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Three Months Ended June 30, | ||||
2015 | ||||
Net sales | $ | 22,634 | ||
Cost of goods sold | 8,838 | |||
Gross profit | 13,796 | |||
Operating expenses: | ||||
Marketing and selling | 11,631 | |||
Research and development | 5,663 | |||
General and administrative | 1,692 | |||
Restructuring charges, net | 1,457 | |||
Total operating expenses | 20,443 | |||
Operating loss from discontinued operations | (6,647 | ) | ||
Interest expense and other expense, net | (93 | ) | ||
Loss from discontinued operations before income taxes | (6,740 | ) | ||
Benefit from income taxes | (1,317 | ) | ||
Net loss from discontinued operations | $ | (5,423 | ) |
|
Purchase price | $ | 54,242 | ||
Fair value of contingent consideration (earn-out) | 18,000 | |||
Fair value of total consideration transferred | $ | 72,242 |
Estimated Fair Value | ||||
Cash and cash equivalents | $ | 255 | ||
Accounts receivable | 272 | |||
Inventories | 10,214 | |||
Other current assets | 611 | |||
Property, plant, and equipment | 1,165 | |||
Intangible assets | 50,280 | |||
Other assets | 27 | |||
Total identifiable assets acquired | 62,824 | |||
Accounts payable | (10,513 | ) | ||
Accrued liabilities | (1,227 | ) | ||
Other current liabilities | (5,226 | ) | ||
Other long-term liabilities | (283 | ) | ||
Net identifiable assets acquired | $ | 45,575 | ||
Goodwill | 26,667 | |||
Net assets acquired | $ | 72,242 |
Preliminary Fair Value | Estimated Useful Life (years) | |||
Developed technology | $ | 18,450 | 4 | |
In-process research & development ("IPR&D") | 2,550 | Not Applicable | ||
Customer relationships | 19,900 | 8 | ||
Trade name | 9,380 | 6 | ||
Total intangible assets acquired | $ | 50,280 |
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Three Months Ended June 30, | |||||||||
2016 | 2015 | ||||||||
Cost of goods sold | $ | 675 | $ | 605 | |||||
Marketing and selling | 3,437 | 2,064 | |||||||
Research and development | 914 | 673 | |||||||
General and administrative | 3,491 | 3,174 | |||||||
Restructuring | — | 7 | |||||||
Total share-based compensation expense | 8,517 | 6,523 | |||||||
Income tax benefit | (1,815 | ) | (1,337 | ) | |||||
Total share-based compensation expense, net of income tax | $ | 6,702 | $ | 5,186 |
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June 30, 2016 | March 31, 2016 | |||||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 372,634 | $ | 332,553 | ||||
Allowance for doubtful accounts | (677 | ) | (667 | ) | ||||
Allowance for sales returns | (19,856 | ) | (18,526 | ) | ||||
Allowance for cooperative marketing arrangements | (26,951 | ) | (28,157 | ) | ||||
Allowance for customer incentive programs* | (52,576 | ) | (60,872 | ) | ||||
Allowance for pricing programs | (80,332 | ) | (81,553 | ) | ||||
$ | 192,242 | $ | 142,778 | |||||
Inventories: | ||||||||
Raw materials | $ | 39,881 | $ | 48,489 | ||||
Finished goods | 207,911 | 180,297 | ||||||
$ | 247,792 | $ | 228,786 | |||||
Other current assets: | ||||||||
Income tax and value-added tax receivables | $ | 21,368 | $ | 22,572 | ||||
Prepaid expenses and other assets | 15,165 | 12,916 | ||||||
$ | 36,533 | $ | 35,488 | |||||
Property, plant and equipment, net: | ||||||||
Property, plant and equipment at cost | $ | 374,056 | 371,212 | |||||
Less: accumulated depreciation and amortization | (287,012 | ) | (278,352 | ) | ||||
$ | 87,044 | $ | 92,860 | |||||
Other assets: | ||||||||
Deferred tax assets | $ | 56,245 | $ | 56,208 | ||||
Trading investments for deferred compensation plan | 14,997 | 14,836 | ||||||
Investments held in privately held companies | 9,567 | 9,247 | ||||||
Other assets | 6,281 | 6,525 | ||||||
$ | 87,090 | $ | 86,816 |
June 30, 2016 | March 31, 2016 | |||||||
Accrued and other current liabilities: | ||||||||
Accrued personnel expenses | $ | 46,068 | $ | 46,025 | ||||
Indirect customer incentive programs | 28,937 | 28,721 | ||||||
Warranty accrual | 13,628 | 11,880 | ||||||
Employee benefit plan obligation | 1,461 | 1,285 | ||||||
Income taxes payable | 1,493 | 1,553 | ||||||
Other current liabilities | 75,730 | 84,300 | ||||||
$ | 167,317 | $ | 173,764 | |||||
Non-current liabilities: | ||||||||
Warranty accrual | $ | 8,124 | $ | 8,500 | ||||
Obligation for deferred compensation plan | 14,997 | 14,836 | ||||||
Employee benefit plan obligation | 53,218 | 53,909 | ||||||
Deferred tax liability | 1,665 | 1,665 | ||||||
Contingent consideration for business acquisition | 18,000 | — | ||||||
Other non-current liabilities | 10,329 | 10,625 | ||||||
$ | 106,333 | $ | 89,535 |
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June 30, 2016 | March 31, 2016 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents | $ | 60,000 | $ | — | $ | — | $ | 10,000 | $ | — | $ | — | ||||||||||||
Trading investments for deferred compensation plan: | ||||||||||||||||||||||||
Money market funds | $ | 35 | $ | — | $ | — | $ | 3,467 | $ | — | $ | — | ||||||||||||
Mutual funds | 14,962 | — | — | 11,369 | — | — | ||||||||||||||||||
Total of trading investments for deferred compensation plan | $ | 14,997 | $ | — | $ | — | $ | 14,836 | $ | — | $ | — | ||||||||||||
Foreign exchange derivative assets | $ | — | $ | 186 | $ | — | $ | — | $ | 10 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Acquisition-related contingent consideration | $ | — | $ | — | $ | 18,000 | $ | — | $ | — | $ | — | ||||||||||||
Foreign exchange derivative liabilities | $ | — | $ | 231 | $ | — | $ | — | $ | 1,132 | $ | — |
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Derivatives | ||||||||||||||||
Asset | Liability | |||||||||||||||
June 30, 2016 | March 31, 2016 | June 30, 2016 | March 31, 2016 | |||||||||||||
Cash flow hedges | $ | 186 | $ | 10 | $ | — | $ | 1,038 |
Three Months Ended June 30, | ||||||||||||||||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss After Reclassification to Costs of Goods Sold | Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Cash flow hedges | $ | 1,705 | $ | (4,722 | ) | $ | 740 | $ | (2,460 | ) |
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As of March 31, 2016 | $ | 218,224 | ||
Business acquisition (See Note 3) | 26,667 | |||
Currency impact | (11 | ) | ||
As of June 30, 2016 | $ | 244,880 |
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|
Three Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Beginning of the period | $ | 20,380 | $ | 21,710 | |||
Assumed from business acquisition | 1,813 | — | |||||
Provision | 3,177 | 1,913 | |||||
Settlements | (3,428 | ) | (2,568 | ) | |||
Currency impact | (190 | ) | 229 | ||||
End of the period | $ | 21,752 | $ | 21,284 |
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Three Months Ended June 30, | ||||||||
2016 | 2015 | |||||||
Mobile Speakers | $ | 57,296 | $ | 40,544 | ||||
Audio-PC & Wearables | 56,579 | 45,699 | ||||||
Gaming | 56,500 | 43,670 | ||||||
Video Collaboration | 23,910 | 21,176 | ||||||
Home Control | 11,167 | 10,254 | ||||||
Pointing Devices | 116,783 | 116,985 | ||||||
Keyboards & Combos | 118,019 | 105,829 | ||||||
Tablet & Other Accessories | 13,885 | 18,809 | ||||||
PC Webcams | 25,262 | 21,681 | ||||||
Other (1) | 463 | 741 | ||||||
Total net retail sales | 479,864 | 425,388 | ||||||
OEM | — | 22,298 | ||||||
Total net sales | $ | 479,864 | $ | 447,686 |
(1) | Other category includes products that the Company currently intends to transition out of, or has already transitioned out of, because they are no longer strategic to the Company's business. |
Three Months Ended June 30, | ||||||||
2016 | 2015 | |||||||
Americas | $ | 222,625 | $ | 215,675 | ||||
EMEA | 142,922 | 119,612 | ||||||
Asia Pacific | 114,317 | 112,399 | ||||||
Total net sales | $ | 479,864 | $ | 447,686 |
June 30, 2016 | March 31, 2016 | |||||||
Americas | $ | 40,883 | $ | 40,221 | ||||
EMEA | 3,017 | 3,194 | ||||||
Asia Pacific | 43,144 | 49,445 | ||||||
$ | 87,044 | $ | 92,860 |
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Restructuring | ||||||||||||
Termination Benefits | Lease Exit Costs | Total | ||||||||||
Accrual balance at March 31, 2016 | $ | 6,275 | $ | 125 | $ | 6,400 | ||||||
Credits, net | (85 | ) | — | (85 | ) | |||||||
Cash payments | (1,908 | ) | (125 | ) | (2,033 | ) | ||||||
Accrual balance at June 30, 2016 | $ | 4,282 | $ | — | $ | 4,282 |
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|
Three Months Ended June 30, | ||||
2015 | ||||
Net sales | $ | 22,634 | ||
Cost of goods sold | 8,838 | |||
Gross profit | 13,796 | |||
Operating expenses: | ||||
Marketing and selling | 11,631 | |||
Research and development | 5,663 | |||
General and administrative | 1,692 | |||
Restructuring charges, net | 1,457 | |||
Total operating expenses | 20,443 | |||
Operating loss from discontinued operations | (6,647 | ) | ||
Interest expense and other expense, net | (93 | ) | ||
Loss from discontinued operations before income taxes | (6,740 | ) | ||
Benefit from income taxes | (1,317 | ) | ||
Net loss from discontinued operations | $ | (5,423 | ) |
|
Purchase price | $ | 54,242 | ||
Fair value of contingent consideration (earn-out) | 18,000 | |||
Fair value of total consideration transferred | $ | 72,242 |
Estimated Fair Value | ||||
Cash and cash equivalents | $ | 255 | ||
Accounts receivable | 272 | |||
Inventories | 10,214 | |||
Other current assets | 611 | |||
Property, plant, and equipment | 1,165 | |||
Intangible assets | 50,280 | |||
Other assets | 27 | |||
Total identifiable assets acquired | 62,824 | |||
Accounts payable | (10,513 | ) | ||
Accrued liabilities | (1,227 | ) | ||
Other current liabilities | (5,226 | ) | ||
Other long-term liabilities | (283 | ) | ||
Net identifiable assets acquired | $ | 45,575 | ||
Goodwill | 26,667 | |||
Net assets acquired | $ | 72,242 |
Preliminary Fair Value | Estimated Useful Life (years) | |||
Developed technology | $ | 18,450 | 4 | |
In-process research & development ("IPR&D") | 2,550 | Not Applicable | ||
Customer relationships | 19,900 | 8 | ||
Trade name | 9,380 | 6 | ||
Total intangible assets acquired | $ | 50,280 |
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Three Months Ended June 30, | |||||||||
2016 | 2015 | ||||||||
Cost of goods sold | $ | 675 | $ | 605 | |||||
Marketing and selling | 3,437 | 2,064 | |||||||
Research and development | 914 | 673 | |||||||
General and administrative | 3,491 | 3,174 | |||||||
Restructuring | — | 7 | |||||||
Total share-based compensation expense | 8,517 | 6,523 | |||||||
Income tax benefit | (1,815 | ) | (1,337 | ) | |||||
Total share-based compensation expense, net of income tax | $ | 6,702 | $ | 5,186 |
|
June 30, 2016 | March 31, 2016 | |||||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 372,634 | $ | 332,553 | ||||
Allowance for doubtful accounts | (677 | ) | (667 | ) | ||||
Allowance for sales returns | (19,856 | ) | (18,526 | ) | ||||
Allowance for cooperative marketing arrangements | (26,951 | ) | (28,157 | ) | ||||
Allowance for customer incentive programs* | (52,576 | ) | (60,872 | ) | ||||
Allowance for pricing programs | (80,332 | ) | (81,553 | ) | ||||
$ | 192,242 | $ | 142,778 | |||||
Inventories: | ||||||||
Raw materials | $ | 39,881 | $ | 48,489 | ||||
Finished goods | 207,911 | 180,297 | ||||||
$ | 247,792 | $ | 228,786 | |||||
Other current assets: | ||||||||
Income tax and value-added tax receivables | $ | 21,368 | $ | 22,572 | ||||
Prepaid expenses and other assets | 15,165 | 12,916 | ||||||
$ | 36,533 | $ | 35,488 | |||||
Property, plant and equipment, net: | ||||||||
Property, plant and equipment at cost | $ | 374,056 | 371,212 | |||||
Less: accumulated depreciation and amortization | (287,012 | ) | (278,352 | ) | ||||
$ | 87,044 | $ | 92,860 | |||||
Other assets: | ||||||||
Deferred tax assets | $ | 56,245 | $ | 56,208 | ||||
Trading investments for deferred compensation plan | 14,997 | 14,836 | ||||||
Investments held in privately held companies | 9,567 | 9,247 | ||||||
Other assets | 6,281 | 6,525 | ||||||
$ | 87,090 | $ | 86,816 |
June 30, 2016 | March 31, 2016 | |||||||
Accrued and other current liabilities: | ||||||||
Accrued personnel expenses | $ | 46,068 | $ | 46,025 | ||||
Indirect customer incentive programs | 28,937 | 28,721 | ||||||
Warranty accrual | 13,628 | 11,880 | ||||||
Employee benefit plan obligation | 1,461 | 1,285 | ||||||
Income taxes payable | 1,493 | 1,553 | ||||||
Other current liabilities | 75,730 | 84,300 | ||||||
$ | 167,317 | $ | 173,764 | |||||
Non-current liabilities: | ||||||||
Warranty accrual | $ | 8,124 | $ | 8,500 | ||||
Obligation for deferred compensation plan | 14,997 | 14,836 | ||||||
Employee benefit plan obligation | 53,218 | 53,909 | ||||||
Deferred tax liability | 1,665 | 1,665 | ||||||
Contingent consideration for business acquisition | 18,000 | — | ||||||
Other non-current liabilities | 10,329 | 10,625 | ||||||
$ | 106,333 | $ | 89,535 |
|
June 30, 2016 | March 31, 2016 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents | $ | 60,000 | $ | — | $ | — | $ | 10,000 | $ | — | $ | — | ||||||||||||
Trading investments for deferred compensation plan: | ||||||||||||||||||||||||
Money market funds | $ | 35 | $ | — | $ | — | $ | 3,467 | $ | — | $ | — | ||||||||||||
Mutual funds | 14,962 | — | — | 11,369 | — | — | ||||||||||||||||||
Total of trading investments for deferred compensation plan | $ | 14,997 | $ | — | $ | — | $ | 14,836 | $ | — | $ | — | ||||||||||||
Foreign exchange derivative assets | $ | — | $ | 186 | $ | — | $ | — | $ | 10 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Acquisition-related contingent consideration | $ | — | $ | — | $ | 18,000 | $ | — | $ | — | $ | — | ||||||||||||
Foreign exchange derivative liabilities | $ | — | $ | 231 | $ | — | $ | — | $ | 1,132 | $ | — |
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Derivatives | ||||||||||||||||
Asset | Liability | |||||||||||||||
June 30, 2016 | March 31, 2016 | June 30, 2016 | March 31, 2016 | |||||||||||||
Cash flow hedges | $ | 186 | $ | 10 | $ | — | $ | 1,038 |
Three Months Ended June 30, | ||||||||||||||||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss After Reclassification to Costs of Goods Sold | Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | |||||||||||||||
2016 | 2015 | 2016 | 2015 | |||||||||||||
Cash flow hedges | $ | 1,705 | $ | (4,722 | ) | $ | 740 | $ | (2,460 | ) |
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As of March 31, 2016 | $ | 218,224 | ||
Business acquisition (See Note 3) | 26,667 | |||
Currency impact | (11 | ) | ||
As of June 30, 2016 | $ | 244,880 |
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Three Months Ended June 30, | |||||||
2016 | 2015 | ||||||
Beginning of the period | $ | 20,380 | $ | 21,710 | |||
Assumed from business acquisition | 1,813 | — | |||||
Provision | 3,177 | 1,913 | |||||
Settlements | (3,428 | ) | (2,568 | ) | |||
Currency impact | (190 | ) | 229 | ||||
End of the period | $ | 21,752 | $ | 21,284 |
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Three Months Ended June 30, | ||||||||
2016 | 2015 | |||||||
Mobile Speakers | $ | 57,296 | $ | 40,544 | ||||
Audio-PC & Wearables | 56,579 | 45,699 | ||||||
Gaming | 56,500 | 43,670 | ||||||
Video Collaboration | 23,910 | 21,176 | ||||||
Home Control | 11,167 | 10,254 | ||||||
Pointing Devices | 116,783 | 116,985 | ||||||
Keyboards & Combos | 118,019 | 105,829 | ||||||
Tablet & Other Accessories | 13,885 | 18,809 | ||||||
PC Webcams | 25,262 | 21,681 | ||||||
Other (1) | 463 | 741 | ||||||
Total net retail sales | 479,864 | 425,388 | ||||||
OEM | — | 22,298 | ||||||
Total net sales | $ | 479,864 | $ | 447,686 |
(1) | Other category includes products that the Company currently intends to transition out of, or has already transitioned out of, because they are no longer strategic to the Company's business. |
Three Months Ended June 30, | ||||||||
2016 | 2015 | |||||||
Americas | $ | 222,625 | $ | 215,675 | ||||
EMEA | 142,922 | 119,612 | ||||||
Asia Pacific | 114,317 | 112,399 | ||||||
Total net sales | $ | 479,864 | $ | 447,686 |
June 30, 2016 | March 31, 2016 | |||||||
Americas | $ | 40,883 | $ | 40,221 | ||||
EMEA | 3,017 | 3,194 | ||||||
Asia Pacific | 43,144 | 49,445 | ||||||
$ | 87,044 | $ | 92,860 |
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Restructuring | ||||||||||||
Termination Benefits | Lease Exit Costs | Total | ||||||||||
Accrual balance at March 31, 2016 | $ | 6,275 | $ | 125 | $ | 6,400 | ||||||
Credits, net | (85 | ) | — | (85 | ) | |||||||
Cash payments | (1,908 | ) | (125 | ) | (2,033 | ) | ||||||
Accrual balance at June 30, 2016 | $ | 4,282 | $ | — | $ | 4,282 |
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