |||||||||||||||||||||||||||||
Short-term investments available-for-sale | 32,943 | 35,044 | |||||||||||||||||||||||||||||||
$ | 83,023 | $ | 106,583 | ||||||||||||||||||||||||||||||
* At December 31, 2014 and March 31, 2014, approximately $1.0 million and $1.1 million of the estimated fair value presented were mortgage-backed securities, respectively. | |||||||||||||||||||||||||||||||||
Schedule of Cash, cash equivalents and available-for-sale investments by type of instruments measured at fair value on recurring basis | The following is a summary of cash, cash equivalents and available-for-sale investments by type of instrument measured at fair value on a recurring basis (in thousands): | ||||||||||||||||||||||||||||||||
31-Dec-14 | 31-Mar-14 | ||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Cash | $ | 40,828 | $ | — | $ | — | $ | 40,828 | $ | 65,867 | $ | — | $ | — | $ | 65,867 | |||||||||||||||||
Cash equivalents | 9,252 | — | — | 9,252 | 5,672 | — | — | 5,672 | |||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 1,475 | — | — | 1,475 | 2,838 | — | — | 2,838 | |||||||||||||||||||||||||
Corporate bonds | — | 10,916 | — | 10,916 | — | 10,627 | — | 10,627 | |||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | — | 1,903 | — | 1,903 | — | 2,074 | — | 2,074 | |||||||||||||||||||||||||
Closed-end bond funds | 15,291 | — | — | 15,291 | 16,363 | — | — | 16,363 | |||||||||||||||||||||||||
Preferred stock | — | 3,358 | — | 3,358 | — | 3,142 | — | 3,142 | |||||||||||||||||||||||||
$ | 66,846 | $ | 16,177 | $ | — | $ | 83,023 | $ | 90,740 | $ | 15,843 | $ | — | $ | 106,583 | ||||||||||||||||||
Schedule of Cost and estimated fair values of available-for-sale securities with stated maturities by contractual maturity | The following is a summary of the cost and estimated fair values of available-for-sale securities with stated maturities, which include U.S. Treasury securities and agency bonds, corporate bonds and mortgage-backed and asset-backed securities, by contractual maturity (in thousands): | ||||||||||||||||||||||||||||||||
31-Dec-14 | |||||||||||||||||||||||||||||||||
Cost | Estimated Fair Value | ||||||||||||||||||||||||||||||||
Less than 1 year | $ | 5,745 | $ | 5,837 | |||||||||||||||||||||||||||||
Mature in 1 – 2 years | 7,147 | 7,170 | |||||||||||||||||||||||||||||||
Mature in 3 – 5 years | 291 | 305 | |||||||||||||||||||||||||||||||
Mature after 5 years | 817 | 982 | |||||||||||||||||||||||||||||||
$ | 14,000 | $ | 14,294 | ||||||||||||||||||||||||||||||
Schedule of Gross unrealized losses | The following is a summary of gross unrealized losses (in thousands): | ||||||||||||||||||||||||||||||||
Less Than 12 Months of | 12 Months or More of | Total | |||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | ||||||||||||||||||||||||||||||||
As of December 31, 2014 | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||
Corporate bonds | $ | 3,750 | $ | (9 | ) | $ | — | $ | — | $ | 3,750 | $ | (9 | ) | |||||||||||||||||||
Mortgage-backed and asset-backed securities | 275 | (2 | ) | 121 | 396 | (2 | ) | ||||||||||||||||||||||||||
Closed-end bond funds | 61 | (2 | ) | 4,255 | (204 | ) | 4,316 | (206 | ) | ||||||||||||||||||||||||
$ | 4,086 | $ | (13 | ) | $ | 4,376 | $ | (204 | ) | $ | 8,462 | $ | (217 | ) | |||||||||||||||||||
Less Than 12 Months of | 12 Months or More of | Total | |||||||||||||||||||||||||||||||
Unrealized Losses | Unrealized Losses | ||||||||||||||||||||||||||||||||
As of March 31, 2014 | Estimated | Gross | Estimated | Gross | Estimated | Gross | |||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | ||||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | ||||||||||||||||||||||||||||
Corporate bonds | $ | 992 | $ | (2 | ) | $ | — | $ | — | $ | 992 | $ | (2 | ) | |||||||||||||||||||
Mortgage-backed and asset-backed securities | 431 | (16 | ) | — | — | 431 | (16 | ) | |||||||||||||||||||||||||
Closed-end bond funds | 4,819 | (333 | ) | 405 | (69 | ) | 5,224 | (402 | ) | ||||||||||||||||||||||||
$ | 6,242 | $ | (351 | ) | $ | 405 | $ | (69 | ) | $ | 6,647 | $ | (420 | ) | |||||||||||||||||||
Schedule of Warranty reserve activity | The following table summarizes warranty reserve activity (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Beginning balance | $ | 175 | $ | 187 | $ | 199 | $ | 220 | |||||||||||||||||||||||||
Additions during the period | 41 | 54 | 40 | 28 | |||||||||||||||||||||||||||||
Settlements and expirations | (75 | ) | (39 | ) | (98 | ) | (46 | ) | |||||||||||||||||||||||||
Change in estimates | 67 | — | 67 | — | |||||||||||||||||||||||||||||
Ending balance | $ | 208 | $ | 202 | $ | 208 | $ | 202 | |||||||||||||||||||||||||
Schedule of Interest income, net | Interest income, net (in thousands): | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Interest income | $ | 362 | $ | 519 | $ | 1,091 | $ | 1,389 | |||||||||||||||||||||||||
Net realized gain on short-term investments | 123 | 6 | 123 | 3,290 | |||||||||||||||||||||||||||||
$ | 485 | $ | 525 | $ | 1,214 | $ | 4,679 | ||||||||||||||||||||||||||
Schedule of Reconciliation of shares used to calculate basic and diluted net loss per share | The reconciliation of shares used to calculate basic and diluted net loss per share consists of the following (in thousands, except per share data): | ||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||
December 31, | December 31, | ||||||||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||||
Net loss | $ | (12,131 | ) | $ | (7,284 | ) | $ | (36,913 | ) | $ | (28,810 | ) | |||||||||||||||||||||
Shares used in net loss per share computation: | |||||||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | 78,920 | 73,989 | 78,442 | 71,986 | |||||||||||||||||||||||||||||
Net effect of dilutive common share equivalents | — | — | — | — | |||||||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 78,920 | 73,989 | 78,442 | 71,986 | |||||||||||||||||||||||||||||
Basic and diluted net loss per share | $ | (0.15 | ) | $ | (0.10 | ) | $ | (0.47 | ) | $ | (0.40 | ) |
Restructuring_Charges_Tables
Restructuring Charges (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||||||||
Schedule of restructuring activity | The related activity during the nine months ended December 31, 2014 is as follows (in thousands): | ||||||||||||||||
Workforce Reduction | Operating Lease | Other | Total | ||||||||||||||
Commitments | |||||||||||||||||
Liability, March 31, 2014 | $ | — | $ | — | $ | — | $ | — | |||||||||
Restructuring charges | 1,101 | 126 | 95 | 1,322 | |||||||||||||
Cash payments | (1,101 | ) | — | (1 | ) | (1,102 | ) | ||||||||||
Non-cash items | $ | 20 | $ | (34 | ) | $ | (14 | ) | |||||||||
Liability, December 31, 2014 | $ | — | $ | 146 | $ | 60 | $ | 206 | |||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||
Dec. 31, 2014 | ||||||||||||||||
Equity [Abstract] | ||||||||||||||||
Schedule of Option Activity Under Stock Incentive Plans | A summary of the Company's stock option activity and related information during the nine months ended December 31, 2014 is as follows: | |||||||||||||||
Number of Shares (thousands) | Weighted | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (millions) | |||||||||||||
Average | ||||||||||||||||
Exercise | ||||||||||||||||
Price Per Share | ||||||||||||||||
Outstanding at the beginning of the year | 2,409 | $ | 10.06 | |||||||||||||
Granted | — | — | ||||||||||||||
Exercised | (54 | ) | 6.32 | $ | 0.2 | (1 | ) | |||||||||
Cancelled | (473 | ) | 13.22 | |||||||||||||
Outstanding at the end of the period | 1,882 | $ | 9.37 | 2 | $ | 0.1 | (2 | ) | ||||||||
Vested and expected to vest at the end of the period | 1,882 | $ | 9.37 | 2 | $ | 0.1 | (2 | ) | ||||||||
Vested and exercisable at the end of the period | 1,882 | $ | 9.37 | 2 | $ | 0.1 | (2 | ) | ||||||||
Schedule of Restricted Stock Unit Activity | RSU activity during the nine months ended December 31, 2014 is set forth below (in thousands): | |||||||||||||||
Number of Shares | ||||||||||||||||
Outstanding at the beginning of the year | 6,105 | |||||||||||||||
Awarded | 3,352 | |||||||||||||||
Vested | (1,279 | ) | ||||||||||||||
Cancelled | (3,536 | ) | ||||||||||||||
Outstanding at the end of the period | 4,642 | |||||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Schedule of Assumptions Used | The Company did not grant options or employee stock purchase rights during the three months ended December 31, 2014 and 2013. The fair values of the options and employee stock purchase rights granted during the nine months ended December 31, 2014 and 2013 are estimated as of the grant date using the Black-Scholes option-pricing model with the following weighted-average assumptions: | ||||||||||||||||
Options | Employee Stock Purchase Rights | ||||||||||||||||
Nine months ended December 31, | Nine months ended December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Expected life (years) | * | 4.4 | 0.5 | 0.5 | |||||||||||||
Risk-free interest rate | * | 0.6 | % | 0.1 | % | 0.1 | % | ||||||||||
Volatility | * | 49 | % | 57 | % | 57 | % | ||||||||||
Dividend yield | * | — | % | — | % | — | % | ||||||||||
Weighted average fair value | * | $ | 2.95 | $ | 2.57 | $ | 3.67 | ||||||||||
* The Company did not grant options during the nine months ended December 31, 2014. | |||||||||||||||||
Summary of Stock-Based Compensation Expense of Stock Options and Restricted Stock Units | The following table summarizes stock-based compensation expense related to stock options and RSUs (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation expense by type of grant: | |||||||||||||||||
Stock options | $ | 454 | $ | 648 | $ | 1,160 | $ | 1,987 | |||||||||
RSUs | 4,428 | 5,231 | 13,148 | 11,454 | |||||||||||||
4,882 | 5,879 | 14,308 | 13,441 | ||||||||||||||
Stock-based compensation expensed from (capitalized to) inventory | (25 | ) | 3 | (5 | ) | (11 | ) | ||||||||||
Total stock-based compensation expense | $ | 4,857 | $ | 5,882 | $ | 14,303 | $ | 13,430 | |||||||||
Summary of Stock-Based Compensation Expense | The following table summarizes stock-based compensation expense as it relates to the Company’s Condensed Consolidated Statement of Operations (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock-based compensation expense by cost centers: | |||||||||||||||||
Cost of revenues | $ | 97 | $ | 118 | $ | 226 | $ | 353 | |||||||||
Research and development | 2,992 | 1,545 | 9,039 | 4,867 | |||||||||||||
Selling, general and administrative | 1,793 | 4,216 | 5,043 | 8,221 | |||||||||||||
$ | 4,882 | $ | 5,879 | $ | 14,308 | $ | 13,441 | ||||||||||
Stock-based compensation expensed from (capitalized to) inventory | (25 | ) | 3 | (5 | ) | (11 | ) | ||||||||||
Total stock-based compensation expense | $ | 4,857 | $ | 5,882 | $ | 14,303 | $ | 13,430 | |||||||||
Commitments_and_Contingencies_
Commitments and Contingencies Commitments and Contingencies (Tables) | 9 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||
Schedule of Contractual Obligation by Fiscal Year Maturity | The following table summarizes the Company's contractual operating leases and other purchase commitments as of December 31, 2014 (in thousands): | ||||||||||||
Fiscal Years Ending March 31, | Operating | -1 | Purchase | -2 | Total | ||||||||
Leases | Commitments | ||||||||||||
2015 (remainder of year) | $ | 616 | $ | 16,909 | $ | 17,525 | |||||||
2016 | 1,528 | 13,368 | 14,896 | ||||||||||
2017 | 1,093 | 3,241 | 4,334 | ||||||||||
2018 | 632 | 2,833 | 3,465 | ||||||||||
Total minimum payments | $ | 3,869 | $ | 36,351 | $ | 40,220 | |||||||
(1) Includes the Company's headquarters building lease which expires in August 2015, subject to our right to terminate early upon at least 120 days’ notice. | |||||||||||||
(2) Includes open purchase orders with terms that generally allow us the option to cancel or reschedule the order, subject to various restrictions and limitations. Also includes the licensing fees relating to the Company's R&D efforts, including licensed intellectual property, or IP, technology, product design, test and verification tools, of $21.1 million. |
Certain_Financial_Statement_In2
Certain Financial Statement Information Accounts Receivable (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Accounts receivable | ||
Accounts receivable | $19,612 | $25,629 |
Less: allowance for bad debts | -365 | -451 |
Accounts receivable, net | $19,247 | $25,178 |
Certain_Financial_Statement_In3
Certain Financial Statement Information Inventories (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Inventories | ||
Finished goods | $16,618 | $9,375 |
Work in process | 6,494 | 6,510 |
Raw materials | 1,110 | 3,061 |
Inventories, total | $24,222 | $18,946 |
Certain_Financial_Statement_In4
Certain Financial Statement Information Other Current Assets (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Other current assets | ||
Prepaid expenses | $12,843 | $10,978 |
Executive deferred compensation assets | 1,108 | 1,035 |
Proceeds receivable from sale of strategic investment | 0 | 3,353 |
Other | 1,252 | 1,433 |
Other current assets, total | $15,203 | $16,799 |
Certain_Financial_Statement_In5
Certain Financial Statement Information Property and Equipment (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2014 | Mar. 31, 2014 | ||||
Schedule of Property and equipment | ||||||
Machinery and equipment | $39,520,000 | 39,520,000 | $44,503,000 | |||
Leasehold improvements | 10,473,000 | 10,473,000 | 11,574,000 | |||
Computers, office furniture and equipment | 44,581,000 | [1] | 44,581,000 | [1] | 43,365,000 | [1] |
Property and equipment, gross | 94,574,000 | 94,574,000 | 99,442,000 | |||
Less: accumulated depreciation and amortization | -73,628,000 | [1] | -73,628,000 | [1] | -78,696,000 | [1] |
Property and equipment, net | 20,946,000 | 20,946,000 | 20,746,000 | |||
Fully depreciated assets written off | $11,800,000 | |||||
Machinery and Equipment [Member] | Minimum | ||||||
Schedule of Property and equipment | ||||||
Useful life | 3 years | |||||
Machinery and Equipment [Member] | Maximum | ||||||
Schedule of Property and equipment | ||||||
Useful life | 5 years | |||||
Leasehold Improvements [Member] | Minimum | ||||||
Schedule of Property and equipment | ||||||
Useful life | 1 year | |||||
Leasehold Improvements [Member] | Maximum | ||||||
Schedule of Property and equipment | ||||||
Useful life | 5 years | |||||
Computers, Office Furniture and Equipment [Member] | Minimum | ||||||
Schedule of Property and equipment | ||||||
Useful life | 3 years | |||||
Computers, Office Furniture and Equipment [Member] | Maximum | ||||||
Schedule of Property and equipment | ||||||
Useful life | 5 years | |||||
[1] | During the three months ended December 31, 2014, the Company wrote off fully depreciated assets with an acquired cost of $11.8 million. |
Certain_Financial_Statement_In6
Certain Financial Statement Information Goodwill (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Certain Financial Statement Information [Abstract] | ||
Goodwill | $11,425 | $11,425 |
Certain_Financial_Statement_In7
Certain Financial Statement Information Purchased Intangibles (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 |
Schedule of Purchased Intangible assets | ||
Gross Assets | $493,636 | $493,636 |
Accumulated Amortization and Impairments | -493,636 | -493,531 |
Intangible Assets, Net (Excluding Goodwill) | 0 | 105 |
Developed technology/in-process research and development [Member] | ||
Schedule of Purchased Intangible assets | ||
Gross Assets | 425,000 | 425,000 |
Accumulated Amortization and Impairments | -425,000 | -425,000 |
Intangible Assets, Net (Excluding Goodwill) | 0 | 0 |
Weighted average remaining useful life | 0 years | 0 years |
Customer relationships [Member] | ||
Schedule of Purchased Intangible assets | ||
Gross Assets | 6,330 | 6,330 |
Accumulated Amortization and Impairments | -6,330 | -6,225 |
Intangible Assets, Net (Excluding Goodwill) | 0 | 105 |
Weighted average remaining useful life | 0 years | 4 months 24 days |
Patents/core technology rights/tradename [Member] | ||
Schedule of Purchased Intangible assets | ||
Gross Assets | 62,306 | 62,306 |
Accumulated Amortization and Impairments | -62,306 | -62,306 |
Intangible Assets, Net (Excluding Goodwill) | $0 | $0 |
Weighted average remaining useful life | 0 years | 0 years |
Certain_Financial_Statement_In8
Certain Financial Statement Information Other Assets (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Schedule of other assets | ||||
Non-current portion of prepaid expenses | $2,957 | $4,235 | ||
Strategic investments | 500 | [1] | 3,000 | [1] |
Other | 519 | 519 | ||
Total other assets | $3,976 | $7,754 | ||
[1] | Strategic investments The Company has entered into certain equity investments in privately held businesses to achieve certain strategic business objectives. The Company’s investments in equity securities of privately held businesses are accounted for under the cost method. Under the cost method, strategic investments in which the Company holds less than a 20% voting interest and in which the Company does not have the ability to exercise significant influence are carried at cost reduced by other-than-temporary impairments, as appropriate. The Company periodically reviews these investments for other-than-temporary declines in fair value based on the specific identification method and writes down investments when an other-than-temporary decline has occurred. During the three months ended December 31, 2014 and during the three and nine months ended December 31, 2013, the Company did not record any other-than-temporary impairment charges with respect to its strategic investments. During the nine months ended December 31, 2014, the Company recorded an other-than-temporary impairment charge with respect to one of its strategic investments in the amount of $2.5 million. |
Certain_Financial_Statement_In9
Certain Financial Statement Information Other Accrued Liabiliteis (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of other accrued liabilities | ||
Employee related liabilities | $1,622 | $1,733 |
Executive deferred compensation | 1,385 | 1,314 |
Income taxes | 1,870 | 962 |
Professional fees | 755 | 1,259 |
Other | 3,027 | 5,609 |
Total other accrued liabilities | $8,659 | $10,877 |
Recovered_Sheet1
Certain Financial Statement Information Short-Term Investments (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2013 | ||
Schedule of cash, cash equivalents and available-for-sale investments by type of instruments | ||||||
Available-for-sale Securities, Amortized Cost | $79,735 | $103,548 | ||||
Available-for-sale Securities, Gross Unrealized Gain | 3,505 | 3,455 | ||||
Available-for-sale Securities, Gross Unrealized Loss | -217 | -420 | ||||
Available-for-sale Securities, Estimated Fair Value | 83,023 | 106,583 | ||||
Cash and cash equivalents | 50,080 | 71,539 | 23,630 | 19,065 | ||
Short-term investments available-for-sale | 32,943 | 35,044 | ||||
Cash, Cash equivalents and Short-term investments, Estimated Fair Value | 83,023 | 106,583 | ||||
Cash [Member] | ||||||
Schedule of cash, cash equivalents and available-for-sale investments by type of instruments | ||||||
Cash and Cash equivalents, Estimated Fair Value | 40,828 | 65,867 | ||||
Cash equivalents [Member] | ||||||
Schedule of cash, cash equivalents and available-for-sale investments by type of instruments | ||||||
Cash and Cash equivalents, Estimated Fair Value | 9,252 | 5,672 | ||||
U.S Treasury securities and agency bonds [Member] | ||||||
Schedule of cash, cash equivalents and available-for-sale investments by type of instruments | ||||||
Available-for-sale Securities, Amortized Cost | 1,475 | 2,838 | ||||
Available-for-sale Securities, Gross Unrealized Gain | 0 | 0 | ||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | ||||
Available-for-sale Securities, Estimated Fair Value | 1,475 | 2,838 | ||||
Corporate bonds [Member] | ||||||
Schedule of cash, cash equivalents and available-for-sale investments by type of instruments | ||||||
Available-for-sale Securities, Amortized Cost | 10,911 | 10,599 | ||||
Available-for-sale Securities, Gross Unrealized Gain | 14 | 30 | ||||
Available-for-sale Securities, Gross Unrealized Loss | -9 | -2 | ||||
Available-for-sale Securities, Estimated Fair Value | 10,916 | 10,627 | ||||
Mortgage-backed and asset-backed securities [Member] | ||||||
Schedule of cash, cash equivalents and available-for-sale investments by type of instruments | ||||||
Available-for-sale Securities, Amortized Cost | 1,614 | 1,793 | ||||
Available-for-sale Securities, Gross Unrealized Gain | 291 | 297 | ||||
Available-for-sale Securities, Gross Unrealized Loss | -2 | -16 | ||||
Available-for-sale Securities, Estimated Fair Value | 1,903 | [1] | 2,074 | [1] | ||
Closed-end bond funds [Member] | ||||||
Schedule of cash, cash equivalents and available-for-sale investments by type of instruments | ||||||
Available-for-sale Securities, Amortized Cost | 13,249 | 14,373 | ||||
Available-for-sale Securities, Gross Unrealized Gain | 2,248 | 2,392 | ||||
Available-for-sale Securities, Gross Unrealized Loss | -206 | -402 | ||||
Available-for-sale Securities, Estimated Fair Value | 15,291 | 16,363 | ||||
Preferred stock [Member] | ||||||
Schedule of cash, cash equivalents and available-for-sale investments by type of instruments | ||||||
Available-for-sale Securities, Amortized Cost | 2,406 | 2,406 | ||||
Available-for-sale Securities, Gross Unrealized Gain | 952 | 736 | ||||
Available-for-sale Securities, Gross Unrealized Loss | 0 | 0 | ||||
Available-for-sale Securities, Estimated Fair Value | 3,358 | 3,142 | ||||
Mortgage-backed securities [Member] | ||||||
Schedule of cash, cash equivalents and available-for-sale investments by type of instruments | ||||||
Cash, Cash equivalents and Short-term investments, Estimated Fair Value | $1,000 | [1] | $1,100 | [1] | ||
[1] | At December 31, 2014 and March 31, 2014, approximately $1.0 million and $1.1 million of the estimated fair value presented were mortgage-backed securities, respectively. |
Recovered_Sheet2
Certain Financial Statement Information Fair Value (Details) (USD $) | Dec. 31, 2014 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | $83,023 | $106,583 | ||
Cash, cash equivalents and available-for-sale investments measured at fair value on recurring basis | 83,023 | 106,583 | ||
Level 1 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Cash, cash equivalents and available-for-sale investments measured at fair value on recurring basis | 66,846 | 90,740 | ||
Level 2 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Cash, cash equivalents and available-for-sale investments measured at fair value on recurring basis | 16,177 | 15,843 | ||
Level 3 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Cash, cash equivalents and available-for-sale investments measured at fair value on recurring basis | 0 | 0 | ||
Cash [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 40,828 | 65,867 | ||
Cash [Member] | Level 1 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 40,828 | 65,867 | ||
Cash [Member] | Level 2 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 0 | 0 | ||
Cash [Member] | Level 3 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 0 | 0 | ||
Cash equivalents [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 9,252 | 5,672 | ||
Cash equivalents [Member] | Level 1 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 9,252 | 5,672 | ||
Cash equivalents [Member] | Level 2 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 0 | 0 | ||
Cash equivalents [Member] | Level 3 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 0 | 0 | ||
U.S Treasury securities and agency bonds [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 1,475 | 2,838 | ||
U.S Treasury securities and agency bonds [Member] | Level 1 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 1,475 | 2,838 | ||
U.S Treasury securities and agency bonds [Member] | Level 2 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 0 | 0 | ||
U.S Treasury securities and agency bonds [Member] | Level 3 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 0 | 0 | ||
Corporate bonds [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 10,916 | 10,627 | ||
Corporate bonds [Member] | Level 1 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 0 | 0 | ||
Corporate bonds [Member] | Level 2 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 10,916 | 10,627 | ||
Corporate bonds [Member] | Level 3 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 0 | 0 | ||
Mortgage-backed and asset-backed securities [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 1,903 | [1] | 2,074 | [1] |
Mortgage-backed and asset-backed securities [Member] | Level 1 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 0 | 0 | ||
Mortgage-backed and asset-backed securities [Member] | Level 2 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 1,903 | 2,074 | ||
Mortgage-backed and asset-backed securities [Member] | Level 3 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 0 | 0 | ||
Closed-end bond funds [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 15,291 | 16,363 | ||
Closed-end bond funds [Member] | Level 1 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 15,291 | 16,363 | ||
Closed-end bond funds [Member] | Level 2 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 0 | 0 | ||
Closed-end bond funds [Member] | Level 3 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 0 | 0 | ||
Preferred stock [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 3,358 | 3,142 | ||
Preferred stock [Member] | Level 1 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 0 | 0 | ||
Preferred stock [Member] | Level 2 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | 3,358 | 3,142 | ||
Preferred stock [Member] | Level 3 [Member] | ||||
Schedule of Cash, Cash Equivalents and Available-For-Sale Investments by Type of Instruments Measured at Fair Value on Recurring Basis | ||||
Available-for-sale securities measured at fair value on a recurring basis | $0 | $0 | ||
[1] | At December 31, 2014 and March 31, 2014, approximately $1.0 million and $1.1 million of the estimated fair value presented were mortgage-backed securities, respectively. |
Recovered_Sheet3
Certain Financial Statement Information Cost and Fair Value of Available-for-Sale Securities (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Schedule of cost and estimated fair values of available-for-sale securities with stated maturities by contractual maturity | |
Less than 1 year, Cost | $5,745 |
Mature in 1 - 2 years, Cost | 7,147 |
Mature in 3 - 5 years, Cost | 291 |
Mature after 5 years, Cost | 817 |
Cost, Total | 14,000 |
Less than 1 year, Fair Value | 5,837 |
Mature in 1 - 2 years, Fair Value | 7,170 |
Mature in 3 - 5 years, Fair Value | 305 |
Mature after 5 years, Fair Value | 982 |
Fair Value, Total | $14,294 |
Recovered_Sheet4
Certain Financial Statement Information Gross Unrealized Losses (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 |
Schedule of Gross Unrealized Losses | ||
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | $4,086 | $6,242 |
Less than 12 Months of Unrealized Losses, Gross Unrealized Losses | -13 | -351 |
12 Months or More of Unrealized Losses, Estimated Fair Value | 4,376 | 405 |
12 Months or More of Unrealized Losses, Gross Unrealized Losses | -204 | -69 |
Total, Estimated Fair Value | 8,462 | 6,647 |
Total Gross Unrealized Losses | -217 | -420 |
Corporate bonds [Member] | ||
Schedule of Gross Unrealized Losses | ||
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | 3,750 | 992 |
Less than 12 Months of Unrealized Losses, Gross Unrealized Losses | -9 | -2 |
12 Months or More of Unrealized Losses, Estimated Fair Value | 0 | 0 |
12 Months or More of Unrealized Losses, Gross Unrealized Losses | 0 | 0 |
Total, Estimated Fair Value | 3,750 | 992 |
Total Gross Unrealized Losses | -9 | -2 |
Mortgage-backed and asset-backed securities [Member] | ||
Schedule of Gross Unrealized Losses | ||
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | 275 | 431 |
Less than 12 Months of Unrealized Losses, Gross Unrealized Losses | -2 | -16 |
12 Months or More of Unrealized Losses, Estimated Fair Value | 121 | 0 |
12 Months or More of Unrealized Losses, Gross Unrealized Losses | 0 | |
Total, Estimated Fair Value | 396 | 431 |
Total Gross Unrealized Losses | -2 | -16 |
Closed-end bond funds [Member] | ||
Schedule of Gross Unrealized Losses | ||
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | 61 | 4,819 |
Less than 12 Months of Unrealized Losses, Gross Unrealized Losses | -2 | -333 |
12 Months or More of Unrealized Losses, Estimated Fair Value | 4,255 | 405 |
12 Months or More of Unrealized Losses, Gross Unrealized Losses | -204 | -69 |
Total, Estimated Fair Value | 4,316 | 5,224 |
Total Gross Unrealized Losses | ($206) | ($402) |
Recovered_Sheet5
Certain Financial Statement Information Warranty (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Warranty Reserve Activity | ||||
Beginning balance | $175 | $187 | $199 | $220 |
Additions during the period | 41 | 54 | 40 | 28 |
Settlements and expirations | -75 | -39 | -98 | -46 |
Additions during the period | 67 | 0 | 67 | 0 |
Ending balance | $208 | $202 | $208 | $202 |
Recovered_Sheet6
Certain Financial Statement Information Interest Income/Expense (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Interest Income, Net | ||||
Interest income | $362 | $519 | $1,091 | $1,389 |
Net realized gain on short-term investments | 123 | 6 | 123 | 3,290 |
Interest income, net | $485 | $525 | $1,214 | $4,679 |
Recovered_Sheet7
Certain Financial Statement Information Net Income/Loss Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Schedule of Reconciliation of Shares Used to Calculate Basic and Diluted Net (Loss) Income Per Share | ||||
Net loss | ($12,131) | ($7,284) | ($36,913) | ($28,810) |
Shares used in net loss per share computation: | ||||
Weighted average common shares outstanding, basic (shares) | 78,920 | 73,989 | 78,442 | 71,986 |
Net effect of dilutive common share equivalents (shares) | 0 | 0 | 0 | 0 |
Weighted average common shares outstanding, diluted (shares) | 78,920 | 73,989 | 78,442 | 71,986 |
Basic and diluted net loss per share (in Dollars per share) | ($0.15) | ($0.10) | ($0.47) | ($0.40) |
Recovered_Sheet8
Certain Financial Statement Information (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
In Thousands, except Share data in Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 |
Certain Financial Statement Information [Line Items] | |||||
Impairment of a strategic investment | $0 | $0 | $2,500 | $0 | |
Gross unrealized gain | $3,505 | $3,455 | |||
Options and Restricted Stock Units [Member] | |||||
Certain Financial Statement Information [Line Items] | |||||
Antidilutive securities excluded from net loss per share computation | 0.6 | 1.8 | 0.9 | 1.4 |
Restructuring_Charges_Details_
Restructuring Charges (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Apr. 30, 2014 | |
Restructuring Charges (Textual) [Abstract] | |||||
Restructuring charges | $221,000 | $38,000 | $1,322,000 | $1,130,000 | |
Workforce Reduction [Member] | |||||
Restructuring Charges (Textual) [Abstract] | |||||
Restructuring charges | 1,101,000 | ||||
Other Operational Expense [Member] | |||||
Restructuring Charges (Textual) [Abstract] | |||||
Restructuring charges | 95,000 | ||||
April 2014 Restructuring Program [Member] | Workforce Reduction [Member] | |||||
Restructuring Charges (Textual) [Abstract] | |||||
Anticipated reduction in expenses | 4,600,000 | ||||
April 2014 Restructuring Program [Member] | Other Operational Expense [Member] | |||||
Restructuring Charges (Textual) [Abstract] | |||||
Anticipated reduction in expenses | $600,000 |
Restructuring_Charges_Details_1
Restructuring Charges (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Reserve [Roll Forward] | ||||
Liability, beginning balance | $0 | |||
Restructuring charges | 221 | 38 | 1,322 | 1,130 |
Cash payments | -1,102 | |||
Non-cash items | -14 | |||
Liability, ending balance | 206 | 206 | ||
Workforce Reduction [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability, beginning balance | 0 | |||
Restructuring charges | 1,101 | |||
Cash payments | -1,101 | |||
Liability, ending balance | 0 | 0 | ||
Operating Lease Commitments [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability, beginning balance | 0 | |||
Restructuring charges | 126 | |||
Cash payments | 0 | |||
Non-cash items | 20 | |||
Liability, ending balance | 146 | 146 | ||
Other [Member] | ||||
Restructuring Reserve [Roll Forward] | ||||
Liability, beginning balance | 0 | |||
Restructuring charges | 95 | |||
Cash payments | -1 | |||
Non-cash items | -34 | |||
Liability, ending balance | $60 | $60 |
Veloce_Details_Textual
Veloce (Details Textual) (Veloce Technologies Inc [Member], USD $) | 3 Months Ended | 9 Months Ended | 18 Months Ended | 30 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2014 |
Veloce Technologies Inc [Member] | ||||||
Veloce (Textual) [Abstract] | ||||||
Total consideration to be transferred | $178.50 | $178.50 | $178.50 | |||
Research and development expenses incurred | 0 | 2.9 | 7.1 | 42.7 | 169.3 | 176.4 |
Payment of aggregate consideration as cash | 1.5 | 1.2 | 9 | 45.4 | ||
Aggregate shares issued | 39,000 | 0 | 100,000 | 3,800,000 | ||
Stock issued for acquisition, value | 0.3 | 0.2 | 0.9 | 29.2 | ||
Issuance of additional units | 0 | 500,000 | ||||
Issuance of additional units, amount | 7.1 | |||||
Unallocated units | 100,000 | 100,000 | 100,000 | |||
Unallocated units, maximum potential value | $2.10 | $2.10 | $2.10 |
Stockholders_Equity_Stock_Opti
Stockholders' Equity - Stock Options (Details) (USD $) | 9 Months Ended | |
In Millions, except Share data in Thousands, unless otherwise specified | Dec. 31, 2014 | |
Approved_Plan | ||
Equity [Abstract] | ||
Number of stockholder-approved plans | 2 | |
Number of plans unapproved by stockholders | 1 | |
Schedule of Option Activity Under Stock Incentive Plans | ||
Number of Shares, Outstanding at the beginning of the year | 2,409 | |
Number of Shares, Granted | 0 | |
Number of Shares, Exercised | -54 | |
Number of Shares, Forfeited | -473 | |
Number of Shares, Outstanding at the end of the period | 1,882 | |
Number of Shares, Vested at the end of the period | 1,882 | |
Number of Shares, Vested and exercisable at end of period | 1,882 | |
Schedule of Weighted Average Exercise Price Per Share Under Stock Incentive Plans | ||
Weighted Average Exercise Price Per Share, Outstanding at the beginning of the year (USD per share) | $10.06 | |
Weighted Average Exercise Price Per Share, Granted (USD per share) | $0 | |
Weighted Average Exercise Price Per Share, Exercised (USD per share) | $6.32 | |
Weighted Average Exercise Price Per Share, Forfeited (USD per share) | $13.22 | |
Weighted Average Exercise Price Per Share, Outstanding at the end of the period (USD per share) | $9.37 | |
Weighted Average Exercise Price Per Share, Vested at the end of the period (USD per share) | $9.37 | |
Weighted Average Exercise Price Per Share, Vested and exercisable at the end of the period (USD per share) | $9.37 | |
Aggregate pretax intrinsic value of options exercised | $0.20 | [1] |
Weighted average remaining contractual term for options outstanding at end of period (in years) | 2 years 0 months 5 days | |
Aggregate intrinsic value of options outstanding at end of period | 0.1 | [2] |
Weighted Average Remaining Contractual Life, Vested and Exercisable at Period End (in years) | 2 years 0 months 5 days | |
Aggregate intrinsic value of options, Vested and exercisable at end of period | 0.1 | [2] |
Weighted Average Remaining Contractual Life, Vested and expected to vest at end of period (in years) | 2 years 0 months 1 day | |
Aggregate intrinsic value of options, Vested and expected to vest at end of period | $0.10 | [2] |
Common stock, closing price per share | $6.52 | |
[1] | The aggregate pre-tax intrinsic value is calculated as the difference between the market value on the date of exercise and the exercise price of the shares. | |
[2] | The aggregate pre-tax intrinsic value is calculated as the difference between the market value as of the end of the third quarter 2014 and the exercise price of the shares. The closing price of the Company’s common stock was $6.52 per share on December 31, 2014. |
Stockholders_Equity_Restricted
Stockholders' Equity - Restricted Stock Units (Details) (USD $) | 9 Months Ended | 1 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Nov. 30, 2013 | 31-May-13 | 31-May-14 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Weighted average remaining contractual term for the restricted stock units outstanding, in years | 1 year 3 months 10 days | |||
Aggregate pre-tax intrinsic value of restricted stock units outstanding which includes performance based awards which are subject to milestone attainments | $30.30 | |||
Common stock, closing price per share | $6.52 | |||
Aggregate pretax intrinsic value | 9.8 | |||
Restricted Stock Units (RSUs) | ||||
Class of Stock [Line Items] | ||||
Nonvested restricted units outstanding | 4,642,000 | |||
Restricted stock units awarded | 3,352,000 | |||
Restricted stock units vested | 1,279,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Number of Shares, Beginning balance | 6,105,000 | |||
Number of Shares, Awarded | 3,352,000 | |||
Number of Shares, Vested | -1,279,000 | |||
Number of Shares, Cancelled | -3,536,000 | |||
Number of Shares, Ending balance | 4,642,000 | |||
Restricted Stock Units (RSUs) | Officer | ||||
Class of Stock [Line Items] | ||||
Restricted stock units awarded | 500,000 | |||
Restricted stock units vested | 200,000 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Number of Shares, Awarded | 500,000 | |||
Number of Shares, Vested | -200,000 | |||
Performance Based RSU | Officer | ||||
Class of Stock [Line Items] | ||||
Nonvested restricted units outstanding | 300,000 | |||
Grants in period, fair value | 3.3 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Number of Shares, Ending balance | 300,000 | |||
Performance-Based MSU | ||||
Class of Stock [Line Items] | ||||
Grants in period, fair value | 4.5 | |||
Performance-Based MSU | Minimum | ||||
Class of Stock [Line Items] | ||||
Award vesting percentage | 0.00% | |||
Performance-Based MSU | Maximum | ||||
Class of Stock [Line Items] | ||||
Award vesting percentage | 150.00% | |||
Performance-Based MSU | First Vesting Period | ||||
Class of Stock [Line Items] | ||||
Award performance period | 2 years | |||
Performance-Based MSU | Second Vesting Period | ||||
Class of Stock [Line Items] | ||||
Award performance period | 3 years | |||
1992 Plan | Restricted Stock Units (RSUs) | ||||
Class of Stock [Line Items] | ||||
Vesting period, in years | 4 years | |||
Vested in first period of employment | 0 | |||
Award vesting period, quarters | 12 | |||
2011 Equity Incentive Plan | Restricted Stock Units (RSUs) | ||||
Class of Stock [Line Items] | ||||
Vesting period, in years | 4 years | |||
Vested in first period of employment | 0 | |||
Award vesting period, quarters | 12 | |||
FY2015 Short Term Plan | Minimum | ||||
Class of Stock [Line Items] | ||||
Award pay out percentage | 50.00% | |||
FY2015 Short Term Plan | Maximum | ||||
Class of Stock [Line Items] | ||||
Award pay out percentage | 150.00% |
Stockholders_Equity_Employee_S
Stockholders' Equity - Employee Stock Purchase Plan (Details) (Employee Stock Purchase Plan [Member], 2012 Employee Stock Purchase Plan) | 9 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 31, 2014 | Aug. 30, 2012 |
Employee Stock Purchase Plan [Member] | 2012 Employee Stock Purchase Plan | ||||
Class of Stock [Line Items] | ||||
Common stock reserved for issuance | 1.8 | |||
Additional shares reserved for issuance | 2 | |||
Percentage of purchase price of common stock equal to fair market value | 85.00% | |||
Common stock, shares issued, employee stock purchase plan | 0.2 | 0.3 | ||
Shares available for future issuance | 2.3 |
StockBased_Compensation_StockB
Stock-Based Compensation Stock-Based Compensation (Details) (USD $) | 9 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 6 months | 6 months |
Risk-free interest rate | 0.10% | 0.10% |
Volatility | 57.00% | 57.00% |
Dividend yield | 0.00% | 0.00% |
Weighted average fair value | $2.57 | $3.67 |
Equity Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life (years) | 4 years 5 months | |
Risk-free interest rate | 0.60% | |
Volatility | 49.00% | |
Dividend yield | 0.00% | |
Weighted average fair value | $2.95 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of Stock-Based Compensation Expense of Stock Options and Restricted Stock Units | ||||
Stock-based compensation expense by type of grant | $4,882 | $5,879 | $14,308 | $13,441 |
Stock-based compensation expensed from (capitalized to) inventory | 25 | -3 | 5 | 11 |
Total stock-based compensation expense | 4,857 | 5,882 | 14,303 | 13,430 |
Cost of Revenues [Member] | ||||
Summary of Stock-Based Compensation Expense of Stock Options and Restricted Stock Units | ||||
Stock-based compensation expense by type of grant | 97 | 118 | 226 | 353 |
Research and Development Expense [Member] | ||||
Summary of Stock-Based Compensation Expense of Stock Options and Restricted Stock Units | ||||
Stock-based compensation expense by type of grant | 2,992 | 1,545 | 9,039 | 4,867 |
Selling General and Administrative [Member] | ||||
Summary of Stock-Based Compensation Expense of Stock Options and Restricted Stock Units | ||||
Stock-based compensation expense by type of grant | 1,793 | 4,216 | 5,043 | 8,221 |
Stock Options [Member] | ||||
Summary of Stock-Based Compensation Expense of Stock Options and Restricted Stock Units | ||||
Stock-based compensation expense by type of grant | 454 | 648 | 1,160 | 1,987 |
Restricted Stock Units [Member] | ||||
Summary of Stock-Based Compensation Expense of Stock Options and Restricted Stock Units | ||||
Stock-based compensation expense by type of grant | $4,428 | $5,231 | $13,148 | $11,454 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||
Weighted average grant-date fair value per share of the restricted stock units awarded | $5.82 | $9.84 | $8.20 | $8.57 | |
Forfeiture rate | 5.80% | 6.70% | |||
Unearned stock-based compensation | $29.80 | $29.80 | |||
Weighted-average period over which the unearned stock-based compensation is expected to be recognized, years | 2 years 3 months 0 days |
Commitments_and_Contingencies_1
Commitments and Contingencies Commitments (Details) (USD $) | Dec. 31, 2014 | |
Operating Leases | ||
2015 (remainder of year) | $616,000 | [1] |
2016 | 1,528,000 | [1] |
2017 | 1,093,000 | [1] |
2018 | 632,000 | [1] |
Total minimum payments | 3,869,000 | [1] |
Purchase Commitments | ||
2015 (remainder of year) | 16,909,000 | [2] |
2016 | 13,368,000 | [2] |
2017 | 3,241,000 | [2] |
2018 | 2,833,000 | [2] |
Total minimum payments | 36,351,000 | [2] |
Total | ||
2015 (remainder of year) | 17,525,000 | |
2016 | 14,896,000 | |
2017 | 4,334,000 | |
2018 | 3,465,000 | |
Total minimum payments | 40,220,000 | |
Licensing Costs Due | $21,100,000 | |
[1] | Includes the Company's headquarters building lease which expires in August 2015, subject to our right to terminate early upon at least 120 days’ notice. | |
[2] | Includes open purchase orders with terms that generally allow us the option to cancel or reschedule the order, subject to various restrictions and limitations. Also includes the licensing fees relating to the Company's R&D efforts, including licensed intellectual property, or IP, technology, product design, test and verification tools, of $21.1 million. |
Contingencies_Details
Contingencies (Details) | 1 Months Ended | 9 Months Ended | |
Jan. 31, 2012 | Jan. 31, 2009 | Dec. 31, 2014 | |
Amendments | Company | ||
Contingencies (Textual) [Abstract] | |||
Companies named as Potentially Responsible Parties (more than) | 100 | ||
Amendments approved to consent decree | 2 | ||
Percent of contribution to the total waste | 0.50% |
Sale_of_TPack_AS_Details
Sale of TPack A/S (Details) (TPack [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Apr. 22, 2013 |
TPack [Member] | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Sales price of subsidiary | $33.50 |
Subsequent_Events_Details
Subsequent Events (Details) (Subsequent Event [Member], Restructuring Plan [Member], USD $) | 0 Months Ended |
In Millions, unless otherwise specified | Jan. 23, 2015 |
employee | |
Subsequent Event [Line Items] | |
Number of positions expected to be eliminated | 40 |
Number of positions expected to be eliminated (percent) | 7.00% |
Minimum [Member] | |
Subsequent Event [Line Items] | |
Expected cost of restructuring plan | 1.5 |
Reduction in operating expenses | 14 |
Maximum [Member] | |
Subsequent Event [Line Items] | |
Expected cost of restructuring plan | 1.7 |
Reduction in operating expenses | 18 |