Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 29, 2014 | Apr. 25, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 29-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Entity Registrant Name | 'SYNAPTICS INC | ' |
Entity Central Index Key | '0000817720 | ' |
Current Fiscal Year End Date | '--06-28 | ' |
Entity Filer Category | 'Large Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 36,021,594 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Current Assets: | ' | ' |
Cash and cash equivalents | $391,481 | $355,303 |
Accounts receivable, net of allowances of $887 and $883 at March 31, 2014 and June 30, 2013, respectively | 149,687 | 148,454 |
Inventories | 70,188 | 49,948 |
Prepaid expenses and other current assets | 23,012 | 6,715 |
Total current assets | 634,368 | 560,420 |
Property and equipment at cost, net of accumulated depreciation of $45,542 and $35,285 at March 31, 2014 and June 30, 2013, respectively | 76,993 | 58,035 |
Goodwill | 61,030 | 20,695 |
Acquired intangibles | 84,751 | 13,110 |
Non-current investments | 18,566 | 16,969 |
Other assets | 19,098 | 22,037 |
Total assets | 894,806 | 691,266 |
Current Liabilities: | ' | ' |
Accounts payable | 76,692 | 83,710 |
Accrued compensation | 22,819 | 23,728 |
Income taxes payable | 4,978 | 10,751 |
Other accrued liabilities | 86,406 | 31,437 |
Total current liabilities | 190,895 | 149,626 |
Notes payable | ' | 2,305 |
Other liabilities | 75,314 | 17,480 |
Stockholders' Equity: | ' | ' |
Common stock: $0.001 par value; 120,000,000 shares authorized, 55,033,057 and 50,673,758 shares issued, and 35,985,346 and 33,289,826 shares outstanding, at March 31, 2014 and June 30, 2013, respectively | 55 | 51 |
Additional paid-in capital | 703,107 | 539,170 |
Treasury stock: 19,047,711 and 17,383,932 common treasury shares at March 31, 2014 and June 30, 2013, respectively, at cost | -530,422 | -460,160 |
Accumulated other comprehensive income | 7,648 | 6,802 |
Retained earnings | 448,209 | 435,992 |
Total stockholders' equity | 628,597 | 521,855 |
Liabilities and stockholders' equity | $894,806 | $691,266 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Allowance for doubtful accounts receivable | $887 | $883 |
Property and equipment, accumulated depreciation | $45,542 | $35,285 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 55,033,057 | 50,673,758 |
Common stock, shares outstanding | 35,985,346 | 33,289,826 |
Common treasury shares | 19,047,711 | 17,383,932 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenue | $204,271 | $163,324 | $632,641 | $433,405 |
Cost of revenue | 111,841 | 82,241 | 336,387 | 222,722 |
Gross margin | 92,430 | 81,083 | 296,254 | 210,683 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 49,412 | 36,740 | 135,785 | 103,799 |
Selling, general, and administrative | 25,856 | 20,183 | 69,825 | 58,099 |
Acquired intangibles amortization | 262 | 262 | 785 | 763 |
Change in contingent consideration | 53,043 | 237 | 56,731 | 1,100 |
Total operating expenses | 128,573 | 57,422 | 263,126 | 163,761 |
Operating income/(loss) | -36,143 | 23,661 | 33,128 | 46,922 |
Interest income, net | 516 | 193 | 1,413 | 627 |
Income/(loss) before provision/(benefit) for income taxes | -35,627 | 23,854 | 34,541 | 47,549 |
Provision/(benefit) for income taxes | 4,429 | -12,592 | 22,324 | -6,064 |
Net income/(loss) | ($40,056) | $36,446 | $12,217 | $53,613 |
Net income/(loss) per share: | ' | ' | ' | ' |
Basic | ($1.12) | $1.13 | $0.36 | $1.65 |
Diluted | ($1.12) | $1.07 | $0.33 | $1.58 |
Shares used in computing net income/(loss) per share: | ' | ' | ' | ' |
Basic | 35,685 | 32,234 | 34,212 | 32,552 |
Diluted | 35,685 | 34,135 | 36,532 | 33,843 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Statement Of Income And Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income/(loss) | ($40,056) | $36,446 | $12,217 | $53,613 |
Other comprehensive income: | ' | ' | ' | ' |
Change in unrealized net gain on investments before reclassifications | 306 | 842 | 1,597 | 2,680 |
Reclassification from accumulated other comprehensive income to other income for accretion of non-current investments | -278 | ' | -751 | ' |
Net current-period other comprehensive income | 28 | 842 | 846 | 2,680 |
Comprehensive income/(loss) | ($40,028) | $37,288 | $13,063 | $56,293 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Cash flows from operating activities | ' | ' |
Net income | $12,217,000 | $53,613,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' |
Share-based and deferred compensation costs | 23,561,000 | 24,706,000 |
Depreciation and amortization | 10,353,000 | 7,205,000 |
Acquired intangibles amortization | 4,759,000 | 763,000 |
Accretion and remeasurement of contingent consideration liability | 56,731,000 | 1,100,000 |
Deferred taxes | 8,483,000 | -1,675,000 |
Impairment of property and equipment | ' | 300,000 |
Non-cash interest income | -751,000 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable, net | 2,607,000 | -2,560,000 |
Inventories | -18,086,000 | -10,835,000 |
Prepaid expenses and other current assets | -673,000 | 501,000 |
Other assets | -8,727,000 | -2,964,000 |
Accounts payable | -5,823,000 | 4,848,000 |
Accrued compensation | -2,461,000 | 3,679,000 |
Income taxes | -4,259,000 | -16,502,000 |
Other accrued liabilities | 13,172,000 | 7,436,000 |
Net cash provided by operating activities | 91,103,000 | 69,615,000 |
Cash flows from investing activities | ' | ' |
Proceeds from sales of non-current investments | ' | 2,200,000 |
Acquisition of business, net of cash acquired | -19,620,000 | -5,000,000 |
Purchases of property and equipment | -32,321,000 | -30,005,000 |
Net cash used in investing activities | -51,941,000 | -32,805,000 |
Cash flows from financing activities | ' | ' |
Payment of contingent consideration | ' | -4,600,000 |
Purchases of treasury stock | -70,262,000 | -31,280,000 |
Proceeds from issuance of shares | 62,997,000 | 11,614,000 |
Excess tax benefit from share-based compensation | 12,946,000 | 716,000 |
Payroll taxes for deferred stock units | -6,406,000 | -2,752,000 |
Payment of notes payable | -2,259,000 | ' |
Net cash used in financing activities | -2,984,000 | -26,302,000 |
Net increase in cash and cash equivalents | 36,178,000 | 10,508,000 |
Cash and cash equivalents at beginning of period | 355,303,000 | 305,005,000 |
Cash and cash equivalents at end of period | 391,481,000 | 315,513,000 |
Supplemental disclosures of cash flow information | ' | ' |
Cash paid for income taxes | 15,311,000 | 16,552,000 |
Non-cash investing activities: | ' | ' |
Common stock issued pursuant to acquisition | 70,280,000 | ' |
Contingent consideration pursuant to acquisition | $37,499,000 | ' |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
1. Basis of Presentation | |
The accompanying unaudited condensed consolidated financial statements have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, or the SEC, and U.S. generally accepted accounting principles, or U.S. GAAP. However, certain information or footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such SEC rules and regulations. In our opinion, the financial statements include all adjustments, which are of a normal and recurring nature, necessary for the fair presentation of the results of the interim periods presented. The results of operations for the interim periods are not necessarily indicative of the operating results for the full fiscal year or any future period. These financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in our Annual Report on Form 10-K for the fiscal year ended June 30, 2013. | |
The consolidated financial statements include our financial statements and those of our wholly owned subsidiaries. All significant intercompany balances and transactions have been eliminated upon consolidation. | |
Our fiscal year is the 52- or 53-week period ending on the last Saturday in June. Our fiscal 2014 and 2013 years are 52-week periods ending on June 28, 2014 and June 29, 2013, respectively. The quarterly fiscal periods presented in this report were 13-week periods for the three months ended March 29, 2014 and March 30, 2013. For ease of presentation, the accompanying consolidated financial statements have been shown as ending on calendar quarter end dates for all annual, interim, and quarterly financial statement captions, unless otherwise indicated. | |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, allowance for doubtful accounts, cost of revenue, inventories, loss on purchase commitments, product warranty, share-based compensation costs, provision for income taxes, deferred income tax asset valuation allowances, uncertain tax positions, tax contingencies, goodwill, intangible assets, investments, contingent consideration liability, and loss contingencies. We base our estimates on historical experience, applicable laws and regulations, and various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. | |
Recently Issued Accounting Pronouncements | |
There are no new accounting pronouncements that are expected to have a material impact on our condensed consolidated financial statements. |
Revenue_Recognition
Revenue Recognition | 9 Months Ended |
Mar. 31, 2014 | |
Text Block [Abstract] | ' |
Revenue Recognition | ' |
2. Revenue Recognition | |
We recognize revenue from product sales when there is persuasive evidence that an arrangement exists, delivery has occurred and title has transferred, the price is fixed or determinable, and collection is reasonably assured, which is generally upon shipment of the product. We accrue for estimated sales returns, incentives, and other allowances at the time we recognize revenue. Our products contain embedded firmware and software that allow for further differentiation and customer integration, which together with our ASIC chip, deliver the essential functionality of our products and, as such, software revenue recognition guidance is not applicable. |
Net_IncomeLoss_Per_Share
Net Income/(Loss) Per Share | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Income/(Loss) Per Share | ' | ||||||||||||||||
3. Net Income/(Loss) Per Share | |||||||||||||||||
The computation of basic and diluted net income/(loss) per share was as follows (in thousands, except per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income/(loss) | $ | (40,056 | ) | $ | 36,446 | $ | 12,217 | $ | 53,613 | ||||||||
Denominator: | |||||||||||||||||
Shares, basic | 35,685 | 32,234 | 34,212 | 32,552 | |||||||||||||
Effect of dilutive share-based awards | — | 1,901 | 2,320 | 1,291 | |||||||||||||
Shares, diluted | 35,685 | 34,135 | 36,532 | 33,843 | |||||||||||||
Net income/(loss) per share: | |||||||||||||||||
Basic | $ | (1.12 | ) | $ | 1.13 | $ | 0.36 | $ | 1.65 | ||||||||
Diluted | $ | (1.12 | ) | $ | 1.07 | $ | 0.33 | $ | 1.58 | ||||||||
Our basic net income/(loss) per share amounts for each period presented have been computed using the weighted average number of shares of common stock outstanding. Our diluted net income/(loss) per share amounts for each period presented include the weighted average effect of potentially dilutive shares. We use the “treasury stock” method to determine the dilutive effect of our stock options, deferred stock units, or DSUs, market stock units, or MSUs, and convertible notes. | |||||||||||||||||
Dilutive net income/(loss) per share amounts do not include the weighted average effect of 2,481,307 share-based compensation awards and convertible notes outstanding, and shares issuable for settlement of contingent consideration determined to be payable during the three months ended March 31, 2014, 1,055,896 share-based awards that were outstanding during the three months ended March 31, 2013, and 356,878 and 3,025,632 share-based awards that were outstanding during the nine months ended March 31, 2014 and 2013, respectively. These share-based awards were not included in the computation of diluted net income/(loss) per share because their effect would have been antidilutive. |
Fair_Value
Fair Value | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value | ' | ||||||||||||||||
4. Fair Value | |||||||||||||||||
Financial assets and liabilities, measured at fair value on a recurring basis by level within the fair value hierarchy, consisted of the following (in thousands): | |||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Level 1 | Level 3 | Level 1 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Money market | $ | 380,977 | $ | — | $ | 350,521 | $ | — | |||||||||
Auction rate securities | — | 18,566 | — | 16,969 | |||||||||||||
Total available-for-sale securities | $ | 380,977 | $ | 18,566 | $ | 350,521 | $ | 16,969 | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration liability recorded for business combination | $ | — | $ | 102,444 | $ | — | $ | 8,247 | |||||||||
In our condensed consolidated balance sheets as of March 31, 2014 and June 30, 2013, money market balances were included in cash and cash equivalents and auction rate securities, or ARS investments, were included in non-current investments. The contingent consideration liability recorded for business combinations was included in other liabilities of which $60.8 million and $8.1 million was included in the non-current portion of other liabilities as of March 31, 2014 and June 30, 2013, respectively, and $41.6 million and $196,000 was included in other current liabilities as of March 31, 2014 and June 30, 2013, respectively. | |||||||||||||||||
Changes in fair value of our Level 3 financial assets as of March 31, 2014 were as follows (in thousands): | |||||||||||||||||
Balance as of June 30, 2013 | $ | 16,969 | |||||||||||||||
Net unrealized gain | 1,597 | ||||||||||||||||
Balance as of March 31, 2014 | $ | 18,566 | |||||||||||||||
Changes in fair value of our Level 3 contingent consideration liability as of March 31, 2014 were as follows (in thousands): | |||||||||||||||||
Balance as of June 30, 2013 | $ | 8,247 | |||||||||||||||
Contingent consideration liability incurred | 37,499 | ||||||||||||||||
Accretion and remeasurement | 56,731 | ||||||||||||||||
Issuance of common stock in settlement of liability | (33 | ) | |||||||||||||||
Balance as of March 31, 2014 | $ | 102,444 | |||||||||||||||
In connection with the acquisition of Validity Sensors, Inc., or Validity (see Note 15), we entered into a contingent consideration arrangement and may owe up to $162.5 million of additional consideration to the former Validity stockholders and option holders based on sales of products utilizing Validity technology through March 2016. | |||||||||||||||||
In connection with the acquisition of Pacinian we entered into a contingent consideration arrangement, and subsequently paid $5.0 million of additional consideration to the former Pacinian stockholders upon customer acceptance of a ThinTouch product. As of March 31, 2014, we may owe up to $10.0 million of additional consideration to the former Pacinian stockholders based on sales of products utilizing ThinTouch technology through June 2016. | |||||||||||||||||
There were no transfers in or out of our Level 1 or 3 assets or liabilities during the three and nine months ended March 31, 2014 and 2013. | |||||||||||||||||
The fair values of our accounts receivable and accounts payable approximate their carrying values because of the short-term nature of those instruments. Intangible assets, property and equipment, and goodwill are measured at fair value on a non-recurring basis if impairment is indicated. |
Auction_Rate_Securities
Auction Rate Securities | 9 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
Auction Rate Securities | ' | ||||||||||||||||||||
5. Auction Rate Securities | |||||||||||||||||||||
Our ARS investments have failed to settle in auctions and are not liquid. In the event we need to access these funds prior to their maturity, we will not be able to do so without a loss of principal, unless redeemed by the issuers or a future auction on these investments is successful. During the three and nine months ended March 31, 2014, none of our ARS investments were redeemed. | |||||||||||||||||||||
As there are currently no active markets for our various failed ARS investments, we have estimated the fair value as of March 31, 2014 using a trinomial discounted cash flow analysis. The analysis considered, among others, the following factors: | |||||||||||||||||||||
• | the collateral underlying the security investments; | ||||||||||||||||||||
• | the creditworthiness of the counterparty; | ||||||||||||||||||||
• | the timing of expected future cash flows; | ||||||||||||||||||||
• | the probability of a successful auction in a future period; | ||||||||||||||||||||
• | the underlying structure of each investment; | ||||||||||||||||||||
• | the present value of future principal and interest payments discounted at rates considered to reflect current market conditions; | ||||||||||||||||||||
• | a consideration of the probabilities of default, passing a future auction, or redemption at par for each period; and | ||||||||||||||||||||
• | estimates of the recovery rates in the event of default for each investment. | ||||||||||||||||||||
When possible, our ARS investments were compared to other observable market data or securities with similar characteristics. Our estimate of the fair value of our ARS investments could change materially from period to period based on future market conditions. | |||||||||||||||||||||
Our ARS investments include $13.4 million fair value maturing from calendar years 2015 to 2017, $3.2 million fair value maturing from calendar years 2043 to 2045, and $2.0 million fair value with no maturity date. Of our ARS investments, $5.5 million par value are investment grade, and the remaining $18.5 million par value are below investment grade. | |||||||||||||||||||||
The various types of ARS investments we held as of March 31, 2014, including the original cost basis, other-than-temporary impairment included in retained earnings, new cost basis, unrealized gain/(loss), and fair value, consisted of the following (in thousands): | |||||||||||||||||||||
Other-than- | |||||||||||||||||||||
temporary | |||||||||||||||||||||
Original Cost | Impairment in | New Cost | Unrealized | Fair | |||||||||||||||||
Basis | Retained Earnings | Basis | Gain/(Loss) | Value | |||||||||||||||||
Student loans | $ | 3,500 | $ | (179 | ) | $ | 3,321 | $ | (144 | ) | $ | 3,177 | |||||||||
Credit linked notes | 13,500 | (7,820 | )(1) | 5,680 | 5,768 | 11,448 | |||||||||||||||
Preferred stock | 5,000 | (5,000 | ) | — | 2,000 | 2,000 | |||||||||||||||
Municipals | 2,000 | (83 | ) | 1,917 | 24 | 1,941 | |||||||||||||||
Total ARS | $ | 24,000 | $ | (13,082 | ) | $ | 10,918 | $ | 7,648 | $ | 18,566 | ||||||||||
-1 | Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $945,000 on non-current investments. Accretion is reclassified from accumulated other comprehensive income and recorded in the condensed consolidated statements of income as non-cash interest income. | ||||||||||||||||||||
The various types of ARS investments we held as of June 30, 2013, including the original cost basis, other-than-temporary impairment included in retained earnings, new cost basis, unrealized gain/(loss), and fair value, consisted of the following (in thousands): | |||||||||||||||||||||
Other-than- | |||||||||||||||||||||
temporary | |||||||||||||||||||||
Original Cost | Impairment in | New Cost | Unrealized | Fair | |||||||||||||||||
Basis | Retained Earnings | Basis | Gain/(Loss) | Value | |||||||||||||||||
Student loans | $ | 3,500 | $ | (179 | ) | $ | 3,321 | $ | (168 | ) | $ | 3,153 | |||||||||
Credit linked notes | 13,500 | (8,571 | )(1) | 4,929 | 4,980 | 9,909 | |||||||||||||||
Preferred stock | 5,000 | (5,000 | ) | — | 2,000 | 2,000 | |||||||||||||||
Municipals | 2,000 | (83 | ) | 1,917 | (10 | ) | 1,907 | ||||||||||||||
Total ARS | $ | 24,000 | $ | (13,833 | ) | $ | 10,167 | $ | 6,802 | $ | 16,969 | ||||||||||
-1 | Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $194,000 on non-current investments. Accretion is reclassified from accumulated other comprehensive income and recorded in the condensed consolidated statements of income as non-cash interest income. | ||||||||||||||||||||
The ARS investments in each of the above tables with unrealized losses have been in a continuous unrealized loss position for more than 12 months. | |||||||||||||||||||||
We have accounted for all of our ARS investments as non-current as we are not able to reasonably determine when the ARS markets will recover or be restructured. Based on our ability to access our cash and cash equivalents, our expected operating cash flows, and our other sources of cash, we do not intend to sell the investments, and it is not more likely than not that we will be required to sell the investments before the recovery of the amortized cost basis. |
Inventories
Inventories | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
6. Inventories | |||||||||
Inventories are stated at the lower of cost (first-in, first-out method) or market (estimated net realizable value) and consisted of the following (in thousands): | |||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 54,273 | $ | 38,181 | |||||
Finished goods | 15,915 | 11,767 | |||||||
$ | 70,188 | $ | 49,948 | ||||||
Property_and_Equipment
Property and Equipment | 9 Months Ended |
Mar. 31, 2014 | |
Property Plant And Equipment [Abstract] | ' |
Property and Equipment | ' |
7. Property and Equipment | |
During the third quarter of fiscal 2014, we purchased a 5.35 acre site, with two single story buildings totaling approximately 80,000 square feet, located adjacent to our San Jose headquarters for approximately $10.1 million in cash. We allocated $5.4 million of the cost to land and the remaining $4.7 million to buildings. We plan to retrofit one of the two buildings, or approximately 51,000 square feet, to support expansion of our San Jose-based employee population. The second building is leased to a tenant through March 2016, with an option for the tenant to renew the lease for an additional five years. |
Other_Accrued_Liabilities
Other Accrued Liabilities | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Other Accrued Liabilities | ' | ||||||||
8. Other Accrued Liabilities | |||||||||
Other accrued liabilities consisted of the following (in thousands): | |||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Customer obligations | $ | 28,625 | $ | 16,291 | |||||
Contingent consideration | 41,620 | 196 | |||||||
Inventory obligations | 3,854 | 6,333 | |||||||
Warranty | 1,459 | 1,696 | |||||||
Other | 10,848 | 6,921 | |||||||
$ | 86,406 | $ | 31,437 | ||||||
Product_Warranties_Indemnifica
Product Warranties, Indemnifications, and Contingencies | 9 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Product Warranties, Indemnifications, and Contingencies | ' |
9. Product Warranties, Indemnifications, and Contingencies | |
Product Warranties | |
We generally warrant our products for a period of 12 months from the date of sale and estimate probable product warranty costs at the time we recognize revenue. Factors that affect our warranty liability include historical and anticipated rates of warranty claims, materials usage, rework, and delivery costs. However, we assess the adequacy of our warranty obligations each reporting period and adjust the accrued warranty liability on the basis of our estimates. | |
Indemnifications | |
In connection with certain agreements, we are obligated to indemnify the counter-party against third-party claims alleging infringement of certain intellectual property rights by us. We have also entered into indemnification agreements with our officers and directors. Maximum potential future payments cannot be estimated because these agreements do not have a maximum stated liability. However, historical costs related to these indemnification provisions have not been significant. We have not recorded any liability in our consolidated financial statements for such indemnification obligations. | |
Contingencies | |
We have in the past and may in the future receive notices from third parties that claim our products infringe their intellectual property rights. We cannot be certain that our technologies and products do not or will not infringe issued patents or other proprietary rights of third parties. | |
Any infringement claims, with or without merit, could result in significant litigation costs and diversion of management and financial resources, including the payment of damages, which could have a material adverse effect on our business, financial condition, and results of operations. |
Notes_Payable_Conversion
Notes Payable Conversion | 9 Months Ended |
Mar. 31, 2014 | |
Debt Disclosure [Abstract] | ' |
Notes Payable Conversion | ' |
10. Notes Payable Conversion | |
During the third quarter of fiscal 2014, we announced that our 0.75% convertible senior subordinated notes due 2024, or Notes, were convertible during the quarter as a result of our common stock price exceeding the conversion trigger for 20 of the last 30 consecutive trading days ending on the last trading day of the calendar quarter ended December 31, 2013. As we previously made a principal conversion settlement election to settle the principal in cash, the principal amount of Notes tendered for conversion will be settled in cash following the cash settlement averaging period as defined in the Indenture and we elected to settle the excess conversion value in shares. During the third quarter, we also issued a Notice of Redemption setting April 2, 2014 as the redemption date upon which we would redeem 100% of the principal amount, plus accrued and unpaid interest, of any remaining outstanding Notes. Noteholders had the right to convert any of their Notes that we had called for redemption at any time prior to 5:00 p.m., Eastern Standard Time, on March 31, 2014. As of March 31, 2014, the entire $2.3 million principal amount of outstanding notes had been properly tendered for conversion and all but $46,000 principal amount of the Notes were settled in the March quarter. In April and May 2014, following the cash settlement averaging periods, we will settle the remaining $46,000 principal amount of the Notes. |
ShareBased_Compensation
Share-Based Compensation | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
11. Share-Based Compensation | |||||||||||||||||
Share-based compensation and the related tax benefit recognized in our condensed consolidated statements of income were as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenue | $ | 328 | $ | 249 | $ | 844 | $ | 690 | |||||||||
Research and development | 4,951 | 3,993 | 13,119 | 11,783 | |||||||||||||
Selling, general, and administrative | 3,496 | 3,991 | 9,476 | 12,233 | |||||||||||||
Total | $ | 8,775 | $ | 8,233 | $ | 23,439 | $ | 24,706 | |||||||||
Income tax benefit on share-based compensation | $ | 2,593 | $ | 2,279 | $ | 7,399 | $ | 6,676 | |||||||||
Historically, we have issued new shares in connection with our share-based compensation plans, however, treasury shares were also available for issuance as of March 31, 2014, including shares repurchased under our common stock repurchase program. | |||||||||||||||||
Stock Options | |||||||||||||||||
Stock option activity, including stock options granted, exercised, and forfeited, and weighted average exercise prices for options outstanding and exercisable, and the aggregate intrinsic value were as follows: | |||||||||||||||||
Stock | Weighted | Aggregate | |||||||||||||||
Option | Average | Intrinsic | |||||||||||||||
Awards | Exercise | Value | |||||||||||||||
Outstanding | Price | (in thousands) | |||||||||||||||
Balance at June 30, 2013 | 6,030,287 | $ | 26.15 | ||||||||||||||
Granted | 395,022 | 48.2 | |||||||||||||||
Exercised | (2,277,830 | ) | 25.88 | ||||||||||||||
Forfeited | (126,418 | ) | 29.7 | ||||||||||||||
Balance at March 31, 2014 | 4,021,061 | 28.36 | $ | 120,197 | |||||||||||||
Exercisable at March 31, 2014 | 2,893,995 | $ | 25.58 | $ | 94,416 | ||||||||||||
The aggregate intrinsic value was determined using the closing price of our common stock on March 28, 2014 of $58.20 and excludes the impact of stock options that were not in-the-money. | |||||||||||||||||
Deferred Stock Units | |||||||||||||||||
DSU activity, including DSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of DSUs was as follows: | |||||||||||||||||
Aggregate | |||||||||||||||||
Intrinsic | |||||||||||||||||
DSU Awards | Value | ||||||||||||||||
Outstanding | (in thousands) | ||||||||||||||||
Balance at June 30, 2013 | 1,005,435 | ||||||||||||||||
Granted | 535,860 | ||||||||||||||||
Delivered | (381,783 | ) | |||||||||||||||
Forfeited | (71,142 | ) | |||||||||||||||
Balance at March 31, 2014 | 1,088,370 | $ | 63,343 | ||||||||||||||
The aggregate intrinsic value was determined using the closing price of our common stock on March 28, 2014 of $58.20. | |||||||||||||||||
Of the shares delivered, 118,025 shares valued at $5.7 million were withheld to meet statutory minimum tax withholding requirements. | |||||||||||||||||
Market Stock Units | |||||||||||||||||
Our Amended and Restated 2010 Incentive Compensation Plan provides for the grant of MSU awards, which are a type of DSU award, to our employees, consultants, and directors. An MSU is a promise to deliver shares of our common stock at a future date based on the achievement of market-based performance requirements in accordance with the terms of the MSU grant agreement. We began granting MSUs in November 2012. | |||||||||||||||||
We have granted MSUs to our executive officers, which were designed to vest in three tranches with the target quantity for each tranche equal to one-third of the total MSU grant. The first tranche vests based on a one-year performance period; the second tranche vests based on a two-year performance period; and the third tranche vests based on a three-year performance period. Performance is measured based on the achievement of a specified level of total stockholder return, or TSR, relative to the TSR of the Philadelphia Semiconductor Index, or SOX Index. The potential payout ranges from 0% to 200% of the grant target quantity and is adjusted on a two-to-one ratio based on our TSR performance relative to the SOX Index TSR performance using the following formula: | |||||||||||||||||
(100% + ([Synaptics TSR - SOX Index TSR] x 2)) | |||||||||||||||||
Delivery of shares earned, if any, will take place on the dates provided in the applicable MSU grant agreement, assuming the grantee is still an employee, consultant, or director of our company at the end of the applicable performance period. On the delivery date, we withhold shares to cover statutory minimum tax withholding by delivering a net quantity of shares. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the MSU award. | |||||||||||||||||
During the nine months ended March 31, 2014, MSU activity, including MSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of MSUs as of March 31, 2014 was as follows: | |||||||||||||||||
Aggregate | |||||||||||||||||
Intrinsic | |||||||||||||||||
MSU Awards | Value | ||||||||||||||||
Outstanding | (in thousands) | ||||||||||||||||
Balance at June 30, 2013 | 67,400 | ||||||||||||||||
Granted | 80,730 | ||||||||||||||||
Performance adjustment | 10,782 | ||||||||||||||||
Delivered | (33,249 | ) | |||||||||||||||
Forfeited | (5,333 | ) | |||||||||||||||
Balance at March 31, 2014 | 120,330 | $ | 7,003 | ||||||||||||||
As a result of the Synaptics TSR exceeding the SOX Index TSR by 24 percentage points, we delivered 148% of the targeted shares underlying the November 2012 MSU grants, or 10,782 additional shares. Of the shares delivered, 15,148 shares valued at $670,000 were withheld to meet statutory minimum tax withholding requirements. | |||||||||||||||||
We valued the MSUs using the Monte Carlo simulation model and amortize the compensation expense over the three-year performance and service period on a straight-line basis. The grant date fair value for MSUs granted during the nine months ended March 31, 2014 was $60.62 per MSU. The unrecognized share-based compensation cost of our outstanding MSUs was approximately $5.1 million as of March 31, 2014, which will be recognized over a weighted average period of approximately 1.4 years. The aggregate intrinsic value was determined using the closing price of our common stock on March 28, 2014 of $58.20. |
Income_Taxes
Income Taxes | 9 Months Ended |
Mar. 31, 2014 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
12. Income Taxes | |
We account for income taxes under the asset and liability method. We consider the operating earnings of our foreign subsidiaries to be indefinitely invested outside the United States. Accordingly, no provision has been made for the federal, state, or foreign taxes that may result from future remittances of undistributed earnings of our foreign subsidiaries. | |
The provision/(benefit) for income taxes of $4.4 million and ($12.6) million for the three months ended March 31, 2014 and 2013, respectively, represented estimated federal, foreign, and state income taxes. The provision/(benefit) for income taxes recorded in interim periods is recorded by applying the estimated annual effective tax rate to year-to-date income/(loss) before income taxes, excluding the effects of significant unusual or infrequently occurring discrete items and the change in contingent consideration liability related to the Validity acquisition which is not yet reliably estimable. The tax effects of discrete items and the change in the Validity contingent consideration liability are recorded in the same period that the related item is reported and resulted in the difference between the actual effective tax rate for the three months ended March 31, 2014 and March 31, 2013, and the estimated annual effective tax rates for those periods of 29.3% and 25.2%, respectively. The Company’s annual effective tax rate diverged from the combined U.S. federal and state statutory rate primarily because of foreign income taxed at lower tax rates and the federal research credit, partially offset by foreign withholding taxes, nondeductible amortization, contingent consideration, and net unrecognized tax benefits associated with qualified stock options. Discrete items recognized in the three months ended March 31, 2014 included additional research and development credits net of an increase in unrecognized tax benefits related to uncertain tax positions related to prior fiscal years and tax benefits realized from stock-based compensation. Discrete items recognized in the three months ended March 31, 2013 included additional research and development credits resulting from the retroactive restatement of the federal research and development credit, a decrease in unrecognized tax benefits related to uncertain tax positions, which included the remeasurement of a prior year tax position, and tax benefits realized from stock-based compensation. | |
The provision/(benefit) for income taxes of $22.3 million and ($6.1) million for the nine months ended March 31, 2014 and 2013, respectively, represented estimated federal, foreign, and state income taxes. The provision/(benefit) for income taxes recorded in interim periods is recorded by applying the estimated annual effective tax rate to year-to-date income/(loss) before income taxes, excluding the effects of significant unusual or infrequently occurring discrete items and the change in contingent consideration liability related to the Validity acquisition which is not yet reliably estimable. The tax effects of discrete items and the change in the Validity contingent consideration liability are recorded in the same period that the related item is reported and resulted in the difference between the actual effective tax rate for the nine months ended March 31, 2014 and March 31, 2013, and the estimated annual effective tax rates for those periods of 29.3% and 25.2%, respectively. The Company’s annual effective tax rate diverged from the combined U.S. federal and state statutory rate primarily because of foreign income taxed at lower tax rates and the federal research credit, partially offset by foreign withholding taxes, nondeductible amortization, contingent consideration, and net unrecognized tax benefits associated with qualified stock options. Discrete items recognized in the nine months ended March 31, 2014 included additional research and development credits net of an increase in unrecognized tax benefits related to uncertain tax positions related to prior fiscal years and tax benefits realized from stock-based compensation. Discrete items recognized in the nine months ended March 31, 2013 included additional research and development credits resulting from the retroactive restatement of the federal research and development credit and a decrease in unrecognized tax benefits related to uncertain tax positions, which included the remeasurement of a prior year tax position and the recognition of a prior year tax position due to an expired statute, and tax benefits realized from stock-based compensation. | |
Unrecognized Tax Benefits | |
The total liability for gross unrecognized tax benefits increased $2.2 million during the nine months ended March 31, 2014 to $10.4 million from $8.2 million at June 30, 2013 and was included in other liabilities on our condensed consolidated balance sheets. If recognized, this total amount would affect the effective tax rate on income from continuing operations. The balance of interest and penalties accrued related to unrecognized tax benefits as of March 31, 2014 was $1.0 million and increased by $101,000 from June 30, 2013. We classify interest and penalties as components of income tax expense. | |
In May 2011, we were notified by the Internal Revenue Service, or the Service, that our fiscal 2003 through 2006 and fiscal 2008 through 2010 would be subject to examination. The early periods were being audited in connection with a mandatory review of tax refunds in excess of $2.0 million which resulted when we carried back our fiscal 2008 net operating loss. In March 2013, we received the Revenue Agent’s Report resolving our examination with the Service and paid an assessment that had no material impact on our condensed consolidated financial statements. Our case is pending review by the Joint Committee on Taxation, which we anticipate will conclude in our fiscal 2015. Any prospective adjustments to our unrecognized tax benefits will be recorded as an increase or decrease to income tax expense and cause a corresponding change to our effective tax rate. Accordingly, our effective tax rate could fluctuate materially from period to period. | |
On January 2, 2013, President Barack Obama signed into law The American Taxpayer Relief Act of 2013, or the Act. The Act extended the Federal research credit for two years retroactively from January 1, 2012 through December 31, 2013. As such, we will only recognize six months of tax benefit from the research tax credit in our current fiscal year. | |
Our major tax jurisdictions are the United States, California, and Hong Kong SAR, and fiscal 2003 onward remain subject to examination by one or more of these jurisdictions. |
Segment_Customers_and_Geograph
Segment, Customers, and Geographic Information | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment, Customers, and Geographic Information | ' | ||||||||||||||||
13. Segment, Customers, and Geographic Information | |||||||||||||||||
We operate in one segment: the development, marketing, and sale of interactive user interface solutions for electronic devices and products. We generate our revenue from two broad product categories: the mobile product market and the personal computing, or PC, market. The mobile product market accounted for 74% and 64% of net revenue for the three months ended March 31, 2014 and 2013, respectively, and 71% and 58% of net revenue for the nine months ended March 31, 2014 and 2013, respectively. | |||||||||||||||||
Net revenue within geographic areas based on our customers’ locations for the periods presented was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
China | $ | 90,038 | $ | 96,897 | $ | 307,974 | $ | 277,192 | |||||||||
South Korea | 46,632 | 18,900 | 164,458 | 31,762 | |||||||||||||
Taiwan | 25,711 | 21,611 | 92,080 | 58,192 | |||||||||||||
Japan | 11,346 | 17,135 | 33,812 | 44,822 | |||||||||||||
United States | 29,002 | 8,511 | 33,161 | 19,662 | |||||||||||||
Other | 1,542 | 270 | 1,156 | 1,775 | |||||||||||||
$ | 204,271 | $ | 163,324 | $ | 632,641 | $ | 433,405 | ||||||||||
Net revenue from external customers for each group of similar products was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Mobile product applications | $ | 150,746 | $ | 104,673 | $ | 447,014 | $ | 250,878 | |||||||||
PC product applications | 53,525 | 58,651 | 185,627 | 182,527 | |||||||||||||
$ | 204,271 | $ | 163,324 | $ | 632,641 | $ | 433,405 | ||||||||||
Net revenue from major customers as a percentage of total net revenue for the periods presented was as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Customer A | 32 | % | 12 | % | 24 | % | * | ||||||||||
* | Less than 10% | ||||||||||||||||
We sell our products to original equipment manufacturers, or OEMs, and to contract manufacturers that provide manufacturing services to OEMs. We extend credit based on an evaluation of a customer’s financial condition, and we generally do not require collateral. Major customer accounts receivable as a percentage of total accounts receivable at the dates presented were as follows: | |||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Customer A | 35 | % | 27 | % | |||||||||||||
Customer B | 13 | % | * | ||||||||||||||
* | Less than 10% |
Comprehensive_IncomeLoss
Comprehensive Income/(Loss) | 9 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Comprehensive Income/(Loss) | ' |
14. Comprehensive Income/(Loss) | |
Our comprehensive income/(loss) generally consists of net income/(loss) plus the effect of unrealized gains and losses on our investments, primarily due to temporary changes in market value of certain of our ARS investments. In addition, we recognize the noncredit portion of other-than-temporary impairment on debt securities in other comprehensive income. We recognize foreign currency remeasurement adjustments and transaction gains and losses in our condensed consolidated statements of income as the U.S. dollar is the functional currency of our foreign entities. |
Acquisition_of_Validity
Acquisition of Validity | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Acquisition of Validity | ' | ||||||||||||
15. Acquisition of Validity | |||||||||||||
On November 7, 2013, or the Acquisition Date, we acquired 100% of the outstanding common and preferred shares and voting interest of Validity. This acquisition has been accounted for as a business combination. The results of Validity’s operations have been included in our consolidated financial statements since the Acquisition Date. Validity was a privately held company, which was a leading provider of capacitive-based biometric fingerprint authentication solutions for notebook applications. Validity had begun to target its biometric fingerprint authentication solutions for smartphone and tablet applications and had one revenue-generating design win with one customer as of the Acquisition Date. We believe this acquisition brings together substantial synergies through the combination of the Validity technologies and workforce and our financial stability, scale, infrastructure, customer relationships, and technology delivery performance record. With this acquisition, we expect to gain access to the fast-growing biometrics market, significantly expanding our market opportunity and underscoring our commitment to making smart devices easier to use. | |||||||||||||
The Acquisition Date fair value of the consideration transferred totaled $127.8 million, which consisted of the following (in thousands): | |||||||||||||
Cash | $ | 19,985 | |||||||||||
Shares issued | 70,280 | ||||||||||||
Contingent consideration | 37,499 | ||||||||||||
$ | 127,764 | ||||||||||||
In connection with the acquisition, we issued 1,577,559 shares of our common stock to the former Validity stockholders valued at $70.3 million based on the Acquisition Date closing price of our common stock of $44.55. The contingent consideration arrangement requires us to make earn-out consideration payments of up to $162.5 million, based primarily on sales, calculated quarterly, ending on March 31, 2016, of certain products embodying Validity fingerprint sensor technology. The earn-out consideration will be payable in cash, except for the initial $16.3 million of contingent consideration, which will be satisfied by delivery of 338,427 shares of our common stock, based on the transaction reference price of $48.278. Under certain conditions, we may be required to deliver additional shares to ensure that at least 40% of the value of consideration transferred to the former Validity stockholders is paid in shares of our common stock. | |||||||||||||
The estimated fair value of the contingent consideration arrangement as of the Acquisition Date was $37.5 million. We estimated the fair value of the contingent consideration using a probability-weighted discounted cash flow model. These fair value measurements were based on significant inputs not observable in the market and thus represent a Level 3 measurement. The key assumptions in applying the probability-weighted discounted cash flow model was a 23% discount rate under three unequally weighted cash flow scenarios reviewed by senior management and our board to assess the transaction. The contingent consideration is remeasured to fair value each reporting period and adjustments are recorded through earnings. As of March 31, 2014, the estimated fair value of the contingent consideration was $96.5 million. The increase in the estimated fair value of the contingent consideration during the third quarter of fiscal 2014 was primarily due to the increase in the forecasted revenue for the product embodying Validity fingerprint sensor technology. | |||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the Acquisition Date (in thousands): | |||||||||||||
Cash | $ | 365 | |||||||||||
Accounts receivable | 3,840 | ||||||||||||
Inventory | 2,154 | ||||||||||||
Prepaid expenses and other | 984 | ||||||||||||
Property and equipment | 326 | ||||||||||||
Deferred tax assets | 12,242 | ||||||||||||
Acquired intangible assets | 76,400 | ||||||||||||
Other assets | 1,283 | ||||||||||||
Total identifiable assets acquired | 97,594 | ||||||||||||
Accounts payable | 2,141 | ||||||||||||
Accrued liabilities | 1,497 | ||||||||||||
Non-current deferred tax liabilities | 5,327 | ||||||||||||
Non-current taxes payable | 700 | ||||||||||||
Other non-current accrued liabilities | 500 | ||||||||||||
Net identifiable assets acquired | 87,429 | ||||||||||||
Goodwill | 40,335 | ||||||||||||
Net assets acquired | $ | 127,764 | |||||||||||
Of the $76.4 million of acquired intangible assets, $57.0 million was assigned to in-process research and development and will be amortized over an estimated useful life to be determined at the date the underlying projects are determined to be substantively complete, $18.6 million was assigned to developed technology and is amortizing over an estimated useful life of 2-3 years, and $750,000 was assigned to backlog and was amortized during the quarter ended December 31, 2013. In-process research and development refers to the next generation fingerprint authentication technology designed for the mobile product and PC markets. Developed technology refers to the established fingerprint authentication technology initially designed for and sold into the PC market and adapted for the mobile product market. We anticipate that all in-process research and development projects will be substantially completed within the next three to six months. The value of goodwill reflects the anticipated synergies of the combined operations and workforce of Validity as of the Acquisition Date. | |||||||||||||
As of March 31, 2014, our purchase price allocation was preliminary and has not been finalized. Additional information, which existed as of the Acquisition Date but is yet unknown to us, may become known to us during the remainder of the measurement period, which will not exceed 12 months from the Acquisition Date. Changes to amounts recorded as assets or liabilities will be recorded as retrospective adjustments to the provisional amounts recognized as of the Acquisition Date and may result in a corresponding adjustment to goodwill. | |||||||||||||
In connection with the acquisition, we recognized $1.2 million of indemnification assets, consisting of $700,000 for income tax and $500,000 for service tax. These amounts represent estimated tax settlements plus interest and penalties. Under the merger agreement, we are indemnified for any additional tax liability incurred (as well as other reasonable expenses) before the acquisition. | |||||||||||||
The Validity fingerprint authentication products are an extension of our existing interactive user interface solution products and are marketed to our existing customer base. We report revenue from these products on a combined basis with our other products based on device type. We continue to operate in one segment and therefore the goodwill applies to a company-wide reporting unit. None of the goodwill is expected to be deductible for income tax purposes. | |||||||||||||
We recognized approximately $2.0 million of legal and consulting costs that were expensed in fiscal 2014. These costs are included in our consolidated statements of income as selling, general, and administrative expenses. | |||||||||||||
Prior to the acquisition, we did not have an existing relationship with Validity. | |||||||||||||
The condensed consolidated financial statements include $35.7 million of revenue from Validity fingerprint authentication products from the Acquisition Date through March 31, 2014. | |||||||||||||
The following unaudited pro forma financial information presents the combined results of operations for us and Validity as if the acquisition had occurred on July 1, 2012. The unaudited pro forma financial information has been prepared for comparative purposes only and does not purport to be indicative of the actual operating results that would have been recorded had the acquisition actually taken place on July 1, 2012, and should not be taken as indicative of future consolidated operating results. Additionally, the unaudited pro forma financial results do not include any anticipated synergies or other expected benefits from the acquisition. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
March 31, | March 31, | ||||||||||||
2013 | 2014 | 2013 | |||||||||||
(in thousands, except per share data) | |||||||||||||
Revenue | $ | 167,375 | $ | 640,524 | $ | 444,299 | |||||||
Net income | 29,894 | 7,200 | 34,327 | ||||||||||
Net income per share—diluted | 0.84 | 0.19 | 0.97 | ||||||||||
Pro forma adjustments used to arrive at pro forma net income for the three and nine months ended March 31, 2014 and March 31, 2013, were as follows (in thousands): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
March 31, | March 31, | ||||||||||||
2013 | 2014 | 2013 | |||||||||||
Buyer transaction costs | $ | — | $ | 2,000 | $ | — | |||||||
Seller transaction costs | — | 517 | — | ||||||||||
Inventory adjustment | — | 575 | — | ||||||||||
Share-based compensation | 87 | 280 | 262 | ||||||||||
Intangible amortization | (2,060 | ) | (2,685 | ) | (6,931 | ) | |||||||
Deferred compensation | (19 | ) | 66 | (56 | ) | ||||||||
Total | $ | (1,992 | ) | $ | 753 | $ | (6,725 | ) | |||||
Acquired_Intangibles
Acquired Intangibles | 9 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Acquired Intangibles | ' | ||||||||||
16. Acquired Intangibles | |||||||||||
The following table summarizes the life, the gross carrying value of our acquired intangible assets, and the related accumulated amortization as of March 31, 2014 and June 30, 2013 (in thousands): | |||||||||||
March 31, | June 30, | ||||||||||
Life | 2014 | 2013 | |||||||||
In-process research and development | To Be Determined | $ | 57,000 | $ | 8,900 | ||||||
Fingerprint developed technology | 2-3 years | 18,650 | — | ||||||||
Thintouch developed technology | 7 years | 8,900 | — | ||||||||
Customer relationships | 5 years | 3,800 | 3,800 | ||||||||
Licensed technology and other | 5 years | 1,335 | 1,335 | ||||||||
Backlog | Less than 1 year | 750 | — | ||||||||
Patents | 5 years | 100 | 100 | ||||||||
90,535 | 14,135 | ||||||||||
Accumulated amortization | (5,784 | ) | (1,025 | ) | |||||||
Acquired intangibles, net | $ | 84,751 | $ | 13,110 | |||||||
The total amortization expense for the acquired intangible assets was $2.6 million and $262,000 for the three months ended March 31, 2014 and 2013, respectively, and $4.8 million and $763,000 for the nine months ended March 31, 2014 and 2013, respectively. This amortization expense was included in our condensed consolidated statements of income in cost of revenue and acquired intangibles amortization. | |||||||||||
The following table presents expected annual aggregate amortization expense as of March 31, 2014 (in thousands): | |||||||||||
Remainder of 2014 | $ | 2,640 | |||||||||
2015 | 10,560 | ||||||||||
2016 | 7,016 | ||||||||||
2017 | 3,221 | ||||||||||
2018 | 1,293 | ||||||||||
Thereafter | 3,021 | ||||||||||
To be determined | 57,000 | ||||||||||
Future amortization | $ | 84,751 | |||||||||
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The preparation of consolidated financial statements in conformity with U.S. GAAP requires us to make estimates and judgments that affect the reported amounts of assets, liabilities, revenue, expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, we evaluate our estimates, including those related to revenue recognition, allowance for doubtful accounts, cost of revenue, inventories, loss on purchase commitments, product warranty, share-based compensation costs, provision for income taxes, deferred income tax asset valuation allowances, uncertain tax positions, tax contingencies, goodwill, intangible assets, investments, contingent consideration liability, and loss contingencies. We base our estimates on historical experience, applicable laws and regulations, and various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
There are no new accounting pronouncements that are expected to have a material impact on our condensed consolidated financial statements. |
Net_IncomeLoss_Per_Share_Table
Net Income/(Loss) Per Share (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Computation of Basic and Diluted Net Income/(Loss) Per Share | ' | ||||||||||||||||
The computation of basic and diluted net income/(loss) per share was as follows (in thousands, except per share data): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator: | |||||||||||||||||
Net income/(loss) | $ | (40,056 | ) | $ | 36,446 | $ | 12,217 | $ | 53,613 | ||||||||
Denominator: | |||||||||||||||||
Shares, basic | 35,685 | 32,234 | 34,212 | 32,552 | |||||||||||||
Effect of dilutive share-based awards | — | 1,901 | 2,320 | 1,291 | |||||||||||||
Shares, diluted | 35,685 | 34,135 | 36,532 | 33,843 | |||||||||||||
Net income/(loss) per share: | |||||||||||||||||
Basic | $ | (1.12 | ) | $ | 1.13 | $ | 0.36 | $ | 1.65 | ||||||||
Diluted | $ | (1.12 | ) | $ | 1.07 | $ | 0.33 | $ | 1.58 | ||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | ' | ||||||||||||||||
Financial assets and liabilities, measured at fair value on a recurring basis by level within the fair value hierarchy, consisted of the following (in thousands): | |||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Level 1 | Level 3 | Level 1 | Level 3 | ||||||||||||||
Assets: | |||||||||||||||||
Money market | $ | 380,977 | $ | — | $ | 350,521 | $ | — | |||||||||
Auction rate securities | — | 18,566 | — | 16,969 | |||||||||||||
Total available-for-sale securities | $ | 380,977 | $ | 18,566 | $ | 350,521 | $ | 16,969 | |||||||||
Liabilities: | |||||||||||||||||
Contingent consideration liability recorded for business combination | $ | — | $ | 102,444 | $ | — | $ | 8,247 | |||||||||
Changes in Fair Value of Level 3 Financial Assets | ' | ||||||||||||||||
Changes in fair value of our Level 3 financial assets as of March 31, 2014 were as follows (in thousands): | |||||||||||||||||
Balance as of June 30, 2013 | $ | 16,969 | |||||||||||||||
Net unrealized gain | 1,597 | ||||||||||||||||
Balance as of March 31, 2014 | $ | 18,566 | |||||||||||||||
Changes in Fair Value of Level 3 Contingent Consideration Liability | ' | ||||||||||||||||
Changes in fair value of our Level 3 contingent consideration liability as of March 31, 2014 were as follows (in thousands): | |||||||||||||||||
Balance as of June 30, 2013 | $ | 8,247 | |||||||||||||||
Contingent consideration liability incurred | 37,499 | ||||||||||||||||
Accretion and remeasurement | 56,731 | ||||||||||||||||
Issuance of common stock in settlement of liability | (33 | ) | |||||||||||||||
Balance as of March 31, 2014 | $ | 102,444 | |||||||||||||||
Auction_Rate_Securities_Tables
Auction Rate Securities (Tables) | 9 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Text Block [Abstract] | ' | ||||||||||||||||||||
ARS Investments | ' | ||||||||||||||||||||
The various types of ARS investments we held as of March 31, 2014, including the original cost basis, other-than-temporary impairment included in retained earnings, new cost basis, unrealized gain/(loss), and fair value, consisted of the following (in thousands): | |||||||||||||||||||||
Other-than- | |||||||||||||||||||||
temporary | |||||||||||||||||||||
Original Cost | Impairment in | New Cost | Unrealized | Fair | |||||||||||||||||
Basis | Retained Earnings | Basis | Gain/(Loss) | Value | |||||||||||||||||
Student loans | $ | 3,500 | $ | (179 | ) | $ | 3,321 | $ | (144 | ) | $ | 3,177 | |||||||||
Credit linked notes | 13,500 | (7,820 | )(1) | 5,680 | 5,768 | 11,448 | |||||||||||||||
Preferred stock | 5,000 | (5,000 | ) | — | 2,000 | 2,000 | |||||||||||||||
Municipals | 2,000 | (83 | ) | 1,917 | 24 | 1,941 | |||||||||||||||
Total ARS | $ | 24,000 | $ | (13,082 | ) | $ | 10,918 | $ | 7,648 | $ | 18,566 | ||||||||||
-1 | Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $945,000 on non-current investments. Accretion is reclassified from accumulated other comprehensive income and recorded in the condensed consolidated statements of income as non-cash interest income. | ||||||||||||||||||||
The various types of ARS investments we held as of June 30, 2013, including the original cost basis, other-than-temporary impairment included in retained earnings, new cost basis, unrealized gain/(loss), and fair value, consisted of the following (in thousands): | |||||||||||||||||||||
Other-than- | |||||||||||||||||||||
temporary | |||||||||||||||||||||
Original Cost | Impairment in | New Cost | Unrealized | Fair | |||||||||||||||||
Basis | Retained Earnings | Basis | Gain/(Loss) | Value | |||||||||||||||||
Student loans | $ | 3,500 | $ | (179 | ) | $ | 3,321 | $ | (168 | ) | $ | 3,153 | |||||||||
Credit linked notes | 13,500 | (8,571 | )(1) | 4,929 | 4,980 | 9,909 | |||||||||||||||
Preferred stock | 5,000 | (5,000 | ) | — | 2,000 | 2,000 | |||||||||||||||
Municipals | 2,000 | (83 | ) | 1,917 | (10 | ) | 1,907 | ||||||||||||||
Total ARS | $ | 24,000 | $ | (13,833 | ) | $ | 10,167 | $ | 6,802 | $ | 16,969 | ||||||||||
-1 | Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $194,000 on non-current investments. Accretion is reclassified from accumulated other comprehensive income and recorded in the condensed consolidated statements of income as non-cash interest income. |
Inventories_Tables
Inventories (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | ' | ||||||||
Inventories | ' | ||||||||
Inventories are stated at the lower of cost (first-in, first-out method) or market (estimated net realizable value) and consisted of the following (in thousands): | |||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Raw materials | $ | 54,273 | $ | 38,181 | |||||
Finished goods | 15,915 | 11,767 | |||||||
$ | 70,188 | $ | 49,948 | ||||||
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 9 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Other Accrued Liabilities | ' | ||||||||
Other accrued liabilities consisted of the following (in thousands): | |||||||||
March 31, | June 30, | ||||||||
2014 | 2013 | ||||||||
Customer obligations | $ | 28,625 | $ | 16,291 | |||||
Contingent consideration | 41,620 | 196 | |||||||
Inventory obligations | 3,854 | 6,333 | |||||||
Warranty | 1,459 | 1,696 | |||||||
Other | 10,848 | 6,921 | |||||||
$ | 86,406 | $ | 31,437 | ||||||
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
Share-Based Compensation and Related Tax Benefit Recognized in Condensed Consolidated Statements of Income | ' | ||||||||||||||||
Share-based compensation and the related tax benefit recognized in our condensed consolidated statements of income were as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenue | $ | 328 | $ | 249 | $ | 844 | $ | 690 | |||||||||
Research and development | 4,951 | 3,993 | 13,119 | 11,783 | |||||||||||||
Selling, general, and administrative | 3,496 | 3,991 | 9,476 | 12,233 | |||||||||||||
Total | $ | 8,775 | $ | 8,233 | $ | 23,439 | $ | 24,706 | |||||||||
Income tax benefit on share-based compensation | $ | 2,593 | $ | 2,279 | $ | 7,399 | $ | 6,676 | |||||||||
Balance of Outstanding and Exercisable Stock Options | ' | ||||||||||||||||
Stock option activity, including stock options granted, exercised, and forfeited, and weighted average exercise prices for options outstanding and exercisable, and the aggregate intrinsic value were as follows: | |||||||||||||||||
Stock | Weighted | Aggregate | |||||||||||||||
Option | Average | Intrinsic | |||||||||||||||
Awards | Exercise | Value | |||||||||||||||
Outstanding | Price | (in thousands) | |||||||||||||||
Balance at June 30, 2013 | 6,030,287 | $ | 26.15 | ||||||||||||||
Granted | 395,022 | 48.2 | |||||||||||||||
Exercised | (2,277,830 | ) | 25.88 | ||||||||||||||
Forfeited | (126,418 | ) | 29.7 | ||||||||||||||
Balance at March 31, 2014 | 4,021,061 | 28.36 | $ | 120,197 | |||||||||||||
Exercisable at March 31, 2014 | 2,893,995 | $ | 25.58 | $ | 94,416 | ||||||||||||
Balance and Aggregate Intrinsic Value of DSUs | ' | ||||||||||||||||
DSU activity, including DSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of DSUs was as follows: | |||||||||||||||||
Aggregate | |||||||||||||||||
Intrinsic | |||||||||||||||||
DSU Awards | Value | ||||||||||||||||
Outstanding | (in thousands) | ||||||||||||||||
Balance at June 30, 2013 | 1,005,435 | ||||||||||||||||
Granted | 535,860 | ||||||||||||||||
Delivered | (381,783 | ) | |||||||||||||||
Forfeited | (71,142 | ) | |||||||||||||||
Balance at March 31, 2014 | 1,088,370 | $ | 63,343 | ||||||||||||||
Balance and Aggregate Intrinsic Value of MSUs | ' | ||||||||||||||||
During the nine months ended March 31, 2014, MSU activity, including MSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of MSUs as of March 31, 2014 was as follows: | |||||||||||||||||
Aggregate | |||||||||||||||||
Intrinsic | |||||||||||||||||
MSU Awards | Value | ||||||||||||||||
Outstanding | (in thousands) | ||||||||||||||||
Balance at June 30, 2013 | 67,400 | ||||||||||||||||
Granted | 80,730 | ||||||||||||||||
Performance adjustment | 10,782 | ||||||||||||||||
Delivered | (33,249 | ) | |||||||||||||||
Forfeited | (5,333 | ) | |||||||||||||||
Balance at March 31, 2014 | 120,330 | $ | 7,003 | ||||||||||||||
Segment_Customers_and_Geograph1
Segment, Customers, and Geographic Information (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Net Revenue within Geographic Areas Based on Customers' Locations | ' | ||||||||||||||||
Net revenue within geographic areas based on our customers’ locations for the periods presented was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
China | $ | 90,038 | $ | 96,897 | $ | 307,974 | $ | 277,192 | |||||||||
South Korea | 46,632 | 18,900 | 164,458 | 31,762 | |||||||||||||
Taiwan | 25,711 | 21,611 | 92,080 | 58,192 | |||||||||||||
Japan | 11,346 | 17,135 | 33,812 | 44,822 | |||||||||||||
United States | 29,002 | 8,511 | 33,161 | 19,662 | |||||||||||||
Other | 1,542 | 270 | 1,156 | 1,775 | |||||||||||||
$ | 204,271 | $ | 163,324 | $ | 632,641 | $ | 433,405 | ||||||||||
Net Revenue from External Customers | ' | ||||||||||||||||
Net revenue from external customers for each group of similar products was as follows (in thousands): | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Mobile product applications | $ | 150,746 | $ | 104,673 | $ | 447,014 | $ | 250,878 | |||||||||
PC product applications | 53,525 | 58,651 | 185,627 | 182,527 | |||||||||||||
$ | 204,271 | $ | 163,324 | $ | 632,641 | $ | 433,405 | ||||||||||
Major Customers' as Percentage of Net Revenue | ' | ||||||||||||||||
Net revenue from major customers as a percentage of total net revenue for the periods presented was as follows: | |||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||
March 31, | March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Customer A | 32 | % | 12 | % | 24 | % | * | ||||||||||
* | Less than 10% | ||||||||||||||||
Major Customer Accounts Receivable as Percentage of Accounts Receivable | ' | ||||||||||||||||
Major customer accounts receivable as a percentage of total accounts receivable at the dates presented were as follows: | |||||||||||||||||
March 31, | June 30, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Customer A | 35 | % | 27 | % | |||||||||||||
Customer B | 13 | % | * | ||||||||||||||
* | Less than 10% |
Acquisition_of_Validity_Tables
Acquisition of Validity (Tables) | 9 Months Ended | ||||||||||||
Mar. 31, 2014 | |||||||||||||
Business Combinations [Abstract] | ' | ||||||||||||
Summary of Fair Value of Consideration | ' | ||||||||||||
The Acquisition Date fair value of the consideration transferred totaled $127.8 million, which consisted of the following (in thousands): | |||||||||||||
Cash | $ | 19,985 | |||||||||||
Shares issued | 70,280 | ||||||||||||
Contingent consideration | 37,499 | ||||||||||||
$ | 127,764 | ||||||||||||
Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed | ' | ||||||||||||
The following table summarizes the estimated fair values of the assets acquired and liabilities assumed as of the Acquisition Date (in thousands): | |||||||||||||
Cash | $ | 365 | |||||||||||
Accounts receivable | 3,840 | ||||||||||||
Inventory | 2,154 | ||||||||||||
Prepaid expenses and other | 984 | ||||||||||||
Property and equipment | 326 | ||||||||||||
Deferred tax assets | 12,242 | ||||||||||||
Acquired intangible assets | 76,400 | ||||||||||||
Other assets | 1,283 | ||||||||||||
Total identifiable assets acquired | 97,594 | ||||||||||||
Accounts payable | 2,141 | ||||||||||||
Accrued liabilities | 1,497 | ||||||||||||
Non-current deferred tax liabilities | 5,327 | ||||||||||||
Non-current taxes payable | 700 | ||||||||||||
Other non-current accrued liabilities | 500 | ||||||||||||
Net identifiable assets acquired | 87,429 | ||||||||||||
Goodwill | 40,335 | ||||||||||||
Net assets acquired | $ | 127,764 | |||||||||||
Summary of Financial Information Presents Combined Results of Operations for Acquisition | ' | ||||||||||||
The following unaudited pro forma financial information presents the combined results of operations for us and Validity as if the acquisition had occurred on July 1, 2012. The unaudited pro forma financial information has been prepared for comparative purposes only and does not purport to be indicative of the actual operating results that would have been recorded had the acquisition actually taken place on July 1, 2012, and should not be taken as indicative of future consolidated operating results. Additionally, the unaudited pro forma financial results do not include any anticipated synergies or other expected benefits from the acquisition. | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
March 31, | March 31, | ||||||||||||
2013 | 2014 | 2013 | |||||||||||
(in thousands, except per share data) | |||||||||||||
Revenue | $ | 167,375 | $ | 640,524 | $ | 444,299 | |||||||
Net income | 29,894 | 7,200 | 34,327 | ||||||||||
Net income per share—diluted | 0.84 | 0.19 | 0.97 | ||||||||||
Pro Forma Adjustments Used to Arrive at Pro Forma Net Income | ' | ||||||||||||
Pro forma adjustments used to arrive at pro forma net income for the three and nine months ended March 31, 2014 and March 31, 2013, were as follows (in thousands): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
March 31, | March 31, | ||||||||||||
2013 | 2014 | 2013 | |||||||||||
Buyer transaction costs | $ | — | $ | 2,000 | $ | — | |||||||
Seller transaction costs | — | 517 | — | ||||||||||
Inventory adjustment | — | 575 | — | ||||||||||
Share-based compensation | 87 | 280 | 262 | ||||||||||
Intangible amortization | (2,060 | ) | (2,685 | ) | (6,931 | ) | |||||||
Deferred compensation | (19 | ) | 66 | (56 | ) | ||||||||
Total | $ | (1,992 | ) | $ | 753 | $ | (6,725 | ) | |||||
Acquired_Intangibles_Tables
Acquired Intangibles (Tables) | 9 Months Ended | ||||||||||
Mar. 31, 2014 | |||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||
Summary of Life, Gross Carrying Value of Acquired Intangible Assets, and Related Accumulated Amortization | ' | ||||||||||
The following table summarizes the life, the gross carrying value of our acquired intangible assets, and the related accumulated amortization as of March 31, 2014 and June 30, 2013 (in thousands): | |||||||||||
March 31, | June 30, | ||||||||||
Life | 2014 | 2013 | |||||||||
In-process research and development | To Be Determined | $ | 57,000 | $ | 8,900 | ||||||
Fingerprint developed technology | 2-3 years | 18,650 | — | ||||||||
Thintouch developed technology | 7 years | 8,900 | — | ||||||||
Customer relationships | 5 years | 3,800 | 3,800 | ||||||||
Licensed technology and other | 5 years | 1,335 | 1,335 | ||||||||
Backlog | Less than 1 year | 750 | — | ||||||||
Patents | 5 years | 100 | 100 | ||||||||
90,535 | 14,135 | ||||||||||
Accumulated amortization | (5,784 | ) | (1,025 | ) | |||||||
Acquired intangibles, net | $ | 84,751 | $ | 13,110 | |||||||
Schedule of Expected Annual Aggregate Amortization Expense | ' | ||||||||||
The following table presents expected annual aggregate amortization expense as of March 31, 2014 (in thousands): | |||||||||||
Remainder of 2014 | $ | 2,640 | |||||||||
2015 | 10,560 | ||||||||||
2016 | 7,016 | ||||||||||
2017 | 3,221 | ||||||||||
2018 | 1,293 | ||||||||||
Thereafter | 3,021 | ||||||||||
To be determined | 57,000 | ||||||||||
Future amortization | $ | 84,751 | |||||||||
Net_IncomeLoss_Per_Share_Compu
Net Income/(Loss) Per Share - Computation of Basic and Diluted Net Income/(Loss) Per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Numerator: | ' | ' | ' | ' |
Net income/(loss) | ($40,056) | $36,446 | $12,217 | $53,613 |
Denominator: | ' | ' | ' | ' |
Shares, basic | 35,685 | 32,234 | 34,212 | 32,552 |
Effect of dilutive share-based awards | ' | 1,901 | 2,320 | 1,291 |
Shares, diluted | 35,685 | 34,135 | 36,532 | 33,843 |
Net income/(loss) per share: | ' | ' | ' | ' |
Basic | ($1.12) | $1.13 | $0.36 | $1.65 |
Diluted | ($1.12) | $1.07 | $0.33 | $1.58 |
Net_IncomeLoss_Per_Share_Addit
Net Income/(Loss) Per Share - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | Stock Compensation Plan [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Share-based compensation awards and convertible notes outstanding | 2,481,307 | ' | ' | ' |
Share-based awards | ' | 1,055,896 | 356,878 | 3,025,632 |
Fair_Value_Financial_Assets_an
Fair Value - Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (Fair Value, Measurements, Recurring [Member], USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | $380,977 | $350,521 |
Level 1 [Member] | Money Market [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 380,977 | 350,521 |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 18,566 | 16,969 |
Level 3 [Member] | Auction Rate Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total available-for-sale securities | 18,566 | 16,969 |
Level 3 [Member] | Contingent Consideration Liability Recorded for Business Combination [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration liability recorded for business combination | $102,444 | $8,247 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||||||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | |
Contingent Consideration Liability Recorded for Business Combination [Member] | Contingent Consideration Liability Recorded for Business Combination [Member] | Contingent Consideration Liability Recorded for Business Combination [Member] | Contingent Consideration Liability Recorded for Business Combination [Member] | Validity Sensors, Inc [Member] | |||||
Other Noncurrent Liabilities [Member] | Other Noncurrent Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | ||||||
Fair Value Disclosures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration liability recorded for business combination | ' | ' | ' | ' | $60,800,000 | $8,100,000 | $41,600,000 | $196,000 | ' |
Additional consideration | ' | ' | ' | ' | ' | ' | ' | ' | 162,500,000 |
Settlement of contingent consideration liability | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Additional consideration paid to former stockholders based on sales of products, due | 10,000,000 | ' | 10,000,000 | ' | ' | ' | ' | ' | ' |
Transfer amount of assets or liabilities of level three | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' |
Transfer amount of assets or liabilities of level one | $0 | $0 | $0 | $0 | ' | ' | ' | ' | ' |
Fair_Value_Changes_in_Fair_Val
Fair Value - Changes in Fair Value of Level 3 Financial Assets (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Fair Value Disclosures [Abstract] | ' |
Beginning balance | $16,969 |
Net unrealized gain | 1,597 |
Ending balance | $18,566 |
Fair_Value_Changes_in_Fair_Val1
Fair Value - Changes in Fair Value of Level 3 Contingent Consideration Liability (Detail) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Issuance of common stock in settlement of liability | ($5,000) |
Level 3 [Member] | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' |
Beginning balance | 8,247 |
Contingent consideration liability incurred | 37,499 |
Accretion and remeasurement | 56,731 |
Issuance of common stock in settlement of liability | -33 |
Ending balance | $102,444 |
Auction_Rate_Securities_Additi
Auction Rate Securities - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Auction rate securities with fair value maturing from 2015 to 2017 | $13,400,000 | $13,400,000 |
Auction rate securities with fair value maturing from 2043 to 2045 | 3,200,000 | 3,200,000 |
Auction rate securities with fair value having no stated maturity | 2,000,000 | 2,000,000 |
ARS investments, investment grade | 5,500,000 | 5,500,000 |
ARS investments, below investment grade | 18,500,000 | 18,500,000 |
Minimum [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Maturity period one | ' | '2015 |
Maturity period two | ' | '2043 |
Maximum [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Maturity period one | ' | '2017 |
Maturity period two | ' | '2045 |
Auction Rate Securities [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
ARS investments redeemed at par | $0 | $0 |
Auction_Rate_Securities_ARS_In
Auction Rate Securities - ARS Investments (Detail) (Auction Rate Securities [Member], USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Original Cost Basis | $24,000 | $24,000 |
Other-than- temporary Impairment in Retained Earnings | -13,082 | -13,833 |
New Cost Basis | 10,918 | 10,167 |
Unrealized Gain/(Loss) | 7,648 | 6,802 |
Fair Value | 18,566 | 16,969 |
Student Loans [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Original Cost Basis | 3,500 | 3,500 |
Other-than- temporary Impairment in Retained Earnings | -179 | -179 |
New Cost Basis | 3,321 | 3,321 |
Unrealized Gain/(Loss) | -144 | -168 |
Fair Value | 3,177 | 3,153 |
Credit Linked Notes [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Original Cost Basis | 13,500 | 13,500 |
Other-than- temporary Impairment in Retained Earnings | -7,820 | -8,571 |
New Cost Basis | 5,680 | 4,929 |
Unrealized Gain/(Loss) | 5,768 | 4,980 |
Fair Value | 11,448 | 9,909 |
Preferred Stock [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Original Cost Basis | 5,000 | 5,000 |
Other-than- temporary Impairment in Retained Earnings | -5,000 | -5,000 |
Unrealized Gain/(Loss) | 2,000 | 2,000 |
Fair Value | 2,000 | 2,000 |
Municipals [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Original Cost Basis | 2,000 | 2,000 |
Other-than- temporary Impairment in Retained Earnings | -83 | -83 |
New Cost Basis | 1,917 | 1,917 |
Unrealized Gain/(Loss) | 24 | -10 |
Fair Value | $1,941 | $1,907 |
Auction_Rate_Securities_ARS_In1
Auction Rate Securities - ARS Investments (Parenthetical) (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Amortized Cost And Fair Value Debt Securities [Abstract] | ' | ' |
Investment securities accretion | $945,000 | $194,000 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Raw materials | $54,273 | $38,181 |
Finished goods | 15,915 | 11,767 |
Total Inventories | $70,188 | $49,948 |
Property_and_Equipment_Additio
Property and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2014 |
sqft | ||
Buildings | ||
acre | ||
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' |
Area of land acquired | 5.35 | ' |
Number of buildings | 2 | ' |
Area of office buildings acquired | 80,000 | ' |
Cost of office purchased | $10.10 | ' |
Cost of land | 5.4 | ' |
Cost of building | $4.70 | ' |
Number of retrofit building | 1 | ' |
Office area to be retrofitted | 51,000 | ' |
Additional lease term | ' | '5 years |
Other_Accrued_Liabilities_Othe
Other Accrued Liabilities - Other Accrued Liabilities (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Customer obligations | $28,625 | $16,291 |
Contingent consideration | 41,620 | 196 |
Inventory obligations | 3,854 | 6,333 |
Warranty | 1,459 | 1,696 |
Other | 10,848 | 6,921 |
Other accrued liabilities | $86,406 | $31,437 |
Product_Warranties_Indemnifica1
Product Warranties, Indemnifications, and Contingencies - Additional Information (Detail) | 9 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
Minimum warranty period of products | '12 months |
Notes_Payable_Conversion_Addit
Notes Payable Conversion - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2014 | |
Debt Instrument [Line Items] | ' |
Principal amount notes | $2,300,000 |
Portion Of Debt To Be Converted In April And May 2014 [Member] | ' |
Debt Instrument [Line Items] | ' |
Principal amount notes | $46,000 |
Convertible Senior Subordinated Notes [Member] | ' |
Debt Instrument [Line Items] | ' |
Convertible senior subordinated notes due 2024 | 0.75% |
Conversion period description | '20 of the last 30 consecutive trading days ending on the last trading day of the calendar quarter ended December 31, 2013 |
Conversion trigger period | 20 |
Consecutive trading days | '30 days |
Date of redemption | 2-Apr-14 |
Percent of principal amount to be redeemed | 100.00% |
ShareBased_Compensation_ShareB
Share-Based Compensation - Share-Based Compensation and Related Tax Benefit Recognized in Condensed Consolidated Statement of Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total | $8,775 | $8,233 | $23,439 | $24,706 |
Income tax benefit on share-based compensation | 2,593 | 2,279 | 7,399 | 6,676 |
Cost of Revenue [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total | 328 | 249 | 844 | 690 |
Research and Development [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total | 4,951 | 3,993 | 13,119 | 11,783 |
Selling, General, and Administrative [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total | $3,496 | $3,991 | $9,476 | $12,233 |
ShareBased_Compensation_Balanc
Share-Based Compensation - Balance of Outstanding and Exercisable Stock Options (Detail) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' |
Stock Option Awards Outstanding, Balance at June 30, 2013 | 6,030,287 |
Stock Option Awards Outstanding, Granted | 395,022 |
Stock Option Awards Outstanding, Exercised | -2,277,830 |
Stock Option Awards Outstanding, Forfeited | -126,418 |
Stock Option Awards Outstanding, Balance at March 31, 2014 | 4,021,061 |
Stock Option Awards Outstanding, Exercisable at March 31, 2014 | 2,893,995 |
Weighted Average Exercise Price, Balance at June 30, 2013 | $26.15 |
Weighted Average Exercise Price, Granted | $48.20 |
Weighted Average Exercise Price, Exercised | $25.88 |
Weighted Average Exercise Price, Forfeited | $29.70 |
Weighted Average Exercise Price, Balance at March 31, 2014 | $28.36 |
Weighted Average Exercise Price, Exercisable at March 31, 2014 | $25.58 |
Aggregate Intrinsic Value of Stock Option Awards, Balance at March 31, 2014 | $120,197 |
Aggregate Intrinsic Value of Stock Option Awards, Exercisable at March 31, 2014 | $94,416 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 1 Months Ended | 9 Months Ended | |
Nov. 30, 2012 | Mar. 31, 2014 | Mar. 28, 2014 | |
Deferred Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Aggregate intrinsic value of stock option outstanding calculated using the closing price of common stock | ' | ' | $58.20 |
Shares withheld to meet statutory minimum tax withholding requirements | ' | 118,025 | ' |
Shares valued withheld to meet statutory minimum tax withholding requirements | ' | $5,700,000 | ' |
Market Stock Units [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Aggregate intrinsic value of stock option outstanding calculated using the closing price of common stock | ' | ' | $58.20 |
Vesting period, tranche one | ' | '1 year | ' |
Vesting period, tranche two | ' | '2 years | ' |
Vesting period, tranche three | ' | '3 years | ' |
Potential payout adjustment ratio | 2 | ' | ' |
Weighted average grant date fair value for the MSUs granted | ' | $60.62 | ' |
Unrecognized share-based compensation cost | ' | 5,100,000 | ' |
Unrecognized share-based compensation, period for recognition | ' | '1 year 4 months 24 days | ' |
Market Stock Units [Member] | Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Potential payout range | 0.00% | ' | ' |
Market Stock Units [Member] | Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Potential payout range | 200.00% | ' | ' |
MSU Awards Outstanding [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Shares withheld to meet statutory minimum tax withholding requirements | ' | 15,148 | ' |
Shares valued withheld to meet statutory minimum tax withholding requirements | ' | $670,000 | ' |
SOX Index TSR percentage points | ' | 24.00% | ' |
Percentage of targeted shares, MSU grants | ' | 148.00% | ' |
Stock Unit Awards, Performance adjustment | ' | 10,782 | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Aggregate intrinsic value of stock option outstanding calculated using the closing price of common stock | ' | ' | $58.20 |
ShareBased_Compensation_Balanc1
Share-Based Compensation - Balance and Aggregate Intrinsic Value of DSUs (Detail) (Deferred Stock Units [Member], USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Deferred Stock Units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock Unit Awards Outstanding, Balance at June 30, 2013 | 1,005,435 |
Stock Unit Awards, Granted | 535,860 |
Stock Unit Awards, Delivered | -381,783 |
Stock Unit Awards, Forfeited | -71,142 |
Stock Unit Awards Outstanding, Balance at March 31, 2014 | 1,088,370 |
Aggregate Intrinsic Value, Balance at March 31, 2014 | $63,343 |
ShareBased_Compensation_Balanc2
Share-Based Compensation - Balance and Aggregate Intrinsic Value of MSUs (Detail) (MSU Awards Outstanding [Member], USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
MSU Awards Outstanding [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Stock Unit Awards Outstanding, Balance at June 30, 2013 | 67,400 |
Stock Unit Awards, Granted | 80,730 |
Stock Unit Awards, Performance adjustment | 10,782 |
Stock Unit Awards, Delivered | -33,249 |
Stock Unit Awards, Forfeited | -5,333 |
Stock Unit Awards Outstanding, Balance at March 31, 2014 | 120,330 |
Aggregate Intrinsic Value, Balance at March 31, 2014 | $7,003 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' |
Provision/(benefit) for income taxes | $4,429,000 | ($12,592,000) | $22,324,000 | ($6,064,000) | ' |
Effective tax rate | 29.30% | 25.20% | 29.30% | 25.20% | ' |
Gross unrecognized tax benefits | 10,400,000 | ' | 10,400,000 | ' | 8,200,000 |
Gross unrecognized tax benefits increased during the year | ' | ' | 2,200,000 | ' | ' |
Interest and penalties accrued related to unrecognized tax benefits | 1,000,000 | ' | 1,000,000 | ' | ' |
Increase in interest and penalties accrued related to unrecognized tax benefits | ' | ' | 101,000 | ' | ' |
Minimum amount of tax refunds subject to mandatory review | ' | ' | $2,000,000 | ' | ' |
Extension period of federal research credit | ' | ' | '2 years | ' | ' |
Segment_Customers_and_Geograph2
Segment, Customers, and Geographic Information - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Product | ||||
Segment | ||||
Segment Reporting [Abstract] | ' | ' | ' | ' |
Number of segment | ' | ' | 1 | ' |
Number of product | ' | ' | 2 | ' |
Percentage from mobile product market in net revenue | 74.00% | 64.00% | 71.00% | 58.00% |
Segment_Customers_and_Geograph3
Segment, Customers, and Geographic Information - Net Revenue within Geographic Areas Based on Customers' Locations (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenue | $204,271 | $163,324 | $632,641 | $433,405 |
China [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenue | 90,038 | 96,897 | 307,974 | 277,192 |
South Korea [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenue | 46,632 | 18,900 | 164,458 | 31,762 |
Taiwan [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenue | 25,711 | 21,611 | 92,080 | 58,192 |
Japan [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenue | 11,346 | 17,135 | 33,812 | 44,822 |
United States [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenue | 29,002 | 8,511 | 33,161 | 19,662 |
Other [Member] | ' | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' |
Net revenue | $1,542 | $270 | $1,156 | $1,775 |
Segment_Customers_and_Geograph4
Segment, Customers, and Geographic Information - Net Revenue from External Customers (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net revenue | $204,271 | $163,324 | $632,641 | $433,405 |
Mobile Product Applications [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net revenue | 150,746 | 104,673 | 447,014 | 250,878 |
PC Product Applications [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Net revenue | $53,525 | $58,651 | $185,627 | $182,527 |
Segment_Customers_and_Geograph5
Segment, Customers, and Geographic Information - Major Customers' as Percentage of Net Revenue (Detail) (Sales Revenue, Net [Member], Customer A [Member]) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Sales Revenue, Net [Member] | Customer A [Member] | ' | ' | ' | ' |
Revenue, Major Customer [Line Items] | ' | ' | ' | ' |
Percentage of net revenue | 32.00% | 12.00% | 24.00% | ' |
Segment_Customers_and_Geograph6
Segment, Customers, and Geographic Information - Major Customers' as Percentage of Net Revenue (Parenthetical) (Detail) (Customer A [Member], Sales Revenue, Net [Member]) | 9 Months Ended |
Mar. 31, 2013 | |
Customer A [Member] | Sales Revenue, Net [Member] | ' |
Revenue, Major Customer [Line Items] | ' |
Percentage of net revenue, description | 'Less than 10% |
Segment_Customers_and_Geograph7
Segment, Customers, and Geographic Information - Major Customer Accounts Receivable as Percentage of Accounts Receivable (Detail) (Accounts Receivable [Member]) | 9 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Jun. 30, 2013 | |
Customer A [Member] | ' | ' |
Accounts Receivable By Major Customers [Line Items] | ' | ' |
Percentage of net revenue | 35.00% | 27.00% |
Customer B [Member] | ' | ' |
Accounts Receivable By Major Customers [Line Items] | ' | ' |
Percentage of net revenue | 13.00% | ' |
Segment_Customers_and_Geograph8
Segment, Customers, and Geographic Information - Major Customer Accounts Receivable as Percentage of Accounts Receivable (Parenthetical) (Detail) (Customer A [Member], Accounts Receivable [Member]) | 12 Months Ended |
Jun. 30, 2013 | |
Customer A [Member] | Accounts Receivable [Member] | ' |
Accounts Receivable By Major Customers [Line Items] | ' |
Percentage of net revenue, description | 'Less than 10% |
Acquisition_of_Validity_Additi
Acquisition of Validity - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 9 Months Ended | 0 Months Ended | 9 Months Ended | 3 Months Ended | ||||||||||
Nov. 07, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Nov. 07, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Nov. 07, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Scenario | Validity Sensors, Inc [Member] | Validity Sensors, Inc [Member] | Validity Sensors, Inc [Member] | Validity Sensors, Inc [Member] | Validity Sensors, Inc [Member] | Validity Sensors, Inc [Member] | Validity Sensors, Inc [Member] | Validity Sensors, Inc [Member] | Validity Sensors, Inc [Member] | Validity Sensors, Inc [Member] | Validity Sensors, Inc [Member] | |||||
In-Process Research and Development [Member] | Developed Technology [Member] | Backlog [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | |||||||||
In-Process Research and Development [Member] | Developed Technology [Member] | In-Process Research and Development [Member] | Developed Technology [Member] | |||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired outstanding common and preferred shares and voting interest of Validity | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of the consideration transferred totaled | ' | ' | ' | ' | ' | $127,764,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional consideration to shareholders | ' | ' | ' | ' | ' | 162,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued to former Validity shareholders, Shares | ' | ' | ' | ' | ' | 1,577,559 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued to former Validity shareholders, Value | ' | ' | ' | ' | ' | 70,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing price of common stock | ' | ' | ' | ' | ' | $44.55 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial contingent consideration | ' | ' | ' | ' | ' | 16,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares to be delivered | ' | ' | ' | ' | ' | 338,427 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transaction reference price | ' | ' | ' | ' | ' | $48.28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum value of consideration transferred to the former Validity shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 40.00% | ' | ' | ' | ' |
Contingent consideration | 37,500,000 | ' | ' | 96,500,000 | ' | 37,499,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate used for discounted cash flow model | 23.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of unequally weighted cash flow scenarios | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets | ' | ' | ' | ' | ' | ' | ' | 76,400,000 | 57,000,000 | ' | ' | ' | ' | ' | ' | ' |
Acquired intangible assets | ' | ' | ' | ' | ' | 76,400,000 | ' | ' | ' | 18,600,000 | 750,000 | ' | ' | ' | ' | ' |
Estimated useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years | ' | '3 years |
Anticipated completion period of in-process research and development projects | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | ' | '6 months | ' |
Business combination measurement period | ' | ' | ' | '12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Indemnification assets | 1,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service tax | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Legal and consulting costs | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue cost | ' | $204,271,000 | $163,324,000 | $632,641,000 | $433,405,000 | ' | $35,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition_of_Validity_Summar
Acquisition of Validity - Summary of Fair Value of Consideration (Detail) (USD $) | 0 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Nov. 07, 2013 | Mar. 31, 2014 |
Business Acquisition [Line Items] | ' | ' |
Contingent consideration | $37,500 | $96,500 |
Validity Sensors, Inc [Member] | ' | ' |
Business Acquisition [Line Items] | ' | ' |
Cash | 19,985 | ' |
Shares issued | 70,280 | ' |
Contingent consideration | 37,499 | ' |
Total | $127,764 | ' |
Acquisition_of_Validity_Summar1
Acquisition of Validity - Summary of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | Nov. 07, 2013 |
In Thousands, unless otherwise specified | Validity Sensors, Inc [Member] | ||
Business Acquisition [Line Items] | ' | ' | ' |
Cash | ' | ' | $365 |
Accounts receivable | ' | ' | 3,840 |
Inventory | ' | ' | 2,154 |
Prepaid expenses and other | ' | ' | 984 |
Property and equipment | ' | ' | 326 |
Deferred tax assets | ' | ' | 12,242 |
Acquired intangible assets | ' | ' | 76,400 |
Other assets | ' | ' | 1,283 |
Total identifiable assets acquired | ' | ' | 97,594 |
Accounts payable | ' | ' | 2,141 |
Accrued liabilities | ' | ' | 1,497 |
Non-current deferred tax liabilities | ' | ' | 5,327 |
Non-current taxes payable | ' | ' | 700 |
Other non-current accrued liabilities | ' | ' | 500 |
Net identifiable assets acquired | ' | ' | 87,429 |
Goodwill | 61,030 | 20,695 | 40,335 |
Net assets acquired | ' | ' | $127,764 |
Acquisition_of_Validity_Summar2
Acquisition of Validity - Summary of Financial Information Presents Combined Results of Operations for Acquisition (Detail) (Validity Sensors, Inc [Member], USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Validity Sensors, Inc [Member] | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Revenue | $167,375 | $640,524 | $444,299 |
Net income | $29,894 | $7,200 | $34,327 |
Net income per share-diluted | $0.84 | $0.19 | $0.97 |
Acquisition_of_Validity_Pro_Fo
Acquisition of Validity - Pro Forma Adjustments Used to Arrive at Pro Forma Net Income (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Business Combinations [Abstract] | ' | ' | ' |
Buyer transaction costs | ' | $2,000 | ' |
Seller transaction costs | ' | 517 | ' |
Inventory adjustment | ' | 575 | ' |
Share-based compensation | 87 | 280 | 262 |
Intangible amortization | -2,060 | -2,685 | -6,931 |
Deferred compensation | -19 | 66 | -56 |
Total | ($1,992) | $753 | ($6,725) |
Acquired_Intangibles_Summary_o
Acquired Intangibles - Summary of Life, Gross Carrying Value of Acquired Intangible Assets, and Related Accumulated Amortization (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | $90,535 | $14,135 |
Accumulated amortization | -5,784 | -1,025 |
Acquired intangibles, net | 84,751 | 13,110 |
In-process Research and Development [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 57,000 | 8,900 |
Finger Print Developed Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 18,650 | ' |
Thintouch Developed Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 8,900 | ' |
Useful Life | '7 years | ' |
Customer Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 3,800 | 3,800 |
Useful Life | '5 years | ' |
Licensed Technology and Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 1,335 | 1,335 |
Useful Life | '5 years | ' |
Backlog [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | 750 | ' |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Intangible assets | $100 | $100 |
Useful Life | '5 years | ' |
Minimum [Member] | Finger Print Developed Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful Life | '2 years | ' |
Maximum [Member] | Finger Print Developed Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful Life | '3 years | ' |
Maximum [Member] | Backlog [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Useful Life | '1 year | ' |
Acquired_Intangibles_Additiona
Acquired Intangibles - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' | ' |
Total amortization expense for intangible assets | $2,600,000 | $262,000 | $4,759,000 | $763,000 |
Acquired_Intangibles_Schedule_
Acquired Intangibles - Schedule of Expected Annual Aggregate Amortization Expense (Detail) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
Remainder of 2014 | $2,640 | ' |
2015 | 10,560 | ' |
2016 | 7,016 | ' |
2017 | 3,221 | ' |
2018 | 1,293 | ' |
Thereafter | 3,021 | ' |
To be determined | 57,000 | ' |
Acquired intangibles, net | $84,751 | $13,110 |