Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 28, 2013 | Oct. 15, 2013 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 28-Sep-13 | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Trading Symbol | 'PSMI | ' |
Entity Registrant Name | 'PEREGRINE SEMICONDUCTOR CORP | ' |
Entity Central Index Key | '0000880177 | ' |
Current Fiscal Year End Date | '--12-28 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 32,686,216 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $17,206 | $44,106 |
Short-term marketable securities | 23,213 | 30,361 |
Accounts receivable, net | 18,322 | 13,353 |
Inventories | 52,311 | 57,017 |
Prepaids and other current assets | 7,955 | 11,108 |
Total current assets | 119,007 | 155,945 |
Property and equipment, net | 23,358 | 22,871 |
Long-term marketable securities | 22,664 | 18,892 |
Other assets | 211 | 210 |
Total assets | 165,240 | 197,918 |
Current liabilities: | ' | ' |
Accounts payable | 12,465 | 22,306 |
Accrued liabilities | 9,151 | 12,672 |
Accrued compensation | 3,664 | 5,726 |
Customer deposits | 4,954 | 24,425 |
Deferred revenue | 5,627 | 12,755 |
Current portion of obligations under capital leases | 10 | 11 |
Total current liabilities | 35,871 | 77,895 |
Obligations under capital leases, less current portion | 18 | 18 |
Other long-term liabilities | 826 | 886 |
Commitments and contingencies | ' | ' |
Stockholders' equity: | ' | ' |
Preferred stock, $.001 par value, 5,000 shares authorized at September 28, 2013 and December 29, 2012; no shares issued and outstanding at September 28, 2013 and December 29, 2012 | ' | ' |
Common stock, $.001 par value, 100,000 shares authorized at September 28, 2013 and December 29, 2012, 32,645 and 31,855 shares issued and outstanding at September 28, 2013 and December 29, 2012, respectively | 33 | 32 |
Additional paid-in capital | 346,837 | 340,221 |
Accumulated deficit | -218,158 | -220,935 |
Accumulated other comprehensive loss | -187 | -199 |
Total stockholders' equity | 128,525 | 119,119 |
Total liabilities and stockholders' equity | $165,240 | $197,918 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, except Per Share data, unless otherwise specified | ||
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000 | 5,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000 | 100,000 |
Common stock, shares issued | 32,645 | 31,855 |
Common stock, shares outstanding | 32,645 | 31,855 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Statement [Abstract] | ' | ' | ' | ' |
Net revenue | $60,002 | $60,575 | $158,992 | $140,909 |
Cost of net revenue | 34,749 | 35,560 | 93,203 | 88,418 |
Gross profit | 25,253 | 25,015 | 65,789 | 52,491 |
Operating expense: | ' | ' | ' | ' |
Research and development | 10,777 | 9,355 | 31,417 | 23,518 |
Selling, general and administrative | 10,210 | 10,990 | 31,487 | 26,183 |
Total operating expense | 20,987 | 20,345 | 62,904 | 49,701 |
Income from operations | 4,266 | 4,670 | 2,885 | 2,790 |
Interest expense, net | -27 | -213 | -165 | -1,247 |
Other income (expense), net | 99 | -52 | 50 | -132 |
Income before income taxes | 4,338 | 4,405 | 2,770 | 1,411 |
Income tax benefit | -95 | -308 | -7 | -234 |
Net income | 4,433 | 4,713 | 2,777 | 1,645 |
Net income allocable to preferred stockholders | 0 | -2,279 | 0 | -1,362 |
Net income attributable to common stockholders | $4,433 | $2,434 | $2,777 | $283 |
Net income per share attributable to common stockholders: | ' | ' | ' | ' |
Basic | $0.14 | $0.12 | $0.09 | $0.03 |
Diluted | $0.12 | $0.10 | $0.08 | $0.02 |
Shares used to compute net income per share attributable to common stockholders: | ' | ' | ' | ' |
Basic | 32,394 | 19,748 | 32,163 | 8,442 |
Diluted | 35,804 | 24,351 | 35,738 | 12,692 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Loss (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Net income | $4,433 | $4,713 | $2,777 | $1,645 |
Foreign currency translation adjustments | 3 | -12 | 14 | -10 |
Unrealized loss on marketable securities | -2 | -21 | -2 | -21 |
Comprehensive income | $4,434 | $4,680 | $2,789 | $1,614 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 |
Operating activities | ' | ' |
Net income | $2,777 | $1,645 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ' | ' |
Depreciation and amortization | 4,825 | 3,132 |
Stock-based compensation | 4,854 | 3,116 |
Revaluation of warrants to fair value | 0 | 633 |
Imputed interest related to deposit arrangements, net | -307 | 273 |
Amortization of premium and discount on investments, net | 293 | 48 |
Cash received for lease incentives | 135 | 0 |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -4,956 | -8,727 |
Inventories | 4,717 | -26,709 |
Prepaids and other current and noncurrent assets | 3,676 | -6,354 |
Accounts payable and accrued liabilities | -16,144 | 21,606 |
Customer deposits | -11,425 | 29,791 |
Deferred revenue | -6,787 | 7,122 |
Net cash provided by (used in) operating activities | -18,342 | 25,576 |
Investing activities | ' | ' |
Purchases of property and equipment | -5,304 | -13,157 |
Purchase of marketable securities | -28,552 | -48,462 |
Sale and maturity of marketable securities | 31,607 | 0 |
Net cash used in investing activities | -2,249 | -61,619 |
Financing activities | ' | ' |
Proceeds from customer deposit financing arrangement | 0 | 13,000 |
Payments on customer deposit financing arrangement | -8,046 | 0 |
Proceeds from line of credit | 0 | 3,000 |
Payments on line of credit | 0 | -10,749 |
Payments on obligations under capital leases | -7 | -661 |
Payments on notes payable | 0 | -1,618 |
Proceeds from exercise of stock options | 1,759 | 369 |
Proceeds from exercise of warrants | 0 | 31 |
Proceeds from initial public offering, net of offering cost | 0 | 80,278 |
Costs paid in connection with initial public offering | 0 | -1,707 |
Net cash provided by (used in) financing activities | -6,294 | 81,943 |
Effect of exchange rate changes on cash and cash equivalents | -15 | -12 |
Net change in cash and cash equivalents | -26,900 | 45,888 |
Cash and cash equivalents at beginning of period | 44,106 | 12,119 |
Cash and cash equivalents at end of period | 17,206 | 58,007 |
Supplemental disclosure of non cash financing activities | ' | ' |
Capital lease obligation for capital equipment | 28 | 0 |
Reclassification of restricted stock to equity upon vesting of early exercised options | $4 | $12 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Organization and Summary of Significant Accounting Policies | ' | |||||||||||
Organization and Summary of Significant Accounting Policies | ||||||||||||
The Company | ||||||||||||
Peregrine Semiconductor Corporation (the Company) is a fabless provider of high performance radio frequency integrated circuits (RFICs). The Company’s solutions leverage its proprietary UltraCMOS technology which enables the design, manufacture, and integration of multiple RF, mixed signal, and digital functions on a single chip. The Company’s solutions target a broad range of applications in the aerospace and defense, automotive, broadband, industrial, mobile wireless device, test and measurement equipment, and wireless infrastructure markets. | ||||||||||||
Basis of Presentation | ||||||||||||
The accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring items, necessary for a fair presentation of the financial statements for interim periods in accordance with accounting principles generally accepted in the United States (US GAAP). The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and the notes thereto for the fiscal year ended December 29, 2012 included in the Company’s Annual Report on Form 10-K filed on February 19, 2013 with the Securities and Exchange Commission (“SEC”). The Company’s accounting policies are described in the “Notes to consolidated financial statements” in our Form 10-K and updated as necessary, in this Form 10-Q. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by US GAAP. The results of operations for the three and nine months ended September 28, 2013 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period. | ||||||||||||
Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. | ||||||||||||
Accounting Periods | ||||||||||||
The Company uses a 52- or 53-week fiscal year ending on the last Saturday in December. Fiscal year 2012 was a 52-week year ending on December 29, 2012. The Company’s first three quarters for fiscal year 2013 and 2012 were 39-week periods ending on September 28, 2013 and September 29, 2012, respectively. | ||||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements as well as the reported amounts of net revenue and expense during the reporting period. The Company regularly evaluates estimates and assumptions related to areas such as revenue recognition, allowances for doubtful accounts, warranty obligations, inventory valuation, stock-based compensation expense, deferred income tax valuation allowances, litigation and other loss contingencies. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue, costs and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. | ||||||||||||
Concentration of Credit Risk | ||||||||||||
Financial assets and liabilities, which potentially subject the Company to concentrations of credit risk, consist primarily of cash equivalents, marketable securities, and accounts receivable. The Company limits its exposure to credit loss by placing its cash in high credit quality financial investments. At times, such deposits may be in excess of insured limits. The Company has not experienced any significant losses on its investments. | ||||||||||||
Customers that exceed 10% of total net revenue were as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Macnica | 76 | % | 78 | % | 71 | % | 71 | % | ||||
Richardson | * | * | 11 | % | 11 | % | ||||||
* Did not exceed 10% of total revenues for the respective period. | ||||||||||||
Fair Value of Financial Instruments | ||||||||||||
The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company’s financial instruments consist principally of cash and cash equivalents and marketable securities. The fair value of a financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) defined as follows: | ||||||||||||
Level 1: Inputs are based on quoted market prices for identical assets or liabilities in active markets at the measurement date. | ||||||||||||
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and/or quoted prices for identical or similar assets or liabilities in markets that are not active near the measurement date. | ||||||||||||
Level 3: Inputs include management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation. | ||||||||||||
The fair value of the Company’s cash equivalents was determined based on “Level 1” inputs. The fair value of marketable securities was determined based on “Level 2” inputs. The fair value of the Company’s “Level 2” instruments were valued based on the market approach technique which uses quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data. The Company does not have any financial instruments in the “Level 3” category. The Company believes that the recorded values of all of the other financial assets and liabilities approximate their current fair values because of maturity and respective duration of these assets and liabilities. |
Net_Income_per_Share
Net Income per Share | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income per Share | ' | |||||||||||||||
Net Income per Share | ||||||||||||||||
Basic net income per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted net income per share is calculated on the basis of the weighted-average number of shares of common stock including the effect of potential dilution that could occur if securities to issue common stock were exercised or converted into common stock. | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 4,433 | $ | 4,713 | $ | 2,777 | $ | 1,645 | ||||||||
Net income allocable to preferred stockholders | — | (2,279 | ) | — | (1,362 | ) | ||||||||||
Net income attributable to common stockholders | $ | 4,433 | $ | 2,434 | $ | 2,777 | $ | 283 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding | 32,394 | 19,759 | 32,165 | 8,455 | ||||||||||||
Less: weighted average unvested shares of common stock subject to repurchase | — | 11 | 2 | 13 | ||||||||||||
Weighted average common shares used in computing basic and diluted net income per share | 32,394 | 19,748 | 32,163 | 8,442 | ||||||||||||
Weighted average effect of potentially dilutive securities: | ||||||||||||||||
Stock options | 3,408 | 4,601 | 3,573 | 4,248 | ||||||||||||
Common stock warrants | 2 | 2 | 2 | 2 | ||||||||||||
Weighted average common shares used in computing diluted net income per share | 35,804 | 24,351 | 35,738 | 12,692 | ||||||||||||
Net income per share attributable to common stockholders: | ||||||||||||||||
Basic | $ | 0.14 | $ | 0.12 | $ | 0.09 | $ | 0.03 | ||||||||
Diluted | $ | 0.12 | $ | 0.1 | $ | 0.08 | $ | 0.02 | ||||||||
Historical outstanding anti-dilutive securities not included in diluted net income per share calculation: | ||||||||||||||||
Common stock options | 3,612 | 663 | 3,666 | 7,492 | ||||||||||||
Certain_Financial_Statement_In
Certain Financial Statement Information | 9 Months Ended | |||||||||
Sep. 28, 2013 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Certain Financial Statement Information | ' | |||||||||
Certain Financial Statement Information | ||||||||||
Inventories consisted of the following: | ||||||||||
September 28, | December 29, | |||||||||
2013 | 2012 | |||||||||
Raw materials | $ | 19,938 | $ | 20,986 | ||||||
Work in progress | 22,985 | 15,494 | ||||||||
Finished goods | 9,388 | 20,537 | ||||||||
$ | 52,311 | $ | 57,017 | |||||||
During the quarter ended September 28, 2013, the Company recorded reductions to the carrying value of inventories of $1,374 as a result of a lower of cost or market valuation. These write downs were due to anticipated selling price reductions the Company believes necessary to stimulate customer demand for certain products. These reductions were recorded in cost of net revenues. | ||||||||||
Included in the table are inventories held by others, which include distributors and third-parties in the Company’s supply chain of $6,361 and $13,616 at September 28, 2013 and December 29, 2012, respectively. | ||||||||||
Property and equipment consist of the following: | ||||||||||
Useful Life | September 28, | December 29, | ||||||||
(Years) | 2013 | 2012 | ||||||||
Computer equipment and software | 3 - 5 | $ | 6,217 | $ | 5,171 | |||||
Machinery and equipment | 5 | 39,503 | 33,753 | |||||||
Office furniture and equipment | 7 | 1,081 | 775 | |||||||
Leasehold improvements | * | 5,137 | 4,477 | |||||||
Construction in progress | 1,180 | 3,831 | ||||||||
53,118 | 48,007 | |||||||||
Less accumulated depreciation and amortization | (29,760 | ) | (25,136 | ) | ||||||
$ | 23,358 | $ | 22,871 | |||||||
* Leasehold improvements are amortized over the estimated life of the asset or remaining term of the lease, whichever is shorter. | ||||||||||
Depreciation and amortization expense was $1,721 and $1,183 for the three months ended September 28, 2013 and September 29, 2012 and $4,825 and $3,132 for the nine months ended September 28, 2013 and September 29, 2012, respectively. | ||||||||||
Accrued liabilities consisted of the following: | ||||||||||
September 28, | December 29, | |||||||||
2013 | 2012 | |||||||||
Accrued inventory purchases | $ | 1,123 | $ | 1,125 | ||||||
Accrued inventory repurchase obligation | 4,728 | 6,900 | ||||||||
Accrued other | 3,300 | 4,647 | ||||||||
$ | 9,151 | $ | 12,672 | |||||||
Accrued inventory repurchase obligation represents raw materials sold to suppliers for processing. These raw materials remain part of the Company’s total inventory and the transactions include only customary terms and conditions, such as shipping and payment terms. |
Financial_Instruments
Financial Instruments | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | ' | |||||||||||||||||||||||||||
Financial Instruments | ' | |||||||||||||||||||||||||||
Financial Instruments | ||||||||||||||||||||||||||||
The following tables show the Company’s cash and marketable securities’ cost, unrealized gains, unrealized losses and fair value by significant investment category measured at fair value on a recurring basis and recorded as cash and cash equivalents or short- and long-term marketable securities as of September 28, 2013: | ||||||||||||||||||||||||||||
September 28, 2013 | ||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | Cash and | Short-Term | Long-Term | ||||||||||||||||||||||
Gains | Losses | Value | Cash | Marketable | Marketable | |||||||||||||||||||||||
Equivalents | Securities | Securities | ||||||||||||||||||||||||||
Cash | $ | 5,971 | $ | — | $ | — | $ | 5,971 | $ | 5,971 | $ | — | $ | — | ||||||||||||||
Level 1: | ||||||||||||||||||||||||||||
Money market funds | 10,234 | — | — | 10,234 | 10,234 | — | — | |||||||||||||||||||||
Subtotal | 10,234 | — | — | 10,234 | 10,234 | — | — | |||||||||||||||||||||
Level 2: | ||||||||||||||||||||||||||||
U.S. Agency securities | 23,562 | 7 | (1 | ) | 23,568 | — | 11,564 | 12,004 | ||||||||||||||||||||
Certificates of deposit | 8,120 | 4 | (14 | ) | 8,110 | — | 5,479 | 2,631 | ||||||||||||||||||||
Commercial paper | 1,001 | — | — | 1,001 | 1,001 | — | — | |||||||||||||||||||||
Corporate notes and bonds | 14,197 | 7 | (5 | ) | 14,199 | — | 6,170 | 8,029 | ||||||||||||||||||||
Subtotal | 46,880 | 18 | (20 | ) | 46,878 | 1,001 | 23,213 | 22,664 | ||||||||||||||||||||
Total | $ | 63,085 | $ | 18 | $ | (20 | ) | $ | 63,083 | $ | 17,206 | $ | 23,213 | $ | 22,664 | |||||||||||||
There were no transfers between Level 1, Level 2 or Level 3 securities in the nine months ended September 28, 2013. All of the long-term marketable securities had remaining maturities of between one and two years in duration at September 28, 2013. | ||||||||||||||||||||||||||||
As of September 28, 2013, the Company had 32 investments in marketable securities with a fair value of $15,821 that were in an unrealized loss position of $20 for less than 12 months. The Company considers the declines in market value of its marketable securities investment portfolio to be temporary in nature and does not consider any of its investments other-than-temporarily impaired. When evaluating an investment for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below its cost basis, the financial condition of the issuer and any changes thereto, and the Company’s intent to sell, or whether it is more likely than not it will be required to sell the investment before recovery of the investment’s cost basis. | ||||||||||||||||||||||||||||
The following table presents a summary of the Company’s financial instruments that are measured on a recurring basis as of December 29, 2012: | ||||||||||||||||||||||||||||
29-Dec-12 | ||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | Cash and | Short-Term | Long-Term | ||||||||||||||||||||||
Gains | Losses | Value | Cash | Marketable | Marketable | |||||||||||||||||||||||
Equivalents | Securities | Securities | ||||||||||||||||||||||||||
Cash | $ | 24,703 | $ | — | $ | — | $ | 24,703 | $ | 24,703 | $ | — | $ | — | ||||||||||||||
Level 1: | ||||||||||||||||||||||||||||
Money market funds | 18,923 | — | — | 18,923 | 18,923 | — | — | |||||||||||||||||||||
Subtotal | 18,923 | — | — | 18,923 | 18,923 | — | — | |||||||||||||||||||||
Level 2: | ||||||||||||||||||||||||||||
U.S. Agency securities | 24,339 | 2 | (2 | ) | 24,339 | — | 13,317 | 11,022 | ||||||||||||||||||||
Certificates of deposit | 9,285 | 2 | (3 | ) | 9,284 | 480 | 6,642 | 2,162 | ||||||||||||||||||||
Commercial paper | 2,893 | 1 | — | 2,894 | — | 2,894 | — | |||||||||||||||||||||
Corporate notes and bonds | 13,211 | 9 | (4 | ) | 13,216 | — | 7,508 | 5,708 | ||||||||||||||||||||
Subtotal | 49,728 | 14 | (9 | ) | 49,733 | 480 | 30,361 | 18,892 | ||||||||||||||||||||
Total | $ | 93,354 | $ | 14 | $ | (9 | ) | $ | 93,359 | $ | 44,106 | $ | 30,361 | $ | 18,892 | |||||||||||||
StockBased_Compensation
Stock-Based Compensation | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Stock-Based Compensation | ' | |||||||||||||||
Stock-Based Compensation | ||||||||||||||||
During the three and nine months ended September 28, 2013, the Company granted 246 and 1,806, respectively, non-qualified stock options to employees and directors. The Company uses the Black-Scholes valuation model to calculate the fair value of stock options. The fair value of stock options was estimated at the grant date using the following: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Weighted-average expected term (years) | 5 | 5 | 5 | 5 | ||||||||||||
Risk-free interest rate | 1.38 | % | 0.66 | % | 0.78 | % | 0.73 | % | ||||||||
Dividend rate | — | — | — | — | ||||||||||||
Volatility | 60 | % | 63 | % | 61 | % | 63 | % | ||||||||
Forfeiture rate | 4 | % | 3 | % | 3 | % | 3 | % | ||||||||
Estimated weighted-average fair value per stock option | $ | 5.35 | $ | 8.89 | $ | 5.16 | $ | 8.13 | ||||||||
The risk-free interest rate assumption was based on the U.S. Treasury’s rates for U.S. Treasury constant maturities similar to those of the expected term of the award being valued. The assumed dividend yield was based on the Company’s expectation of not paying dividends in the foreseeable future. The Company utilizes data of peer companies to determine the weighted average expected term in an effort to better align the expected term of the Company’s options with the term experienced by the Company’s peers. In addition, due to the Company’s limited historical data, the estimated volatility incorporates the historical volatility of comparable companies whose share prices are publicly available. | ||||||||||||||||
Total stock-based compensation expense recognized during the three and nine months ended September 28, 2013 and September 29, 2012 was comprised of the following: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of net revenue | $ | 238 | $ | 133 | $ | 652 | $ | 404 | ||||||||
Research and development | 537 | 368 | 1,534 | 935 | ||||||||||||
Selling, general and administrative | 953 | 651 | 2,668 | 1,777 | ||||||||||||
$ | 1,728 | $ | 1,152 | $ | 4,854 | $ | 3,116 | |||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 28, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Legal Proceedings | |
On February 14, 2012, the Company filed a lawsuit in the U.S. District Court for the Central District of California, which was subsequently moved to the U.S. District Court for the Southern District of California. The action alleges the infringement of five of the Company’s patents relating to RFICs and switching technology by RF Micro Devices, Inc. (RFMD). The lawsuit alleges that certain of RFMD’s products infringe the Company’s patents relating to silicon on insulator (SOI) design technology for RFICs and seeks, in addition to damages, to permanently enjoin RFMD from further infringement. On March 26, 2013, the Company filed an additional lawsuit against RFMD in the U.S. District Court for the Southern District of California alleging infringement of a sixth patent relating to RFICs and switching technology by RFMD. On April 25, 2013, the Company consolidated these two U.S. District Court actions into one lawsuit. On September 27, 2013, the U.S. District Court set a trial date for November 12, 2014. Pursuing these actions is costly and could impose a significant burden on management and employees. The Company may receive unfavorable interim rulings in the course of this litigation and there can be no assurance that a favorable outcome will ultimately be obtained. | |
From time to time, the Company is subject to various claims and suits arising in the ordinary course of business, including commercial, employment and environmental matters. The Company does not expect that the resolution of these matters, or the matter described in the preceding paragraphs, will have a material adverse effect on its consolidated financial position or results of operations. |
Income_Taxes
Income Taxes | 9 Months Ended |
Sep. 28, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
Income Taxes | |
The Company recorded an income tax benefit for the three and nine months ended September 28, 2013 of $95 and $7, respectively, due to the effect of unrecognized benefits of tax losses and the release of tax reserves due to expiration of statute of limitations. The Company recorded income tax benefit of $308 and $234 for the three and nine months ended September 29, 2012, respectively. |
Supply_and_Prepayment_Agreemen
Supply and Prepayment Agreement | 9 Months Ended |
Sep. 28, 2013 | |
Payables and Accruals [Abstract] | ' |
Supply and Prepayment Agreement | ' |
Supply and Prepayment Agreement | |
In March 2012, the Company entered into a supply and prepayment agreement with Murata Manufacturing Company, Ltd. (Murata). The agreement is for an initial term of 18 months. Under the terms of the original agreement, Murata agreed to prepay on certain purchase orders placed through a third party distributor and to pay the Company a total deposit of $14,000 between March and July 2012. During the quarter ended September 29, 2012, the Company and Murata agreed to reduce the deposit from $14,000 to $13,000. There were no amendments to the agreement between the Company and Murata in the nine months ended September 28, 2013. The Company is repaying the deposit at a rate based on the number of RFICs purchased by Murata over the four quarters starting from the fourth quarter of fiscal 2012 of up to $13,000. During the nine months ended September 28, 2013, the Company repaid $8,046 in deposits under the supply and prepayment agreement with Murata resulting in a remaining customer deposit of $4,954. | |
During the nine months ended September 28, 2013, the Company received prepayments on purchases made by Macnica, which were applied against outstanding accounts receivable balances. There are no remaining prepayments as of September 28, 2013 as the agreement concluded on March 31, 2013 and the deposit was fully utilized in April of 2013. As of December 29, 2012, customer deposits included prepayments on purchase orders from Macnica of $11,425. | |
During 2012, the Company paid $4,000 in deposits to suppliers to support production levels. During the nine months ended September 28, 2013, the Company received $3,058 in deposit repayments from suppliers resulting in a remaining balance of $942, which is included in prepaids and other current assets. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
The Company | ' | |||||||||||
The Company | ||||||||||||
Peregrine Semiconductor Corporation (the Company) is a fabless provider of high performance radio frequency integrated circuits (RFICs). The Company’s solutions leverage its proprietary UltraCMOS technology which enables the design, manufacture, and integration of multiple RF, mixed signal, and digital functions on a single chip. The Company’s solutions target a broad range of applications in the aerospace and defense, automotive, broadband, industrial, mobile wireless device, test and measurement equipment, and wireless infrastructure markets. | ||||||||||||
Basis of Presentation | ' | |||||||||||
Basis of Presentation | ||||||||||||
The accompanying unaudited condensed consolidated financial statements include all adjustments, consisting of normal recurring items, necessary for a fair presentation of the financial statements for interim periods in accordance with accounting principles generally accepted in the United States (US GAAP). The information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and the notes thereto for the fiscal year ended December 29, 2012 included in the Company’s Annual Report on Form 10-K filed on February 19, 2013 with the Securities and Exchange Commission (“SEC”). The Company’s accounting policies are described in the “Notes to consolidated financial statements” in our Form 10-K and updated as necessary, in this Form 10-Q. The year-end condensed consolidated balance sheet data presented for comparative purposes was derived from audited financial statements, but does not include all disclosures required by US GAAP. The results of operations for the three and nine months ended September 28, 2013 are not necessarily indicative of the operating results for the full year or for any other subsequent interim period. | ||||||||||||
Principles of Consolidation | ' | |||||||||||
Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company and its subsidiaries. All significant intercompany accounts and transactions have been eliminated upon consolidation. | ||||||||||||
Accounting Periods | ' | |||||||||||
Accounting Periods | ||||||||||||
The Company uses a 52- or 53-week fiscal year ending on the last Saturday in December. Fiscal year 2012 was a 52-week year ending on December 29, 2012. The Company’s first three quarters for fiscal year 2013 and 2012 were 39-week periods ending on September 28, 2013 and September 29, 2012, respectively. | ||||||||||||
Use of Estimates | ' | |||||||||||
Use of Estimates | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements as well as the reported amounts of net revenue and expense during the reporting period. The Company regularly evaluates estimates and assumptions related to areas such as revenue recognition, allowances for doubtful accounts, warranty obligations, inventory valuation, stock-based compensation expense, deferred income tax valuation allowances, litigation and other loss contingencies. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of revenue, costs and expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. To the extent there are material differences between the estimates and actual results, the Company’s future results of operations will be affected. | ||||||||||||
Concentration of Credit Risk | ' | |||||||||||
Concentration of Credit Risk | ||||||||||||
Financial assets and liabilities, which potentially subject the Company to concentrations of credit risk, consist primarily of cash equivalents, marketable securities, and accounts receivable. The Company limits its exposure to credit loss by placing its cash in high credit quality financial investments. At times, such deposits may be in excess of insured limits. The Company has not experienced any significant losses on its investments. | ||||||||||||
Customers that exceed 10% of total net revenue were as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Macnica | 76 | % | 78 | % | 71 | % | 71 | % | ||||
Richardson | * | * | 11 | % | 11 | % | ||||||
Fair Value of Financial Instruments | ' | |||||||||||
Fair Value of Financial Instruments | ||||||||||||
The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company’s financial instruments consist principally of cash and cash equivalents and marketable securities. The fair value of a financial instrument is the amount that would be received in an asset sale or paid to transfer a liability in an orderly transaction between unaffiliated market participants. Assets and liabilities measured at fair value are categorized based on whether or not the inputs are observable in the market and the degree that the inputs are observable. The categorization of financial instruments within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The hierarchy is prioritized into three levels (with Level 3 being the lowest) defined as follows: | ||||||||||||
Level 1: Inputs are based on quoted market prices for identical assets or liabilities in active markets at the measurement date. | ||||||||||||
Level 2: Inputs include quoted prices for similar assets or liabilities in active markets and/or quoted prices for identical or similar assets or liabilities in markets that are not active near the measurement date. | ||||||||||||
Level 3: Inputs include management’s best estimate of what market participants would use in pricing the asset or liability at the measurement date. The inputs are unobservable in the market and significant to the instrument’s valuation. | ||||||||||||
The fair value of the Company’s cash equivalents was determined based on “Level 1” inputs. The fair value of marketable securities was determined based on “Level 2” inputs. The fair value of the Company’s “Level 2” instruments were valued based on the market approach technique which uses quoted market prices or model driven valuations using significant inputs derived from or corroborated by observable market data. The Company does not have any financial instruments in the “Level 3” category. The Company believes that the recorded values of all of the other financial assets and liabilities approximate their current fair values because of maturity and respective duration of these assets and liabilities. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||
Sep. 28, 2013 | ||||||||||||
Accounting Policies [Abstract] | ' | |||||||||||
Customers that Exceed 10% of Total Net Revenue | ' | |||||||||||
Customers that exceed 10% of total net revenue were as follows: | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||
2013 | 2012 | 2013 | 2012 | |||||||||
Macnica | 76 | % | 78 | % | 71 | % | 71 | % | ||||
Richardson | * | * | 11 | % | 11 | % | ||||||
* Did not exceed 10% of total revenues for the respective period. |
Net_Loss_per_Share_Tables
Net Loss per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net Income per Share | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Numerator: | ||||||||||||||||
Net income | $ | 4,433 | $ | 4,713 | $ | 2,777 | $ | 1,645 | ||||||||
Net income allocable to preferred stockholders | — | (2,279 | ) | — | (1,362 | ) | ||||||||||
Net income attributable to common stockholders | $ | 4,433 | $ | 2,434 | $ | 2,777 | $ | 283 | ||||||||
Denominator: | ||||||||||||||||
Weighted average common shares outstanding | 32,394 | 19,759 | 32,165 | 8,455 | ||||||||||||
Less: weighted average unvested shares of common stock subject to repurchase | — | 11 | 2 | 13 | ||||||||||||
Weighted average common shares used in computing basic and diluted net income per share | 32,394 | 19,748 | 32,163 | 8,442 | ||||||||||||
Weighted average effect of potentially dilutive securities: | ||||||||||||||||
Stock options | 3,408 | 4,601 | 3,573 | 4,248 | ||||||||||||
Common stock warrants | 2 | 2 | 2 | 2 | ||||||||||||
Weighted average common shares used in computing diluted net income per share | 35,804 | 24,351 | 35,738 | 12,692 | ||||||||||||
Net income per share attributable to common stockholders: | ||||||||||||||||
Basic | $ | 0.14 | $ | 0.12 | $ | 0.09 | $ | 0.03 | ||||||||
Diluted | $ | 0.12 | $ | 0.1 | $ | 0.08 | $ | 0.02 | ||||||||
Historical outstanding anti-dilutive securities not included in diluted net income per share calculation: | ||||||||||||||||
Common stock options | 3,612 | 663 | 3,666 | 7,492 | ||||||||||||
Certain_Financial_Statement_In1
Certain Financial Statement Information (Tables) | 9 Months Ended | |||||||||
Sep. 28, 2013 | ||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||||||||
Inventories | ' | |||||||||
Inventories consisted of the following: | ||||||||||
September 28, | December 29, | |||||||||
2013 | 2012 | |||||||||
Raw materials | $ | 19,938 | $ | 20,986 | ||||||
Work in progress | 22,985 | 15,494 | ||||||||
Finished goods | 9,388 | 20,537 | ||||||||
$ | 52,311 | $ | 57,017 | |||||||
Property and Equipment | ' | |||||||||
Property and equipment consist of the following: | ||||||||||
Useful Life | September 28, | December 29, | ||||||||
(Years) | 2013 | 2012 | ||||||||
Computer equipment and software | 3 - 5 | $ | 6,217 | $ | 5,171 | |||||
Machinery and equipment | 5 | 39,503 | 33,753 | |||||||
Office furniture and equipment | 7 | 1,081 | 775 | |||||||
Leasehold improvements | * | 5,137 | 4,477 | |||||||
Construction in progress | 1,180 | 3,831 | ||||||||
53,118 | 48,007 | |||||||||
Less accumulated depreciation and amortization | (29,760 | ) | (25,136 | ) | ||||||
$ | 23,358 | $ | 22,871 | |||||||
Accrued Liabilities | ' | |||||||||
Accrued liabilities consisted of the following: | ||||||||||
September 28, | December 29, | |||||||||
2013 | 2012 | |||||||||
Accrued inventory purchases | $ | 1,123 | $ | 1,125 | ||||||
Accrued inventory repurchase obligation | 4,728 | 6,900 | ||||||||
Accrued other | 3,300 | 4,647 | ||||||||
$ | 9,151 | $ | 12,672 | |||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||
Sep. 28, 2013 | ||||||||||||||||||||||||||||
Investments, All Other Investments [Abstract] | ' | |||||||||||||||||||||||||||
Cash and Marketable Securities' Cost, Unrealized Gains, Unrealized Losses and Fair Value by Significant Investment | ' | |||||||||||||||||||||||||||
The following table presents a summary of the Company’s financial instruments that are measured on a recurring basis as of December 29, 2012: | ||||||||||||||||||||||||||||
29-Dec-12 | ||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | Cash and | Short-Term | Long-Term | ||||||||||||||||||||||
Gains | Losses | Value | Cash | Marketable | Marketable | |||||||||||||||||||||||
Equivalents | Securities | Securities | ||||||||||||||||||||||||||
Cash | $ | 24,703 | $ | — | $ | — | $ | 24,703 | $ | 24,703 | $ | — | $ | — | ||||||||||||||
Level 1: | ||||||||||||||||||||||||||||
Money market funds | 18,923 | — | — | 18,923 | 18,923 | — | — | |||||||||||||||||||||
Subtotal | 18,923 | — | — | 18,923 | 18,923 | — | — | |||||||||||||||||||||
Level 2: | ||||||||||||||||||||||||||||
U.S. Agency securities | 24,339 | 2 | (2 | ) | 24,339 | — | 13,317 | 11,022 | ||||||||||||||||||||
Certificates of deposit | 9,285 | 2 | (3 | ) | 9,284 | 480 | 6,642 | 2,162 | ||||||||||||||||||||
Commercial paper | 2,893 | 1 | — | 2,894 | — | 2,894 | — | |||||||||||||||||||||
Corporate notes and bonds | 13,211 | 9 | (4 | ) | 13,216 | — | 7,508 | 5,708 | ||||||||||||||||||||
Subtotal | 49,728 | 14 | (9 | ) | 49,733 | 480 | 30,361 | 18,892 | ||||||||||||||||||||
Total | $ | 93,354 | $ | 14 | $ | (9 | ) | $ | 93,359 | $ | 44,106 | $ | 30,361 | $ | 18,892 | |||||||||||||
The following tables show the Company’s cash and marketable securities’ cost, unrealized gains, unrealized losses and fair value by significant investment category measured at fair value on a recurring basis and recorded as cash and cash equivalents or short- and long-term marketable securities as of September 28, 2013: | ||||||||||||||||||||||||||||
September 28, 2013 | ||||||||||||||||||||||||||||
Cost | Unrealized | Unrealized | Fair | Cash and | Short-Term | Long-Term | ||||||||||||||||||||||
Gains | Losses | Value | Cash | Marketable | Marketable | |||||||||||||||||||||||
Equivalents | Securities | Securities | ||||||||||||||||||||||||||
Cash | $ | 5,971 | $ | — | $ | — | $ | 5,971 | $ | 5,971 | $ | — | $ | — | ||||||||||||||
Level 1: | ||||||||||||||||||||||||||||
Money market funds | 10,234 | — | — | 10,234 | 10,234 | — | — | |||||||||||||||||||||
Subtotal | 10,234 | — | — | 10,234 | 10,234 | — | — | |||||||||||||||||||||
Level 2: | ||||||||||||||||||||||||||||
U.S. Agency securities | 23,562 | 7 | (1 | ) | 23,568 | — | 11,564 | 12,004 | ||||||||||||||||||||
Certificates of deposit | 8,120 | 4 | (14 | ) | 8,110 | — | 5,479 | 2,631 | ||||||||||||||||||||
Commercial paper | 1,001 | — | — | 1,001 | 1,001 | — | — | |||||||||||||||||||||
Corporate notes and bonds | 14,197 | 7 | (5 | ) | 14,199 | — | 6,170 | 8,029 | ||||||||||||||||||||
Subtotal | 46,880 | 18 | (20 | ) | 46,878 | 1,001 | 23,213 | 22,664 | ||||||||||||||||||||
Total | $ | 63,085 | $ | 18 | $ | (20 | ) | $ | 63,083 | $ | 17,206 | $ | 23,213 | $ | 22,664 | |||||||||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 28, 2013 | ||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||
Fair Value of Stock Options Estimated at Grant Date | ' | |||||||||||||||
The fair value of stock options was estimated at the grant date using the following: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Weighted-average expected term (years) | 5 | 5 | 5 | 5 | ||||||||||||
Risk-free interest rate | 1.38 | % | 0.66 | % | 0.78 | % | 0.73 | % | ||||||||
Dividend rate | — | — | — | — | ||||||||||||
Volatility | 60 | % | 63 | % | 61 | % | 63 | % | ||||||||
Forfeiture rate | 4 | % | 3 | % | 3 | % | 3 | % | ||||||||
Estimated weighted-average fair value per stock option | $ | 5.35 | $ | 8.89 | $ | 5.16 | $ | 8.13 | ||||||||
Components of Total Stock- Based Compensation Expense Recognized | ' | |||||||||||||||
Total stock-based compensation expense recognized during the three and nine months ended September 28, 2013 and September 29, 2012 was comprised of the following: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 28, | September 29, | September 28, | September 29, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Cost of net revenue | $ | 238 | $ | 133 | $ | 652 | $ | 404 | ||||||||
Research and development | 537 | 368 | 1,534 | 935 | ||||||||||||
Selling, general and administrative | 953 | 651 | 2,668 | 1,777 | ||||||||||||
$ | 1,728 | $ | 1,152 | $ | 4,854 | $ | 3,116 | |||||||||
Customers_that_Exceed_10_of_To
Customers that Exceed 10% of Total Net Revenue (Detail) (Sales Revenue, Net) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Macnica | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Net revenue, contribution by customers | 76.00% | 78.00% | 71.00% | 71.00% |
Richardson | ' | ' | ' | ' |
Concentration Risk [Line Items] | ' | ' | ' | ' |
Net revenue, contribution by customers | ' | ' | 11.00% | 11.00% |
Net_Loss_per_Share_Detail
Net Loss per Share (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Numerator: | ' | ' | ' | ' |
Net income | $4,433 | $4,713 | $2,777 | $1,645 |
Net income allocable to preferred stockholders | 0 | -2,279 | 0 | -1,362 |
Net income attributable to common stockholders | $4,433 | $2,434 | $2,777 | $283 |
Denominator: | ' | ' | ' | ' |
Weighted average common shares outstanding | 32,394 | 19,759 | 32,165 | 8,455 |
Less: weighted average unvested shares of common stock subject to repurchase | 0 | 11 | 2 | 13 |
Weighted average common shares used in computing basic and diluted net loss per share | 32,394 | 19,748 | 32,163 | 8,442 |
Weighted average effect of potentially dilutive securities: | ' | ' | ' | ' |
Stock options | 3,408 | 4,601 | 3,573 | 4,248 |
Common stock warrants | 2 | 2 | 2 | 2 |
Weighted average common shares used in computing diluted net income per share | 35,804 | 24,351 | 35,738 | 12,692 |
Net income per share attributable to common stockholders: | ' | ' | ' | ' |
Basic | $0.14 | $0.12 | $0.09 | $0.03 |
Diluted | $0.12 | $0.10 | $0.08 | $0.02 |
Historical outstanding anti-dilutive securities not included in diluted net loss per share calculation: | ' | ' | ' | ' |
Common stock options | 3,612 | 663 | 3,666 | 7,492 |
Inventories_Detail
Inventories (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Raw materials | $19,938 | $20,986 |
Work in progress | 22,985 | 15,494 |
Finished goods | 9,388 | 20,537 |
Net inventories | $52,311 | $57,017 |
Certain_Financial_Statement_In2
Certain Financial Statement Information - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | Dec. 29, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' | ' |
Inventory Adjustments | $1,374 | ' | $1,374 | ' | ' |
Inventories held by third parties | 6,361 | ' | 6,361 | ' | 13,616 |
Depreciation and amortization expense | $1,721 | $1,183 | $4,825 | $3,132 | ' |
Property_and_Equipment_Detail
Property and Equipment (Detail) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 28, 2013 | Dec. 29, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | $53,118 | $48,007 |
Less accumulated depreciation and amortization | -29,760 | -25,136 |
Property and equipment, Net | 23,358 | 22,871 |
Computer equipment and software | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 6,217 | 5,171 |
Computer equipment and software | Minimum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Life (Years) | '3 years | ' |
Computer equipment and software | Maximum | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Life (Years) | '5 years | ' |
Machinery and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Life (Years) | '5 years | ' |
Property and equipment, Gross | 39,503 | 33,753 |
Office furniture and equipment | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Useful Life (Years) | '7 years | ' |
Property and equipment, Gross | 1,081 | 775 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | 5,137 | 4,477 |
Construction in progress | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, Gross | $1,180 | $3,831 |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 |
In Thousands, unless otherwise specified | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Accrued inventory purchases | $1,123 | $1,125 |
Accrued inventory repurchase obligation | 4,728 | 6,900 |
Accrued other | 3,300 | 4,647 |
Accrued liabilities | $9,151 | $12,672 |
Cash_and_Marketable_Securities
Cash and Marketable Securities' Cost, Unrealized Gains, Unrealized Losses and Fair Value by Significant Investment (Detail) (USD $) | Sep. 28, 2013 | Dec. 29, 2012 | Sep. 29, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Cash and cash equivalents | $17,206 | $44,106 | $58,007 | $12,119 |
Short-term marketable securities | 23,213 | 30,361 | ' | ' |
Long-term marketable securities | 22,664 | 18,892 | ' | ' |
Fair Value, Measurements, Recurring | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Cost | 63,085 | 93,354 | ' | ' |
Unrealized Gains | 18 | 14 | ' | ' |
Unrealized Losses | -20 | -9 | ' | ' |
Fair Value | 63,083 | 93,359 | ' | ' |
Cash and cash equivalents | 17,206 | 44,106 | ' | ' |
Short-term marketable securities | 23,213 | 30,361 | ' | ' |
Long-term marketable securities | 22,664 | 18,892 | ' | ' |
Fair Value, Measurements, Recurring | Cash | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Cost | 5,971 | 24,703 | ' | ' |
Fair Value | 5,971 | 24,703 | ' | ' |
Cash and cash equivalents | 5,971 | 24,703 | ' | ' |
Level 1 | Fair Value, Measurements, Recurring | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Cost | 10,234 | 18,923 | ' | ' |
Fair Value | 10,234 | 18,923 | ' | ' |
Cash and cash equivalents | 10,234 | 18,923 | ' | ' |
Level 1 | Fair Value, Measurements, Recurring | Money market funds | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Cost | 10,234 | 18,923 | ' | ' |
Fair Value | 10,234 | 18,923 | ' | ' |
Cash and cash equivalents | 10,234 | 18,923 | ' | ' |
Level 2 | Fair Value, Measurements, Recurring | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Cost | 46,880 | 49,728 | ' | ' |
Unrealized Gains | 18 | 14 | ' | ' |
Unrealized Losses | -20 | -9 | ' | ' |
Fair Value | 46,878 | 49,733 | ' | ' |
Cash and cash equivalents | 1,001 | 480 | ' | ' |
Short-term marketable securities | 23,213 | 30,361 | ' | ' |
Long-term marketable securities | 22,664 | 18,892 | ' | ' |
Level 2 | Fair Value, Measurements, Recurring | U.S. Agency securities | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Cost | 23,562 | 24,339 | ' | ' |
Unrealized Gains | 7 | 2 | ' | ' |
Unrealized Losses | -1 | -2 | ' | ' |
Fair Value | 23,568 | 24,339 | ' | ' |
Short-term marketable securities | 11,564 | 13,317 | ' | ' |
Long-term marketable securities | 12,004 | 11,022 | ' | ' |
Level 2 | Fair Value, Measurements, Recurring | Certificates of deposit | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Cost | 8,120 | 9,285 | ' | ' |
Unrealized Gains | 4 | 2 | ' | ' |
Unrealized Losses | -14 | -3 | ' | ' |
Fair Value | 8,110 | 9,284 | ' | ' |
Cash and cash equivalents | 1,001 | 480 | ' | ' |
Short-term marketable securities | 5,479 | 6,642 | ' | ' |
Long-term marketable securities | 2,631 | 2,162 | ' | ' |
Level 2 | Fair Value, Measurements, Recurring | Commercial paper | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Cost | 1,001 | 2,893 | ' | ' |
Unrealized Gains | 0 | 1 | ' | ' |
Unrealized Losses | 0 | ' | ' | ' |
Fair Value | 1,001 | 2,894 | ' | ' |
Short-term marketable securities | ' | 2,894 | ' | ' |
Level 2 | Fair Value, Measurements, Recurring | Corporate notes and bonds | ' | ' | ' | ' |
Assets, Fair Value Disclosure [Abstract] | ' | ' | ' | ' |
Cost | 14,197 | 13,211 | ' | ' |
Unrealized Gains | 7 | 9 | ' | ' |
Unrealized Losses | -5 | -4 | ' | ' |
Fair Value | 14,199 | 13,216 | ' | ' |
Short-term marketable securities | 6,170 | 7,508 | ' | ' |
Long-term marketable securities | $8,029 | $5,708 | ' | ' |
Financial_Instruments_Addition
Financial Instruments - Additional Information (Detail) (USD $) | 9 Months Ended | ||||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Sep. 28, 2013 | Dec. 29, 2012 |
Investment | Minimum | Maximum | Fair Value, Measurements, Recurring | Fair Value, Measurements, Recurring | |
Fair Value Disclosures [Abstract] | ' | ' | ' | ' | ' |
Transfers between Level 1, Level 2 and Level 3 Securities | $0 | ' | ' | ' | ' |
Long term marketable securities maturity period | ' | '1 year | '2 years | ' | ' |
Number of investments in marketable securities under unrealized loss position | 32 | ' | ' | ' | ' |
Fair value of Investments in marketable securities in unrealized loss position for less than 12 months | 15,821 | ' | ' | ' | ' |
Availableforsale Securities Gross Unrealized Losses 2 | ' | ' | ' | $20 | $9 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (Nonqualified stock options) | 3 Months Ended | 9 Months Ended |
Sep. 28, 2013 | Sep. 28, 2013 | |
Nonqualified stock options | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Non-qualified stock options granted | 246,000 | 1,806,000 |
Fair_Value_of_Stock_Options_Es
Fair Value of Stock Options Estimated at Grant Date (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' | ' |
Weighted-average expected term (years) | '5 years | '5 years | '5 years | '5 years |
Risk-free interest rate | 1.38% | 0.66% | 0.78% | 0.73% |
Dividend rate | ' | ' | ' | ' |
Volatility | 60.00% | 63.00% | 61.00% | 63.00% |
Forfeiture rate | 4.00% | 3.00% | 3.00% | 3.00% |
Estimated weighted-average fair value per stock option | $5.35 | $8.89 | $5.16 | $8.13 |
StockBased_Compensation_Expens
Stock-Based Compensation Expense Recognized (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $1,728 | $1,152 | $4,854 | $3,116 |
Cost of net revenue | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 238 | 133 | 652 | 404 |
Research and development | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 537 | 368 | 1,534 | 935 |
Selling, general and administrative | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $953 | $651 | $2,668 | $1,777 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 28, 2013 | Sep. 29, 2012 | Sep. 28, 2013 | Sep. 29, 2012 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income tax benefit | $95 | $308 | $7 | $234 |
Supply_and_Prepayment_Agreemen1
Supply and Prepayment Agreement - Additional Information (Detail) (USD $) | 3 Months Ended | 5 Months Ended | 9 Months Ended | 12 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2012 | Mar. 31, 2012 | Jul. 31, 2012 | Sep. 28, 2013 | Dec. 29, 2012 |
Payables and Accruals [Abstract] | ' | ' | ' | ' | ' |
Initial term of agreement | ' | '18 months | ' | ' | ' |
Proceeds to be prepaid | $13,000 | ' | $14,000 | ' | ' |
Deposits repaid under supply and prepayment agreement | ' | ' | ' | 8,046 | ' |
Customer deposits | ' | ' | ' | 4,954 | ' |
Balance received as prepayments on purchase orders from Macnica | ' | ' | ' | ' | 11,425 |
Deposits paid to suppliers for support production levels | ' | ' | ' | ' | 4,000 |
Deposit repayments from suppliers | ' | ' | ' | 3,058 | ' |
Remaining deposit to be collected | ' | ' | ' | $942 | ' |