Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | 14-May-15 | Sep. 30, 2014 |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Mar-15 | ||
Document Fiscal Year Focus | 2015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | APPLIED MICRO CIRCUITS CORP | ||
Entity Central Index Key | 711065 | ||
Current Fiscal Year End Date | -28 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 80,970,513 | ||
Entity Public Float | $461,530 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $36,495 | $71,539 |
Short-term investments | 38,863 | 35,044 |
Accounts receivable, net | 12,407 | 25,178 |
Inventories, net | 23,514 | 18,946 |
Other current assets | 16,840 | 16,799 |
Total current assets | 128,119 | 167,506 |
Property and equipment, net | 16,749 | 20,746 |
Goodwill | 11,425 | 11,425 |
Purchased intangibles, net | 0 | 105 |
Other assets | 2,570 | 7,754 |
Total assets | 158,863 | 207,536 |
Current liabilities: | ||
Accounts payable | 13,896 | 26,194 |
Accrued payroll and other accrued liabilities | 3,770 | 5,532 |
Veloce accrued liability | 5,742 | 11,985 |
Other accrued liabilities | 7,644 | 10,877 |
Deferred revenue | 415 | 567 |
Total current liabilities | 31,467 | 55,155 |
Non-current liabilities | 4,291 | 3,145 |
Commitments and contingencies | ||
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 March 31, 2015 and March 31, 2014 Issued and outstanding shares - 80,816 at March 31, 2015 and 77,677 at March 31, 2014 | 808 | 777 |
Additional paid-in capital | 6,032,604 | 6,005,365 |
Accumulated other comprehensive loss | -7,486 | -6,143 |
Accumulated deficit | -5,902,821 | -5,850,763 |
Total stockholders’ equity | 123,105 | 149,236 |
Total liabilities and stockholders’ equity | $158,863 | $207,536 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 375,000,000 | 375,000,000 |
Common stock, shares issued | 80,816,000 | 77,677,000 |
Common stock, shares outstanding | 80,816,000 | 77,677,000 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | |||
Net revenues | $165,011 | $216,150 | $195,642 |
Cost of revenues | 69,297 | 85,189 | 83,048 |
Gross profit | 95,714 | 130,961 | 112,594 |
Operating expenses: | |||
Research and development | 107,220 | 146,579 | 187,419 |
Selling, general and administrative | 33,643 | 38,927 | 51,684 |
Gain on sale of TPack | 0 | -19,699 | 0 |
Gain on sale of building | 0 | -25,815 | 0 |
Amortization of purchased intangible assets | 104 | 316 | 1,926 |
Restructuring charges | 5,421 | 1,134 | 6,435 |
Total operating expenses | 146,388 | 141,442 | 247,464 |
Operating loss | -50,674 | -10,481 | -134,870 |
Net realized gain on short-term investments and interest income, net | 2,764 | 5,052 | 2,595 |
Other (expense) income, net | -3,056 | 354 | -2,394 |
Loss before income taxes | -50,966 | -5,075 | -134,669 |
Income tax expense (benefit) | 1,092 | 619 | -554 |
Net loss | ($52,058) | ($5,694) | ($134,115) |
Basic and diluted net loss per share (in dollars per share) | ($0.66) | ($0.08) | ($2.06) |
Shares used in calculating basic and diluted net loss per share | 78,814 | 72,897 | 65,258 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
Statement of Comprehensive Income [Abstract] | ||||||
Net loss | ($52,058) | ($5,694) | ($134,115) | |||
Other comprehensive gain (loss), net of tax: | ||||||
Unrealized (loss) gain on investments | -954 | [1] | -5,039 | [1] | 1,314 | [1] |
Loss on foreign currency translation | -389 | -367 | -286 | |||
Other comprehensive (loss) gain, net of tax | -1,343 | -5,406 | 1,028 | |||
Total comprehensive loss | -53,401 | -11,100 | -133,087 | |||
Reclassification adjustment from AOCI for sale of securities, Net of tax | ($1,353) | ($3,360) | ($1,391) | |||
[1] | The amounts reclassified from accumulated other comprehensive loss and recorded in net realized gain on short-term investments and interest income, net in the Consolidated Statements of Operations relating to short-term investments were $1.4 million, $3.4 million and $1.4 million for the fiscal years ended March 31, 2015, 2014 and 2013, respectively. Refer to Note 3, Certain Financial Statement Information, to the Consolidated Financial Statements for additional details. |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Operating activities: | |||
Net loss | ($52,058) | ($5,694) | ($134,115) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 8,555 | 10,273 | 9,542 |
Amortization of purchased intangible assets | 104 | 482 | 4,643 |
Stock-based compensation expense | 18,305 | 17,021 | 25,525 |
Veloce acquisition consideration | 9,230 | 42,684 | 66,188 |
Acquisition related adjustment | 0 | 0 | -133 |
Gain on sale of TPack | 0 | -19,699 | 0 |
Gain on sale of building | 0 | -25,815 | 0 |
Gain on short-term Investments and other, net | 1,317 | 3,383 | 2,684 |
Impairment of strategic investments | 3,000 | 0 | 2,250 |
Tax effect on other comprehensive loss | 126 | -40 | -989 |
Non-cash restructuring charges | 2,615 | 298 | 4,719 |
Impairment of short-term investments and marketable securities | 0 | 0 | 1,143 |
Impairment of notes receivable and other assets | 0 | 0 | 1,800 |
Changes in operating assets and liabilities: | |||
Accounts receivable, net | 12,771 | -837 | -1,909 |
Inventories, net | -4,573 | -6,049 | 10,344 |
Other assets | -1,440 | 3,232 | -2,871 |
Accounts payable | -9,911 | 5,778 | -622 |
Accrued payroll and other liabilities | -3,127 | -671 | -82 |
Veloce accrued liability | -9,150 | -63,657 | -16,537 |
Deferred revenue | -152 | -770 | -668 |
Net cash used for operating activities | -27,022 | -46,847 | -34,456 |
Investing activities: | |||
Proceeds from sales and maturities of short-term investments | 16,340 | 47,810 | 43,555 |
Purchases of short-term investments | -19,887 | -18,081 | -21,633 |
Proceeds from sale of property and equipment | 1 | 70 | 1,800 |
Purchase of property and equipment | -9,772 | -5,952 | -9,045 |
Proceeds from sale of strategic investment | 0 | 1,286 | 7,146 |
Proceeds from the sale of TPack, net | 3,353 | 29,498 | 0 |
Proceeds from sale of building | 0 | 40,176 | 0 |
Purchases of strategic investment | 0 | 0 | -500 |
Net cash (used for) provided by investing activities | -9,965 | 94,807 | 21,323 |
Financing activities: | |||
Proceeds from issuance of common stock | 3,854 | 11,619 | 8,873 |
Funding of restricted stock units withheld for taxes | -1,911 | -6,550 | -3,121 |
Repurchase of common stock | 0 | 0 | -653 |
Payment of contingent consideration | 0 | 0 | -485 |
Other | 0 | -555 | -481 |
Net cash provided by financing activities | 1,943 | 4,514 | 4,133 |
Net (decrease) increase in cash and cash equivalents | -35,044 | 52,474 | -9,000 |
Cash and cash equivalents at beginning of year | 71,539 | 19,065 | 28,065 |
Cash and cash equivalents at end of year | 36,495 | 71,539 | 19,065 |
Supplementary cash flow disclosures: | |||
Cash paid for income taxes | 732 | 870 | 987 |
Reclassification adjustment from AOCI for sale of securities, Net of tax | ($1,353) | ($3,360) | ($1,391) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid In Capital [Member] | Accumulated Other Comprehensive Income Loss [Member] | Accumulated Deficit [Member] | |
In Thousands, unless otherwise specified | ||||||
Balance, beginning of period at Mar. 31, 2012 | $169,236 | $619 | $5,881,336 | ($1,765) | ($5,710,954) | |
Balance, shares, beginning of period at Mar. 31, 2012 | 61,879 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 22,441 | 62 | 22,379 | |||
Issuance of common stock, shares | 6,199 | |||||
Repurchase of common stock | -653 | -1 | -652 | |||
Repurchase of common stock, shares | -126 | |||||
Stock-based compensation expense | [1] | 23,567 | 23,567 | |||
Other comprehensive (loss) gain, net of tax | 1,028 | 1,028 | ||||
Net loss | -134,115 | -134,115 | ||||
Balance, end of period at Mar. 31, 2013 | 81,504 | 680 | 5,926,630 | -737 | -5,845,069 | |
Balance, shares, end of period at Mar. 31, 2013 | 67,952 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 62,920 | 97 | 62,823 | |||
Issuance of common stock, shares | 9,725 | |||||
Stock-based compensation expense | [1] | 15,912 | 15,912 | |||
Other comprehensive (loss) gain, net of tax | -5,406 | -5,406 | ||||
Net loss | -5,694 | -5,694 | ||||
Balance, end of period at Mar. 31, 2014 | 149,236 | 777 | 6,005,365 | -6,143 | -5,850,763 | |
Balance, shares, end of period at Mar. 31, 2014 | 77,677 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Issuance of common stock | 7,588 | 31 | 7,557 | |||
Issuance of common stock, shares | 3,139 | |||||
Stock-based compensation expense | [1] | 19,682 | 19,682 | |||
Other comprehensive (loss) gain, net of tax | -1,343 | -1,343 | ||||
Net loss | -52,058 | -52,058 | ||||
Balance, end of period at Mar. 31, 2015 | $123,105 | $808 | $6,032,604 | ($7,486) | ($5,902,821) | |
Balance, shares, end of period at Mar. 31, 2015 | 80,816 | |||||
[1] | {F|ahBzfndlYmZpbGluZ3MtaHJkcmoLEgZYTUxEb2MiXlhCUkxEb2NHZW5JbmZvOjczMGVjMmIwNjI4NzQyMzlhN2Q2NzEwODhhZTE0MmY1fFRleHRTZWxlY3Rpb246NjgwNzRCOTM5OENDNTM1NUE5QkM2RjZEODFEOUU1NkYM} |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies | |||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||
The 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. The Company prepared the accompanying Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). | ||||||||||||||||||||||
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 affects 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 affects 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 affects net interest income (expense), net | |||||||||||||||||||||
• | valuation of other long-lived assets and goodwill, which affects depreciation and impairments of long-lived asset, impairments 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 affects 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. | ||||||||||||||||||||||
Cash and Cash Equivalents | ||||||||||||||||||||||
The Company considers all highly liquid investments with an original maturity from the date of purchase of 90 days or less to be cash equivalents. | ||||||||||||||||||||||
Investments | ||||||||||||||||||||||
The Company holds a variety of securities in its investments portfolio. The Company reviews its investment portfolio periodically to assess for other-than-temporary impairment. The Company assesses the impairment of its investments in order to determine the classification of the impairment as “temporary” or “other-than-temporary”. The factors used to determine whether an impairment is temporary or other-than-temporary involve considerable judgment primarily including the duration and extent to which the market value has been less than amortized cost, the nature of underlying assets (including the degree of collateralization) and the financial condition, credit rating, market liquidity conditions and near-term prospects of the issuer. If the fair value of a security is less than its amortized cost basis at the balance sheet date, an assessment would have to be made as to whether the impairment is other-than-temporary. If the Company does not intend to sell the security, the Company shall consider available evidence to assess whether it is more likely than not, it will be required to sell the security before the recovery of the amortized cost basis due to cash, working capital requirements, contractual or regulatory obligations indicate that the security will be required to be sold before a forecasted recovery occurs. If it is more likely than not that the Company is required to sell the security before recovery of the amortized cost basis, an other-than-temporary impairment is considered to have occurred. The Company uses present value cash flow models to determine whether the entire amortized cost basis of the security will be recovered. The Company will compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. An other-than-temporary impairment is said to have occurred if the present value of cash flows expected to be collected is less than the amortized cost basis of the security. Refer to Note 2, Investments, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||
Short-term investments are recorded at fair value in the Company’s Consolidated Balance Sheets and are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Accounting Standards Codification ("ASC") 820-10 defines a three-level valuation hierarchy for disclosure of fair value measurements. The Company currently classifies inputs to derive fair values for short-term investments as Level 1 and 2. Instruments classified as Level 1 include highly liquid government and agency securities, money market funds and publicly traded closed end bond funds in active markets. Instruments classified as Level 2 include corporate notes, mortgage-backed securities, asset-backed securities and preferred stock. The Company did not have any Level 3 short-term investments as of any of the periods presented. | ||||||||||||||||||||||
Concentration of Credit Risk | ||||||||||||||||||||||
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of available-for-sale securities and trade receivables. The Company believes that the credit risk in its trade receivables is mitigated by the Company’s credit evaluation process, relatively short collection terms and dispersion of its customer base. The Company generally does not require collateral and losses on trade receivables have historically been within management’s expectations. | ||||||||||||||||||||||
The Company invests its excess cash primarily in debt instruments of the U.S. Treasury, corporate bonds and mutual funds mainly with investment grade credit ratings. The Company has established guidelines relative to diversification and maturities that attempt to maintain safety and liquidity of the portfolio. These guidelines are periodically reviewed. | ||||||||||||||||||||||
Inventories | ||||||||||||||||||||||
The Company’s policy is to value inventories at the lower of cost or market on a part-by-part basis, with cost being determined based on the first-in, first-out method. This policy requires the Company to make estimates regarding the market value of its inventories, including an assessment of excess or obsolete inventories. The Company determines excess and obsolete inventories based on an estimate of the future demand for its products within a specified time horizon, generally 12 months. If the Company’s future demand is lower than its inventory balance, the Company may be required to take additional excess inventory charges, which would decrease gross margin and net operating results. The written down value of the inventory becomes its new cost basis, and the cost basis for such inventory is not marked-up if market conditions improve. This accounting is consistent with the guidance provided by Financial Accounting Standards Board ("FASB") ASC 330. | ||||||||||||||||||||||
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. The fair value was estimated on a non-recurring basis based on Level 3 inputs. The Level 3 inputs used to estimate the fair value of these investments included consideration of the current cash position, recent operational performance, and forecasts of the investees. The Company recorded other-than-temporary impairment charges of $3.0 million, zero, and $2.3 million during the fiscal years ended March 31, 2015, 2014, and 2013, respectively. The strategic investments are included in other assets on the Company’s Consolidated Balance Sheets, and the balance was zero as of March 31, 2015. | ||||||||||||||||||||||
Goodwill and Other Long-Lived Assets | ||||||||||||||||||||||
Goodwill represents the excess of the fair value of purchase consideration over the fair values of assets acquired and liabilities assumed in a business combination. Goodwill is not amortized but is reviewed annually or more frequently if impairment indicator arise. The Company elected to use the qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. As part of its qualitative assessment, the Company evaluated and determined that its market capitalization was well in excess of its book value and based on this and other qualitative factors determined that there was no goodwill impairment as of and for the fiscal year ended March 31, 2015. | ||||||||||||||||||||||
The Company’s long-lived assets consist of property, plant and equipment. Property and equipment are stated at cost and depreciated over the estimated useful lives of the assets ranging from 1 to 5 years using the straight line method. Leasehold improvements are stated at cost and amortized over the shorter of the term of the related lease or its estimated useful life. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. Recoverability of an asset group is measured by comparison of its carrying amount to the expected future undiscounted cash flows that the asset group is expected to generate. If it is determined that an asset group is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the asset group exceeds its fair value. In addition, the Company assesses its long-lived assets for impairment if they are abandoned. There was no impairment of long-lived assets other than the write-off of a mask set of $2.6 million relating to a restructuring plan during the fiscal year ended March 31, 2015. There was no impairment during the fiscal year ended March 31, 2014. Refer to the paragraph below, Mask Costs, and Note 7, Restructuring, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||||||
Revenue Recognition | ||||||||||||||||||||||
The Company recognizes revenue based on four basic criteria: 1) there is evidence that an arrangement exists; 2) delivery has occurred and title and risk of loss have transferred; 3) the fee is fixed or determinable; and 4) collectability is reasonably assured. The Company considers the price to be determinable when the price is not subject to refund or adjustments or when any such adjustments can be estimated. The Company evaluates the creditworthiness of its customers to determine that appropriate credit limits are established prior to the acceptance of an order. Revenue, including sales to resellers and distributors, is reduced for estimated returns and distributor allowances and is recognized upon shipment. These estimates are based on the Company's experience with the contractual terms of the competitive pricing and rebate programs and stock rotations. | ||||||||||||||||||||||
From time to time, the Company generates revenue from the sale of internally developed intellectual property ("IP") and royalty revenues from the sale of the Company's customers' products that contain its technology. The Company generally recognizes revenue from the sale of IP and from royalties when all four basic criteria outlined above are met. | ||||||||||||||||||||||
Research and Development | ||||||||||||||||||||||
R&D costs are expensed as incurred. Substantially all R&D expenses are related to new product development and designing significant improvements to existing products. Also refer to Note 4, Veloce, to the Consolidated Financial Statements. | ||||||||||||||||||||||
Mask Costs | ||||||||||||||||||||||
The Company incurs significant costs for the fabrication of masks used by its contract manufacturers to manufacture its products. If the Company determines, at the time the costs for the fabrication of masks are incurred, that technological feasibility of the product has been achieved, such costs are capitalized as property and equipment under machinery and equipment. When its related product is released to production, the mask costs are amortized as cost of sales over three years, representing the estimated production period of the product. The Company periodically reassesses the estimated production period for specific mask sets capitalized. During the fiscal years ended March 31, 2015 and 2014, total mask costs capitalized were $5.9 million and $6.4 million, respectively. If the Company determines, at the time fabrication mask costs are incurred, that either technological feasibility of the product has not occurred or that the mask is not reasonably expected to be used in production or that the commercial feasibility of the product is uncertain, the related mask costs are expensed to R&D in the period in which the costs are incurred. The Company also periodically assesses capitalized mask costs for impairment. As a result of recent restructuring, the Company recorded an impairment charge of a capitalized mask set of $2.6 million during the fiscal year ended March 31, 2015. There were no impairments during the fiscal year ended March 31, 2014. Refer to Note 7, Restructuring, to the Consolidated Financial Statements for additional information. | ||||||||||||||||||||||
Stock-Based Compensation | ||||||||||||||||||||||
Stock-based compensation cost is measured at the grant date based on the fair value of the award. The fair value of restricted stock units ("RSUs") is estimated using the Company's stock price on the grant date. The fair value of options and employee stock purchase rights is estimated using the Black-Scholes model on the grant date. 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 market stock units ("MSUs") were valued using the Monte Carlo pricing model, which uses the Company's stock price, the Index price, expected volatilities of the Company's stock price and the Index, correlation coefficients and risk free interest rates to determine the fair value. | ||||||||||||||||||||||
The following tables summarize the allocation of the stock-based compensation expense (in thousands): | ||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||
Stock-based compensation expense by type of grant: | ||||||||||||||||||||||
Option grants and employee stock purchase rights | $ | 1,408 | $ | 2,520 | $ | 3,469 | ||||||||||||||||
Restricted stock units | 16,892 | 14,517 | 20,620 | |||||||||||||||||||
18,300 | 17,037 | 24,089 | ||||||||||||||||||||
Stock-based compensation expensed from (capitalized to) inventory | 5 | (16 | ) | 147 | ||||||||||||||||||
Total stock-based compensation expense | $ | 18,305 | $ | 17,021 | $ | 24,236 | ||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||
Stock-based compensation expense by cost centers: | ||||||||||||||||||||||
Cost of revenues | $ | 285 | $ | 460 | $ | 545 | ||||||||||||||||
Research and development | 11,657 | 6,371 | 11,760 | |||||||||||||||||||
Selling, general and administrative | 6,358 | 10,206 | 11,784 | |||||||||||||||||||
18,300 | 17,037 | 24,089 | ||||||||||||||||||||
Stock-based compensation expensed from (capitalized to) inventory | 5 | (16 | ) | 147 | ||||||||||||||||||
Total stock-based compensation expense | $ | 18,305 | $ | 17,021 | $ | 24,236 | ||||||||||||||||
The fair values of the options and employee stock purchase rights granted 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 | |||||||||||||||||||||
Fiscal Years Ended March 31, | Fiscal Years Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | |||||||||||||||||
Expected life (years) | * | 4.4 | 4.4 | 0.5 | 0.5 | 0.5 | ||||||||||||||||
Risk-free interest rate | * | 0.6 | % | 0.7 | % | 0.1 | % | — | % | — | % | |||||||||||
Volatility | * | 0.49 | 0.54 | 0.57 | 0.56 | 0.5 | ||||||||||||||||
Dividend yield | * | — | % | — | % | — | % | — | % | — | % | |||||||||||
Expected forfeiture rate | * | 5.8 | % | 6.6 | % | — | % | — | % | — | % | |||||||||||
Weighted average fair value | * | $ | 2.95 | $ | 2.47 | $ | 2.17 | $ | 3.4 | $ | 1.77 | |||||||||||
* The Company did not grant options during the twelve months ended March 31, 2015. | ||||||||||||||||||||||
Compensation Amortization Period. All stock-based compensation is amortized over the requisite service period of the awards, which is generally the same as the vesting period of the awards. The Company amortizes the fair value cost on a straight-line basis over the expected service periods. | ||||||||||||||||||||||
Expected Life. The expected life of stock options granted represents the expected weighted average period of time from the date of grant to the estimated date that the stock option would be fully exercised. To calculate the expected term, the Company utilizes historical actual exercise data and assumes that unexercised stock options would be exercised at the midpoint of the valuation date of its analysis and the full contractual term of the option. | ||||||||||||||||||||||
Risk-Free Interest Rate. The risk-free interest rate is the implied yield currently available on zero-coupon government issues with a remaining term equal to the expected life. | ||||||||||||||||||||||
Expected Volatility. Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. The Company estimates the expected volatility of its stock options at their grant date by equally weighting the historical volatility and the implied volatility of its stock. The historical volatility is calculated using the weekly stock price of its stock over a recent historical period equal to its expected life. The implied volatility is calculated from the implied market volatility of exchange-traded call options on its common stock. | ||||||||||||||||||||||
Expected Dividends. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero percent in valuation models. | ||||||||||||||||||||||
Expected Forfeitures. As stock-based compensation expense recognized in the Consolidated Statements of Operations for the fiscal years ended March 31, 2015, 2014 and 2013 is based on awards that are ultimately expected to vest, it should be reduced for estimated forfeitures. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeiture rates were based upon the expected forfeiture data using the Company’s current demographics and standard probabilities of employee turnover. | ||||||||||||||||||||||
During the fourth quarter of fiscal 2015, the Company revised the estimated forfeiture rate used in determining the amount of stock-based compensation from 5.8% to 6.1%, which the Company believes is indicative of the rate it will experience during the remaining vesting period of currently outstanding unvested grants. | ||||||||||||||||||||||
The weighted average grant-date fair value per share of the RSUs awarded was $7.81, $9.46 and $6.11 during the fiscal years ended March 31, 2015, 2014 and 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. | ||||||||||||||||||||||
As of March 31, 2015, the amount of unrecognized stock-based compensation cost, net of estimated forfeitures, related to unvested stock options and unvested RSUs was $24.6 million which will be recognized over a weighted average period of 1.2 years. | ||||||||||||||||||||||
Income Taxes | ||||||||||||||||||||||
The Company utilizes the asset and liability method of accounting for income taxes as set forth in ASC 740-10. Under the asset and liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. | ||||||||||||||||||||||
Segments | ||||||||||||||||||||||
As of March 31, 2014 and 2013, the Company had two operating segments, Connectivity and Computing, and under the aggregation criteria set forth in ASC 280-10 had one reportable segment, as the two operating segments shared similar economic characteristics and other operating similarities (the nature of the products, the nature of the production processes, the type of customers and the methods of distribution). During fiscal year 2015, the Company continued to conclude that the Company’s Chief Executive Officer is its Chief Operating Decision Maker ("CODM"). As of March 31, 2015, the Company has one operating segment and therefore one reportable segment due to changes in its organizational structure as a result of recent restructuring activities and changes in how the CODM allocates resources and assesses performance of the Company. The Company’s CODM evaluates the performance of the Company and makes decisions regarding allocation of resources based on overall Company results. | ||||||||||||||||||||||
New Accounting Pronouncements | ||||||||||||||||||||||
In August 2014, the FASB issued Accounting Standard Update ("ASU") No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or within one year after the date that the financial statements are available to be issued, when applicable. The standard is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating this new standard, and after adoption, it will incorporate this guidance in its assessment of going concern. | ||||||||||||||||||||||
In May 2014, the FASB issued 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. The standard 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. |
Investments
Investments | 12 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||||||||||||
The Company classifies its short-term investments as “available-for-sale” and records such assets at the estimated fair value with unrealized gains and losses excluded from net loss and reported, net of tax, in comprehensive loss. When the investments are sold, such gain or loss will be transferred from accumulated other comprehensive loss to net realized gain on short-term investments and interest income, net on the Consolidated Statements of Operations. The portion of unrealized losses that are deemed to be other-than-temporary in nature are charged to the Consolidated Statements of Operations. The basis for computing realized and unrealized gains or losses is by specific identification. In addition, the Company had $1.1 million each in restricted cash related to its voluntary disability insurance as of March 31, 2015 and 2014, and these amounts are included in cash and cash equivalents on the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||||||
The following is a summary of cash, cash equivalents and available-for-sale investments by type of instrument (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | Amortized | Gross Unrealized | Estimated | |||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||
Cash | $ | 33,936 | $ | — | $ | — | $ | 33,936 | $ | 65,867 | $ | — | $ | — | $ | 65,867 | ||||||||||||||||
Cash equivalents | 2,559 | — | — | 2,559 | 5,672 | — | — | 5,672 | ||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 1,230 | — | — | 1,230 | 2,838 | — | — | 2,838 | ||||||||||||||||||||||||
Corporate bonds | 10,772 | 28 | (6 | ) | 10,794 | 10,599 | 30 | (2 | ) | 10,627 | ||||||||||||||||||||||
Mortgage-backed and asset-backed securities* | — | 15 | — | 15 | 1,793 | 297 | (16 | ) | 2,074 | |||||||||||||||||||||||
Mutual Funds | 24,895 | 1,955 | (59 | ) | 26,791 | 14,373 | 2,392 | (402 | ) | 16,363 | ||||||||||||||||||||||
Preferred stock | 11 | 22 | — | 33 | 2,406 | 736 | — | 3,142 | ||||||||||||||||||||||||
$ | 73,403 | $ | 2,020 | $ | (65 | ) | $ | 75,358 | $ | 103,548 | $ | 3,455 | $ | (420 | ) | $ | 106,583 | |||||||||||||||
Reported as: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 36,495 | $ | 71,539 | ||||||||||||||||||||||||||||
Short-term investments available-for-sale | 38,863 | 35,044 | ||||||||||||||||||||||||||||||
$ | 75,358 | $ | 106,583 | |||||||||||||||||||||||||||||
* | At March 31, 2015 and 2014, zero 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 instruments measured at fair value on a recurring basis (in thousands): | ||||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Cash | $ | 33,936 | $ | — | $ | — | $ | 33,936 | $ | 65,867 | $ | — | $ | — | $ | 65,867 | ||||||||||||||||
Cash equivalents | 2,559 | — | — | 2,559 | 5,672 | — | — | 5,672 | ||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 1,230 | — | — | 1,230 | 2,838 | — | — | 2,838 | ||||||||||||||||||||||||
Corporate bonds | — | 10,794 | — | 10,794 | — | 10,627 | — | 10,627 | ||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | — | 15 | — | 15 | — | 2,074 | — | 2,074 | ||||||||||||||||||||||||
Mutual funds | 26,791 | — | — | 26,791 | 16,363 | — | — | 16,363 | ||||||||||||||||||||||||
Preferred stock | — | 33 | — | 33 | — | 3,142 | — | 3,142 | ||||||||||||||||||||||||
$ | 64,516 | $ | 10,842 | $ | — | $ | 75,358 | $ | 90,740 | $ | 15,843 | $ | — | $ | 106,583 | |||||||||||||||||
There were no significant transfers in and out of Level 1 and Level 2 fair value measurements during the fiscal year ended March 31, 2015 and 2014. | ||||||||||||||||||||||||||||||||
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-Mar-15 | ||||||||||||||||||||||||||||||||
Cost | Estimated Fair Value | |||||||||||||||||||||||||||||||
Less than 1 year | $ | 3,335 | $ | 3,340 | ||||||||||||||||||||||||||||
Mature in 1 – 2 years | 7,965 | 7,979 | ||||||||||||||||||||||||||||||
Mature in 3 – 5 years | 702 | 706 | ||||||||||||||||||||||||||||||
Mature after 5 years | — | 14 | ||||||||||||||||||||||||||||||
$ | 12,002 | $ | 12,039 | |||||||||||||||||||||||||||||
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 March 31, 2015 | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Corporate bonds | 878 | (6 | ) | — | — | 878 | (6 | ) | ||||||||||||||||||||||||
Mutual funds | 14,592 | (17 | ) | 475 | (42 | ) | 15,067 | (59 | ) | |||||||||||||||||||||||
$ | 15,470 | $ | (23 | ) | $ | 475 | $ | (42 | ) | $ | 15,945 | $ | (65 | ) | ||||||||||||||||||
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 | |||||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Corporate bonds | 992 | (2 | ) | — | — | 992 | (2 | ) | ||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | 431 | (16 | ) | — | — | 431 | (16 | ) | ||||||||||||||||||||||||
Mutual 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 continuous loss position, the Company recognized other-than-temporary impairment charges for its short-term investments and marketable securities. During the fiscal years ended March 31, 2015 and 2014, the Company did not record any other-than-temporary impairment charges. During the fiscal year ended March 31, 2013, the Company recorded other-than-temporary impairment charges of $1.1 million. 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. |
Certain_Financial_Statement_In
Certain Financial Statement Information | 12 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Certain Financial Statement Information [Abstract] | ||||||||||||||||||||||||||||
Certain Financial Statement Information | Certain Financial Statement Information | |||||||||||||||||||||||||||
Accounts receivable, net: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Accounts receivable | $ | 12,709 | $ | 25,629 | ||||||||||||||||||||||||
Less: allowance for bad debts | (302 | ) | (451 | ) | ||||||||||||||||||||||||
$ | 12,407 | $ | 25,178 | |||||||||||||||||||||||||
Inventories, net: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Finished goods | $ | 15,310 | $ | 9,375 | ||||||||||||||||||||||||
Work in process | 5,377 | 6,510 | ||||||||||||||||||||||||||
Raw materials | 2,827 | 3,061 | ||||||||||||||||||||||||||
$ | 23,514 | $ | 18,946 | |||||||||||||||||||||||||
Other current assets: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Prepaid expenses | $ | 14,847 | $ | 10,978 | ||||||||||||||||||||||||
Executive deferred compensation assets | 1,004 | 1,035 | ||||||||||||||||||||||||||
Proceeds receivable from sale of strategic investment | — | 3,353 | ||||||||||||||||||||||||||
Other | 989 | 1,433 | ||||||||||||||||||||||||||
$ | 16,840 | $ | 16,799 | |||||||||||||||||||||||||
Property and equipment: | ||||||||||||||||||||||||||||
Useful | March 31, | |||||||||||||||||||||||||||
Life | 2015 | 2014 | ||||||||||||||||||||||||||
(In years) | (In thousands) | |||||||||||||||||||||||||||
Machinery and equipment* | 5-Mar | $ | 37,286 | $ | 44,503 | |||||||||||||||||||||||
Leasehold improvements | 5-Jan | 9,909 | 11,574 | |||||||||||||||||||||||||
Computers, office furniture and equipment* | 5-Mar | 32,902 | 43,365 | |||||||||||||||||||||||||
80,097 | 99,442 | |||||||||||||||||||||||||||
Less: accumulated depreciation and amortization* | (63,348 | ) | (78,696 | ) | ||||||||||||||||||||||||
$ | 16,749 | $ | 20,746 | |||||||||||||||||||||||||
* | During the fiscal year ended March 31, 2015, the Company wrote-off fully depreciated assets with an acquired cost of $24.0 million. Also the Company wrote-off of a capitalized mask of $2.6 million as a result of recent restructuring. Refer to Note 7, Restructuring, to the Consolidated Financial Statements for additional information. | |||||||||||||||||||||||||||
Goodwill and purchased intangibles: | ||||||||||||||||||||||||||||
Goodwill is as follows: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Goodwill | $ | 11,425 | $ | 11,425 | ||||||||||||||||||||||||
Purchase-related intangibles are as follows: | ||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | Weighted | |||||||||||||||||||||
Amortization | average | Amortization | average | |||||||||||||||||||||||||
and | remaining | and | remaining | |||||||||||||||||||||||||
Impairments | useful life | Impairments | 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: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Non-current portion of prepaid expenses | $ | 1,974 | $ | 4,235 | ||||||||||||||||||||||||
Strategic investments* | — | 3,000 | ||||||||||||||||||||||||||
Other | $ | 596 | $ | 519 | ||||||||||||||||||||||||
$ | 2,570 | $ | 7,754 | |||||||||||||||||||||||||
*During the fiscal year ended March 31, 2015, the Company recorded other-than-temporary impairment charges of $3.0 million with respect to two of its strategic investments. Refer to Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements for details. | ||||||||||||||||||||||||||||
Other accrued liabilities: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Employee related liabilities | $ | 1,454 | $ | 1,733 | ||||||||||||||||||||||||
Executive deferred compensation | 1,025 | 1,314 | ||||||||||||||||||||||||||
Income taxes | 1,311 | 962 | ||||||||||||||||||||||||||
Professional fees | 515 | 1,259 | ||||||||||||||||||||||||||
Other | 3,339 | 5,609 | ||||||||||||||||||||||||||
$ | 7,644 | $ | 10,877 | |||||||||||||||||||||||||
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: | ||||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Beginning balance | $ | 199 | $ | 220 | ||||||||||||||||||||||||
Additions during the period | 85 | 58 | ||||||||||||||||||||||||||
Settlements and expirations | (121 | ) | (79 | ) | ||||||||||||||||||||||||
Change in estimates | 31 | — | ||||||||||||||||||||||||||
Ending balance | $ | 194 | $ | 199 | ||||||||||||||||||||||||
Net realized gain on short-term investments and interest income, net: | ||||||||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Net realized gain on short-term investments | 1,353 | 3,360 | 1,391 | |||||||||||||||||||||||||
Interest income, net | 1,411 | 1,692 | 2,347 | |||||||||||||||||||||||||
Impairments of short-term investments and marketable securities | — | — | (1,143 | ) | ||||||||||||||||||||||||
$ | 2,764 | $ | 5,052 | $ | 2,595 | |||||||||||||||||||||||
Other (expense) income, net: | ||||||||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Impairment of strategic investments | $ | (3,000 | ) | $ | — | $ | (2,250 | ) | ||||||||||||||||||||
Impairment of notes receivable and other assets | — | — | (1,800 | ) | ||||||||||||||||||||||||
Net (loss) gain on disposals of property | (27 | ) | 67 | (21 | ) | |||||||||||||||||||||||
Other, net | (29 | ) | 287 | 1,677 | ||||||||||||||||||||||||
$ | (3,056 | ) | $ | 354 | $ | (2,394 | ) | |||||||||||||||||||||
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 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): | ||||||||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||
Net loss | $ | (52,058 | ) | $ | (5,694 | ) | $ | (134,115 | ) | |||||||||||||||||||
Shares used in net loss per share computation: | ||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | 78,814 | 72,897 | 65,258 | |||||||||||||||||||||||||
Net effect of dilutive common share equivalents | — | — | — | |||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 78,814 | 72,897 | 65,258 | |||||||||||||||||||||||||
Basic and diluted net loss per share | $ | (0.66 | ) | $ | (0.08 | ) | $ | (2.06 | ) | |||||||||||||||||||
The effect of dilutive securities (comprised of options and RSUs) totaling 1.4 million, 1.5 million and 0.8 million shares for the fiscal years ended March 31, 2015, 2014 and 2013, respectively, has been excluded from the diluted net loss per share computation since the Company incurred losses in the periods presented and their effect would be antidilutive. |
Veloce
Veloce | 12 Months Ended |
Mar. 31, 2015 | |
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 purchase consideration for Veloce was $178.5 million based on the benchmarks achieved during product simulations. 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 in the Consolidated Statement of Operations. Veloce completed all three performance milestones relating to the project as of March 31, 2014 and the total consideration relating to the three performance milestones, in the amount of $178.5 million, has been recognized as R&D expense as of March 31, 2015. During the fiscal years ended March 31, 2015 and 2014, as part of the above arrangement, the Company paid $9.2 million and $63.7 million, respectively, in cash and issued 1.1 million shares and 6.7 million shares, respectively, valued at $5.6 million and $57.3 million, respectively. Former Veloce equity holders subject to vesting requirements will receive their distribution upon satisfaction of such vesting requirements. | |
Total R&D expenses recognized related to Veloce were $9.2 million and $42.7 million during the fiscal years ended March 31, 2015 and 2014, respectively. R&D expenses related to Veloce of $9.2 million recognized during the fiscal year ended March 31, 2015 is as a result of the distribution of the remaining 0.6 million Unallocated Veloce Units (Veloce stock equivalents that had not yet been allocated to individuals). Veloce consideration that has been accrued as of March 31, 2015, is classified as long-term if payments of the consideration are expected to occur beyond a 12 month period. |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Stockholders' Equity | Stockholders' Equity | |||||||||||||
Stock Repurchase Program | ||||||||||||||
In August 2004, the Board of Directors authorized a stock repurchase program for the repurchase of up to $200.0 million of the Company's common stock. Under the program, the Company is authorized to make purchases in the open market or enter into structured agreements. In October 2008, the Board of Directors increased the stock repurchase program by $100.0 million. There were no stock repurchases during the fiscal years ended March 31, 2015 and 2014. During the fiscal year ended March 31, 2013, 0.1 million shares were repurchased on the open market at a weighted average price of $5.18 per share. Since the program was first implemented in August 2004, from time to time the Company has repurchased on the open market a total of 17.3 million shares at weighted average price of $10.04 per share. All repurchased shares were retired upon delivery to the Company. As of March 31, 2015, the Company had $15.9 million available in its stock repurchase program. | ||||||||||||||
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 (the 1992 Stock Option Plan and 2011 Equity Incentive Plan) and one plan not approved by stockholders (the 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 is as follows: | ||||||||||||||
Number of Shares (thousands) | Weighted | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (millions) | |||||||||||
Average | ||||||||||||||
Exercise | ||||||||||||||
Price Per Share | ||||||||||||||
Outstanding as of March 31, 2012 | 4,164 | $ | 10.67 | |||||||||||
Granted | 40 | $ | 5.58 | |||||||||||
Exercised | (161 | ) | $ | 5.31 | $ | 0.3 | -1 | |||||||
Cancelled | (551 | ) | $ | 14.49 | ||||||||||
Outstanding as of March 31, 2013 | 3,492 | $ | 10.26 | |||||||||||
Granted | 40 | $ | 7.35 | |||||||||||
Exercised | (662 | ) | $ | 9.36 | $ | 1.8 | -1 | |||||||
Cancelled | (461 | ) | $ | 12.35 | ||||||||||
Outstanding as of March 31, 2014 | 2,409 | $ | 10.06 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (53 | ) | $ | 6.32 | $ | 0.2 | -1 | |||||||
Cancelled | (562 | ) | $ | 13.31 | ||||||||||
Outstanding as of March 31, 2015 | 1,794 | $ | 9.15 | 1.9 | $ | — | -2 | |||||||
Vested and expected to vest as of March 31, 2015 | 1,794 | $ | 9.15 | 1.8 | $ | — | -2 | |||||||
Vested and exercisable at the end of the year | 1,794 | $ | 9.15 | 1.9 | $ | — | -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 fiscal period and the exercise price of the shares. The closing price of the Company’s common stock was $5.10 on March 31, 2015. | ||||||||||||||
Restricted Stock Units | ||||||||||||||
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 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-Gene® and X-Weave® product commercialization goals. The grant-date fair value of these 300,000 performance-based RSUs was $3.3 million. As of March 31, 2015, both product commercialization goals have been attained and the associated stock-based compensation expense of $2.8 million has been recognized in the Company's Consolidated Financial Statements. | ||||||||||||||
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 year 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 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. 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. 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. The performance goal was not attained and no stock-based compensation expense was recognized in the Company's Consolidated Financial Statements for fiscal 2015. | ||||||||||||||
A summary of the Company's RSU activity is as follows (in thousands): | ||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Outstanding at the beginning of the year | 6,105 | 6,444 | 9,244 | |||||||||||
Awarded | 3,783 | 3,594 | 1,040 | |||||||||||
Vested | (1,639 | ) | (2,397 | ) | (2,345 | ) | ||||||||
Cancelled | (3,921 | ) | (1,536 | ) | (1,495 | ) | ||||||||
Outstanding at the end of the year | 4,328 | 6,105 | 6,444 | |||||||||||
The weighted average remaining contractual term for the RSUs outstanding as of March 31, 2015 was 1.2 years. | ||||||||||||||
As of March 31, 2015, the aggregate pre-tax intrinsic value of RSUs outstanding including performance-based awards which are subject to certain milestone attainments was $22.1 million. The aggregate pretax intrinsic value was calculated based on the closing price of the Company’s common stock of $5.10 on March 31, 2015. | ||||||||||||||
The aggregate pre-tax intrinsic value of RSUs released during the fiscal year ended March 31, 2015 was $11.6 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 originally reserved 1.8 million shares for issuance. In August 2014, the Company’s stockholders approved a 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 fiscal years ended March 31, 2015 and 2014, 0.7 million shares each were issued under the ESPP. At March 31, 2015, 1.8 million shares were available for future issuance under the ESPP. | ||||||||||||||
Common Shares Reserved for Future Issuance | ||||||||||||||
At March 31, 2015, the Company had the following shares of common stock reserved for issuance upon the exercise of equity instruments (in thousands): | ||||||||||||||
Options granted and outstanding | 1,794 | |||||||||||||
Restricted Stock Units granted and outstanding | 4,328 | |||||||||||||
Options and RSUs authorized for future grants | 2,330 | |||||||||||||
Employee Stock Purchase Plan | 1,839 | |||||||||||||
10,291 | ||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||
Loss from operations before income tax consists of the following (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Loss from operations before income tax: | |||||||||||||||||||||
Domestic loss | $ | (53,706 | ) | $ | (8,976 | ) | $ | (130,552 | ) | ||||||||||||
Foreign income (loss) | 2,740 | 3,901 | (4,117 | ) | |||||||||||||||||
$ | (50,966 | ) | $ | (5,075 | ) | $ | (134,669 | ) | |||||||||||||
Income tax expense (benefit) from operations consists of the following (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | (17 | ) | $ | (20 | ) | $ | (1,106 | ) | ||||||||||||
Foreign | 1,206 | 819 | 847 | ||||||||||||||||||
State | (1 | ) | 6 | (129 | ) | ||||||||||||||||
Total Current | 1,188 | 805 | (388 | ) | |||||||||||||||||
Deferred: | |||||||||||||||||||||
Foreign | (96 | ) | (186 | ) | (166 | ) | |||||||||||||||
State | — | — | — | ||||||||||||||||||
Total Deferred | (96 | ) | (186 | ) | (166 | ) | |||||||||||||||
$ | 1,092 | $ | 619 | $ | (554 | ) | |||||||||||||||
The provision (benefit) for income taxes reconciles to the amount computed by applying the federal statutory rate of 35% to the loss before income taxes as follows for operations (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||||
Tax at federal statutory rate | $ | (17,838 | ) | 35 | % | $ | (1,776 | ) | 35 | % | $ | (47,134 | ) | 35 | % | ||||||
Tax benefit from loss from continuing operations | — | — | — | — | (925 | ) | 1 | ||||||||||||||
Other permanent differences | 979 | (2 | ) | (6,561 | ) | 129 | 1,195 | (1 | ) | ||||||||||||
State taxes, net of federal benefit | (2,345 | ) | 5 | (214 | ) | 4 | (7,263 | ) | 5 | ||||||||||||
Federal tax credits | (1,553 | ) | 3 | (1,778 | ) | 35 | (1,909 | ) | 1 | ||||||||||||
State tax credits | (460 | ) | 1 | (444 | ) | 9 | (537 | ) | — | ||||||||||||
Veloce accrued liability | 3,655 | (7 | ) | 16,740 | (330 | ) | 26,749 | (20 | ) | ||||||||||||
Refundable credits | (16 | ) | — | — | — | — | — | ||||||||||||||
Sale of TPack | — | — | 2,688 | (53 | ) | — | — | ||||||||||||||
Valuation allowance | 18,445 | (36 | ) | (7,809 | ) | 154 | 28,715 | (21 | ) | ||||||||||||
Change in contingency reserve | (67 | ) | — | (64 | ) | 1 | 74 | — | |||||||||||||
Other | 292 | (1 | ) | (163 | ) | 4 | 481 | — | |||||||||||||
$ | 1,092 | (2 | )% | $ | 619 | (12 | )% | $ | (554 | ) | — | % | |||||||||
Significant components of the Company’s deferred tax assets and liabilities for federal and state income taxes are as shown below (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Net operating loss carryforwards | $ | 315,773 | $ | 294,910 | |||||||||||||||||
Research and development credit carryforwards | 81,546 | 79,839 | |||||||||||||||||||
Inventory write-downs and other reserves | 7,642 | 8,068 | |||||||||||||||||||
Capitalization of research and development costs | 6,245 | 5,915 | |||||||||||||||||||
Goodwill | 3,147 | 4,007 | |||||||||||||||||||
Intangible assets | 26,031 | 32,290 | |||||||||||||||||||
Investment impairment | 3,982 | 3,494 | |||||||||||||||||||
Stock-based compensation | 28,921 | 26,664 | |||||||||||||||||||
Depreciation and amortization | 1,903 | 3,253 | |||||||||||||||||||
Other | 970 | 1,182 | |||||||||||||||||||
Total deferred tax assets | 476,160 | 459,622 | |||||||||||||||||||
Valuation allowance | (475,545 | ) | (459,081 | ) | |||||||||||||||||
$ | 615 | $ | 541 | ||||||||||||||||||
At March 31, 2015, the Company has federal and state R&D tax credit carryforwards of $62.1 million and $29.9 million, respectively, which begin to expire in the fiscal year ending March 31, 2019 unless previously utilized. The Company also has federal and state net operating loss carryforwards of $1,192.9 million and $500.0 million, respectively, which will begin to expire in fiscal year 2018 and fiscal year 2016, respectively. Federal and state laws impose restrictions on the utilization of net operating loss and tax credit carryforwards in the event of an “ownership change” for tax purposes as defined by Section 382 of the Internal Revenue Code. The future utilization of our research and development credit carryforwards and net operating loss carryforwards to offset future taxable income may be subject to an annual limitation as a result of ownership changes that may have occurred previously or may occur in the future. The Tax Reform Act of 1986 (the "Act") limits a company’s ability to utilize certain tax credit carryforwards and net operating loss carryforwards in the event of a cumulative change in ownership in excess of 50% as defined in the Act. | |||||||||||||||||||||
As a result of the adoption of ASC 718-10, the Company recognizes excess tax benefits associated with the exercise of stock options directly to stockholders’ equity only when realized. Accordingly, deferred tax assets are not recognized for net operating loss carryforwards resulting from excess tax benefits occurring from April 1, 2006 onward. A windfall tax benefit occurs when the actual tax benefit realized upon an employee’s disposition of a share-based award exceeds the deferred tax asset, if any, associated with the award. | |||||||||||||||||||||
The Company has established a valuation allowance against most of its net deferred tax assets due to uncertainty regarding their future realization. In assessing the realizability of its deferred tax assets, management considers cumulative losses, the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax planning strategies. Based on the projections for future taxable income over the periods in which the deferred tax assets are realizable and the full utilization of the Company’s loss carryback potential, management concluded that a valuation allowance should be recorded in 2015, 2014 and 2013 against most of its deferred tax assets. | |||||||||||||||||||||
As of March 31, 2015, income taxes have not been provided for approximately $16.0 million of cumulative undistributed earnings of the Company's foreign subsidiaries. The Company intends to reinvest these earnings indefinitely in operations outside of the U.S. If these earnings were distributed to the United States, the Company may be subject to U.S. income taxes and foreign withholding taxes. Determination of the amount of any unrecognized deferred income tax liability on the excess of the financial reporting basis over the tax basis of investments in foreign subsidiaries is not practicable because of the complexities of the hypothetical calculation. | |||||||||||||||||||||
The following is a tabular reconciliation of the Unrecognized Tax Benefits activity during the fiscal year ended March 31, 2015 (in thousands): | |||||||||||||||||||||
Opening Balance | $ | 44,231 | |||||||||||||||||||
Gross decreases - tax positions in prior period | 122 | ||||||||||||||||||||
Gross increases - current-period tax positions | 726 | ||||||||||||||||||||
Ending Balance | $ | 45,079 | |||||||||||||||||||
If recognized, $0.6 million of the $45.1 million of unrecognized tax benefits would affect the Company’s effective tax rate. | |||||||||||||||||||||
The Company recognizes interest accrued related to unrecognized tax benefits in interest expense and penalties in income tax expense. As of March 31, 2015, the Company has recognized $0.1 million of accrued interest and penalties related to uncertain tax positions. | |||||||||||||||||||||
The Company is subject to taxation in the U.S. and various states and foreign jurisdictions. | |||||||||||||||||||||
The Company’s U.S. federal tax returns for tax years subsequent to 2011 are subject to examination by the Internal Revenue Service and its state income tax returns subsequent to 2010 are subject to examination by state tax authorities. Net operating losses from years for which the statute of limitations has expired (2010 and prior for federal and 2009 and prior for state) could be adjusted in the event that the taxing jurisdictions challenge the amounts of net operating loss carryforwards from such years. With few exceptions, the Company is no longer subject to foreign examinations by the tax authorities for years before 2011. | |||||||||||||||||||||
The Company does not foresee significant changes to its unrecognized tax benefits within the next twelve months. |
Restructuring
Restructuring | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Restructuring Charges | Restructuring | |||||||||||||||
From time to time, the Company implements plans to reorganize its operations, consolidate sites, reduce its workforce and related operating expenses in order to increase the its operating efficiencies. The plans might include eliminating job redundancies, reducing Company’s workforce and writing off of certain fixed assets. | ||||||||||||||||
Fiscal 2015 Restructuring Plans | ||||||||||||||||
January 2015 Plan: This plan eliminated approximately 40 positions, or approximately 7% of headcount. During the fiscal quarter ended March 31, 2015, the Company incurred restructuring charges of $4.1 million including the write-off of a fixed asset of $2.6 million and expects to incur the remaining charges of $0.1 million in the first quarter of fiscal 2016. The Company anticipates that the restructuring plan will reduce its ongoing net operating expenses by approximately $14.0 million to $18.0 million annually. | ||||||||||||||||
April 2014 Plan: The Company completed this plan at the end of the quarter ended December 31, 2014 and incurred cumulative restructuring charges of $1.3 million. As of March 31, 2015, the actual annual savings were approximately $4.6 million for headcount expenses and approximately $0.6 million for other expenses. | ||||||||||||||||
Fiscal 2014 and 2013 Restructuring Plans | ||||||||||||||||
August 2013 Plan: This plan eliminated approximately 20 positions and certain fixed assets were impaired. The Company incurred cumulative restructuring charges of $1.0 million in connection with this plan. | ||||||||||||||||
December 2012 Plan: the Company reduced its workforce by approximately 70 employees and impaired certain fixed assets that were no longer intended to use as a result of the plan and incurred cumulative restructuring charges of $1.8 million for headcount expenses and $4.7 million for asset impairment. | ||||||||||||||||
The following table sets forth a summary of restructuring activities related to all of the Company's restructuring plans described above (in thousands): | ||||||||||||||||
Workforce | Operating Lease Commitments | Asset Impairment and Other | Total | |||||||||||||
Reduction | ||||||||||||||||
Liability, March 31, 2013 | $ | 548 | $ | — | $ | — | $ | 548 | ||||||||
Restructuring charges | 862 | — | 272 | 1,134 | ||||||||||||
Cash payments | (1,410 | ) | — | — | (1,410 | ) | ||||||||||
Non-cash items | — | — | (272 | ) | (272 | ) | ||||||||||
Liability, March 31, 2014 | $ | — | $ | — | $ | — | $ | — | ||||||||
Restructuring charges | $ | 2,613 | $ | 126 | $ | 2,682 | $ | 5,421 | ||||||||
Cash payments | (2,160 | ) | (33 | ) | (21 | ) | (2,214 | ) | ||||||||
Non-cash items | (4 | ) | 20 | (2,646 | ) | (2,630 | ) | |||||||||
Liability, March 31, 2015 | $ | 449 | $ | 113 | $ | 15 | $ | 577 | ||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Commitments | Commitments and Contingencies | |||||||||||
Commitments | ||||||||||||
The following table summarizes the Company’s contractual operating leases and other purchase commitments as of March 31, 2015 (in thousands): | ||||||||||||
Operating Leases (1) | Purchase Commitments (2) | Total | ||||||||||
Fiscal Years Ending March 31, | ||||||||||||
2016 | $ | 1,589 | $ | 17,663 | $ | 19,252 | ||||||
2017 | 1,117 | 3,268 | 4,385 | |||||||||
2018 | 705 | 2,860 | 3,565 | |||||||||
2019 | 345 | — | 345 | |||||||||
Total minimum payments | $ | 3,756 | $ | 23,791 | $ | 27,547 | ||||||
(1) Includes the Company's headquarters building lease which expires in August 2015. | ||||||||||||
(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 $15.1 million. | ||||||||||||
The Company did not have any off balance sheet arrangements at March 31, 2015. | ||||||||||||
Rent expense for the fiscal years ended March 31, 2015, 2014, and 2013 was $2.4 million, $1.8 million, and $2.6 million, respectively. | ||||||||||||
Legal Proceedings | ||||||||||||
The Company is currently a party to certain legal proceedings, including those noted in this section. The Company believes 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. Notwithstanding the foregoing, 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 to extract chemical vapors from the soil and improve 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 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 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 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 for OU2 in fiscal year 2016. 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. 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. 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. |
Employee_Retirement_Plan
Employee Retirement Plan | 12 Months Ended |
Mar. 31, 2015 | |
Compensation and Retirement Disclosure [Abstract] | |
Employee Retirement Plan | Employee Retirement Plan |
Effective January 1, 1986, the Company established a 401(k) defined contribution retirement plan (“Retirement Plan”) covering all full-time employees. The Retirement Plan provides for voluntary employee contributions from 1% to 50% of annual compensation, subject to a maximum limit allowed by Internal Revenue Service guidelines. The Company may contribute such amounts as determined by the Board. Employer contributions vest to participants at a rate of 33% per year of service for the first three years of service and 100% thereafter for each year of service. The Company made a plan contribution of $0.2 million for the fiscal year ended March 31, 2013. The Company did not make any plan contribution for the fiscal years ended March 31, 2015 and 2014. |
Significant_Customer_and_Geogr
Significant Customer and Geographic Information | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Significant Customer and Geographic Information | Significant Customer and Geographic Information | |||||||||||
Based on direct shipments, net revenues to customers that were equal to or greater than 10% of total net revenues were as follows: | ||||||||||||
Fiscal Years Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Wintec (global logistics provider)* | 20 | % | 22 | % | 19 | % | ||||||
Avnet (distributor) | 26 | % | 27 | % | 27 | % | ||||||
* Wintec provides vendor managed inventory support primarily for Cisco Systems, Inc. | ||||||||||||
Based on ship to location, net revenues by geographic region were as follows (in thousands): | ||||||||||||
Fiscal Years Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
United States of America | $ | 70,977 | $ | 101,275 | $ | 79,930 | ||||||
Taiwan | 13,099 | 13,405 | 22,684 | |||||||||
Hong Kong | 21,808 | 21,477 | 22,044 | |||||||||
China | 982 | 6,085 | 2,053 | |||||||||
Europe | 24,728 | 33,625 | 35,216 | |||||||||
Japan | 22,974 | 23,125 | 13,237 | |||||||||
Malaysia | 4,666 | 5,788 | 4,733 | |||||||||
Singapore | 5,594 | 9,745 | 10,399 | |||||||||
Other Asia | 173 | 1,217 | 4,621 | |||||||||
Other | 10 | 408 | 725 | |||||||||
$ | 165,011 | $ | 216,150 | $ | 195,642 | |||||||
As of March 31, 2015, 2014 and 2013, long-lived assets, which represent property, plant and equipment, goodwill and intangible assets, net of accumulated depreciation and amortization, located outside the Americas were not material. |
Sale_of_TPack_AS_Notes
Sale of TPack A/S (Notes) | 12 Months Ended | |||
Mar. 31, 2015 | ||||
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 former subsidiary, TPack, and certain specified 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. In connection with the closing, there was a working capital adjustment of $0.5 million and the Company received a cash payment of $30.2 million. The remaining $3.4 million of the aggregate consideration was received in April 2014. | ||||
In connection with the divestiture, the Company recorded a gain of $19.7 million. The following table summarizes the components of the gain (in thousands): | ||||
Total proceeds, net of working capital adjustment | $ | 30,175 | ||
Net assets and liabilities | (184 | ) | ||
Goodwill write off | (1,758 | ) | ||
Intangibles write off | (11,404 | ) | ||
Holdback amount | 3,353 | |||
Legal fees and other costs | (483 | ) | ||
Gain on sale of TPack | $ | 19,699 | ||
The total assets of TPack included $0.7 million of cash, cash equivalents and short-term investments. |
Quarterly_Financial_Informatio
Quarterly Financial Information (unaudited) | 12 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Quarterly Financial Information (unaudited) | Quarterly Financial Information (unaudited) | |||||||||||||||||||||||||||||||
Fiscal Year Ended March 31, 2015 | Fiscal Year Ended March 31, 2014 | |||||||||||||||||||||||||||||||
Q1 (1) | Q2 (2) | Q3 | Q4 (3) | Q1 (4) | Q2 (5) | Q3 (6) | Q4(7) | |||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||||
Net revenues | $ | 50,272 | $ | 40,945 | $ | 36,747 | $ | 37,047 | $ | 54,148 | $ | 55,387 | $ | 54,844 | $ | 51,771 | ||||||||||||||||
Cost of revenues | 20,257 | 17,716 | 14,842 | 16,482 | 22,342 | 21,397 | 21,644 | 19,806 | ||||||||||||||||||||||||
Gross profit | 30,015 | 23,229 | 21,905 | 20,565 | 31,806 | 33,990 | 33,200 | 31,965 | ||||||||||||||||||||||||
Total operating expenses | 43,536 | 32,562 | 33,649 | 36,641 | 24,556 | 66,757 | 40,900 | 9,229 | ||||||||||||||||||||||||
Operating (loss) income | (13,521 | ) | (9,333 | ) | (11,744 | ) | (16,076 | ) | 7,250 | (32,767 | ) | (7,700 | ) | 22,736 | ||||||||||||||||||
Net realized gain on short-term investments and interest and other income (expense), net | 315 | (2,112 | ) | 475 | 1,030 | 3,795 | 576 | 617 | 418 | |||||||||||||||||||||||
(Loss) income before income taxes | (13,206 | ) | (11,445 | ) | (11,269 | ) | (15,046 | ) | 11,045 | (32,191 | ) | (7,083 | ) | 23,154 | ||||||||||||||||||
Income tax (benefit) expense | (141 | ) | 272 | 862 | 99 | 188 | 192 | 201 | 38 | |||||||||||||||||||||||
Net (loss) income | $ | (13,065 | ) | $ | (11,717 | ) | $ | (12,131 | ) | $ | (15,145 | ) | $ | 10,857 | $ | (32,383 | ) | $ | (7,284 | ) | $ | 23,116 | ||||||||||
Basic net (loss) income per share | $ | (0.17 | ) | $ | (0.15 | ) | $ | (0.15 | ) | $ | (0.19 | ) | $ | 0.16 | $ | (0.45 | ) | $ | (0.10 | ) | $ | 0.31 | ||||||||||
Shares used in calculating basic net (loss) income per share | 77,916 | 78,487 | 78,920 | 80,667 | 69,360 | 72,610 | 73,989 | 75,629 | ||||||||||||||||||||||||
Diluted net (loss) income per share | $ | (0.17 | ) | $ | (0.15 | ) | $ | (0.15 | ) | $ | (0.19 | ) | $ | 0.15 | $ | (0.45 | ) | $ | (0.10 | ) | $ | 0.3 | ||||||||||
Shares used in calculating diluted (loss) income per share | 77,916 | 78,487 | 78,920 | 80,667 | 70,234 | 72,610 | 73,989 | 77,193 | ||||||||||||||||||||||||
(1) The consolidated operating results for the first quarter of fiscal 2015 included a charge of $7.1 million related to the Veloce consideration and a charge of $1.2 million related to restructuring. | ||||||||||||||||||||||||||||||||
(2) The consolidated operating results for the second quarter of fiscal 2015 included an impairment charge of $2.5 million related to a strategic investment. | ||||||||||||||||||||||||||||||||
(3) The consolidated operating results for the fourth quarter of fiscal 2015 included a charge of $2.1 million related to the Veloce consideration, a charge of $4.1 million related to restructuring and an impairment charge of $0.5 million related to a strategic investment. | ||||||||||||||||||||||||||||||||
-4 | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. | |||||||||||||||||||||||||||||||
(5) The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration and a charge of $1.0 million related to restructuring. | ||||||||||||||||||||||||||||||||
(6) The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | ||||||||||||||||||||||||||||||||
(7) The consolidated operating results for the fourth quarter of fiscal 2014 included a gain on sale of building of $25.8 million. |
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||
Description | Balance at | Charged (Credited) | Write-Offs | Balance at | ||||||||||||
Beginning of | to Costs and | End of | ||||||||||||||
Period | Expenses | Period | ||||||||||||||
(In thousands) | ||||||||||||||||
Allowance for doubtful accounts | ||||||||||||||||
Year Ended March 31, 2015 | $ | 451 | $ | (149 | ) | $ | — | $ | 302 | |||||||
Year Ended March 31, 2014 | $ | 703 | $ | (286 | ) | $ | 34 | $ | 451 | |||||||
Year Ended March 31, 2013 | $ | 1,099 | $ | 1 | $ | (397 | ) | $ | 703 | |||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||
Basis of Presentation | The 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. The Company prepared the accompanying Consolidated Financial Statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”). | |||||||||||||||||||||
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 affects 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 affects 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 affects net interest income (expense), net | |||||||||||||||||||||
• | valuation of other long-lived assets and goodwill, which affects depreciation and impairments of long-lived asset, impairments 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 affects 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. | ||||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | |||||||||||||||||||||
The Company considers all highly liquid investments with an original maturity from the date of purchase of 90 days or less to be cash equivalents. | ||||||||||||||||||||||
Investments | Investments | |||||||||||||||||||||
The Company holds a variety of securities in its investments portfolio. The Company reviews its investment portfolio periodically to assess for other-than-temporary impairment. The Company assesses the impairment of its investments in order to determine the classification of the impairment as “temporary” or “other-than-temporary”. The factors used to determine whether an impairment is temporary or other-than-temporary involve considerable judgment primarily including the duration and extent to which the market value has been less than amortized cost, the nature of underlying assets (including the degree of collateralization) and the financial condition, credit rating, market liquidity conditions and near-term prospects of the issuer. If the fair value of a security is less than its amortized cost basis at the balance sheet date, an assessment would have to be made as to whether the impairment is other-than-temporary. If the Company does not intend to sell the security, the Company shall consider available evidence to assess whether it is more likely than not, it will be required to sell the security before the recovery of the amortized cost basis due to cash, working capital requirements, contractual or regulatory obligations indicate that the security will be required to be sold before a forecasted recovery occurs. If it is more likely than not that the Company is required to sell the security before recovery of the amortized cost basis, an other-than-temporary impairment is considered to have occurred. The Company uses present value cash flow models to determine whether the entire amortized cost basis of the security will be recovered. The Company will compare the present value of cash flows expected to be collected from the security with the amortized cost basis of the security. An other-than-temporary impairment is said to have occurred if the present value of cash flows expected to be collected is less than the amortized cost basis of the security. | ||||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | |||||||||||||||||||||
Short-term investments are recorded at fair value in the Company’s Consolidated Balance Sheets and are categorized based upon the level of judgment associated with the inputs used to measure their fair values. Accounting Standards Codification ("ASC") 820-10 defines a three-level valuation hierarchy for disclosure of fair value measurements. The Company currently classifies inputs to derive fair values for short-term investments as Level 1 and 2. Instruments classified as Level 1 include highly liquid government and agency securities, money market funds and publicly traded closed end bond funds in active markets. Instruments classified as Level 2 include corporate notes, mortgage-backed securities, asset-backed securities and preferred stock. The Company did not have any Level 3 short-term investments as of any of the periods presented. | ||||||||||||||||||||||
Concentration of Credit Risk | Concentration of Credit Risk | |||||||||||||||||||||
Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of available-for-sale securities and trade receivables. The Company believes that the credit risk in its trade receivables is mitigated by the Company’s credit evaluation process, relatively short collection terms and dispersion of its customer base. The Company generally does not require collateral and losses on trade receivables have historically been within management’s expectations. | ||||||||||||||||||||||
The Company invests its excess cash primarily in debt instruments of the U.S. Treasury, corporate bonds and mutual funds mainly with investment grade credit ratings. The Company has established guidelines relative to diversification and maturities that attempt to maintain safety and liquidity of the portfolio. These guidelines are periodically reviewed. | ||||||||||||||||||||||
Inventories | Inventories | |||||||||||||||||||||
The Company’s policy is to value inventories at the lower of cost or market on a part-by-part basis, with cost being determined based on the first-in, first-out method. This policy requires the Company to make estimates regarding the market value of its inventories, including an assessment of excess or obsolete inventories. The Company determines excess and obsolete inventories based on an estimate of the future demand for its products within a specified time horizon, generally 12 months. If the Company’s future demand is lower than its inventory balance, the Company may be required to take additional excess inventory charges, which would decrease gross margin and net operating results. The written down value of the inventory becomes its new cost basis, and the cost basis for such inventory is not marked-up if market conditions improve. This accounting is consistent with the guidance provided by Financial Accounting Standards Board ("FASB") ASC 330. | ||||||||||||||||||||||
Strategic Investments | 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. The fair value was estimated on a non-recurring basis based on Level 3 inputs. The Level 3 inputs used to estimate the fair value of these investments included consideration of the current cash position, recent operational performance, and forecasts of the investees. The Company recorded other-than-temporary impairment charges of $3.0 million, zero, and $2.3 million during the fiscal years ended March 31, 2015, 2014, and 2013, respectively. The strategic investments are included in other assets on the Company’s Consolidated Balance Sheets, and the balance was zero as of March 31, 2015. | ||||||||||||||||||||||
Goodwill, Purchased Intangible Assets and Other Long-Lived Assets | Goodwill and Other Long-Lived Assets | |||||||||||||||||||||
Goodwill represents the excess of the fair value of purchase consideration over the fair values of assets acquired and liabilities assumed in a business combination. Goodwill is not amortized but is reviewed annually or more frequently if impairment indicator arise. The Company elected to use the qualitative assessment of whether it is more likely than not that a reporting unit’s fair value is less than its carrying amount before applying the two-step goodwill impairment test. As part of its qualitative assessment, the Company evaluated and determined that its market capitalization was well in excess of its book value and based on this and other qualitative factors determined that there was no goodwill impairment as of and for the fiscal year ended March 31, 2015. | ||||||||||||||||||||||
The Company’s long-lived assets consist of property, plant and equipment. Property and equipment are stated at cost and depreciated over the estimated useful lives of the assets ranging from 1 to 5 years using the straight line method. Leasehold improvements are stated at cost and amortized over the shorter of the term of the related lease or its estimated useful life. The Company reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of a long-lived asset may not be recoverable. Recoverability of an asset group is measured by comparison of its carrying amount to the expected future undiscounted cash flows that the asset group is expected to generate. If it is determined that an asset group is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the asset group exceeds its fair value. In addition, the Company assesses its long-lived assets for impairment if they are abandoned. There was no impairment of long-lived assets other than the write-off of a mask set of $2.6 million relating to a restructuring plan during the fiscal year ended March 31, 2015. There was no impairment during the fiscal year ended March 31, 2014. | ||||||||||||||||||||||
Revenue Recognition | Revenue Recognition | |||||||||||||||||||||
The Company recognizes revenue based on four basic criteria: 1) there is evidence that an arrangement exists; 2) delivery has occurred and title and risk of loss have transferred; 3) the fee is fixed or determinable; and 4) collectability is reasonably assured. The Company considers the price to be determinable when the price is not subject to refund or adjustments or when any such adjustments can be estimated. The Company evaluates the creditworthiness of its customers to determine that appropriate credit limits are established prior to the acceptance of an order. Revenue, including sales to resellers and distributors, is reduced for estimated returns and distributor allowances and is recognized upon shipment. These estimates are based on the Company's experience with the contractual terms of the competitive pricing and rebate programs and stock rotations. | ||||||||||||||||||||||
From time to time, the Company generates revenue from the sale of internally developed intellectual property ("IP") and royalty revenues from the sale of the Company's customers' products that contain its technology. The Company generally recognizes revenue from the sale of IP and from royalties when all four basic criteria outlined above are met. | ||||||||||||||||||||||
Research and Development | Research and Development | |||||||||||||||||||||
R&D costs are expensed as incurred. Substantially all R&D expenses are related to new product development and designing significant improvements to existing products. Also refer to Note 4, Veloce, to the Consolidated Financial Statements. | ||||||||||||||||||||||
Mask Costs | Mask Costs | |||||||||||||||||||||
The Company incurs significant costs for the fabrication of masks used by its contract manufacturers to manufacture its products. If the Company determines, at the time the costs for the fabrication of masks are incurred, that technological feasibility of the product has been achieved, such costs are capitalized as property and equipment under machinery and equipment. When its related product is released to production, the mask costs are amortized as cost of sales over three years, representing the estimated production period of the product. The Company periodically reassesses the estimated production period for specific mask sets capitalized. During the fiscal years ended March 31, 2015 and 2014, total mask costs capitalized were $5.9 million and $6.4 million, respectively. If the Company determines, at the time fabrication mask costs are incurred, that either technological feasibility of the product has not occurred or that the mask is not reasonably expected to be used in production or that the commercial feasibility of the product is uncertain, the related mask costs are expensed to R&D in the period in which the costs are incurred. The Company also periodically assesses capitalized mask costs for impairment. As a result of recent restructuring, the Company recorded an impairment charge of a capitalized mask set of $2.6 million during the fiscal year ended March 31, 2015. There were no impairments during the fiscal year ended March 31, 2014. | ||||||||||||||||||||||
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 fair value of restricted stock units ("RSUs") is estimated using the Company's stock price on the grant date. The fair value of options and employee stock purchase rights is estimated using the Black-Scholes model on the grant date. 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 market stock units ("MSUs") were valued using the Monte Carlo pricing model, which uses the Company's stock price, the Index price, expected volatilities of the Company's stock price and the Index, correlation coefficients and risk free interest rates to determine the fair value. | ||||||||||||||||||||||
The following tables summarize the allocation of the stock-based compensation expense (in thousands): | ||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||
Stock-based compensation expense by type of grant: | ||||||||||||||||||||||
Option grants and employee stock purchase rights | $ | 1,408 | $ | 2,520 | $ | 3,469 | ||||||||||||||||
Restricted stock units | 16,892 | 14,517 | 20,620 | |||||||||||||||||||
18,300 | 17,037 | 24,089 | ||||||||||||||||||||
Stock-based compensation expensed from (capitalized to) inventory | 5 | (16 | ) | 147 | ||||||||||||||||||
Total stock-based compensation expense | $ | 18,305 | $ | 17,021 | $ | 24,236 | ||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||
Stock-based compensation expense by cost centers: | ||||||||||||||||||||||
Cost of revenues | $ | 285 | $ | 460 | $ | 545 | ||||||||||||||||
Research and development | 11,657 | 6,371 | 11,760 | |||||||||||||||||||
Selling, general and administrative | 6,358 | 10,206 | 11,784 | |||||||||||||||||||
18,300 | 17,037 | 24,089 | ||||||||||||||||||||
Stock-based compensation expensed from (capitalized to) inventory | 5 | (16 | ) | 147 | ||||||||||||||||||
Total stock-based compensation expense | $ | 18,305 | $ | 17,021 | $ | 24,236 | ||||||||||||||||
The fair values of the options and employee stock purchase rights granted 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 | |||||||||||||||||||||
Fiscal Years Ended March 31, | Fiscal Years Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | |||||||||||||||||
Expected life (years) | * | 4.4 | 4.4 | 0.5 | 0.5 | 0.5 | ||||||||||||||||
Risk-free interest rate | * | 0.6 | % | 0.7 | % | 0.1 | % | — | % | — | % | |||||||||||
Volatility | * | 0.49 | 0.54 | 0.57 | 0.56 | 0.5 | ||||||||||||||||
Dividend yield | * | — | % | — | % | — | % | — | % | — | % | |||||||||||
Expected forfeiture rate | * | 5.8 | % | 6.6 | % | — | % | — | % | — | % | |||||||||||
Weighted average fair value | * | $ | 2.95 | $ | 2.47 | $ | 2.17 | $ | 3.4 | $ | 1.77 | |||||||||||
* The Company did not grant options during the twelve months ended March 31, 2015. | ||||||||||||||||||||||
Compensation Amortization Period. All stock-based compensation is amortized over the requisite service period of the awards, which is generally the same as the vesting period of the awards. The Company amortizes the fair value cost on a straight-line basis over the expected service periods. | ||||||||||||||||||||||
Expected Life. The expected life of stock options granted represents the expected weighted average period of time from the date of grant to the estimated date that the stock option would be fully exercised. To calculate the expected term, the Company utilizes historical actual exercise data and assumes that unexercised stock options would be exercised at the midpoint of the valuation date of its analysis and the full contractual term of the option. | ||||||||||||||||||||||
Risk-Free Interest Rate. The risk-free interest rate is the implied yield currently available on zero-coupon government issues with a remaining term equal to the expected life. | ||||||||||||||||||||||
Expected Volatility. Expected volatility is a measure of the amount by which the stock price is expected to fluctuate. The Company estimates the expected volatility of its stock options at their grant date by equally weighting the historical volatility and the implied volatility of its stock. The historical volatility is calculated using the weekly stock price of its stock over a recent historical period equal to its expected life. The implied volatility is calculated from the implied market volatility of exchange-traded call options on its common stock. | ||||||||||||||||||||||
Expected Dividends. The Company has never paid any cash dividends on its common stock and does not anticipate paying any cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero percent in valuation models. | ||||||||||||||||||||||
Expected Forfeitures. As stock-based compensation expense recognized in the Consolidated Statements of Operations for the fiscal years ended March 31, 2015, 2014 and 2013 is based on awards that are ultimately expected to vest, it should be reduced for estimated forfeitures. Forfeitures are required to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Forfeiture rates were based upon the expected forfeiture data using the Company’s current demographics and standard probabilities of employee turnover. | ||||||||||||||||||||||
During the fourth quarter of fiscal 2015, the Company revised the estimated forfeiture rate used in determining the amount of stock-based compensation from 5.8% to 6.1%, which the Company believes is indicative of the rate it will experience during the remaining vesting period of currently outstanding unvested grants. | ||||||||||||||||||||||
The weighted average grant-date fair value per share of the RSUs awarded was $7.81, $9.46 and $6.11 during the fiscal years ended March 31, 2015, 2014 and 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. | ||||||||||||||||||||||
As of March 31, 2015, the amount of unrecognized stock-based compensation cost, net of estimated forfeitures, related to unvested stock options and unvested RSUs was $24.6 million which will be recognized over a weighted average period of 1.2 years. | ||||||||||||||||||||||
Income Taxes | Income Taxes | |||||||||||||||||||||
The Company utilizes the asset and liability method of accounting for income taxes as set forth in ASC 740-10. Under the asset and liability method, deferred taxes are determined based on the temporary differences between the financial statement and tax bases of assets and liabilities using enacted tax rates. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. | ||||||||||||||||||||||
Segments of a Business Enterprise | Segments | |||||||||||||||||||||
As of March 31, 2014 and 2013, the Company had two operating segments, Connectivity and Computing, and under the aggregation criteria set forth in ASC 280-10 had one reportable segment, as the two operating segments shared similar economic characteristics and other operating similarities (the nature of the products, the nature of the production processes, the type of customers and the methods of distribution). During fiscal year 2015, the Company continued to conclude that the Company’s Chief Executive Officer is its Chief Operating Decision Maker ("CODM"). As of March 31, 2015, the Company has one operating segment and therefore one reportable segment due to changes in its organizational structure as a result of recent restructuring activities and changes in how the CODM allocates resources and assesses performance of the Company. The Company’s CODM evaluates the performance of the Company and makes decisions regarding allocation of resources based on overall Company results. | ||||||||||||||||||||||
New Accounting Pronouncements | New Accounting Pronouncements | |||||||||||||||||||||
In August 2014, the FASB issued Accounting Standard Update ("ASU") No. 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40), Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires an entity's management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued or within one year after the date that the financial statements are available to be issued, when applicable. The standard is effective for annual periods beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating this new standard, and after adoption, it will incorporate this guidance in its assessment of going concern. | ||||||||||||||||||||||
In May 2014, the FASB issued 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. The standard 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. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||||
Summary of Stock-Based Compensation Expense of Stock Options and Restricted Stock Units | The following tables summarize the allocation of the stock-based compensation expense (in thousands): | |||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||
Stock-based compensation expense by type of grant: | ||||||||||||||||||||||
Option grants and employee stock purchase rights | $ | 1,408 | $ | 2,520 | $ | 3,469 | ||||||||||||||||
Restricted stock units | 16,892 | 14,517 | 20,620 | |||||||||||||||||||
18,300 | 17,037 | 24,089 | ||||||||||||||||||||
Stock-based compensation expensed from (capitalized to) inventory | 5 | (16 | ) | 147 | ||||||||||||||||||
Total stock-based compensation expense | $ | 18,305 | $ | 17,021 | $ | 24,236 | ||||||||||||||||
Summary of Stock-Based Compensation Expense | ||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||
Stock-based compensation expense by cost centers: | ||||||||||||||||||||||
Cost of revenues | $ | 285 | $ | 460 | $ | 545 | ||||||||||||||||
Research and development | 11,657 | 6,371 | 11,760 | |||||||||||||||||||
Selling, general and administrative | 6,358 | 10,206 | 11,784 | |||||||||||||||||||
18,300 | 17,037 | 24,089 | ||||||||||||||||||||
Stock-based compensation expensed from (capitalized to) inventory | 5 | (16 | ) | 147 | ||||||||||||||||||
Total stock-based compensation expense | $ | 18,305 | $ | 17,021 | $ | 24,236 | ||||||||||||||||
Schedule of Weighted-Average Assumptions Used to Estimate the Fair Value of Stock Options | The fair values of the options and employee stock purchase rights granted 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 | |||||||||||||||||||||
Fiscal Years Ended March 31, | Fiscal Years Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | 2015 | 2014 | 2013 | |||||||||||||||||
Expected life (years) | * | 4.4 | 4.4 | 0.5 | 0.5 | 0.5 | ||||||||||||||||
Risk-free interest rate | * | 0.6 | % | 0.7 | % | 0.1 | % | — | % | — | % | |||||||||||
Volatility | * | 0.49 | 0.54 | 0.57 | 0.56 | 0.5 | ||||||||||||||||
Dividend yield | * | — | % | — | % | — | % | — | % | — | % | |||||||||||
Expected forfeiture rate | * | 5.8 | % | 6.6 | % | — | % | — | % | — | % | |||||||||||
Weighted average fair value | * | $ | 2.95 | $ | 2.47 | $ | 2.17 | $ | 3.4 | $ | 1.77 | |||||||||||
* The Company did not grant options during the twelve months ended March 31, 2015. |
Investments_Tables
Investments (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Cash, cash equivalents and available-for-sale investments by type of instruments | The following is a summary of cash, cash equivalents and available-for-sale investments by type of instrument (in thousands): | |||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||||||||||
Amortized | Gross Unrealized | Estimated | Amortized | Gross Unrealized | Estimated | |||||||||||||||||||||||||||
Cost | Gains | Losses | Fair Value | Cost | Gains | Losses | Fair Value | |||||||||||||||||||||||||
Cash | $ | 33,936 | $ | — | $ | — | $ | 33,936 | $ | 65,867 | $ | — | $ | — | $ | 65,867 | ||||||||||||||||
Cash equivalents | 2,559 | — | — | 2,559 | 5,672 | — | — | 5,672 | ||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 1,230 | — | — | 1,230 | 2,838 | — | — | 2,838 | ||||||||||||||||||||||||
Corporate bonds | 10,772 | 28 | (6 | ) | 10,794 | 10,599 | 30 | (2 | ) | 10,627 | ||||||||||||||||||||||
Mortgage-backed and asset-backed securities* | — | 15 | — | 15 | 1,793 | 297 | (16 | ) | 2,074 | |||||||||||||||||||||||
Mutual Funds | 24,895 | 1,955 | (59 | ) | 26,791 | 14,373 | 2,392 | (402 | ) | 16,363 | ||||||||||||||||||||||
Preferred stock | 11 | 22 | — | 33 | 2,406 | 736 | — | 3,142 | ||||||||||||||||||||||||
$ | 73,403 | $ | 2,020 | $ | (65 | ) | $ | 75,358 | $ | 103,548 | $ | 3,455 | $ | (420 | ) | $ | 106,583 | |||||||||||||||
Reported as: | ||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 36,495 | $ | 71,539 | ||||||||||||||||||||||||||||
Short-term investments available-for-sale | 38,863 | 35,044 | ||||||||||||||||||||||||||||||
$ | 75,358 | $ | 106,583 | |||||||||||||||||||||||||||||
* | At March 31, 2015 and 2014, zero 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 instruments measured at fair value on a recurring basis (in thousands): | |||||||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Cash | $ | 33,936 | $ | — | $ | — | $ | 33,936 | $ | 65,867 | $ | — | $ | — | $ | 65,867 | ||||||||||||||||
Cash equivalents | 2,559 | — | — | 2,559 | 5,672 | — | — | 5,672 | ||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | 1,230 | — | — | 1,230 | 2,838 | — | — | 2,838 | ||||||||||||||||||||||||
Corporate bonds | — | 10,794 | — | 10,794 | — | 10,627 | — | 10,627 | ||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | — | 15 | — | 15 | — | 2,074 | — | 2,074 | ||||||||||||||||||||||||
Mutual funds | 26,791 | — | — | 26,791 | 16,363 | — | — | 16,363 | ||||||||||||||||||||||||
Preferred stock | — | 33 | — | 33 | — | 3,142 | — | 3,142 | ||||||||||||||||||||||||
$ | 64,516 | $ | 10,842 | $ | — | $ | 75,358 | $ | 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-Mar-15 | ||||||||||||||||||||||||||||||||
Cost | Estimated Fair Value | |||||||||||||||||||||||||||||||
Less than 1 year | $ | 3,335 | $ | 3,340 | ||||||||||||||||||||||||||||
Mature in 1 – 2 years | 7,965 | 7,979 | ||||||||||||||||||||||||||||||
Mature in 3 – 5 years | 702 | 706 | ||||||||||||||||||||||||||||||
Mature after 5 years | — | 14 | ||||||||||||||||||||||||||||||
$ | 12,002 | $ | 12,039 | |||||||||||||||||||||||||||||
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 March 31, 2015 | Estimated | Gross | Estimated | Gross | Estimated | Gross | ||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||
Value | Losses | Value | Losses | Value | Losses | |||||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Corporate bonds | 878 | (6 | ) | — | — | 878 | (6 | ) | ||||||||||||||||||||||||
Mutual funds | 14,592 | (17 | ) | 475 | (42 | ) | 15,067 | (59 | ) | |||||||||||||||||||||||
$ | 15,470 | $ | (23 | ) | $ | 475 | $ | (42 | ) | $ | 15,945 | $ | (65 | ) | ||||||||||||||||||
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 | |||||||||||||||||||||||||||
U.S. Treasury securities and agency bonds | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||||||||||||||
Corporate bonds | 992 | (2 | ) | — | — | 992 | (2 | ) | ||||||||||||||||||||||||
Mortgage-backed and asset-backed securities | 431 | (16 | ) | — | — | 431 | (16 | ) | ||||||||||||||||||||||||
Mutual funds | 4,819 | (333 | ) | 405 | (69 | ) | 5,224 | (402 | ) | |||||||||||||||||||||||
$ | 6,242 | $ | (351 | ) | $ | 405 | $ | (69 | ) | $ | 6,647 | $ | (420 | ) | ||||||||||||||||||
Certain_Financial_Statement_In1
Certain Financial Statement Information (Tables) | 12 Months Ended | |||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||
Certain Financial Statement Information [Abstract] | ||||||||||||||||||||||||||||
Schedule of Accounts receivable | Accounts receivable, net: | |||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Accounts receivable | $ | 12,709 | $ | 25,629 | ||||||||||||||||||||||||
Less: allowance for bad debts | (302 | ) | (451 | ) | ||||||||||||||||||||||||
$ | 12,407 | $ | 25,178 | |||||||||||||||||||||||||
Schedule of Inventories | Inventories, net: | |||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Finished goods | $ | 15,310 | $ | 9,375 | ||||||||||||||||||||||||
Work in process | 5,377 | 6,510 | ||||||||||||||||||||||||||
Raw materials | 2,827 | 3,061 | ||||||||||||||||||||||||||
$ | 23,514 | $ | 18,946 | |||||||||||||||||||||||||
Schedule of Other current assets | Other current assets: | |||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Prepaid expenses | $ | 14,847 | $ | 10,978 | ||||||||||||||||||||||||
Executive deferred compensation assets | 1,004 | 1,035 | ||||||||||||||||||||||||||
Proceeds receivable from sale of strategic investment | — | 3,353 | ||||||||||||||||||||||||||
Other | 989 | 1,433 | ||||||||||||||||||||||||||
$ | 16,840 | $ | 16,799 | |||||||||||||||||||||||||
Schedule of Property and equipment | Property and equipment: | |||||||||||||||||||||||||||
Useful | March 31, | |||||||||||||||||||||||||||
Life | 2015 | 2014 | ||||||||||||||||||||||||||
(In years) | (In thousands) | |||||||||||||||||||||||||||
Machinery and equipment* | 5-Mar | $ | 37,286 | $ | 44,503 | |||||||||||||||||||||||
Leasehold improvements | 5-Jan | 9,909 | 11,574 | |||||||||||||||||||||||||
Computers, office furniture and equipment* | 5-Mar | 32,902 | 43,365 | |||||||||||||||||||||||||
80,097 | 99,442 | |||||||||||||||||||||||||||
Less: accumulated depreciation and amortization* | (63,348 | ) | (78,696 | ) | ||||||||||||||||||||||||
$ | 16,749 | $ | 20,746 | |||||||||||||||||||||||||
* | During the fiscal year ended March 31, 2015, the Company wrote-off fully depreciated assets with an acquired cost of $24.0 million. Also the Company wrote-off of a capitalized mask of $2.6 million as a result of recent restructuring. Refer to Note 7, Restructuring, to the Consolidated Financial Statements for additional information. | |||||||||||||||||||||||||||
Schedule of Goodwill | Goodwill is as follows: | |||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Goodwill | $ | 11,425 | $ | 11,425 | ||||||||||||||||||||||||
Schedule of Purchased intangible assets | Purchase-related intangibles are as follows: | |||||||||||||||||||||||||||
31-Mar-15 | 31-Mar-14 | |||||||||||||||||||||||||||
Gross | Accumulated | Net | Weighted | Gross | Accumulated | Net | Weighted | |||||||||||||||||||||
Amortization | average | Amortization | average | |||||||||||||||||||||||||
and | remaining | and | remaining | |||||||||||||||||||||||||
Impairments | useful life | Impairments | 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: | |||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Non-current portion of prepaid expenses | $ | 1,974 | $ | 4,235 | ||||||||||||||||||||||||
Strategic investments* | — | 3,000 | ||||||||||||||||||||||||||
Other | $ | 596 | $ | 519 | ||||||||||||||||||||||||
$ | 2,570 | $ | 7,754 | |||||||||||||||||||||||||
Schedule of Other accrued liabilities | Other accrued liabilities: | |||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Employee related liabilities | $ | 1,454 | $ | 1,733 | ||||||||||||||||||||||||
Executive deferred compensation | 1,025 | 1,314 | ||||||||||||||||||||||||||
Income taxes | 1,311 | 962 | ||||||||||||||||||||||||||
Professional fees | 515 | 1,259 | ||||||||||||||||||||||||||
Other | 3,339 | 5,609 | ||||||||||||||||||||||||||
$ | 7,644 | $ | 10,877 | |||||||||||||||||||||||||
Schedule of Warranty reserve activity | The following table summarizes warranty reserve activity: | |||||||||||||||||||||||||||
March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | |||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Beginning balance | $ | 199 | $ | 220 | ||||||||||||||||||||||||
Additions during the period | 85 | 58 | ||||||||||||||||||||||||||
Settlements and expirations | (121 | ) | (79 | ) | ||||||||||||||||||||||||
Change in estimates | 31 | — | ||||||||||||||||||||||||||
Ending balance | $ | 194 | $ | 199 | ||||||||||||||||||||||||
Schedule of Interest income, net and other-than-temporary impairment | Net realized gain on short-term investments and interest income, net: | |||||||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Net realized gain on short-term investments | 1,353 | 3,360 | 1,391 | |||||||||||||||||||||||||
Interest income, net | 1,411 | 1,692 | 2,347 | |||||||||||||||||||||||||
Impairments of short-term investments and marketable securities | — | — | (1,143 | ) | ||||||||||||||||||||||||
$ | 2,764 | $ | 5,052 | $ | 2,595 | |||||||||||||||||||||||
Schedule of Other income (expense), net | Other (expense) income, net: | |||||||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||
(In thousands) | ||||||||||||||||||||||||||||
Impairment of strategic investments | $ | (3,000 | ) | $ | — | $ | (2,250 | ) | ||||||||||||||||||||
Impairment of notes receivable and other assets | — | — | (1,800 | ) | ||||||||||||||||||||||||
Net (loss) gain on disposals of property | (27 | ) | 67 | (21 | ) | |||||||||||||||||||||||
Other, net | (29 | ) | 287 | 1,677 | ||||||||||||||||||||||||
$ | (3,056 | ) | $ | 354 | $ | (2,394 | ) | |||||||||||||||||||||
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): | |||||||||||||||||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||||||||||||||||
2015 | 2014 | 2013 | ||||||||||||||||||||||||||
Net loss | $ | (52,058 | ) | $ | (5,694 | ) | $ | (134,115 | ) | |||||||||||||||||||
Shares used in net loss per share computation: | ||||||||||||||||||||||||||||
Weighted average common shares outstanding, basic | 78,814 | 72,897 | 65,258 | |||||||||||||||||||||||||
Net effect of dilutive common share equivalents | — | — | — | |||||||||||||||||||||||||
Weighted average common shares outstanding, diluted | 78,814 | 72,897 | 65,258 | |||||||||||||||||||||||||
Basic and diluted net loss per share | $ | (0.66 | ) | $ | (0.08 | ) | $ | (2.06 | ) |
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 12 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
Equity [Abstract] | ||||||||||||||
Schedule of Option Activity Under Stock Incentive Plans | A summary of the Company's stock option activity and related information is as follows: | |||||||||||||
Number of Shares (thousands) | Weighted | Weighted-Average Remaining Contractual Term (years) | Aggregate Intrinsic Value (millions) | |||||||||||
Average | ||||||||||||||
Exercise | ||||||||||||||
Price Per Share | ||||||||||||||
Outstanding as of March 31, 2012 | 4,164 | $ | 10.67 | |||||||||||
Granted | 40 | $ | 5.58 | |||||||||||
Exercised | (161 | ) | $ | 5.31 | $ | 0.3 | -1 | |||||||
Cancelled | (551 | ) | $ | 14.49 | ||||||||||
Outstanding as of March 31, 2013 | 3,492 | $ | 10.26 | |||||||||||
Granted | 40 | $ | 7.35 | |||||||||||
Exercised | (662 | ) | $ | 9.36 | $ | 1.8 | -1 | |||||||
Cancelled | (461 | ) | $ | 12.35 | ||||||||||
Outstanding as of March 31, 2014 | 2,409 | $ | 10.06 | |||||||||||
Granted | — | — | ||||||||||||
Exercised | (53 | ) | $ | 6.32 | $ | 0.2 | -1 | |||||||
Cancelled | (562 | ) | $ | 13.31 | ||||||||||
Outstanding as of March 31, 2015 | 1,794 | $ | 9.15 | 1.9 | $ | — | -2 | |||||||
Vested and expected to vest as of March 31, 2015 | 1,794 | $ | 9.15 | 1.8 | $ | — | -2 | |||||||
Vested and exercisable at the end of the year | 1,794 | $ | 9.15 | 1.9 | $ | — | -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 fiscal period and the exercise price of the shares. The closing price of the Company’s common stock was $5.10 on March 31, 2015. | ||||||||||||||
Schedule of Restricted Stock Unit Activity | A summary of the Company's RSU activity is as follows (in thousands): | |||||||||||||
Fiscal Years Ended March 31, | ||||||||||||||
2015 | 2014 | 2013 | ||||||||||||
Outstanding at the beginning of the year | 6,105 | 6,444 | 9,244 | |||||||||||
Awarded | 3,783 | 3,594 | 1,040 | |||||||||||
Vested | (1,639 | ) | (2,397 | ) | (2,345 | ) | ||||||||
Cancelled | (3,921 | ) | (1,536 | ) | (1,495 | ) | ||||||||
Outstanding at the end of the year | 4,328 | 6,105 | 6,444 | |||||||||||
Common Shares Reserved for Issuance | At March 31, 2015, the Company had the following shares of common stock reserved for issuance upon the exercise of equity instruments (in thousands): | |||||||||||||
Options granted and outstanding | 1,794 | |||||||||||||
Restricted Stock Units granted and outstanding | 4,328 | |||||||||||||
Options and RSUs authorized for future grants | 2,330 | |||||||||||||
Employee Stock Purchase Plan | 1,839 | |||||||||||||
10,291 | ||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||
Schedule of Income Before Income Tax | Loss from operations before income tax consists of the following (in thousands): | ||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Loss from operations before income tax: | |||||||||||||||||||||
Domestic loss | $ | (53,706 | ) | $ | (8,976 | ) | $ | (130,552 | ) | ||||||||||||
Foreign income (loss) | 2,740 | 3,901 | (4,117 | ) | |||||||||||||||||
$ | (50,966 | ) | $ | (5,075 | ) | $ | (134,669 | ) | |||||||||||||
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) from operations consists of the following (in thousands): | ||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
Current: | |||||||||||||||||||||
Federal | $ | (17 | ) | $ | (20 | ) | $ | (1,106 | ) | ||||||||||||
Foreign | 1,206 | 819 | 847 | ||||||||||||||||||
State | (1 | ) | 6 | (129 | ) | ||||||||||||||||
Total Current | 1,188 | 805 | (388 | ) | |||||||||||||||||
Deferred: | |||||||||||||||||||||
Foreign | (96 | ) | (186 | ) | (166 | ) | |||||||||||||||
State | — | — | — | ||||||||||||||||||
Total Deferred | (96 | ) | (186 | ) | (166 | ) | |||||||||||||||
$ | 1,092 | $ | 619 | $ | (554 | ) | |||||||||||||||
Schedule of Effective Income Tax Rate Reconciliation | The provision (benefit) for income taxes reconciles to the amount computed by applying the federal statutory rate of 35% to the loss before income taxes as follows for operations (in thousands): | ||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2015 | 2014 | 2013 | |||||||||||||||||||
$ | % | $ | % | $ | % | ||||||||||||||||
Tax at federal statutory rate | $ | (17,838 | ) | 35 | % | $ | (1,776 | ) | 35 | % | $ | (47,134 | ) | 35 | % | ||||||
Tax benefit from loss from continuing operations | — | — | — | — | (925 | ) | 1 | ||||||||||||||
Other permanent differences | 979 | (2 | ) | (6,561 | ) | 129 | 1,195 | (1 | ) | ||||||||||||
State taxes, net of federal benefit | (2,345 | ) | 5 | (214 | ) | 4 | (7,263 | ) | 5 | ||||||||||||
Federal tax credits | (1,553 | ) | 3 | (1,778 | ) | 35 | (1,909 | ) | 1 | ||||||||||||
State tax credits | (460 | ) | 1 | (444 | ) | 9 | (537 | ) | — | ||||||||||||
Veloce accrued liability | 3,655 | (7 | ) | 16,740 | (330 | ) | 26,749 | (20 | ) | ||||||||||||
Refundable credits | (16 | ) | — | — | — | — | — | ||||||||||||||
Sale of TPack | — | — | 2,688 | (53 | ) | — | — | ||||||||||||||
Valuation allowance | 18,445 | (36 | ) | (7,809 | ) | 154 | 28,715 | (21 | ) | ||||||||||||
Change in contingency reserve | (67 | ) | — | (64 | ) | 1 | 74 | — | |||||||||||||
Other | 292 | (1 | ) | (163 | ) | 4 | 481 | — | |||||||||||||
$ | 1,092 | (2 | )% | $ | 619 | (12 | )% | $ | (554 | ) | — | % | |||||||||
Schedule of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities for federal and state income taxes are as shown below (in thousands): | ||||||||||||||||||||
Fiscal Years Ended March 31, | |||||||||||||||||||||
2015 | 2014 | ||||||||||||||||||||
Deferred tax assets: | |||||||||||||||||||||
Net operating loss carryforwards | $ | 315,773 | $ | 294,910 | |||||||||||||||||
Research and development credit carryforwards | 81,546 | 79,839 | |||||||||||||||||||
Inventory write-downs and other reserves | 7,642 | 8,068 | |||||||||||||||||||
Capitalization of research and development costs | 6,245 | 5,915 | |||||||||||||||||||
Goodwill | 3,147 | 4,007 | |||||||||||||||||||
Intangible assets | 26,031 | 32,290 | |||||||||||||||||||
Investment impairment | 3,982 | 3,494 | |||||||||||||||||||
Stock-based compensation | 28,921 | 26,664 | |||||||||||||||||||
Depreciation and amortization | 1,903 | 3,253 | |||||||||||||||||||
Other | 970 | 1,182 | |||||||||||||||||||
Total deferred tax assets | 476,160 | 459,622 | |||||||||||||||||||
Valuation allowance | (475,545 | ) | (459,081 | ) | |||||||||||||||||
$ | 615 | $ | 541 | ||||||||||||||||||
Schedule of Unrecognized Tax Benefits Roll Forward | The following is a tabular reconciliation of the Unrecognized Tax Benefits activity during the fiscal year ended March 31, 2015 (in thousands): | ||||||||||||||||||||
Opening Balance | $ | 44,231 | |||||||||||||||||||
Gross decreases - tax positions in prior period | 122 | ||||||||||||||||||||
Gross increases - current-period tax positions | 726 | ||||||||||||||||||||
Ending Balance | $ | 45,079 | |||||||||||||||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | |||||||||||||||
Mar. 31, 2015 | ||||||||||||||||
Restructuring and Related Activities [Abstract] | ||||||||||||||||
Schedule of restructuring activity | The following table sets forth a summary of restructuring activities related to all of the Company's restructuring plans described above (in thousands): | |||||||||||||||
Workforce | Operating Lease Commitments | Asset Impairment and Other | Total | |||||||||||||
Reduction | ||||||||||||||||
Liability, March 31, 2013 | $ | 548 | $ | — | $ | — | $ | 548 | ||||||||
Restructuring charges | 862 | — | 272 | 1,134 | ||||||||||||
Cash payments | (1,410 | ) | — | — | (1,410 | ) | ||||||||||
Non-cash items | — | — | (272 | ) | (272 | ) | ||||||||||
Liability, March 31, 2014 | $ | — | $ | — | $ | — | $ | — | ||||||||
Restructuring charges | $ | 2,613 | $ | 126 | $ | 2,682 | $ | 5,421 | ||||||||
Cash payments | (2,160 | ) | (33 | ) | (21 | ) | (2,214 | ) | ||||||||
Non-cash items | (4 | ) | 20 | (2,646 | ) | (2,630 | ) | |||||||||
Liability, March 31, 2015 | $ | 449 | $ | 113 | $ | 15 | $ | 577 | ||||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Commitments and Contingencies Disclosure [Abstract] | ||||||||||||
Schedule of contractual operating leases | The following table summarizes the Company’s contractual operating leases and other purchase commitments as of March 31, 2015 (in thousands): | |||||||||||
Operating Leases (1) | Purchase Commitments (2) | Total | ||||||||||
Fiscal Years Ending March 31, | ||||||||||||
2016 | $ | 1,589 | $ | 17,663 | $ | 19,252 | ||||||
2017 | 1,117 | 3,268 | 4,385 | |||||||||
2018 | 705 | 2,860 | 3,565 | |||||||||
2019 | 345 | — | 345 | |||||||||
Total minimum payments | $ | 3,756 | $ | 23,791 | $ | 27,547 | ||||||
(1) Includes the Company's headquarters building lease which expires in August 2015. | ||||||||||||
(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 $15.1 million. |
Significant_Customer_and_Geogr1
Significant Customer and Geographic Information (Tables) | 12 Months Ended | |||||||||||
Mar. 31, 2015 | ||||||||||||
Segment Reporting [Abstract] | ||||||||||||
Schedules of concentration of risk, by risk factor | Based on direct shipments, net revenues to customers that were equal to or greater than 10% of total net revenues were as follows: | |||||||||||
Fiscal Years Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
Wintec (global logistics provider)* | 20 | % | 22 | % | 19 | % | ||||||
Avnet (distributor) | 26 | % | 27 | % | 27 | % | ||||||
* Wintec provides vendor managed inventory support primarily for Cisco Systems, Inc. | ||||||||||||
Schedule of revenue from external customers and long-lived assets, by geographical areas | Based on ship to location, net revenues by geographic region were as follows (in thousands): | |||||||||||
Fiscal Years Ended March 31, | ||||||||||||
2015 | 2014 | 2013 | ||||||||||
United States of America | $ | 70,977 | $ | 101,275 | $ | 79,930 | ||||||
Taiwan | 13,099 | 13,405 | 22,684 | |||||||||
Hong Kong | 21,808 | 21,477 | 22,044 | |||||||||
China | 982 | 6,085 | 2,053 | |||||||||
Europe | 24,728 | 33,625 | 35,216 | |||||||||
Japan | 22,974 | 23,125 | 13,237 | |||||||||
Malaysia | 4,666 | 5,788 | 4,733 | |||||||||
Singapore | 5,594 | 9,745 | 10,399 | |||||||||
Other Asia | 173 | 1,217 | 4,621 | |||||||||
Other | 10 | 408 | 725 | |||||||||
$ | 165,011 | $ | 216,150 | $ | 195,642 | |||||||
Sale_of_TPack_AS_Tables
Sale of TPack A/S (Tables) | 12 Months Ended | |||
Mar. 31, 2015 | ||||
Discontinued Operations and Disposal Groups [Abstract] | ||||
Schedule of Components of Gain from Sale | In connection with the divestiture, the Company recorded a gain of $19.7 million. The following table summarizes the components of the gain (in thousands): | |||
Total proceeds, net of working capital adjustment | $ | 30,175 | ||
Net assets and liabilities | (184 | ) | ||
Goodwill write off | (1,758 | ) | ||
Intangibles write off | (11,404 | ) | ||
Holdback amount | 3,353 | |||
Legal fees and other costs | (483 | ) | ||
Gain on sale of TPack | $ | 19,699 | ||
Quarterly_Financial_Informatio1
Quarterly Financial Information (unaudited) (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Mar. 31, 2015 | ||||||||||||||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Schedule of Quarterly Financial Information | ||||||||||||||||||||||||||||||||
Fiscal Year Ended March 31, 2015 | Fiscal Year Ended March 31, 2014 | |||||||||||||||||||||||||||||||
Q1 (1) | Q2 (2) | Q3 | Q4 (3) | Q1 (4) | Q2 (5) | Q3 (6) | Q4(7) | |||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||||
Net revenues | $ | 50,272 | $ | 40,945 | $ | 36,747 | $ | 37,047 | $ | 54,148 | $ | 55,387 | $ | 54,844 | $ | 51,771 | ||||||||||||||||
Cost of revenues | 20,257 | 17,716 | 14,842 | 16,482 | 22,342 | 21,397 | 21,644 | 19,806 | ||||||||||||||||||||||||
Gross profit | 30,015 | 23,229 | 21,905 | 20,565 | 31,806 | 33,990 | 33,200 | 31,965 | ||||||||||||||||||||||||
Total operating expenses | 43,536 | 32,562 | 33,649 | 36,641 | 24,556 | 66,757 | 40,900 | 9,229 | ||||||||||||||||||||||||
Operating (loss) income | (13,521 | ) | (9,333 | ) | (11,744 | ) | (16,076 | ) | 7,250 | (32,767 | ) | (7,700 | ) | 22,736 | ||||||||||||||||||
Net realized gain on short-term investments and interest and other income (expense), net | 315 | (2,112 | ) | 475 | 1,030 | 3,795 | 576 | 617 | 418 | |||||||||||||||||||||||
(Loss) income before income taxes | (13,206 | ) | (11,445 | ) | (11,269 | ) | (15,046 | ) | 11,045 | (32,191 | ) | (7,083 | ) | 23,154 | ||||||||||||||||||
Income tax (benefit) expense | (141 | ) | 272 | 862 | 99 | 188 | 192 | 201 | 38 | |||||||||||||||||||||||
Net (loss) income | $ | (13,065 | ) | $ | (11,717 | ) | $ | (12,131 | ) | $ | (15,145 | ) | $ | 10,857 | $ | (32,383 | ) | $ | (7,284 | ) | $ | 23,116 | ||||||||||
Basic net (loss) income per share | $ | (0.17 | ) | $ | (0.15 | ) | $ | (0.15 | ) | $ | (0.19 | ) | $ | 0.16 | $ | (0.45 | ) | $ | (0.10 | ) | $ | 0.31 | ||||||||||
Shares used in calculating basic net (loss) income per share | 77,916 | 78,487 | 78,920 | 80,667 | 69,360 | 72,610 | 73,989 | 75,629 | ||||||||||||||||||||||||
Diluted net (loss) income per share | $ | (0.17 | ) | $ | (0.15 | ) | $ | (0.15 | ) | $ | (0.19 | ) | $ | 0.15 | $ | (0.45 | ) | $ | (0.10 | ) | $ | 0.3 | ||||||||||
Shares used in calculating diluted (loss) income per share | 77,916 | 78,487 | 78,920 | 80,667 | 70,234 | 72,610 | 73,989 | 77,193 | ||||||||||||||||||||||||
(1) The consolidated operating results for the first quarter of fiscal 2015 included a charge of $7.1 million related to the Veloce consideration and a charge of $1.2 million related to restructuring. | ||||||||||||||||||||||||||||||||
(2) The consolidated operating results for the second quarter of fiscal 2015 included an impairment charge of $2.5 million related to a strategic investment. | ||||||||||||||||||||||||||||||||
(3) The consolidated operating results for the fourth quarter of fiscal 2015 included a charge of $2.1 million related to the Veloce consideration, a charge of $4.1 million related to restructuring and an impairment charge of $0.5 million related to a strategic investment. | ||||||||||||||||||||||||||||||||
-4 | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. | |||||||||||||||||||||||||||||||
(5) The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration and a charge of $1.0 million related to restructuring. | ||||||||||||||||||||||||||||||||
(6) The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | ||||||||||||||||||||||||||||||||
(7) The consolidated operating results for the fourth quarter of fiscal 2014 included a gain on sale of building of $25.8 million. |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Inventories (Details) | 12 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Estimated period of future demand for products | 12 months |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Investments (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Accounting Policies [Abstract] | |||
Impairment of strategic investments | $3,000 | $0 | $2,250 |
Gross unrealized gains | 2,020 | 3,455 | |
Purchases of strategic investments | $0 | $0 | ($500) |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Property and Equipment (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |||
Impairment of long-lived assets | $0 | ||
Write off of fixed asset | 0 | ||
Minimum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives of assets | 1 year | ||
Maximum | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful lives of assets | 5 years | ||
January 2015 Restructuring Plan | |||
Property, Plant and Equipment [Line Items] | |||
Write off of fixed asset | 2,600,000 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Mask Costs (Details) (USD $) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Capitalized mask costs | $5,900,000 | $6,400,000 |
Impairment of capitalized mask costs | 0 | |
January 2015 Restructuring Plan | ||
Restructuring Cost and Reserve [Line Items] | ||
Impairment of capitalized mask costs | $2,600,000 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Stock-Based Compensation (Details) (USD $) | 12 Months Ended | 9 Months Ended | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2015 | |
Share-based Compensation, Allocation and Classification | |||||
Stock-based compensation expense | $18,300,000 | $17,037,000 | $24,089,000 | ||
Stock-based compensation expensed from (capitalized to) inventory | 5,000 | -16,000 | 147,000 | ||
Total stock-based compensation expense | 18,305,000 | 17,021,000 | 24,236,000 | ||
Share-based Compensation Fair Value Assumptions Used | |||||
Expected dividend yield | 0.00% | ||||
Cost of Revenues | |||||
Share-based Compensation, Allocation and Classification | |||||
Stock-based compensation expense | 285,000 | 460,000 | 545,000 | ||
Research and Development Expense | |||||
Share-based Compensation, Allocation and Classification | |||||
Stock-based compensation expense | 11,657,000 | 6,371,000 | 11,760,000 | ||
Selling General and Administrative | |||||
Share-based Compensation, Allocation and Classification | |||||
Stock-based compensation expense | 6,358,000 | 10,206,000 | 11,784,000 | ||
Stock Options | |||||
Share-based Compensation, Allocation and Classification | |||||
Stock-based compensation expense | 1,408,000 | 2,520,000 | 3,469,000 | ||
Share-based Compensation Fair Value Assumptions Used | |||||
Expected life (in years) | 4 years 4 months 24 days | 4 years 4 months 24 days | |||
Risk-free interest rate (percentage) | 0.60% | 0.70% | |||
Volatility (percentage) | 49.00% | 54.00% | |||
Dividend yield (percentage) | 0.00% | 0.00% | |||
Expected forfeiture rate (percentage) | 5.80% | 6.60% | |||
Weighted average fair value (USD per share) | $2.95 | $2.47 | |||
Employee Stock Purchase Plans | |||||
Share-based Compensation Fair Value Assumptions Used | |||||
Expected life (in years) | 6 months | 6 months | 6 months | ||
Risk-free interest rate (percentage) | 0.10% | 0.00% | 0.00% | ||
Volatility (percentage) | 57.00% | 56.00% | 50.00% | ||
Dividend yield (percentage) | 0.00% | 0.00% | 0.00% | ||
Expected forfeiture rate (percentage) | 0.00% | 0.00% | 0.00% | ||
Weighted average fair value (USD per share) | $2.17 | $3.40 | $1.77 | ||
Options and Restricted Stock Units | Minimum | |||||
Share-based Compensation Fair Value Assumptions Used | |||||
Expected forfeiture rate (percentage) | 5.80% | ||||
Options and Restricted Stock Units | Maximum | |||||
Share-based Compensation Fair Value Assumptions Used | |||||
Expected forfeiture rate (percentage) | 6.10% | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation, Allocation and Classification | |||||
Stock-based compensation expense | 16,892,000 | 14,517,000 | 20,620,000 | ||
Share-based Compensation Fair Value Assumptions Used | |||||
Weighted average grant-date fair value per share of the restricted stock units awarded (USD per share) | $7.81 | $9.46 | $6.11 | ||
Unearned stock-based compensation | $24,600,000 | 24,600,000 | |||
Weighted-average period over which the unearned stock-based compensation is expected to be recognized, years | 1 year 2 months 12 days |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Segments of a Business Enterprise (Details) | 12 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
segment | segment | |
Accounting Policies [Abstract] | ||
Number of operating segments | 1 | 2 |
Number of reportable segments | 1 | 1 |
Investments_Additional_Informa
Investments - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2015 | Sep. 30, 2014 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |
Investments, Debt and Equity Securities [Abstract] | |||||
Restricted cash related to voluntary disability insurance program | $1,100,000 | $1,100,000 | $1,100,000 | ||
Other-than-temporary impairment charges | $500,000 | $2,500,000 | $0 | $0 | $1,143,000 |
Investments_Summary_of_Availab
Investments - Summary of Available-for-Sale Securities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 | ||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Cash and cash equivalents | $36,495,000 | $71,539,000 | $19,065,000 | $28,065,000 | ||
Cash, Cash equivalents and Available-for-sale Investments, Amortized Cost | 73,403,000 | 103,548,000 | ||||
Available-for-sale securities, Gross Unrealized Gains | 2,020,000 | 3,455,000 | ||||
Available-for-sale securities, Gross Unrealized Losses | -65,000 | -420,000 | ||||
Cash, Cash equivalents and Available-for-sale Investments, Estimated Fair Value | 75,358,000 | 106,583,000 | ||||
Short-term investments available-for-sale | 38,863,000 | 35,044,000 | ||||
Estimated fair value presented of mortgage-backed securities | 0 | 1,100,000 | ||||
Cash | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Cash and cash equivalents | 33,936,000 | 65,867,000 | ||||
Cash and cash equivalents, Estimated Fair Value | 33,936,000 | 65,867,000 | ||||
Cash Equivalents | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Cash and cash equivalents | 2,559,000 | 5,672,000 | ||||
Cash and cash equivalents, Estimated Fair Value | 2,559,000 | 5,672,000 | ||||
U.S Treasury Securities and Agency Bonds | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Amortized Cost Basis | 1,230,000 | 2,838,000 | ||||
Available-for-sale securities, Gross Unrealized Gains | 0 | 0 | ||||
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 | ||||
Available-for-sale Securities, Estimated Fair Value | 1,230,000 | 2,838,000 | ||||
Corporate bonds | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Amortized Cost Basis | 10,772,000 | 10,599,000 | ||||
Available-for-sale securities, Gross Unrealized Gains | 28,000 | 30,000 | ||||
Available-for-sale securities, Gross Unrealized Losses | -6,000 | -2,000 | ||||
Available-for-sale Securities, Estimated Fair Value | 10,794,000 | 10,627,000 | ||||
Mortgage Backed and Asset Backed Securities | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Amortized Cost Basis | 0 | [1] | 1,793,000 | [1] | ||
Available-for-sale securities, Gross Unrealized Gains | 15,000 | [1] | 297,000 | [1] | ||
Available-for-sale securities, Gross Unrealized Losses | 0 | [1] | -16,000 | [1] | ||
Available-for-sale Securities, Estimated Fair Value | 15,000 | [1] | 2,074,000 | [1] | ||
Mutual funds | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Amortized Cost Basis | 24,895,000 | 14,373,000 | ||||
Available-for-sale securities, Gross Unrealized Gains | 1,955,000 | 2,392,000 | ||||
Available-for-sale securities, Gross Unrealized Losses | -59,000 | -402,000 | ||||
Available-for-sale Securities, Estimated Fair Value | 26,791,000 | 16,363,000 | ||||
Preferred Stock | ||||||
Schedule of Available-for-sale Securities [Line Items] | ||||||
Available-for-sale Securities, Amortized Cost Basis | 11,000 | 2,406,000 | ||||
Available-for-sale securities, Gross Unrealized Gains | 22,000 | 736,000 | ||||
Available-for-sale securities, Gross Unrealized Losses | 0 | 0 | ||||
Available-for-sale Securities, Estimated Fair Value | $33,000 | $3,142,000 | ||||
[1] | At March 31, 2015 and 2014, zero and $1.1 million of the estimated fair value presented were mortgage-backed securities, respectively. |
Investments_Summary_by_Type_of
Investments - Summary by Type of Instruments Measured at Fair Value (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 | ||
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash, cash equivalents and available-for-sale investments measured at fair value on recurring basis | $75,358 | $106,583 | ||
Level 1 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash, cash equivalents and available-for-sale investments measured at fair value on recurring basis | 64,516 | 90,740 | ||
Level 2 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash, cash equivalents and available-for-sale investments measured at fair value on recurring basis | 10,842 | 15,843 | ||
Level 3 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash, cash equivalents and available-for-sale investments measured at fair value on recurring basis | 0 | 0 | ||
Cash | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 33,936 | 65,867 | ||
Cash | Level 1 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 33,936 | 65,867 | ||
Cash | Level 2 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 0 | 0 | ||
Cash | Level 3 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 0 | 0 | ||
Cash Equivalents | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 2,559 | 5,672 | ||
Cash Equivalents | Level 1 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 2,559 | 5,672 | ||
Cash Equivalents | Level 2 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 0 | 0 | ||
Cash Equivalents | Level 3 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cash and cash equivalents measured at fair value on a recurring basis | 0 | 0 | ||
U.S Treasury Securities and Agency Bonds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 1,230 | 2,838 | ||
U.S Treasury Securities and Agency Bonds | Level 1 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 1,230 | 2,838 | ||
U.S Treasury Securities and Agency Bonds | Level 2 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
U.S Treasury Securities and Agency Bonds | Level 3 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Corporate bonds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 10,794 | 10,627 | ||
Corporate bonds | Level 1 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Corporate bonds | Level 2 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 10,794 | 10,627 | ||
Corporate bonds | Level 3 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Mortgage Backed and Asset Backed Securities | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 15 | [1] | 2,074 | [1] |
Mortgage Backed and Asset Backed Securities | Level 1 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Mortgage Backed and Asset Backed Securities | Level 2 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 15 | 2,074 | ||
Mortgage Backed and Asset Backed Securities | Level 3 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Mutual funds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 26,791 | 16,363 | ||
Mutual funds | Level 1 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 26,791 | 16,363 | ||
Mutual funds | Level 2 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Mutual funds | Level 3 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Preferred Stock | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 33 | 3,142 | ||
Preferred Stock | Level 1 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 0 | 0 | ||
Preferred Stock | Level 2 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | 33 | 3,142 | ||
Preferred Stock | Level 3 | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Available-for-sale Securities | $0 | $0 | ||
[1] | At March 31, 2015 and 2014, zero and $1.1 million of the estimated fair value presented were mortgage-backed securities, respectively. |
Investments_Schedule_of_Maturi
Investments - Schedule of Maturities (Details) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | |
Less than 1 year, Cost | $3,335 |
Mature in 1 - 2 years, Cost | 7,965 |
Mature in 3 - 5 years, Cost | 702 |
Mature after 5 years, Cost | 0 |
Cost, Total | 12,002 |
Less than 1 year, Fair Value | 3,340 |
Mature in 1 - 2 years, Fair Value | 7,979 |
Mature in 3 - 5 years, Fair Value | 706 |
Mature after 5 years, Fair Value | 14 |
Fair Value, Total | $12,039 |
Investments_Summary_of_Gross_U
Investments - Summary of Gross Unrealized Losses (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | $15,470 | $6,242 |
Less Than 12 Months of Unrealized Losses, Gross Unrealized Losses | -23 | -351 |
12 Months or More of Unrealized Losses, Estimated Fair Value | 475 | 405 |
12 Months or More of Unrealized Losses, Gross Unrealized Losses | -42 | -69 |
Total, Estimated Fair Value | 15,945 | 6,647 |
Total, Gross Unrealized Losses | -65 | -420 |
U.S Treasury Securities and Agency Bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | 0 | 0 |
Less Than 12 Months of Unrealized Losses, Gross Unrealized Losses | 0 | 0 |
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 | 0 | 0 |
Total, Gross Unrealized Losses | 0 | 0 |
Corporate bonds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | 878 | 992 |
Less Than 12 Months of Unrealized Losses, Gross Unrealized Losses | -6 | -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 | 878 | 992 |
Total, Gross Unrealized Losses | -6 | -2 |
Mortgage Backed and Asset Backed Securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | 431 | |
Less Than 12 Months of Unrealized Losses, Gross Unrealized Losses | -16 | |
12 Months or More of Unrealized Losses, Estimated Fair Value | 0 | |
12 Months or More of Unrealized Losses, Gross Unrealized Losses | 0 | |
Total, Estimated Fair Value | 431 | |
Total, Gross Unrealized Losses | -16 | |
Mutual funds | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 Months of Unrealized Losses, Estimated Fair Value | 14,592 | 4,819 |
Less Than 12 Months of Unrealized Losses, Gross Unrealized Losses | -17 | -333 |
12 Months or More of Unrealized Losses, Estimated Fair Value | 475 | 405 |
12 Months or More of Unrealized Losses, Gross Unrealized Losses | -42 | -69 |
Total, Estimated Fair Value | 15,067 | 5,224 |
Total, Gross Unrealized Losses | ($59) | ($402) |
Certain_Financial_Statement_In2
Certain Financial Statement Information - Schedule of Accounts receivable (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Accounts receivable | ||
Accounts receivable | $12,709 | $25,629 |
Less: allowance for bad debts | -302 | -451 |
Accounts receivable, net | $12,407 | $25,178 |
Certain_Financial_Statement_In3
Certain Financial Statement Information - Schedule of Inventories (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Inventories | ||
Finished goods | $15,310 | $9,375 |
Work in process | 5,377 | 6,510 |
Raw materials | 2,827 | 3,061 |
Inventories, total | $23,514 | $18,946 |
Certain_Financial_Statement_In4
Certain Financial Statement Information - Schedule of Other current assets (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Other current assets | ||
Prepaid expenses | $14,847 | $10,978 |
Executive deferred compensation assets | 1,004 | 1,035 |
Proceeds receivable from sale of strategic investment | 0 | 3,353 |
Other | 989 | 1,433 |
Other current assets, total | $16,840 | $16,799 |
Certain_Financial_Statement_In5
Certain Financial Statement Information - Schedule of Property and equipment (Details) (USD $) | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | |||
Schedule of Property and equipment | ||||
Property and equipment, gross | $80,097,000 | $99,442,000 | ||
Less: accumulated depreciation and amortization | -63,348,000 | [1] | -78,696,000 | [1] |
Property and equipment, net | 16,749,000 | 20,746,000 | ||
Fully depreciated assets written off | 24 | |||
Impairment of capitalized mask costs | 0 | |||
January 2015 Restructuring Plan | ||||
Schedule of Property and equipment | ||||
Impairment of capitalized mask costs | 2,600,000 | |||
Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 1 year | |||
Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 5 years | |||
Machinery and Equipment | ||||
Schedule of Property and equipment | ||||
Property and equipment, gross | 37,286,000 | [1] | 44,503,000 | [1] |
Machinery and Equipment | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 3 years | |||
Machinery and Equipment | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 5 years | |||
Leasehold Improvements | ||||
Schedule of Property and equipment | ||||
Property and equipment, gross | 9,909,000 | 11,574,000 | ||
Leasehold Improvements | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 1 year | |||
Leasehold Improvements | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 5 years | |||
Computers, Office Furniture and Equipment | ||||
Schedule of Property and equipment | ||||
Property and equipment, gross | $32,902,000 | [1] | $43,365,000 | [1] |
Computers, Office Furniture and Equipment | Minimum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 3 years | |||
Computers, Office Furniture and Equipment | Maximum | ||||
Property, Plant and Equipment [Line Items] | ||||
Useful life | 5 years | |||
[1] | During the fiscal year ended March 31, 2015, the Company wrote-off fully depreciated assets with an acquired cost of $24.0 million. Also the Company wrote-off of a capitalized mask of $2.6 million as a result of recent restructuring. Refer to Note 7, Restructuring, to the Consolidated Financial Statements for additional information. |
Certain_Financial_Statement_In6
Certain Financial Statement Information - Schedule of Goodwill (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Goodwill | ||
Goodwill | $11,425 | $11,425 |
Certain_Financial_Statement_In7
Certain Financial Statement Information - Schedule of Purchased Inatngible Assets (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | $493,636 | $493,636 |
Intangible assets, Accumulated Amortization and Impairments | -493,636 | -493,531 |
Intangible assets, Net | 0 | 105 |
Developed Technology In Process Research And Development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 425,000 | 425,000 |
Intangible assets, Accumulated Amortization and Impairments | -425,000 | -425,000 |
Intangible assets, Net | 0 | 0 |
Intangible assets, Weighted average useful remaining life | 0 years | 0 years |
Customer Relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 6,330 | 6,330 |
Intangible assets, Accumulated Amortization and Impairments | -6,330 | -6,225 |
Intangible assets, Net | 0 | 105 |
Intangible assets, Weighted average useful remaining life | 0 years | 5 months 12 days |
Patents Core Technology Rights Tradename | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets, Gross | 62,306 | 62,306 |
Intangible assets, Accumulated Amortization and Impairments | -62,306 | -62,306 |
Intangible assets, Net | $0 | $0 |
Intangible assets, Weighted average useful remaining life | 0 years | 0 years |
Certain_Financial_Statement_In8
Certain Financial Statement Information - Schedule of Other assets (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||
Schedule of other assets | |||||
Non-current portion of prepaid expenses | $1,974 | $4,235 | |||
Strategic investments | 0 | [1] | 3,000 | [1] | |
Other | 596 | 519 | |||
Total other assets | 2,570 | 7,754 | |||
Impairment of strategic investments | $3,000 | $0 | $2,250 | ||
[1] | During the fiscal year ended March 31, 2015, the Company recorded other-than-temporary impairment charges of $3.0 million with respect to two of its strategic investments. Refer to Note 1, Summary of Significant Accounting Policies, to the Consolidated Financial Statements for details. |
Certain_Financial_Statement_In9
Certain Financial Statement Information - Schedule of Other accrued liabilities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of other accrued liabilities | ||
Employee related liabilities | $1,454 | $1,733 |
Executive deferred compensation | 1,025 | 1,314 |
Income taxes | 1,311 | 962 |
Professional fees | 515 | 1,259 |
Other | 3,339 | 5,609 |
Total other accrued liabilities | $7,644 | $10,877 |
Recovered_Sheet1
Certain Financial Statement Information - Schedule of Warranty reserve activitiy (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Warranty Reserve Activity | ||
Beginning balance | $199 | $220 |
Additions during the period | 85 | 58 |
Settlements and expirations | -121 | -79 |
Change in estimates | 31 | 0 |
Ending balance | $194 | $199 |
Recovered_Sheet2
Certain Financial Statement Information - Schedule of Interest income (expense), net and other-than-temporary impairment (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||||||
Schedule of Interest Income, Net | ||||||||||||||||||
Net realized gain on short-term investments | $1,353 | $3,360 | $1,391 | |||||||||||||||
Interest income, net | 1,411 | 1,692 | 2,347 | |||||||||||||||
Impairments of short-term investments and marketable securities | -500 | -2,500 | 0 | 0 | -1,143 | |||||||||||||
Interest income, net | $1,030 | [1] | $475 | ($2,112) | [2] | $315 | [3] | $418 | [4] | $617 | [5] | $576 | [6] | $3,795 | [7] | $2,764 | $5,052 | $2,595 |
[1] | The consolidated operating results for the fourth quarter of fiscal 2015 included a charge of $2.1 million related to the Veloce consideration, a charge of $4.1 million related to restructuring and an impairment charge of $0.5 million related to a strategic investment. | |||||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2015 included an impairment charge of $2.5 million related to a strategic investment. | |||||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2015 included a charge of $7.1 million related to the Veloce consideration and a charge of $1.2 million related to restructuring. | |||||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2014 included a gain on sale of building of $25.8 million. | |||||||||||||||||
[5] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||||
[6] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration and a charge of $1.0 million related to restructuring. | |||||||||||||||||
[7] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. |
Recovered_Sheet3
Certain Financial Statement Information - Schedule of Other income, net (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Schedule of Other Income, Net | |||
Impariment charge on non-marketable strategic investments | ($3,000) | $0 | ($2,250) |
Impairment of notes receivable and other assets | 0 | 0 | -1,800 |
Net gain (loss) on disposals of property | -27 | 67 | -21 |
Other, net | -29 | 287 | 1,677 |
Other income (expense), net | ($3,056) | $354 | ($2,394) |
Recovered_Sheet4
Certain Financial Statement Information - Net loss per share (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||||||
Schedule of Reconciliation of Shares Used to Calculate Basic and Diluted Net (Loss) Income Per Share | ||||||||||||||||||
Net loss | ($15,145) | [1] | ($12,131) | ($11,717) | [2] | ($13,065) | [3] | $23,116 | [4] | ($7,284) | [5] | ($32,383) | [6] | $10,857 | [7] | ($52,058) | ($5,694) | ($134,115) |
Shares used in net loss per share computation: | ||||||||||||||||||
Weighted average common shares outstanding, basic (shares) | 80,667 | [1] | 78,920 | 78,487 | [2] | 77,916 | [3] | 75,629 | [4] | 73,989 | [5] | 72,610 | [6] | 69,360 | [7] | 78,814 | 72,897 | 65,258 |
Net effect of dilutive common share equivalents (shares) | 0 | 0 | 0 | |||||||||||||||
Weighted average common shares outstanding, diluted (shares) | 80,667 | [1] | 78,920 | 78,487 | [2] | 77,916 | [3] | 77,193 | [4] | 73,989 | [5] | 72,610 | [6] | 70,234 | [7] | 78,814 | 72,897 | 65,258 |
Basic and diluted net loss per share (USD per share) | ($0.66) | ($0.08) | ($2.06) | |||||||||||||||
[1] | The consolidated operating results for the fourth quarter of fiscal 2015 included a charge of $2.1 million related to the Veloce consideration, a charge of $4.1 million related to restructuring and an impairment charge of $0.5 million related to a strategic investment. | |||||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2015 included an impairment charge of $2.5 million related to a strategic investment. | |||||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2015 included a charge of $7.1 million related to the Veloce consideration and a charge of $1.2 million related to restructuring. | |||||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2014 included a gain on sale of building of $25.8 million. | |||||||||||||||||
[5] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||||
[6] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration and a charge of $1.0 million related to restructuring. | |||||||||||||||||
[7] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. |
Recovered_Sheet5
Certain Financial Statement Information - Additional Information (Details) (Options and Restricted Stock Units) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Options and Restricted Stock Units | |||
Certain Financial Statement Information (Textual) [Abstract] | |||
Effect of dilutive securities that have been excluded from the net loss per share computation | 1.4 | 1.5 | 0.8 |
Veloce_Additional_Information_
Veloce - Additional Information (Details) (Veloce Technologies Inc., USD $) | 3 Months Ended | 12 Months Ended | 33 Months Ended | ||||||
In Millions, unless otherwise specified | Mar. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2015 | Jun. 20, 2012 |
Veloce Technologies Inc. | |||||||||
Variable Interest Entity [Line Items] | |||||||||
Total consideration to be transferred | $178.50 | ||||||||
Payment of aggregate consideration as cash | 9.2 | 63.7 | |||||||
Aggregate shares issued (shares) | 1.1 | 6.7 | |||||||
Value of aggregate shares issued | 5.6 | 57.3 | |||||||
Research and development expenses incurred | $2.10 | $7.10 | $2.90 | $30.40 | $9.30 | $9.20 | $42.70 | $178.50 | |
Unallocated stock units distributed (shares) | 0.6 |
Stockholders_Equity_Preferred_
Stockholders' Equity - Preferred Stock (Details) | Mar. 31, 2015 | Mar. 31, 2014 |
Equity [Abstract] | ||
Preferred stock, shares authorized | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding | 0 | 0 |
Stockholders_Equity_Common_Sto
Stockholders' Equity - Common Stock (Details) | Mar. 31, 2015 | Mar. 31, 2014 |
Equity [Abstract] | ||
Common stock, shares authorized | 375,000,000 | 375,000,000 |
Common stock, shares outstanding | 80,816,000 | 77,677,000 |
Common stock, shares issued | 80,816,000 | 77,677,000 |
Stockholders_Equity_Stock_Repu
Stockholders' Equity - Stock Repurchase Program (Details) (August 2004, USD $) | 1 Months Ended | 12 Months Ended | 128 Months Ended | |||
In Millions, except Share data in Thousands, unless otherwise specified | Oct. 31, 2008 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2015 | Aug. 31, 2004 |
Aug-04 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized amount | $200 | |||||
Increase in the amount authorized | 100 | |||||
Shares repurchased | 0 | 0 | 100 | 17,300 | ||
Weighted average price per share | $5.18 | $10.04 | ||||
Remaining authorized repurchase amount | $15.90 | $15.90 |
Stockholders_Equity_Stock_Opti
Stockholders' Equity - Stock Options (Details) (USD $) | 12 Months Ended | |||||
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||
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 | 3,492 | 4,164 | |||
Number of shares, Granted | 0 | 40 | 40 | |||
Number of Shares, Exercised | -53 | -662 | -161 | |||
Number of Shares, Forfeited | -562 | -461 | -551 | |||
Number of Shares, Outstanding at the end of the period | 1,794 | 2,409 | 3,492 | |||
Number of Shares, Vested at the end of the period | 1,794 | |||||
Number of Shares, Vested and exercisable at the end of the period | 1,794 | |||||
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 | $10.26 | $10.67 | |||
Weighted Average Exercise Price Per Share, Granted (USD per share) | $0 | $7.35 | $5.58 | |||
Weighted Average Exercise Price Per Share, Exercised (USD per share) | $6.32 | $9.36 | $5.31 | |||
Weighted Average Exercise Price Per Share, Forfeited (USD per share) | $13.31 | $12.35 | $14.49 | |||
Weighted Average Exercise Price Per Share, Outstanding at the end of the period (USD per share) | $9.15 | $10.06 | $10.26 | |||
Weighted Average Exercise Price Per Share, Vested at the end of the period (USD per share) | $9.15 | |||||
Weighted Average Exercise Price Per Share, Vested and exercisable at the end of the period (USD per share) | $9.15 | |||||
Weighted Average Remaining Contractual Life, Outstanding at Period End (in years) | 1 year 10 months 12 days | |||||
Weighted Average Remaining Contractual Life, Vested and expected to vest at Period End (in years) | 1 year 9 months 12 days | |||||
Weighted Average Remaining Contractual Life, Vested and Exercisable at Period End (in years) | 1 year 10 months 12 days | |||||
Aggregate Intrinsic Value, Exercises in Period | $200,000 | [1] | $1,800,000 | [1] | $300,000 | [1] |
Aggregate Intrinsic Value, Outstanding at Period End | 0 | [2] | ||||
Aggregate Intrinsic Value, Vested and expected to vest at Period End | 0 | [2] | ||||
Aggregate Intrinsic Value, Vested and exercisable at Period End | $0 | [2] | ||||
Common stock closing price per share | $5.10 | |||||
[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 fiscal period and the exercise price of the shares. The closing price of the Company’s common stock was $5.10 on March 31, 2015. |
Stockholders_Equity_Restricted
Stockholders' Equity - Restricted Stock Units (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 30, 2013 | 31-May-14 | Oct. 31, 2014 | 31-May-13 | Mar. 31, 2012 | |
Class of Stock [Line Items] | ||||||||
Weighted average remaining contractual term for the restricted stock units outstanding, in years | 1 year 2 months 12 days | |||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Options granted and outstanding | 1,794,000 | 2,409,000 | 3,492,000 | 4,164,000 | ||||
Allocated Share-based Compensation Expense | $18,300,000 | $17,037,000 | $24,089,000 | |||||
Stock-based compensation expense | 18,305,000 | 17,021,000 | 25,525,000 | |||||
Aggregate pre-tax intrinsic value of restricted stock units outstanding which includes performance based awards which are subject to milestone attainments | 22,100,000 | |||||||
Common stock closing price per share | $5.10 | |||||||
Value of restricted stock issued during period | 11,600,000 | |||||||
Restricted Stock Units (RSUs) | ||||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Outstanding at the end of the year | 4,328,000 | |||||||
Allocated Share-based Compensation Expense | 16,892,000 | 14,517,000 | 20,620,000 | |||||
Restricted Stock Units (RSUs) | 1992 Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Vesting period, in years | 4 years | |||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Number of shares vested | 0 | |||||||
Award vesting period, quarters | 12 | |||||||
Restricted Stock Units (RSUs) | 2011 Equity Incentive Plan | ||||||||
Class of Stock [Line Items] | ||||||||
Vesting period, in years | 4 years | |||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Number of shares vested | 0 | |||||||
Award vesting period, quarters | 12 | |||||||
Restricted Stock | ||||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Outstanding at the beginning of the year | 6,105,000 | 6,444,000 | 9,244,000 | |||||
Awarded during the year | 3,783,000 | 3,594,000 | 1,040,000 | |||||
Vested during the year | -1,639,000 | -2,397,000 | -2,345,000 | |||||
Cancelled during the year | -3,921,000 | -1,536,000 | -1,495,000 | |||||
Outstanding at the end of the year | 4,328,000 | 6,105,000 | 6,444,000 | |||||
Performance-Based MSU | ||||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Fair value | 4,500,000 | |||||||
Minimum | FY2015 Short-Term Incentive Plan | ||||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Award payout percentage | 50.00% | |||||||
Minimum | Performance-Based MSU | ||||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Award vesting percentage per year | 0.00% | 0.00% | 0.00% | 0.00% | ||||
Maximum | FY2015 Short-Term Incentive Plan | ||||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Award payout percentage | 150.00% | |||||||
Maximum | Performance-Based MSU | ||||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Award vesting percentage per year | 150.00% | 150.00% | 150.00% | 150.00% | ||||
Officer | Performance-Based RSU | ||||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Awarded during the year | 500,000 | |||||||
Vested during the year | -200,000 | |||||||
Options granted and outstanding | 300,000 | |||||||
Fair value | 3,300,000 | |||||||
Allocated Share-based Compensation Expense | $2,800,000 | |||||||
First Vesting Period | Performance-Based MSU | ||||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Performance period | 2 years | 2 years | 2 years | 2 years | ||||
Second Vesting Period | Performance-Based MSU | ||||||||
Schedule of Restricted Stock Unit Activity | ||||||||
Performance period | 3 years | 3 years | 3 years | 3 years |
Stockholders_Equity_Employee_S
Stockholders' Equity - Employee Stock Purchase Plan (Details) | 12 Months Ended | |||
Mar. 31, 2015 | Mar. 31, 2014 | Aug. 31, 2014 | Aug. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Common stock reserved for issuance | 10,291,000 | |||
2012 Plan | Employee Stock Purchase Plan | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Additional common stock reserved for future issuance | 2,000,000 | 1,800,000 | ||
Percentage of purchase price of common stock equal to fair market value | 85.00% | |||
Common stock, shares issued, employee stock purchase plan | 700,000 | 700,000 | ||
Shares available for future issuance | 1,800,000 |
Stockholders_Equity_Common_Sha
Stockholders' Equity - Common Shares Reserved for Issuance (Details) | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2012 |
Class of Stock [Line Items] | ||||
Options granted and outstanding | 1,794,000 | 2,409,000 | 3,492,000 | 4,164,000 |
Employee Stock Purchase Plan | 1,794,000 | 2,409,000 | 3,492,000 | 4,164,000 |
Common stock reserved for issuance | 10,291,000 | |||
Stock Options | ||||
Class of Stock [Line Items] | ||||
Options granted and outstanding | 1,794,000 | |||
Employee Stock Purchase Plan | 1,794,000 | |||
Restricted Stock Units (RSUs) | ||||
Class of Stock [Line Items] | ||||
Restricted Stock Units granted and outstanding | 4,328,000 | |||
Options and Restricted Stock Units | ||||
Class of Stock [Line Items] | ||||
Options and RSUs authorized for future grants | 2,330,000 | |||
Employee Stock Purchase Plan | ||||
Class of Stock [Line Items] | ||||
Options granted and outstanding | 1,839,000 | |||
Employee Stock Purchase Plan | 1,839,000 |
Income_Taxes_Income_Loss_Befor
Income Taxes - Income (Loss) Before Income Tax (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||||||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Noncontrolling Interest [Abstract] | ||||||||||||||||||
Domestic (loss) income | ($53,706) | ($8,976) | ($130,552) | |||||||||||||||
Foreign loss | 2,740 | 3,901 | -4,117 | |||||||||||||||
Loss before income taxes | ($15,046) | [1] | ($11,269) | ($11,445) | [2] | ($13,206) | [3] | $23,154 | [4] | ($7,083) | [5] | ($32,191) | [6] | $11,045 | [7] | ($50,966) | ($5,075) | ($134,669) |
[1] | The consolidated operating results for the fourth quarter of fiscal 2015 included a charge of $2.1 million related to the Veloce consideration, a charge of $4.1 million related to restructuring and an impairment charge of $0.5 million related to a strategic investment. | |||||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2015 included an impairment charge of $2.5 million related to a strategic investment. | |||||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2015 included a charge of $7.1 million related to the Veloce consideration and a charge of $1.2 million related to restructuring. | |||||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2014 included a gain on sale of building of $25.8 million. | |||||||||||||||||
[5] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||||
[6] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration and a charge of $1.0 million related to restructuring. | |||||||||||||||||
[7] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. |
Income_Taxes_Income_Tax_Expens
Income Taxes - Income Tax Expense, Current and Deferred (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||||||
Current: | ||||||||||||||||||
Federal | ($17) | ($20) | ($1,106) | |||||||||||||||
Foreign | 1,206 | 819 | 847 | |||||||||||||||
State | -1 | 6 | -129 | |||||||||||||||
Total Current | 1,188 | 805 | -388 | |||||||||||||||
Deferred: | ||||||||||||||||||
Foreign | -96 | -186 | -166 | |||||||||||||||
State | 0 | 0 | 0 | |||||||||||||||
Total Deferred | -96 | -186 | -166 | |||||||||||||||
Total current and deferred | $99 | [1] | $862 | $272 | [2] | ($141) | [3] | $38 | [4] | $201 | [5] | $192 | [6] | $188 | [7] | $1,092 | $619 | ($554) |
[1] | The consolidated operating results for the fourth quarter of fiscal 2015 included a charge of $2.1 million related to the Veloce consideration, a charge of $4.1 million related to restructuring and an impairment charge of $0.5 million related to a strategic investment. | |||||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2015 included an impairment charge of $2.5 million related to a strategic investment. | |||||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2015 included a charge of $7.1 million related to the Veloce consideration and a charge of $1.2 million related to restructuring. | |||||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2014 included a gain on sale of building of $25.8 million. | |||||||||||||||||
[5] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||||
[6] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration and a charge of $1.0 million related to restructuring. | |||||||||||||||||
[7] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. |
Income_Taxes_Income_Tax_Rate_R
Income Taxes - Income Tax Rate Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||||||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | ||||||||||||||||||
Tax at federal statutory rate | ($17,838) | ($1,776) | ($47,134) | |||||||||||||||
Tax benefit from loss from continuing operations | 0 | 0 | -925 | |||||||||||||||
Other permanent differences | 979 | -6,561 | 1,195 | |||||||||||||||
State taxes, net of federal benefit | -2,345 | -214 | -7,263 | |||||||||||||||
Federal tax credits | -1,553 | -1,778 | -1,909 | |||||||||||||||
State tax credits | -460 | -444 | -537 | |||||||||||||||
Veloce accrued liability | 3,655 | 16,740 | 26,749 | |||||||||||||||
Refundable credits | -16 | 0 | 0 | |||||||||||||||
Sale of TPack | 0 | 2,688 | 0 | |||||||||||||||
Valuation allowance | 18,445 | -7,809 | 28,715 | |||||||||||||||
Change in contingency reserve | -67 | -64 | 74 | |||||||||||||||
Other | 292 | -163 | 481 | |||||||||||||||
Total current and deferred | $99 | [1] | $862 | $272 | [2] | ($141) | [3] | $38 | [4] | $201 | [5] | $192 | [6] | $188 | [7] | $1,092 | $619 | ($554) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | ||||||||||||||||||
Tax at federal statutory rate | 35.00% | 35.00% | 35.00% | |||||||||||||||
Tax benefit from loss from continuing operations | 0.00% | 0.00% | 1.00% | |||||||||||||||
Other permanent differences | -2.00% | 129.00% | -1.00% | |||||||||||||||
State taxes, net of federal benefit | 5.00% | 4.00% | 5.00% | |||||||||||||||
Federal tax credits | 3.00% | 35.00% | 1.00% | |||||||||||||||
State tax credits | 1.00% | 9.00% | 0.00% | |||||||||||||||
Veloce accrued liability | -7.00% | -330.00% | -20.00% | |||||||||||||||
Refundable credits | 0.00% | 0.00% | 0.00% | |||||||||||||||
Sale of TPack | 0.00% | -53.00% | 0.00% | |||||||||||||||
Valuation allowance | -36.00% | 154.00% | -21.00% | |||||||||||||||
Change in contingency reserve | 0.00% | 1.00% | 0.00% | |||||||||||||||
Effective income tax rate | -2.00% | -12.00% | 0.00% | |||||||||||||||
Other | -1.00% | 4.00% | 0.00% | |||||||||||||||
[1] | The consolidated operating results for the fourth quarter of fiscal 2015 included a charge of $2.1 million related to the Veloce consideration, a charge of $4.1 million related to restructuring and an impairment charge of $0.5 million related to a strategic investment. | |||||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2015 included an impairment charge of $2.5 million related to a strategic investment. | |||||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2015 included a charge of $7.1 million related to the Veloce consideration and a charge of $1.2 million related to restructuring. | |||||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2014 included a gain on sale of building of $25.8 million. | |||||||||||||||||
[5] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||||
[6] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration and a charge of $1.0 million related to restructuring. | |||||||||||||||||
[7] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | Mar. 31, 2015 | Mar. 31, 2014 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Net operating loss carryforwards | $315,773 | $294,910 |
Research and development credit carryforwards | 81,546 | 79,839 |
Inventory write-downs and other reserves | 7,642 | 8,068 |
Capitalization of research and development costs | 6,245 | 5,915 |
Goodwill | 3,147 | 4,007 |
Intangible assets | 26,031 | 32,290 |
Investment impairment | 3,982 | 3,494 |
Stock-based compensation | 28,921 | 26,664 |
Depreciation and amortization | 1,903 | 3,253 |
Other | 970 | 1,182 |
Total deferred tax assets | 476,160 | 459,622 |
Valuation allowance | -475,545 | -459,081 |
Total deferred tax benefit | $615 | $541 |
Income_Taxes_Unrecognized_Tax_
Income Taxes - Unrecognized Tax Benefits Rollforward (Details) (USD $) | 12 Months Ended |
Mar. 31, 2015 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |
Opening Balance | $44,231,000 |
Gross decreases - tax positions in prior period | 122,000 |
Gross increases - current-period tax positions | 726,000 |
Ending Balance | 45,079,000 |
Unrecognized tax benefits that would impact effective tax rate | $600,000 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Tax Contingency [Line Items] | |||
Tax at federal statutory rate | 35.00% | 35.00% | 35.00% |
Accrued interest and penalties recognized | $0.10 | ||
Cumulative undistributed earnings of the Company's foreign subsidiaries | 16 | ||
Federal | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 1,192.90 | ||
State | |||
Income Tax Contingency [Line Items] | |||
Net operating loss carryforwards | 500 | ||
Research Tax Credit Carryforward | Federal | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforwards | 62.1 | ||
Research Tax Credit Carryforward | State | |||
Income Tax Contingency [Line Items] | |||
Tax credit carryforwards | $29.90 |
Restructuring_Additional_Infor
Restructuring - Additional Information (Details) (USD $) | 3 Months Ended | 12 Months Ended | 9 Months Ended | 8 Months Ended | ||||
Mar. 31, 2015 | Jun. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2014 | Mar. 31, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | $4,100,000 | $1,200,000 | $1,000,000 | $5,421,000 | $1,134,000 | $6,435,000 | ||
Write off of fixed asset | 0 | |||||||
Workforce Reduction | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 2,613,000 | 862,000 | ||||||
January 2015 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of positions eliminated or relocated under restructuring program | 40 | |||||||
Number of positions eliminated or relocated under restructuring program (percentage) | 7.00% | |||||||
Restructuring charges | 4,100,000 | |||||||
Write off of fixed asset | 2,600,000 | |||||||
Restructuring costs remaining | 100,000 | 100,000 | ||||||
January 2015 Restructuring Plan | Minimum | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Expected reduction in operating expenses | 14,000,000 | 14,000,000 | ||||||
January 2015 Restructuring Plan | Maximum | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Expected reduction in operating expenses | 18,000,000 | 18,000,000 | ||||||
April 2014 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 1,300,000 | |||||||
April 2014 Restructuring Plan | Workforce Reduction | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Actual annual savings | 4,600,000 | |||||||
April 2014 Restructuring Plan | Other Expense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Actual annual savings | 600,000 | |||||||
August 2013 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of positions eliminated or relocated under restructuring program | 20 | |||||||
Restructuring charges | 1,000,000 | |||||||
December 2012 Restructuring Plan | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Number of positions eliminated or relocated under restructuring program | 70 | |||||||
December 2012 Restructuring Plan | Workforce Reduction | Maximum | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | 1,800,000 | |||||||
December 2012 Restructuring Plan | Asset Impairment | Minimum | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring charges | $4,700,000 |
Restructuring_Schedule_of_Rest
Restructuring - Schedule of Restructuring Activities (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Jun. 30, 2014 | Sep. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Restructuring Reserve [Roll Forward] | ||||||
Liability, Beginning of Period | $0 | $0 | $548 | |||
Restructuring charges | 4,100 | 1,200 | 1,000 | 5,421 | 1,134 | 6,435 |
Cash payments | -2,214 | -1,410 | ||||
Non-cash items | -2,630 | -272 | ||||
Liability, End of Period | 577 | 577 | 0 | 548 | ||
Workforce Reduction | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Liability, Beginning of Period | 0 | 0 | 548 | |||
Restructuring charges | 2,613 | 862 | ||||
Cash payments | -2,160 | -1,410 | ||||
Non-cash items | -4 | 0 | ||||
Liability, End of Period | 449 | 449 | 0 | |||
Operating Lease Commitments | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Liability, Beginning of Period | 0 | 0 | 0 | |||
Restructuring charges | 126 | 0 | ||||
Cash payments | -33 | 0 | ||||
Non-cash items | 20 | 0 | ||||
Liability, End of Period | 113 | 113 | 0 | |||
Asset Impairment and Other | ||||||
Restructuring Reserve [Roll Forward] | ||||||
Liability, Beginning of Period | 0 | 0 | 0 | |||
Restructuring charges | 2,682 | 272 | ||||
Cash payments | -21 | 0 | ||||
Non-cash items | -2,646 | -272 | ||||
Liability, End of Period | $15 | $15 | $0 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Commitments (Details) (USD $) | Mar. 31, 2015 |
Operating Leases | |
2016 | $1,589,000 |
2017 | 1,117,000 |
2018 | 705,000 |
2019 | 345,000 |
Total minimum payments | 3,756,000 |
Purchase Commitments | |
2016 | 17,663,000 |
2017 | 3,268,000 |
2018 | 2,860,000 |
2019 | 0 |
Total minimum payments | 23,791,000 |
Licensing costs due | 15,100,000 |
Total Commitments | |
2016 | 19,252,000 |
2017 | 4,385,000 |
2018 | 3,565,000 |
2019 | 345,000 |
Total minimum payments | $27,547,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Details) (USD $) | 1 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Jan. 31, 2012 | Jan. 31, 2009 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Amendments | Company | ||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Rent expense | $2.40 | $1.80 | $2.60 | ||
Companies named as Potentially Responsible Parties | 100 | ||||
Amendments approved to consent decree | 2 | ||||
Percent of contribution to the total waste | 0.50% |
Employee_Retirement_Plan_Addit
Employee Retirement Plan - Additional Information (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Defined Benefit Plan Disclosure [Line Items] | |||
Vesting period, in years | 3 years | ||
Discretionary plan contribution | $0 | $0 | $0.20 |
Years One Through Three | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual vesting percentage | 33.00% | ||
Years Four and Thereafter | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Annual vesting percentage | 100.00% | ||
Minimum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum annual contribution per employee | 1.00% | ||
Maximum | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Maximum annual contribution per employee | 50.00% |
Significant_Customer_and_Geogr2
Significant Customer and Geographic Information - Concentration Risk (Details) (Customer concentration risk, Sales revenue) | 12 Months Ended | |||||
Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | ||||
Wintec (global logistics provider) | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk | 20.00% | [1] | 22.00% | [1] | 19.00% | [1] |
Avnet (distributor) | ||||||
Concentration Risk [Line Items] | ||||||
Concentration risk | 26.00% | 27.00% | 27.00% | |||
[1] | Wintec provides vendor managed inventory support primarily for Cisco Systems, Inc |
Significant_Customer_and_Geogr3
Significant Customer and Geographic Information - Revenue by Geographic Region (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||||||||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | |||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net revenues by geographic region | $37,047 | [1] | $36,747 | $40,945 | [2] | $50,272 | [3] | $51,771 | [4] | $54,844 | [5] | $55,387 | [6] | $54,148 | [7] | $165,011 | $216,150 | $195,642 |
United States of America | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net revenues by geographic region | 70,977 | 101,275 | 79,930 | |||||||||||||||
Taiwan | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net revenues by geographic region | 13,099 | 13,405 | 22,684 | |||||||||||||||
Hong Kong | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net revenues by geographic region | 21,808 | 21,477 | 22,044 | |||||||||||||||
China | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net revenues by geographic region | 982 | 6,085 | 2,053 | |||||||||||||||
Europe | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net revenues by geographic region | 24,728 | 33,625 | 35,216 | |||||||||||||||
Japan | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net revenues by geographic region | 22,974 | 23,125 | 13,237 | |||||||||||||||
Malaysia | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net revenues by geographic region | 4,666 | 5,788 | 4,733 | |||||||||||||||
Singapore | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net revenues by geographic region | 5,594 | 9,745 | 10,399 | |||||||||||||||
Other Asia | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net revenues by geographic region | 173 | 1,217 | 4,621 | |||||||||||||||
Other | ||||||||||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||||||||||||||||
Net revenues by geographic region | $10 | $408 | $725 | |||||||||||||||
[1] | The consolidated operating results for the fourth quarter of fiscal 2015 included a charge of $2.1 million related to the Veloce consideration, a charge of $4.1 million related to restructuring and an impairment charge of $0.5 million related to a strategic investment. | |||||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2015 included an impairment charge of $2.5 million related to a strategic investment. | |||||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2015 included a charge of $7.1 million related to the Veloce consideration and a charge of $1.2 million related to restructuring. | |||||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2014 included a gain on sale of building of $25.8 million. | |||||||||||||||||
[5] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||||
[6] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration and a charge of $1.0 million related to restructuring. | |||||||||||||||||
[7] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. |
Sale_of_TPack_AS_Additional_In
Sale of TPack A/S - Additional Information (Details) (TPack, USD $) | 0 Months Ended | 1 Months Ended |
Apr. 22, 2013 | Apr. 30, 2014 | |
TPack | ||
Significant Acquisitions and Disposals [Line Items] | ||
Aggregate consideration | $33,500,000 | |
Working capital adjustment | 500,000 | |
Total proceeds, net of working capital adjustment | 30,175,000 | 3,353,000 |
Total assets | $700,000 |
Sale_of_TPack_AS_Components_of
Sale of TPack A/S - Components of Gain (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 22, 2013 | Apr. 30, 2014 | Jun. 30, 2013 |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Gain on sale of TPack | $0 | $19,699 | $0 | |||
TPack | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||||
Total proceeds, net of working capital adjustment | 30,175 | 3,353 | ||||
Net assets and liabilities | -184 | |||||
Goodwill write off | 1,758 | |||||
Intangibles write off | 11,404 | |||||
Holdback amount | 3,353 | |||||
Legal fees and other costs | -483 | |||||
Gain on sale of TPack | $19,699 | $19,700 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (unaudited) - Operating Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 33 Months Ended | ||||||||||||||||
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 | Apr. 22, 2013 | Mar. 31, 2015 | |||||||
Schedule of Quarterly Information [Line Items] | ||||||||||||||||||||
Net revenues | $37,047,000 | [1] | $36,747,000 | $40,945,000 | [2] | $50,272,000 | [3] | $51,771,000 | [4] | $54,844,000 | [5] | $55,387,000 | [6] | $54,148,000 | [7] | $165,011,000 | $216,150,000 | $195,642,000 | ||
Cost of revenues | 16,482,000 | [1] | 14,842,000 | 17,716,000 | [2] | 20,257,000 | [3] | 19,806,000 | [4] | 21,644,000 | [5] | 21,397,000 | [6] | 22,342,000 | [7] | 69,297,000 | 85,189,000 | 83,048,000 | ||
Gross profit | 20,565,000 | [1] | 21,905,000 | 23,229,000 | [2] | 30,015,000 | [3] | 31,965,000 | [4] | 33,200,000 | [5] | 33,990,000 | [6] | 31,806,000 | [7] | 95,714,000 | 130,961,000 | 112,594,000 | ||
Total operating expenses | 36,641,000 | [1] | 33,649,000 | 32,562,000 | [2] | 43,536,000 | [3] | 9,229,000 | [4] | 40,900,000 | [5] | 66,757,000 | [6] | 24,556,000 | [7] | 146,388,000 | 141,442,000 | 247,464,000 | ||
Operating loss | -16,076,000 | [1] | -11,744,000 | -9,333,000 | [2] | -13,521,000 | [3] | 22,736,000 | [4] | -7,700,000 | [5] | -32,767,000 | [6] | 7,250,000 | [7] | -50,674,000 | -10,481,000 | -134,870,000 | ||
Interest and other income (expense) | 1,030,000 | [1] | 475,000 | -2,112,000 | [2] | 315,000 | [3] | 418,000 | [4] | 617,000 | [5] | 576,000 | [6] | 3,795,000 | [7] | 2,764,000 | 5,052,000 | 2,595,000 | ||
Loss before income taxes | -15,046,000 | [1] | -11,269,000 | -11,445,000 | [2] | -13,206,000 | [3] | 23,154,000 | [4] | -7,083,000 | [5] | -32,191,000 | [6] | 11,045,000 | [7] | -50,966,000 | -5,075,000 | -134,669,000 | ||
Income tax (benefit) expense | 99,000 | [1] | 862,000 | 272,000 | [2] | -141,000 | [3] | 38,000 | [4] | 201,000 | [5] | 192,000 | [6] | 188,000 | [7] | 1,092,000 | 619,000 | -554,000 | ||
Net loss | -15,145,000 | [1] | -12,131,000 | -11,717,000 | [2] | -13,065,000 | [3] | 23,116,000 | [4] | -7,284,000 | [5] | -32,383,000 | [6] | 10,857,000 | [7] | -52,058,000 | -5,694,000 | -134,115,000 | ||
Basic net income (loss) per share (in shares) | ($0.19) | [1] | ($0.15) | ($0.15) | [2] | ($0.17) | [3] | $0.31 | [4] | ($0.10) | [5] | ($0.45) | [6] | $0.16 | [7] | |||||
Shares used in calculating basic net income (loss) per share (shares) | 80,667 | [1] | 78,920 | 78,487 | [2] | 77,916 | [3] | 75,629 | [4] | 73,989 | [5] | 72,610 | [6] | 69,360 | [7] | 78,814 | 72,897 | 65,258 | ||
Diluted net income (loss) per share (in shares) | ($0.19) | [1] | ($0.15) | ($0.15) | [2] | ($0.17) | [3] | $0.30 | [4] | ($0.10) | [5] | ($0.45) | [6] | $0.15 | [7] | |||||
Shares used in calculating diluted income (loss) per share (shares) | 80,667 | [1] | 78,920 | 78,487 | [2] | 77,916 | [3] | 77,193 | [4] | 73,989 | [5] | 72,610 | [6] | 70,234 | [7] | 78,814 | 72,897 | 65,258 | ||
Restructuring charges | -4,100,000 | -1,200,000 | -1,000,000 | -5,421,000 | -1,134,000 | -6,435,000 | ||||||||||||||
Other-than-temporary impairment charges | 500,000 | 2,500,000 | 0 | 0 | 1,143,000 | |||||||||||||||
Gain on sale of TPack | 0 | 19,699,000 | 0 | |||||||||||||||||
Gain on sale of building | 25,800,000 | 0 | 25,815,000 | 0 | ||||||||||||||||
TPack | ||||||||||||||||||||
Schedule of Quarterly Information [Line Items] | ||||||||||||||||||||
Gain on sale of TPack | 19,700,000 | 19,699,000 | ||||||||||||||||||
Veloce Technologies Inc. | ||||||||||||||||||||
Schedule of Quarterly Information [Line Items] | ||||||||||||||||||||
Research and development expenses incurred | $2,100,000 | $7,100,000 | $2,900,000 | $30,400,000 | $9,300,000 | $9,200,000 | $42,700,000 | $178,500,000 | ||||||||||||
[1] | The consolidated operating results for the fourth quarter of fiscal 2015 included a charge of $2.1 million related to the Veloce consideration, a charge of $4.1 million related to restructuring and an impairment charge of $0.5 million related to a strategic investment. | |||||||||||||||||||
[2] | The consolidated operating results for the second quarter of fiscal 2015 included an impairment charge of $2.5 million related to a strategic investment. | |||||||||||||||||||
[3] | The consolidated operating results for the first quarter of fiscal 2015 included a charge of $7.1 million related to the Veloce consideration and a charge of $1.2 million related to restructuring. | |||||||||||||||||||
[4] | The consolidated operating results for the fourth quarter of fiscal 2014 included a gain on sale of building of $25.8 million. | |||||||||||||||||||
[5] | The consolidated operating results for the third quarter of fiscal 2014 included a charge of $2.9 million related to the Veloce consideration. | |||||||||||||||||||
[6] | The consolidated operating results for the second quarter of fiscal 2014 included a charge of $30.4 million related to the Veloce consideration and a charge of $1.0 million related to restructuring. | |||||||||||||||||||
[7] | The consolidated operating results for the first quarter of fiscal 2014 included a charge of $9.3 million related to the Veloce consideration and a gain on sale of TPack of $19.7 million. |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts - Allowance Rollforward (Details) (Allowance for doubtful accounts, USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Mar. 31, 2013 |
Allowance for doubtful accounts | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Period | $451 | $703 | $1,099 |
Charged (Credited) to Costs and Expenses | -149 | -286 | 1 |
Write-Offs | 0 | 34 | -397 |
Balance at End of Period | $302 | $451 | $703 |