Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Dec. 27, 2014 | Jan. 30, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 27-Dec-14 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SYNA | |
Entity Registrant Name | SYNAPTICS INCORPORATED | |
Entity Central Index Key | 817720 | |
Current Fiscal Year End Date | -21 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 36,713,303 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Current Assets: | ||
Cash and cash equivalents | $327,546 | $447,205 |
Accounts receivable, net of allowances of $1,165 and $883 at December 31, 2014 and June 30, 2014, respectively | 335,023 | 195,057 |
Inventories | 145,215 | 82,311 |
Prepaid expenses and other current assets | 35,196 | 17,858 |
Total current assets | 842,980 | 742,431 |
Property and equipment at cost, net of accumulated depreciation of $59,916 and $49,482 at December 31, 2014 and June 30, 2014, respectively | 115,145 | 80,849 |
Goodwill | 214,443 | 61,030 |
Acquired intangibles, net | 283,349 | 82,111 |
Non-current other assets | 47,657 | 53,912 |
Total assets | 1,503,574 | 1,020,333 |
Current Liabilities: | ||
Accounts payable | 149,535 | 97,109 |
Accrued compensation | 33,474 | 30,682 |
Income taxes payable | 11,830 | 12,538 |
Acquisition-related liabilities | 97,549 | 57,388 |
Other accrued liabilities | 94,433 | 56,691 |
Current portion of long-term debt | 7,500 | |
Total current liabilities | 394,321 | 254,408 |
Long-term debt, net of issuance costs | 238,099 | |
Acquisition-related liabilities | 85,626 | 52,734 |
Deferred tax liability | 57,342 | |
Other long-term liabilities | 13,609 | 12,034 |
Total liabilities | 788,997 | 319,176 |
Stockholders' Equity: | ||
Common stock: $0.001 par value; 120,000,000 shares authorized, 56,997,204 and 55,911,513 shares issued, and 36,662,018 and 36,863,802 shares outstanding, at December 31, 2014 and June 30, 2014, respectively | 57 | 56 |
Additional paid-in capital | 798,203 | 740,282 |
Treasury stock: 20,335,186 and 19,047,711 common treasury shares at December 31, 2014 and June 30, 2014, respectively, at cost | -621,027 | -530,422 |
Accumulated other comprehensive income | 8,105 | 8,560 |
Retained earnings | 529,239 | 482,681 |
Total stockholders' equity | 714,577 | 701,157 |
Liabilities and stockholders' equity | $1,503,574 | $1,020,333 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $1,165 | $883 |
Property and equipment, accumulated depreciation | $59,916 | $49,482 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 120,000,000 | 120,000,000 |
Common stock, shares issued | 56,997,204 | 55,911,513 |
Common stock, shares outstanding | 36,662,018 | 36,863,802 |
Common treasury shares | 20,335,186 | 19,047,711 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Income Statement [Abstract] | ||||
Net revenue | $463,705 | $205,763 | $746,446 | $428,370 |
Cost of revenue | 336,874 | 111,218 | 499,426 | 224,546 |
Gross margin | 126,831 | 94,545 | 247,020 | 203,824 |
Operating expenses: | ||||
Research and development | 77,223 | 45,931 | 134,748 | 86,373 |
Selling, general, and administrative | 22,056 | 22,845 | 52,729 | 43,969 |
Acquired intangibles amortization | 6,203 | 261 | 6,465 | 523 |
Change in contingent consideration | -7,121 | 3,430 | -11,623 | 3,688 |
Total operating expenses | 98,361 | 72,467 | 182,319 | 134,553 |
Operating income | 28,470 | 22,078 | 64,701 | 69,271 |
Interest and other income, net | 497 | 476 | 1,121 | 906 |
Interest expense | -1,212 | -5 | -1,212 | -9 |
Income before provision for income taxes | 27,755 | 22,549 | 64,610 | 70,168 |
Provision for income taxes | 7,783 | 5,215 | 18,052 | 17,895 |
Net income | $19,972 | $17,334 | $46,558 | $52,273 |
Net income per share: | ||||
Basic | $0.55 | $0.51 | $1.26 | $1.56 |
Diluted | $0.52 | $0.48 | $1.20 | $1.47 |
Shares used in computing net income per share: | ||||
Basic | 36,500 | 33,990 | 36,895 | 33,475 |
Diluted | 38,248 | 36,059 | 38,882 | 35,586 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $19,972 | $17,334 | $46,558 | $52,273 |
Other comprehensive income: | ||||
Change in unrealized net gain on investments | 143 | 724 | 214 | 1,291 |
Reclassification from accumulated other comprehensive income to interest income for accretion of non-current investments | -344 | -254 | -669 | -473 |
Net current-period other comprehensive income/(loss) | -201 | 470 | -455 | 818 |
Comprehensive income | $19,771 | $17,804 | $46,103 | $53,091 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Cash flows from operating activities | ||
Net income | $46,558 | $52,273 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Share-based compensation costs | 20,223 | 14,664 |
Depreciation and amortization | 10,519 | 6,727 |
Acquired intangibles amortization | 49,362 | 2,119 |
Accretion and remeasurement of contingent consideration liability | -11,623 | 3,688 |
Deferred taxes | -2,592 | 9,136 |
Non-cash interest income | -669 | -473 |
Impairment recovery on investments | -179 | |
Amortization of debt issuance costs | 252 | |
Foreign currency remeasurement gain | -7,238 | |
Changes in operating assets and liabilities, net of acquisitions: | ||
Accounts receivable, net | -10,137 | 19,272 |
Inventories | -56,590 | 356 |
Prepaid expenses and other current assets | 22,009 | -3,477 |
Other assets | 4,797 | -4,060 |
Accounts payable | -3,372 | -13,163 |
Accrued compensation | -582 | -2,722 |
Income taxes payable | -29,813 | -1,341 |
Other accrued liabilities | 13,478 | 2,775 |
Net cash provided by operating activities | 44,403 | 85,774 |
Cash flows from investing activities | ||
Proceeds from sales of non-current investments | 4,900 | |
Acquisition of business, net of cash acquired | -293,783 | -19,620 |
Purchases of property and equipment | -34,285 | -17,142 |
Net cash used in investing activities | -323,168 | -36,762 |
Cash flows from financing activities | ||
Payment of contingent consideration | -7,706 | |
Purchases of treasury stock | -90,605 | -70,262 |
Proceeds from issuance of shares | 16,836 | 39,193 |
Proceeds from issuance of long-term debt | 245,367 | |
Payment of debt issuance costs | -400 | |
Excess tax benefit from share-based compensation | 7,388 | |
Payroll taxes for deferred stock units | -8,223 | -3,822 |
Net cash provided by/(used in) financing activities | 162,657 | -34,891 |
Effect of exchange rate changes on cash and cash equivalents | -3,551 | |
Net increase/(decrease) in cash and cash equivalents | -119,659 | 14,121 |
Cash and cash equivalents at beginning of period | 447,205 | 355,303 |
Cash and cash equivalents at end of period | 327,546 | 369,424 |
Supplemental disclosures of cash flow information | ||
Cash paid for taxes | 40,612 | 14,889 |
Non-cash investing and financing activities: | ||
Property and equipment received but unpaid | 2,133 | 1,117 |
Common stock issued in settlement of contingent consideration liability | $21,487 | $37,499 |
Basis_of_Presentation
Basis of Presentation | 6 Months Ended |
Dec. 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 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 JuneĀ 28, 2014. | |
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 2015 and 2014 years are 52-week periods ending on JuneĀ 27, 2015 and JuneĀ 28, 2014, respectively. The quarterly fiscal periods presented in this report were 13-week periods for the three months ended DecemberĀ 27, 2014 and DecemberĀ 28, 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, goodwill, intangible assets, investments, contingent consideration liabilities, 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. | |
Foreign Currency Transaction Gains and Losses | |
We use the U.S. dollar as our functional currency for financial reporting and therefore foreign currency transaction and remeasurement gains and losses are included in results of operations and are primarily the result of revaluing assets and liabilities denominated in a currency other than the functional currency. These foreign currency transactions, which primarily related to a recent acquisition, resulted in a net gain of $15.1 million in the three months ended DecemberĀ 31, 2014, and were not material in prior periods. |
Revenue_Recognition
Revenue Recognition | 6 Months Ended |
Dec. 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. We accrue for estimated sales returns, incentives, and other allowances at the time we recognize revenue. Our products contain embedded firmware and software, which together with, or consisting of, our ASIC chip, deliver the essential functionality of our products and, as such, software revenue recognition guidance is not applicable. |
Net_Income_Per_Share
Net Income Per Share | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Net Income Per Share | 3. Net Income Per Share | ||||||||||||||||
The computation of basic and diluted net income per share was as follows (in thousands, except per share data): | |||||||||||||||||
Ā Ā | Three Months Ended | Ā Ā | Six Months Ended | ||||||||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | DecemberĀ 31, | ||||||||||||||
Ā Ā | 2014 | Ā Ā | 2013 | Ā Ā | 2014 | Ā Ā | 2013 | ||||||||||
Numerator: | Ā Ā | Ā Ā | Ā Ā | Ā Ā | |||||||||||||
Net income | Ā Ā | $ | 19,972 | Ā Ā | Ā Ā | $ | 17,334 | Ā Ā | Ā Ā | $ | 46,558 | Ā Ā | Ā Ā | $ | 52,273 | Ā Ā | |
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Denominator: | |||||||||||||||||
Shares, basic | 36,500 | Ā Ā | 33,990 | Ā Ā | 36,895 | Ā Ā | 33,475 | Ā Ā | |||||||||
Effect of dilutive share-based awards | 1,748 | Ā Ā | 2,069 | Ā Ā | 1,987 | Ā Ā | 2,111 | Ā Ā | |||||||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Shares, diluted | 38,248 | Ā Ā | 36,059 | Ā Ā | 38,882 | Ā Ā | 35,586 | Ā Ā | |||||||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.55 | Ā Ā | $ | 0.51 | Ā Ā | $ | 1.26 | Ā Ā | $ | 1.56 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Diluted | $ | 0.52 | Ā Ā | $ | 0.48 | Ā Ā | $ | 1.2 | Ā Ā | $ | 1.47 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Our basic net income 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 per share amounts for each period presented include the weighted average effect of potentially dilutive shares. We use the ātreasury stockā method to determine the dilutive effect of our stock options, deferred stock units, or DSUs, and market stock units, or MSUs. | |||||||||||||||||
Dilutive net income per share amounts do not include the potential weighted average effect of 532,982 and 315,275 shares of common stock related to certain share-based awards that were outstanding during the three months ended DecemberĀ 31, 2014 and 2013, respectively, and 332,892 and 317,438 shares of common stock related to certain share-based awards that were outstanding during the six months ended DecemberĀ 31, 2014 and 2013, respectively. These share-based awards were not included in the computation of diluted net income per share because their effect would have been antidilutive. |
Fair_Value
Fair Value | 6 Months Ended | ||||||||||||||||
Dec. 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): | |||||||||||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | JuneĀ 30, | ||||||||||||||
Ā Ā | 2014 | Ā Ā | 2014 | ||||||||||||||
Ā Ā | Level 1 | Ā Ā | Level 3 | Ā Ā | Level 1 | Ā Ā | Level 3 | ||||||||||
Assets: | Ā Ā | Ā Ā | Ā Ā | Ā Ā | |||||||||||||
Money market funds | Ā Ā | $ | 133,061 | Ā Ā | Ā Ā | $ | āĀ Ā | Ā Ā | Ā Ā | $ | 439,675 | Ā Ā | Ā Ā | $ | āĀ Ā | Ā Ā | |
Auction rate securities | Ā Ā | āĀ Ā | Ā Ā | Ā Ā | 15,278 | Ā Ā | Ā Ā | āĀ Ā | Ā Ā | Ā Ā | 19,785 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Total available-for-sale securities | $ | 133,061 | Ā Ā | $ | 15,278 | Ā Ā | $ | 439,675 | Ā Ā | $ | 19,785 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Liabilities: | |||||||||||||||||
Contingent consideration liabilities recorded for business combinations | $ | āĀ Ā | Ā Ā | $ | 69,306 | Ā Ā | $ | āĀ Ā | Ā Ā | $ | 110,122 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
In our condensed consolidated balance sheets as of DecemberĀ 31, 2014 and JuneĀ 30, 2014, money market balances were included in cash and cash equivalents and auction rate securities, or ARS investments, were included in non-current investments; $600,000 of the ARS investments were included in prepaid expenses and other current assets as of DecemberĀ 31, 2014. The contingent consideration liability recorded for business combinations was included in acquisition-related liabilities as of DecemberĀ 31, 2014 and JuneĀ 30, 2014, respectively. | |||||||||||||||||
Changes in fair value of our Level 3 financial assets as of DecemberĀ 31, 2014 were as follows (in thousands): | |||||||||||||||||
Balance as of JuneĀ 30, 2014 | Ā Ā | $ | 19,785 | Ā Ā | |||||||||||||
Net gain | Ā Ā | 393 | Ā Ā | ||||||||||||||
Redemptions | Ā Ā | (4,900 | )Ā | ||||||||||||||
Ā Ā | |||||||||||||||||
Balance as of DecemberĀ 31, 2014 | Ā Ā | $ | 15,278 | Ā Ā | |||||||||||||
Ā Ā | |||||||||||||||||
Changes in fair value of our Level 3 contingent consideration liabilities as of DecemberĀ 31, 2014 were as follows (in thousands): | |||||||||||||||||
Balance as of JuneĀ 30, 2014 | Ā Ā | $ | 110,122 | Ā Ā | |||||||||||||
Cash settlement of contingent consideration liability | Ā Ā | (7,706 | )Ā | ||||||||||||||
Issuance of common stock in settlement of liability | Ā Ā | (21,487 | )Ā | ||||||||||||||
Accretion and remeasurement | Ā Ā | (11,623 | )Ā | ||||||||||||||
Ā Ā | |||||||||||||||||
Balance as of DecemberĀ 31, 2014 | Ā Ā | $ | 69,306 | Ā Ā | |||||||||||||
Ā Ā | |||||||||||||||||
In connection with our acquisition of Validity Sensors, Inc., or Validity, we entered into a contingent consideration arrangement and as of DecemberĀ 31, 2014, we may be required to make additional cash payments of up to $130.9 million as consideration to the former Validity stockholders and option holders based on unit sales of products utilizing Validity technology through March 2016. | |||||||||||||||||
In connection with our acquisition of Pacinian Corporation, or Pacinian, we entered into a contingent consideration arrangement. As of DecemberĀ 31, 2014, we may be required to make additional cash payments of up to $10.0 million as consideration to the former Pacinian stockholders based on unit sales of products utilizing ThinTouch technology through June 2016. | |||||||||||||||||
Changes in the fair value of our contingent consideration liabilities subsequent to the acquisition are included in operating expenses as change in contingent consideration in the condensed consolidated statements of income. Cash payments of contingent consideration are classified in the condensed consolidated statements of cash flows as a financing activity up to the amount of the contingent consideration recorded at the time of the acquisition, and as an operating activity for cash payments that exceed the liability recorded at the time of acquisition. | |||||||||||||||||
There were no transfers in or out of our Level 1, 2, or 3 assets or liabilities during the three and six months ended DecemberĀ 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. Our bank debt is subject to a variable interest rate, which is subject to change from time to time to reflect a market interest rate; accordingly, the carrying value of our bank debt approximates fair value. |
Noncurrent_Investments
Non-current Investments | 6 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||
Non-current Investments | 5. Non-current Investments | ||||||||||||||||||||
Our non-current investments consist of ARS investments, which 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 six months ended DecemberĀ 31, 2014, $4.9 million 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 DecemberĀ 31, 2014 using a trinomial discounted cash flow analysis. The analysis considered, among others, the following factors: | |||||||||||||||||||||
ā¢ | the collateral underlying the security investments; | ||||||||||||||||||||
ā¢ | the creditworthiness of the counterparty; | ||||||||||||||||||||
ā¢ | the timing of expected future cash flows; | ||||||||||||||||||||
ā¢ | the probability of a successful auction in a future period; | ||||||||||||||||||||
ā¢ | the underlying structure of each investment; | ||||||||||||||||||||
ā¢ | the present value of future principal and interest payments discounted at rates considered to reflect current market conditions; | ||||||||||||||||||||
ā¢ | a consideration of the probabilities of default, passing a future auction, or redemption at par for each period; and | ||||||||||||||||||||
ā¢ | 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. | |||||||||||||||||||||
We have ARS investments with a fair value of $12.5 million maturing from fiscal years 2016 to 2018 and $2.8 million fair value with no maturity date. Of our ARS investments, $600,000 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 DecemberĀ 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): | |||||||||||||||||||||
Ā Ā | OriginalĀ Cost | Ā Ā | Other-than- | NewĀ Cost | Ā Ā | Unrealized | Ā Ā | Fair | |||||||||||||
Basis | temporary | Basis | Gain/(Loss) | Value | |||||||||||||||||
Impairment in | |||||||||||||||||||||
RetainedĀ Earnings | |||||||||||||||||||||
Credit linked notes | Ā Ā | $ | 13,500 | Ā Ā | Ā Ā | $ | (6,844 | )(1)Ā | $ | 6,656 | Ā Ā | Ā Ā | $ | 5,284 | Ā Ā | Ā Ā | $ | 11,940 | Ā Ā | ||
Preferred stock | Ā Ā | 5,000 | Ā Ā | Ā Ā | (5,000 | )Ā | āĀ Ā | Ā Ā | Ā Ā | 2,750 | Ā Ā | Ā Ā | 2,750 | Ā Ā | |||||||
Municipals | Ā Ā | 600 | Ā Ā | Ā Ā | (83 | )Ā | 517 | Ā Ā | Ā Ā | 71 | Ā Ā | Ā Ā | 588 | Ā Ā | |||||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||||||
Total ARS | $ | 19,100 | Ā Ā | $ | (11,927 | )Ā | $ | 7,173 | Ā Ā | $ | 8,105 | Ā Ā | $ | 15,278 | Ā Ā | ||||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||||||
-1 | Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $1.9 million 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 JuneĀ 30, 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): | |||||||||||||||||||||
Ā Ā | OriginalĀ Cost | Ā Ā | Other-than- | NewĀ Cost | Ā Ā | Unrealized | Fair | ||||||||||||||
Basis | temporary | Basis | Gain/(Loss) | Value | |||||||||||||||||
Impairment in | |||||||||||||||||||||
RetainedĀ Earnings | |||||||||||||||||||||
Student loans | Ā Ā | $ | 3,500 | Ā Ā | Ā Ā | $ | (179 | )Ā | $ | 3,321 | Ā Ā | Ā Ā | $ | (149 | )Ā | $ | 3,172 | Ā Ā | |||
Credit linked notes | Ā Ā | 13,500 | Ā Ā | Ā Ā | (7,513 | )(1)Ā | 5,987 | Ā Ā | Ā Ā | 5,891 | Ā Ā | 11,878 | Ā Ā | ||||||||
Preferred stock | Ā Ā | 5,000 | Ā Ā | Ā Ā | (5,000 | )Ā | āĀ Ā | Ā Ā | Ā Ā | 2,750 | Ā Ā | 2,750 | Ā Ā | ||||||||
Municipals | Ā Ā | 2,000 | Ā Ā | Ā Ā | (83 | )Ā | 1,917 | Ā Ā | Ā Ā | 68 | Ā Ā | 1,985 | Ā Ā | ||||||||
Ā Ā | Ā Ā | Ā Ā | |||||||||||||||||||
Total ARS | $ | 24,000 | Ā Ā | $ | (12,775 | )Ā | $ | 11,225 | Ā Ā | $ | 8,560 | Ā Ā | $ | 19,785 | Ā Ā | ||||||
Ā Ā | Ā Ā | Ā Ā | |||||||||||||||||||
-1 | Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $1.3 million 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 ARS 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 | 6 Months Ended | ||||||||
Dec. 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): | |||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | JuneĀ 30, | ||||||
Ā Ā | 2014 | Ā Ā | 2014 | ||||||
Raw materials | Ā Ā | $ | 75,089 | Ā Ā | Ā Ā | $ | 58,717 | Ā Ā | |
Finished goods | Ā Ā | 70,126 | Ā Ā | Ā Ā | 23,594 | Ā Ā | |||
Ā Ā | Ā Ā | ||||||||
Ā Ā | $ | 145,215 | Ā Ā | Ā Ā | $ | 82,311 | Ā Ā | ||
Ā Ā | Ā Ā |
Acquisition
Acquisition | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||
Acquisition | 7. Acquisition | ||||||||||||||||
On JuneĀ 11, 2014, we entered into a stock purchase agreement to acquire all of the outstanding stock of Renesas SP Drivers, Inc., or RSP, a leading provider of small- and medium-sized display driver integrated circuits for smartphones and tablets, or the RSP Acquisition. The RSP Acquisition is intended to accelerate our product roadmap for high-performance, low-cost display integration products, strengthen our relationships with key customers, and create opportunities to drive increased revenue. Effective as of OctoberĀ 1, 2014, or the Closing Date, we completed the RSP Acquisition of 100% of the outstanding capital stock of RSP for an initial purchase price of approximately Ā„50.6 billion (or approximately $463 million), with Japanese yen converted into U.S. dollars at the Closing Date conversion rate of 109.4 Japanese yen to U.S. dollar. The purchase price at the closing of the RSP Acquisition was paid entirely in cash, with Ā„7.25 billion (or approximately $66 million) held back until the date that is 18 months after the Closing Date to address any post-closing adjustments or claims, or the Indemnification Holdback, and Ā„5.25 billion (or approximately $48 million) held back in respect of a potential post-closing working capital, cash balance, indebtedness and transaction expenses adjustments, or the Working Capital Holdback, which is due in the three months ending MarchĀ 31, 2015. Subsequent to the Closing Date, we determined that additional purchase consideration was due to the sellers and have adjusted the purchase price by $10.9 million. The acquisition date fair value of the consideration transferred is approximately $474 million. | |||||||||||||||||
The Working Capital Holdback as adjusted for additional purchase consideration is included in acquisition-related liabilities under current liabilities of the condensed consolidated balance sheet and is expected to be settled in our March 2015 quarter. The Indemnification Holdback is included in acquisition-related liabilities in the long-term liabilities section of the condensed consolidated balance sheet and is expected to be settled in fiscal 2016. The RSP Acquisition has been accounted for as a business combination in the three months ending in December 2014 and results of RSPās operations have been included in our consolidated financial statements since the Closing Date. Under the stock purchase agreement, RSP entered into an inventory purchase obligation with Renesas Electronics Corporation, or REL, to acquire closing date inventory held by REL. Such inventory purchase obligation was settled in the three months ended DecemberĀ 31, 2014 for approximately $115 million. | |||||||||||||||||
Our estimate of the fair values of the acquired intangible assets at DecemberĀ 31, 2014 is preliminary and subject to change and is based on established and accepted valuation techniques performed by our third-party valuation specialists. 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. | |||||||||||||||||
The following table summarizes the provisional amounts recorded for the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands): | |||||||||||||||||
Cash | Ā Ā | $ | 54,705 | Ā Ā | |||||||||||||
Short-term deposit | Ā Ā | 36,614 | Ā Ā | ||||||||||||||
Accounts receivable | Ā Ā | 140,210 | Ā Ā | ||||||||||||||
Current deferred tax asset | Ā Ā | 2,762 | Ā Ā | ||||||||||||||
Inventory | Ā Ā | 6,296 | Ā Ā | ||||||||||||||
Property and equipment | Ā Ā | 11,674 | Ā Ā | ||||||||||||||
Acquired intangible assets | Ā Ā | 250,600 | Ā Ā | ||||||||||||||
Other assets | Ā Ā | 4,002 | Ā Ā | ||||||||||||||
Ā Ā | |||||||||||||||||
Total identifiable assets acquired | Ā Ā | 506,863 | Ā Ā | ||||||||||||||
Accounts payable | Ā Ā | 66,544 | Ā Ā | ||||||||||||||
Income taxes payable | Ā Ā | 32,534 | Ā Ā | ||||||||||||||
Deferred tax liability | Ā Ā | 59,516 | Ā Ā | ||||||||||||||
Other accrued liabilities | Ā Ā | 28,032 | Ā Ā | ||||||||||||||
Ā Ā | |||||||||||||||||
Net identifiable assets acquired | Ā Ā | 320,237 | Ā Ā | ||||||||||||||
Goodwill | Ā Ā | 153,413 | Ā Ā | ||||||||||||||
Ā Ā | |||||||||||||||||
Net assets acquired | Ā Ā | $ | 473,650 | Ā Ā | |||||||||||||
Ā Ā | |||||||||||||||||
Of the $250.6 million of acquired intangible assets, $138.6 million was allocated to developed technology and will amortize over an estimated weighted average useful life of 5 years; $60.2 million was allocated to customer relationships and will be amortized over estimated useful lives of 2 to 3 years; $21.5 million was allocated to a supplier arrangement and will be amortized over an estimated useful life of less than 1 year; $11.0 million was allocated to backlog and will be amortized over an estimated useful life of less than 1 year; and $19.4 million was allocated 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 deemed to be substantively complete. Developed technology consists of established small- and medium-sized display driver technology designed for and sold into the smartphone and tablet markets. We preliminarily estimated the fair value of the identified intangible assets using a discounted cash flow model for each of the underlying identified intangible assets. These fair value measurements were based on significant inputs not observable in the market and thus represent a Level 3 measurement. Key assumptions include the level and timing of expected future cash flows, conditions and demands specific to each intangible asset over its remaining useful life, and discount rates we believe to be consistent with the inherent risks associated with each type of asset, which range from 9% to 14%. The fair value of these intangible assets is primarily affected by the projected income and the anticipated timing of the projected income associated with each intangible asset coupled with the discount rates used to derive their estimated present values. We believe the level and timing of expected future cash flows appropriately reflects market participant assumptions. | |||||||||||||||||
The value of goodwill reflects the anticipated synergies of the combined operations and workforce of RSP as of the acquisition date. | |||||||||||||||||
None of the goodwill is expected to be deductible for income tax purposes. Prior to the RSP Acquisition, we did not have an existing relationship or transactions with RSP. The condensed consolidated financial statements include approximately $238.6 million of revenue and approximately $16.5 million of operating income from RSP from the Closing Date through DecemberĀ 31, 2014. | |||||||||||||||||
The following unaudited pro forma financial information presents the combined results of operations for us and RSP as if the RSP Acquisition had occurred on JuneĀ 30, 2013. 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 RSP Acquisition actually taken place on JuneĀ 30, 2013, 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. | |||||||||||||||||
Ā Ā | Three Months Ended | Ā Ā | Six Months Ended | ||||||||||||||
DecemberĀ 31, | DecemberĀ 31, | ||||||||||||||||
Ā Ā | 2014 | Ā Ā | 2013 | Ā Ā | 2014 | Ā Ā | 2013 | ||||||||||
Ā Ā | (in thousands, except per share data) | ||||||||||||||||
Revenue | Ā Ā | $ | 463,705 | Ā Ā | Ā Ā | $ | 399,301 | Ā Ā | Ā Ā | $ | 957,407 | Ā Ā | Ā Ā | $ | 808,704 | Ā Ā | |
Net income | Ā Ā | 39,612 | Ā Ā | Ā Ā | 35,466 | Ā Ā | Ā Ā | 82,054 | Ā Ā | Ā Ā | 73,313 | Ā Ā | |||||
Net income per share - diluted | Ā Ā | 1.04 | Ā Ā | Ā Ā | 0.98 | Ā Ā | Ā Ā | 2.11 | Ā Ā | Ā Ā | 2.06 | Ā Ā | |||||
Pro forma adjustments used to arrive at pro forma net income for the three and six months ended DecemberĀ 31, 2014 and DecemberĀ 31, 2013, were as follows (in thousands): | |||||||||||||||||
Ā Ā | ThreeĀ MonthsĀ Ended | Ā Ā | Six Months Ended | ||||||||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | DecemberĀ 31, | ||||||||||||||
Ā Ā | 2014 | Ā Ā | 2013 | Ā Ā | 2014 | Ā Ā | 2013 | ||||||||||
Buyer transaction costs | Ā Ā | $ | 3,000 | Ā Ā | Ā Ā | $ | 18 | Ā Ā | Ā Ā | $ | 4,300 | Ā Ā | Ā Ā | $ | 18 | Ā Ā | |
Amortization of debt issuance costs | Ā Ā | āĀ Ā | Ā Ā | Ā Ā | (250 | )Ā | Ā Ā | (250 | )Ā | Ā Ā | (500 | )Ā | |||||
Interest expense | Ā Ā | āĀ Ā | Ā Ā | Ā Ā | (1,561 | )Ā | Ā Ā | (2,852 | )Ā | Ā Ā | (2,828 | )Ā | |||||
Intangible amortization | Ā Ā | 26,000 | Ā Ā | Ā Ā | (19,319 | )Ā | Ā Ā | 13,131 | Ā Ā | Ā Ā | (58,188 | )Ā | |||||
Income tax adjustment | Ā Ā | (9,360 | )Ā | Ā Ā | 6,955 | Ā Ā | Ā Ā | (4,727 | )Ā | Ā Ā | 20,948 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Total | $ | 19,640 | Ā Ā | $ | (14,157 | )Ā | $ | 9,602 | Ā Ā | $ | (40,550 | )Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā |
Acquired_Intangibles
Acquired Intangibles | 6 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Acquired Intangibles | 8. Acquired Intangibles | ||||||||||
The following table summarizes the life, the gross carrying value of our acquired intangible assets, and the related accumulated amortization as of DecemberĀ 31, 2014 and JuneĀ 30, 2014 (in thousands): | |||||||||||
Ā Ā | Life | Ā Ā | DecemberĀ 31, | Ā Ā | JuneĀ 30, | ||||||
2014 | 2014 | ||||||||||
Display driver developed technology | Ā Ā | 5 years | Ā Ā | $ | 138,550 | Ā Ā | Ā Ā | $ | āĀ Ā | Ā Ā | |
Fingerprint developed technology | Ā Ā | 2-4 years | Ā Ā | 75,650 | Ā Ā | Ā Ā | 18,650 | Ā Ā | |||
ThinTouch developed technology | Ā Ā | 7 years | Ā Ā | 8,900 | Ā Ā | Ā Ā | 8,900 | Ā Ā | |||
Customer relationships | Ā Ā | 2-5 years | Ā Ā | 64,000 | Ā Ā | Ā Ā | 3,800 | Ā Ā | |||
Licensed technology and other | Ā Ā | 5 years | Ā Ā | 1,335 | Ā Ā | Ā Ā | 1,335 | Ā Ā | |||
Backlog | Ā Ā | LessĀ thanĀ 1Ā year | Ā Ā | 11,700 | Ā Ā | Ā Ā | 750 | Ā Ā | |||
Patents | Ā Ā | 5 years | Ā Ā | 100 | Ā Ā | Ā Ā | 100 | Ā Ā | |||
Supplier arrangement | Ā Ā | Less than 1 year | Ā Ā | 21,500 | Ā Ā | Ā Ā | āĀ Ā | Ā Ā | |||
In-process research and development | Ā Ā | NotĀ applicable | Ā Ā | 19,400 | Ā Ā | Ā Ā | 57,000 | Ā Ā | |||
Ā Ā | Ā Ā | Ā Ā | |||||||||
341,135 | Ā Ā | 90,535 | Ā Ā | ||||||||
Accumulated amortization | (57,786 | )Ā | (8,424 | )Ā | |||||||
Ā Ā | Ā Ā | Ā Ā | |||||||||
Acquired intangibles, net | $ | 283,349 | Ā Ā | $ | 82,111 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | |||||||||
The total amortization expense for the acquired intangible assets was $45.1 million and $1.9 million for the three months ended DecemberĀ 31, 2014 and 2013, respectively, and $49.4 million and $2.1 million for the six months ended DecemberĀ 31, 2014, and 2013, respectively. During the first quarter of fiscal 2015, the in-process research and development projects related to the Validity acquisition were completed, have been included in fingerprint developed technology, and amortization commenced. 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 fiscal year aggregate amortization expense as of DecemberĀ 31, 2014 (in thousands): | |||||||||||
Remainder of 2015 | Ā Ā | $ | 44,648 | Ā Ā | |||||||
2016 | Ā Ā | 72,851 | Ā Ā | ||||||||
2017 | Ā Ā | 60,731 | Ā Ā | ||||||||
2018 | Ā Ā | 46,095 | Ā Ā | ||||||||
2019 | Ā Ā | 30,948 | Ā Ā | ||||||||
2020 | Ā Ā | 8,199 | Ā Ā | ||||||||
Thereafter | Ā Ā | 477 | Ā Ā | ||||||||
To be determined | Ā Ā | 19,400 | Ā Ā | ||||||||
Ā Ā | |||||||||||
Future amortization | Ā Ā | $ | 283,349 | Ā Ā | |||||||
Ā Ā |
Other_Accrued_Liabilities
Other Accrued Liabilities | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Other Accrued Liabilities | 9. Other Accrued Liabilities | ||||||||
Other accrued liabilities consisted of the following (in thousands): | |||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | JuneĀ 30, | ||||||
Ā Ā | 2014 | Ā Ā | 2014 | ||||||
Customer obligations | Ā Ā | $ | 59,372 | Ā Ā | Ā Ā | $ | 38,758 | Ā Ā | |
Inventory obligations | Ā Ā | 15,832 | Ā Ā | Ā Ā | 4,096 | Ā Ā | |||
Warranty | Ā Ā | 2,759 | Ā Ā | Ā Ā | 1,659 | Ā Ā | |||
Other | Ā Ā | 16,470 | Ā Ā | Ā Ā | 12,178 | Ā Ā | |||
Ā Ā | Ā Ā | ||||||||
Ā Ā | $ | 94,433 | Ā Ā | Ā Ā | $ | 56,691 | Ā Ā | ||
Ā Ā | Ā Ā |
Product_Warranties_Indemnifica
Product Warranties, Indemnifications, and Contingencies | 6 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Product Warranties, Indemnifications, and Contingencies | 10. 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. 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 typically have a maximum stated liability. However, historical costs related to these indemnification provisions have not been significant. We have not recorded any material 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 and 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. |
Debt
Debt | 6 Months Ended |
Dec. 31, 2014 | |
Debt Disclosure [Abstract] | |
Debt | 11. Debt |
In connection with the RSP Acquisition, on OctoberĀ 1, 2014 (see Note 7), we entered into a credit agreement, or the Credit Agreement, with the lenders party thereto, or the Lenders, and Wells Fargo Bank, National Association, as administrative agent for the Lenders. | |
The Credit Agreement provides for, among other things, (i)Ā a revolving credit facility of up to $150 million, which includes a $20 million sublimit for letters of credit and a $20 million sublimit for swingline loans, and (ii)Ā a term loan facility in an amount of $150 million. Under the terms of the Credit Agreement, we may, subject to the satisfaction of certain conditions, request increases in the revolving credit facility commitments and additional term loan commitments in an aggregate principal amount of up to $100 million to the extent existing or new lenders agree to provide such increased or additional commitments, as applicable. We borrowed $150 million under the term loan facility and $100 million under the revolving credit facility to finance a portion of the RSP Acquisition purchase price. Debt issuance costs were approximately $5.0 million, including a financing commitment provided to the seller at the RSP Acquisition signing date and legal fees, and are being amortized over 60 months. | |
Our obligations under the Credit Agreement are guaranteed by the material domestic subsidiaries of our company, subject to certain exceptions (such material subsidiaries, together with our company, collectively, the Credit Parties). The obligations of the Credit Parties under the Credit Agreement and the other loan documents delivered in connection therewith are secured by a first priority security interest in substantially all of the existing and future personal property of the Credit Parties, including, without limitation, 65% of the voting capital stock of certain of the Credit Partiesā direct foreign subsidiaries, subject to certain exceptions. | |
The revolving credit facility and term loans bear interest at our election of a Base Rate plus an applicable margin or LIBOR plus an applicable margin. Swingline loans bear interest at a Base Rate plus an applicable margin. The Base Rate is a floating rate that is the greater of the Prime Rate, the Federal Funds Rate plus 50 basis points, or LIBOR plus 100 basis points. The applicable margin is based on a sliding scale which ranges from zero to 100 basis points for Base Rate loans and 100 basis points to 200 basis points for LIBOR loans. | |
The term loan facility requires repayment over five years with nineteen quarterly principal payments beginning in the three months ending MarchĀ 31, 2015. Each of the first four quarterly principal payments is $1.9 million, and each of the next fourteen quarterly principal payments is $3.8 million, followed by a final principal payment of $90.0 million on SeptemberĀ 30, 2019. The revolving credit facility requires payment in full at the end of five years on SeptemberĀ 30, 2019. We are also required to pay a commitment fee for any unused portion of the revolving credit facility, which ranges from 0.25% to 0.45%Ā per annum. Interest on the term loan facility and revolving credit facility is payable quarterly. | |
Under the Credit Agreement, there are restrictive operating covenants, including three financial covenants which limit the consolidated total leverage ratio, or leverage ratio, the consolidated interest coverage ratio, or interest coverage ratio, and places a restriction on the amount of capital expenditures that may be made in any fiscal year. The leverage ratio is the ratio of debt as of the measurement date to earnings before interest, taxes, depreciation and amortization, or EBITDA, for the four consecutive quarters ending with the quarter of measurement. The leverage ratio must not exceed 2.50 to 1.0 during the first two years of the agreement, and 2.0 to 1.0 during the last three years of the agreement. The interest coverage ratio is EBITDA to interest expense for the four consecutive quarters ending with the quarter of measurement. The interest coverage ratio must not be less than 3.50 to 1.0 during the term of the agreement. As of DecemberĀ 31, 2014, we were in compliance with the restrictive operating covenants. |
ShareBased_Compensation
Share-Based Compensation | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Share-Based Compensation | 12. Share-Based Compensation | ||||||||||||||||
Share-based compensation and the related tax benefit recognized in our condensed consolidated statements of income were as follows (in thousands): | |||||||||||||||||
Ā Ā | Three Months Ended | Ā Ā | Six Months Ended | ||||||||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | DecemberĀ 31, | ||||||||||||||
Ā Ā | 2014 | Ā Ā | 2013 | Ā Ā | 2014 | Ā Ā | 2013 | ||||||||||
Cost of revenue | Ā Ā | $ | 336 | Ā Ā | Ā Ā | $ | 262 | Ā Ā | Ā Ā | $ | 638 | Ā Ā | Ā Ā | $ | 516 | Ā Ā | |
Research and development | Ā Ā | 5,950 | Ā Ā | Ā Ā | 4,241 | Ā Ā | Ā Ā | 11,350 | Ā Ā | Ā Ā | 8,168 | Ā Ā | |||||
Selling, general, and administrative | Ā Ā | 4,442 | Ā Ā | Ā Ā | 3,119 | Ā Ā | Ā Ā | 8,235 | Ā Ā | Ā Ā | 5,980 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Total | Ā Ā | $ | 10,728 | Ā Ā | Ā Ā | $ | 7,622 | Ā Ā | Ā Ā | $ | 20,223 | Ā Ā | Ā Ā | $ | 14,664 | Ā Ā | |
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Income tax benefit on share-based compensation | Ā Ā | $ | 3,045 | Ā Ā | Ā Ā | $ | 2,834 | Ā Ā | Ā Ā | $ | 5,731 | Ā Ā | Ā Ā | $ | 4,806 | Ā Ā | |
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Historically, we have issued new shares in connection with our share-based compensation plans, however, treasury shares were also available for issuance as of DecemberĀ 31, 2014. Any additional shares repurchased under our common stock repurchase program would be available for issuance under our share-based compensation plans. | |||||||||||||||||
Stock Options | |||||||||||||||||
Stock option activity, including stock options granted, exercised, and forfeited, and weighted average exercise prices for stock options outstanding and exercisable, and the aggregate intrinsic value were as follows: | |||||||||||||||||
Ā Ā | Stock | Weighted | Ā Ā | Aggregate | |||||||||||||
Ā Ā | Option | Average | Ā Ā | Intrinsic | |||||||||||||
Ā Ā | Awards | Exercise | Ā Ā | Value | |||||||||||||
Ā Ā | Outstanding | Price | Ā Ā | (inĀ thousands) | |||||||||||||
Balance at JuneĀ 30, 2014 | Ā Ā | 3,693,375 | Ā Ā | $ | 30.08 | Ā Ā | Ā Ā | ||||||||||
Granted | Ā Ā | 261,991 | Ā Ā | 68.87 | Ā Ā | Ā Ā | |||||||||||
Exercised | Ā Ā | (375,730 | )Ā | 29.21 | Ā Ā | Ā Ā | |||||||||||
Forfeited | Ā Ā | (25,363 | )Ā | 39.82 | Ā Ā | Ā Ā | |||||||||||
Ā Ā | Ā Ā | ||||||||||||||||
Balance at DecemberĀ 31, 2014 | Ā Ā | 3,554,273 | Ā Ā | 32.96 | Ā Ā | Ā Ā | $ | 138,860 | Ā Ā | ||||||||
Ā Ā | Ā Ā | ||||||||||||||||
Exercisable at DecemberĀ 31, 2014 | Ā Ā | 2,568,671 | Ā Ā | 26.77 | Ā Ā | Ā Ā | $ | 115,729 | Ā Ā | ||||||||
Ā Ā | Ā Ā | ||||||||||||||||
The aggregate intrinsic value was determined using the closing price of our common stock on DecemberĀ 26, 2014 of $71.80 and excludes the impact of stock options that were not in-the-money. | |||||||||||||||||
Deferred Stock Units | |||||||||||||||||
Deferred Stock Units, or DSU, activity, including DSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of DSUs was as follows: | |||||||||||||||||
Ā Ā | DSUĀ Awards | Aggregate | |||||||||||||||
Intrinsic | |||||||||||||||||
Value | |||||||||||||||||
Ā Ā | Outstanding | (inĀ thousands) | |||||||||||||||
Balance at June 30, 2014 | Ā Ā | 1,058,243 | Ā Ā | ||||||||||||||
Granted | Ā Ā | 312,293 | Ā Ā | ||||||||||||||
Delivered | Ā Ā | (264,784 | )Ā | ||||||||||||||
Forfeited | Ā Ā | (39,829 | )Ā | ||||||||||||||
Ā Ā | |||||||||||||||||
Balance at December 31, 2014 | Ā Ā | 1,065,923 | Ā Ā | $ | 76,533 | Ā Ā | |||||||||||
Ā Ā | |||||||||||||||||
The aggregate intrinsic value was determined using the closing price of our common stock on DecemberĀ 26, 2014 of $71.80. | |||||||||||||||||
Of the shares delivered, 74,568 shares valued at $5.2 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 Market Stock Unit, or MSU awards, 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 have granted MSUs to our executive officers, which are 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)) | |||||||||||||||||
Beginning with the MSU grants in fiscal 2015, the payout for tranche one and two will not exceed 100% and the payout for tranche three will be calculated based on the total target quantity for the entire grant multiplied by the payout factor, which will then be reduced by tranche one and tranche two stock issuances. | |||||||||||||||||
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 requirements and deliver a net quantity of shares to the employee, consultant, or director after such withholding. Until delivery of shares, the grantee has no rights as a stockholder with respect to any shares underlying the MSU award. | |||||||||||||||||
During the six months ended DecemberĀ 31, 2014, MSU activity, including MSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of MSUs as of DecemberĀ 31, 2014 was as follows: | |||||||||||||||||
Ā Ā | MSU | Ā Ā | Aggregate | ||||||||||||||
Awards | Intrinsic | ||||||||||||||||
Value | |||||||||||||||||
Ā Ā | Outstanding | Ā Ā | (inĀ thousands) | ||||||||||||||
Balance at JuneĀ 30, 2014 | Ā Ā | 120,330 | Ā Ā | Ā Ā | |||||||||||||
Granted | Ā Ā | 70,300 | Ā Ā | Ā Ā | |||||||||||||
Performance adjustment | Ā Ā | 46,712 | Ā Ā | Ā Ā | |||||||||||||
Delivered | Ā Ā | -93,424 | Ā Ā | Ā Ā | |||||||||||||
Forfeited | Ā Ā | āĀ Ā | Ā Ā | Ā Ā | |||||||||||||
Ā Ā | Ā Ā | ||||||||||||||||
Balance at DecemberĀ 31, 2014 | Ā Ā | 143,918 | Ā Ā | Ā Ā | $ | 10,333 | Ā Ā | ||||||||||
Ā Ā | Ā Ā | ||||||||||||||||
We value the MSUs using the Monte Carlo simulation model on the date of grant and amortize the compensation expense over the three-year performance and service period on a straight-line basis. The unrecognized share-based compensation cost of our outstanding MSUs was approximately $7.7 million as of DecemberĀ 31, 2014, which will be recognized over a weighted average period of approximately 1.44 years. The aggregate intrinsic value was determined using the closing price of our common stock on DecemberĀ 26, 2014 of $71.80. | |||||||||||||||||
Of the shares delivered, 47,883 shares valued at $3.0 million were withheld to meet statutory minimum tax withholding requirements. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases during the six-month period ended DecemberĀ 31, 2014 were as follows (in thousands, except for shares purchased and weighted average price): | |||||||||||||||||
Shares purchased | Ā Ā | 230,241 | Ā Ā | ||||||||||||||
Weighted average purchase price | Ā Ā | $ | 25.46 | Ā Ā | |||||||||||||
Cash received | Ā Ā | $ | 5,862 | Ā Ā | |||||||||||||
Aggregate intrinsic value | Ā Ā | $ | 8,390 | Ā Ā |
Income_Taxes
Income Taxes | 6 Months Ended |
Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 13. 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. Therefore 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 for income taxes recorded in interim periods is recorded by applying the estimated annual effective tax rate to year-to-date income before income taxes, excluding the effects of significant unusual or infrequently occurring discrete items and the change in contingent consideration liability which is not reliably estimable. The tax effects of discrete items and the change in 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 DecemberĀ 31, 2014 and 2013, and the estimated annual effective tax rates for those same periods of 39.0% and 27.2%, respectively. | |
The provision for income taxes of $7.8 million and $5.2 million for the three months ended DecemberĀ 31, 2014 and 2013, respectively, represented estimated federal, state, and foreign income taxes. Our annual effective tax rate diverged from the combined U.S. federal and state statutory tax rate primarily because of foreign income taxed at lower tax rates, and research and development credits, partially offset by foreign withholding taxes, nondeductible amortization, and net unrecognized tax benefits associated with qualified stock options. Discrete items recognized in the three months ended DecemberĀ 31, 2014 and 2013, included additional penalties and interest for uncertain tax positions related to prior fiscal years, research and development credits, and tax benefits realized from share-based compensation. | |
The provision for income taxes of $18.1 million and $17.9 million for the six months ended DecemberĀ 31, 2014 and 2013, respectively, represented estimated federal, foreign, and state income taxes. Our annual effective tax rate diverged from the combined U.S. federal and state statutory tax rate primarily because of foreign income taxed at lower tax rates, and research and development credits, partially offset by foreign withholding taxes, nondeductible amortization, and net unrecognized tax benefits associated with qualified stock options. Discrete items recognized in the six months ended DecemberĀ 31, 2014 and 2013, included additional penalties and interest for uncertain tax positions related to prior fiscal years, research and development credits, and tax benefits realized from share-based compensation. | |
Unrecognized Tax Benefits | |
The total liability for gross unrecognized tax benefits increased $1.4 million during the six months ended DecemberĀ 31, 2014 to $11.6 million from $10.2 million at JuneĀ 30, 2014 and was included in other long-term liabilities on our condensed consolidated balance sheets. If recognized, this total amount would affect the effective tax rate on income from continuing operations. Accrued interest and penalties related to unrecognized tax benefits as of DecemberĀ 31, 2014 was $1.1 million; this balance increased by $116,000 from JuneĀ 30, 2014. We classify interest and penalties as components of income tax expense. | |
The Tax Increase Prevention Act, or the Act, which retroactively extended the federal research credit from JanuaryĀ 1, 2014 through DecemberĀ 31, 2014, was enacted on DecemberĀ 19, 2014. As such, we recognized six months of tax benefit from the federal research tax credit related to fiscal 2014 and another six months of federal research tax credit related to fiscal 2015. | |
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 returns would be subject to examination. In March 2013, we received the Revenue Agentās 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. | |
Our major tax jurisdictions are the United States, California, Hong Kong SAR, and Japan. For fiscal 2003 onward, we remain subject to examination by one or more of these jurisdictions. |
Segment_Customers_and_Geograph
Segment, Customers, and Geographic Information | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Segment, Customers, and Geographic Information | 14. Segment, Customers, and Geographic Information | ||||||||||||||||
We operate in one segment: the development, marketing, and sale of semiconductors, which provide 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, product market. We sell our products to original equipment manufacturers, or OEMs, and to contract manufacturers that provide manufacturing services to OEMs. | |||||||||||||||||
Net revenue within geographic areas based on our customersā locations for the periods presented was as follows (in thousands): | |||||||||||||||||
Ā Ā | Three Months Ended | Ā Ā | Six Months Ended | ||||||||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | DecemberĀ 31, | ||||||||||||||
Ā Ā | 2014 | Ā Ā | 2013 | Ā Ā | 2014 | Ā Ā | 2013 | ||||||||||
China | Ā Ā | $ | 126,251 | Ā Ā | Ā Ā | $ | 110,570 | Ā Ā | Ā Ā | $ | 274,421 | Ā Ā | Ā Ā | $ | 217,936 | Ā Ā | |
Japan | Ā Ā | 231,271 | Ā Ā | Ā Ā | 10,386 | Ā Ā | Ā Ā | 237,007 | Ā Ā | Ā Ā | 22,466 | Ā Ā | |||||
United States | Ā Ā | 37,475 | Ā Ā | Ā Ā | 2,070 | Ā Ā | Ā Ā | 78,227 | Ā Ā | Ā Ā | 3,772 | Ā Ā | |||||
Taiwan | Ā Ā | 32,194 | Ā Ā | Ā Ā | 34,068 | Ā Ā | Ā Ā | 68,430 | Ā Ā | Ā Ā | 66,369 | Ā Ā | |||||
South Korea | Ā Ā | 31,975 | Ā Ā | Ā Ā | 48,669 | Ā Ā | Ā Ā | 78,816 | Ā Ā | Ā Ā | 117,827 | Ā Ā | |||||
Other | Ā Ā | 4,539 | Ā Ā | Ā Ā | āĀ Ā | Ā Ā | Ā Ā | 9,545 | Ā Ā | Ā Ā | āĀ Ā | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
$ | 463,705 | Ā Ā | $ | 205,763 | Ā Ā | $ | 746,446 | Ā Ā | $ | 428,370 | Ā Ā | ||||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Net revenue from external customers for each group of similar products was as follows (in thousands): | |||||||||||||||||
Ā Ā | Three Months Ended | Ā Ā | Six Months Ended | ||||||||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | DecemberĀ 31, | ||||||||||||||
Ā Ā | 2014 | Ā Ā | 2013 | Ā Ā | 2014 | Ā Ā | 2013 | ||||||||||
Mobile product applications | Ā Ā | $ | 398,308 | Ā Ā | Ā Ā | $ | 133,604 | Ā Ā | Ā Ā | $ | 598,042 | Ā Ā | Ā Ā | $ | 296,268 | Ā Ā | |
PC product applications | Ā Ā | 65,397 | Ā Ā | Ā Ā | 72,159 | Ā Ā | Ā Ā | 148,404 | Ā Ā | Ā Ā | 132,102 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
$ | 463,705 | Ā Ā | $ | 205,763 | Ā Ā | $ | 746,446 | Ā Ā | $ | 428,370 | Ā Ā | ||||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Net revenue from major customers as a percentage of total net revenue for the periods presented was as follows: | |||||||||||||||||
Ā Ā | ThreeĀ MonthsĀ Ended | SixĀ MonthsĀ Ended | |||||||||||||||
Ā Ā | DecemberĀ 31, | DecemberĀ 31, | |||||||||||||||
Ā Ā | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Customer A | Ā Ā | 24 | %Ā | * | Ā Ā | 15 | %Ā | * | Ā Ā | ||||||||
Customer B | Ā Ā | 13 | %Ā | 18 | %Ā | 17 | %Ā | 20 | %Ā | ||||||||
Customer C | Ā Ā | 12 | %Ā | * | Ā Ā | * | Ā Ā | * | Ā Ā | ||||||||
Customer D | Ā Ā | 12 | %Ā | * | Ā Ā | * | Ā Ā | * | Ā Ā | ||||||||
Customer E | Ā Ā | * | Ā Ā | 11 | %Ā | * | Ā Ā | * | Ā Ā | ||||||||
* | Less than 10% | ||||||||||||||||
We extend credit based on an evaluation of a customerās 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: | |||||||||||||||||
Ā Ā | DecemberĀ 31, | JuneĀ 30, | |||||||||||||||
Ā Ā | 2014 | 2014 | |||||||||||||||
Customer A | Ā Ā | 16 | %Ā | * | Ā Ā | ||||||||||||
Customer B | Ā Ā | 14 | %Ā | * | Ā Ā | ||||||||||||
Customer C | Ā Ā | 11 | %Ā | * | Ā Ā | ||||||||||||
Customer D | Ā Ā | 10 | %Ā | * | Ā Ā | ||||||||||||
Customer E | Ā Ā | * | Ā Ā | 28 | %Ā | ||||||||||||
* | Less than 10% |
Comprehensive_Income
Comprehensive Income | 6 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Comprehensive Income | 15. Comprehensive Income |
Our comprehensive income generally consists of net income 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. |
Basis_of_Presentation_Policies
Basis of Presentation (Policies) | 6 Months Ended |
Dec. 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, goodwill, intangible assets, investments, contingent consideration liabilities, 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. | |
Foreign Currency Transaction Gains and Losses | Foreign Currency Transaction Gains and Losses |
We use the U.S. dollar as our functional currency for financial reporting and therefore foreign currency transaction and remeasurement gains and losses are included in results of operations and are primarily the result of revaluing assets and liabilities denominated in a currency other than the functional currency. These foreign currency transactions, which primarily related to a recent acquisition, resulted in a net gain of $15.1 million in the three months ended DecemberĀ 31, 2014, and were not material in prior periods. |
Net_Income_Per_Share_Tables
Net Income Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||
Computation of Basic and Diluted Net Income Per Share | The computation of basic and diluted net income per share was as follows (in thousands, except per share data): | ||||||||||||||||
Ā Ā | Three Months Ended | Ā Ā | Six Months Ended | ||||||||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | DecemberĀ 31, | ||||||||||||||
Ā Ā | 2014 | Ā Ā | 2013 | Ā Ā | 2014 | Ā Ā | 2013 | ||||||||||
Numerator: | Ā Ā | Ā Ā | Ā Ā | Ā Ā | |||||||||||||
Net income | Ā Ā | $ | 19,972 | Ā Ā | Ā Ā | $ | 17,334 | Ā Ā | Ā Ā | $ | 46,558 | Ā Ā | Ā Ā | $ | 52,273 | Ā Ā | |
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Denominator: | |||||||||||||||||
Shares, basic | 36,500 | Ā Ā | 33,990 | Ā Ā | 36,895 | Ā Ā | 33,475 | Ā Ā | |||||||||
Effect of dilutive share-based awards | 1,748 | Ā Ā | 2,069 | Ā Ā | 1,987 | Ā Ā | 2,111 | Ā Ā | |||||||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Shares, diluted | 38,248 | Ā Ā | 36,059 | Ā Ā | 38,882 | Ā Ā | 35,586 | Ā Ā | |||||||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Net income per share: | |||||||||||||||||
Basic | $ | 0.55 | Ā Ā | $ | 0.51 | Ā Ā | $ | 1.26 | Ā Ā | $ | 1.56 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Diluted | $ | 0.52 | Ā Ā | $ | 0.48 | Ā Ā | $ | 1.2 | Ā Ā | $ | 1.47 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā |
Fair_Value_Tables
Fair Value (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 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): | ||||||||||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | JuneĀ 30, | ||||||||||||||
Ā Ā | 2014 | Ā Ā | 2014 | ||||||||||||||
Ā Ā | Level 1 | Ā Ā | Level 3 | Ā Ā | Level 1 | Ā Ā | Level 3 | ||||||||||
Assets: | Ā Ā | Ā Ā | Ā Ā | Ā Ā | |||||||||||||
Money market funds | Ā Ā | $ | 133,061 | Ā Ā | Ā Ā | $ | āĀ Ā | Ā Ā | Ā Ā | $ | 439,675 | Ā Ā | Ā Ā | $ | āĀ Ā | Ā Ā | |
Auction rate securities | Ā Ā | āĀ Ā | Ā Ā | Ā Ā | 15,278 | Ā Ā | Ā Ā | āĀ Ā | Ā Ā | Ā Ā | 19,785 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Total available-for-sale securities | $ | 133,061 | Ā Ā | $ | 15,278 | Ā Ā | $ | 439,675 | Ā Ā | $ | 19,785 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Liabilities: | |||||||||||||||||
Contingent consideration liabilities recorded for business combinations | $ | āĀ Ā | Ā Ā | $ | 69,306 | Ā Ā | $ | āĀ Ā | Ā Ā | $ | 110,122 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Changes in Fair Value of Level 3 Financial Assets | Changes in fair value of our Level 3 financial assets as of DecemberĀ 31, 2014 were as follows (in thousands): | ||||||||||||||||
Balance as of JuneĀ 30, 2014 | Ā Ā | $ | 19,785 | Ā Ā | |||||||||||||
Net gain | Ā Ā | 393 | Ā Ā | ||||||||||||||
Redemptions | Ā Ā | (4,900 | )Ā | ||||||||||||||
Ā Ā | |||||||||||||||||
Balance as of DecemberĀ 31, 2014 | Ā Ā | $ | 15,278 | Ā Ā | |||||||||||||
Ā Ā | |||||||||||||||||
Changes in Fair Value of Level 3 Contingent Consideration Liability | Changes in fair value of our Level 3 contingent consideration liabilities as of DecemberĀ 31, 2014 were as follows (in thousands): | ||||||||||||||||
Balance as of JuneĀ 30, 2014 | Ā Ā | $ | 110,122 | Ā Ā | |||||||||||||
Cash settlement of contingent consideration liability | Ā Ā | (7,706 | )Ā | ||||||||||||||
Issuance of common stock in settlement of liability | Ā Ā | (21,487 | )Ā | ||||||||||||||
Accretion and remeasurement | Ā Ā | (11,623 | )Ā | ||||||||||||||
Ā Ā | |||||||||||||||||
Balance as of DecemberĀ 31, 2014 | Ā Ā | $ | 69,306 | Ā Ā | |||||||||||||
Ā Ā |
Noncurrent_Investments_Tables
Non-current Investments (Tables) | 6 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Investments, All Other Investments [Abstract] | |||||||||||||||||||||
ARS Investments | The various types of ARS investments we held as of DecemberĀ 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): | ||||||||||||||||||||
Ā Ā | OriginalĀ Cost | Ā Ā | Other-than- | NewĀ Cost | Ā Ā | Unrealized | Ā Ā | Fair | |||||||||||||
Basis | temporary | Basis | Gain/(Loss) | Value | |||||||||||||||||
Impairment in | |||||||||||||||||||||
RetainedĀ Earnings | |||||||||||||||||||||
Credit linked notes | Ā Ā | $ | 13,500 | Ā Ā | Ā Ā | $ | (6,844 | )(1)Ā | $ | 6,656 | Ā Ā | Ā Ā | $ | 5,284 | Ā Ā | Ā Ā | $ | 11,940 | Ā Ā | ||
Preferred stock | Ā Ā | 5,000 | Ā Ā | Ā Ā | (5,000 | )Ā | āĀ Ā | Ā Ā | Ā Ā | 2,750 | Ā Ā | Ā Ā | 2,750 | Ā Ā | |||||||
Municipals | Ā Ā | 600 | Ā Ā | Ā Ā | (83 | )Ā | 517 | Ā Ā | Ā Ā | 71 | Ā Ā | Ā Ā | 588 | Ā Ā | |||||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||||||
Total ARS | $ | 19,100 | Ā Ā | $ | (11,927 | )Ā | $ | 7,173 | Ā Ā | $ | 8,105 | Ā Ā | $ | 15,278 | Ā Ā | ||||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||||||
-1 | Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $1.9 million 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 JuneĀ 30, 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): | |||||||||||||||||||||
Ā Ā | OriginalĀ Cost | Ā Ā | Other-than- | NewĀ Cost | Ā Ā | Unrealized | Fair | ||||||||||||||
Basis | temporary | Basis | Gain/(Loss) | Value | |||||||||||||||||
Impairment in | |||||||||||||||||||||
RetainedĀ Earnings | |||||||||||||||||||||
Student loans | Ā Ā | $ | 3,500 | Ā Ā | Ā Ā | $ | (179 | )Ā | $ | 3,321 | Ā Ā | Ā Ā | $ | (149 | )Ā | $ | 3,172 | Ā Ā | |||
Credit linked notes | Ā Ā | 13,500 | Ā Ā | Ā Ā | (7,513 | )(1)Ā | 5,987 | Ā Ā | Ā Ā | 5,891 | Ā Ā | 11,878 | Ā Ā | ||||||||
Preferred stock | Ā Ā | 5,000 | Ā Ā | Ā Ā | (5,000 | )Ā | āĀ Ā | Ā Ā | Ā Ā | 2,750 | Ā Ā | 2,750 | Ā Ā | ||||||||
Municipals | Ā Ā | 2,000 | Ā Ā | Ā Ā | (83 | )Ā | 1,917 | Ā Ā | Ā Ā | 68 | Ā Ā | 1,985 | Ā Ā | ||||||||
Ā Ā | Ā Ā | Ā Ā | |||||||||||||||||||
Total ARS | $ | 24,000 | Ā Ā | $ | (12,775 | )Ā | $ | 11,225 | Ā Ā | $ | 8,560 | Ā Ā | $ | 19,785 | Ā Ā | ||||||
Ā Ā | Ā Ā | Ā Ā | |||||||||||||||||||
-1 | Other-than-temporary impairment in retained earnings is partially offset by cumulative accretion of $1.3 million 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) | 6 Months Ended | ||||||||
Dec. 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): | ||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | JuneĀ 30, | ||||||
Ā Ā | 2014 | Ā Ā | 2014 | ||||||
Raw materials | Ā Ā | $ | 75,089 | Ā Ā | Ā Ā | $ | 58,717 | Ā Ā | |
Finished goods | Ā Ā | 70,126 | Ā Ā | Ā Ā | 23,594 | Ā Ā | |||
Ā Ā | Ā Ā | ||||||||
Ā Ā | $ | 145,215 | Ā Ā | Ā Ā | $ | 82,311 | Ā Ā | ||
Ā Ā | Ā Ā |
Acquisition_Tables
Acquisition (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Business Combinations [Abstract] | |||||||||||||||||
Summary of Provisional Amounts Recorded for Estimated Fair Values of Assets Acquired and Liabilities Assumed as of Acquisition Date | The following table summarizes the provisional amounts recorded for the estimated fair values of the assets acquired and liabilities assumed as of the acquisition date (in thousands): | ||||||||||||||||
Cash | Ā Ā | $ | 54,705 | Ā Ā | |||||||||||||
Short-term deposit | Ā Ā | 36,614 | Ā Ā | ||||||||||||||
Accounts receivable | Ā Ā | 140,210 | Ā Ā | ||||||||||||||
Current deferred tax asset | Ā Ā | 2,762 | Ā Ā | ||||||||||||||
Inventory | Ā Ā | 6,296 | Ā Ā | ||||||||||||||
Property and equipment | Ā Ā | 11,674 | Ā Ā | ||||||||||||||
Acquired intangible assets | Ā Ā | 250,600 | Ā Ā | ||||||||||||||
Other assets | Ā Ā | 4,002 | Ā Ā | ||||||||||||||
Ā Ā | |||||||||||||||||
Total identifiable assets acquired | Ā Ā | 506,863 | Ā Ā | ||||||||||||||
Accounts payable | Ā Ā | 66,544 | Ā Ā | ||||||||||||||
Income taxes payable | Ā Ā | 32,534 | Ā Ā | ||||||||||||||
Deferred tax liability | Ā Ā | 59,516 | Ā Ā | ||||||||||||||
Other accrued liabilities | Ā Ā | 28,032 | Ā Ā | ||||||||||||||
Ā Ā | |||||||||||||||||
Net identifiable assets acquired | Ā Ā | 320,237 | Ā Ā | ||||||||||||||
Goodwill | Ā Ā | 153,413 | Ā Ā | ||||||||||||||
Ā Ā | |||||||||||||||||
Net assets acquired | Ā Ā | $ | 473,650 | Ā Ā | |||||||||||||
Ā Ā | |||||||||||||||||
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 RSP as if the RSP Acquisition had occurred on JuneĀ 30, 2013. 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 RSP Acquisition actually taken place on JuneĀ 30, 2013, 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. | ||||||||||||||||
Ā Ā | Three Months Ended | Ā Ā | Six Months Ended | ||||||||||||||
DecemberĀ 31, | DecemberĀ 31, | ||||||||||||||||
Ā Ā | 2014 | Ā Ā | 2013 | Ā Ā | 2014 | Ā Ā | 2013 | ||||||||||
Ā Ā | (in thousands, except per share data) | ||||||||||||||||
Revenue | Ā Ā | $ | 463,705 | Ā Ā | Ā Ā | $ | 399,301 | Ā Ā | Ā Ā | $ | 957,407 | Ā Ā | Ā Ā | $ | 808,704 | Ā Ā | |
Net income | Ā Ā | 39,612 | Ā Ā | Ā Ā | 35,466 | Ā Ā | Ā Ā | 82,054 | Ā Ā | Ā Ā | 73,313 | Ā Ā | |||||
Net income per share - diluted | Ā Ā | 1.04 | Ā Ā | Ā Ā | 0.98 | Ā Ā | Ā Ā | 2.11 | Ā Ā | Ā Ā | 2.06 | Ā Ā | |||||
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 six months ended DecemberĀ 31, 2014 and DecemberĀ 31, 2013, were as follows (in thousands): | ||||||||||||||||
Ā Ā | ThreeĀ MonthsĀ Ended | Ā Ā | Six Months Ended | ||||||||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | DecemberĀ 31, | ||||||||||||||
Ā Ā | 2014 | Ā Ā | 2013 | Ā Ā | 2014 | Ā Ā | 2013 | ||||||||||
Buyer transaction costs | Ā Ā | $ | 3,000 | Ā Ā | Ā Ā | $ | 18 | Ā Ā | Ā Ā | $ | 4,300 | Ā Ā | Ā Ā | $ | 18 | Ā Ā | |
Amortization of debt issuance costs | Ā Ā | āĀ Ā | Ā Ā | Ā Ā | (250 | )Ā | Ā Ā | (250 | )Ā | Ā Ā | (500 | )Ā | |||||
Interest expense | Ā Ā | āĀ Ā | Ā Ā | Ā Ā | (1,561 | )Ā | Ā Ā | (2,852 | )Ā | Ā Ā | (2,828 | )Ā | |||||
Intangible amortization | Ā Ā | 26,000 | Ā Ā | Ā Ā | (19,319 | )Ā | Ā Ā | 13,131 | Ā Ā | Ā Ā | (58,188 | )Ā | |||||
Income tax adjustment | Ā Ā | (9,360 | )Ā | Ā Ā | 6,955 | Ā Ā | Ā Ā | (4,727 | )Ā | Ā Ā | 20,948 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Total | $ | 19,640 | Ā Ā | $ | (14,157 | )Ā | $ | 9,602 | Ā Ā | $ | (40,550 | )Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā |
Acquired_Intangibles_Tables
Acquired Intangibles (Tables) | 6 Months Ended | ||||||||||
Dec. 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 DecemberĀ 31, 2014 and JuneĀ 30, 2014 (in thousands): | ||||||||||
Ā Ā | Life | Ā Ā | DecemberĀ 31, | Ā Ā | JuneĀ 30, | ||||||
2014 | 2014 | ||||||||||
Display driver developed technology | Ā Ā | 5 years | Ā Ā | $ | 138,550 | Ā Ā | Ā Ā | $ | āĀ Ā | Ā Ā | |
Fingerprint developed technology | Ā Ā | 2-4 years | Ā Ā | 75,650 | Ā Ā | Ā Ā | 18,650 | Ā Ā | |||
ThinTouch developed technology | Ā Ā | 7 years | Ā Ā | 8,900 | Ā Ā | Ā Ā | 8,900 | Ā Ā | |||
Customer relationships | Ā Ā | 2-5 years | Ā Ā | 64,000 | Ā Ā | Ā Ā | 3,800 | Ā Ā | |||
Licensed technology and other | Ā Ā | 5 years | Ā Ā | 1,335 | Ā Ā | Ā Ā | 1,335 | Ā Ā | |||
Backlog | Ā Ā | LessĀ thanĀ 1Ā year | Ā Ā | 11,700 | Ā Ā | Ā Ā | 750 | Ā Ā | |||
Patents | Ā Ā | 5 years | Ā Ā | 100 | Ā Ā | Ā Ā | 100 | Ā Ā | |||
Supplier arrangement | Ā Ā | Less than 1 year | Ā Ā | 21,500 | Ā Ā | Ā Ā | āĀ Ā | Ā Ā | |||
In-process research and development | Ā Ā | NotĀ applicable | Ā Ā | 19,400 | Ā Ā | Ā Ā | 57,000 | Ā Ā | |||
Ā Ā | Ā Ā | Ā Ā | |||||||||
341,135 | Ā Ā | 90,535 | Ā Ā | ||||||||
Accumulated amortization | (57,786 | )Ā | (8,424 | )Ā | |||||||
Ā Ā | Ā Ā | Ā Ā | |||||||||
Acquired intangibles, net | $ | 283,349 | Ā Ā | $ | 82,111 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | |||||||||
Schedule of Expected Annual Aggregate Amortization Expense | The following table presents expected annual fiscal year aggregate amortization expense as of DecemberĀ 31, 2014 (in thousands): | ||||||||||
Remainder of 2015 | Ā Ā | $ | 44,648 | Ā Ā | |||||||
2016 | Ā Ā | 72,851 | Ā Ā | ||||||||
2017 | Ā Ā | 60,731 | Ā Ā | ||||||||
2018 | Ā Ā | 46,095 | Ā Ā | ||||||||
2019 | Ā Ā | 30,948 | Ā Ā | ||||||||
2020 | Ā Ā | 8,199 | Ā Ā | ||||||||
Thereafter | Ā Ā | 477 | Ā Ā | ||||||||
To be determined | Ā Ā | 19,400 | Ā Ā | ||||||||
Ā Ā | |||||||||||
Future amortization | Ā Ā | $ | 283,349 | Ā Ā | |||||||
Ā Ā |
Other_Accrued_Liabilities_Tabl
Other Accrued Liabilities (Tables) | 6 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Other Accrued Liabilities | Other accrued liabilities consisted of the following (in thousands): | ||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | JuneĀ 30, | ||||||
Ā Ā | 2014 | Ā Ā | 2014 | ||||||
Customer obligations | Ā Ā | $ | 59,372 | Ā Ā | Ā Ā | $ | 38,758 | Ā Ā | |
Inventory obligations | Ā Ā | 15,832 | Ā Ā | Ā Ā | 4,096 | Ā Ā | |||
Warranty | Ā Ā | 2,759 | Ā Ā | Ā Ā | 1,659 | Ā Ā | |||
Other | Ā Ā | 16,470 | Ā Ā | Ā Ā | 12,178 | Ā Ā | |||
Ā Ā | Ā Ā | ||||||||
Ā Ā | $ | 94,433 | Ā Ā | Ā Ā | $ | 56,691 | Ā Ā | ||
Ā Ā | Ā Ā |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
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): | ||||||||||||||||
Ā Ā | Three Months Ended | Ā Ā | Six Months Ended | ||||||||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | DecemberĀ 31, | ||||||||||||||
Ā Ā | 2014 | Ā Ā | 2013 | Ā Ā | 2014 | Ā Ā | 2013 | ||||||||||
Cost of revenue | Ā Ā | $ | 336 | Ā Ā | Ā Ā | $ | 262 | Ā Ā | Ā Ā | $ | 638 | Ā Ā | Ā Ā | $ | 516 | Ā Ā | |
Research and development | Ā Ā | 5,950 | Ā Ā | Ā Ā | 4,241 | Ā Ā | Ā Ā | 11,350 | Ā Ā | Ā Ā | 8,168 | Ā Ā | |||||
Selling, general, and administrative | Ā Ā | 4,442 | Ā Ā | Ā Ā | 3,119 | Ā Ā | Ā Ā | 8,235 | Ā Ā | Ā Ā | 5,980 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Total | Ā Ā | $ | 10,728 | Ā Ā | Ā Ā | $ | 7,622 | Ā Ā | Ā Ā | $ | 20,223 | Ā Ā | Ā Ā | $ | 14,664 | Ā Ā | |
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Income tax benefit on share-based compensation | Ā Ā | $ | 3,045 | Ā Ā | Ā Ā | $ | 2,834 | Ā Ā | Ā Ā | $ | 5,731 | Ā Ā | Ā Ā | $ | 4,806 | Ā Ā | |
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Balance of Outstanding and Exercisable Stock Options | Stock option activity, including stock options granted, exercised, and forfeited, and weighted average exercise prices for stock options outstanding and exercisable, and the aggregate intrinsic value were as follows: | ||||||||||||||||
Ā Ā | Stock | Weighted | Ā Ā | Aggregate | |||||||||||||
Ā Ā | Option | Average | Ā Ā | Intrinsic | |||||||||||||
Ā Ā | Awards | Exercise | Ā Ā | Value | |||||||||||||
Ā Ā | Outstanding | Price | Ā Ā | (inĀ thousands) | |||||||||||||
Balance at JuneĀ 30, 2014 | Ā Ā | 3,693,375 | Ā Ā | $ | 30.08 | Ā Ā | Ā Ā | ||||||||||
Granted | Ā Ā | 261,991 | Ā Ā | 68.87 | Ā Ā | Ā Ā | |||||||||||
Exercised | Ā Ā | (375,730 | )Ā | 29.21 | Ā Ā | Ā Ā | |||||||||||
Forfeited | Ā Ā | (25,363 | )Ā | 39.82 | Ā Ā | Ā Ā | |||||||||||
Ā Ā | Ā Ā | ||||||||||||||||
Balance at DecemberĀ 31, 2014 | Ā Ā | 3,554,273 | Ā Ā | 32.96 | Ā Ā | Ā Ā | $ | 138,860 | Ā Ā | ||||||||
Ā Ā | Ā Ā | ||||||||||||||||
Exercisable at DecemberĀ 31, 2014 | Ā Ā | 2,568,671 | Ā Ā | 26.77 | Ā Ā | Ā Ā | $ | 115,729 | Ā Ā | ||||||||
Ā Ā | Ā Ā | ||||||||||||||||
Shares Purchased, Weighted Average Purchase Price, Cash Received, and Aggregate Intrinsic Value for ESPP | Shares purchased, weighted average purchase price, cash received, and the aggregate intrinsic value for employee stock purchase plan purchases during the six-month period ended DecemberĀ 31, 2014 were as follows (in thousands, except for shares purchased and weighted average price): | ||||||||||||||||
Shares purchased | Ā Ā | 230,241 | Ā Ā | ||||||||||||||
Weighted average purchase price | Ā Ā | $ | 25.46 | Ā Ā | |||||||||||||
Cash received | Ā Ā | $ | 5,862 | Ā Ā | |||||||||||||
Aggregate intrinsic value | Ā Ā | $ | 8,390 | Ā Ā | |||||||||||||
Deferred Stock Units Outstanding [Member] | |||||||||||||||||
Balance and Aggregate Intrinsic Value of Stock Units | Deferred Stock Units, or DSU, activity, including DSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of DSUs was as follows: | ||||||||||||||||
Ā Ā | DSUĀ Awards | Aggregate | |||||||||||||||
Intrinsic | |||||||||||||||||
Value | |||||||||||||||||
Ā Ā | Outstanding | (inĀ thousands) | |||||||||||||||
Balance at June 30, 2014 | Ā Ā | 1,058,243 | Ā Ā | ||||||||||||||
Granted | Ā Ā | 312,293 | Ā Ā | ||||||||||||||
Delivered | Ā Ā | (264,784 | )Ā | ||||||||||||||
Forfeited | Ā Ā | (39,829 | )Ā | ||||||||||||||
Ā Ā | |||||||||||||||||
Balance at December 31, 2014 | Ā Ā | 1,065,923 | Ā Ā | $ | 76,533 | Ā Ā | |||||||||||
Ā Ā | |||||||||||||||||
Market Stock Units Outstanding [Member] | |||||||||||||||||
Balance and Aggregate Intrinsic Value of Stock Units | During the six months ended DecemberĀ 31, 2014, MSU activity, including MSUs granted, delivered, and forfeited, and the balance and aggregate intrinsic value of MSUs as of DecemberĀ 31, 2014 was as follows: | ||||||||||||||||
Ā Ā | MSU | Ā Ā | Aggregate | ||||||||||||||
Awards | Intrinsic | ||||||||||||||||
Value | |||||||||||||||||
Ā Ā | Outstanding | Ā Ā | (inĀ thousands) | ||||||||||||||
Balance at JuneĀ 30, 2014 | Ā Ā | 120,330 | Ā Ā | Ā Ā | |||||||||||||
Granted | Ā Ā | 70,300 | Ā Ā | Ā Ā | |||||||||||||
Performance adjustment | Ā Ā | 46,712 | Ā Ā | Ā Ā | |||||||||||||
Delivered | Ā Ā | -93,424 | Ā Ā | Ā Ā | |||||||||||||
Forfeited | Ā Ā | āĀ Ā | Ā Ā | Ā Ā | |||||||||||||
Ā Ā | Ā Ā | ||||||||||||||||
Balance at DecemberĀ 31, 2014 | Ā Ā | 143,918 | Ā Ā | Ā Ā | $ | 10,333 | Ā Ā | ||||||||||
Ā Ā | Ā Ā |
Segment_Customers_and_Geograph1
Segment, Customers, and Geographic Information (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||
Net Revenue within Geographic Areas Based on Customers' Locations | Net revenue within geographic areas based on our customersā locations for the periods presented was as follows (in thousands): | ||||||||||||||||
Ā Ā | Three Months Ended | Ā Ā | Six Months Ended | ||||||||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | DecemberĀ 31, | ||||||||||||||
Ā Ā | 2014 | Ā Ā | 2013 | Ā Ā | 2014 | Ā Ā | 2013 | ||||||||||
China | Ā Ā | $ | 126,251 | Ā Ā | Ā Ā | $ | 110,570 | Ā Ā | Ā Ā | $ | 274,421 | Ā Ā | Ā Ā | $ | 217,936 | Ā Ā | |
Japan | Ā Ā | 231,271 | Ā Ā | Ā Ā | 10,386 | Ā Ā | Ā Ā | 237,007 | Ā Ā | Ā Ā | 22,466 | Ā Ā | |||||
United States | Ā Ā | 37,475 | Ā Ā | Ā Ā | 2,070 | Ā Ā | Ā Ā | 78,227 | Ā Ā | Ā Ā | 3,772 | Ā Ā | |||||
Taiwan | Ā Ā | 32,194 | Ā Ā | Ā Ā | 34,068 | Ā Ā | Ā Ā | 68,430 | Ā Ā | Ā Ā | 66,369 | Ā Ā | |||||
South Korea | Ā Ā | 31,975 | Ā Ā | Ā Ā | 48,669 | Ā Ā | Ā Ā | 78,816 | Ā Ā | Ā Ā | 117,827 | Ā Ā | |||||
Other | Ā Ā | 4,539 | Ā Ā | Ā Ā | āĀ Ā | Ā Ā | Ā Ā | 9,545 | Ā Ā | Ā Ā | āĀ Ā | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
$ | 463,705 | Ā Ā | $ | 205,763 | Ā Ā | $ | 746,446 | Ā Ā | $ | 428,370 | Ā Ā | ||||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Net Revenue from External Customers | Net revenue from external customers for each group of similar products was as follows (in thousands): | ||||||||||||||||
Ā Ā | Three Months Ended | Ā Ā | Six Months Ended | ||||||||||||||
Ā Ā | DecemberĀ 31, | Ā Ā | DecemberĀ 31, | ||||||||||||||
Ā Ā | 2014 | Ā Ā | 2013 | Ā Ā | 2014 | Ā Ā | 2013 | ||||||||||
Mobile product applications | Ā Ā | $ | 398,308 | Ā Ā | Ā Ā | $ | 133,604 | Ā Ā | Ā Ā | $ | 598,042 | Ā Ā | Ā Ā | $ | 296,268 | Ā Ā | |
PC product applications | Ā Ā | 65,397 | Ā Ā | Ā Ā | 72,159 | Ā Ā | Ā Ā | 148,404 | Ā Ā | Ā Ā | 132,102 | Ā Ā | |||||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
Ā Ā | $ | 463,705 | Ā Ā | Ā Ā | $ | 205,763 | Ā Ā | Ā Ā | $ | 746,446 | Ā Ā | Ā Ā | $ | 428,370 | Ā Ā | ||
Ā Ā | Ā Ā | Ā Ā | Ā Ā | ||||||||||||||
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: | ||||||||||||||||
Ā Ā | ThreeĀ MonthsĀ Ended | SixĀ MonthsĀ Ended | |||||||||||||||
Ā Ā | DecemberĀ 31, | DecemberĀ 31, | |||||||||||||||
Ā Ā | 2014 | 2013 | 2014 | 2013 | |||||||||||||
Customer A | Ā Ā | 24 | %Ā | * | Ā Ā | 15 | %Ā | * | Ā Ā | ||||||||
Customer B | Ā Ā | 13 | %Ā | 18 | %Ā | 17 | %Ā | 20 | %Ā | ||||||||
Customer C | Ā Ā | 12 | %Ā | * | Ā Ā | * | Ā Ā | * | Ā Ā | ||||||||
Customer D | Ā Ā | 12 | %Ā | * | Ā Ā | * | Ā Ā | * | Ā Ā | ||||||||
Customer E | Ā Ā | * | Ā Ā | 11 | %Ā | * | Ā Ā | * | Ā Ā | ||||||||
* | 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: | ||||||||||||||||
Ā Ā | DecemberĀ 31, | JuneĀ 30, | |||||||||||||||
Ā Ā | 2014 | 2014 | |||||||||||||||
Customer A | Ā Ā | 16 | %Ā | * | Ā Ā | ||||||||||||
Customer B | Ā Ā | 14 | %Ā | * | Ā Ā | ||||||||||||
Customer C | Ā Ā | 11 | %Ā | * | Ā Ā | ||||||||||||
Customer D | Ā Ā | 10 | %Ā | * | Ā Ā | ||||||||||||
Customer E | Ā Ā | * | Ā Ā | 28 | %Ā | ||||||||||||
* | Less than 10% |
Basis_of_Presentation_Addition
Basis of Presentation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | ||
Net gain on foreign currency transactions, which primarily related to recent acquisition | $15,100,000 | $0 |
Net_Income_Per_Share_Computati
Net Income Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Numerator: | ||||
Net income | $19,972 | $17,334 | $46,558 | $52,273 |
Denominator: | ||||
Shares, basic | 36,500 | 33,990 | 36,895 | 33,475 |
Effect of dilutive share-based awards | 1,748 | 2,069 | 1,987 | 2,111 |
Shares, diluted | 38,248 | 36,059 | 38,882 | 35,586 |
Net income per share: | ||||
Basic | $0.55 | $0.51 | $1.26 | $1.56 |
Diluted | $0.52 | $0.48 | $1.20 | $1.47 |
Net_Income_Per_Share_Additiona
Net Income Per Share - Additional Information (Detail) (Share-Based Awards [Member]) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-Based Awards [Member] | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Common shares that were not included in computation of diluted net income per share | 532,982 | 315,275 | 332,892 | 317,438 |
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 $) | Dec. 31, 2014 | Jun. 30, 2014 |
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 | $133,061 | $439,675 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 133,061 | 439,675 |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total available-for-sale securities | 15,278 | 19,785 |
Contingent consideration liabilities recorded for business combinations | 69,306 | 110,122 |
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 | $15,278 | $19,785 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value Disclosures [Line Items] | ||||
Transfer amount of assets or liabilities of level one | $0 | $0 | $0 | $0 |
Transfer amount of assets or liabilities of level two | 0 | 0 | 0 | 0 |
Transfer amount of assets or liabilities of level three | 0 | 0 | 0 | 0 |
Validity Sensors, Inc [Member] | ||||
Fair Value Disclosures [Line Items] | ||||
Additional consideration | 130,900,000 | 130,900,000 | ||
Pacinian [Member] | ||||
Fair Value Disclosures [Line Items] | ||||
Additional consideration paid to former stockholders based on sales of products, due | 10,000,000 | 10,000,000 | ||
Prepaid Expenses and Other Current Assets [Member] | Auction Rate Securities [Member] | ||||
Fair Value Disclosures [Line Items] | ||||
Current Portion of Investments | $600,000 | $600,000 |
Fair_Value_Changes_in_Fair_Val
Fair Value - Changes in Fair Value of Level 3 Financial Assets (Detail) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Fair Value Disclosures [Abstract] | |
Beginning balance | $19,785 |
Net gain | 393 |
Redemptions | -4,900 |
Ending balance | $15,278 |
Fair_Value_Changes_in_Fair_Val1
Fair Value - Changes in Fair Value of Level 3 Contingent Consideration Liability (Detail) (Level 3 [Member], USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Level 3 [Member] | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Beginning balance | $110,122 |
Cash settlement of contingent consideration liability | -7,706 |
Issuance of common stock in settlement of liability | -21,487 |
Accretion and remeasurement | -11,623 |
Ending balance | $69,306 |
Noncurrent_Investments_Additio
Non-current Investments - Additional Information (Detail) (USD $) | 6 Months Ended |
Dec. 31, 2014 | |
Schedule of Available-for-sale Securities [Line Items] | |
Auction Rate Securities with fair value maturing from 2016 to 2018 | 12,500,000 |
Auction Rate Securities with fair value having no stated maturity | 2,800,000 |
ARS investments, investment grade | 600,000 |
ARS investments, below investment grade | 18,500,000 |
Minimum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Maturity period one | 2016 |
Maximum [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Maturity period one | 2018 |
Auction Rate Securities [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
ARS investments redeemed at par | 4,900,000 |
Noncurrent_Investments_ARS_Inv
Non-current Investments - ARS Investments (Detail) (Auction Rate Securities [Member], USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Original Cost Basis | $19,100 | $24,000 |
Other-than- temporary Impairment in Retained Earnings | -11,927 | -12,775 |
New Cost Basis | 7,173 | 11,225 |
Unrealized Gain/(Loss) | 8,105 | 8,560 |
Fair Value | 15,278 | 19,785 |
Student Loans [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Original Cost Basis | 3,500 | |
Other-than- temporary Impairment in Retained Earnings | -179 | |
New Cost Basis | 3,321 | |
Unrealized Gain/(Loss) | -149 | |
Fair Value | 3,172 | |
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 | -6,844 | -7,513 |
New Cost Basis | 6,656 | 5,987 |
Unrealized Gain/(Loss) | 5,284 | 5,891 |
Fair Value | 11,940 | 11,878 |
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) | 2,750 | 2,750 |
Fair Value | 2,750 | 2,750 |
Municipals [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Original Cost Basis | 600 | 2,000 |
Other-than- temporary Impairment in Retained Earnings | -83 | -83 |
New Cost Basis | 517 | 1,917 |
Unrealized Gain/(Loss) | 71 | 68 |
Fair Value | $588 | $1,985 |
Noncurrent_Investments_ARS_Inv1
Non-current Investments - ARS Investments (Parenthetical) (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Millions, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Investment securities accretion | $1.90 | $1.30 |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $75,089 | $58,717 |
Finished goods | 70,126 | 23,594 |
Total Inventories | $145,215 | $82,311 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 0 Months Ended | 6 Months Ended | 6 Months Ended | 6 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Dec. 31, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Dec. 31, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | |
USD ($) | USD ($) | USD ($) | USD ($) | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | Renesas SP Drivers Inc [Member] | |
Customer Relationships [Member] | Customer Relationships [Member] | Supplier Arrangement [Member] | Backlog [Member] | USD ($) | JPY (Ā„) | USD ($) | USD ($) | JPY (Ā„) | Developed Technology [Member] | Developed Technology [Member] | Customer Relationships [Member] | Supplier Arrangement [Member] | In-Process Research and Development [Member] | Backlog [Member] | Renesas Electronics Corporation [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | Customer Relationships [Member] | Customer Relationships [Member] | Supplier Arrangement [Member] | Backlog [Member] | |||||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||||||||||||||
Acquisition closing effective date | 1-Oct-14 | |||||||||||||||||||||||||
Initial purchase price of acquisition | $463,000,000 | Ā„ 50,600,000,000 | ||||||||||||||||||||||||
Foreign currency exchange rate (Japanese yen to U.S. dollar) | 109.4 | 109.4 | ||||||||||||||||||||||||
Indemnification hold back | 66,000,000 | 7,250,000,000 | ||||||||||||||||||||||||
Working capital hold back | 48,000,000 | 5,250,000,000 | ||||||||||||||||||||||||
Outstanding capital stock | 100.00% | 100.00% | ||||||||||||||||||||||||
Additional purchase price consideration | 10,900,000 | |||||||||||||||||||||||||
Fair value of the consideration transferred totaled | 474,000,000 | |||||||||||||||||||||||||
Inventory purchase obligation settled | 6,296,000 | 115,000,000 | ||||||||||||||||||||||||
Intangible assets acquired | 250,600,000 | 138,600,000 | 60,200,000 | 21,500,000 | 19,400,000 | 11,000,000 | ||||||||||||||||||||
Finite lived intangible assets weighted average useful life | 2 years | 5 years | 1 year | 1 year | 5 years | 2 years | 3 years | 1 year | 1 year | |||||||||||||||||
Identified intangible assets included discount rates | 9.00% | 14.00% | ||||||||||||||||||||||||
Net revenue | 463,705,000 | 205,763,000 | 746,446,000 | 428,370,000 | 238,600,000 | |||||||||||||||||||||
Operating income | $28,470,000 | $22,078,000 | $64,701,000 | $69,271,000 | $16,500,000 |
Acquisitions_Summary_of_Provis
Acquisitions - Summary of Provisional Amounts Recorded for Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 | Oct. 01, 2014 |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Goodwill | $214,443 | $61,030 | |
Renesas SP Drivers Inc [Member] | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||
Cash | 54,705 | ||
Short-term deposit | 36,614 | ||
Accounts receivable | 140,210 | ||
Current deferred tax asset | 2,762 | ||
Inventory | 6,296 | ||
Property and equipment | 11,674 | ||
Acquired intangible assets | 250,600 | ||
Other assets | 4,002 | ||
Total identifiable assets acquired | 506,863 | ||
Accounts payable | 66,544 | ||
Income taxes payable | 32,534 | ||
Deferred tax liability | 59,516 | ||
Other accrued liabilities | 28,032 | ||
Net identifiable assets acquired | 320,237 | ||
Goodwill | 153,413 | ||
Net assets acquired | $473,650 |
Acquisitions_Summary_of_Financ
Acquisitions - Summary of Financial Information Presents Combined Results of Operations for Acquisition (Detail) (Renesas SP Drivers Inc [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Renesas SP Drivers Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Revenue | $463,705 | $399,301 | $957,407 | $808,704 |
Net income | $39,612 | $35,466 | $82,054 | $73,313 |
Net income per share - diluted | $1.04 | $0.98 | $2.11 | $2.06 |
Acquisitions_Pro_Forma_Adjustm
Acquisitions - Pro Forma Adjustments Used to Arrive at Pro Forma Net Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Business Combinations [Abstract] | ||||
Buyer transaction costs | $3,000 | $18 | $4,300 | $18 |
Amortization of debt issuance costs | -250 | -250 | -500 | |
Interest expense | -1,561 | -2,852 | -2,828 | |
Intangible amortization | 26,000 | -19,319 | 13,131 | -58,188 |
Income tax adjustment | -9,360 | 6,955 | -4,727 | 20,948 |
Total | $19,640 | ($14,157) | $9,602 | ($40,550) |
Acquired_Intangibles_Summary_o
Acquired Intangibles - Summary of Life, Gross Carrying Value of Acquired Intangible Assets, and Related Accumulated Amortization (Detail) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Jun. 30, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $341,135 | $90,535 |
Accumulated amortization | -57,786 | -8,424 |
Acquired intangibles, net | 283,349 | 82,111 |
Display Driver Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 138,550 | |
Useful Life | 5 years | |
Fingerprint Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 75,650 | 18,650 |
Thin Touch Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 8,900 | 8,900 |
Useful Life | 7 years | |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 64,000 | 3,800 |
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 | 11,700 | 750 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 100 | 100 |
Useful Life | 5 years | |
In-Process Research and Development [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | 19,400 | 57,000 |
Supplier Arrangement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible assets | $21,500 | |
Minimum [Member] | Fingerprint Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 2 years | |
Minimum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 2 years | |
Maximum [Member] | Fingerprint Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 4 years | |
Maximum [Member] | Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 5 years | |
Maximum [Member] | Backlog [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 1 year | |
Maximum [Member] | Supplier Arrangement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Life | 1 year |
Acquired_Intangibles_Additiona
Acquired Intangibles - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Acquired intangibles amortization | $45,100 | $1,900 | $49,362 | $2,119 |
Acquired_Intangibles_Schedule_
Acquired Intangibles - Schedule of Expected Annual Aggregate Amortization Expense (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2015 | $44,648 | |
2016 | 72,851 | |
2017 | 60,731 | |
2018 | 46,095 | |
2019 | 30,948 | |
2020 | 8,199 | |
Thereafter | 477 | |
To be determined | 19,400 | |
Acquired intangibles, net | $283,349 | $82,111 |
Other_Accrued_Liabilities_Othe
Other Accrued Liabilities - Other Accrued Liabilities (Detail) (USD $) | Dec. 31, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Customer obligations | $59,372 | $38,758 |
Inventory obligations | 15,832 | 4,096 |
Warranty | 2,759 | 1,659 |
Other | 16,470 | 12,178 |
Other accrued liabilities | $94,433 | $56,691 |
Product_Warranties_Indemnifica1
Product Warranties, Indemnifications, and Contingencies - Additional Information (Detail) | 6 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Minimum warranty period of products | 12 months |
Debt_Additional_Information_De
Debt - Additional Information (Detail) (USD $) | 6 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Debt Instrument [Line Items] | |
Debt issuance cost | $5 |
Debt amortization period | 60 months |
Percentage of voting capital stock | 65.00% |
Description of Base Rate | The revolving credit facility and term loans bear interest at our election of a Base Rate plus an applicable margin or LIBOR plus an applicable margin. Swingline loans bear interest at a Base Rate plus an applicable margin. The Base Rate is a floating rate that is the greater of the Prime Rate, the Federal Funds Rate plus 50 basis points, or LIBOR plus 100 basis points. The applicable margin is based on a sliding scale which ranges from zero to 100 basis points for Base Rate loans and 100 basis points to 200 basis points for LIBOR loans. |
Description of periodic payments | The term loan facility requires repayment over five years with nineteen quarterly principal payments beginning in the three months ending March 31, 2015. |
Quarterly payment beginning period | 31-Mar-15 |
Final principal payment | 90 |
Revolving credit facility maturity period | 30-Sep-19 |
Operating covenant description | Under the Credit Agreement, there are restrictive operating covenants, including three financial covenants which limit; the consolidated total leverage ratio, or leverage ratio; the consolidated interest coverage ratio, or interest coverage ratio; and places a restriction on the amount of capital expenditures that may be made in any fiscal year. The leverage ratio is the ratio of debt as of the measurement date to earnings before interest, taxes, depreciation and amortization, or EBITDA, for the four consecutive quarters ending with the quarter of measurement. The leverage ratio must not exceed 2.50 to 1.0 during the first two years of the agreement, and 2.0 to 1.0 during the last three years of the agreement. The interest coverage ratio is EBITDA to interest expense for the four consecutive quarters ending with the quarter of measurement. The interest coverage ratio must not be less than 3.50 to 1.0 during the term of the agreement. |
Federal Funds Effective Swap Rate [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.50% |
London Interbank Offered Rate (LIBOR) [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.00% |
London Interbank Offered Rate (LIBOR) [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.00% |
London Interbank Offered Rate (LIBOR) [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 2.00% |
Base Rate [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 0.00% |
Base Rate [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Basis spread on variable rate | 1.00% |
Revolving Credit Facility [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility amount | 150 |
Increase in Line of credit facility | 100 |
Amount borrowed under revolving credit facility | 100 |
Revolving Credit Facility [Member] | Minimum [Member] | |
Debt Instrument [Line Items] | |
Commitment fee percentage of unused portion | 0.25% |
Revolving Credit Facility [Member] | Maximum [Member] | |
Debt Instrument [Line Items] | |
Commitment fee percentage of unused portion | 0.45% |
Term Loan [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility amount | 150 |
Amount borrowed under revolving credit facility | 150 |
First Four Quarters [Member] | |
Debt Instrument [Line Items] | |
Quarterly principal payment | 1.9 |
Next Fourteen Quarters [Member] | |
Debt Instrument [Line Items] | |
Quarterly principal payment | 3.8 |
Letter of Credit [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility amount | 20 |
Bridge Loan [Member] | |
Debt Instrument [Line Items] | |
Line of credit facility amount | $20 |
ShareBased_Compensation_ShareB
Share-Based Compensation - Share-Based Compensation and Related Tax Benefit Recognized in Condensed Consolidated Statements of Income (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | $10,728 | $7,622 | $20,223 | $14,664 |
Income tax benefit on share-based compensation | 3,045 | 2,834 | 5,731 | 4,806 |
Cost of Revenue [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | 336 | 262 | 638 | 516 |
Research and Development [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | 5,950 | 4,241 | 11,350 | 8,168 |
Selling, General, and Administrative [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Total | $4,442 | $3,119 | $8,235 | $5,980 |
ShareBased_Compensation_Balanc
Share-Based Compensation - Balance of Outstanding and Exercisable Stock Options (Detail) (USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Awards Outstanding, Balance at June 30, 2014 | 3,693,375 |
Stock Option Awards Outstanding, Granted | 261,991 |
Stock Option Awards Outstanding, Exercised | -375,730 |
Stock Option Awards Outstanding, Forfeited | -25,363 |
Stock Option Awards Outstanding, Balance at December 31, 2014 | 3,554,273 |
Stock Option Awards Outstanding, Exercisable at December 31, 2014 | 2,568,671 |
Weighted Average Exercise Price, Balance at June 30, 2014 | $30.08 |
Weighted Average Exercise Price, Granted | $68.87 |
Weighted Average Exercise Price, Exercised | $29.21 |
Weighted Average Exercise Price, Forfeited | $39.82 |
Weighted Average Exercise Price, Balance at December 31, 2014 | $32.96 |
Weighted Average Exercise Price, Exercisable at December 31, 2014 | $26.77 |
Aggregate Intrinsic Value of Stock Option Awards, Balance at December 31, 2014 | $138,860 |
Aggregate Intrinsic Value of Stock Option Awards, Exercisable at December 31, 2014 | $115,729 |
ShareBased_Compensation_Additi
Share-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2014 | Dec. 26, 2014 |
Employee Stock Option [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 | $71.80 | ||
Deferred Stock Units Outstanding [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 | $71.80 | ||
Shares withheld to meet statutory minimum tax withholding requirements | 74,568 | ||
Shares valued withheld to meet statutory minimum tax withholding requirements | $5.20 | ||
Market Stock Units Outstanding [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 | $71.80 | ||
Shares withheld to meet statutory minimum tax withholding requirements | 47,883 | ||
Shares valued withheld to meet statutory minimum tax withholding requirements | 3 | ||
Vesting period, tranche one | 1 year | ||
Vesting period, tranche two | 2 years | ||
Vesting period, tranche three | 3 years | ||
Potential payout adjustment ratio | 2 | ||
Unrecognized share-based compensation cost | $7.70 | $7.70 | |
Unrecognized share-based compensation, period for recognition | 1 year 5 months 9 days | ||
Market Stock Units Outstanding [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potential payout range | 0.00% | ||
Market Stock Units Outstanding [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potential payout range | 200.00% | ||
Market Stock Units Outstanding [Member] | Maximum [Member] | Share-based Compensation Award, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potential payout range | 100.00% | ||
Market Stock Units Outstanding [Member] | Maximum [Member] | Share-based Compensation Award, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Potential payout range | 100.00% |
ShareBased_Compensation_Balanc1
Share-Based Compensation - Balance and Aggregate Intrinsic Value of Stock Units (Detail) (USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Market Stock Units Outstanding [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Unit Awards Outstanding, Balance at June 30, 2014 | 120,330 |
Stock Unit Awards, Granted | 70,300 |
Stock Unit Awards, Performance adjustment | 46,712 |
Stock Unit Awards, Delivered | -93,424 |
Stock Unit Awards Outstanding, Balance at December 31, 2014 | 143,918 |
Aggregate Intrinsic Value, Balance at December 31, 2014 | $10,333 |
Deferred Stock Units Outstanding [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Stock Unit Awards Outstanding, Balance at June 30, 2014 | 1,058,243 |
Stock Unit Awards, Granted | 312,293 |
Stock Unit Awards, Delivered | -264,784 |
Stock Unit Awards, Forfeited | -39,829 |
Stock Unit Awards Outstanding, Balance at December 31, 2014 | 1,065,923 |
Aggregate Intrinsic Value, Balance at December 31, 2014 | $76,533 |
ShareBased_Compensation_Shares
Share-Based Compensation - Shares Purchased, Weighted Average Purchase Price, Cash Received, and Aggregate Intrinsic Value for ESPP (Detail) (USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Aggregate intrinsic value | $138,860 |
Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares purchased | 230,241 |
Weighted average purchase price | $25.46 |
Cash received | 5,862 |
Aggregate intrinsic value | $8,390 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | |||||
Effective tax rate | 39.00% | 27.20% | |||
Provision for income taxes | $7,783,000 | $5,215,000 | $18,052,000 | $17,895,000 | |
Gross unrecognized tax benefits | 11,600,000 | 11,600,000 | 10,200,000 | ||
Gross unrecognized tax benefits increased during the year | 1,400,000 | ||||
Interest and penalties accrued related to unrecognized tax benefits | 1,100,000 | 1,100,000 | |||
Increase in interest and penalties accrued related to unrecognized tax benefits | $116,000 |
Segment_Customers_and_Geograph2
Segment, Customers, and Geographic Information - Additional Information (Detail) | 6 Months Ended |
Dec. 31, 2014 | |
Product | |
Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of product | 2 |
Segment_Customers_and_Geograph3
Segment, Customers, and Geographic Information - Net Revenue within Geographic Areas Based on Customers' Locations (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | $463,705 | $205,763 | $746,446 | $428,370 |
China [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 126,251 | 110,570 | 274,421 | 217,936 |
Japan [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 231,271 | 10,386 | 237,007 | 22,466 |
United States [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 37,475 | 2,070 | 78,227 | 3,772 |
Taiwan [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 32,194 | 34,068 | 68,430 | 66,369 |
South Korea [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | 31,975 | 48,669 | 78,816 | 117,827 |
Other [Member] | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Net revenue | $4,539 | $9,545 |
Segment_Customers_and_Geograph4
Segment, Customers, and Geographic Information - Net Revenue from External Customers (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 |
Revenue from External Customer [Line Items] | ||||
Net revenue | $463,705 | $205,763 | $746,446 | $428,370 |
Mobile Product Applications [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenue | 398,308 | 133,604 | 598,042 | 296,268 |
PC Product Applications [Member] | ||||
Revenue from External Customer [Line Items] | ||||
Net revenue | $65,397 | $72,159 | $148,404 | $132,102 |
Segment_Customers_and_Geograph5
Segment, Customers, and Geographic Information - Major Customers' as Percentage of Net Revenue (Detail) (Sales Revenue, Net [Member], Customer Concentration Risk [Member]) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 24.00% | 15.00% | ||
Customer B [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 13.00% | 18.00% | 17.00% | 20.00% |
Customer C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 12.00% | |||
Customer D [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 12.00% | |||
Customer E [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 11.00% |
Segment_Customers_and_Geograph6
Segment, Customers, and Geographic Information - Major Customers' as Percentage of Net Revenue (Parenthetical) (Detail) (Customer Concentration Risk [Member], Sales Revenue, Net [Member]) | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended |
Dec. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |
Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 24.00% | 15.00% | ||
Customer C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 12.00% | |||
Customer D [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 12.00% | |||
Customer E [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 11.00% | |||
Maximum [Member] | Customer A [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 10.00% | 10.00% | ||
Maximum [Member] | Customer C [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 10.00% | 10.00% | 10.00% | |
Maximum [Member] | Customer D [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 10.00% | 10.00% | 10.00% | |
Maximum [Member] | Customer E [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Percentage of net revenue | 10.00% | 10.00% | 10.00% |
Segment_Customers_and_Geograph7
Segment, Customers, and Geographic Information - Major Customer Accounts Receivable as Percentage of Accounts Receivable (Detail) (Accounts Receivable [Member], Credit Concentration Risk [Member]) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Jun. 30, 2014 | |
Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 16.00% | |
Customer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 14.00% | |
Customer C [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 11.00% | |
Customer D [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 10.00% | |
Customer E [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 28.00% |
Segment_Customers_and_Geograph8
Segment, Customers, and Geographic Information - Major Customer Accounts Receivable as Percentage of Accounts Receivable (Parenthetical) (Detail) (Credit Concentration Risk [Member], Accounts Receivable [Member]) | 6 Months Ended | 12 Months Ended |
Dec. 31, 2014 | Jun. 30, 2014 | |
Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 16.00% | |
Customer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 14.00% | |
Customer C [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 11.00% | |
Customer D [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 10.00% | |
Customer E [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 28.00% | |
Maximum [Member] | Customer A [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 10.00% | |
Maximum [Member] | Customer B [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 10.00% | |
Maximum [Member] | Customer C [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 10.00% | |
Maximum [Member] | Customer D [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 10.00% | |
Maximum [Member] | Customer E [Member] | ||
Revenue, Major Customer [Line Items] | ||
Accounts receivable major customer percentage | 10.00% |