Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 28, 2020 | Apr. 27, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000855658 | |
Entity Registrant Name | Lattice Semiconductor Corp | |
Amendment Flag | false | |
Current Fiscal Year End Date | --01-02 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 28, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-18032 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 93-0835214 | |
Entity Address, Address Line One | 5555 NE Moore Court | |
Entity Address, City or Town | Hillsboro | |
Entity Address, State or Province | OR | |
Entity Address, Postal Zip Code | 97124 | |
City Area Code | 503 | |
Local Phone Number | 268-8000 | |
Title of 12(b) Security | Common Stock, $.01 par value | |
Trading Symbol | LSCC | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 134,623,022 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Revenue | $ 97,316 | $ 98,091 |
Cost of revenue | 39,754 | 40,439 |
Gross margin | 57,562 | 57,652 |
Operating expenses: | ||
Research and development | 21,693 | 19,665 |
Selling, general, and administrative | 22,551 | 20,781 |
Amortization of acquired intangible assets | 2,640 | 3,389 |
Restructuring charges | 940 | 1,341 |
Total operating expenses | 47,824 | 45,176 |
Income from operations | 9,738 | 12,476 |
Interest expense | (1,077) | (4,987) |
Other (expense) income, net | (50) | 153 |
Income before income taxes | 8,611 | 7,642 |
Income tax expense | 444 | 234 |
Net income | $ 8,167 | $ 7,408 |
Net income per share: | ||
Basic (in dollars per share) | $ 0.06 | $ 0.06 |
Diluted (in dollars per share) | $ 0.06 | $ 0.05 |
Shares used in per share calculations: | ||
Basic (in shares) | 134,253 | 130,992 |
Diluted (in shares) | 138,044 | 134,810 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Net income | $ 8,167 | $ 7,408 |
Other comprehensive (loss) income: | ||
Translation adjustments, net of tax | (111) | 47 |
Unrealized gain related to marketable securities, net of tax | 0 | 42 |
Reclassification adjustment for gains related to marketable securities included in Other (expense) income, net of tax | 0 | (53) |
Comprehensive income | $ 8,056 | $ 7,444 |
Consolidated Balance Sheets (Cu
Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 176,572 | $ 118,081 |
Accounts receivable, net of allowance for credit losses | 68,643 | 64,917 |
Inventories | 48,932 | 54,980 |
Prepaid expenses and other current assets | 24,531 | 24,452 |
Total current assets | 318,678 | 262,430 |
Property and equipment, less accumulated depreciation of $128,890 at March 28, 2020 and $125,990 at December 28, 2019 | 39,933 | 39,230 |
Operating lease right-of-use assets | 22,212 | 23,591 |
Intangible assets, net | 4,323 | 6,977 |
Goodwill | 267,514 | 267,514 |
Deferred income taxes | 476 | 478 |
Other long-term assets | 11,069 | 11,796 |
Total assets | 664,205 | 612,016 |
Current liabilities: | ||
Accounts payable and accrued expenses | 59,964 | 60,255 |
Accrued payroll obligations | 7,715 | 13,404 |
Current portion of long-term debt | 21,484 | 21,474 |
Current portion of operating lease liabilities | 4,564 | 4,686 |
Total current liabilities | 93,727 | 99,819 |
Long-term debt, net of current portion | 170,791 | 125,072 |
Long-term operating lease liabilities, net of current portion | 20,172 | 21,438 |
Other long-term liabilities | 36,556 | 38,028 |
Total liabilities | 321,246 | 284,357 |
Contingencies (Note 11) | 0 | 0 |
Stockholders' equity: | ||
Preferred stock, $.01 par value, 10,000,000 shares authorized, none issued and outstanding | 0 | 0 |
Common stock, $.01 par value, 300,000,000 shares authorized; 134,513,000 shares issued and outstanding as of March 28, 2020 and 133,883,000 shares issued and outstanding as of December 28, 2019 | 1,345 | 1,339 |
Additional paid-in capital | 769,451 | 762,213 |
Accumulated deficit | (425,123) | (433,290) |
Accumulated other comprehensive loss | (2,714) | (2,603) |
Total stockholders' equity | 342,959 | 327,659 |
Total liabilities and stockholders' equity | $ 664,205 | $ 612,016 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Accumulated depreciation | $ 128,890 | $ 125,990 |
Preferred stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 10,000,000 | 10,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value per share (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 300,000,000 | 300,000,000 |
Common stock, shares issued (in shares) | 134,513,000 | 133,883,000 |
Common stock, shares outstanding (in shares) | 134,513,000 | 133,883,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 8,167 | $ 7,408 |
Adjustments to reconcile net income to net cash provided by operating activities: | ||
Depreciation and amortization | 7,793 | 8,403 |
Stock-based compensation expense | 8,728 | 3,686 |
Reduction in the carrying amount of right-of-use assets | 1,494 | 1,487 |
Amortization of debt issuance costs and discount | 103 | 686 |
Impairment of operating lease right-of-use asset (recorded in Restructuring charges) | 0 | 757 |
Other non-cash adjustments | (88) | (129) |
Changes in assets and liabilities: | ||
Accounts receivable, net | (3,726) | 5,284 |
Inventories | 6,048 | 323 |
Prepaid expenses and other assets | (129) | (1,965) |
Accounts payable and accrued expenses | 130 | 330 |
Accrued payroll obligations | (5,689) | (2,788) |
Operating lease liabilities, current and long-term portions | (1,437) | (2,089) |
Income taxes payable | (291) | 365 |
Net cash provided by operating activities | 21,103 | 21,758 |
Cash flows from investing activities: | ||
Proceeds from sales of and maturities of short-term marketable securities | 0 | 9,655 |
Capital expenditures | (3,867) | (3,074) |
Cash paid for software licenses | (2,775) | (1,739) |
Net cash (used in) provided by investing activities | (6,642) | 4,842 |
Cash flows from financing activities: | ||
Restricted stock unit tax withholdings | (3,854) | (418) |
Proceeds from issuance of common stock | 2,370 | 11,986 |
Proceeds from issuance of long-term debt | 50,000 | 0 |
Repayment of debt | (4,375) | (26,875) |
Net cash provided by (used in) financing activities | 44,141 | (15,307) |
Effect of exchange rate change on cash | (111) | 47 |
Net increase in cash and cash equivalents | 58,491 | 11,340 |
Beginning cash and cash equivalents | 118,081 | 119,051 |
Ending cash and cash equivalents | 176,572 | 130,391 |
Interest paid | 1,113 | 4,383 |
Operating lease payments | 1,934 | 2,597 |
Income taxes paid, net of refunds | 852 | 280 |
Accrued purchases of plant and equipment | 753 | 1,417 |
Operating lease right-of-use assets obtained in exchange for lease obligations | $ 49 | $ 219 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balances (in shares) at Dec. 29, 2018 | 129,728,000 | ||||
Balances at Dec. 29, 2018 | $ 1,297 | $ 736,274 | $ (476,783) | $ (2,331) | $ 258,457 |
Net income for the three months ended March 28, 2020 | $ 0 | 0 | 7,408 | 0 | 7,408 |
Common stock issued in connection with the exercise of stock options, ESPP and vested RSUs, net of shares withheld for employee taxes (in shares) | 2,177,000 | ||||
Common stock issued in connection with the exercise of stock options, ESPP and vested RSUs, net of shares withheld for employee taxes | $ 22 | 11,546 | 0 | 0 | 11,568 |
Stock-based compensation related to stock options, ESPP and RSUs | 0 | 3,686 | 0 | 0 | 3,686 |
Translation adjustments, net of tax | 0 | 0 | 0 | 47 | 47 |
Unrealized loss related to marketable securities, net of tax | 0 | 0 | 0 | 42 | 42 |
Recognized gain on redemption of marketable securities, previously unrealized | $ 0 | 0 | 0 | (53) | (53) |
Balances (in shares) at Mar. 30, 2019 | 131,905,000 | ||||
Balances at Mar. 30, 2019 | $ 1,319 | 751,506 | (469,375) | (2,295) | $ 281,155 |
Balances (in shares) at Dec. 28, 2019 | 133,883,000 | 133,883,000 | |||
Balances at Dec. 28, 2019 | $ 1,339 | 762,213 | (433,290) | (2,603) | $ 327,659 |
Net income for the three months ended March 28, 2020 | $ 0 | 0 | 8,167 | 0 | 8,167 |
Common stock issued in connection with the exercise of stock options, ESPP and vested RSUs, net of shares withheld for employee taxes (in shares) | 630,000 | ||||
Common stock issued in connection with the exercise of stock options, ESPP and vested RSUs, net of shares withheld for employee taxes | $ 6 | (1,490) | 0 | 0 | (1,484) |
Stock-based compensation related to stock options, ESPP and RSUs | 0 | 8,728 | 0 | 0 | 8,728 |
Translation adjustments, net of tax | $ 0 | 0 | 0 | (111) | (111) |
Unrealized loss related to marketable securities, net of tax | 0 | ||||
Recognized gain on redemption of marketable securities, previously unrealized | $ 0 | ||||
Balances (in shares) at Mar. 28, 2020 | 134,513,000 | 134,513,000 | |||
Balances at Mar. 28, 2020 | $ 1,345 | $ 769,451 | $ (425,123) | $ (2,714) | $ 342,959 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Basis of Presentation and Significant Accounting Policies [Text Block] | 1 Lattice Semiconductor Corporation, a Delaware corporation, and its subsidiaries (“Lattice,” the “Company,” “we,” “us,” or “our”) develop technologies that we monetize through differentiated programmable logic semiconductor products, system solutions, design services, and licenses. Lattice was founded in 1983 Basis of Presentation and Use of Estimates The accompanying Consolidated Financial Statements are unaudited and have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and pursuant to the rules and regulations of the SEC. In our opinion, they include all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of results for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by the SEC's rules and regulations for interim reporting. These Consolidated Financial Statements should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10 December 28, 2019 2019 10 The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments affecting the amounts reported in our consolidated condensed financial statements and the accompanying notes. The actual results that we experience may We describe our accounting methods and practices in more detail in our 2019 10 no 2019 10 Fiscal Reporting Periods We report based on a 52 53 December 31. 2020 53 January 2, 2021, 2019 52 December 28, 2019. first 2020 first 2019 March 28, 2020 March 30, 2019 13 Concentrations of Risk Distributors have historically accounted for a significant portion of our total revenue. Revenue attributable to distributors as a percentage of total revenue was 78% and 79% for the first 2020 2019 no 10% Distributors also account for a substantial portion of our net accounts receivable. Our two March 28, 2020 December 28, 2019 No 10% Recently Issued Accounting Standards In December 2019, 2019 12, Income Taxes (Topic 740 January 1, 2021. may not 2019 12 |
Note 2 - Net Income Per Share
Note 2 - Net Income Per Share | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 2 Our calculation of the diluted share count includes the number of shares from our equity awards with market conditions or performance conditions that would be issuable under the terms of such awards at the end of the reporting period. For equity awards with a market condition, the number of shares included in the diluted share count as of March 28, 2020 is determined by measuring the achievement of the market condition as of the end of the reporting period. For equity awards with a performance condition, the number of shares that qualified for vesting as of March 28, 2020 are included in the diluted share count, as the condition for their issuance was satisfied by the end of the reporting period. See "Note 9 to our consolidated financial statements for further discussion of our equity awards with market conditions or performance conditions. A summary of basic and diluted Net income (loss) per share is presented in the following table: Three Months Ended March 28, March 30, (in thousands, except per share data) 2020 2019 Net income $ 8,167 $ 7,408 Shares used in basic Net income per share 134,253 130,992 Dilutive effect of stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition 3,791 3,818 Shares used in diluted Net income per share 138,044 134,810 Basic Net income per share $ 0.06 $ 0.06 Diluted Net income per share $ 0.06 $ 0.05 The computation of diluted Net income per share excludes the effects of stock options, restricted stock units ("RSUs"), Employee Stock Purchase Plan ("ESPP") shares, and equity awards with a market condition or performance condition that are antidilutive, aggregating approximately the following number of shares: Three Months Ended March 28, March 30, (in thous a 2020 2019 Stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition excluded as they are antidilutive 1,056 812 |
Note 3 - Revenue From Contracts
Note 3 - Revenue From Contracts With Customers | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3 Disaggregation of revenue The following tables provide information about revenue from contracts with customers disaggregated by major class of revenue, revenue by channel, and by geographical market, based on ship-to location of the end customer, where available, and ship-to location of distributor otherwise: Major Class of Revenue Three Months Ended March 28, March 30, (In thousands) 2020 2019 Product $ 93,225 96 % $ 91,612 93 % Licensing and services 4,091 4 % 6,479 7 % Total revenue $ 97,316 100 % $ 98,091 100 % Revenue by Channel Three Months Ended March 28, March 30, (In thousands) 2020 2019 Product revenue - Distributors $ 75,455 78 % $ 77,472 79 % Product revenue - Direct 17,770 18 % 14,140 14 % Licensing and services revenue 4,091 4 % 6,479 7 % Total revenue $ 97,316 100 % $ 98,091 100 % Revenue by Geographical Market Three Months Ended March 28, March 30, (In thousands) 2020 2019 United States $ 13,319 14 % $ 12,895 13 % Other Americas 3,268 3 % 3,975 4 % Americas 16,587 17 % 16,870 17 % China 43,499 45 % 48,305 49 % Taiwan 9,859 10 % 2,678 3 % Japan 7,999 8 % 11,857 12 % Other Asia 7,336 8 % 6,171 7 % Asia 68,693 71 % 69,011 71 % Europe 12,036 12 % 12,210 12 % Total revenue $ 97,316 100 % $ 98,091 100 % Contract balances Our contract assets relate to our rights to consideration for licenses and royalties due to us as a member of the HDMI consortium, with collection dependent on events other than the passage of time, such as collection of licenses and royalties from customers by the HDMI licensing agent. The balance results primarily from the amount of estimated revenue related to HDMI that we have recognized to date, but which has not first three 2020 (In thousands) Contract assets as of December 28, 2019 $ 5,569 Revenues recorded during the period 3,103 Transferred to Accounts receivable or collected (3,238 ) Contract assets as of March 28, 2020 $ 5,434 Contract liabilities are included in Accounts payable and accrued expenses on our Consolidated Balance Sheets. The following table summarizes activity during the first three 2020 (In thousands) Contract liabilities as of December 28, 2019 $ 2,313 Accruals for estimated future stock rotation and scrap returns 990 Less: Release of accruals for recognized stock rotation and scrap returns (376 ) Contract liabilities as of March 28, 2020 $ 2,927 The impact to revenue from the release of accruals for recognized stock rotation and scrap returns was offset by the processing of return merchandise authorizations totaling approximately $0.5 million, yielding a net revenue reduction of approximately $0.1 million for the first three 2020 |
Note 4 - Balance Sheet Componen
Note 4 - Balance Sheet Components | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | 4 Accounts Receivable Accounts receivable do not March 28, December 28, (In thousands) 2020 2019 Accounts receivable $ 68,749 $ 65,023 Less: Allowance for credit losses (106 ) (106 ) Accounts receivable, net of allowance for credit losses $ 68,643 $ 64,917 Inventories March 28, December 28, (In thousands) 2020 2019 Work in progress $ 39,744 $ 39,855 Finished goods 9,188 15,125 Total inventories $ 48,932 $ 54,980 Property and Equipment – Geographic Information Our Property and equipment, net by country at the end of each period was as follows: March 28, December 28, (In thousands) 2020 2019 United States $ 31,593 $ 32,313 China 1,528 1,683 Philippines 2,705 2,683 Taiwan 3,556 1,885 Japan 234 283 Other 317 383 Total foreign property and equipment, net 8,340 6,917 Total property and equipment, net $ 39,933 $ 39,230 Accounts Payable and Accrued Expenses Included in Accounts payable and accrued expenses in the Consolidated Balance Sheets are the following balances: March 28, December 28, (In thousands) 2020 2019 Trade accounts payable $ 44,440 $ 44,350 Liability for non-cancelable contracts 6,359 6,964 Other accrued expenses 9,165 8,941 Total accounts payable and accrued expenses $ 59,964 $ 60,255 Cloud Based Computing Implementation Costs Under the guidance in ASU 2018 15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350 40 first three 2020 (In thousands) Cloud based computing implementation costs as of December 28, 2019 $ 2,543 Costs capitalized during the period 523 Capitalized costs amortized during the period (73 ) Cloud based computing implementation costs as of March 28, 2020 $ 2,993 |
Note 5 - Long-term Debt
Note 5 - Long-term Debt | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Long-term Debt [Text Block] | 5 On May 17, 2019, five five 2019 10 During the first three 2020 March 28, December 28, (In thousands) 2020 2019 Principal amount $ 193,750 $ 148,125 Unamortized original issue discount and debt costs (1,475 ) (1,579 ) Less: Current portion of long-term debt (21,484 ) (21,474 ) Long-term debt, net of current portion and unamortized debt issue costs $ 170,791 $ 125,072 As of March 28, 2020 s 3.07%, and the effective interest rate on the revolving loan was 2.17%. We pay a commitment fee of 0.20% on the unused portion of the revolving loan. Three Months Ended March 28, March 30, (In thousands) 2020 2019 Contractual interest $ 1,086 $ 4,316 Amortization of debt issuance costs and discount 103 687 Total interest expense related to long-term debt $ 1,189 $ 5,003 Expected future principal payments are based on the schedule of required quarterly installments, adjusted for known voluntary payments. Our 53 2020 five March 28, 2020 Fiscal year (in thousands) 2020 (remaining 9 months) $ 17,500 2021 17,500 2022 17,500 2023 13,125 2024 128,125 $ 193,750 |
Note 6 - Restructuring
Note 6 - Restructuring | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 6 In March 2020, “Q1 2020 March 28, 2020 Q1 2020 Under the Q2 2019 2019 10 first 2020 2019. March 28, 2020 Q2 2019 Q2 2019 Under the June 2017 2019 10 first 2020 2019 March 28, 2020 June 2017 June 2017 These expenses were recorded to Restructuring charges on our Consolidated Statements of Operations. The restructuring accrual balance is presented in Accounts payable and accrued expenses and in Other long-term liabilities on our Consolidated Balance Sheets. The following table displays the activity related to our restructuring plans: (In thousands) Severance & Related (1) Lease Termination & Fixed Assets Software Contracts & Engineering Tools (2) Other (3) Total Accrued Restructuring at December 28, 2019 $ 160 $ 6,585 $ — $ 865 $ 7,610 Restructuring charges 949 47 — (56 ) 940 Costs paid or otherwise settled (135 ) (405 ) — (201 ) (741 ) Accrued Restructuring at March 28, 2020 $ 974 $ 6,227 $ — $ 608 $ 7,809 Accrued Restructuring at December 29, 2018 $ 1,814 $ 8,630 $ 218 $ 18 $ 10,680 Restructuring charges (60 ) 1,409 — (8 ) 1,341 Costs paid or otherwise settled (1,540 ) (1,875 ) (83 ) (10 ) (3,508 ) Accrued Restructuring at March 30, 2019 $ 214 $ 8,164 $ 135 $ — $ 8,513 ( 1 Includes employee relocation and outplacement costs ( 2 Includes cancellation of contracts, asset impairments, and accelerated depreciation on certain enterprise resource planning and customer relationship management systems ( 3 Beginning in the second 2019, Q2 2019 |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7 We have operating leases for corporate offices, sales offices, research and development facilities, storage facilities, and a data center, the terms of which are more fully described in our 2019 10 2027, March 28, 2020 first 2020 2019, The following table presents the lease balance classifications within the Consolidated Balance Sheets and summarizes their activity during the first three 2020 Operating lease right-of-use assets (in thousands) Balance as of December 28, 2019 $ 23,591 Right-of-use assets obtained in exchange for new lease obligations during the period 49 Reduction in the carrying amount of right-of-use assets during the period (1,494 ) Adjustments for present value and foreign currency effects 66 Balance as of March 28, 2020 $ 22,212 Operating lease liabilities (in thousands) Balance as of December 28, 2019 $ 26,124 Lease liabilities incurred for new lease obligations during the period 49 Accretion of lease liabilities 431 Operating cash used by payments on lease liabilities (1,934 ) Adjustments for present value, foreign currency, and restructuring liability effects 66 Balance as of March 28, 2020 24,736 Less: Current portion of operating lease liabilities (4,564 ) Long-term operating lease liabilities, net of current portion $ 20,172 Maturities of operating lease liabilities as of March 28, 2020 Fiscal year (in thousands) 2020 (remaining 9 months) $ 4,531 2021 5,480 2022 4,464 2023 4,592 2024 4,711 Thereafter 6,703 Total lease payments 30,481 Less: amount representing interest (5,610 ) Less: amount representing restructuring liability adjustments (135 ) Total lease liabilities $ 24,736 Prior to 2020 842 March 28, 2020 |
Note 8 - Intangible Assets
Note 8 - Intangible Assets | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 8 On our Consolidated Balance Sheets at March 28, 2020 December 28, 2019 We recorded amortization expense related to intangible assets on the Consolidated Statements of Operations as presented in the following table: Three Months Ended March 28, March 30, (In thousands) 2020 2019 Research and development $ 14 $ 14 Amortization of acquired intangible assets 2,640 3,389 $ 2,654 $ 3,403 |
Note 9 - Stock-based Compensati
Note 9 - Stock-based Compensation | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 9 Total stock-based compensation expense included in our Consolidated Statements of Operations is presented in the following table: Three Months Ended March 28, March 30, (In thousands) 2020 2019 Cost of revenue $ 591 $ 202 Research and development 2,594 1,125 Selling, general, and administrative 5,543 2,359 Total stock-based compensation $ 8,728 $ 3,686 Market-Based and Performance-Based Stock Compensation In 2018 2019, 2019 10 first 2020, 2020. first 2020. In the first 2020, three 2000 one second third th may th zero th 25 th 75 th During t he first quarter of fiscal 2020 , the market condition for awards granted to certain executives in the previous year exceeded the 75 th percentile of the condition, and the first March 28, 2020, four two four first 33.3% first q 2020 2019 first three 2020 (Shares in thousands) Total Balance, December 28, 2019 1,163 Granted 349 Effect of vesting multiplier 91 Vested (182 ) Balance, March 28, 2020 1,421 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 10 We are subject to federal and state income tax as well as income tax in the foreign jurisdictions in which we operate. For the first 2020 2019 three March 28, 2020 March 30, 2019 three March 28, 2020 zero three March 30, 2019 zero Through March 28, 2020 twelve may not not At March 28, 2020 that $2.3 million of unrecognized tax benefits and $0.5 million of associated interest and penalties could be recognized during the next twelve no Our liability for uncertain tax positions (including penalties and interest) was $24.3 million and $24.6 million at March 28, 2020 December 28, 2019 f $24.8 million is We are not not |
Note 11 - Contingencies
Note 11 - Contingencies | 3 Months Ended |
Mar. 28, 2020 | |
Notes to Financial Statements | |
Legal Matters and Contingencies [Text Block] | 11 Legal Matters On or about December 19, 2018, 2008. January 2019, not From time to time, we are exposed to certain asserted and unasserted potential claims. Periodically, we review the status of each significant matter and assess its potential financial exposure. If the potential loss from any claim or legal proceeding is considered probable and a range of possible losses can be estimated, we then accrue a liability for the estimated loss. Legal proceedings are subject to uncertainties, and the outcomes are difficult to predict. Because of such uncertainties, accruals are based only on the best information available at the time. As additional information becomes available, we reassess the potential liability related to pending claims and litigation and may |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 28, 2020 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of Presentation and Use of Estimates The accompanying Consolidated Financial Statements are unaudited and have been prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") and pursuant to the rules and regulations of the SEC. In our opinion, they include all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of results for the interim periods. Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted as permitted by the SEC's rules and regulations for interim reporting. These Consolidated Financial Statements should be read in conjunction with our audited financial statements and notes thereto included in our Annual Report on Form 10 December 28, 2019 2019 10 The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and judgments affecting the amounts reported in our consolidated condensed financial statements and the accompanying notes. The actual results that we experience may We describe our accounting methods and practices in more detail in our 2019 10 no 2019 10 |
Fiscal Period, Policy [Policy Text Block] | Fiscal Reporting Periods We report based on a 52 53 December 31. 2020 53 January 2, 2021, 2019 52 December 28, 2019. first 2020 first 2019 March 28, 2020 March 30, 2019 13 |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of Risk Distributors have historically accounted for a significant portion of our total revenue. Revenue attributable to distributors as a percentage of total revenue was 78% and 79% for the first 2020 2019 no 10% Distributors also account for a substantial portion of our net accounts receivable. Our two March 28, 2020 December 28, 2019 No 10% |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards In December 2019, 2019 12, Income Taxes (Topic 740 January 1, 2021. may not 2019 12 |
Note 2 - Net Income Per Share (
Note 2 - Net Income Per Share (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 28, March 30, (in thousands, except per share data) 2020 2019 Net income $ 8,167 $ 7,408 Shares used in basic Net income per share 134,253 130,992 Dilutive effect of stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition 3,791 3,818 Shares used in diluted Net income per share 138,044 134,810 Basic Net income per share $ 0.06 $ 0.06 Diluted Net income per share $ 0.06 $ 0.05 Three Months Ended March 28, March 30, (in thous a 2020 2019 Stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition excluded as they are antidilutive 1,056 812 |
Note 3 - Revenue From Contrac_2
Note 3 - Revenue From Contracts With Customers (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Major Class of Revenue Three Months Ended March 28, March 30, (In thousands) 2020 2019 Product $ 93,225 96 % $ 91,612 93 % Licensing and services 4,091 4 % 6,479 7 % Total revenue $ 97,316 100 % $ 98,091 100 % Revenue by Channel Three Months Ended March 28, March 30, (In thousands) 2020 2019 Product revenue - Distributors $ 75,455 78 % $ 77,472 79 % Product revenue - Direct 17,770 18 % 14,140 14 % Licensing and services revenue 4,091 4 % 6,479 7 % Total revenue $ 97,316 100 % $ 98,091 100 % Revenue by Geographical Market Three Months Ended March 28, March 30, (In thousands) 2020 2019 United States $ 13,319 14 % $ 12,895 13 % Other Americas 3,268 3 % 3,975 4 % Americas 16,587 17 % 16,870 17 % China 43,499 45 % 48,305 49 % Taiwan 9,859 10 % 2,678 3 % Japan 7,999 8 % 11,857 12 % Other Asia 7,336 8 % 6,171 7 % Asia 68,693 71 % 69,011 71 % Europe 12,036 12 % 12,210 12 % Total revenue $ 97,316 100 % $ 98,091 100 % |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | (In thousands) Contract assets as of December 28, 2019 $ 5,569 Revenues recorded during the period 3,103 Transferred to Accounts receivable or collected (3,238 ) Contract assets as of March 28, 2020 $ 5,434 (In thousands) Contract liabilities as of December 28, 2019 $ 2,313 Accruals for estimated future stock rotation and scrap returns 990 Less: Release of accruals for recognized stock rotation and scrap returns (376 ) Contract liabilities as of March 28, 2020 $ 2,927 |
Note 4 - Balance Sheet Compon_2
Note 4 - Balance Sheet Components (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | March 28, December 28, (In thousands) 2020 2019 Accounts receivable $ 68,749 $ 65,023 Less: Allowance for credit losses (106 ) (106 ) Accounts receivable, net of allowance for credit losses $ 68,643 $ 64,917 |
Schedule of Inventory, Current [Table Text Block] | March 28, December 28, (In thousands) 2020 2019 Work in progress $ 39,744 $ 39,855 Finished goods 9,188 15,125 Total inventories $ 48,932 $ 54,980 |
Property, Plant and Equipment [Table Text Block] | March 28, December 28, (In thousands) 2020 2019 United States $ 31,593 $ 32,313 China 1,528 1,683 Philippines 2,705 2,683 Taiwan 3,556 1,885 Japan 234 283 Other 317 383 Total foreign property and equipment, net 8,340 6,917 Total property and equipment, net $ 39,933 $ 39,230 |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | March 28, December 28, (In thousands) 2020 2019 Trade accounts payable $ 44,440 $ 44,350 Liability for non-cancelable contracts 6,359 6,964 Other accrued expenses 9,165 8,941 Total accounts payable and accrued expenses $ 59,964 $ 60,255 |
Schedule of Capitalized Software Costs [Table Text Block] | (In thousands) Cloud based computing implementation costs as of December 28, 2019 $ 2,543 Costs capitalized during the period 523 Capitalized costs amortized during the period (73 ) Cloud based computing implementation costs as of March 28, 2020 $ 2,993 |
Note 5 - Long-term Debt (Tables
Note 5 - Long-term Debt (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Long-term Debt Instruments [Table Text Block] | March 28, December 28, (In thousands) 2020 2019 Principal amount $ 193,750 $ 148,125 Unamortized original issue discount and debt costs (1,475 ) (1,579 ) Less: Current portion of long-term debt (21,484 ) (21,474 ) Long-term debt, net of current portion and unamortized debt issue costs $ 170,791 $ 125,072 |
Interest Income and Interest Expense Disclosure [Table Text Block] | Three Months Ended March 28, March 30, (In thousands) 2020 2019 Contractual interest $ 1,086 $ 4,316 Amortization of debt issuance costs and discount 103 687 Total interest expense related to long-term debt $ 1,189 $ 5,003 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Fiscal year (in thousands) 2020 (remaining 9 months) $ 17,500 2021 17,500 2022 17,500 2023 13,125 2024 128,125 $ 193,750 |
Note 6 - Restructuring (Tables)
Note 6 - Restructuring (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Schedule of Restructuring Reserve by Type of Cost [Table Text Block] | (In thousands) Severance & Related (1) Lease Termination & Fixed Assets Software Contracts & Engineering Tools (2) Other (3) Total Accrued Restructuring at December 28, 2019 $ 160 $ 6,585 $ — $ 865 $ 7,610 Restructuring charges 949 47 — (56 ) 940 Costs paid or otherwise settled (135 ) (405 ) — (201 ) (741 ) Accrued Restructuring at March 28, 2020 $ 974 $ 6,227 $ — $ 608 $ 7,809 Accrued Restructuring at December 29, 2018 $ 1,814 $ 8,630 $ 218 $ 18 $ 10,680 Restructuring charges (60 ) 1,409 — (8 ) 1,341 Costs paid or otherwise settled (1,540 ) (1,875 ) (83 ) (10 ) (3,508 ) Accrued Restructuring at March 30, 2019 $ 214 $ 8,164 $ 135 $ — $ 8,513 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Lessee, Operating Lease Right-of-Use Assets and Liabilities [Table Text Block] | Operating lease right-of-use assets (in thousands) Balance as of December 28, 2019 $ 23,591 Right-of-use assets obtained in exchange for new lease obligations during the period 49 Reduction in the carrying amount of right-of-use assets during the period (1,494 ) Adjustments for present value and foreign currency effects 66 Balance as of March 28, 2020 $ 22,212 Operating lease liabilities (in thousands) Balance as of December 28, 2019 $ 26,124 Lease liabilities incurred for new lease obligations during the period 49 Accretion of lease liabilities 431 Operating cash used by payments on lease liabilities (1,934 ) Adjustments for present value, foreign currency, and restructuring liability effects 66 Balance as of March 28, 2020 24,736 Less: Current portion of operating lease liabilities (4,564 ) Long-term operating lease liabilities, net of current portion $ 20,172 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Fiscal year (in thousands) 2020 (remaining 9 months) $ 4,531 2021 5,480 2022 4,464 2023 4,592 2024 4,711 Thereafter 6,703 Total lease payments 30,481 Less: amount representing interest (5,610 ) Less: amount representing restructuring liability adjustments (135 ) Total lease liabilities $ 24,736 |
Note 8 - Intangible Assets (Tab
Note 8 - Intangible Assets (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Finite-lived Intangible Assets Amortization Expense [Table Text Block] | Three Months Ended March 28, March 30, (In thousands) 2020 2019 Research and development $ 14 $ 14 Amortization of acquired intangible assets 2,640 3,389 $ 2,654 $ 3,403 |
Note 9 - Stock-based Compensa_2
Note 9 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 28, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 28, March 30, (In thousands) 2020 2019 Cost of revenue $ 591 $ 202 Research and development 2,594 1,125 Selling, general, and administrative 5,543 2,359 Total stock-based compensation $ 8,728 $ 3,686 |
Share-based Payment Arrangement, Performance Shares, Activity [Table Text Block] | (Shares in thousands) Total Balance, December 28, 2019 1,163 Granted 349 Effect of vesting multiplier 91 Vested (182 ) Balance, March 28, 2020 1,421 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) - Sell-through Distributors Concentration Risk [Member] | 3 Months Ended | 12 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | |
Revenue Benchmark [Member] | |||
Concentration Risk, Percentage | 78.00% | 79.00% | |
Accounts Receivable [Member] | Large Distributor One [Member] | |||
Concentration Risk, Percentage | 38.00% | 40.00% | |
Accounts Receivable [Member] | Large Distributor Two [Member] | |||
Concentration Risk, Percentage | 36.00% | 38.00% |
Note 2 - Net Income Per Share -
Note 2 - Net Income Per Share - Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Net income | $ 8,167 | $ 7,408 |
Shares used in basic Net income per share (in shares) | 134,253 | 130,992 |
Dilutive effect of stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition (in shares) | 3,791 | 3,818 |
Shares used in diluted Net income per share (in shares) | 138,044 | 134,810 |
Basic (in dollars per share) | $ 0.06 | $ 0.06 |
Diluted (in dollars per share) | $ 0.06 | $ 0.05 |
Stock options, RSUs, ESPP shares, and equity awards with a market condition or performance condition excluded as they are antidilutive (in shares) | 1,056 | 812 |
Note 3 - Revenue From Contrac_3
Note 3 - Revenue From Contracts With Customers (Details Textual) $ in Millions | 3 Months Ended |
Mar. 28, 2020USD ($) | |
Revenue From Contract With Customer, Processing Of Return Merchandise Authorizations | $ 0.5 |
Revenue From Contract With Customer, Net Impact From Release Of Accruals Offsetting By Return Merchandise Authorization | $ 0.1 |
Note 3 - Revenue From Contrac_4
Note 3 - Revenue From Contracts With Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Revenue | $ 97,316 | $ 98,091 |
Percentage of revenue | 100.00% | 100.00% |
UNITED STATES | ||
Revenue | $ 13,319 | $ 12,895 |
Percentage of revenue | 14.00% | 13.00% |
Other Americas [Member] | ||
Revenue | $ 3,268 | $ 3,975 |
Percentage of revenue | 3.00% | 4.00% |
Americas [Member] | ||
Revenue | $ 16,587 | $ 16,870 |
Percentage of revenue | 17.00% | 17.00% |
CHINA | ||
Revenue | $ 43,499 | $ 48,305 |
Percentage of revenue | 45.00% | 49.00% |
TAIWAN, PROVINCE OF CHINA | ||
Revenue | $ 9,859 | $ 2,678 |
Percentage of revenue | 10.00% | 3.00% |
JAPAN | ||
Revenue | $ 7,999 | $ 11,857 |
Percentage of revenue | 8.00% | 12.00% |
Other Asia [Member] | ||
Revenue | $ 7,336 | $ 6,171 |
Percentage of revenue | 8.00% | 7.00% |
Asia [Member] | ||
Revenue | $ 68,693 | $ 69,011 |
Percentage of revenue | 71.00% | 71.00% |
Europe [Member] | ||
Revenue | $ 12,036 | $ 12,210 |
Percentage of revenue | 12.00% | 12.00% |
Product [Member] | ||
Revenue | $ 93,225 | $ 91,612 |
Percentage of revenue | 96.00% | 93.00% |
Product [Member] | Sales Channel, Through Intermediary [Member] | ||
Revenue | $ 75,455 | $ 77,472 |
Percentage of revenue | 78.00% | 79.00% |
Product [Member] | Sales Channel, Directly to Consumer [Member] | ||
Revenue | $ 17,770 | $ 14,140 |
Percentage of revenue | 18.00% | 14.00% |
License and Service [Member] | ||
Revenue | $ 4,091 | $ 6,479 |
Percentage of revenue | 4.00% | 7.00% |
Note 3 - Revenue From Contrac_5
Note 3 - Revenue From Contracts With Customers - Contract Balance (Details) $ in Thousands | 3 Months Ended |
Mar. 28, 2020USD ($) | |
Contract assets, balance | $ 5,569 |
Revenues recorded during the period | 3,103 |
Transferred to Accounts receivable or collected | (3,238) |
Contract assets, balance | 5,434 |
Contract liabilities | 2,313 |
Accruals for estimated future stock rotation and scrap returns | 990 |
Less: Release of accruals for recognized stock rotation and scrap returns | (376) |
Contract liabilities | $ 2,927 |
Note 4 - Balance Sheet Compon_3
Note 4 - Balance Sheet Components - Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Accounts receivable | $ 68,749 | $ 65,023 |
Less: Allowance for credit losses | (106) | (106) |
Accounts receivable, net of allowance for credit losses | $ 68,643 | $ 64,917 |
Note 4 - Balance Sheet Compon_4
Note 4 - Balance Sheet Components - Inventories (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Work in progress | $ 39,744 | $ 39,855 |
Finished goods | 9,188 | 15,125 |
Total inventories | $ 48,932 | $ 54,980 |
Note 4 - Balance Sheet Compon_5
Note 4 - Balance Sheet Components - Property and Equipment (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Total property and equipment, net | $ 39,933 | $ 39,230 |
UNITED STATES | ||
Total property and equipment, net | 31,593 | 32,313 |
CHINA | ||
Total property and equipment, net | 1,528 | 1,683 |
PHILIPPINES | ||
Total property and equipment, net | 2,705 | 2,683 |
TAIWAN, PROVINCE OF CHINA | ||
Total property and equipment, net | 3,556 | 1,885 |
JAPAN | ||
Total property and equipment, net | 234 | 283 |
Other [Member] | ||
Total property and equipment, net | 317 | 383 |
Non-US [Member] | ||
Total property and equipment, net | $ 8,340 | $ 6,917 |
Note 4 - Balance Sheet Compon_6
Note 4 - Balance Sheet Components - Accounts Payable and Accrued Expenses (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Trade accounts payable | $ 44,440 | $ 44,350 |
Liability for non-cancelable contracts | 6,359 | 6,964 |
Other accrued expenses | 9,165 | 8,941 |
Total accounts payable and accrued expenses | $ 59,964 | $ 60,255 |
Note 4 - Balance Sheet Compon_7
Note 4 - Balance Sheet Components - Capitalized Software Costs (Details) $ in Thousands | 3 Months Ended |
Mar. 28, 2020USD ($) | |
Cloud based computing implementation costs as of December 28, 2019 | $ 2,543 |
Costs capitalized during the period | 523 |
Capitalized costs amortized during the period | (73) |
Cloud based computing implementation costs as of March 28, 2020 | $ 2,993 |
Note 5 - Long-term Debt (Detail
Note 5 - Long-term Debt (Details Textual) - USD ($) $ in Thousands | May 17, 2019 | Mar. 28, 2020 |
Debt Instrument, Face Amount | $ 193,750 | |
Credit Agreement, May 17, 2019 [Member] | Revolving Credit Facility [Member] | ||
Debt Instrument, Term (Year) | 5 years | |
Line of Credit Facility, Maximum Borrowing Capacity | $ 75,000 | |
Proceeds from Lines of Credit, Total | $ 50,000 | |
Debt Instrument, Interest Rate, Effective Percentage | 3.07% | |
Line of Credit Facility, Commitment Fee Percentage | 0.20% | |
Credit Agreement, May 17, 2019 [Member] | Secured Term Loan [Member] | ||
Debt Instrument, Term (Year) | 5 years | |
Debt Instrument, Face Amount | $ 175,000 | |
Debt Instrument, Periodic Payment, Total | $ 4,400 | |
Debt Instrument, Interest Rate, Effective Percentage | 2.17% |
Note 5 - Long-term Debt - Fair
Note 5 - Long-term Debt - Fair Value of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
Principal amount | $ 193,750 | $ 148,125 |
Unamortized original issue discount and debt costs | (1,475) | (1,579) |
Less: Current portion of long-term debt | (21,484) | (21,474) |
Long-term debt, net of current portion and unamortized debt issue costs | $ 170,791 | $ 125,072 |
Note 5 - Long-term Debt - Inter
Note 5 - Long-term Debt - Interest Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Contractual interest | $ 1,086 | $ 4,316 |
Amortization of debt issuance costs and discount | 103 | 687 |
Total interest expense related to long-term debt | $ 1,189 | $ 5,003 |
Note 5 - Long-term Debt - Expec
Note 5 - Long-term Debt - Expected Future Principal Payments (Details) $ in Thousands | Mar. 28, 2020USD ($) |
2020 (remaining 9 months) | $ 17,500 |
2021 | 17,500 |
2022 | 17,500 |
2023 | 13,125 |
2024 | 128,125 |
Debt Instrument, Face Amount | $ 193,750 |
Note 6 - Restructuring (Details
Note 6 - Restructuring (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | 15 Months Ended | 34 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | Mar. 28, 2020 | Mar. 28, 2020 | |
Restructuring Charges, Total | $ 940 | $ 1,341 | $ 940 | ||
Q1 2020 Plan [Member] | |||||
Restructuring and Related Costs, Incurred Cost, Total | 1,100 | ||||
Q2 2019 Sales Plan [Member] | |||||
Restructuring and Related Costs, Incurred Cost, Total | 1,800 | $ 2,000 | |||
Restructuring Charges, Total | (200) | ||||
June 2017 Plan [Member] | |||||
Restructuring and Related Costs, Incurred Cost, Total | 100 | $ 1,300 | $ 19,100 | ||
June 2017 Plan [Member] | Minimum [Member] | |||||
Restructuring and Related Cost, Expected Cost, Total | 20,000 | 20,000 | 20,000 | ||
June 2017 Plan [Member] | Maximum [Member] | |||||
Restructuring and Related Cost, Expected Cost, Total | $ 21,500 | $ 21,500 | $ 21,500 |
Note 6 - Restructuring - Activi
Note 6 - Restructuring - Activity Related to Restructuring Plans (Details) - USD ($) $ in Thousands | 3 Months Ended | 15 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Mar. 28, 2020 | ||
Accrued Restructuring | $ 7,610 | $ 10,680 | $ 10,680 | |
Restructuring charges | 940 | 1,341 | 940 | |
Costs paid or otherwise settled | (3,508) | (741) | ||
Accrued Restructuring | 7,809 | 8,513 | 7,809 | |
Employee Severance [Member] | ||||
Accrued Restructuring | [1] | 160 | 1,814 | 1,814 |
Restructuring charges | [1] | (60) | 949 | |
Costs paid or otherwise settled | [1] | (1,540) | (135) | |
Accrued Restructuring | [1] | 974 | 214 | 974 |
Lease Termination and Fixed Assets [Member] | ||||
Accrued Restructuring | 6,585 | 8,630 | 8,630 | |
Restructuring charges | 1,409 | 47 | ||
Costs paid or otherwise settled | (1,875) | (405) | ||
Accrued Restructuring | 6,227 | 8,164 | 6,227 | |
Software Contracts and Engineering Tools [Member] | ||||
Accrued Restructuring | [2] | 0 | 218 | 218 |
Restructuring charges | [2] | 0 | 0 | |
Costs paid or otherwise settled | [2] | (83) | 0 | |
Accrued Restructuring | [2] | 0 | 135 | 0 |
Other Restructuring [Member] | ||||
Accrued Restructuring | [3] | 865 | 18 | 18 |
Restructuring charges | [3] | (8) | (56) | |
Costs paid or otherwise settled | [3] | (10) | (201) | |
Accrued Restructuring | [3] | $ 608 | $ 0 | $ 608 |
[1] | Includes employee relocation and outplacement costs | |||
[2] | Includes cancellation of contracts, asset impairments, and accelerated depreciation on certain enterprise resource planning and customer relationship management systems | |||
[3] | Beginning in the second quarter of fiscal 2019, "Other" included termination fees on the cancellation of certain contracts under the Q2 2019 Sales Plan |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Operating Lease, Weighted Average Remaining Lease Term (Year) | 5 years 7 months 6 days | |
Operating Lease, Weighted Average Discount Rate, Percent | 7.00% | |
Operating Lease, Cost | $ 1.9 | $ 2 |
Operating Lease Liability for Previously Restructured Facilities | $ 6.2 |
Note 7 - Leases - Lease Balance
Note 7 - Leases - Lease Balance Classifications Within the Consolidated Balance Sheets and Lease Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | |
Balance | $ 23,591 | ||
Right-of-use assets obtained in exchange for new lease obligations during the period | 49 | $ 219 | |
Reduction in the carrying amount of right-of-use assets during the period | (1,494) | (1,487) | |
Adjustments for present value and foreign currency effects | 66 | ||
Balance | 22,212 | ||
Balance | 26,124 | ||
Lease liabilities incurred for new lease obligations during the period | 49 | ||
Accretion of lease liabilities | 431 | ||
Operating cash used by payments on lease liabilities | (1,934) | $ (2,597) | |
Adjustments for present value, foreign currency, and restructuring liability effects | 66 | ||
Balance | 24,736 | ||
Less: Current portion of operating lease liabilities | (4,564) | $ (4,686) | |
Long-term operating lease liabilities, net of current portion | $ 20,172 | $ 21,438 |
Note 7 - Leases - Maturities of
Note 7 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 28, 2020 | Dec. 28, 2019 |
2020 (remaining 9 months) | $ 4,531 | |
2021 | 5,480 | |
2022 | 4,464 | |
2023 | 4,592 | |
2024 | 4,711 | |
Thereafter | 6,703 | |
Total lease payments | 30,481 | |
Less: amount representing interest | (5,610) | |
Less: amount representing restructuring liability adjustments | (135) | |
Total lease liabilities | $ 24,736 | $ 26,124 |
Note 8 - Intangible Assets (Det
Note 8 - Intangible Assets (Details Textual) - USD ($) $ in Millions | Mar. 28, 2020 | Dec. 28, 2019 |
Finite-Lived Intangible Assets, Accumulated Amortization | $ 130.1 | $ 127.4 |
Note 8 - Intangible Assets - Am
Note 8 - Intangible Assets - Amortization Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Amortization of intangible assets | $ 2,654 | $ 3,403 |
Research and Development Expense [Member] | ||
Amortization of intangible assets | 14 | 14 |
Amortization of Acquired Intangible Assets [Member] | ||
Amortization of intangible assets | $ 2,640 | $ 3,389 |
Note 9 - Stock-based Compensa_3
Note 9 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | |
Share-based Payment Arrangement, Expense | $ 8,728 | $ 3,686 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Payment Arrangement, Expense | 1,800 | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | |||
Share-based Payment Arrangement, Expense | $ 4,200 | $ 900 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Of Grants Tested Each Year | 33.33% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Of Market Condition Achieved | 75.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Of Market Condition Achieved | 75.00% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche One [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 250.00% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche One [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 200.00% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Of Market Condition Achieved | 55.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||
Restricted Stock Units (RSUs) [Member] | Executive Officer [Member] | Share-based Payment Arrangement, Tranche Three [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage Of Market Condition Achieved | 25.00% | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.00% |
Note 9 - Stock-Based Compensa_4
Note 9 - Stock-Based Compensation - Stock-based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 28, 2020 | Mar. 30, 2019 | |
Total stock-based compensation | $ 8,728 | $ 3,686 |
Cost of Sales [Member] | ||
Total stock-based compensation | 591 | 202 |
Research and Development Expense [Member] | ||
Total stock-based compensation | 2,594 | 1,125 |
Selling, General and Administrative Expenses [Member] | ||
Total stock-based compensation | $ 5,543 | $ 2,359 |
Note 9 - Stock-Based Compensa_5
Note 9 - Stock-Based Compensation - Activity For Awards With Market or Performance Condition (Details) - Performance Shares [Member] shares in Thousands | 3 Months Ended |
Mar. 28, 2020shares | |
Balance (in shares) | 1,163 |
Granted (in shares) | 349 |
Effect of vesting multiplier (in shares) | 91 |
Vested (in shares) | (182) |
Balance (in shares) | 1,421 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 28, 2020 | Mar. 30, 2019 | Dec. 28, 2019 | |
Income Tax Expense (Benefit), Total | $ 444 | $ 234 | |
Unrecognized Tax Benefits, Ending Balance | 2,300 | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 500 | ||
Decrease in Unrecognized Tax Benefits is Reasonably Possible | 2,800 | ||
Deferred Tax Liabilities, Net, Total | 24,800 | ||
Other Noncurrent Liabilities [Member] | |||
Liability for Uncertainty in Income Taxes, Noncurrent | $ 24,300 | $ 24,600 | |
Domestic Tax Authority [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | ||
Foreign Tax Authority [Member] | |||
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | ||
Foreign Tax Authority [Member] | Office of the Tax Commissioner, Bermuda [Member] | |||
Income Tax Expense (Benefit), Total | $ 0 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 0.00% | 0.00% |
Note 11 - Contingencies (Detail
Note 11 - Contingencies (Details Textual) $ in Millions | Dec. 19, 2018USD ($) |
Alleged Violation of the Lanham Act [Member] | |
Loss Contingency, Damages Sought, Value | $ 138 |