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|
|
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 | (2,982 | ) | ||
Net identifiable assets acquired | $ | 63,234 | ||
Goodwill | 21,766 | |||
Net assets acquired | $ | 85,000 |
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 December 31, | Nine Months Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cost of goods sold | $ | 960 | $ | 617 | $ | 2,762 | $ | 1,930 | ||||||||
Marketing and selling | 4,624 | 4,006 | 13,348 | 10,687 | ||||||||||||
Research and development | 1,621 | 1,176 | 4,797 | 3,007 | ||||||||||||
General and administrative | 4,351 | 3,588 | 12,332 | 10,730 | ||||||||||||
Total share-based compensation expense | 11,556 | 9,387 | 33,239 | 26,354 | ||||||||||||
Income tax provision (benefit) | 3,038 | (2,391 | ) | (11,921 | ) | (6,092 | ) | |||||||||
Total share-based compensation expense, net of income tax | $ | 14,594 | $ | 6,996 | $ | 21,318 | $ | 20,262 |
|
|
December 31, 2017 | March 31, 2017 | |||||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 668,811 | $ | 395,754 | ||||
Allowance for doubtful accounts | (233 | ) | (607 | ) | ||||
Allowance for sales returns | (25,008 | ) | (18,800 | ) | ||||
Allowance for cooperative marketing arrangements * | (44,033 | ) | (28,022 | ) | ||||
Allowance for customer incentive programs * | (102,974 | ) | (60,857 | ) | ||||
Allowance for pricing programs * | (144,810 | ) | (102,289 | ) | ||||
$ | 351,753 | $ | 185,179 | |||||
Inventories: | ||||||||
Raw materials | $ | 35,752 | $ | 30,582 | ||||
Finished goods | 243,227 | 222,819 | ||||||
$ | 278,979 | $ | 253,401 | |||||
Other current assets: | ||||||||
Value-added tax receivables | $ | 29,620 | $ | 23,132 | ||||
Prepaid expenses and other assets | 27,910 | 18,600 | ||||||
$ | 57,530 | $ | 41,732 | |||||
Property, plant and equipment, net: | ||||||||
Property, plant and equipment at cost | $ | 362,809 | $ | 348,760 | ||||
Less: accumulated depreciation and amortization | (275,908 | ) | (263,352 | ) | ||||
$ | 86,901 | $ | 85,408 | |||||
Other assets: | ||||||||
Deferred tax assets ** | $ | 86,518 | $ | 57,303 | ||||
Trading investments for deferred compensation plan | 17,998 | 15,043 | ||||||
Investments in privately held companies | 11,969 | 10,776 | ||||||
Other assets | 6,354 | 4,997 | ||||||
$ | 122,839 | $ | 88,119 |
December 31, 2017 | March 31, 2017 | |||||||
Accrued and other current liabilities: | ||||||||
Accrued personnel expenses | $ | 73,124 | $ | 88,346 | ||||
Indirect customer incentive programs * | 69,921 | 36,409 | ||||||
Warranty accrual | 15,640 | 13,424 | ||||||
Employee benefit plan obligation | 2,164 | 1,266 | ||||||
Income taxes payable | 4,387 | 6,232 | ||||||
Contingent consideration for business acquisition - current portion | — | 2,889 | ||||||
Other current liabilities | 112,819 | 83,707 | ||||||
$ | 278,055 | $ | 232,273 | |||||
Other non-current liabilities: | ||||||||
Warranty accrual | $ | 10,624 | $ | 8,487 | ||||
Obligation for deferred compensation plan | 17,998 | 15,043 | ||||||
Employee benefit plan obligation | 43,110 | 41,998 | ||||||
Deferred tax liability | 1,789 | 1,789 | ||||||
Contingent consideration for business acquisition - non-current portion | — | 7,019 | ||||||
Other non-current liabilities | 8,483 | 9,355 | ||||||
$ | 82,004 | $ | 83,691 |
|
December 31, 2017 | March 31, 2017 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents | $ | 402,983 | $ | — | $ | — | $ | 448,742 | $ | — | $ | — | ||||||||||||
Trading investments for deferred compensation plan included in other assets: | ||||||||||||||||||||||||
Money market funds | $ | 4,229 | $ | — | $ | — | $ | 2,813 | $ | — | $ | — | ||||||||||||
Mutual funds | 13,769 | — | — | 12,230 | — | — | ||||||||||||||||||
Total of trading investments for deferred compensation plan | $ | 17,998 | $ | — | $ | — | $ | 15,043 | $ | — | $ | — | ||||||||||||
Currency exchange derivative assets included in other current assets | $ | — | $ | 235 | $ | — | $ | — | $ | 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 | $ | — | $ | 1,392 | $ | — | $ | — | $ | 443 | $ | — |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Beginning of the period | $ | — | $ | 18,000 | $ | 9,908 | $ | — | ||||||||
Fair value of contingent consideration upon acquisition | — | — | — | 18,000 | ||||||||||||
Change in fair value of contingent consideration | — | (9,925 | ) | (4,908 | ) | (9,925 | ) | |||||||||
Expected payment (see below) | — | — | (5,000 | ) | — | |||||||||||
End of the period | $ | — | $ | 8,075 | $ | — | $ | 8,075 |
|
Derivatives | ||||||||||||||||
Asset | Liability | |||||||||||||||
December 31, 2017 | March 31, 2017 | December 31, 2017 | March 31, 2017 | |||||||||||||
Cash flow hedges | $ | 235 | $ | 48 | $ | 1,327 | $ | 402 |
Three Months Ended December 31, | ||||||||||||||||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss | Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cash flow hedges | $ | (677 | ) | $ | 2,497 | $ | 2,248 | $ | (463 | ) |
Nine Months Ended December 31, | ||||||||||||||||
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 | $ | (6,026 | ) | $ | 4,026 | $ | 5,377 | $ | 432 |
|
As of March 31, 2017 | $ | 249,741 | ||
Business acquisitions | 25,800 | |||
Currency translation | 22 | |||
As of December 31, 2017 | $ | 275,563 |
December 31, 2017 | March 31, 2017 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Trademark and trade names | $ | 23,790 | $ | (8,719 | ) | $ | 15,071 | $ | 16,500 | $ | (6,933 | ) | $ | 9,567 | ||||||||||
Developed Technology | 76,875 | (48,352 | ) | 28,523 | 63,285 | (42,831 | ) | 20,454 | ||||||||||||||||
Customer contracts/relationships | 59,760 | (10,983 | ) | 48,777 | 25,180 | (7,637 | ) | 17,543 | ||||||||||||||||
Total | $ | 160,425 | $ | (68,054 | ) | $ | 92,371 | $ | 104,965 | $ | (57,401 | ) | $ | 47,564 |
|
|
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Beginning of the period | $ | 24,349 | $ | 21,612 | $ | 21,911 | $ | 20,380 | |||||||
Assumed from business acquisition | — | — | 1,230 | 1,963 | |||||||||||
Provision | 7,820 | 4,521 | 17,535 | 10,861 | |||||||||||
Settlements | (6,050 | ) | (3,550 | ) | (15,229 | ) | (10,430 | ) | |||||||
Currency translation | 145 | (462 | ) | 817 | (653 | ) | |||||||||
End of the period | $ | 26,264 | $ | 22,121 | $ | 26,264 | $ | 22,121 |
|
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Pointing Devices | $ | 140,983 | $ | 142,166 | $ | 386,700 | $ | 382,249 | ||||||||
Keyboards & Combos | 126,372 | 125,289 | 361,685 | 359,824 | ||||||||||||
PC Webcams | 27,280 | 30,503 | 80,371 | 80,072 | ||||||||||||
Tablet & Other Accessories | 26,648 | 24,852 | 80,650 | 59,351 | ||||||||||||
Video Collaboration | 46,252 | 35,807 | 128,008 | 88,298 | ||||||||||||
Mobile Speakers | 147,377 | 106,578 | 300,843 | 261,046 | ||||||||||||
Audio-PC & Wearables | 84,435 | 67,225 | 197,082 | 186,058 | ||||||||||||
Gaming | 173,802 | 107,181 | 365,232 | 242,874 | ||||||||||||
Smart Home | 38,692 | 26,942 | 73,481 | 49,916 | ||||||||||||
Other (1) | 180 | 164 | 385 | 1,187 | ||||||||||||
Total net sales | $ | 812,021 | $ | 666,707 | $ | 1,974,437 | $ | 1,710,875 |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Americas | $ | 380,130 | $ | 290,724 | $ | 887,523 | $ | 753,179 | ||||||||
EMEA | 253,767 | 233,251 | 622,681 | 576,809 | ||||||||||||
Asia Pacific | 178,124 | 142,732 | 464,233 | 380,887 | ||||||||||||
Total net sales | $ | 812,021 | $ | 666,707 | $ | 1,974,437 | $ | 1,710,875 |
December 31, 2017 | March 31, 2017 | |||||||
Americas | $ | 36,688 | $ | 37,242 | ||||
EMEA | 4,604 | 4,006 | ||||||
Asia Pacific | 45,609 | 44,160 | ||||||
Total Property, plant and equipment, net | $ | 86,901 | $ | 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 | (2,982 | ) | ||
Net identifiable assets acquired | $ | 63,234 | ||
Goodwill | 21,766 | |||
Net assets acquired | $ | 85,000 |
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 December 31, | Nine Months Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cost of goods sold | $ | 960 | $ | 617 | $ | 2,762 | $ | 1,930 | ||||||||
Marketing and selling | 4,624 | 4,006 | 13,348 | 10,687 | ||||||||||||
Research and development | 1,621 | 1,176 | 4,797 | 3,007 | ||||||||||||
General and administrative | 4,351 | 3,588 | 12,332 | 10,730 | ||||||||||||
Total share-based compensation expense | 11,556 | 9,387 | 33,239 | 26,354 | ||||||||||||
Income tax provision (benefit) | 3,038 | (2,391 | ) | (11,921 | ) | (6,092 | ) | |||||||||
Total share-based compensation expense, net of income tax | $ | 14,594 | $ | 6,996 | $ | 21,318 | $ | 20,262 |
|
December 31, 2017 | March 31, 2017 | |||||||
Accounts receivable, net: | ||||||||
Accounts receivable | $ | 668,811 | $ | 395,754 | ||||
Allowance for doubtful accounts | (233 | ) | (607 | ) | ||||
Allowance for sales returns | (25,008 | ) | (18,800 | ) | ||||
Allowance for cooperative marketing arrangements * | (44,033 | ) | (28,022 | ) | ||||
Allowance for customer incentive programs * | (102,974 | ) | (60,857 | ) | ||||
Allowance for pricing programs * | (144,810 | ) | (102,289 | ) | ||||
$ | 351,753 | $ | 185,179 | |||||
Inventories: | ||||||||
Raw materials | $ | 35,752 | $ | 30,582 | ||||
Finished goods | 243,227 | 222,819 | ||||||
$ | 278,979 | $ | 253,401 | |||||
Other current assets: | ||||||||
Value-added tax receivables | $ | 29,620 | $ | 23,132 | ||||
Prepaid expenses and other assets | 27,910 | 18,600 | ||||||
$ | 57,530 | $ | 41,732 | |||||
Property, plant and equipment, net: | ||||||||
Property, plant and equipment at cost | $ | 362,809 | $ | 348,760 | ||||
Less: accumulated depreciation and amortization | (275,908 | ) | (263,352 | ) | ||||
$ | 86,901 | $ | 85,408 | |||||
Other assets: | ||||||||
Deferred tax assets ** | $ | 86,518 | $ | 57,303 | ||||
Trading investments for deferred compensation plan | 17,998 | 15,043 | ||||||
Investments in privately held companies | 11,969 | 10,776 | ||||||
Other assets | 6,354 | 4,997 | ||||||
$ | 122,839 | $ | 88,119 |
December 31, 2017 | March 31, 2017 | |||||||
Accrued and other current liabilities: | ||||||||
Accrued personnel expenses | $ | 73,124 | $ | 88,346 | ||||
Indirect customer incentive programs * | 69,921 | 36,409 | ||||||
Warranty accrual | 15,640 | 13,424 | ||||||
Employee benefit plan obligation | 2,164 | 1,266 | ||||||
Income taxes payable | 4,387 | 6,232 | ||||||
Contingent consideration for business acquisition - current portion | — | 2,889 | ||||||
Other current liabilities | 112,819 | 83,707 | ||||||
$ | 278,055 | $ | 232,273 | |||||
Other non-current liabilities: | ||||||||
Warranty accrual | $ | 10,624 | $ | 8,487 | ||||
Obligation for deferred compensation plan | 17,998 | 15,043 | ||||||
Employee benefit plan obligation | 43,110 | 41,998 | ||||||
Deferred tax liability | 1,789 | 1,789 | ||||||
Contingent consideration for business acquisition - non-current portion | — | 7,019 | ||||||
Other non-current liabilities | 8,483 | 9,355 | ||||||
$ | 82,004 | $ | 83,691 |
|
December 31, 2017 | March 31, 2017 | |||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||
Assets: | ||||||||||||||||||||||||
Cash equivalents | $ | 402,983 | $ | — | $ | — | $ | 448,742 | $ | — | $ | — | ||||||||||||
Trading investments for deferred compensation plan included in other assets: | ||||||||||||||||||||||||
Money market funds | $ | 4,229 | $ | — | $ | — | $ | 2,813 | $ | — | $ | — | ||||||||||||
Mutual funds | 13,769 | — | — | 12,230 | — | — | ||||||||||||||||||
Total of trading investments for deferred compensation plan | $ | 17,998 | $ | — | $ | — | $ | 15,043 | $ | — | $ | — | ||||||||||||
Currency exchange derivative assets included in other current assets | $ | — | $ | 235 | $ | — | $ | — | $ | 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 | $ | — | $ | 1,392 | $ | — | $ | — | $ | 443 | $ | — |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Beginning of the period | $ | — | $ | 18,000 | $ | 9,908 | $ | — | ||||||||
Fair value of contingent consideration upon acquisition | — | — | — | 18,000 | ||||||||||||
Change in fair value of contingent consideration | — | (9,925 | ) | (4,908 | ) | (9,925 | ) | |||||||||
Expected payment (see below) | — | — | (5,000 | ) | — | |||||||||||
End of the period | $ | — | $ | 8,075 | $ | — | $ | 8,075 |
|
Derivatives | ||||||||||||||||
Asset | Liability | |||||||||||||||
December 31, 2017 | March 31, 2017 | December 31, 2017 | March 31, 2017 | |||||||||||||
Cash flow hedges | $ | 235 | $ | 48 | $ | 1,327 | $ | 402 |
Three Months Ended December 31, | ||||||||||||||||
Amount of Gain (Loss) Deferred as a Component of Accumulated Other Comprehensive Loss | Amount of Loss (Gain) Reclassified from Accumulated Other Comprehensive Loss to Costs of Goods Sold | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cash flow hedges | $ | (677 | ) | $ | 2,497 | $ | 2,248 | $ | (463 | ) |
Nine Months Ended December 31, | ||||||||||||||||
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 | $ | (6,026 | ) | $ | 4,026 | $ | 5,377 | $ | 432 |
|
As of March 31, 2017 | $ | 249,741 | ||
Business acquisitions | 25,800 | |||
Currency translation | 22 | |||
As of December 31, 2017 | $ | 275,563 |
December 31, 2017 | March 31, 2017 | |||||||||||||||||||||||
Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | Gross Carrying Amount | Accumulated Amortization | Net Carrying Amount | |||||||||||||||||||
Trademark and trade names | $ | 23,790 | $ | (8,719 | ) | $ | 15,071 | $ | 16,500 | $ | (6,933 | ) | $ | 9,567 | ||||||||||
Developed Technology | 76,875 | (48,352 | ) | 28,523 | 63,285 | (42,831 | ) | 20,454 | ||||||||||||||||
Customer contracts/relationships | 59,760 | (10,983 | ) | 48,777 | 25,180 | (7,637 | ) | 17,543 | ||||||||||||||||
Total | $ | 160,425 | $ | (68,054 | ) | $ | 92,371 | $ | 104,965 | $ | (57,401 | ) | $ | 47,564 |
|
Three Months Ended December 31, | Nine Months Ended December 31, | ||||||||||||||
2017 | 2016 | 2017 | 2016 | ||||||||||||
Beginning of the period | $ | 24,349 | $ | 21,612 | $ | 21,911 | $ | 20,380 | |||||||
Assumed from business acquisition | — | — | 1,230 | 1,963 | |||||||||||
Provision | 7,820 | 4,521 | 17,535 | 10,861 | |||||||||||
Settlements | (6,050 | ) | (3,550 | ) | (15,229 | ) | (10,430 | ) | |||||||
Currency translation | 145 | (462 | ) | 817 | (653 | ) | |||||||||
End of the period | $ | 26,264 | $ | 22,121 | $ | 26,264 | $ | 22,121 |
|
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Pointing Devices | $ | 140,983 | $ | 142,166 | $ | 386,700 | $ | 382,249 | ||||||||
Keyboards & Combos | 126,372 | 125,289 | 361,685 | 359,824 | ||||||||||||
PC Webcams | 27,280 | 30,503 | 80,371 | 80,072 | ||||||||||||
Tablet & Other Accessories | 26,648 | 24,852 | 80,650 | 59,351 | ||||||||||||
Video Collaboration | 46,252 | 35,807 | 128,008 | 88,298 | ||||||||||||
Mobile Speakers | 147,377 | 106,578 | 300,843 | 261,046 | ||||||||||||
Audio-PC & Wearables | 84,435 | 67,225 | 197,082 | 186,058 | ||||||||||||
Gaming | 173,802 | 107,181 | 365,232 | 242,874 | ||||||||||||
Smart Home | 38,692 | 26,942 | 73,481 | 49,916 | ||||||||||||
Other (1) | 180 | 164 | 385 | 1,187 | ||||||||||||
Total net sales | $ | 812,021 | $ | 666,707 | $ | 1,974,437 | $ | 1,710,875 |
Three Months Ended December 31, | Nine Months Ended December 31, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Americas | $ | 380,130 | $ | 290,724 | $ | 887,523 | $ | 753,179 | ||||||||
EMEA | 253,767 | 233,251 | 622,681 | 576,809 | ||||||||||||
Asia Pacific | 178,124 | 142,732 | 464,233 | 380,887 | ||||||||||||
Total net sales | $ | 812,021 | $ | 666,707 | $ | 1,974,437 | $ | 1,710,875 |
December 31, 2017 | March 31, 2017 | |||||||
Americas | $ | 36,688 | $ | 37,242 | ||||
EMEA | 4,604 | 4,006 | ||||||
Asia Pacific | 45,609 | 44,160 | ||||||
Total Property, plant and equipment, net | $ | 86,901 | $ | 85,408 |
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