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As of June 24, 2017 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value (Net Carrying Amount) | |||||||||||
Corporate debt securities | $ | 133,471 | $ | 76 | $ | (85 | ) | $ | 133,462 | ||||||
Non-US government securities | 11,816 | 2 | (9 | ) | 11,809 | ||||||||||
Certificates of deposit | 500 | — | — | 500 | |||||||||||
Agency discount notes | 459 | 1 | — | 460 | |||||||||||
Total securities | $ | 146,246 | $ | 79 | $ | (94 | ) | $ | 146,231 |
As of March 25, 2017 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value (Net Carrying Amount) | |||||||||||
Corporate debt securities | 33,350 | $ | — | $ | (20 | ) | $ | 33,330 | |||||||
Commercial paper | 66,518 | — | (35 | ) | 66,483 | ||||||||||
Total securities | $ | 99,868 | $ | — | $ | (55 | ) | $ | 99,813 |
| June 24, 2017 | March 25, 2017 | |||||||||||||
| Amortized | Estimated | Amortized | Estimated | |||||||||||
| Cost | Fair Value | Cost | Fair Value | |||||||||||
Within 1 year | $ | 11,388 | $ | 11,380 | $ | 99,868 | $ | 99,813 | |||||||
After 1 year | 134,858 | 134,851 | — | — | |||||||||||
Total | $ | 146,246 | $ | 146,231 | $ | 99,868 | $ | 99,813 |
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• | Level 1 - Quoted prices in active markets for identical assets or liabilities. |
• | Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. |
• | Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. |
| Quoted Prices in Active Markets for Identical Assets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Cash equivalents | |||||||||||||||
Money market funds | $ | 138,128 | $ | — | $ | — | $ | 138,128 | |||||||
U.S. treasury securities | 1,250 | — | — | 1,250 | |||||||||||
$ | 139,378 | $ | — | $ | — | $ | 139,378 | ||||||||
Available-for-sale securities | |||||||||||||||
Corporate debt securities | $ | — | $ | 133,462 | $ | — | $ | 133,462 | |||||||
Non-US government securities | — | 11,809 | — | 11,809 | |||||||||||
Certificates of deposit | — | 500 | — | 500 | |||||||||||
Agency discount notes | — | 460 | — | 460 | |||||||||||
| $ | — | $ | 146,231 | $ | — | $ | 146,231 | |||||||
Liabilities: | |||||||||||||||
Other accrued liabilities | |||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 646 | $ | 646 |
| Quoted Prices in Active Markets for Identical Assets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Cash equivalents | |||||||||||||||
Money market funds | $ | 313,982 | $ | — | $ | — | $ | 313,982 | |||||||
Available-for-sale securities | |||||||||||||||
Corporate debt securities | $ | — | $ | 33,330 | $ | — | $ | 33,330 | |||||||
Commercial paper | 66,483 | — | 66,483 | ||||||||||||
$ | — | $ | 99,813 | $ | — | $ | 99,813 | ||||||||
Liabilities: | |||||||||||||||
Other accrued liabilities | |||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 4,695 | $ | 4,695 |
| Maximum Value if Milestones Achieved (in thousands) | Estimated Discount Rate (%) | Fair Value (in thousands) | |||||||
Tranche B - 30 month earn out period | $ | 5,000 | 7.7 | % | $ | 646 |
| Three Months Ended | ||
| June 24, | ||
| 2017 | ||
| (in thousands) | ||
Beginning balance | $ | 4,695 | |
Adjustment to estimates (research and development expense) | (4,049 | ) | |
Fair value charge recognized in earnings (research and development expense) | — | ||
Ending balance | $ | 646 |
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| June 24, | March 25, | |||||
| 2017 | 2017 | |||||
Gross accounts receivable | $ | 162,871 | $ | 120,408 | |||
Allowance for doubtful accounts | (434 | ) | (434 | ) | |||
Accounts receivable, net | $ | 162,437 | $ | 119,974 |
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| June 24, | March 25, | |||||
| 2017 | 2017 | |||||
Work in process | $ | 108,670 | $ | 83,332 | |||
Finished goods | 93,759 | 84,563 | |||||
| $ | 202,429 | $ | 167,895 |
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| Three Months Ended | ||||||
| June 24, | June 25, | |||||
| 2017 | 2016 | |||||
Income before income taxes | $ | 47,875 | $ | 21,669 | |||
Provision for income taxes | $ | 4,963 | $ | 3,598 | |||
Effective tax rate | 10.4 | % | 16.6 | % |
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| Three Months Ended | ||||||
| June 24, | June 25, | |||||
| 2017 | 2016 | |||||
Portable Audio Products | $ | 280,688 | $ | 216,068 | |||
Non-Portable Audio and Other Products | 40,047 | 43,360 | |||||
| $ | 320,735 | $ | 259,428 |
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As of March 25, 2017 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value (Net Carrying Amount) | |||||||||||
Corporate debt securities | 33,350 | $ | — | $ | (20 | ) | $ | 33,330 | |||||||
Commercial paper | 66,518 | — | (35 | ) | 66,483 | ||||||||||
Total securities | $ | 99,868 | $ | — | $ | (55 | ) | $ | 99,813 |
As of June 24, 2017 | Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Estimated Fair Value (Net Carrying Amount) | |||||||||||
Corporate debt securities | $ | 133,471 | $ | 76 | $ | (85 | ) | $ | 133,462 | ||||||
Non-US government securities | 11,816 | 2 | (9 | ) | 11,809 | ||||||||||
Certificates of deposit | 500 | — | — | 500 | |||||||||||
Agency discount notes | 459 | 1 | — | 460 | |||||||||||
Total securities | $ | 146,246 | $ | 79 | $ | (94 | ) | $ | 146,231 |
| June 24, 2017 | March 25, 2017 | |||||||||||||
| Amortized | Estimated | Amortized | Estimated | |||||||||||
| Cost | Fair Value | Cost | Fair Value | |||||||||||
Within 1 year | $ | 11,388 | $ | 11,380 | $ | 99,868 | $ | 99,813 | |||||||
After 1 year | 134,858 | 134,851 | — | — | |||||||||||
Total | $ | 146,246 | $ | 146,231 | $ | 99,868 | $ | 99,813 |
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| Quoted Prices in Active Markets for Identical Assets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Cash equivalents | |||||||||||||||
Money market funds | $ | 138,128 | $ | — | $ | — | $ | 138,128 | |||||||
U.S. treasury securities | 1,250 | — | — | 1,250 | |||||||||||
$ | 139,378 | $ | — | $ | — | $ | 139,378 | ||||||||
Available-for-sale securities | |||||||||||||||
Corporate debt securities | $ | — | $ | 133,462 | $ | — | $ | 133,462 | |||||||
Non-US government securities | — | 11,809 | — | 11,809 | |||||||||||
Certificates of deposit | — | 500 | — | 500 | |||||||||||
Agency discount notes | — | 460 | — | 460 | |||||||||||
| $ | — | $ | 146,231 | $ | — | $ | 146,231 | |||||||
Liabilities: | |||||||||||||||
Other accrued liabilities | |||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 646 | $ | 646 |
| Quoted Prices in Active Markets for Identical Assets Level 1 | Significant Other Observable Inputs Level 2 | Significant Unobservable Inputs Level 3 | Total | |||||||||||
Assets: | |||||||||||||||
Cash equivalents | |||||||||||||||
Money market funds | $ | 313,982 | $ | — | $ | — | $ | 313,982 | |||||||
Available-for-sale securities | |||||||||||||||
Corporate debt securities | $ | — | $ | 33,330 | $ | — | $ | 33,330 | |||||||
Commercial paper | 66,483 | — | 66,483 | ||||||||||||
$ | — | $ | 99,813 | $ | — | $ | 99,813 | ||||||||
Liabilities: | |||||||||||||||
Other accrued liabilities | |||||||||||||||
Contingent consideration | $ | — | $ | — | $ | 4,695 | $ | 4,695 |
| Maximum Value if Milestones Achieved (in thousands) | Estimated Discount Rate (%) | Fair Value (in thousands) | |||||||
Tranche B - 30 month earn out period | $ | 5,000 | 7.7 | % | $ | 646 |
| Three Months Ended | ||
| June 24, | ||
| 2017 | ||
| (in thousands) | ||
Beginning balance | $ | 4,695 | |
Adjustment to estimates (research and development expense) | (4,049 | ) | |
Fair value charge recognized in earnings (research and development expense) | — | ||
Ending balance | $ | 646 |
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| June 24, | March 25, | |||||
| 2017 | 2017 | |||||
Gross accounts receivable | $ | 162,871 | $ | 120,408 | |||
Allowance for doubtful accounts | (434 | ) | (434 | ) | |||
Accounts receivable, net | $ | 162,437 | $ | 119,974 |
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| June 24, | March 25, | |||||
| 2017 | 2017 | |||||
Work in process | $ | 108,670 | $ | 83,332 | |||
Finished goods | 93,759 | 84,563 | |||||
| $ | 202,429 | $ | 167,895 |
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| Three Months Ended | ||||||
| June 24, | June 25, | |||||
| 2017 | 2016 | |||||
Income before income taxes | $ | 47,875 | $ | 21,669 | |||
Provision for income taxes | $ | 4,963 | $ | 3,598 | |||
Effective tax rate | 10.4 | % | 16.6 | % |
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| Three Months Ended | ||||||
| June 24, | June 25, | |||||
| 2017 | 2016 | |||||
Portable Audio Products | $ | 280,688 | $ | 216,068 | |||
Non-Portable Audio and Other Products | 40,047 | 43,360 | |||||
| $ | 320,735 | $ | 259,428 |
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