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Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Cost of goods sold | $ | 580 | $ | 627 | $ | 1,185 | $ | 1,165 | ||||||||
Marketing and selling | 2,062 | 1,653 | 4,180 | 4,209 | ||||||||||||
Research and development | 756 | 552 | 1,543 | 1,396 | ||||||||||||
General and administrative | 3,110 | 3,229 | 6,342 | 6,229 | ||||||||||||
Restructuring | — | — | 7 | — | ||||||||||||
Total share-based compensation expense | 6,508 | 6,061 | 13,257 | 12,999 | ||||||||||||
Income tax provision (benefit) | 304 | (1,913 | ) | (1,033 | ) | (3,097 | ) | |||||||||
Total share-based compensation expense, net of income tax | $ | 6,812 | $ | 4,148 | $ | 12,224 | $ | 9,902 |
|
|
September 30, 2015 | March 31, 2015 | |||||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 492,274 | $ | 344,455 | ||||
Allowance for doubtful accounts | (1,078 | ) | (1,093 | ) | ||||
Allowance for sales returns | (20,185 | ) | (17,901 | ) | ||||
Allowance for cooperative marketing arrangements | (34,938 | ) | (25,700 | ) | ||||
Allowance for customer incentive programs | (65,055 | ) | (48,497 | ) | ||||
Allowance for pricing programs | (96,288 | ) | (71,441 | ) | ||||
$ | 274,730 | $ | 179,823 | |||||
Inventories: | ||||||||
Raw materials | $ | 59,286 | $ | 36,376 | ||||
Finished goods | 268,768 | 234,354 | ||||||
$ | 328,054 | $ | 270,730 | |||||
Other current assets: | ||||||||
Income tax and value-added tax receivables | $ | 25,662 | $ | 19,403 | ||||
Deferred tax assets | 28,879 | 27,790 | ||||||
Prepaid expenses and other assets | 18,963 | 17,236 | ||||||
$ | 73,504 | $ | 64,429 | |||||
Property, plant and equipment, net: | ||||||||
Property, plant and equipment | 376,795 | 349,235 | ||||||
Less: accumulated depreciation and amortization | (268,611 | ) | (257,642 | ) | ||||
$ | 108,184 | $ | 91,593 | |||||
Other assets: | ||||||||
Deferred tax assets | $ | 36,799 | $ | 39,310 | ||||
Trading investments for deferred compensation plan | 15,577 | 17,237 | ||||||
Other assets | 8,280 | 6,441 | ||||||
$ | 60,656 | $ | 62,988 |
September 30, 2015 | March 31, 2015 | |||||||
Accrued and other current liabilities: | ||||||||
Accrued personnel expenses | $ | 55,703 | $ | 50,015 | ||||
Indirect customer incentive programs | 26,660 | 19,730 | ||||||
Accrued restructuring | 11,661 | 966 | ||||||
Deferred revenue | 24,552 | 24,987 | ||||||
Warranty accrual | 12,091 | 12,630 | ||||||
Employee benefit plan obligation | 1,717 | 1,232 | ||||||
Income taxes payable | 4,264 | 5,794 | ||||||
Other current liabilities | 95,040 | 79,558 | ||||||
$ | 231,688 | $ | 194,912 | |||||
Non-current liabilities: | ||||||||
Warranty accrual | $ | 8,308 | $ | 9,080 | ||||
Obligation for deferred compensation plan | 15,577 | 17,237 | ||||||
Long term restructuring | 71 | 73 | ||||||
Employee benefit plan obligation | 50,195 | 51,181 | ||||||
Deferred rent | 10,767 | 11,519 | ||||||
Deferred tax liability | 1,823 | 1,936 | ||||||
Long term deferred revenue | 9,663 | 9,109 | ||||||
Other non-current liabilities | 1,650 | 1,397 | ||||||
$ | 98,054 | $ | 101,532 |
|
September 30, 2015 | March 31, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||
Cash equivalents: | ||||||||||||||||
Cash equivalents | $ | 35,050 | $ | — | $ | 264,647 | $ | — | ||||||||
$ | 35,050 | $ | — | $ | 264,647 | $ | — | |||||||||
Trading investments for deferred compensation plan: | ||||||||||||||||
Money market funds | $ | 3,326 | $ | — | $ | 2,936 | $ | — | ||||||||
Mutual funds | 12,251 | — | 14,301 | — | ||||||||||||
$ | 15,577 | $ | — | $ | 17,237 | $ | — | |||||||||
Foreign exchange derivative assets | $ | — | $ | 806 | $ | — | $ | 2,080 | ||||||||
Foreign exchange derivative liabilities | $ | — | $ | 88 | $ | — | $ | 75 |
Derivatives | ||||||||
Asset | ||||||||
September 30, 2015 | March 31, 2015 | |||||||
Cash flow hedges | $ | 806 | $ | 2,080 |
Three Months Ended September 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 | Amount of Gain (Loss) Immediately Recognized in Other Expense, Net | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
Cash flow hedges | $ | 1,060 | $ | 3,290 | $ | (28 | ) | $ | (215 | ) | $ | 75 | $ | (1 | ) |
Six Months Ended September 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 | Amount of Gain (Loss) Immediately Recognized in Other Expense, Net | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
Cash flow hedges | $ | (3,662 | ) | $ | 3,938 | $ | (2,488 | ) | $ | 185 | $ | 143 | $ | (56 | ) |
|
As of March 31, 2015 | $ | 218,213 | ||
Currency impact | (6 | ) | ||
As of September 30, 2015 | $ | 218,207 |
|
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Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Beginning of the period | $ | 21,284 | $ | 23,420 | $ | 21,710 | $ | 24,380 | |||||||
Provision | 1,792 | 2,020 | 3,934 | 4,226 | |||||||||||
Settlements | (2,677 | ) | (3,236 | ) | (5,245 | ) | (6,402 | ) | |||||||
End of the period | $ | 20,399 | $ | 22,204 | $ | 20,399 | $ | 22,204 |
|
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net sales: | ||||||||||||||||
Peripherals | $ | 518,494 | $ | 501,857 | $ | 966,180 | $ | 958,303 | ||||||||
Video conferencing | 21,368 | 28,454 | 44,002 | 54,211 | ||||||||||||
$ | 539,862 | $ | 530,311 | $ | 1,010,182 | $ | 1,012,514 | |||||||||
Segment operating income (loss): | ||||||||||||||||
Peripherals | $ | 46,191 | $ | 50,587 | $ | 78,031 | $ | 84,154 | ||||||||
Video conferencing | (4,804 | ) | 171 | (9,205 | ) | (965 | ) | |||||||||
41,387 | 50,758 | 68,826 | 83,189 | |||||||||||||
Other income (expense): | ||||||||||||||||
Restructuring charges, net | (8,696 | ) | — | (21,691 | ) | — | ||||||||||
Share-based compensation | (6,508 | ) | (6,061 | ) | (13,250 | ) | (12,999 | ) | ||||||||
Amortization of intangibles | (494 | ) | (2,576 | ) | (1,226 | ) | (5,358 | ) | ||||||||
Interest income, net | 192 | 355 | 456 | 613 | ||||||||||||
Other expense, net | (780 | ) | (885 | ) | (1,901 | ) | (1,083 | ) | ||||||||
Income before income taxes | $ | 25,101 | $ | 41,591 | $ | 31,214 | $ | 64,362 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Peripherals: | ||||||||||||||||
Mobile Speakers | $ | 80,550 | $ | 48,538 | $ | 121,094 | $ | 77,367 | ||||||||
Gaming | 67,624 | 47,506 | 111,294 | 94,382 | ||||||||||||
Video Collaboration | 20,059 | 13,808 | 41,235 | 29,033 | ||||||||||||
Tablet & Other Accessories | 18,549 | 28,158 | 37,358 | 59,874 | ||||||||||||
Growth | 186,782 | 138,010 | 310,981 | 260,656 | ||||||||||||
Pointing Devices | 124,668 | 127,693 | 241,653 | 240,735 | ||||||||||||
Keyboards & Combos | 102,098 | 105,677 | 207,927 | 211,166 | ||||||||||||
Audio-PC & Wearables | 46,342 | 57,191 | 92,041 | 105,739 | ||||||||||||
PC Webcams | 23,360 | 25,282 | 45,041 | 45,745 | ||||||||||||
Home Control | 12,610 | 18,776 | 22,864 | 31,108 | ||||||||||||
Profit Maximization | 309,078 | 334,619 | 609,526 | 634,493 | ||||||||||||
Retail Strategic Sales | 495,860 | 472,629 | 920,507 | 895,149 | ||||||||||||
Non-Strategic | 403 | 834 | 1,144 | 2,127 | ||||||||||||
Retail | 496,263 | 473,463 | 921,651 | 897,276 | ||||||||||||
OEM | 22,231 | 28,394 | 44,529 | 61,027 | ||||||||||||
518,494 | 501,857 | 966,180 | 958,303 | |||||||||||||
Video conferencing | 21,368 | 28,454 | 44,002 | 54,211 | ||||||||||||
$ | 539,862 | $ | 530,311 | $ | 1,010,182 | $ | 1,012,514 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Americas | $ | 239,742 | $ | 226,091 | $ | 466,429 | $ | 437,622 | ||||||||
EMEA | 173,148 | 189,571 | 300,514 | 343,271 | ||||||||||||
Asia Pacific | 126,972 | 114,649 | 243,239 | 231,621 | ||||||||||||
Total net sales | $ | 539,862 | $ | 530,311 | $ | 1,010,182 | $ | 1,012,514 |
September 30, 2015 | March 31, 2015 | |||||||
Americas | $ | 46,990 | $ | 48,527 | ||||
EMEA | 2,993 | 3,584 | ||||||
Asia Pacific | 58,201 | 39,482 | ||||||
$ | 108,184 | $ | 91,593 |
|
Restructuring | ||||||||||||||||
Termination Benefits | Lease Exit Costs | Other | Total | |||||||||||||
Accrual balance at March 31, 2015 | $ | — | $ | 1,039 | $ | — | $ | 1,039 | ||||||||
Charges, net | 12,794 | — | 201 | 12,995 | ||||||||||||
Cash payments | (4,675 | ) | (796 | ) | (151 | ) | (5,622 | ) | ||||||||
Accrual balance at June 30, 2015 | $ | 8,119 | $ | 243 | $ | 50 | $ | 8,412 | ||||||||
Charges, net | 8,566 | 38 | 92 | 8,696 | ||||||||||||
Cash payments | (5,112 | ) | (122 | ) | (142 | ) | (5,376 | ) | ||||||||
Accrual balance at September 30, 2015 | $ | 11,573 | $ | 159 | $ | — | $ | 11,732 |
|
|
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Cost of goods sold | $ | 580 | $ | 627 | $ | 1,185 | $ | 1,165 | ||||||||
Marketing and selling | 2,062 | 1,653 | 4,180 | 4,209 | ||||||||||||
Research and development | 756 | 552 | 1,543 | 1,396 | ||||||||||||
General and administrative | 3,110 | 3,229 | 6,342 | 6,229 | ||||||||||||
Restructuring | — | — | 7 | — | ||||||||||||
Total share-based compensation expense | 6,508 | 6,061 | 13,257 | 12,999 | ||||||||||||
Income tax provision (benefit) | 304 | (1,913 | ) | (1,033 | ) | (3,097 | ) | |||||||||
Total share-based compensation expense, net of income tax | $ | 6,812 | $ | 4,148 | $ | 12,224 | $ | 9,902 |
|
September 30, 2015 | March 31, 2015 | |||||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 492,274 | $ | 344,455 | ||||
Allowance for doubtful accounts | (1,078 | ) | (1,093 | ) | ||||
Allowance for sales returns | (20,185 | ) | (17,901 | ) | ||||
Allowance for cooperative marketing arrangements | (34,938 | ) | (25,700 | ) | ||||
Allowance for customer incentive programs | (65,055 | ) | (48,497 | ) | ||||
Allowance for pricing programs | (96,288 | ) | (71,441 | ) | ||||
$ | 274,730 | $ | 179,823 | |||||
Inventories: | ||||||||
Raw materials | $ | 59,286 | $ | 36,376 | ||||
Finished goods | 268,768 | 234,354 | ||||||
$ | 328,054 | $ | 270,730 | |||||
Other current assets: | ||||||||
Income tax and value-added tax receivables | $ | 25,662 | $ | 19,403 | ||||
Deferred tax assets | 28,879 | 27,790 | ||||||
Prepaid expenses and other assets | 18,963 | 17,236 | ||||||
$ | 73,504 | $ | 64,429 | |||||
Property, plant and equipment, net: | ||||||||
Property, plant and equipment | 376,795 | 349,235 | ||||||
Less: accumulated depreciation and amortization | (268,611 | ) | (257,642 | ) | ||||
$ | 108,184 | $ | 91,593 | |||||
Other assets: | ||||||||
Deferred tax assets | $ | 36,799 | $ | 39,310 | ||||
Trading investments for deferred compensation plan | 15,577 | 17,237 | ||||||
Other assets | 8,280 | 6,441 | ||||||
$ | 60,656 | $ | 62,988 |
September 30, 2015 | March 31, 2015 | |||||||
Accrued and other current liabilities: | ||||||||
Accrued personnel expenses | $ | 55,703 | $ | 50,015 | ||||
Indirect customer incentive programs | 26,660 | 19,730 | ||||||
Accrued restructuring | 11,661 | 966 | ||||||
Deferred revenue | 24,552 | 24,987 | ||||||
Warranty accrual | 12,091 | 12,630 | ||||||
Employee benefit plan obligation | 1,717 | 1,232 | ||||||
Income taxes payable | 4,264 | 5,794 | ||||||
Other current liabilities | 95,040 | 79,558 | ||||||
$ | 231,688 | $ | 194,912 | |||||
Non-current liabilities: | ||||||||
Warranty accrual | $ | 8,308 | $ | 9,080 | ||||
Obligation for deferred compensation plan | 15,577 | 17,237 | ||||||
Long term restructuring | 71 | 73 | ||||||
Employee benefit plan obligation | 50,195 | 51,181 | ||||||
Deferred rent | 10,767 | 11,519 | ||||||
Deferred tax liability | 1,823 | 1,936 | ||||||
Long term deferred revenue | 9,663 | 9,109 | ||||||
Other non-current liabilities | 1,650 | 1,397 | ||||||
$ | 98,054 | $ | 101,532 |
|
September 30, 2015 | March 31, 2015 | |||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||
Cash equivalents: | ||||||||||||||||
Cash equivalents | $ | 35,050 | $ | — | $ | 264,647 | $ | — | ||||||||
$ | 35,050 | $ | — | $ | 264,647 | $ | — | |||||||||
Trading investments for deferred compensation plan: | ||||||||||||||||
Money market funds | $ | 3,326 | $ | — | $ | 2,936 | $ | — | ||||||||
Mutual funds | 12,251 | — | 14,301 | — | ||||||||||||
$ | 15,577 | $ | — | $ | 17,237 | $ | — | |||||||||
Foreign exchange derivative assets | $ | — | $ | 806 | $ | — | $ | 2,080 | ||||||||
Foreign exchange derivative liabilities | $ | — | $ | 88 | $ | — | $ | 75 |
Derivatives | ||||||||
Asset | ||||||||
September 30, 2015 | March 31, 2015 | |||||||
Cash flow hedges | $ | 806 | $ | 2,080 |
Three Months Ended September 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 | Amount of Gain (Loss) Immediately Recognized in Other Expense, Net | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
Cash flow hedges | $ | 1,060 | $ | 3,290 | $ | (28 | ) | $ | (215 | ) | $ | 75 | $ | (1 | ) |
Six Months Ended September 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 | Amount of Gain (Loss) Immediately Recognized in Other Expense, Net | ||||||||||||||||||||||
2015 | 2014 | 2015 | 2014 | 2015 | 2014 | |||||||||||||||||||
Cash flow hedges | $ | (3,662 | ) | $ | 3,938 | $ | (2,488 | ) | $ | 185 | $ | 143 | $ | (56 | ) |
|
As of March 31, 2015 | $ | 218,213 | ||
Currency impact | (6 | ) | ||
As of September 30, 2015 | $ | 218,207 |
|
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||
2015 | 2014 | 2015 | 2014 | ||||||||||||
Beginning of the period | $ | 21,284 | $ | 23,420 | $ | 21,710 | $ | 24,380 | |||||||
Provision | 1,792 | 2,020 | 3,934 | 4,226 | |||||||||||
Settlements | (2,677 | ) | (3,236 | ) | (5,245 | ) | (6,402 | ) | |||||||
End of the period | $ | 20,399 | $ | 22,204 | $ | 20,399 | $ | 22,204 |
|
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Net sales: | ||||||||||||||||
Peripherals | $ | 518,494 | $ | 501,857 | $ | 966,180 | $ | 958,303 | ||||||||
Video conferencing | 21,368 | 28,454 | 44,002 | 54,211 | ||||||||||||
$ | 539,862 | $ | 530,311 | $ | 1,010,182 | $ | 1,012,514 | |||||||||
Segment operating income (loss): | ||||||||||||||||
Peripherals | $ | 46,191 | $ | 50,587 | $ | 78,031 | $ | 84,154 | ||||||||
Video conferencing | (4,804 | ) | 171 | (9,205 | ) | (965 | ) | |||||||||
41,387 | 50,758 | 68,826 | 83,189 | |||||||||||||
Other income (expense): | ||||||||||||||||
Restructuring charges, net | (8,696 | ) | — | (21,691 | ) | — | ||||||||||
Share-based compensation | (6,508 | ) | (6,061 | ) | (13,250 | ) | (12,999 | ) | ||||||||
Amortization of intangibles | (494 | ) | (2,576 | ) | (1,226 | ) | (5,358 | ) | ||||||||
Interest income, net | 192 | 355 | 456 | 613 | ||||||||||||
Other expense, net | (780 | ) | (885 | ) | (1,901 | ) | (1,083 | ) | ||||||||
Income before income taxes | $ | 25,101 | $ | 41,591 | $ | 31,214 | $ | 64,362 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Peripherals: | ||||||||||||||||
Mobile Speakers | $ | 80,550 | $ | 48,538 | $ | 121,094 | $ | 77,367 | ||||||||
Gaming | 67,624 | 47,506 | 111,294 | 94,382 | ||||||||||||
Video Collaboration | 20,059 | 13,808 | 41,235 | 29,033 | ||||||||||||
Tablet & Other Accessories | 18,549 | 28,158 | 37,358 | 59,874 | ||||||||||||
Growth | 186,782 | 138,010 | 310,981 | 260,656 | ||||||||||||
Pointing Devices | 124,668 | 127,693 | 241,653 | 240,735 | ||||||||||||
Keyboards & Combos | 102,098 | 105,677 | 207,927 | 211,166 | ||||||||||||
Audio-PC & Wearables | 46,342 | 57,191 | 92,041 | 105,739 | ||||||||||||
PC Webcams | 23,360 | 25,282 | 45,041 | 45,745 | ||||||||||||
Home Control | 12,610 | 18,776 | 22,864 | 31,108 | ||||||||||||
Profit Maximization | 309,078 | 334,619 | 609,526 | 634,493 | ||||||||||||
Retail Strategic Sales | 495,860 | 472,629 | 920,507 | 895,149 | ||||||||||||
Non-Strategic | 403 | 834 | 1,144 | 2,127 | ||||||||||||
Retail | 496,263 | 473,463 | 921,651 | 897,276 | ||||||||||||
OEM | 22,231 | 28,394 | 44,529 | 61,027 | ||||||||||||
518,494 | 501,857 | 966,180 | 958,303 | |||||||||||||
Video conferencing | 21,368 | 28,454 | 44,002 | 54,211 | ||||||||||||
$ | 539,862 | $ | 530,311 | $ | 1,010,182 | $ | 1,012,514 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2015 | 2014 | 2015 | 2014 | |||||||||||||
Americas | $ | 239,742 | $ | 226,091 | $ | 466,429 | $ | 437,622 | ||||||||
EMEA | 173,148 | 189,571 | 300,514 | 343,271 | ||||||||||||
Asia Pacific | 126,972 | 114,649 | 243,239 | 231,621 | ||||||||||||
Total net sales | $ | 539,862 | $ | 530,311 | $ | 1,010,182 | $ | 1,012,514 |
September 30, 2015 | March 31, 2015 | |||||||
Americas | $ | 46,990 | $ | 48,527 | ||||
EMEA | 2,993 | 3,584 | ||||||
Asia Pacific | 58,201 | 39,482 | ||||||
$ | 108,184 | $ | 91,593 |
|
Restructuring | ||||||||||||||||
Termination Benefits | Lease Exit Costs | Other | Total | |||||||||||||
Accrual balance at March 31, 2015 | $ | — | $ | 1,039 | $ | — | $ | 1,039 | ||||||||
Charges, net | 12,794 | — | 201 | 12,995 | ||||||||||||
Cash payments | (4,675 | ) | (796 | ) | (151 | ) | (5,622 | ) | ||||||||
Accrual balance at June 30, 2015 | $ | 8,119 | $ | 243 | $ | 50 | $ | 8,412 | ||||||||
Charges, net | 8,566 | 38 | 92 | 8,696 | ||||||||||||
Cash payments | (5,112 | ) | (122 | ) | (142 | ) | (5,376 | ) | ||||||||
Accrual balance at September 30, 2015 | $ | 11,573 | $ | 159 | $ | — | $ | 11,732 |
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