Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Jun. 28, 2015 | Aug. 04, 2015 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Exar Corporation | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --03-27 | |
Entity Common Stock, Shares Outstanding | 48,107,855 | |
Amendment Flag | false | |
Entity Central Index Key | 753,568 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Accelerated Filer | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Jun. 28, 2015 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 29, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 55,760 | $ 55,233 |
Accounts receivable (net of allowances of $735 and $1,334) | 25,434 | 27,459 |
Accounts receivable, related party (net of allowances of $316 and $774) | 541 | 1,663 |
Inventories | 33,333 | 30,767 |
Other current assets | 3,973 | 3,090 |
Total current assets | 119,041 | 118,212 |
Property, plant and equipment, net | 24,637 | 26,077 |
Goodwill | 44,871 | 44,871 |
Intangible assets, net | 82,732 | 86,102 |
Other non-current assets | 7,821 | 7,838 |
Total assets | 279,102 | 283,100 |
Current liabilities: | ||
Accounts payable | 16,437 | 13,526 |
Accrued compensation and related benefits | 4,736 | 5,649 |
Deferred income and allowances on sales to distributors | 3,597 | 3,362 |
Deferred income and allowances on sales to distributors, related party | 3,596 | 6,982 |
Other current liabilities | 20,124 | 21,287 |
Total current liabilities | 48,490 | 50,806 |
Long-term lease financing obligations | 4,629 | 5,069 |
Other non-current obligations | 4,420 | 4,393 |
Total liabilities | $ 57,539 | $ 60,268 |
Commitments and contingencies (Notes 14, 15 and 16) | ||
Stockholders' equity: | ||
Common stock, $.0001 par value; 100,000,000 shares authorized; 48,058,692 and 47,745,618 shares outstanding | $ 5 | $ 5 |
Additional paid-in capital | 522,731 | 521,490 |
Accumulated other comprehensive loss | (26) | (26) |
Accumulated deficit | (301,147) | (298,637) |
Total Exar Corporation stockholders' equity | 221,563 | 222,832 |
Total liabilities and stockholders’ equity | $ 279,102 | $ 283,100 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 29, 2015 |
Accounts receivable, allowances | $ 735 | $ 1,334 |
Common stock par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares outstanding | 48,058,692 | 47,745,618 |
Related Party [Member] | ||
Accounts receivable, allowances | $ 316 | $ 774 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Sales: | ||
Net sales | $ 29,045 | $ 21,698 |
Net sales, related party | 11,377 | 9,021 |
Total net sales | 40,422 | 30,719 |
Cost of sales: | ||
Cost of sales | 15,601 | 12,380 |
Cost of sales, related party | 4,916 | 3,838 |
Amortization of purchased intangible assets and inventory step-up cost | 2,468 | 3,545 |
Total cost of sales | 22,985 | 19,763 |
Gross profit | 17,437 | 10,956 |
Operating expenses: | ||
Research and development | 9,477 | 8,481 |
Selling, general and administrative | 10,299 | 9,777 |
Merger and acquisition costs | 4,050 | |
Total operating expenses | 19,776 | 22,308 |
Loss from operations | (2,339) | (11,352) |
Other income and expense, net: | ||
Interest income and other, net | (14) | 290 |
Interest expense | (52) | (486) |
Total other income and expense, net | (66) | (196) |
Loss before income taxes | (2,405) | (11,548) |
Provision for income taxes | 105 | 692 |
Net loss | (2,510) | (12,240) |
Less: Net loss attributable to non-controlling interests | 135 | |
Net loss attributable to Exar Corporation | $ (2,510) | $ (12,105) |
Net loss per share: | ||
Basic (in Dollars per share) | $ (0.05) | $ (0.26) |
Diluted (in Dollars per share) | $ (0.05) | $ (0.26) |
Shares used in the computation of net loss per share: | ||
Basic (in Shares) | 47,927 | 47,236 |
Diluted (in Shares) | 47,927 | 47,236 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Net loss | $ (2,510) | $ (12,105) |
Changes in market value of investments: | ||
Changes in unrealized gains | 199 | |
Reclassification adjustment for net realized gains (losses) | 26 | |
Release of tax provision for unrealized gains | 828 | |
Net change in market value of investments | 1,053 | |
Comprehensive loss | (2,510) | (11,052) |
Less: comprehensive loss attributable to non-controlling interests | 135 | |
Comprehensive loss attributable to Exar Corporation | $ (2,510) | $ (10,917) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (2,510) | $ (12,240) |
Reconciliation of net loss to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 4,968 | 3,309 |
Stock-based compensation expense | 1,937 | 3,127 |
Restructuring charges and exit costs | 55 | 77 |
Release of deferred tax valuation allowance | 828 | |
Net change in fair value of contingent consideration | (431) | |
Changes in operating assets and liabilities: | ||
Accounts receivable and accounts receivable, related party | 3,147 | (692) |
Inventories | (2,566) | 944 |
Other current and non-current assets | (866) | (1,460) |
Accounts payable | 2,812 | (3,824) |
Accrued compensation and related benefits | (913) | (538) |
Other current and non-current liabilities | (1,351) | 178 |
Deferred income and allowance on sales to distributors and related party distributor | (3,151) | 2,585 |
Net cash provided by (used in) operating activities | 1,562 | (8,137) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment and intellectual property, net | (105) | (551) |
Purchases of short-term marketable securities | (9,296) | |
Proceeds from maturities of short-term marketable securities | 3,997 | |
Proceeds from sales of short-term marketable securities | 158,412 | |
Restricted cash | (26,000) | |
Net cash provided by (used in) investing activities | (105) | 53,903 |
Cash flows from financing activities: | ||
Proceeds from issuance of common stock | 966 | 1,380 |
Purchase of stock for withholding taxes on vested restricted stock | (1,083) | (569) |
Cash settlement of fully vested equity award | (354) | |
Proceeds from issuance of debt | 91,000 | |
Repayment of debt | (26,000) | |
Repurchase of common stock | (3,000) | |
Payments of lease financing obligations | (459) | (30) |
Net cash provided by (used in) financing activities | (930) | 62,781 |
Net increase in cash and cash equivalents | 527 | 108,547 |
Cash and cash equivalents at the beginning of period | 55,233 | 14,614 |
Cash and cash equivalents at the end of period | $ 55,760 | 123,161 |
Supplemental disclosure of cash flow and non-cash information | ||
Release of restricted stock upon vesting | 408 | |
Integrated Memory Logic Limited [Member] | ||
Cash flows from investing activities: | ||
Acquisition of Integrated Memory Logic, net of cash received | $ (72,659) |
Note 1 - Organization and Basis
Note 1 - Organization and Basis of Presentation | 3 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1. ORGANIZATION AND BASIS OF PRESENTATION Description of Business— Basis of Presentation and Use of Management Estimates— as filed with the SEC. In the opinion of management, the accompanying condensed consolidated financial statements contain all adjustments, consisting only of normal recurring adjustments, that we believe are necessary for a fair statement of Exar’s financial position as of June 28, 2015 and our results of operations for the three months ended June 28, 2015 and June 29, 2014, respectively. These condensed consolidated financial statements are not necessarily indicative of the results to be expected for the entire year . The financial statements include management’s estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements and the reported amounts of sales and expenses during the reporting periods. Actual results could differ from those estimates, and material effects on operating results and financial position may result. Our fiscal years consist of 52 or 53 weeks. In a 52-week year, each fiscal quarter consists of 13 weeks. Fiscal years 2016 and 2015 both consist of 52 weeks. |
Note 2 - Recent Accounting Pron
Note 2 - Recent Accounting Pronouncements | 3 Months Ended |
Jun. 28, 2015 | |
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | NOTE 2. RECENT ACCOUNTING PRONOUNCEMENTS In May 2014, the Financial Accounting Standard Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, Revenue from Contracts with Customers. The core principle of ASU 2014-09 is that revenue should be recognized in a manner that depicts the transfer of 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. ASU 2014-09 defines a five-step process in order to achieve this core principle which may require the use of judgment and estimates. The entity may adopt ASU 2014-09 either by using a full retrospective approach for all periods presented or a modified retrospective approach. This standard is effective for annual reporting periods beginning after December 15, 2017. Exar is currently evaluating the effect adoption of this standard will have, if any, on its consolidated financial position, results of operations or cash flows. In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period. Under ASU No. 2014-12, a performance target that affects vesting and that could be achieved after the requisite service period should be treated as a performance condition and therefore, should not be reflected in estimating the grant-date fair value of the award. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the period(s) for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. ASU No. 2014-12 is effective for annual reporting periods beginning after December 15, 2015. Exar has not yet selected a transition method and is currently evaluating the effect of adoption of this standard, if any, on its consolidated financial position, results of operations or cash flows. In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, to provide guidance about management’s responsibility to evaluate whether there is substantial doubt about an entity’s ability to continue as a going concern and to provide related footnote disclosures requirement. ASU 2014-15 (1) provides a definition of the term substantial doubt, (2) requires an evaluation every reporting period including interim periods, (3) provides principles for considering the mitigating effect of management’s plans, (4) requires certain disclosures when substantial doubt is alleviated as a result of consideration of management’s plans, (5) requires an express statement and other disclosures when substantial doubt is not alleviated, and (6) requires an assessment for a period of one year after the date that the financial statements are issued (or available to be issued). ASU 2014-15 is effective for the annual reporting period ending after December 15, 2016, and for annual periods and interim periods thereafter. Exar does not expect the adoption of this guidance will have a material impact on its consolidated financial position, results of operations or cash flows. |
Note 3 - Business Combinations
Note 3 - Business Combinations | 3 Months Ended |
Jun. 28, 2015 | |
Business Combinations [Abstract] | |
Business Combination Disclosure [Text Block] | NOTE 3 . BUSINESS COMBINATIONS We periodically evaluate potential strategic acquisitions to broaden our product offering and build upon our existing library of intellectual property, human capital and engineering talent, in order to expand our capabilities in the areas in which we operate or to acquire complementary businesses. We account for each business combination by applying the acquisition method, which requires (1) identifying the acquiree; (2) determining the acquisition date; (3) recognizing and measuring the identifiable assets acquired, the liabilities assumed, and any non-controlling interest we have in the acquiree at their acquisition date fair value; and (4) recognizing and measuring goodwill or a gain from a bargain purchase. Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized at fair value on the acquisition date if fair value can be determined during the measurement period. If fair value cannot be determined, we typically account for the acquired contingencies using existing guidance for a reasonable estimate. To establish fair value, we measure the price that would be received by selling an asset or paid to transfer a liability in an ordinary transaction between market participants. The measurement assumes the highest and best use of the asset by the market participants that would maximize the value of the asset or the group of assets within which the asset would be used at the measurement date, even if the intended use of the asset is different. When partial ownership in an acquiree is obtained and it is determined that the company controls the acquiree, the assets acquired, liabilities assumed and any non-controlling interests are recognized and consolidated at 100% of their fair values at that date, regardless of the percentage ownership in the acquiree. As goodwill is calculated as a residual, all goodwill of the acquired business, not just the company's share, is recognized under this “full-goodwill” approach. Non-controlling interests are stated at the non-controlling shareholder's proportion of the acquired net assets. The results of entities acquired during the year are included until the date control changes. Acquisition related costs, including finder’s fees, advisory, legal, accounting, valuation and other professional or consulting fees are accounted for as expenses in the periods in which the costs are incurred and the services are received, with the exception that the costs to issue debt or equity securities are recognized in accordance with other applicable GAAP. Acquisition of Integrated Memory Logic Limited On June 3, 2014, we acquired approximately 92% of the outstanding shares of Integrated Memory Logic Limited (“iML”), a leading provider of analog mixed-signal solutions for the flat panel display market. On September 15, 2014, we completed the acquisition through a second-step merger to acquire all of the remaining outstanding shares of iML. The iML acquisition supports Exar's strategy of building a large scale diversified analog mixed-signal business. iML’s results of operations and estimated fair value of assets acquired and liabilities assumed were included in our consolidated financial statements beginning June 4, 2014. Consideration In June 2014, we acquired approximately 92% of iML’s outstanding shares for $206.4 million in cash. In September 2014, we acquired the remaining 8% of iML’s outstanding shares and vested options exercised subsequent to June 3, 2014 for $18.9 million. Additionally, as required under the terms of the merger agreement, we assumed and converted iML’s employees’ then outstanding options into options to purchase 1.5 million shares of Exar’s common stock. The fair value of pre-merger vested options of $3.8 million was recorded as purchase consideration. In accordance with Accounting Standard Codification (“ASC”) 805, Business Combinations, the acquisition of iML’s outstanding shares was recorded as a purchase business acquisition since iML was considered a business. Under the purchase method of accounting, the fair value of the consideration was allocated to net assets acquired. The fair value of purchased identifiable intangible assets was determined using discounted cash flow models from operating projections prepared by management using an internal rate of return of 16.9%. The excess of the fair value of consideration paid over the fair values of net assets acquired and identifiable intangible assets resulted in recognition of goodwill of $14.5 million. Goodwill is primarily from expected synergies resulting from combining the operations of iML with that of Exar and is not deductible for tax purposes. The fair value of non-controlling interests was calculated using cash value per acquired share multiplied by the remaining 8% outstanding shares. The summary of the purchase consideration is as follows (in thousands): Amount Cash $ 206,411 Consideration for the acquisition of non-controlling interests 17,872 Fair value of assumed iML employee options 3,835 Total purchase price $ 228,118 Purchase Price Allocation The allocation of total purchase price to iML’s tangible and identifiable intangible assets and liabilities assumed was based on their estimated fair values at the date of acquisition. The fair value allocated to each of the major classes of tangible and identifiable intangible assets acquired and liabilities assumed in the iML acquisition was as follows (in thousands): Amount Identifiable tangible assets (liabilities) Cash $ 133,752 Accounts receivable 10,096 Inventories 3,950 Other current assets 962 Property, plant and equipment 480 Other assets 308 Current liabilities (12,356 ) Long-term liabilities (3,595 ) Total identifiable tangible assets (liabilities), net 133,597 Identifiable intangible assets 80,060 Total identifiable assets, net 213,657 Goodwill 14,461 Fair value of total consideration transferred $ 228,118 The following table sets forth the components of identifiable intangible assets acquired in connection with the iML acquisition (in thousands): Amount Developed technologies $ 55,780 In-process research and development 8,100 Customer relationships 15,060 Trade names 1,120 Total identifiable intangible assets $ 80,060 Acquisition Related Costs Acquisition related costs, or deal costs, relating to iML are included in the merger and acquisition costs and interest expense line on the consolidated statement of operations for fiscal year 2015 and were approximately $7.2 million, of which $4.2 million were incurred during the three months ended June 29, 2014. |
Note 4 - Balance Sheet Details
Note 4 - Balance Sheet Details | 3 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 4 . BALANCE SHEET DETAILS Our inventories consisted of the following as of the dates indicated (in thousands): June 28 , 201 5 March 29 , 2015 Work-in-process and raw materials $ 17,165 $ 16,789 Finished goods 16,168 13,978 Total i nventories $ 33,333 $ 30,767 Our property, plant and equipment consisted of the following as of the dates indicated below (in thousands): June 28 , 201 5 March 29 , 201 5 Land $ 6,660 $ 6,660 Building 17,431 17,431 Machinery and equipment 41,501 41,449 Software and licenses 22,201 22,044 Property, plant and equipment, total 87,793 87,584 Accumulated depreciation and amortization (63,156 ) (61,507 ) Total property, plant and equipment, net $ 24,637 $ 26,077 Our other current liabilities consisted of the following as of the dates indicated (in thousands): June 28 , 201 5 March 29 , 2015 Deferred tax liability $ 7,092 $ 7,021 Short-term lease financing obligations 3,816 3,834 Accrued retention bonus 3,176 2,951 Purchase consideration holdback 1,006 1,006 Accrued manufacturing expenses, royalties and licenses 785 1,122 Accrued legal and professional services 701 982 Accrued sales and marketing expenses 591 686 Accrued restructuring charges and exit costs 432 982 Other current liabilities 2,525 2,703 Total other current liabilities $ 20,124 $ 21,287 Our other non-current obligations consisted of the following (in thousands) as of the dates indicated: June 28 , 201 5 March 29 , 2015 Long-term taxes payable $ 4,370 $ 4,351 Other 50 42 Total other non-current obligations $ 4,420 $ 4,393 |
Note 5 - Fair Value
Note 5 - Fair Value | 3 Months Ended |
Jun. 28, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | NOTE 5 . FAIR VALUE Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. GAAP describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value as follows: Level 1 – Quoted prices in active markets for identical assets or liabilities. Level 2 – Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Our cash and investment instruments are classified within Level 1 or Level 2 of the fair value hierarchy because they are valued using quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. In the first quarter of fiscal year 2015, we received approximately 93,000 common shares of CounterPath Corporation (“CounterPath”) through the dissolution of Skypoint Telecom Fund II (US), L.P., a venture capital fund that invested primarily in private companies in the telecommunications and/or networking industries, of which we estimated the fair value using the market value of common shares as determined by trading on the Nasdaq CM market. See Note 7 — “ L ong –T erm I nvestment ” other non-current assets line item on the condensed consolidated balance sheet. We believe the fair value inputs of CounterPath do not meet all of the criteria for Level 1 classification primarily due to the low trading volume of the stock. There were no transfers between Level 1, Level 2, and Level 3 during the fiscal quarter ended June 28, 2015. The following table summarizes our other investments assets as of June 28, 2015 (in thousands): June 28, 2015 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 4 $ — $ — $ 4 Common shares of CounterPath — 48 — 48 Total investment assets $ 4 $ 48 $ — $ 52 The following table summarizes our other investments assets as March 29, 2015 (in thousands): March 29, 2015 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 6 $ — $ — $ 6 Common shares of CounterPath — 48 — 48 Total investment assets $ 6 $ 48 $ — $ 54 Our cash and cash equivalents as of the dates indicated below were as follows (in thousands): June 28, 201 5 March 29 , 201 5 Cash and cash equivalents Cash at financial institutions $ 55,756 $ 55,227 Money market funds 4 6 Total cash and cash equivalents $ 55,760 $ 55,233 In the first quarter of fiscal year 2015, we sold all of our short term investments to fund the iML acquisition. Realized gains (losses) on the sale of marketable securities are determined by the specific identification method and are reflected in the interest income and other net, line item on the condensed consolidated statements of operations. Our net realized gains (losses) on marketable securities for the periods indicated below were as follows (in thousands): Three Months Ended June 28, 2015 June 29, 2014 Gross realized gains $ — $ 264 Gross realized losses — (238 ) Net realized gain (losses) $ — $ 26 In fiscal year 2013 and 2014, we completed acquisitions of Altior Inc. (“Altior”) and Cadeka Technologies (Cayman) Holding Ltd. (“Cadeka”) and recorded $10.1 million and $4.7 million purchase consideration earn-outs, respectively. The fair value of contingent consideration arising from the Altior and Cadeka acquisitions is classified within Level 3 of the fair value hierarchy since it is based on a probability-based approach that includes significant unobservable inputs. A significant increase (decrease) in the projected revenue, discount rate or probability of occurrence in isolation could result in a significantly higher (lower) fair value measurement. We calculate the fair value of the contingent consideration on a quarterly basis based on a collaborative effort of our operations and financial accounting groups based on additional information as it becomes available. Any change in the fair value adjustment is recorded in the earnings of that period. The fair value of the contingent consideration liabilities was reduced to zero during the second quarter of fiscal year 2015. The change in the fair value of our Altior purchase consideration liability is as follows (in thousands): Amount As of April 1, 2012 $ — Estimated contingent consideration liability 10,138 As of March 31, 2013 10,138 Fair value adjustment (7,165 ) As of March 30, 2014 2,973 Fair value adjustment (2,973 ) As of March 29, 2015 $ — The change in the fair value of our Cadeka purchase consideration liability is as follows (in thousands): Amount As of March 31, 2013 $ — Estimated contingent consideration liability 4,660 Fair value adjustment (3,290 ) As of March 30, 2014 1,370 Fair value adjustment (1,370 ) As of March 29, 2015 $ — |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 3 Months Ended |
Jun. 28, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 6. GOODWILL AND INTANGIBLE ASSETS Goodwill Goodwill represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a business combination. We evaluate goodwill for impairment on an annual basis or whenever events and changes in circumstances suggest that the carrying amount may not be recoverable. We conduct our annual impairment analysis in the fourth quarter of each fiscal year. Impairment of goodwill is tested at the reporting unit level by comparing the reporting unit’s carrying amount, including goodwill, to the fair value of the reporting unit. Estimations and assumptions regarding the number of reporting units, future performances, results of our operations and comparability of our market capitalization and net book value will be used. If the carrying amount of the reporting unit exceeds its fair value, goodwill is considered impaired and a second step is performed to measure the amount of impairment loss. As of June 28, 2015, no events or changes in circumstances suggest that the carrying amount for goodwill may not be recoverable and therefore we did not perform an interim goodwill impairment analysis. The changes in the carrying amount of goodwill for first fiscal quarter of 2016 and 2015 were as follows (in thousands): June 28, 2015 March 29, 2015 Beginning balance $ 44,871 $ 30,410 Goodwill additions — 14,461 Ending balance $ 44,871 $ 44,871 Goodwill additions during the first quarter of fiscal 2015 consisted of $14.5 million residual allocation from the iML acquisition purchase price accounting. Intangible Assets Our purchased intangible assets as of the dates indicated below were as follows (in thousands): June 28, 2015 March 29, 2015 Carrying Amount Accumulated Amortization Net Carrying Amount Carrying Amount Accumulated Amortization Impairment charge Net Carrying Amount Amortized intangible assets: Existing technology $ 113,785 $ (49,852 ) $ 63,933 $ 120,041 $ (47,259 ) $ (9,134 ) $ 63,648 Customer relationships 14,295 (5,005 ) 9,290 15,165 (4,520 ) (870 ) 9,775 Distributor relationships 7,254 (2,188 ) 5,066 7,254 (1,973 ) — 5,281 Patents/Core technology 3,459 (3,459 ) — 3,459 (3,446 ) — 13 Trade names 1,330 (338 ) 992 1,330 (274 ) — 1,056 Total intangible assets subject to amortization 140,123 (60,842 ) 79,281 147,249 (57,472 ) (10,004 ) 79,773 In-process research and development 3,451 — 3,451 9,148 — (2,819 ) 6,329 Total $ 143,574 $ (60,842 ) $ 82,732 $ 156,397 $ (57,472 ) $ (12,823 ) $ 86,102 Long-lived assets are amortized on a straight-line basis over their respective estimated useful lives. Existing technology is amortized over two to nine years. Customer relationships are amortized over five to seven years. Distributor relationships are amortized over seven years. Patents/core technology is amortized over six years. Trade names are amortized over three to six years. In-process Research & Development (“IPR&D”) is reclassified as existing technology upon completion or written off upon abandonment. During the first quarter of fiscal year 2016, $2.9 million of IPR&D was reclassified as existing technology upon completion and started amortization. During the third quarter of fiscal year 2015, $1.2 million of IPR&D was reclassified as existing technology upon completion and started amortization. As a result of not meeting critical specifications, we abandoned one IPR&D project and recorded a $0.5 million charge in the impairment of intangible assets line on the consolidated statement of operations in the fourth quarter of fiscal year 2015. We expect the remaining IPR&D projects to be completed and to start amortization in fiscal year 2016. We evaluate the remaining useful life of our long-lived assets that are being amortized each reporting period to determine whether events and circumstances warrant a revision to the remaining period of amortization. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the long-lived asset is amortized prospectively over the remaining useful life. Long-lived assets are evaluated for impairment whenever events or changes in business circumstances indicate that the carrying amount of the assets (or asset group) may not be fully recoverable. Whenever events or changes in circumstances suggest that the carrying amount of long-lived assets may not be recoverable, we estimate the future cash flows expected to be generated by the assets (or asset group) from its use or eventual disposition. If the sum of the expected future cash flows is less than the carrying amount of those assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets. Significant management judgment is required in the grouping of long-lived assets and forecasts of future operating results that are used in the discounted cash flow method of valuation. If our actual results, or the plans and estimates used in future impairment analyses are lower than the original estimates used to assess the recoverability of these assets, we could incur additional impairment charges. As of June 28, 2015 and June 29, 2014, there were no indicators or events that required us to perform an intangible assets impairment review. During the second quarter of fiscal year 2015, d ue to the decline in forecasted revenue related to certain intangible assets that were acquired in prior business combinations, we recorded $12.3 million in impairment charges. The aggregate amortization expenses for our intangible assets for the periods indicated below were as follows (in thousands): Three Months Ended June 28, 2015 June 29, 2014 Amortization expense $ 3,370 $ 2,277 The total future amortization expenses for our purchased intangible assets are summarized below (in thousands): Amortization Expense (by fiscal year) 2016 (9 months remaining) $ 10,115 2017 13,434 2018 13,398 2019 13,073 2020 12,283 2021 and thereafter 16,978 Total future amortization excluding IPR&D $ 79,281 |
Note 7 - Long-term Investment
Note 7 - Long-term Investment | 3 Months Ended |
Jun. 28, 2015 | |
Investments Schedule [Abstract] | |
Investment [Text Block] | NOTE 7 . LONG-TERM INVESTMENT In July 2001, Exar became a Limited Partner in the Skypoint Telecom Fund II (US), LP. (“Skypoint Fund”), a venture capital fund focused on investments in communications infrastructure companies. We accounted for this non-marketable equity investment under the cost method in the other non-current assets in the consolidated balance sheet. During the term of the fund, we made $4.8 million in capital contributions to Skypoint Fund since we became a limited partner in July 2001. The partnership was dissolved and the fund distributed stock of investee companies to Exar during first quarter of fiscal year 2015. We regularly review and determine whether the investment is other-than-temporarily impaired, in which case the investment is written down to its impaired value. As of the dates indicated below, our long-term investment balance, which is included in the “Other non-current assets” line item on the condensed consolidated balance sheets, consisted of the following (in thousands): June 28 , 201 5 March 29, 2015 Beginning balance $ 394 $ 946 Net distributions — (8 ) Impairment charges — (544 ) Ending balance $ 394 $ 394 Impairment We evaluate our long-term investment for impairment on an annual basis or whenever events and changes in circumstances suggest that the carrying amount may not be recoverable. If the carrying amount exceeds its fair value, the long term-investment is considered impaired and a second step is performed to measure the amount of impairment loss. During the first quarter of fiscal year 2015, we received approximately 93,000 common shares of CounterPath Corporation (“CounterPath”) through the dissolution of Skypoint Fund in which we were a limited partner since 2001. CounterPath was one of the investee companies of Skypoint Fund. We estimated the fair value using the market value of CounterPath's common shares on the Nasdaq Capital Market. We also received common shares from the other two private investee companies of Skypoint Fund through the dissolution. We did not record any impairment changes during the three months ended June 28, 2015 or June 29, 2014. We regularly assess the fair value of the common shares received from these three companies and recorded $0.5 million of impairment charges throughout fiscal year 2015. |
Note 8 - Related Party Transact
Note 8 - Related Party Transaction | 3 Months Ended |
Jun. 28, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 8 . RELATED PARTY TRANSACTION Alonim Investments Inc. (“Alonim”) owns approximately 7.6 million shares, or approximately 16%, of our outstanding common stock as of June 28, 2015. As such, Alonim is our largest stockholder. Related party contributions as a percentage of our total net sales for the periods indicated below were as follows: Three Months Ended June 28, 2015 June 29, 2014 Alonim 28% 29% Related party receivables as a percentage of our net accounts receivable were as follows as of the dates indicated below: June 28, 2015 March 29 , 201 5 Alonim 2% 6% Related party expenses for marketing promotional materials reimbursed were not significant for either the three months ended June 28, 2015 or June 29, 2014, respectively. |
Note 9 - Short-term Debt
Note 9 - Short-term Debt | 3 Months Ended |
Jun. 28, 2015 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | NOTE 9. SHORT-TERM DEBT As part of the acquisition of iML in the first quarter of fiscal year 2015, we entered into short-term financing agreements with Stifel Financial Corporation (“Stifel”) and CTBC Bank Corporation (USA) (“CTBC”) to provide bridge financing for the acquisition. CTBC On June 9, 2014 we entered into a Business Loan Agreement with CTBC to provide a loan for $26.0 million. This loan bore an interest rate of 3.25% and had maturity date of December 9, 2014. Interest payments were due monthly with the entire principal due not later than December 9, 2014. All obligations of Exar under the Business Loan Agreement were unconditionally guaranteed by iML through a $26.0 million short-term certificate deposit with the same institution. The CTBC business loan was paid off in the third quarter of fiscal year 2015. Stifel On May 27, 2014 (the “Initial Funding Date”), Exar entered into a bridge credit agreement (the “Credit Agreement”) with certain lender parties and Stifel Financial Corp., as Administrative Agent. The Credit Agreement provided Exar with a bridge term loan credit facility in an aggregate principal amount of up to $90.0 million (the “Bridge Facility”). Interest on loans made under the Bridge Facility accrued, at Exar’s option, at a rate per annum equal to (1) the Base Rate (as defined below) plus (a) during the first 90 days following the Initial Funding Date, 7.5% and (b) thereafter, 8.5% or (2) 1-month LIBOR plus (a) during the first 90 days following the Initial Funding Date, 8.5% and (b) thereafter, 9.5%. The “Base Rate” was equal to, for any day, a rate per annum equal to the highest of (a) the prime rate in effect on such day, (b) the federal funds effective rate in effect on such day plus 0.50%, and (c) 1 month LIBOR plus 1.00%. The Base Rate was subject to a floor of 2.5%, and LIBOR was subject to a floor of 1.5%. Exar had drawn $65.0 million in May 2014 to fund the acquisition of iML’s outstanding shares. We repaid $26.0 million of the debt in June 2014 through a loan from CTBC with lower interest rate. The Stifel loan was paid off in the second quarter of fiscal year 2015. Interest As of the dates indicated below, interest on our short-term debt, which is included in the “Interest expense” line item on the consolidated statement of operations, consisted of the following (in thousands): June 28, 2015 June 29, 2014 CTBC $ — $ 402 Stifel — 45 Total interest on short-term debt $ — $ 447 |
Note 10 - Common Stock Repurcha
Note 10 - Common Stock Repurchases | 3 Months Ended |
Jun. 28, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10 . COMMON STOCK REPURCHASES From time to time, we acquire outstanding common stock in the open market to partially offset dilution from our equity award programs, to increase our return on our invested capital and to bring our cash to a more appropriate level for Exar. On August 28, 2007, we announced the approval of a share repurchase plan (“2007 SRP”) and authorized the repurchase of up to $100.0 million of our common stock. On July 9, 2013, we announced the approval of a share repurchase program under which we were authorized to repurchase an additional $50.0 million of our common stock. The repurchase program does not have a termination date, and may be modified, extended or terminated at any time. We intend to retire all shares repurchased under the stock repurchase plan. The purchase price for the repurchased shares of Exar is reflected as a reduction of common stock and additional paid-in capital. We did not repurchase any common stock during the three months ended June 28, 2015. Stock repurchase activities during fiscal year 2015 were indicated below (in thousands, except per share amounts): Total number of Shares Purchased Average Price Paid Per Share (or Unit) Amount Paid for Purchase As of March 30, 2014 10,319 $ 9.42 $ 97,189 Repurchases – March 31 to April 27, 2014 273 10.98 3,000 Repurchases – July 28 to September 28, 2014 393 9.83 3,864 Repurchases – September 29 to December 28, 2014 125 9.08 1,135 As of March 29, 2015 11,110 $ 9.47 $ 105,188 Repurchases – March 30 to June 28, 2015 — — — As of June 28, 2015 11,110 $ 9.47 $ 105,188 ————— Note: The average price paid per share is based on the total price paid by Exar, which includes applicable broker fees. |
Note 11 - Restructuring Charges
Note 11 - Restructuring Charges and Exit Costs | 3 Months Ended |
Jun. 28, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Activities Disclosure [Text Block] | NOTE 11 . RESTRUCTURING CHARGES AND EXIT COSTS 20 16 Restructuring Charges and Exit Costs During the first quarter of fiscal year 2016, we incurred immaterial restructuring charges and exit costs. We may choose to divest the data compression product line. If we do, we may incur charges related to this activity. In addition, we completed significant strategic restructuring activities in the second quarter of fiscal year 2016. We believe this restructuring allows us to achieve operating efficiencies and focus our resources on strategic priorities that we expect will yield the highest incremental return for Exar’s stockholders. 2015 Restructuring Charges and Exit Costs During the first quarter of fiscal year 2015, we incurred $0.4 million of restructuring charges and exit costs mainly due to severance benefit payments made. During the twelve months ended March 28, 2015, we incurred $12.2 million of restructuring charges and exit costs which consisted primarily of reduction of our workforce, the impairment of certain fixed assets and licensed technologies, and the write-off of related inventory. Our restructuring liabilities were included in the other current liabilities lines within our condensed consolidated balance sheets. The following table summarizes the activities affecting the liabilities as of the dates indicated below (in thousands): March 29 , 201 5 Additions/ adjustments Non-cash charges Payments June 28 , 201 5 Lease termination costs and others $ 330 $ 22 $ (55 ) $ (155 ) $ 142 Severance 652 (16 ) — (346 ) 290 Total $ 982 $ 6 $ (55 ) $ (501 ) $ 432 March 30, 2014 Additions/ adjustments Non-cash charges Payments March 29, 2015 Lease termination costs and others $ 1,615 $ 522 $ (220 ) $ (1,587 ) $ 330 Impairment of fixed assets, licensed technologies and write down of inventory — 7,765 (7,765 ) — — Severance 754 3,899 — (4,001 ) 652 Total $ 2,369 $ 12,186 $ (7,985 ) $ (5,588 ) $ 982 See Note 4 — “ B alance S heet D etails |
Note 12 - Stock-based Compensat
Note 12 - Stock-based Compensation | 3 Months Ended |
Jun. 28, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 12 . STOCK-BASED COMPENSATION Employee Stock Participation Plan (“ESPP”) Our ESPP permits employees to purchase common stock through payroll deductions at a purchase price that is equal to 95% of our common stock price on the last trading day of each three-calendar-month offering period. Our ESPP is non-compensatory. The following table summarizes our ESPP transactions during the fiscal period presented (in thousands, except per share amounts): As of June 28 , 201 5 Three Months Ended J une 28 , 201 5 Shares of Common Stock Shares of Common Stock Weighted Average Price Authorized to issue 4,500 Reserved for future issuance 1,340 Issued 6 $ 9.60 Equity Incentive Plans At the annual meeting of stockholders on September 18, 2014 (the “Annual Meeting”), our stockholders approved the Exar Corporation 2014 Equity Incentive Plan (“2014 Plan”). The 2014 Plan authorizes the issuance of stock options, stock appreciation rights, restricted stock, stock bonuses and other forms of awards granted or denominated in common stock or units of common stock, as well as cash bonus awards. Prior to the Annual Meeting, we maintained the Exar Corporation 2006 Equity Incentive Plan (the “2006 Plan”) and the Sipex Corporation 2006 Equity Incentive Plan (the “Sipex 2006 Plan”). As of June 30, 2014, a total of 6,555,492 shares of our common stock were then subject to outstanding awards granted under the 2006 Plan and the Sipex 2006 Plan, and an additional 669,008 shares of our common stock were then available for new award grants under the 2006 Plan. As part of the stockholder approval of the 2014 Plan at the Annual Meeting, we agreed that no new awards will be granted under the 2006 Plan and the Sipex 2006 Plan, although awards made under these plans prior to the Annual Meeting will remain subject to the terms of each such plan. The maximum number of shares of our common stock that may be issued or transferred pursuant to awards under the 2014 Plan equals the sum of: (1) 5,170,000 shares, plus (2) the number of any shares subject to stock options granted under the 2006 Plan and the Sipex 2006 Plan and outstanding as of the date of the Annual Meeting which expire, or for any reason are cancelled or terminated, after the date of the Annual Meeting without being exercised, plus (3) the number of any shares subject to restricted stock and restricted stock unit awards granted under the 2006 Plan and the Sipex 2006 Plan that are outstanding and unvested as of the date of the Annual Meeting which are forfeited, terminated, cancelled, or otherwise reacquired after the date of the Annual Meeting without having become vested. Awards other than a stock option or stock appreciation right granted under the 2014 Plan are counted against authorized shares available for future issuance on a basis of two shares for each share subject to the award. As of June 28, 2015, there were approximately 4.6 million shares available for future grant under the 2014 Plan. Stock Option Activities Our stock option transactions during the three months ended June 28, 2015 are summarized as follows: Outstanding Weighted Weighted (in years) Aggregate Value (in thousands ) In -the-money Options Vested and Exercisable (in thousands Balance at March 29, 2015 7,609,622 $ 8.77 4.86 $ 14,377 2,850 Granted 85,500 10.11 Exercised (145,122 ) 7.66 Cancelled (5,555 ) 12.71 Forfeited (129,943 ) 8.84 Balance at Ju ne 28 , 201 5 7,414,502 $ 8.80 4.63 $ 13,116 2,995 Vested and expected to vest, June 28, 2015 6,946,640 $ 8.72 4.55 $ 12,749 Vested and exercisable, June 28, 2015 3,552,324 $ 7.86 3.72 $ 9,163 The aggregate intrinsic values in the table above represent the total pre-tax intrinsic value, which is based on the closing price of our common stock of $10.18 and $10.30 as of June 28, 2015 and March 29, 2015, respectively. These are the values which would have been received by option holders if all option holders exercised their options on that date. In January 2012, we granted 480,000 performance-based stock options to our CEO. The options are scheduled to vest in four equal annual installments at the end of fiscal years 2013 through 2016 if certain predetermined market based financial measures are met. If the financial measures are not met, each installment will be rolled over to the subsequent fiscal year. In January 2014, we granted 140,000 performance-based stock options to our CEO. The options are scheduled to vest at the end of fiscal year 2017 if certain predetermined financial measures are met. We recorded $58,000 and $112,000 of compensation expense for these options in the three months ended June 28, 2015 and June 29, 2014, respectively . Options exercised for the periods indicated below were as follows (in thousands): Three months Ended June 28 , 201 5 June 29 , 201 4 Intrinsic value of options exercised $ 426 $ 430 Restricted Stock Units (“ RSU ”) Activities Our RSU transactions during the three months ended June 28, 2015 are summarized as follows: Shares Weighted Date Weighted (in years) Aggregate Value (in thousands) Unvested at March 29, 2015 1,072,925 $ 10.26 1.50 $ 11,051 Granted 179,426 10.73 Issued and released (289,009 ) 10.56 Cancelled (32,492 ) 9.95 Unvested at June 28, 2015 930,850 $ 10.27 1.41 $ 9,476 Vested and expected to vest, June 28, 2015 780,201 1.32 $ 7,942 The aggregate intrinsic value of RSUs represents the closing price per share of our stock at the end of the periods presented, multiplied by the number of unvested RSUs or the number of vested and expected to vest RSUs, as applicable, at the end of each period. For RSUs, stock-based compensation expense was calculated based on our stock price on the date of grant, multiplied by the number of RSUs granted. The grant date fair value of RSUs less estimated forfeitures was recognized on a straight-line basis, over the vesting period. In March 2012, we granted 300,000 performance-based RSUs (“PRSUs”) to our CEO. The PRSUs are scheduled to start vesting in three equal installments at the end of fiscal year 2013 through 2015 with three year vesting periods if certain predetermined financial measures are met. If the financial measures are not met, each installment will be forfeited at the end of its respective fiscal year. We recorded $64,000 and $0.7 million of compensation expense for these awards in the three months ended June 28, 2015 and June 29, 2014, respectively . In July 2013, as part of the acquisition of Cadeka, in order to encourage retention of certain former Cadeka employees, we agreed to recommend to our Board of Directors in July 2015 a bonus, which, if approved by the Board of Directors, would be settled in RSUs subject to fulfillment of the service period. We recorded $0.2 million and $0.4 million of compensation expense for these awards in the three months ended June 28, 2015 and June 29, 2014, respectively. The expense is reported in the other non-current obligations line in the condensed consolidated balance sheet as the total amount of bonus is to be settled in variable number of RSUs at the completion of the requisite service period. Such non-cash compensation expense is recorded as part of stock compensation expense in the condensed consolidated statement of operations. In July 2015, the Board of Directors ultimately determined not to approve the granting of these RSUs. In October 2013, we granted 70,000 PRSUs to certain executives. The first 50% of the PRSUs are scheduled to start vesting in three equal installments at the end of fiscal year 2015 with a three-year vesting period if certain performance measures are met. The second 50% of the PRSUs are scheduled to start vesting in three equal installments at the end of fiscal year 2016 with a three-year vesting period if certain performance measures are met. We recorded $39,000 and $0.2 million of compensation expense for these awards in the three months ended June 28, 2015 and June 29, 2014, respectively. In December 2013, we granted 100,000 RSUs to our CEO. The RSUs were scheduled to vest in two equal installments at the end of fiscal years 2016 and 2017. In October 2014, the second installment of 50,000 RSUs was modified to 50,000 PRSUs. These modified PRSUs were scheduled to vest at the end of fiscal year 2017 if certain predetermined financial measures are met. For the three months ended June 28, 2015 and fiscal year 2015, we recorded $47,000 and $10,000 stock compensation expense related to these modified PRSUs, respectively. In August 2014, we announced the Fiscal Year 2015 Management Incentive Program (“2015 Incentive Program”). Under this program, each participant’s award is denominated in shares of our common stock and is subject to attainment of Exar’s performance goals as established by the Compensation Committee of the Board of Directors for fiscal year 2015. We recorded a stock compensation expense of $2.0 million in fiscal year 2015 related to these awards. During the first quarter of fiscal year 2016, we settled 20% of these awards with cash and recorded $50,000 additional compensation cost due to the fair value change between grant day and settlement day. In August and December 2014, we granted 88,448 PRSUs to certain former iML employees. The PRSUs are scheduled to start vesting in three equal annual installments upon achievement of certain performance measures. In the three months ended June 28, 2015 and June 29, 2014 we recorded $38,000 and $0 of stock compensation expense related to these PRSUs, respectively. Stock-Based Compensation Expense The following table summarizes stock-based compensation expense related to stock options and RSUs during the fiscal periods presented below (in thousands): Three Months Ended Ju ne 28 , 201 5 Ju ne 29 , 201 4 Cost of sales $ 87 $ 260 Research and development 449 812 Selling, general and administrative 1,401 2,055 Total Stock-based compensation expense $ 1,937 $ 3,127 The amount of stock-based compensation cost capitalized in inventory was immaterial for all periods presented. Unrecognized Stock- B ased Compensation Expense The following table summarizes unrecognized stock-based compensation expense related to stock options and RSUs for the period indicated below: Ju ne 28, 2015 Amount (in thousands) Weighted Average Expected Remaining Period (in years) Options $ 7,072 2.2 Performance Options 322 1.6 RSUs 3,061 1.8 PRSUs 1,516 1.8 Total Unrecognized Stock-based compensation expense $ 11,971 Valuation Assumptions We estimate the fair value of stock options on the date of grant using the Black-Scholes option-pricing model. The assumptions used in calculating the fair value of stock-based compensation represent our estimates, but these estimates involve inherent uncertainties and the application of management’s judgment which include the expected term of the stock-based awards, stock price volatility and forfeiture rates. As a result, if factors change and we use different assumptions, our stock-based compensation expense could be materially different in the future. We used the following weighted average assumptions to calculate the fair values of options granted during the fiscal periods presented: Three Months Ended Ju ne 28 , 201 5 Ju ne 29 , 201 4 Expected term of options (years) 4.7 4.5 Risk-free interest rate 1.2 % 1.3 % Expected volatility 32 % 32 % Expected dividend yield ─ ─ Weighted average estimated fair value $ 3.08 $ 3.12 |
Note 13 - Net Loss Per Share
Note 13 - Net Loss Per Share | 3 Months Ended |
Jun. 28, 2015 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | NOTE 13 . NET LOSS PER SHARE Basic net loss per share excludes dilution and is computed by dividing net loss attributable to Exar by the weighted average number of common shares outstanding for the applicable period. Diluted earnings per share reflects the potential dilution that would occur if outstanding stock options or warrants to purchase common stock were exercised for common stock, using the treasury stock method, and the common stock underlying outstanding RSUs was issued. The following table summarizes our loss per share for the periods indicated below (in thousands, except per share amounts): Three Months Ended June 28 , 201 5 June 29 , 201 4 Net loss attributable to Exar Corporation $ (2,510 ) $ (12,105 ) Shares used in computation of net loss per share: Basic 47,927 47,236 Effect of options and awards ─ ─ Diluted 47,927 47,236 Net loss per share: Basic $ (0.05 ) $ (0.26 ) Diluted $ (0.05 ) $ (0.26 ) All outstanding stock options and RSUs are potentially dilutive securities. As of June 28, 2015 and June 29, 2014, all outstanding stock options and RSUs were excluded from the computation of diluted net income per share because they were determined to be anti-dilutive. |
Note 14 - Lease Financing Oblig
Note 14 - Lease Financing Obligation | 3 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Debt and Capital Leases Disclosures [Text Block] | NOTE 14 . LEASE FINANCING OBLIGATION S We have acquired engineering design tools (“Design Tools”) under capital leases. We acquired Design Tools of $6.9 million in January 2015 under a two-year license and two three-year licenses with prepayment of $1.0 million, $4.4 million in October 2014 under a three-year license with a prepayment of $1.5 million for the first year license and $0.9 million in July 2012 under a three-year license all of which were accounted for as capital leases and recorded in the property, plant and equipment, net line item in the consolidated balance sheets. The obligations related to the Design Tools were included in other current liabilities and long-term lease financing obligations in our consolidated balance sheets as of June 28, 2015 and March 29, 2015, respectively. The effective interest rates for the Design Tools range from 2.0% to 7.25%. Amortization expense related to the Design Tools, which was recorded using the straight-line method over the remaining useful life for the periods indicated below was as follows (in thousands): Three Months Ended June 28 , 201 5 June 29 , 201 4 Amortization expense $ 1,073 $ 800 Future minimum lease and sublease income payments for the lease financing obligations as of June 28, 2015 are as follows (in thousands): Fiscal Years Design T ools 2016 (9 months remaining) $ 3,530 2017 3,961 2018 1,356 Total minimum lease payments 8,847 Less: amount representing interest 402 Present value of minimum lease payments 8,445 Less: short-term lease financing obligations 3,816 Long-term lease financing obligations $ 4,629 Interest expense for the lease financing obligation for the periods indicated below was as follows (in thousands): Three Months Ended June 28 , 201 5 June 29 , 201 4 Interest expense $ 48 $ 39 In the course of our business, we enter into arrangements accounted for as operating leases related to rental of office space. Rent expenses for all operating leases for the periods indicated below were as follows (in thousands): Three Months Ended June 28 , 201 5 June 29 , 201 4 Rent expense $ 257 $ 332 Our future minimum lease payments for the lease operating obligations as of June 28, 2015 are as follows (in thousands): Fiscal Years Facilities 2016 (9 months remaining) $ 584 2017 341 2018 135 2019 29 Total minimum lease payments $ 1,089 |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 3 Months Ended |
Jun. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 1 5 . COMMITMENTS AND CONTINGENCIES In early 2012, we received correspondences from the California Department of Toxic Substance Control (“DTSC”) regarding its ongoing investigation of hazardous wastes and hazardous waste constituents at a former regulated treatment facility in San Jose, California. In 1985, MPSI made two separate permitted hazmat deliveries to a licensed and regulated site for treatment. DTSC has requested that former/current property owners and companies, currently in excess of 50, that had hazardous waste treated at the site participate in further site assessment and limited remediation activities. We have entered into various agreements with other named generators, former property owners and DTSC limited to the investigation of the sites’ condition and evaluation, and selection of appropriate remedial measures. The designated environmental consulting firm has prepared and submitted to DTSC a site profile and is currently engaged in further study. Given that this matter is under investigation and discussions are ongoing with respect to various related considerations, we are unable to ascertain our exposure, if any, or estimate a reasonably possible range of loss. I n the opinion of management, after consulting with legal counsel, and taking into account insurance coverage, any ultimate liability related to current outstanding claims and lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on our financial statements, as a whole. In a letter dated March 27, 2012, Exar was notified by the Alameda County Water District (“ACWD”) of the recent detection of volatile organic compounds at a site adjacent to a facility that was previously owned and occupied by Sipex. The letter was also addressed to prior and current property owners and tenants (collectively “Property Owners”). ACWD requested that the Property Owners carry out further site investigation activities to determine if the detected compounds are emanating from the site or simply flowing under it. In June 2012, the Property Owners filed with ACWD a report of its investigation/characterization activities and analytical data obtained. Accumulated data suggests that compounds of concern in groundwater appear to be from an offsite source. ACWD is investigating alternative upgradient sites. Given that this investigation is ongoing and Exar has not received any recent communications from ACWD, we are unable to ascertain our exposure, if any, or estimate a reasonably possible range of loss. I n the opinion of management, after consulting with legal counsel, and taking into account insurance coverage, any ultimate liability related to current outstanding claims and lawsuits, individually or in the aggregate, is not expected to have a material adverse effect on our financial statements, as a whole. We warrant all custom products and application specific products, including cards and boards, against defects in materials and workmanship for a period of 12 months, and occasionally we may provide an extended warranty from the delivery date. We warrant all of our standard products against defects in materials and workmanship for a period of 90 days from the date of delivery. Reserve requirements are recorded in the period of sale and are based on an assessment of the products sold with warranty, historical warranty costs incurred and customer/product specific circumstances. Our liability is generally limited, at our option, to replacing, repairing, or issuing a credit (if it has been paid for). Our warranty does not cover damage which results from accident, misuse, abuse, improper line voltage, fire, flood, lightning or other damage resulting from modifications, repairs or alterations performed other than by us, or resulting from failure to comply with our written operating and maintenance instructions. Warranty expense has historically been immaterial for our products. A warranty liability of $1.4 million was established during fiscal year 2014 for the return of certain older generation data compression products shipped in prior years. This liability has been fully fulfilled as of March 29, 2015 and in February 2015, we received $0.5 million reimbursement from our insurance company. In June 2014, we assumed $0.4 million warranty liability from our acquisition of iML. As of the dates indicated below, our warranty reserve balance, which is included in the “Other current liabilities” line item on the condensed consolidated balance sheets, consisted of the following (in thousands): June 28, 2015 March 29, 2015 Beginning balance $ 282 $ 1,074 Provisions for warranties issued 20 458 Settlements/adjustments — (1,250 ) Ending balance $ 302 $ 282 In the ordinary course of business, we may provide for indemnification of varying scope and terms to customers, vendors, lessors, business partners, purchasers of assets or subsidiaries, and other parties with respect to certain matters, including, but not limited to, losses arising out of our breach of agreements or representations and warranties made by us, services to be provided by us, intellectual property infringement claims made by third parties or, matters related to our conduct of the business. In addition, we have entered into indemnification agreements with our directors and certain of our executive officers that will require us, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or executive officers. We maintain director and officer liability insurance, which may cover certain liabilities arising from our obligation to indemnify our directors and officers, and former directors and officers of acquired companies, in certain circumstances. It is not possible to determine the aggregate maximum potential loss under these indemnification agreements due to the unique facts and circumstances involved in each particular agreement and claims. Such indemnification agreements might not be subject to maximum loss clauses. Historically, we have not incurred material costs as a result of obligations under these agreements and we have not accrued any liabilities related to such indemnification obligations in our condensed consolidated financial statements. |
Note 16 - Legal Proceedings
Note 16 - Legal Proceedings | 3 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Legal Matters and Contingencies [Text Block] | NOTE 16. LEGAL PROCEEDINGS From time to time, we are involved in various claims, legal actions and complaints arising in the normal course of business. We are not a named party to any ongoing lawsuit or formal proceeding that, in the opinion of our management, is likely to have a material adverse effect on our financial position, results of operations or cash flows. In fiscal year 2014, two former employees of Exar’s French subsidiary asserted claims against that subsidiary for alleged unfair dismissal in the French Labor Courts. We believe that the former employees were terminated in accordance with the requirements of French law and that the former employees’ claims are not supported by evidence. On December 22, 2014, Exar and one of the former employees entered into a settlement agreement resolving all claims made in the litigation. On June 30, 2015, Exar and the second former employee entered into a settlement agreement resolving all claims made in the litigation. The settlements did not have a material impact on our financial position, results of operations or cash flows. In April 2015, Phenix, LLC (“Phenix”) filed a complaint against us and iML for patent infringement in the United States District Court for the Eastern District of Texas, alleging that at least the iML 7990 and 7991 integrated circuits products infringe one of its patents . The court held a Scheduling Conference on July 30, 2015, and set a trial date of September 6, 2016 for this matter. Discovery is just beginning in this matter and while there can be no assurance of favorable outcomes, we do not believe that the ultimate outcome of these actions, individually or in the aggregate, will have a material adverse effect on our financial position, results of operations or cash flows. |
Note 17 - Income Taxes
Note 17 - Income Taxes | 3 Months Ended |
Jun. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 17. INCOME TAXES During the three months ended June 28, 2015, we recorded an income tax expense of approximately $0.1 During the three months ended June 28, 2015, the unrecognized tax benefits increased by $0.1 Estimated interest and penalties related to the income taxes are classified as a component of the provision for income taxes in the condensed consolidated statement of operations. Accrued interest and penalties consisted of the following as of the dates indicated (in thousands): Ju ne 28 , 201 5 March 29 , 201 5 Accrued interest and penalties $ 1,270 $ 1,187 Our major tax jurisdictions are the United States federal and various states, Canada, China, Hong Kong, and certain other foreign jurisdictions. The fiscal years 2003 through 2014 remain open and subject to examinations by the appropriate governmental agencies in the United States and certain of our foreign jurisdictions. |
Note 18 - Segment and Geographi
Note 18 - Segment and Geographic Information | 3 Months Ended |
Jun. 28, 2015 | |
Segment Reporting [Abstract] | |
Segment Reporting Disclosure [Text Block] | NOTE 18 . SEGMENT AND GEOGRAPHIC INFORMATION We operate in one reportable segment, which is comprised of one operating segment. We design, develop and market high performance analog mixed-signal integrated circuits and advanced sub-system solutions for the Industrial & Embedded Systems, High-End Consumer and Infrastructure markets. Our net sales by end market were summarized as follows as of the dates indicated below (in thousands): Three Months Ended Ju ne 28 , 201 5 Ju ne 29 , 201 4 Industrial & Embedded Systems $ 20,575 $ 18,867 High-End Consumer 13,536 3,424 Infrastructure 6,311 8,428 Total net sales $ 40,422 $ 30,719 Our foreign operations are conducted primarily through our wholly-owned subsidiaries in Canada, China, France, Germany, Japan, Malaysia, South Korea, Taiwan and the United Kingdom. Our principal markets include North America, Europe and the Asia Pacific region. Net sales by geographic areas represent direct sales principally to original equipment manufacturers (“OEM”), or their designated subcontract manufacturers, and to distributors (affiliated and unaffiliated) who buy our products and resell to their customers. Our net sales by geographic area for the periods indicated below were as follows (in thousands): Three Months Ended Ju ne 28 , 201 5 Ju ne 29 , 201 4 China $ 14,924 $ 10,759 United States 6,615 6,226 Taiwan 5,087 1,410 Singapore 4,185 3,591 Germany 3,673 2,956 Korea 2,968 2,128 Rest of world 2,970 3,649 Total net sales $ 40,422 $ 30,719 Substantially all of our long-lived assets at each of June 28, 2015 and June 29, 2014 were located in the United States. The following distributors accounted for 10% or more of our net sales in the periods indicated: Three Months Ended Ju ne 28 , 201 5 Ju ne 29 , 201 4 Distributor A 28 % 29 % Distributor B * 10 % Distributor C * 10 % ————— * Net sales for this distributor or customer for this period were less than 10% of our net sales. No other distributor or customer accounted for 10% or more of the net sales for the three months ended June 28, 2015 and June 29, 2014, respectively. The following distributors and customers accounted for 10% or more of our net accounts receivable as of the dates indicated: Ju ne 28 , 201 5 March 29 , 201 5 Distributor E 17 % 12 % Customer D 12 % 10 % Distributor F 11 % * Distributor D 10 % 10 % Distributor B * 11 % ————— * Accounts receivable for this distributor for this period were less than 10% of total account balance. No other distributor or customer accounted for 10% or more of the net accounts receivable as of June 28, 2015 and June 29, 2014, respectively. |
Note 19 - Subsequent Event
Note 19 - Subsequent Event | 3 Months Ended |
Jun. 28, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 19. SUBSEQUENT EVENT Exar completed significant strategic restructuring activities in the second quarter of fiscal year 2016. We believe this restructuring allows us to achieve operating efficiencies and focus our resources on strategic priorities that we expect will yield the highest incremental return for Exar’s stockholders. |
Note 3 - Business Combinations
Note 3 - Business Combinations (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Note 3 - Business Combinations (Tables) [Line Items] | |
Schedule Of Consideration Paid [Table Text Block] | Amount Cash $ 206,411 Consideration for the acquisition of non-controlling interests 17,872 Fair value of assumed iML employee options 3,835 Total purchase price $ 228,118 |
Integrated Memory Logic Limited [Member] | |
Note 3 - Business Combinations (Tables) [Line Items] | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Amount Identifiable tangible assets (liabilities) Cash $ 133,752 Accounts receivable 10,096 Inventories 3,950 Other current assets 962 Property, plant and equipment 480 Other assets 308 Current liabilities (12,356 ) Long-term liabilities (3,595 ) Total identifiable tangible assets (liabilities), net 133,597 Identifiable intangible assets 80,060 Total identifiable assets, net 213,657 Goodwill 14,461 Fair value of total consideration transferred $ 228,118 |
Schedule of Acquired Finite-Lived Intangible Assets by Major Class [Table Text Block] | Amount Developed technologies $ 55,780 In-process research and development 8,100 Customer relationships 15,060 Trade names 1,120 Total identifiable intangible assets $ 80,060 |
Note 4 - Balance Sheet Details
Note 4 - Balance Sheet Details (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | June 28 , 201 5 March 29 , 2015 Work-in-process and raw materials $ 17,165 $ 16,789 Finished goods 16,168 13,978 Total i nventories $ 33,333 $ 30,767 |
Property, Plant and Equipment [Table Text Block] | June 28 , 201 5 March 29 , 201 5 Land $ 6,660 $ 6,660 Building 17,431 17,431 Machinery and equipment 41,501 41,449 Software and licenses 22,201 22,044 Property, plant and equipment, total 87,793 87,584 Accumulated depreciation and amortization (63,156 ) (61,507 ) Total property, plant and equipment, net $ 24,637 $ 26,077 |
Other Current Liabilities [Table Text Block] | June 28 , 201 5 March 29 , 2015 Deferred tax liability $ 7,092 $ 7,021 Short-term lease financing obligations 3,816 3,834 Accrued retention bonus 3,176 2,951 Purchase consideration holdback 1,006 1,006 Accrued manufacturing expenses, royalties and licenses 785 1,122 Accrued legal and professional services 701 982 Accrued sales and marketing expenses 591 686 Accrued restructuring charges and exit costs 432 982 Other current liabilities 2,525 2,703 Total other current liabilities $ 20,124 $ 21,287 |
Other Noncurrent Liabilities [Table Text Block] | June 28 , 201 5 March 29 , 2015 Long-term taxes payable $ 4,370 $ 4,351 Other 50 42 Total other non-current obligations $ 4,420 $ 4,393 |
Note 5 - Fair Value (Tables)
Note 5 - Fair Value (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | June 28, 2015 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 4 $ — $ — $ 4 Common shares of CounterPath — 48 — 48 Total investment assets $ 4 $ 48 $ — $ 52 March 29, 2015 Level 1 Level 2 Level 3 Total Assets: Money market funds $ 6 $ — $ — $ 6 Common shares of CounterPath — 48 — 48 Total investment assets $ 6 $ 48 $ — $ 54 |
Marketable Securities [Table Text Block] | June 28, 201 5 March 29 , 201 5 Cash and cash equivalents Cash at financial institutions $ 55,756 $ 55,227 Money market funds 4 6 Total cash and cash equivalents $ 55,760 $ 55,233 |
Realized Gain (Loss) on Investments [Table Text Block] | Three Months Ended June 28, 2015 June 29, 2014 Gross realized gains $ — $ 264 Gross realized losses — (238 ) Net realized gain (losses) $ — $ 26 |
Schedule of Business Acquisitions by Acquisition, Contingent Consideration [Table Text Block] | Amount As of April 1, 2012 $ — Estimated contingent consideration liability 10,138 As of March 31, 2013 10,138 Fair value adjustment (7,165 ) As of March 30, 2014 2,973 Fair value adjustment (2,973 ) As of March 29, 2015 $ — Amount As of March 31, 2013 $ — Estimated contingent consideration liability 4,660 Fair value adjustment (3,290 ) As of March 30, 2014 1,370 Fair value adjustment (1,370 ) As of March 29, 2015 $ — |
Note 6 - Goodwill and Intangi29
Note 6 - Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill [Table Text Block] | June 28, 2015 March 29, 2015 Beginning balance $ 44,871 $ 30,410 Goodwill additions — 14,461 Ending balance $ 44,871 $ 44,871 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | June 28, 2015 March 29, 2015 Carrying Amount Accumulated Amortization Net Carrying Amount Carrying Amount Accumulated Amortization Impairment charge Net Carrying Amount Amortized intangible assets: Existing technology $ 113,785 $ (49,852 ) $ 63,933 $ 120,041 $ (47,259 ) $ (9,134 ) $ 63,648 Customer relationships 14,295 (5,005 ) 9,290 15,165 (4,520 ) (870 ) 9,775 Distributor relationships 7,254 (2,188 ) 5,066 7,254 (1,973 ) — 5,281 Patents/Core technology 3,459 (3,459 ) — 3,459 (3,446 ) — 13 Trade names 1,330 (338 ) 992 1,330 (274 ) — 1,056 Total intangible assets subject to amortization 140,123 (60,842 ) 79,281 147,249 (57,472 ) (10,004 ) 79,773 In-process research and development 3,451 — 3,451 9,148 — (2,819 ) 6,329 Total $ 143,574 $ (60,842 ) $ 82,732 $ 156,397 $ (57,472 ) $ (12,823 ) $ 86,102 |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended June 28, 2015 June 29, 2014 Amortization expense $ 3,370 $ 2,277 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amortization Expense (by fiscal year) 2016 (9 months remaining) $ 10,115 2017 13,434 2018 13,398 2019 13,073 2020 12,283 2021 and thereafter 16,978 Total future amortization excluding IPR&D $ 79,281 |
Note 7 - Long-term Investment (
Note 7 - Long-term Investment (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Investments Schedule [Abstract] | |
Investment Holdings, Schedule of Investments [Table Text Block] | June 28 , 201 5 March 29, 2015 Beginning balance $ 394 $ 946 Net distributions — (8 ) Impairment charges — (544 ) Ending balance $ 394 $ 394 |
Note 8 - Related Party Transa31
Note 8 - Related Party Transaction (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Three Months Ended June 28, 2015 June 29, 2014 Alonim 28% 29% June 28, 2015 March 29 , 201 5 Alonim 2% 6% |
Note 9 - Short-term Debt (Table
Note 9 - Short-term Debt (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Debt Disclosure [Abstract] | |
Interest Income and Interest Expense Disclosure [Table Text Block] | June 28, 2015 June 29, 2014 CTBC $ — $ 402 Stifel — 45 Total interest on short-term debt $ — $ 447 |
Note 10 - Common Stock Repurc33
Note 10 - Common Stock Repurchases (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Compensation, Activity [Table Text Block] | Total number of Shares Purchased Average Price Paid Per Share (or Unit) Amount Paid for Purchase As of March 30, 2014 10,319 $ 9.42 $ 97,189 Repurchases – March 31 to April 27, 2014 273 10.98 3,000 Repurchases – July 28 to September 28, 2014 393 9.83 3,864 Repurchases – September 29 to December 28, 2014 125 9.08 1,135 As of March 29, 2015 11,110 $ 9.47 $ 105,188 Repurchases – March 30 to June 28, 2015 — — — As of June 28, 2015 11,110 $ 9.47 $ 105,188 |
Note 11 - Restructuring Charg34
Note 11 - Restructuring Charges and Exit Costs (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Related Costs [Table Text Block] | March 29 , 201 5 Additions/ adjustments Non-cash charges Payments June 28 , 201 5 Lease termination costs and others $ 330 $ 22 $ (55 ) $ (155 ) $ 142 Severance 652 (16 ) — (346 ) 290 Total $ 982 $ 6 $ (55 ) $ (501 ) $ 432 March 30, 2014 Additions/ adjustments Non-cash charges Payments March 29, 2015 Lease termination costs and others $ 1,615 $ 522 $ (220 ) $ (1,587 ) $ 330 Impairment of fixed assets, licensed technologies and write down of inventory — 7,765 (7,765 ) — — Severance 754 3,899 — (4,001 ) 652 Total $ 2,369 $ 12,186 $ (7,985 ) $ (5,588 ) $ 982 |
Note 12 - Stock-based Compens35
Note 12 - Stock-based Compensation (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity [Table Text Block] | As of June 28 , 201 5 Three Months Ended J une 28 , 201 5 Shares of Common Stock Shares of Common Stock Weighted Average Price Authorized to issue 4,500 Reserved for future issuance 1,340 Issued 6 $ 9.60 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Outstanding Weighted Weighted (in years) Aggregate Value (in thousands ) In -the-money Options Vested and Exercisable (in thousands Balance at March 29, 2015 7,609,622 $ 8.77 4.86 $ 14,377 2,850 Granted 85,500 10.11 Exercised (145,122 ) 7.66 Cancelled (5,555 ) 12.71 Forfeited (129,943 ) 8.84 Balance at Ju ne 28 , 201 5 7,414,502 $ 8.80 4.63 $ 13,116 2,995 Vested and expected to vest, June 28, 2015 6,946,640 $ 8.72 4.55 $ 12,749 Vested and exercisable, June 28, 2015 3,552,324 $ 7.86 3.72 $ 9,163 |
Schedule of Cash Proceeds Received from Share-based Payment Awards [Table Text Block] | Three months Ended June 28 , 201 5 June 29 , 201 4 Intrinsic value of options exercised $ 426 $ 430 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Shares Weighted Date Weighted (in years) Aggregate Value (in thousands) Unvested at March 29, 2015 1,072,925 $ 10.26 1.50 $ 11,051 Granted 179,426 10.73 Issued and released (289,009 ) 10.56 Cancelled (32,492 ) 9.95 Unvested at June 28, 2015 930,850 $ 10.27 1.41 $ 9,476 Vested and expected to vest, June 28, 2015 780,201 1.32 $ 7,942 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Ju ne 28 , 201 5 Ju ne 29 , 201 4 Cost of sales $ 87 $ 260 Research and development 449 812 Selling, general and administrative 1,401 2,055 Total Stock-based compensation expense $ 1,937 $ 3,127 |
Schedule of Unrecognized Compensation Cost, Nonvested Awards [Table Text Block] | Ju ne 28, 2015 Amount (in thousands) Weighted Average Expected Remaining Period (in years) Options $ 7,072 2.2 Performance Options 322 1.6 RSUs 3,061 1.8 PRSUs 1,516 1.8 Total Unrecognized Stock-based compensation expense $ 11,971 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | Three Months Ended Ju ne 28 , 201 5 Ju ne 29 , 201 4 Expected term of options (years) 4.7 4.5 Risk-free interest rate 1.2 % 1.3 % Expected volatility 32 % 32 % Expected dividend yield ─ ─ Weighted average estimated fair value $ 3.08 $ 3.12 |
Note 13 - Net Loss Per Share (T
Note 13 - Net Loss Per Share (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 28 , 201 5 June 29 , 201 4 Net loss attributable to Exar Corporation $ (2,510 ) $ (12,105 ) Shares used in computation of net loss per share: Basic 47,927 47,236 Effect of options and awards ─ ─ Diluted 47,927 47,236 Net loss per share: Basic $ (0.05 ) $ (0.26 ) Diluted $ (0.05 ) $ (0.26 ) |
Note 14 - Lease Financing Obl37
Note 14 - Lease Financing Obligation (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule Of Amortization Expense [Table Text Block] | Three Months Ended June 28 , 201 5 June 29 , 201 4 Amortization expense $ 1,073 $ 800 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Fiscal Years Design T ools 2016 (9 months remaining) $ 3,530 2017 3,961 2018 1,356 Total minimum lease payments 8,847 Less: amount representing interest 402 Present value of minimum lease payments 8,445 Less: short-term lease financing obligations 3,816 Long-term lease financing obligations $ 4,629 |
Schedule of Interest Expense [Table Text Block] | Three Months Ended June 28 , 201 5 June 29 , 201 4 Interest expense $ 48 $ 39 |
Schedule of Rent Expense [Table Text Block] | Three Months Ended June 28 , 201 5 June 29 , 201 4 Rent expense $ 257 $ 332 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Fiscal Years Facilities 2016 (9 months remaining) $ 584 2017 341 2018 135 2019 29 Total minimum lease payments $ 1,089 |
Note 15 - Commitments and Con38
Note 15 - Commitments and Contingencies (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Product Warranty Liability [Table Text Block] | June 28, 2015 March 29, 2015 Beginning balance $ 282 $ 1,074 Provisions for warranties issued 20 458 Settlements/adjustments — (1,250 ) Ending balance $ 302 $ 282 |
Note 17 - Income Taxes (Tables)
Note 17 - Income Taxes (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule Of Interest And Penalty Related To Underpayment Of Tax [Table Text Block] | Ju ne 28 , 201 5 March 29 , 201 5 Accrued interest and penalties $ 1,270 $ 1,187 |
Note 18 - Segment and Geograp40
Note 18 - Segment and Geographic Information (Tables) | 3 Months Ended |
Jun. 28, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Ju ne 28 , 201 5 Ju ne 29 , 201 4 Industrial & Embedded Systems $ 20,575 $ 18,867 High-End Consumer 13,536 3,424 Infrastructure 6,311 8,428 Total net sales $ 40,422 $ 30,719 |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended Ju ne 28 , 201 5 Ju ne 29 , 201 4 China $ 14,924 $ 10,759 United States 6,615 6,226 Taiwan 5,087 1,410 Singapore 4,185 3,591 Germany 3,673 2,956 Korea 2,968 2,128 Rest of world 2,970 3,649 Total net sales $ 40,422 $ 30,719 |
Schedule of Revenue by Major Customers by Reporting Segments [Table Text Block] | Three Months Ended Ju ne 28 , 201 5 Ju ne 29 , 201 4 Distributor A 28 % 29 % Distributor B * 10 % Distributor C * 10 % |
Schedule Of Major Distributors [Table Text Block] | Ju ne 28 , 201 5 March 29 , 201 5 Distributor E 17 % 12 % Customer D 12 % 10 % Distributor F 11 % * Distributor D 10 % 10 % Distributor B * 11 % |
Note 3 - Business Combination41
Note 3 - Business Combinations (Details) - USD ($) $ in Thousands, shares in Millions | Jun. 03, 2014 | Sep. 28, 2014 | Jun. 28, 2015 | Jun. 29, 2014 | Mar. 29, 2015 |
Note 3 - Business Combinations (Details) [Line Items] | |||||
Business Combination, Fair Value Percentage | 100.00% | ||||
Business Combination, Acquisition Related Costs | $ 4,050 | ||||
Integrated Memory Logic Limited [Member] | |||||
Note 3 - Business Combinations (Details) [Line Items] | |||||
Business Acquisition, Percentage of Voting Interests Acquired | 92.00% | 8.00% | |||
Payments to Acquire Businesses, Gross | $ 206,411 | ||||
Business Combination, Consideration Transferred | $ 228,118 | $ 18,900 | |||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares (in Shares) | 1.5 | ||||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | $ 3,800 | ||||
Acquired Intangible Assets Discount Rate | 16.90% | ||||
Goodwill, Acquired During Period | $ 14,500 | 14,500 | |||
Business Combination, Acquisition Related Costs | $ 4,200 | $ 7,200 |
Note 3 - Business Combination42
Note 3 - Business Combinations (Details) - Business Acquistion Purchase Price - Integrated Memory Logic Limited [Member] - USD ($) $ in Thousands | Jun. 03, 2014 | Sep. 28, 2014 |
Note 3 - Business Combinations (Details) - Business Acquistion Purchase Price [Line Items] | ||
Cash | $ 206,411 | |
Consideration for the acquisition of non-controlling interests | 17,872 | |
Fair value of assumed iML employee options | 3,835 | |
Total purchase price | $ 228,118 | $ 18,900 |
Note 3 - Business Combination43
Note 3 - Business Combinations (Details) - Fair Value Allocated to Tangible and Identifiable Intangible Assets - USD ($) $ in Thousands | Jun. 03, 2014 | Sep. 28, 2014 | Jun. 28, 2015 | Mar. 29, 2015 | Mar. 30, 2014 |
Identifiable tangible assets (liabilities) | |||||
Goodwill | $ 44,871 | $ 44,871 | $ 30,410 | ||
Integrated Memory Logic Limited [Member] | |||||
Identifiable tangible assets (liabilities) | |||||
Cash | $ 133,752 | ||||
Accounts receivable | 10,096 | ||||
Inventories | 3,950 | ||||
Other current assets | 962 | ||||
Property, plant and equipment | 480 | ||||
Other assets | 308 | ||||
Current liabilities | (12,356) | ||||
Long-term liabilities | (3,595) | ||||
Total identifiable tangible assets (liabilities), net | 133,597 | ||||
Identifiable intangible assets | 80,060 | ||||
Total identifiable assets, net | 213,657 | ||||
Goodwill | 14,461 | ||||
Fair value of total consideration transferred | $ 228,118 | $ 18,900 |
Note 3 - Business Combination44
Note 3 - Business Combinations (Details) - Identifiable Intangible Assets Acquired in Connection with the iML Acquisition - Integrated Memory Logic Limited [Member] $ in Thousands | Jun. 03, 2014USD ($) |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable intangible assets | $ 80,060 |
Developed Technology Rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable intangible assets | 55,780 |
In Process Research and Development [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable intangible assets | 8,100 |
Customer Relationships [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable intangible assets | 15,060 |
Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Identifiable intangible assets | $ 1,120 |
Note 4 - Balance Sheet Detail45
Note 4 - Balance Sheet Details (Details) - Inventories - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 29, 2015 |
Inventories [Abstract] | ||
Work-in-process and raw materials | $ 17,165 | $ 16,789 |
Finished goods | 16,168 | 13,978 |
Total inventories | $ 33,333 | $ 30,767 |
Note 4 - Balance Sheet Detail46
Note 4 - Balance Sheet Details (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 29, 2015 |
Property, Plant and Equipment [Abstract] | ||
Land | $ 6,660 | $ 6,660 |
Building | 17,431 | 17,431 |
Machinery and equipment | 41,501 | 41,449 |
Software and licenses | 22,201 | 22,044 |
Property, plant and equipment, total | 87,793 | 87,584 |
Accumulated depreciation and amortization | (63,156) | (61,507) |
Total property, plant and equipment, net | $ 24,637 | $ 26,077 |
Note 4 - Balance Sheet Detail47
Note 4 - Balance Sheet Details (Details) - Other Current Liabilities - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 29, 2015 |
Other Current Liabilities [Abstract] | ||
Deferred tax liability | $ 7,092 | $ 7,021 |
Short-term lease financing obligations | 3,816 | 3,834 |
Accrued retention bonus | 3,176 | 2,951 |
Purchase consideration holdback | 1,006 | 1,006 |
Accrued manufacturing expenses, royalties and licenses | 785 | 1,122 |
Accrued legal and professional services | 701 | 982 |
Accrued sales and marketing expenses | 591 | 686 |
Accrued restructuring charges and exit costs | 432 | 982 |
Other current liabilities | 2,525 | 2,703 |
Total other current liabilities | $ 20,124 | $ 21,287 |
Note 4 - Balance Sheet Detail48
Note 4 - Balance Sheet Details (Details) - Other Noncurrent Obligations - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 29, 2015 |
Other Noncurrent Obligations [Abstract] | ||
Long-term taxes payable | $ 4,370 | $ 4,351 |
Other | 50 | 42 |
Total other non-current obligations | $ 4,420 | $ 4,393 |
Note 5 - Fair Value (Details)
Note 5 - Fair Value (Details) - USD ($) | Jun. 28, 2015 | Sep. 28, 2014 | Mar. 31, 2014 | Mar. 31, 2013 |
CounterPath [Member] | ||||
Note 5 - Fair Value (Details) [Line Items] | ||||
Common Stock Shares Received, Dissolution (in Shares) | 93,000 | |||
Altior [Member] | ||||
Note 5 - Fair Value (Details) [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 10,100,000 | |||
Cadeka Microcircuits [Member] | ||||
Note 5 - Fair Value (Details) [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 4,700,000 | |||
Altior Inc. and Cadeka Microcircuits [Member] | ||||
Note 5 - Fair Value (Details) [Line Items] | ||||
Business Combination, Contingent Consideration, Liability | $ 0 |
Note 5 - Fair Value (Details) -
Note 5 - Fair Value (Details) - Investment Assets Measured at Fair Value - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 29, 2015 |
Assets: | ||
Investment assets | $ 52 | $ 54 |
CounterPath [Member] | ||
Assets: | ||
Investment assets | 48 | 48 |
Money Market Funds [Member] | ||
Assets: | ||
Investment assets | 4 | 6 |
Fair Value, Inputs, Level 1 [Member] | ||
Assets: | ||
Investment assets | 4 | 6 |
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member] | ||
Assets: | ||
Investment assets | 4 | 6 |
Fair Value, Inputs, Level 2 [Member] | ||
Assets: | ||
Investment assets | 48 | 48 |
Fair Value, Inputs, Level 2 [Member] | CounterPath [Member] | ||
Assets: | ||
Investment assets | $ 48 | $ 48 |
Note 5 - Fair Value (Details)51
Note 5 - Fair Value (Details) - Cash, Cash Equivalents and Short-term Marketable Securities - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 29, 2015 | Jun. 29, 2014 | Mar. 30, 2014 |
Cash and cash equivalents | ||||
Cash at financial institutions | $ 55,756 | $ 55,227 | ||
Money market funds | 4 | 6 | ||
Total cash and cash equivalents | $ 55,760 | $ 55,233 | $ 123,161 | $ 14,614 |
Note 5 - Fair Value (Details)52
Note 5 - Fair Value (Details) - Net Realized Gains (Losses) on Marketable Securities $ in Thousands | 3 Months Ended |
Jun. 29, 2014USD ($) | |
Net Realized Gains (Losses) on Marketable Securities [Abstract] | |
Gross realized gains | $ 264 |
Gross realized losses | (238) |
Net realized gain (losses) | $ 26 |
Note 5 - Fair Value (Details)53
Note 5 - Fair Value (Details) - Change in Fair Value of our Purchase Consideration Liabilities - Acquisition Related Contingent Consideration [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Mar. 29, 2015 | Mar. 30, 2014 | Mar. 31, 2013 | |
Altior [Member] | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Balance | $ 0 | $ 2,973 | $ 10,138 |
Fair value adjustment | (2,973) | (7,165) | |
Estimated contingent consideration liability | 10,138 | ||
Cadeka Microcircuits [Member] | |||
Business Acquisition, Contingent Consideration [Line Items] | |||
Balance | 0 | 1,370 | $ 0 |
Fair value adjustment | $ (1,370) | (3,290) | |
Estimated contingent consideration liability | $ 4,660 |
Note 6 - Goodwill and Intangi54
Note 6 - Goodwill and Intangible Assets (Details) $ in Millions | Jun. 03, 2014USD ($) | Jun. 28, 2015USD ($) | Mar. 29, 2015USD ($) | Dec. 28, 2014USD ($) | Jun. 29, 2014USD ($) | Sep. 28, 2014USD ($) |
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||
IPR&D Reclassified to Existing Technology (in Dollars) | $ 2.9 | $ 1.2 | ||||
Number of Abandoned IPR&D Projects | 1 | |||||
Impairment of Intangible Assets (Excluding Goodwill) (in Dollars) | $ 12.3 | |||||
Integrated Memory Logic Limited [Member] | ||||||
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||
Goodwill, Acquired During Period (in Dollars) | $ 14.5 | $ 14.5 | ||||
Existing Technology [Member] | Minimum [Member] | ||||||
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 2 years | |||||
Existing Technology [Member] | Maximum [Member] | ||||||
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 9 years | |||||
Customer Relationships [Member] | Minimum [Member] | ||||||
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||
Customer Relationships [Member] | Maximum [Member] | ||||||
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||
Distribution Rights [Member] | ||||||
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 7 years | |||||
Patented Technology [Member] | ||||||
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||||
Trade Names [Member] | Minimum [Member] | ||||||
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||
Trade Names [Member] | Maximum [Member] | ||||||
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||
Finite-Lived Intangible Asset, Useful Life | 6 years | |||||
In Process Research and Development [Member] | ||||||
Note 6 - Goodwill and Intangible Assets (Details) [Line Items] | ||||||
Impairment of Intangible Assets (Excluding Goodwill) (in Dollars) | $ 0.5 |
Note 6 - Goodwill and Intangi55
Note 6 - Goodwill and Intangible Assets (Details) - Changes in the Carrying Amount of Goodwill $ in Thousands | 12 Months Ended |
Mar. 29, 2015USD ($) | |
Changes in the Carrying Amount of Goodwill [Abstract] | |
Beginning balance | $ 30,410 |
Goodwill additions | 14,461 |
Ending balance | $ 44,871 |
Note 6 - Goodwill and Intangi56
Note 6 - Goodwill and Intangible Assets (Details) - Purchased Intangible Assets - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 29, 2015 | Jun. 29, 2014 |
Amortized intangible assets: | |||
Carrying amount | $ 140,123 | $ 147,249 | |
Accumulated amortization | (60,842) | (57,472) | |
Net carrying amount | 79,281 | 79,773 | $ 79,281 |
Impairment charge | (10,004) | ||
Total | 143,574 | 156,397 | |
Total | (60,842) | (57,472) | |
Total | 82,732 | 86,102 | |
Total | (12,823) | ||
Technology-Based Intangible Assets [Member] | |||
Amortized intangible assets: | |||
Carrying amount | 113,785 | 120,041 | |
Accumulated amortization | (49,852) | (47,259) | |
Net carrying amount | 63,933 | 63,648 | |
Impairment charge | (9,134) | ||
Total | (49,852) | (47,259) | |
Customer Relationships [Member] | |||
Amortized intangible assets: | |||
Carrying amount | 14,295 | 15,165 | |
Accumulated amortization | (5,005) | (4,520) | |
Net carrying amount | 9,290 | 9,775 | |
Impairment charge | (870) | ||
Total | (5,005) | (4,520) | |
Distribution Rights [Member] | |||
Amortized intangible assets: | |||
Carrying amount | 7,254 | 7,254 | |
Accumulated amortization | (2,188) | (1,973) | |
Net carrying amount | 5,066 | 5,281 | |
Total | (2,188) | (1,973) | |
Patents [Member] | |||
Amortized intangible assets: | |||
Carrying amount | 3,459 | 3,459 | |
Accumulated amortization | (3,459) | (3,446) | |
Net carrying amount | 13 | ||
Total | (3,459) | (3,446) | |
Trade Names [Member] | |||
Amortized intangible assets: | |||
Carrying amount | 1,330 | 1,330 | |
Accumulated amortization | (338) | (274) | |
Net carrying amount | 992 | 1,056 | |
Total | (338) | (274) | |
In Process Research and Development [Member] | |||
Amortized intangible assets: | |||
In-process research and development | 3,451 | 9,148 | |
In-process research and development | $ 3,451 | 6,329 | |
In-process research and development | $ (2,819) |
Note 6 - Goodwill and Intangi57
Note 6 - Goodwill and Intangible Assets (Details) - Aggregate Amortization Expenses for Purchased Intangible Assets - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Aggregate Amortization Expenses for Purchased Intangible Assets [Abstract] | ||
Amortization expense | $ 3,370 | $ 2,277 |
Note 6 - Goodwill and Intangi58
Note 6 - Goodwill and Intangible Assets (Details) - Estimated Future Amortization Expenses for Purchased Intangible Assets - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 29, 2015 | Jun. 29, 2014 |
Amortization Expense (by fiscal year) | |||
2016 (9 months remaining) | $ 10,115 | ||
2,017 | 13,434 | ||
2,018 | 13,398 | ||
2,019 | 13,073 | ||
2,020 | 12,283 | ||
2021 and thereafter | 16,978 | ||
Total future amortization excluding IPR&D | $ 79,281 | $ 79,773 | $ 79,281 |
Note 7 - Long-term Investment59
Note 7 - Long-term Investment (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | Mar. 29, 2015 | |
Skypoint Fund [Member] | |||
Note 7 - Long-term Investment (Details) [Line Items] | |||
Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures | $ 4,800,000 | ||
Cost-method Investments, Other than Temporary Impairment | $ 0 | $ 0 | $ 500,000 |
CounterPath [Member] | |||
Note 7 - Long-term Investment (Details) [Line Items] | |||
Common Stock Shares Received, Dissolution (in Shares) | 93,000 |
Note 7 - Long-term Investment60
Note 7 - Long-term Investment (Details) - Summary of Long-term Investment $ in Thousands | 12 Months Ended |
Mar. 29, 2015USD ($) | |
Summary of Long-term Investment [Abstract] | |
Beginning balance | $ 946 |
Net distributions | (8) |
Impairment charges | (544) |
Ending balance | $ 394 |
Note 8 - Related Party Transa61
Note 8 - Related Party Transaction (Details) - shares | Jun. 28, 2015 | Mar. 29, 2015 |
Note 8 - Related Party Transaction (Details) [Line Items] | ||
Common Stock, Shares, Outstanding | 48,058,692 | 47,745,618 |
Alonim Investments Inc. [Member] | ||
Note 8 - Related Party Transaction (Details) [Line Items] | ||
Common Stock, Shares, Outstanding | 7,600,000 | |
Percentage Of Common Stock Shares Outstanding | 16.00% |
Note 8 - Related Party Transa62
Note 8 - Related Party Transaction (Details) - Related Party Contributions to Total Net Sales - Alonim Investments Inc. [Member] - Customer Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | Mar. 29, 2015 | |
Sales Revenue, Net [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage | 28.00% | 29.00% | |
Accounts Receivable [Member] | |||
Related Party Transaction [Line Items] | |||
Percentage | 2.00% | 6.00% |
Note 9 - Short-term Debt (Detai
Note 9 - Short-term Debt (Details) - USD ($) $ in Thousands | Jun. 09, 2014 | Jun. 29, 2014 | May. 27, 2014 | Jun. 29, 2014 | Sep. 28, 2014 |
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Proceeds from Issuance of Debt (in Dollars) | $ 91,000 | ||||
Repayments of Debt (in Dollars) | $ 26,000 | ||||
Certificates of Deposit [Member] | |||||
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Restricted Cash and Cash Equivalents, Current (in Dollars) | $ 26,000 | ||||
CTBC [Member] | |||||
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Proceeds from Issuance of Debt (in Dollars) | $ 26,000 | ||||
Debt Instrument, Interest Rate, Stated Percentage | 3.25% | ||||
Bridge Facility [Member] | Term Loan Credit Facility [Member] | |||||
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Proceeds from Issuance of Debt (in Dollars) | $ 65,000 | ||||
Debt Instrument, Face Amount (in Dollars) | $ 90,000 | ||||
Repayments of Debt (in Dollars) | $ 26,000 | ||||
Bridge Facility [Member] | Term Loan Credit Facility [Member] | Federal Funds Effective Swap Rate [Member] | |||||
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||||
Bridge Facility [Member] | Term Loan Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||||
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 1.50% | ||||
Bridge Facility [Member] | Term Loan Credit Facility [Member] | Base Rate [Member] | |||||
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage Rate Range, Minimum | 2.50% | ||||
Bridge Facility [Member] | Term Loan Credit Facility [Member] | Scenario 1 [Member] | |||||
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Initial Duration Following the Initial Funding Date | 90 days | ||||
Bridge Facility [Member] | Term Loan Credit Facility [Member] | Scenario 1 [Member] | Initial Duration Following the Initial Funding Date [Member] | |||||
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 7.50% | ||||
Bridge Facility [Member] | Term Loan Credit Facility [Member] | Scenario 1 [Member] | After the Initial Duration Following the Initial Funding Date [Member] | |||||
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 8.50% | ||||
Bridge Facility [Member] | Term Loan Credit Facility [Member] | Scenario 2 [Member] | |||||
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Initial Duration Following the Initial Funding Date | 90 days | ||||
Bridge Facility [Member] | Term Loan Credit Facility [Member] | Scenario 2 [Member] | Initial Duration Following the Initial Funding Date [Member] | |||||
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 8.50% | ||||
Bridge Facility [Member] | Term Loan Credit Facility [Member] | Scenario 2 [Member] | After the Initial Duration Following the Initial Funding Date [Member] | |||||
Note 9 - Short-term Debt (Details) [Line Items] | |||||
Debt Instrument, Basis Spread on Variable Rate | 9.50% |
Note 9 - Short-term Debt (Det64
Note 9 - Short-term Debt (Details) - Interest on Short-term Debt $ in Thousands | 3 Months Ended |
Jun. 28, 2015USD ($) | |
Note 9 - Short-term Debt (Details) - Interest on Short-term Debt [Line Items] | |
Interest on short-term debt | $ 447 |
CTBC [Member] | |
Note 9 - Short-term Debt (Details) - Interest on Short-term Debt [Line Items] | |
Interest on short-term debt | 402 |
Stifel Financial Corp. [Member] | |
Note 9 - Short-term Debt (Details) - Interest on Short-term Debt [Line Items] | |
Interest on short-term debt | $ 45 |
Note 10 - Common Stock Repurc65
Note 10 - Common Stock Repurchases (Details) - USD ($) $ in Millions | Jul. 09, 2013 | Aug. 28, 2007 |
August 2007 Repurchase Plan [Member] | ||
Note 10 - Common Stock Repurchases (Details) [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 100 | |
July 2013 Repurchase Program [Member] | ||
Note 10 - Common Stock Repurchases (Details) [Line Items] | ||
Stock Repurchase Program, Authorized Amount | $ 50 |
Note 10 - Common Stock Repurc66
Note 10 - Common Stock Repurchases (Details) - Stock Repurchase Activities - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 1 Months Ended | 2 Months Ended | 3 Months Ended |
Apr. 27, 2014 | Sep. 28, 2014 | Dec. 28, 2014 | |
Stock Repurchase Activities [Abstract] | |||
Repurchases, Total number of Shares Purchased | 273 | 393 | 125 |
Repurchases, Average Price Paid Per Share (or Unit) | $ 10.98 | $ 9.83 | $ 9.08 |
Repurchases, Amount Paid for Purchase | $ 3,000 | $ 3,864 | $ 1,135 |
Note 11 - Restructuring Charg67
Note 11 - Restructuring Charges and Exit Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jun. 30, 2013 | Mar. 29, 2015 | |
Restructuring and Related Activities [Abstract] | ||
Restructuring Charges | $ 0.4 | $ 12.2 |
Note 11 - Restructuring Charg68
Note 11 - Restructuring Charges and Exit Costs (Details) - Summary of Activities Affecting Liabilities - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Restructuring Cost and Reserve [Line Items] | ||
Balance | $ 432 | $ 982 |
Additions/adjustments | 6 | 12,186 |
Non-cash charges | (55) | (7,985) |
Payments | (501) | (5,588) |
Lease Contract Termination Costs [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance | 142 | 330 |
Additions/adjustments | 22 | 522 |
Non-cash charges | (55) | (220) |
Payments | (155) | (1,587) |
Employee Severance [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance | 290 | 652 |
Additions/adjustments | (16) | 3,899 |
Payments | $ (346) | (4,001) |
Impairment of Fixed Assets and Write Down of Inventory [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Additions/adjustments | 7,765 | |
Non-cash charges | $ (7,765) |
Note 12 - Stock-based Compens69
Note 12 - Stock-based Compensation (Details) | 1 Months Ended | 3 Months Ended | 5 Months Ended | 12 Months Ended | ||||||||
Oct. 31, 2014shares | Jan. 31, 2014shares | Dec. 31, 2013shares | Oct. 31, 2013shares | Mar. 31, 2012shares | Jan. 31, 2012shares | Jun. 28, 2015USD ($)$ / sharesshares | Jun. 29, 2014USD ($) | Dec. 31, 2014shares | Mar. 29, 2015USD ($)$ / sharesshares | Sep. 18, 2014shares | Jun. 30, 2014shares | |
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 7,414,502 | 7,609,622 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 4,500,000 | |||||||||||
Share Price (in Dollars per share) | $ / shares | $ 10.18 | $ 10.30 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 85,500 | |||||||||||
Allocated Share-based Compensation Expense | $ | $ 1,937,000 | $ 3,127,000 | ||||||||||
Chief Executive Officer [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Number of RSUs Modified Into PRSUs (in Shares) | 50,000 | |||||||||||
Employee Stock Participation Plan [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 95.00% | |||||||||||
2006 Plan and Sipex 2006 Plan [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number (in Shares) | 6,555,492 | |||||||||||
2006 Plan [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 669,008 | |||||||||||
2014 Plan [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in Shares) | 5,170,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Per Award (in Shares) | 2 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in Shares) | 4,600,000 | |||||||||||
2015 Incentive Program [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Allocated Share-based Compensation Expense | $ | $ 2,000,000 | |||||||||||
Percentage of Awards Settled with Cash | 20.00% | |||||||||||
Fair Value Change [Member] | 2015 Incentive Program [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Allocated Share-based Compensation Expense | $ | $ 50,000 | |||||||||||
Employee Stock Option [Member] | Chief Executive Officer [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in Shares) | 140,000 | 480,000 | ||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 4 | |||||||||||
Allocated Share-based Compensation Expense | $ | 58,000 | 112,000 | ||||||||||
Performance-Based RSUs [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Allocated Share-based Compensation Expense | $ | 38,000 | |||||||||||
Performance-Based RSUs [Member] | Chief Executive Officer [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 3 | |||||||||||
Allocated Share-based Compensation Expense | $ | 64,000 | 700,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 300,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||
Performance-Based RSUs [Member] | Former iML Employees [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 3 | |||||||||||
Allocated Share-based Compensation Expense | $ | 0 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 88,448 | |||||||||||
Performance-Based RSUs [Member] | Cadeka Employees [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Allocated Share-based Compensation Expense | $ | 200,000 | 400,000 | ||||||||||
October 2013 PRSUs [Member] | Certain Executives [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Allocated Share-based Compensation Expense | $ | $ 39,000 | $ 200,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 70,000 | |||||||||||
October 2013 PRSUs [Member] | Share-based Compensation Award, Tranche One [Member] | Certain Executives [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 3 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||
October 2013 PRSUs [Member] | Share-based Compensation Award, Tranche Two [Member] | Certain Executives [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 3 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50.00% | |||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 179,426 | |||||||||||
Restricted Stock Units (RSUs) [Member] | Chief Executive Officer [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award, Vesting, Number of Installments | 2 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in Shares) | 100,000 | |||||||||||
Modified PRSUs [Member] | Chief Executive Officer [Member] | ||||||||||||
Note 12 - Stock-based Compensation (Details) [Line Items] | ||||||||||||
Allocated Share-based Compensation Expense | $ | $ 47,000 | $ 10,000 |
Note 12 - Stock-based Compens70
Note 12 - Stock-based Compensation (Details) - ESPP Transactions - Jun. 28, 2015 - $ / shares shares in Thousands | Total |
ESPP Transactions [Abstract] | |
Authorized to issue | 4,500 |
Reserved for future issuance | 1,340 |
Issued | 6 |
Issued (in Dollars per share) | $ 9.60 |
Note 12 - Stock-based Compens71
Note 12 - Stock-based Compensation (Details) - Summary of Stock Option Transactions - USD ($) | 3 Months Ended | 12 Months Ended |
Jun. 28, 2015 | Mar. 29, 2015 | |
Summary of Stock Option Transactions [Abstract] | ||
Outstanding | 7,414,502 | 7,609,622 |
Weighted average exercise price (in Dollars per share) | $ 8.80 | $ 8.77 |
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2 | 4 years 229 days | 4 years 313 days |
Aggregate intrinsic value (in Dollars) | $ 13,116 | $ 14,377 |
In-the-money options vested and exercisable | 2,995 | 2,850 |
Granted | 85,500 | |
Granted (in Dollars per share) | $ 10.11 | |
Exercised | (145,122) | |
Exercised (in Dollars per share) | $ 7.66 | |
Cancelled | (5,555) | |
Cancelled (in Dollars per share) | $ 12.71 | |
Forfeited | (129,943) | |
Forfeited (in Dollars per share) | $ 8.84 | |
Vested and expected to vest, June 28, 2015 | 6,946,640 | |
Vested and expected to vest, June 28, 2015 (in Dollars per share) | $ 8.72 | |
Vested and expected to vest, June 28, 2015 | 4 years 200 days | |
Vested and expected to vest, June 28, 2015 (in Dollars) | $ 12,749 | |
Vested and exercisable, June 28, 2015 | 3,552,324 | |
Vested and exercisable, June 28, 2015 (in Dollars per share) | $ 7.86 | |
Vested and exercisable, June 28, 2015 | 3 years 262 days | |
Vested and exercisable, June 28, 2015 (in Dollars) | $ 9,163 |
Note 12 - Stock-based Compens72
Note 12 - Stock-based Compensation (Details) - Options Exercised - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Options Exercised [Abstract] | ||
Intrinsic value of options exercised | $ 426 | $ 430 |
Note 12 - Stock-based Compens73
Note 12 - Stock-based Compensation (Details) - RSU Transactions - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 28, 2015 | Mar. 29, 2015 | |
Note 12 - Stock-based Compensation (Details) - RSU Transactions [Line Items] | ||
Shares | 930,850 | 1,072,925 |
Weighted Average Grant-Date Fair Value (in Dollars per share) | $ 10.27 | $ 10.26 |
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms | 1 year 149 days | 1 year 6 months |
Aggregate Intrinsic Value (in thousands) (in Dollars) | $ 9,476 | $ 11,051 |
Granted | 179,426 | |
Granted (in Dollars per share) | $ 10.73 | |
Issued and released | (289,009) | |
Issued and released (in Dollars per share) | $ 10.56 | |
Cancelled | (32,492) | |
Cancelled (in Dollars per share) | $ 9.95 | |
Vested and expected to vest, June 28, 2015 | 780,201 | |
Vested and expected to vest, June 28, 2015 | 1 year 116 days | |
Vested and expected to vest, June 28, 2015 (in Dollars) | $ 7,942 |
Note 12 - Stock-based Compens74
Note 12 - Stock-based Compensation (Details) - Stock-based Compensation Expense Related to Stock Options and RSUs - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based Compensation Expense | $ 1,937 | $ 3,127 |
Cost of Sales [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based Compensation Expense | 87 | 260 |
Research and Development Expense [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based Compensation Expense | 449 | 812 |
Selling, General and Administrative Expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Stock-based Compensation Expense | $ 1,401 | $ 2,055 |
Note 12 - Stock-based Compens75
Note 12 - Stock-based Compensation (Details) - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs - Jun. 28, 2015 - USD ($) $ in Thousands | Total |
Note 12 - Stock-based Compensation (Details) - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs [Line Items] | |
Amount | $ 11,971 |
Employee Stock Option [Member] | |
Note 12 - Stock-based Compensation (Details) - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs [Line Items] | |
Amount | $ 7,072 |
Weighted Average Expected Remaining Period | 2 years 73 days |
Performance Options [Member] | |
Note 12 - Stock-based Compensation (Details) - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs [Line Items] | |
Amount | $ 322 |
Weighted Average Expected Remaining Period | 1 year 219 days |
Restricted Stock Units (RSUs) [Member] | |
Note 12 - Stock-based Compensation (Details) - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs [Line Items] | |
Amount | $ 3,061 |
Weighted Average Expected Remaining Period | 1 year 292 days |
Performance-Based RSUs [Member] | |
Note 12 - Stock-based Compensation (Details) - Unrecognized Stock-based Compensation Expense Related to Stock Options and RSUs [Line Items] | |
Amount | $ 1,516 |
Weighted Average Expected Remaining Period | 1 year 292 days |
Note 12 - Stock-based Compens76
Note 12 - Stock-based Compensation (Details) - Weighted Average Assumptions - $ / shares | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Weighted Average Assumptions [Abstract] | ||
Expected term of options (years) | 4 years 255 days | 4 years 6 months |
Risk-free interest rate | 1.20% | 1.30% |
Expected volatility | 32.00% | 32.00% |
Weighted average estimated fair value (in Dollars per share) | $ 3.08 | $ 3.12 |
Note 13 - Net Loss Per Share (D
Note 13 - Net Loss Per Share (Details) - Summary of Net Income (Loss) per Share - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Summary of Net Income (Loss) per Share [Abstract] | ||
Net loss attributable to Exar Corporation (in Dollars) | $ (2,510) | $ (12,105) |
Shares used in computation of net loss per share: | ||
Basic | 47,927 | 47,236 |
Effect of options and awards | 0 | 0 |
Diluted | 47,927 | 47,236 |
Net loss per share: | ||
Basic (in Dollars per share) | $ (0.05) | $ (0.26) |
Diluted (in Dollars per share) | $ (0.05) | $ (0.26) |
Note 14 - Lease Financing Obl78
Note 14 - Lease Financing Obligation (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Jan. 31, 2015 | Oct. 31, 2014 | Jul. 31, 2012 | Jun. 28, 2015 | Jun. 29, 2014 | |
Note 14 - Lease Financing Obligation (Details) [Line Items] | |||||
Repayments of Long-term Capital Lease Obligations | $ 459 | $ 30 | |||
January Two Thousand Fifteen Two-Year And Two Three-Year License [Member] | |||||
Note 14 - Lease Financing Obligation (Details) [Line Items] | |||||
Repayments of Long-term Capital Lease Obligations | $ 1,000 | ||||
January Two Thousand Fifteen Two-Year And Two Three-Year License [Member] | Property, Plant and Equipment, Net [Member] | |||||
Note 14 - Lease Financing Obligation (Details) [Line Items] | |||||
Capital Lease Obligations Incurred | $ 6,900 | ||||
October 2014 Three-Year License [Member] | |||||
Note 14 - Lease Financing Obligation (Details) [Line Items] | |||||
Repayments of Long-term Capital Lease Obligations | $ 1,500 | ||||
October 2014 Three-Year License [Member] | Property, Plant and Equipment, Net [Member] | |||||
Note 14 - Lease Financing Obligation (Details) [Line Items] | |||||
Capital Lease Obligations Incurred | $ 4,400 | ||||
July 2012 Three-Year License [Member] | Property, Plant and Equipment, Net [Member] | |||||
Note 14 - Lease Financing Obligation (Details) [Line Items] | |||||
Capital Lease Obligations Incurred | $ 900 | ||||
Minimum [Member] | Capital Lease Obligations [Member] | |||||
Note 14 - Lease Financing Obligation (Details) [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 2.00% | ||||
Maximum [Member] | Capital Lease Obligations [Member] | |||||
Note 14 - Lease Financing Obligation (Details) [Line Items] | |||||
Debt Instrument, Interest Rate, Effective Percentage | 7.25% |
Note 14 - Lease Financing Obl79
Note 14 - Lease Financing Obligation (Details) - Amortization Expense Related to the Design Tools - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Design Tools [Member] | ||
Note 14 - Lease Financing Obligation (Details) - Amortization Expense Related to the Design Tools [Line Items] | ||
Amortization expense | $ 1,073 | $ 800 |
Note 14 - Lease Financing Obl80
Note 14 - Lease Financing Obligation (Details) - Future Minimum Lease and Sublease Income Payments for Lease Financing Obligations - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 29, 2015 |
Future Minimum Lease and Sublease Income Payments for Lease Financing Obligations [Abstract] | ||
2016 (9 months remaining) | $ 3,530 | |
2,017 | 3,961 | |
2,018 | 1,356 | |
Total minimum lease payments | 8,847 | |
Less: amount representing interest | 402 | |
Present value of minimum lease payments | 8,445 | |
Less: short-term lease financing obligations | 3,816 | $ 3,834 |
Long-term lease financing obligations | $ 4,629 |
Note 14 - Lease Financing Obl81
Note 14 - Lease Financing Obligation (Details) - Interest Expense - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Design Tools [Member] | ||
Note 14 - Lease Financing Obligation (Details) - Interest Expense [Line Items] | ||
Interest expense | $ 48 | $ 39 |
Note 14 - Lease Financing Obl82
Note 14 - Lease Financing Obligation (Details) - Rent Expense - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Rent Expense [Abstract] | ||
Rent expense | $ 257 | $ 332 |
Note 14 - Lease Financing Obl83
Note 14 - Lease Financing Obligation (Details) - Operating Lease $ in Thousands | Jun. 28, 2015USD ($) |
Operating Lease [Abstract] | |
2016 (9 months remaining) | $ 584 |
2,017 | 341 |
2,018 | 135 |
2,019 | 29 |
Total minimum lease payments | $ 1,089 |
Note 15 - Commitments and Con84
Note 15 - Commitments and Contingencies (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Feb. 28, 2015 | Jun. 28, 2015 | Mar. 29, 2015 | Jun. 30, 2014 | Mar. 30, 2014 | |
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||||
Warranty Term, Custom Products | 12 months | ||||
Warranty Term, Standard Products | 90 days | ||||
Product Warranty Accrual | $ 302 | $ 282 | $ 1,074 | ||
Proceeds from Insurance Settlement, Operating Activities | $ 500 | ||||
Return of Certain Older Generation Data Compression Products [Member] | |||||
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||||
Product Warranty Accrual | $ 1,400 | ||||
iML [Member] | Warranties [Member] | |||||
Note 15 - Commitments and Contingencies (Details) [Line Items] | |||||
Business Combination, Separately Recognized Transactions, Liabilities Recognized | $ 400 |
Note 15 - Commitments and Con85
Note 15 - Commitments and Contingencies (Details) - Warranty Reserve Balance - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 28, 2015 | Mar. 29, 2015 | |
Warranty Reserve Balance [Abstract] | ||
Beginning balance | $ 282 | $ 1,074 |
Provisions for warranties issued | 20 | 458 |
Settlements/adjustments | (1,250) | |
Ending balance | $ 302 | $ 282 |
Note 17 - Income Taxes (Details
Note 17 - Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Note 17 - Income Taxes (Details) [Line Items] | ||
Income Tax Expense (Benefit) | $ 105 | $ 692 |
Unrecognized Tax Benefits, Period Increase (Decrease) | 100 | |
Unrecognized Tax Benefits | 17,700 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | $ 14,700 | |
Earliest Tax Year [Member] | ||
Note 17 - Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,003 | |
Latest Tax Year [Member] | ||
Note 17 - Income Taxes (Details) [Line Items] | ||
Open Tax Year | 2,014 |
Note 17 - Income Taxes (Detai87
Note 17 - Income Taxes (Details) - Accrued Interest and Penalties - USD ($) $ in Thousands | Jun. 28, 2015 | Mar. 29, 2015 |
Accrued Interest and Penalties [Abstract] | ||
Accrued interest and penalties | $ 1,270 | $ 1,187 |
Note 18 - Segment and Geograp88
Note 18 - Segment and Geographic Information (Details) | 3 Months Ended |
Jun. 28, 2015 | |
Segment Reporting [Abstract] | |
Number of Reportable Segments | 1 |
Number of Operating Segments | 1 |
Note 18 - Segment and Geograp89
Note 18 - Segment and Geographic Information (Details) - Net Sales by End Market - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Segment Reporting Information [Line Items] | ||
Net sales by end market | $ 40,422 | $ 30,719 |
Industrial And Embedded Systems [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales by end market | 20,575 | 18,867 |
High End Consumer [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales by end market | 13,536 | 3,424 |
Infrastructure [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales by end market | $ 6,311 | $ 8,428 |
Note 18 - Segment and Geograp90
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ||
Net sales | $ 40,422 | $ 30,719 |
CHINA | ||
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ||
Net sales | 14,924 | 10,759 |
UNITED STATES | ||
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ||
Net sales | 6,615 | 6,226 |
TAIWAN, PROVINCE OF CHINA | ||
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ||
Net sales | 5,087 | 1,410 |
SINGAPORE | ||
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ||
Net sales | 4,185 | 3,591 |
GERMANY | ||
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ||
Net sales | 3,673 | 2,956 |
KOREA, REPUBLIC OF | ||
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ||
Net sales | 2,968 | 2,128 |
Rest Of World [Member] | ||
Note 18 - Segment and Geographic Information (Details) - Net Sales by Geographic Area [Line Items] | ||
Net sales | $ 2,970 | $ 3,649 |
Note 18 - Segment and Geograp91
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Revenue - Sales Revenue, Net [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Jun. 28, 2015 | Jun. 29, 2014 | |
Distributor A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Net Revenue | 28.00% | 29.00% |
Distributor B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Net Revenue | 10.00% | |
Distributor C [Member] | ||
Revenue, Major Customer [Line Items] | ||
Net Revenue | 10.00% | |
[1] | Net sales for this distributor or customer for this period were less than 10% of our net sales. |
Note 18 - Segment and Geograp92
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable - Accounts Receivable [Member] - Customer Concentration Risk [Member] | 3 Months Ended | |
Jun. 28, 2015 | Mar. 29, 2015 | |
Distributor E [Member] | ||
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ||
Distributor | 17.00% | 12.00% |
Customer D [Member] | ||
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ||
Distributor | 12.00% | 10.00% |
Distributor F [Member] | ||
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ||
Distributor | 11.00% | |
Distributor D [Member] | ||
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ||
Distributor | 10.00% | 10.00% |
Distributor B [Member] | ||
Note 18 - Segment and Geographic Information (Details) - Major Distributors of Net Accounts Receivable [Line Items] | ||
Distributor | 11.00% | |
[1] | Accounts receivable for this distributor for this period were less than 10% of total account balance. |
Uncategorized Items - exar-2015
Label | Element | Value |
StockRepurchasedAndRetiredBalanceValue | exar_StockRepurchasedAndRetiredBalanceValue | $ 105,188 |
StockRepurchasedAndRetiredBalanceValue | exar_StockRepurchasedAndRetiredBalanceValue | 105,188 |
StockRepurchasedAndRetiredBalanceValue | exar_StockRepurchasedAndRetiredBalanceValue | 97,189 |
Restructuring Reserve | us-gaap_RestructuringReserve | 2,369 |
Restructuring Reserve | us-gaap_RestructuringReserve | $ 982 |
NumberOfStockRepurchasedAndRetired | exar_NumberOfStockRepurchasedAndRetired | 10,319 |
NumberOfStockRepurchasedAndRetired | exar_NumberOfStockRepurchasedAndRetired | 11,110 |
NumberOfStockRepurchasedAndRetired | exar_NumberOfStockRepurchasedAndRetired | 11,110 |
StockRepurchasedAndRetiredAveragePricePerShare | exar_StockRepurchasedAndRetiredAveragePricePerShare | $ 9.42 |
StockRepurchasedAndRetiredAveragePricePerShare | exar_StockRepurchasedAndRetiredAveragePricePerShare | 9.47 |
StockRepurchasedAndRetiredAveragePricePerShare | exar_StockRepurchasedAndRetiredAveragePricePerShare | $ 9.47 |
Long-term Investments | us-gaap_LongTermInvestments | $ 394 |
Employee Severance [Member] | ||
Restructuring Reserve | us-gaap_RestructuringReserve | 652 |
Restructuring Reserve | us-gaap_RestructuringReserve | 754 |
Lease Contract Termination Costs [Member] | ||
Restructuring Reserve | us-gaap_RestructuringReserve | 1,615 |
Restructuring Reserve | us-gaap_RestructuringReserve | 330 |
Altior [Member] | Acquisition Related Contingent Consideration [Member] | ||
Fair Value, Measurement with Unobservable Inputs Reconciliations, Recurring Basis, Liability Value | us-gaap_FairValueMeasurementWithUnobservableInputsReconciliationsRecurringBasisLiabilityValue | $ 0 |