|
|
|
|
|
|
|
|
|
Estimated Fair Value | ||||
Inventories | $ | 10,331 | ||
Property, plant, and equipment | 2,760 | |||
Intangible assets | 52,520 | |||
Other assets | 605 | |||
Total identifiable assets acquired | $ | 66,216 | ||
Accrued liabilities | (2,602 | ) | ||
Net identifiable assets acquired | $ | 63,614 | ||
Goodwill | 21,386 | |||
Net assets acquired | $ | 85,000 |
Preliminary Fair Value | Estimated Useful Life (years) | ||||
Developed technology | $ | 12,540 | 4.0 | ||
Customer relationships | 33,100 | 8.0 | |||
Trade name | 6,880 | 6.0 | |||
Total intangible assets acquired | $ | 52,520 | 6.8 |
|
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cost of goods sold | $ | 1,091 | $ | 638 | $ | 1,802 | $ | 1,313 | ||||||||
Marketing and selling | 4,343 | 3,244 | 8,724 | 6,681 | ||||||||||||
Research and development | 1,633 | 917 | 3,176 | 1,831 | ||||||||||||
General and administrative | 3,911 | 3,651 | 7,981 | 7,142 | ||||||||||||
Total share-based compensation expense | 10,978 | 8,450 | 21,683 | 16,967 | ||||||||||||
Income tax benefit | (3,677 | ) | (1,886 | ) | (14,959 | ) | (3,701 | ) | ||||||||
Total share-based compensation expense, net of income tax | $ | 7,301 | $ | 6,564 | $ | 6,724 | $ | 13,266 |
|
|
September 30, 2017 | March 31, 2017 | |||||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 529,842 | $ | 395,754 | ||||
Allowance for doubtful accounts | (229 | ) | (607 | ) | ||||
Allowance for sales returns | (21,712 | ) | (18,800 | ) | ||||
Allowance for cooperative marketing arrangements | (28,758 | ) | (28,022 | ) | ||||
Allowance for customer incentive programs | (70,413 | ) | (60,857 | ) | ||||
Allowance for pricing programs | (130,891 | ) | (102,289 | ) | ||||
$ | 277,839 | $ | 185,179 | |||||
Inventories: | ||||||||
Raw materials | $ | 46,405 | $ | 30,582 | ||||
Finished goods | 284,017 | 222,819 | ||||||
$ | 330,422 | $ | 253,401 | |||||
Other current assets: | ||||||||
Value-added tax receivables | $ | 23,693 | $ | 23,132 | ||||
Prepaid expenses and other assets | 24,028 | 18,600 | ||||||
$ | 47,721 | $ | 41,732 | |||||
Property, plant and equipment, net: | ||||||||
Property, plant and equipment at cost | $ | 359,333 | $ | 348,760 | ||||
Less: accumulated depreciation and amortization | (271,978 | ) | (263,352 | ) | ||||
$ | 87,355 | $ | 85,408 | |||||
Other assets: | ||||||||
Deferred tax assets | $ | 103,071 | $ | 57,303 | ||||
Trading investments for deferred compensation plan | 17,583 | 15,043 | ||||||
Investments in privately held companies | 11,495 | 10,776 | ||||||
Other assets | 5,995 | 4,997 | ||||||
$ | 138,144 | $ | 88,119 |
September 30, 2017 | March 31, 2017 | |||||||
Accrued and other current liabilities: | ||||||||
Accrued personnel expenses | $ | 68,645 | $ | 88,346 | ||||
Indirect customer incentive programs | 41,710 | 36,409 | ||||||
Warranty accrual | 14,567 | 13,424 | ||||||
Employee benefit plan obligation | 1,841 | 1,266 | ||||||
Income taxes payable | 6,950 | 6,232 | ||||||
Contingent consideration for business acquisition - current portion | 5,000 | 2,889 | ||||||
Other current liabilities | 90,463 | 83,707 | ||||||
$ | 229,176 | $ | 232,273 | |||||
Other non-current liabilities: | ||||||||
Warranty accrual | $ | 9,782 | $ | 8,487 | ||||
Obligation for deferred compensation plan | 17,583 | 15,043 | ||||||
Employee benefit plan obligation | 43,057 | 41,998 | ||||||
Deferred tax liability | 1,789 | 1,789 | ||||||
Contingent consideration for business acquisition - non-current portion | — | 7,019 | ||||||
Other non-current liabilities | 8,692 | 9,355 | ||||||
$ | 80,903 | $ | 83,691 |
|
September 30, 2017 | March 31, 2017 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents | $ | 286,074 | $ | — | $ | — | $ | 448,742 | $ | — | $ | — | ||||||||||||
Time deposits included in short-term investments | $ | — | $ | 6,789 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Trading investments for deferred compensation plan included in other assets: | ||||||||||||||||||||||||
Money market funds | $ | 3,110 | $ | — | $ | — | $ | 2,813 | $ | — | $ | — | ||||||||||||
Mutual funds | 14,473 | — | — | 12,230 | — | — | ||||||||||||||||||
Total of trading investments for deferred compensation plan | $ | 17,583 | $ | — | $ | — | $ | 15,043 | $ | — | $ | — | ||||||||||||
Currency exchange derivative assets included in other current assets | $ | — | $ | 165 | $ | — | $ | — | $ | 48 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Acquisition-related contingent consideration included in accrued and other current liabilities and other non-current liabilities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9,908 | ||||||||||||
Currency exchange derivative liabilities included in accrued and other current liabilities | $ | — | $ | 107 | $ | — | $ | — | $ | 443 | $ | — |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Beginning of the period | $ | 7,475 | $ | 18,000 | $ | 9,908 | $ | — | ||||||||
Fair value of contingent consideration upon acquisition | — | — | — | 18,000 | ||||||||||||
Change in fair value of contingent consideration | (2,930 | ) | — | (4,908 | ) | — | ||||||||||
Expected payment | (4,545 | ) | — | (5,000 | ) | — | ||||||||||
End of the period | $ | — | $ | 18,000 | $ | — | $ | 18,000 |
|
Derivatives | ||||||||||||||||
Asset | Liability | |||||||||||||||
September 30, 2017 | March 31, 2017 | September 30, 2017 | March 31, 2017 | |||||||||||||
Cash flow hedges | $ | 165 | $ | 48 | $ | 38 | $ | 402 |
Three Months Ended September 30, | ||||||||||||||||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss | Amount of Loss Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cash flow hedges | $ | (2,140 | ) | $ | 564 | $ | 2,596 | $ | 155 |
Six Months Ended September 30, | ||||||||||||||||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss | Amount of Loss Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cash flow hedges | $ | (5,349 | ) | $ | 1,529 | $ | 3,129 | $ | 895 |
|
As of March 31, 2017 | $ | 249,741 | ||
Business acquisitions (See Note 2) | 21,386 | |||
Currency impact | 27 | |||
As of September 30, 2017 | $ | 271,154 |
September 30, 2017 | March 31, 2017 | |||||||||||||||||||||||
Gross Carrying Amount (Note 2) | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Trademark and trade names | $ | 23,380 | $ | (8,012 | ) | $ | 15,368 | $ | 16,500 | $ | (6,933 | ) | $ | 9,567 | ||||||||||
Developed Technology | 75,825 | (46,225 | ) | 29,600 | 63,285 | (42,831 | ) | 20,454 | ||||||||||||||||
Customer contracts/relationships | 58,280 | (9,402 | ) | 48,878 | 25,180 | (7,637 | ) | 17,543 | ||||||||||||||||
Total | $ | 157,485 | $ | (63,639 | ) | $ | 93,846 | $ | 104,965 | $ | (57,401 | ) | $ | 47,564 |
|
|
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Beginning of the period | $ | 22,056 | $ | 21,752 | $ | 21,911 | $ | 20,380 | |||||||
Assumed from business acquisition | 1,230 | 150 | 1,230 | 1,963 | |||||||||||
Provision | 5,414 | 3,163 | 9,715 | 6,340 | |||||||||||
Settlements | (4,611 | ) | (3,452 | ) | (9,179 | ) | (6,880 | ) | |||||||
Currency translation | 260 | (1 | ) | 672 | (191 | ) | |||||||||
End of the period | $ | 24,349 | $ | 21,612 | $ | 24,349 | $ | 21,612 |
|
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Pointing Devices | $ | 123,643 | $ | 123,300 | $ | 245,717 | $ | 240,083 | ||||||||
Keyboards & Combos | 119,200 | 116,516 | 235,313 | 234,535 | ||||||||||||
PC Webcams | 27,466 | 24,307 | 53,091 | 49,569 | ||||||||||||
Tablet & Other Accessories | 30,784 | 20,614 | 54,002 | 34,499 | ||||||||||||
Video Collaboration | 46,139 | 28,581 | 81,756 | 52,491 | ||||||||||||
Mobile Speakers | 90,548 | 97,172 | 153,466 | 154,468 | ||||||||||||
Audio-PC & Wearables | 62,445 | 62,254 | 112,647 | 118,833 | ||||||||||||
Gaming | 113,722 | 79,193 | 191,430 | 135,693 | ||||||||||||
Smart Home | 18,323 | 11,807 | 34,789 | 22,974 | ||||||||||||
Other (1) | 200 | 560 | 205 | 1,023 | ||||||||||||
Total net sales | $ | 632,470 | $ | 564,304 | $ | 1,162,416 | $ | 1,044,168 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Americas | $ | 261,993 | $ | 239,830 | $ | 507,393 | $ | 462,455 | ||||||||
EMEA | 218,323 | 200,636 | 368,914 | 343,558 | ||||||||||||
Asia Pacific | 152,154 | 123,838 | 286,109 | 238,155 | ||||||||||||
Total net sales | $ | 632,470 | $ | 564,304 | $ | 1,162,416 | $ | 1,044,168 |
September 30, 2017 | March 31, 2017 | |||||||
Americas | $ | 37,725 | $ | 37,242 | ||||
EMEA | 4,110 | 4,006 | ||||||
Asia Pacific | 45,520 | 44,160 | ||||||
Total tangible long-lived assets | $ | 87,355 | $ | 85,408 |
|
|
Estimated Fair Value | ||||
Inventories | $ | 10,331 | ||
Property, plant, and equipment | 2,760 | |||
Intangible assets | 52,520 | |||
Other assets | 605 | |||
Total identifiable assets acquired | $ | 66,216 | ||
Accrued liabilities | (2,602 | ) | ||
Net identifiable assets acquired | $ | 63,614 | ||
Goodwill | 21,386 | |||
Net assets acquired | $ | 85,000 |
Preliminary Fair Value | Estimated Useful Life (years) | ||||
Developed technology | $ | 12,540 | 4.0 | ||
Customer relationships | 33,100 | 8.0 | |||
Trade name | 6,880 | 6.0 | |||
Total intangible assets acquired | $ | 52,520 | 6.8 |
|
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cost of goods sold | $ | 1,091 | $ | 638 | $ | 1,802 | $ | 1,313 | ||||||||
Marketing and selling | 4,343 | 3,244 | 8,724 | 6,681 | ||||||||||||
Research and development | 1,633 | 917 | 3,176 | 1,831 | ||||||||||||
General and administrative | 3,911 | 3,651 | 7,981 | 7,142 | ||||||||||||
Total share-based compensation expense | 10,978 | 8,450 | 21,683 | 16,967 | ||||||||||||
Income tax benefit | (3,677 | ) | (1,886 | ) | (14,959 | ) | (3,701 | ) | ||||||||
Total share-based compensation expense, net of income tax | $ | 7,301 | $ | 6,564 | $ | 6,724 | $ | 13,266 |
|
September 30, 2017 | March 31, 2017 | |||||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 529,842 | $ | 395,754 | ||||
Allowance for doubtful accounts | (229 | ) | (607 | ) | ||||
Allowance for sales returns | (21,712 | ) | (18,800 | ) | ||||
Allowance for cooperative marketing arrangements | (28,758 | ) | (28,022 | ) | ||||
Allowance for customer incentive programs | (70,413 | ) | (60,857 | ) | ||||
Allowance for pricing programs | (130,891 | ) | (102,289 | ) | ||||
$ | 277,839 | $ | 185,179 | |||||
Inventories: | ||||||||
Raw materials | $ | 46,405 | $ | 30,582 | ||||
Finished goods | 284,017 | 222,819 | ||||||
$ | 330,422 | $ | 253,401 | |||||
Other current assets: | ||||||||
Value-added tax receivables | $ | 23,693 | $ | 23,132 | ||||
Prepaid expenses and other assets | 24,028 | 18,600 | ||||||
$ | 47,721 | $ | 41,732 | |||||
Property, plant and equipment, net: | ||||||||
Property, plant and equipment at cost | $ | 359,333 | $ | 348,760 | ||||
Less: accumulated depreciation and amortization | (271,978 | ) | (263,352 | ) | ||||
$ | 87,355 | $ | 85,408 | |||||
Other assets: | ||||||||
Deferred tax assets | $ | 103,071 | $ | 57,303 | ||||
Trading investments for deferred compensation plan | 17,583 | 15,043 | ||||||
Investments in privately held companies | 11,495 | 10,776 | ||||||
Other assets | 5,995 | 4,997 | ||||||
$ | 138,144 | $ | 88,119 |
September 30, 2017 | March 31, 2017 | |||||||
Accrued and other current liabilities: | ||||||||
Accrued personnel expenses | $ | 68,645 | $ | 88,346 | ||||
Indirect customer incentive programs | 41,710 | 36,409 | ||||||
Warranty accrual | 14,567 | 13,424 | ||||||
Employee benefit plan obligation | 1,841 | 1,266 | ||||||
Income taxes payable | 6,950 | 6,232 | ||||||
Contingent consideration for business acquisition - current portion | 5,000 | 2,889 | ||||||
Other current liabilities | 90,463 | 83,707 | ||||||
$ | 229,176 | $ | 232,273 | |||||
Other non-current liabilities: | ||||||||
Warranty accrual | $ | 9,782 | $ | 8,487 | ||||
Obligation for deferred compensation plan | 17,583 | 15,043 | ||||||
Employee benefit plan obligation | 43,057 | 41,998 | ||||||
Deferred tax liability | 1,789 | 1,789 | ||||||
Contingent consideration for business acquisition - non-current portion | — | 7,019 | ||||||
Other non-current liabilities | 8,692 | 9,355 | ||||||
$ | 80,903 | $ | 83,691 |
|
September 30, 2017 | March 31, 2017 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents | $ | 286,074 | $ | — | $ | — | $ | 448,742 | $ | — | $ | — | ||||||||||||
Time deposits included in short-term investments | $ | — | $ | 6,789 | $ | — | $ | — | $ | — | $ | — | ||||||||||||
Trading investments for deferred compensation plan included in other assets: | ||||||||||||||||||||||||
Money market funds | $ | 3,110 | $ | — | $ | — | $ | 2,813 | $ | — | $ | — | ||||||||||||
Mutual funds | 14,473 | — | — | 12,230 | — | — | ||||||||||||||||||
Total of trading investments for deferred compensation plan | $ | 17,583 | $ | — | $ | — | $ | 15,043 | $ | — | $ | — | ||||||||||||
Currency exchange derivative assets included in other current assets | $ | — | $ | 165 | $ | — | $ | — | $ | 48 | $ | — | ||||||||||||
Liabilities: | ||||||||||||||||||||||||
Acquisition-related contingent consideration included in accrued and other current liabilities and other non-current liabilities | $ | — | $ | — | $ | — | $ | — | $ | — | $ | 9,908 | ||||||||||||
Currency exchange derivative liabilities included in accrued and other current liabilities | $ | — | $ | 107 | $ | — | $ | — | $ | 443 | $ | — |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Beginning of the period | $ | 7,475 | $ | 18,000 | $ | 9,908 | $ | — | ||||||||
Fair value of contingent consideration upon acquisition | — | — | — | 18,000 | ||||||||||||
Change in fair value of contingent consideration | (2,930 | ) | — | (4,908 | ) | — | ||||||||||
Expected payment | (4,545 | ) | — | (5,000 | ) | — | ||||||||||
End of the period | $ | — | $ | 18,000 | $ | — | $ | 18,000 |
|
Derivatives | ||||||||||||||||
Asset | Liability | |||||||||||||||
September 30, 2017 | March 31, 2017 | September 30, 2017 | March 31, 2017 | |||||||||||||
Cash flow hedges | $ | 165 | $ | 48 | $ | 38 | $ | 402 |
Three Months Ended September 30, | ||||||||||||||||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss | Amount of Loss Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cash flow hedges | $ | (2,140 | ) | $ | 564 | $ | 2,596 | $ | 155 |
Six Months Ended September 30, | ||||||||||||||||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss | Amount of Loss Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cash flow hedges | $ | (5,349 | ) | $ | 1,529 | $ | 3,129 | $ | 895 |
|
As of March 31, 2017 | $ | 249,741 | ||
Business acquisitions (See Note 2) | 21,386 | |||
Currency impact | 27 | |||
As of September 30, 2017 | $ | 271,154 |
September 30, 2017 | March 31, 2017 | |||||||||||||||||||||||
Gross Carrying Amount (Note 2) | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Trademark and trade names | $ | 23,380 | $ | (8,012 | ) | $ | 15,368 | $ | 16,500 | $ | (6,933 | ) | $ | 9,567 | ||||||||||
Developed Technology | 75,825 | (46,225 | ) | 29,600 | 63,285 | (42,831 | ) | 20,454 | ||||||||||||||||
Customer contracts/relationships | 58,280 | (9,402 | ) | 48,878 | 25,180 | (7,637 | ) | 17,543 | ||||||||||||||||
Total | $ | 157,485 | $ | (63,639 | ) | $ | 93,846 | $ | 104,965 | $ | (57,401 | ) | $ | 47,564 |
|
Three Months Ended September 30, | Six Months Ended September 30, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Beginning of the period | $ | 22,056 | $ | 21,752 | $ | 21,911 | $ | 20,380 | |||||||
Assumed from business acquisition | 1,230 | 150 | 1,230 | 1,963 | |||||||||||
Provision | 5,414 | 3,163 | 9,715 | 6,340 | |||||||||||
Settlements | (4,611 | ) | (3,452 | ) | (9,179 | ) | (6,880 | ) | |||||||
Currency translation | 260 | (1 | ) | 672 | (191 | ) | |||||||||
End of the period | $ | 24,349 | $ | 21,612 | $ | 24,349 | $ | 21,612 |
|
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Pointing Devices | $ | 123,643 | $ | 123,300 | $ | 245,717 | $ | 240,083 | ||||||||
Keyboards & Combos | 119,200 | 116,516 | 235,313 | 234,535 | ||||||||||||
PC Webcams | 27,466 | 24,307 | 53,091 | 49,569 | ||||||||||||
Tablet & Other Accessories | 30,784 | 20,614 | 54,002 | 34,499 | ||||||||||||
Video Collaboration | 46,139 | 28,581 | 81,756 | 52,491 | ||||||||||||
Mobile Speakers | 90,548 | 97,172 | 153,466 | 154,468 | ||||||||||||
Audio-PC & Wearables | 62,445 | 62,254 | 112,647 | 118,833 | ||||||||||||
Gaming | 113,722 | 79,193 | 191,430 | 135,693 | ||||||||||||
Smart Home | 18,323 | 11,807 | 34,789 | 22,974 | ||||||||||||
Other (1) | 200 | 560 | 205 | 1,023 | ||||||||||||
Total net sales | $ | 632,470 | $ | 564,304 | $ | 1,162,416 | $ | 1,044,168 |
Three Months Ended September 30, | Six Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Americas | $ | 261,993 | $ | 239,830 | $ | 507,393 | $ | 462,455 | ||||||||
EMEA | 218,323 | 200,636 | 368,914 | 343,558 | ||||||||||||
Asia Pacific | 152,154 | 123,838 | 286,109 | 238,155 | ||||||||||||
Total net sales | $ | 632,470 | $ | 564,304 | $ | 1,162,416 | $ | 1,044,168 |
September 30, 2017 | March 31, 2017 | |||||||
Americas | $ | 37,725 | $ | 37,242 | ||||
EMEA | 4,110 | 4,006 | ||||||
Asia Pacific | 45,520 | 44,160 | ||||||
Total tangible long-lived assets | $ | 87,355 | $ | 85,408 |
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